IRIS Accounts Production v25.1.4.42 04138012 Board of Directors 1.1.24 31.12.24 31.12.24 Medium entities true false true true false false true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Ordinary 1.00000 iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh 04138012 2023-12-31 04138012 2024-12-31 04138012 2024-01-01 2024-12-31 04138012 2022-12-31 04138012 2023-01-01 2023-12-31 04138012 2023-12-31 04138012 ns15:EnglandWales 2024-01-01 2024-12-31 04138012 ns14:PoundSterling 2024-01-01 2024-12-31 04138012 ns10:Director1 2024-01-01 2024-12-31 04138012 ns10:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 04138012 ns10:MediumEntities 2024-01-01 2024-12-31 04138012 ns10:Audited 2024-01-01 2024-12-31 04138012 ns10:Medium-sizedCompaniesRegimeForDirectorsReport 2024-01-01 2024-12-31 04138012 ns10:Medium-sizedCompaniesRegimeForAccounts 2024-01-01 2024-12-31 04138012 ns10:FullAccounts 2024-01-01 2024-12-31 04138012 ns10:OrdinaryShareClass1 2024-01-01 2024-12-31 04138012 ns10:Director2 2024-01-01 2024-12-31 04138012 ns10:CompanySecretary1 2024-01-01 2024-12-31 04138012 ns10:RegisteredOffice 2024-01-01 2024-12-31 04138012 ns5:RetainedEarningsAccumulatedLosses 2023-12-31 04138012 ns5:RetainedEarningsAccumulatedLosses 2022-12-31 04138012 ns5:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 04138012 ns5:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 04138012 ns5:RetainedEarningsAccumulatedLosses 2024-12-31 04138012 ns5:RetainedEarningsAccumulatedLosses 2023-12-31 04138012 ns5:CurrentFinancialInstruments 2024-12-31 04138012 ns5:CurrentFinancialInstruments 2023-12-31 04138012 ns5:Non-currentFinancialInstruments 2024-12-31 04138012 ns5:Non-currentFinancialInstruments 2023-12-31 04138012 ns5:ShareCapital 2024-12-31 04138012 ns5:ShareCapital 2023-12-31 04138012 ns5:LandBuildings ns5:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 04138012 ns5:LeaseholdImprovements 2024-01-01 2024-12-31 04138012 ns5:PlantMachinery 2024-01-01 2024-12-31 04138012 ns5:FurnitureFittings 2024-01-01 2024-12-31 04138012 ns5:PlantEquipmentOtherAssetsUnderOperatingLeases 2024-01-01 2024-12-31 04138012 ns5:PlantEquipmentOtherAssetsUnderOperatingLeases 2023-01-01 2023-12-31 04138012 ns5:OwnedAssets 2024-01-01 2024-12-31 04138012 ns5:OwnedAssets 2023-01-01 2023-12-31 04138012 11 2024-01-01 2024-12-31 04138012 11 2023-01-01 2023-12-31 04138012 12 2024-01-01 2024-12-31 04138012 12 2023-01-01 2023-12-31 04138012 ns10:OrdinaryShareClass1 2023-01-01 2023-12-31 04138012 ns5:LandBuildings 2023-12-31 04138012 ns5:LeaseholdImprovements 2023-12-31 04138012 ns5:PlantMachinery 2023-12-31 04138012 ns5:FurnitureFittings 2023-12-31 04138012 ns5:LandBuildings 2024-01-01 2024-12-31 04138012 ns5:LandBuildings 2024-12-31 04138012 ns5:LeaseholdImprovements 2024-12-31 04138012 ns5:PlantMachinery 2024-12-31 04138012 ns5:FurnitureFittings 2024-12-31 04138012 ns5:LandBuildings 2023-12-31 04138012 ns5:LeaseholdImprovements 2023-12-31 04138012 ns5:PlantMachinery 2023-12-31 04138012 ns5:FurnitureFittings 2023-12-31 04138012 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2024-12-31 04138012 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2023-12-31 04138012 ns5:DeferredTaxation 2023-12-31 04138012 ns5:DeferredTaxation 2024-01-01 2024-12-31 04138012 ns5:DeferredTaxation 2024-12-31 04138012 ns10:OrdinaryShareClass1 2024-12-31

REGISTERED NUMBER: 04138012 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

