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REGISTERED NUMBER: 04119507 (England and Wales)

BULMOR LANCER LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

BULMOR LANCER LIMITED (REGISTERED NUMBER: 04119507)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Page |

Company Information | 1 |

Strategic Report | 2 |

Report of the Director | 5 |

Report of the Independent Auditors | 7 |

Statement of Comprehensive Income | 11 |

Balance Sheet | 12 |

Statement of Changes in Equity | 13 |

Notes to the Financial Statements | 14 |

BULMOR LANCER LIMITED

COMPANY INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2024

| DIRECTOR: | Mrs N J Dimmock

| SECRETARY: | Mrs N J Dimmock

| REGISTERED OFFICE: | Unit 6

| Chartmoor Road

| Chartmoor Estate

| Leighton Buzzard

| Bedfordshire

| LU7 4WG

| REGISTERED NUMBER: | 04119507 (England and Wales)

| SENIOR STATUTORY AUDITOR: | Donald Brown BA FCA

| AUDITORS: | Higginson & Co (UK) Ltd

| Statutory Auditors

| 3 Kensworth Gate

| 200 - 204 High Street South

| Dunstable

| Bedfordshire

| LU6 3HS

BULMOR LANCER LIMITED (REGISTERED NUMBER: 04119507)

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

The principal activities of the company during the year were that of selling forklift trucks, and renting out some fleet. The main and only supplier is its parent company, Bulmor Holding GmbH, which is based in Austria.

REVIEW OF BUSINESS

2024 was another year when the recovery from Covid-19 continued to impact on the business. World supply chain issues and Brexit also continue to have a bearing on the company within the year. The director considers the company results to be in line with expectations and to be good given the impact of the factors above.

The company continues to explore the potential of new markets. The director looks forward to the continued future success of the company as the issues outlined above become more manageable and become clearer.

UK businesses are currently facing many uncertainties such as the consequences of Brexit, COVID-19, environmental sustainability and geopolitical events such as the Russian invasion of Ukraine. These uncertainties have contributed to an environment where there exists a range of issues and risks, including inflation, rising interest rates, labour shortages, disrupted supply chains and new ways of working.

The Director has considered these uncertainties and have concluded that the greater impact on the business is expected to be from the economic ripple effect on the global economy.

Bulmor Lancer Limited continues to work with its partners to minimise any impacts of these events and maximise the realisation of any opportunities they may provide to the business.

BULMOR LANCER LIMITED (REGISTERED NUMBER: 04119507)

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

PRINCIPAL RISKS AND UNCERTAINTIES

Brexit

The impact of Brexit is still being managed by the company, and remains a risk. The company continues to prepared as much as possible for the business disruption that may occur.

These preparations include:

a. Receiving the EORI number for import from Europe of capital equipment and spare parts.

b. Increase in inventory stock of used equipment.

c. Monthly advance hedging of currency to stabilize the current market volatility and hold truck margins.

d. As our other revenues are stable and unaffected by Brexit we do not envisage any earnings or connected profit disruption.

e. With regard to any other unforeseen costs we envisage some cost increase in new equipment prices and delivery in 2024. However at this point in time we have no insight as to what these would be.

COVID-19 and future pandemics

The company continues to take measures to mitigate for the impact of the virus. In certain markets we have traded well through this period and see no reason why this will not continue although the future financial impact still remains unclear.

Price risk

The directors are aware of the risk from changes in prices and aim to adjust prices of such products to maintain margin in the face of such changes. The directors actively monitor competitor activity to ensure that the company is well positioned in the market place.

Fair value interest rate risk

Trade debtors and creditors do not attract interest and are therefore not subject to fair value interest rate risk.

Credit risk

The company monitors the risk on credit allowed to customers, credit control procedures are reviewed and revised as necessary to ensure any credit risk is kept to a minimum.

Liquidity risk

The company considers its exposure to liquidity risk to be comparatively low and has a conservative approach to expenditure and investments but reviews this on an ongoing basis.

