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REGISTERED NUMBER: 03209888 (England and Wales)

Financial Statements For The Period 1 July 2023 to 31 December 2024

for

Re-Tek (UK) Limited

| Re-Tek (UK) Limited (Registered number: 03209888) |

Contents of the Financial Statements

For The Period 1 July 2023 to 31 December 2024

Page |

| Company Information | 1 |

| Statement of Financial Position | 2 |

| Notes to the Financial Statements | 3 |

| Re-Tek (UK) Limited |

Company Information

For The Period 1 July 2023 to 31 December 2024

| DIRECTORS: | G D Lowrie

| M C De Roos

| REGISTERED OFFICE: | 1st Floor Templeback

| 10 Temple Back

| Bristol

| BS1 6FL

| REGISTERED NUMBER: | 03209888 (England and Wales)

| INDEPENDENT AUDITORS: | Robb Ferguson

| Chartered Accountants & Statutory Auditors

| Regent Court

| 70 West Regent Street

| Glasgow

| G2 2QZ

| Re-Tek (UK) Limited (Registered number: 03209888) |

Statement of Financial Position

31 December 2024

| 2024 | 2023 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 84,840 |  | 139,118 |  |

Investments | 5 | - |  | 16,000 |  |

84,840 |  | 155,118 |  |

CURRENT ASSETS

Stocks | 6 | 16,877 |  | 16,877 |  |

Debtors | 7 | 2,519,628 |  | 635,690 |  |

Cash at bank and in hand | 321,008 |  | 5,109,460 |  |

2,857,513 |  | 5,762,027 |  |

CREDITORS

Amounts falling due within one year | 8 | 1,872,631 |  | 1,633,380 |  |

NET CURRENT ASSETS | 984,882 |  | 4,128,647 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 1,069,722 |  | 4,283,765 |  |

PROVISIONS FOR LIABILITIES | 21,210 |  | 27,854 |  |

NET ASSETS | 1,048,512 |  | 4,255,911 |  |

CAPITAL AND RESERVES

Called up share capital | 76 |  | 76 |  |

Share premium | 1,499 |  | 1,499 |  |

Capital redemption reserve | 25 |  | 25 |  |

Retained earnings | 1,046,912 |  | 4,254,311 |  |

SHAREHOLDERS' FUNDS | 1,048,512 |  | 4,255,911 |  |

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 September 2025 and were signed on its behalf by:

G D Lowrie - Director

M C De Roos - Director

| Re-Tek (UK) Limited (Registered number: 03209888) |

Notes to the Financial Statements

For The Period 1 July 2023 to 31 December 2024

1. | STATUTORY INFORMATION

| Re-Tek (UK) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

| The presentation currency of the financial statements is the Pound Sterling (£).

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,value added tax and other sales taxes.

| Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: the amount of turnover can be measured reliably; it is probable that the company will receive the consideration due under the contract; the stage of completion of the contract at the end of the reporting period can be measured reliably; and the costs incurred and the costs to complete the contract can be measured reliably.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Plant & machinery | - | 25% on cost

| Fixtures and fittings | - | 25% on cost

| Motor vehicles | - | 25% on cost

| Computer equipment | - | 25% on cost

| Stocks

| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

| Financial instruments

| Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in statement of comprehensive income. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in the statement of comprehensive income.

| Re-Tek (UK) Limited (Registered number: 03209888) |

Notes to the Financial Statements - continued

For The Period 1 July 2023 to 31 December 2024

2. | ACCOUNTING POLICIES - continued

| Taxation

| Taxation for the year comprises current and deferred tax. Tax recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Hire purchase and leasing commitments

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

| Fixed asset investments

| Investments are recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the period was 45 (2023 - 45 ) .