TRENCH LIMITED

| TRENCH LIMITED (REGISTERED NUMBER: 04138012) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Report of the Directors | 3 |

| Report of the Independent Auditors | 4 |

| Statement of Income and Retained Earnings | 8 |

| Statement of Financial Position | 9 |

| Statement of Cash Flows | 10 |

| Notes to the Statement of Cash Flows | 11 |

| Notes to the Financial Statements | 12 |

| TRENCH LIMITED |

COMPANY INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2024

| DIRECTORS: | Mrs C Portman

| C B V Herzberg

| SECRETARY: | Mrs C Portman

| REGISTERED OFFICE: | Unit 5 CMT Trading Estate

| Broadwell Road

| Oldbury

| West Midlands

| B69 4BQ

| REGISTERED NUMBER: | 04138012 (England and Wales)

| SENIOR STATUTORY AUDITOR: | Ian Cattell F.C.A

| AUDITORS: | Crombies Accountants Limited

| Chartered Accountants and Statutory Auditor

| 34 Waterloo Road

| Wolverhampton

| West Midlands

| WV1 4DG

| TRENCH LIMITED (REGISTERED NUMBER: 04138012) |

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS

As a service orientated brand within the UK marketplace we are in a strong position to continue our strategy of being the preferred supplier of cable management systems to the UK wholesale market.

Continuation of service levels and continued investment in machinery has allowed us to achieve Turnover expectation this year given the price softening of material in the marketplace.

The business remains very focused on continuing investment in plant, technology and people.

PRINCIPAL RISKS AND UNCERTAINTIES

The company operates in a very competitive market sector and any reduction in economic growth affecting the construction industry may adversely affect the company's revenue and margins.

Credit risk

The business insures 95% of all trade debtors and has excellent monitoring systems. There is no significant singular risk as the exposure is spread over a large number of customers.

Liquidity risk

The company has a very strong individual cash flow position and would be supported by its HQ as necessary to ensure that the Company has adequate financing to meet its every day requirements

KEY PERFORMANCE INDICATORS

A strong focus on Debt Management has allowed us to maintain debtor day's year on year to acceptable levels. Stock levels remain consistent in order to protect the service level offered and planned continued further investment into machinery during 2025 will allow us to significantly increase capacity.

2024 2023

Debtor Days 74 71

EBITDA Margin 25.1% 28%

FUTURE DEVELOPMENTS

The Company continues to expand its current portfolio and significant investments into both Machinery & Property this year should allow for continued growth in the future.

KEY DECISIONS

The Company continued this year to make investments in Machinery and made a significant investment into New Premises that will enable the business to consolidate all current facilities in one location during 2025. This investment will provide required space and capacity to enable the business to expand its current relatively small range of products. All major decisions on investments are made jointly with Shareholders.

SHAREHOLDERS

The Company is privately owned and the Director communicates on a regular basis with the shareholders.

ON BEHALF OF THE BOARD:

Mrs C Portman - Director

5 February 2025

| TRENCH LIMITED (REGISTERED NUMBER: 04138012) |

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was the manufacture and distribution of cable management systems.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2024.

DIRECTORS

Mrs C Portman has held office during the whole of the period from 1 January 2024 to the date of this report.

Other changes in directors holding office are as follows:

C B V Herzberg - appointed 1 March 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- | select suitable accounting policies and then apply them consistently;

- | make judgements and accounting estimates that are reasonable and prudent;

- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Crombies Accountants Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mrs C Portman - Director

5 February 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

TRENCH LIMITED

Opinion

We have audited the financial statements of Trench Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- | give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;

- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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 opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

TRENCH LIMITED

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

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; or

- | we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

TRENCH LIMITED

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

-the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

-we identified the laws and regulations applicable to the company through discussions with directors and other management

-we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental (including Waste Electrical and Electronic Equipment recycling (WEEE) Regulations 2013) and health and safety legislation;

-we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

-identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

-making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

-considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

-performed analytical procedures to identify any unusual or unexpected relationships;

-tested journal entries to identify unusual transactions;

-assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias; and

-investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

-agreeing financial statement disclosures to underlying supporting documentation;

-reading the minutes of meetings of those charged with governance;