Foreign exchange transactional currency exposure

The group is exposed to currency exchange rate risk due to a significant proportion of its receivables and operating expenses being denominated in non-Sterling currencies. The net exposure of each currency is monitored and managed by the use of forward foreign exchange contracts, currency loans or overdrafts. Any forward foreign exchange contracts usually mature within 12 months.

Operational risk

A key risk impacting the company is adhering to the strict health and safety rules whilst ensuring efficient running of the head office and warehouse facilities.

Environmental risk is one of the principal risks for the company. Local management ensures that the company adheres fully to any environmental regulations within the UK.

BULMOR LANCER LIMITED (REGISTERED NUMBER: 04119507)

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

PRINCIPAL KEY PERFORMANCE INDICATORS

Financial key performance indicators for the year are as follows:

| 2024 |  | 2023 |

Turnover |  |  | 7,348,132 |  | £7,255,981 |

Gross Profit Margin % |  |  | 31% |  | 32% |

Net (Loss)/Profit |  |  | (£174,055 | ) | £55.865 |

Amounts owed to group undertakings |  |  | £1,889,098 |  | £1,344,787 |

ON BEHALF OF THE BOARD:

Mrs N J Dimmock - Director

30 June 2025

BULMOR LANCER LIMITED (REGISTERED NUMBER: 04119507)

REPORT OF THE DIRECTOR

FOR THE YEAR ENDED 31 DECEMBER 2024

The director presents her 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 that of The principal activities of the company during the year were that of selling forklift trucks, and renting out some fleet. The main and only supplier is its parent company, Bulmor Industries GmbH, which is based in Austria.

DIVIDENDS

The dividends paid during the year amounted to £Nil (2023 £Nil)

DIRECTOR

S Cunningham held office from 1 January 2024 until after 31 December 2024 but prior to the date of this report.

A P Payne was appointed as director after 31 December 2024 and also resigned prior to the date of this report.

Mrs N J Dimmock was appointed as a director after 31 December 2024 but prior to the date of this report.

PROFIT FOR THE YEAR

The loss for the year, before taxation, amounted to (£174,055) (2023 profit £55,865).

POST BALANCE SHEET EVENTS

Since the year end Mr S Cunningham has left the company under a compromise agreement, negotiated by the parent company.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless she is 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 director is 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 director is 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 her to ensure that the financial statements comply with the Companies Act 2006. She is 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 director is 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 she has taken all the steps that she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

BULMOR LANCER LIMITED (REGISTERED NUMBER: 04119507)

REPORT OF THE DIRECTOR

FOR THE YEAR ENDED 31 DECEMBER 2024

AUDITORS

The auditors, Higginson & Co (UK) Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mrs N J Dimmock - Director

30 June 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

BULMOR LANCER LIMITED

Opinion

We have audited the financial statements of Bulmor Lancer Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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 loss 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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, 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 Director 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 Director have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

BULMOR LANCER 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 Director.

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 director's remuneration specified by law are not made; or

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

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page five, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

BULMOR LANCER 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:

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

Audit response to risks identified

-the nature of the industry and sector, control environment and business performance including the design of the remuneration policy;

-results of our enquiries of management about their own identification and assessment of the risks of irregularities;

-any matters we identified having obtained and reviewed the Company documentation of their policies and procedures relating to:

- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance;

- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

- the matters discussed among the audit engagement team, including tax regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to revenue deferrals. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK

Companies Act, UK Corporate Governance Code and local tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company's ability to operate or to avoid a material penalty. These included compliance with Financial Conduct Authority regulation for the UK operating segment and compliance with local legislation.

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

BULMOR LANCER 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.