| Re-Tek (UK) Limited (Registered number: 03209888) |

Notes to the Financial Statements - continued

For The Period 1 July 2023 to 31 December 2024

4. | TANGIBLE FIXED ASSETS

| Fixtures |

| Plant & |  | and |  | Motor |  | Computer |

| machinery |  | fittings |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 1 July 2023 | 254,062 |  | 82,700 |  | 95,495 |  | 26,953 |  | 459,210 |  |

| Additions | - |  | - |  | - |  | 4,800 |  | 4,800 |  |

| At 31 December 2024 | 254,062 |  | 82,700 |  | 95,495 |  | 31,753 |  | 464,010 |  |

| DEPRECIATION

| At 1 July 2023 | 252,025 |  | 41,114 |  | - |  | 26,953 |  | 320,092 |  |

| Charge for period | 2,037 |  | 19,430 |  | 35,811 |  | 1,800 |  | 59,078 |  |

| At 31 December 2024 | 254,062 |  | 60,544 |  | 35,811 |  | 28,753 |  | 379,170 |  |

| NET BOOK VALUE

| At 31 December 2024 | - |  | 22,156 |  | 59,684 |  | 3,000 |  | 84,840 |  |

| At 30 June 2023 | 2,037 |  | 41,586 |  | 95,495 |  | - |  | 139,118 |  |

5. | FIXED ASSET INVESTMENTS

| Investments (neither listed nor unlisted) were as follows:

2024 | 2023 |

£ | £ |

| Whisky cask | - |  | 16,000 |  |

6. | STOCKS

2024 | 2023 |

£ | £ |

| Stocks | 16,877 |  | 16,877 |  |

7. | DEBTORS

2024 | 2023 |

£ | £ |

| Amounts falling due within one year:

| Trade debtors | 830,736 |  | 537,880 |  |

| Other debtors | 842 |  | 699 |  |

| Amounts owed by group

| undertakings | 1,453,238 |  | 52,700 |  |

| Directors' current accounts | - |  | 18,400 |  |

| Tax | 152,656 |  | - |  |

| Prepayments | 60,656 |  | 26,011 |  |

2,498,128 |  | 635,690 |  |

| Amounts falling due after more than one year:

| Other debtors | 21,500 |  | - |  |

| Aggregate amounts | 2,519,628 |  | 635,690 |  |

| Re-Tek (UK) Limited (Registered number: 03209888) |

Notes to the Financial Statements - continued

For The Period 1 July 2023 to 31 December 2024

8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2024 | 2023 |

£ | £ |

| Trade creditors | 268,668 |  | 305,576 |  |

| Tax | - |  | 437,583 |  |

| Social security and other taxes | 52,265 |  | 33,614 |  |

| VAT | 80,021 |  | 11,274 |  |

| Other creditors | 646 |  | 14,124 |  |

| Directors' current accounts | 35 |  | 35 |  |

| Accrued expenses | 1,470,996 |  | 831,174 |  |

1,872,631 |  | 1,633,380 |  |

9. | LEASING AGREEMENTS

| Minimum lease payments under non-cancellable operating leases fall due as follows:

2024 | 2023 |

£ | £ |

| Within one year | 129,996 |  | 119,400 |  |

| Between one and five years | 232,910 |  | 393,025 |  |

362,906 |  | 512,425 |  |

10. | SECURED DEBTS

| ING Bank N.V holds a fixed and floating charge over the assets of the company.

| Re-Tek (UK) Limited (Registered number: 03209888) |

Notes to the Financial Statements - continued

For The Period 1 July 2023 to 31 December 2024

11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

| The Report of the Auditors was qualified on the following basis:

| Basis for Qualified Opinion

| We have not been able to obtain sufficient appropriate audit evidence in respect of the completeness of the opening balances, which were not previously audited. Consequently, we are unable to determine the accuracy of the opening balances and if this has a material or pervasive effect on the current year financial statements.

| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

| Matters required to report by exception

| Except for the matter described in the basis for qualified opinion section of our report, we have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

| - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

| - the financial statements are not in agreement with the accounting records and returns; or

| - certain disclosures of directors' remuneration specified by law are not made.

| - the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

| Graham Cantlay (Senior Statutory Auditor)

| for and on behalf of Robb Ferguson

12. | ULTIMATE CONTROLLING PARTY

| The ultimate parent company is Circular IT Holding B.V. a company registered in the Netherlands with its registered office at Radonstraat 300, Zoetetmeer, Netherlands.

| The ultimate controlling party is Waterland Private Equity Investments B.V. a company registered in the Netherlands with its registered office at Brediusweg 16, 1401AG, Bussum, Netherlands.