-enquiring of management as to actual and potential litigation and claims; and

-reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

TRENCH LIMITED

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Ian Cattell F.C.A (Senior Statutory Auditor)

for and on behalf of Crombies Accountants Limited

Chartered Accountants and Statutory Auditor

34 Waterloo Road

Wolverhampton

West Midlands

WV1 4DG

5 February 2025

| TRENCH LIMITED (REGISTERED NUMBER: 04138012) |

STATEMENT OF INCOME AND

RETAINED EARNINGS

FOR THE YEAR ENDED 31 DECEMBER 2024

| 2024 | 2023 |

| Notes | £ | £ | £ | £ |

TURNOVER | 15,302,681 |  | 15,863,689 |  |

Cost of sales | 7,799,262 |  | 8,268,319 |  |

GROSS PROFIT | 7,503,419 |  | 7,595,370 |  |

Distribution costs | 840,147 |  | 814,991 |  |

Administrative expenses | 3,494,017 |  | 2,673,952 |  |

|  |  | 4,334,164 |  |  |  |  | 3,488,943 |  |

OPERATING PROFIT | 4 | 3,169,255 |  | 4,106,427 |  |

Interest payable and similar expenses | 5 | 538,722 |  | - |  |

PROFIT BEFORE TAXATION | 2,630,533 |  | 4,106,427 |  |

Tax on profit | 6 | 635,068 |  | 964,477 |  |

PROFIT FOR THE FINANCIAL YEAR | 1,995,465 |  | 3,141,950 |  |

Retained earnings at beginning of year | 7,992,273 |  | 9,850,323 |  |

Dividends | 7 | - |  | (5,000,000 | ) |

RETAINED EARNINGS AT END OF YEAR | 9,987,738 |  | 7,992,273 |  |

| TRENCH LIMITED (REGISTERED NUMBER: 04138012) |

STATEMENT OF FINANCIAL POSITION

31 DECEMBER 2024

| 2024 | 2023 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 8 | 18,210,038 |  | 1,962,077 |  |

CURRENT ASSETS

Stocks | 9 | 1,400,399 |  | 1,316,641 |  |

Debtors | 10 | 4,704,342 |  | 2,755,211 |  |

Cash at bank and in hand | 4,939,291 |  | 5,686,003 |  |

11,044,032 |  | 9,757,855 |  |

CREDITORS

Amounts falling due within one year | 11 | 2,637,007 |  | 3,358,126 |  |

NET CURRENT ASSETS | 8,407,025 |  | 6,399,729 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 26,617,063 |  | 8,361,806 |  |

CREDITORS

Amounts falling due after more than one year | 12 | (15,905,269 | ) | - |  |

PROVISIONS FOR LIABILITIES | 13 | (723,056 | ) | (368,533 | ) |

NET ASSETS | 9,988,738 |  | 7,993,273 |  |

CAPITAL AND RESERVES

Called up share capital | 14 | 1,000 |  | 1,000 |  |

Retained earnings | 15 | 9,987,738 |  | 7,992,273 |  |

SHAREHOLDERS' FUNDS | 9,988,738 |  | 7,993,273 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 5 February 2025 and were signed on its behalf by:

Mrs C Portman - Director

| TRENCH LIMITED (REGISTERED NUMBER: 04138012) |

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2024

| 2024 |  | 2023

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 997,728 |  | 4,568,709 |  |

Interest paid | (538,722 | ) | - |  |

Tax paid | (907,461 | ) | (500,035 | ) |

Net cash from operating activities | (448,455 | ) | 4,068,674 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (16,930,889 | ) | (79,816 | ) |

Sale of tangible fixed assets | 7,632 |  | (1 | ) |

Net cash from investing activities | (16,923,257 | ) | (79,817 | ) |

Cash flows from financing activities

New loans in year | 17,500,000 |  | - |  |

Loan repayments in year | (875,000 | ) | - |  |

Equity dividends paid | - |  | (5,000,000 | ) |

Net cash from financing activities | 16,625,000 |  | (5,000,000 | ) |

Decrease in cash and cash equivalents | (746,712 | ) | (1,011,143 | ) |

Cash and cash equivalents at beginning of year | 2 | 5,686,003 |  | 6,697,146 |  |