Donald Brown BA FCA (Senior Statutory Auditor)

for and on behalf of Higginson & Co (UK) Ltd

Statutory Auditors

3 Kensworth Gate

200 - 204 High Street South

Dunstable

Bedfordshire

LU6 3HS

30 June 2025

BULMOR LANCER LIMITED (REGISTERED NUMBER: 04119507)

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2024

| 31.12.24 |  | 31.12.23

| Notes | £ | £ |

TURNOVER | 3 | 7,348,132 |  | 7,255,981 |  |

Cost of sales | 5,054,646 |  | 4,880,373 |  |

GROSS PROFIT | 2,293,486 |  | 2,375,608 |  |

Administrative expenses | 2,330,255 |  | 2,269,155 |  |

OPERATING (LOSS)/PROFIT | 5 | (36,769 | ) | 106,453 |  |

Interest payable and similar expenses | 6 | 137,286 |  | 50,588 |  |

(LOSS)/PROFIT BEFORE TAXATION | (174,055 | ) | 55,865 |  |

Tax on (loss)/profit | 7 | (5,093 | ) | 22,196 |  |

(LOSS)/PROFIT FOR THE FINANCIAL YEAR | (168,962 | ) | 33,669 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE (LOSS)/INCOME FOR THE YEAR | (168,962 | ) | 33,669 |  |

BULMOR LANCER LIMITED (REGISTERED NUMBER: 04119507)

BALANCE SHEET

31 DECEMBER 2024

| 31.12.24 | 31.12.23 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 8 | 15,405 |  | 22,141 |  |

Tangible assets | 9 | 817,744 |  | 439,447 |  |

833,149 |  | 461,588 |  |

CURRENT ASSETS

Stocks | 10 | 2,521,433 |  | 2,263,079 |  |

Debtors | 11 | 1,112,434 |  | 1,015,452 |  |

Cash at bank and in hand | 134,859 |  | 80,519 |  |

3,768,726 |  | 3,359,050 |  |

CREDITORS

Amounts falling due within one year | 12 | 2,912,159 |  | 2,269,028 |  |

NET CURRENT ASSETS | 856,567 |  | 1,090,022 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 1,689,716 |  | 1,551,610 |  |

CREDITORS

Amounts falling due after more than one year | 13 | (361,279 | ) | (63,472 | ) |

PROVISIONS FOR LIABILITIES | 15 | (86,555 | ) | (77,294 | ) |

NET ASSETS | 1,241,882 |  | 1,410,844 |  |

CAPITAL AND RESERVES

Called up share capital | 16 | 1,000 |  | 1,000 |  |

Capital contribution reserve | 17 | 850,000 |  | 850,000 |  |

Retained earnings | 17 | 390,882 |  | 559,844 |  |

SHAREHOLDERS' FUNDS | 1,241,882 |  | 1,410,844 |  |

The financial statements were approved by the director and authorised for issue on 30 June 2025 and were signed by:

Mrs N J Dimmock - Director

BULMOR LANCER LIMITED (REGISTERED NUMBER: 04119507)

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

| Called up |  | Capital |

| share |  | Retained |  | contribution |  | Total

| capital |  | earnings |  | reserve |  | equity

£ | £ | £ | £ |

Balance at 1 January 2023 | 1,000 |  | 526,175 |  | 850,000 |  | 1,377,175 |  |

Changes in equity

Total comprehensive income | - |  | 33,669 |  | - |  | 33,669 |  |

Balance at 31 December 2023 | 1,000 |  | 559,844 |  | 850,000 |  | 1,410,844 |  |

Changes in equity

Total comprehensive loss | - |  | (168,962 | ) | - |  | (168,962 | ) |

Balance at 31 December 2024 | 1,000 |  | 390,882 |  | 850,000 |  | 1,241,882 |  |

BULMOR LANCER LIMITED (REGISTERED NUMBER: 04119507)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1. | STATUTORY INFORMATION

| Bulmor Lancer 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.

| Financial Reporting Standard 102 - reduced disclosure exemptions

| The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

| • | the requirements of Section 7 Statement of Cash Flows;

| • | the requirement of paragraph 3.17(d);

| • | the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

| • | the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;

| • | the requirements of paragraphs 26.18(b), 26.19 to 26.21 and 26.23;

| • | the requirement of paragraph 33.7.