Cash and cash equivalents at end of year | 2 | 4,939,291 |  | 5,686,003 |  |

| TRENCH LIMITED (REGISTERED NUMBER: 04138012) |

NOTES TO THE STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2024

1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 2024 |  | 2023

£ | £ |

| Profit before taxation | 2,630,533 |  | 4,106,427 |  |

| Depreciation charges | 682,062 |  | 382,030 |  |

| (Profit)/loss on disposal of fixed assets | (6,767 | ) | 2,112 |  |

| Finance costs | 538,722 |  | - |  |

3,844,550 |  | 4,490,569 |  |

| (Increase)/decrease in stocks | (83,758 | ) | 39,733 |  |

| (Increase)/decrease in trade and other debtors | (1,949,131 | ) | 252,917 |  |

| Decrease in trade and other creditors | (813,933 | ) | (214,510 | ) |

| Cash generated from operations | 997,728 |  | 4,568,709 |  |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

| Year ended 31 December 2024

| 31.12.24 |  | 1.1.24

£ | £ |

| Cash and cash equivalents | 4,939,291 |  | 5,686,003 |  |

| Year ended 31 December 2023

| 31.12.23 |  | 1.1.23

£ | £ |

| Cash and cash equivalents | 5,686,003 |  | 6,697,146 |  |

3. | ANALYSIS OF CHANGES IN NET FUNDS

| At 1.1.24 | Cash flow | At 31.12.24

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 5,686,003 |  | (746,712 | ) | 4,939,291 |  |

5,686,003 |  | (746,712 | ) | 4,939,291 |  |

| Total | 5,686,003 |  | (746,712 | ) | 4,939,291 |  |

| TRENCH LIMITED (REGISTERED NUMBER: 04138012) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1. | STATUTORY INFORMATION

| Trench 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| The preparation of financial statements in compliance with FRS102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies. ( see later note)

| Related party exemption

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

| Judgments and key sources of estimation uncertainty

| In preparing these financial statements, the directors have had to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenditure.

| The estimates and associated assumptions are based on historic experiences and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. the judgments, estimates and assumptions which have significant risk of material adjustments to carrying amount of assets and liabilities are:

| -Tangible fixed assets

| Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technical innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

| -Stock provisions

| The company has recognised provisions for the impairment of stock. The judgments, estimates and and associated assumptions necessary to calculate these provisions are based on historical experience and other reasonable factors. In the case of the provisions for the impairment of stock, this covers obsolescence through technological or customer specific reasons. This provision is based on the assessment of stock value and ageing, quantities on hand, usage, changes in the market, technical developments and warranty periods. The value of stock included in the financial statements is net of the provision for the impairment of stock.

| -Bad debt provision

| The company has recognised provisions against specific trade debtor balances. The judgments and estimates necessary to calculate these provisions are based on historical experience and other reasonable factors. This provision is based on the age of debt balances and the assessed recoverability. The value of trade debtors in note 7 is stated net of the provision of bad debts.

| TRENCH LIMITED (REGISTERED NUMBER: 04138012) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

2. | ACCOUNTING POLICIES - continued

| Turnover

| Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and it can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover is recognised from the sale of goods when the entity has transferred to the buyer the significant risks and rewards of ownership of the goods. This occurs when the buyer takes possession of the goods.

| Tangible fixed assets

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

| Freehold property | - | 4% on cost

| Improvements to property | - | 10% on cost

| Plant and machinery | - | 10% on cost

| Fixtures and fittings | - | 20% on cost

| Tangible assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

| The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amounts of the replaced part is derecognised. Repairs and maintenance are charged to the statement of income and retained earnings during the period in which they are incurred.

| Stocks

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

| Stocks are stated at the lower of cost and net realisable value. Cost is based on the cost of purchases on a first in, first out basis.

| At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its net realisable value. The impairment loss is recognised immediately in the financial statements.

| TRENCH LIMITED (REGISTERED NUMBER: 04138012) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

2. | ACCOUNTING POLICIES - continued

| Financial instruments

| Financial assets

| Financial assets comprise cash at bank and in hand, trade debtors, amounts owed by group undertakings and other debtors; these are initially recorded at cost on the date they originate and are subsequently recorded at cost less provisions for impairment. The company considers evidence of impairment for all individual trade and other debtors and amounts owed by group undertakings, and any subsequent impairment is recognised in the statement of income and retained earnings.

| Impairment of financial assets

| Impairment provisions are recognised when there is objective evidence that a financial asset or group of financial assets is impaired. Objective evidence includes significant financial difficulties of the counterparty, default or significant delays in payment.

| Impairment provisions represent the difference between the net carrying amount of a financial asset and the value of the expected future cash receipts from that asset.

| Financial liabilities

| Financial liabilities comprise trade creditors, other creditors and accruals; these are initially recorded, and subsequently carried, at cost on the date they originate.

| Financial liabilities also comprise obligations under finance lease and hire purchase contracts; these are initially recorded at cost on the date they originate and are subsequently carried at amortised cost under the effective interest method,

| Taxation

| The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case tax is recognised in other comprehensive income or directly in equity, respectively.

| Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

| Deferred tax

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

| 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.

| Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

| Foreign currencies

| Foreign currency transactions are translated into sterling using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the retranslation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the profit and loss account.

| 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.

| TRENCH LIMITED (REGISTERED NUMBER: 04138012) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

2. | ACCOUNTING POLICIES - continued

| 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. The assets of the scheme are held separately from those of the company in an independently administered fund.

| Provisions

| Provisions are made where an event has taken place that gives rise to a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of obligation.

| Provisions are charged as an expense to the statement of income and retained earnings in the year that the company becomes aware of the obligation, and are measured at the best estimate at the statement of financial position date of the expenditure required to settle obligation, taking into account relevant risks and uncertainties.

| Going concern

| In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

| The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

| Interest income

| Interest income is recognised in the financial statements using the effective interest method.

3. | EMPLOYEES AND DIRECTORS

| 2024 |  | 2023

£ | £ |

| Wages and salaries | 2,781,853 |  | 2,635,281 |  |

| Social security costs | 26,276 |  | 28,856 |  |

| Other pension costs | 78,610 |  | 73,954 |  |

2,886,739 |  | 2,738,091 |  |

| The average number of employees during the year was as follows:

| 2024 |  | 2023

| Production labour | 19 |  | 17 |  |

| Production support | 16 |  | 15 |  |

| Sales & Admin | 25 |  | 24 |  |

60 |  | 56 |  |

| 2024 |  | 2023

£ | £ |

| Directors' remuneration | 192,300 |  | 211,000 |  |

| The number of directors to whom retirement benefits were accruing was as follows:

| Money purchase schemes | 1 |  | 1 |  |

| TRENCH LIMITED (REGISTERED NUMBER: 04138012) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

4. | OPERATING PROFIT

| The operating profit is stated after charging/(crediting):

| 2024 |  | 2023

£ | £ |

| Hire of plant and machinery | 35,430 |  | 34,513 |  |

| Depreciation - owned assets | 682,063 |  | 339,217 |  |

| (Profit)/loss on disposal of fixed assets | (6,767 | ) | 2,112 |  |

| Auditors' remuneration | 12,500 |  | 12,500 |  |

| Foreign exchange differences | (42,422 | ) | (22,782 | ) |

| Operating lease expense-Land & buildings | 352,820 |  | 153,409 |  |

5. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2024 |  | 2023

£ | £ |

| Loan interest | 538,722 |  | - |  |

6. | TAXATION

| Analysis of the tax charge

| The tax charge on the profit for the year was as follows:

| 2024 |  | 2023

£ | £ |

| Current tax:

| UK corporation tax | 280,545 |  | 1,013,711 |  |

| Deferred tax:

| Accelerated capital allowances | 354,523 |  | (49,234 | ) |

| Tax on profit | 635,068 |  | 964,477 |  |

| Reconciliation of total tax charge included in profit and loss

| The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

| 2024 |  | 2023

£ | £ |

| Profit before tax | 2,630,533 |  | 4,106,427 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 25%) | 657,633 |  | 1,026,607 |  |

| Effects of:

| Expenses not deductible for tax purposes | 1,334 |  | 1,454 |  |

| Capital allowances in excess of depreciation | (354,345 | ) | - |  |

| Depreciation in excess of capital allowances | - |  | 49,413 |  |

| Adjustments to tax charge in respect of previous periods | (24,077 | ) | - |  |

| Deferred tax movement | 354,523 |  | (49,234 | ) |

| Effect of change in rate of tax | - |  | (63,763 | ) |

| Total tax charge | 635,068 |  | 964,477 |  |

| TRENCH LIMITED (REGISTERED NUMBER: 04138012) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

7. | DIVIDENDS

| 2024 |  | 2023

£ | £ |

| Interim | - |  | 5,000,000 |  |

8. | TANGIBLE FIXED ASSETS

| Improvements |  | Fixtures |

| Freehold |  | to |  | Plant and |  | and |

| property |  | property |  | machinery |  | fittings |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 1 January 2024 | - |  | 217,937 |  | 3,403,226 |  | 141,638 |  | 3,762,801 |  |

| Additions | 15,056,779 |  | - |  | 1,864,966 |  | 9,144 |  | 16,930,889 |  |

| Disposals | - |  | - |  | (1,363 | ) | (1,746 | ) | (3,109 | ) |

| At 31 December 2024 | 15,056,779 |  | 217,937 |  | 5,266,829 |  | 149,036 |  | 20,690,581 |  |

| DEPRECIATION

| At 1 January 2024 | - |  | 215,953 |  | 1,494,374 |  | 90,397 |  | 1,800,724 |  |

| Charge for year | 263,093 |  | 712 |  | 397,625 |  | 20,633 |  | 682,063 |  |

| Eliminated on disposal | - |  | - |  | (579 | ) | (1,665 | ) | (2,244 | ) |

| At 31 December 2024 | 263,093 |  | 216,665 |  | 1,891,420 |  | 109,365 |  | 2,480,543 |  |

| NET BOOK VALUE

| At 31 December 2024 | 14,793,686 |  | 1,272 |  | 3,375,409 |  | 39,671 |  | 18,210,038 |  |

| At 31 December 2023 | - |  | 1,984 |  | 1,908,852 |  | 51,241 |  | 1,962,077 |  |

9. | STOCKS

2024 | 2023 |

£ | £ |

| Stocks | 1,400,399 |  | 1,316,641 |  |

| There is no material difference between the replacement cost of stocks and the amount stated above.

10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2024 | 2023 |

£ | £ |

| Trade debtors | 2,366,238 |  | 2,626,715 |  |

| Other debtors | 2,187,417 |  | - |  |

| Prepayments and accrued income | 150,687 |  | 128,496 |  |

4,704,342 |  | 2,755,211 |  |

| TRENCH LIMITED (REGISTERED NUMBER: 04138012) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

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

2024 | 2023 |

£ | £ |

| Trade creditors | 736,070 |  | 651,107 |  |

| Amounts owed to group undertakings | 756,576 |  | 7,603 |  |

| Tax | 117,122 |  | 744,038 |  |

| Social security and other taxes | - |  | 428,938 |  |

| Accrued expenses | 1,027,239 |  | 1,526,440 |  |

2,637,007 |  | 3,358,126 |  |

12. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2024 | 2023 |

£ | £ |

| Amounts owed to group undertakings | 15,905,269 |  | - |  |

13. | PROVISIONS FOR LIABILITIES

2024 | 2023 |

£ | £ |

| Deferred tax | 723,056 |  | 368,533 |  |

| Deferred |

| tax |

£ |

| Balance at 1 January 2024 | 368,533 |  |

| Provided during year | 354,523 |  |

| Balance at 31 December 2024 | 723,056 |  |

14. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2024 | 2023 |

| value: | £ | £ |

| 1,000 | Ordinary | £1 | 1,000 |  | 1,000 |  |

| All shares have equal voting rights and entitlement to receipt of dividends

15. | RESERVES

| Retained

| earnings

£ |

| At 1 January 2024 | 7,992,273 |  |

| Profit for the year | 1,995,465 |  |

| At 31 December 2024 | 9,987,738 |  |

16. | PENSION COMMITMENTS

| The pension cost for the year was £125,506 (2023: £78,850). There were no outstanding or prepaid contributions at the balance sheet date.

| TRENCH LIMITED (REGISTERED NUMBER: 04138012) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

17. | ULTIMATE CONTROLLING PARTY

| The ultimate controlling party is OBO Bettermann Stiftung, a trust registered in the public register of the Office of Justice Liechtenstein.

18. | PARENT UNDERTAKING

| The most immediate parent company, which produces consolidated accounts is Arvigrat Holding AG, a company incorporated in Switzerland, whose registered office is situated at Lochrutiried 1, CH-6386 Wolfenschiessen, Switzerland.

19. | TRANSACTIONS WITH GROUP COMPANIES

| During the year the holding company OBO Bettermann Vertriebsholding International GmbH & Co. KG raised management charges of £688 to the company (2023 £107,950). The balance outstanding from Trench Limited at the balance sheet date was £3,073 (2023 £3,650)

| All transactions took place at normal market rates.