| This information is included in the consolidated financial statements of Bulmor Industries GmbH as at 31 December 2017 and these financial statements may be obtained from the company's registered offices.

| Judgements in applying accounting policies and key sources of estimation

| The preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include the useful economic life of fixed assets and intangibles and the warranty provision.

| Going concern

| After reviewing the company's forecasts and projections, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern in preparing its financial statements.

| Bulmor Holding GmbH, the ultimate parent of Bulmor Lancer Limited has indicated its willingness to provide financial support to the Company for the foreseeable future. The Director has considered this for a period of at least twelve months from the date of signing these financial statements. On this basis, the Director considers it appropriate to prepare the financial statements on a going concern basis.

BULMOR LANCER LIMITED (REGISTERED NUMBER: 04119507)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

2. | ACCOUNTING POLICIES - continued

| Revenue

| Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

| Sale of goods

| Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

| - the Company ,has transferred the significant risks and rewards of ownership to the buyer;

| - the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

| - the amount of revenue can be measured reliably;

| - it is probable that the Company will receive the consideration due under the transaction;

| - the costs incurred or to be incurred in respect of the transaction can be measured reliably.

| Rendering of services

| Revenue 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 revenue 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.

| Sale of trucks and parts

| Revenue is recognised on the despatch of the goods to the customer, as this is deemed the point at which the risk and rewards of ownership have transferred.

| Service sales

| This revenue relates to ad hoc truck services. The revenue is recognised as the work is performed.

| Rental and maintenance

| This revenue relates to contracted rental and maintenance charges which are billed to customers on a monthly basis. Revenue is recognised on a straightline basis over the term of the agreement.

| Intangible assets

| Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

| All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed five years.

| Amortisation is charged so as to allocate the cost of intangibles less their residual values over their estimated useful lives, using the straight-line method. The estimated useful life ranges as follows:

| Software 3 years straight line

BULMOR LANCER LIMITED (REGISTERED NUMBER: 04119507)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

2. | ACCOUNTING POLICIES - continued

| Tangible fixed assets

| Tangible fixed assets under the cost model 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 amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

| Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. The estimated useful lives range as follows:

| The estimated useful lives range as follows:

| Plant and machinery |  | 4 years straight line |  |

| Vehicles |  | 2 - 6 years straight line |  |

| Fixtures and fittings |  | 8 years straight line |  |

| Computer equipment |  | 3 years straight line |  |

| The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

| Stocks

| Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

| At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss

BULMOR LANCER LIMITED (REGISTERED NUMBER: 04119507)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

2. | ACCOUNTING POLICIES - continued

| Financial instruments

| The Company enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

| Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

| Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss account.

| For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

| For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

| Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

| Derivative financial instruments

| Derivative financial instruments are recognised at fair value using a valuation technique with any gains or losses being reported in profit or loss. Outstanding derivatives at reporting date are included under the appropriate format heading depending on the nature of the derivative.

| The group has changed the methodology for invoicing to the UK subsidiary and all intercompany invoices to Bulmor Lancer Limited in Euro & Sterling. Exposure to Euro currency fluctuations is managed and the need for using derivative financial instruments has therefore reduced.

BULMOR LANCER LIMITED (REGISTERED NUMBER: 04119507)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

2. | ACCOUNTING POLICIES - continued

| Current and deferred taxation

| The tax expense for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss account, except that a change attributable to an item of income and expense recognised as other comprehensive income. or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

| The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

| Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:

| - The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

| - Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

| Deferred tax balances are, not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within

| debtors. Deferred tax assets and deferred tax liabilities are offset only if:

| - the group has a legally enforceable right to set off current tax assets against current tax liabilities, and

| - the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously.

| Foreign currencies

| The company's functional and presentational currency is GBP.

| Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. Exchange differences are recognised in the Profit and Loss in the period in which they arise.

| At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

| Pensions

| Defined contribution pension plan

| The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payments obligations.

| The contributions are recognised as an expense in the Profit and Loss account when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

BULMOR LANCER LIMITED (REGISTERED NUMBER: 04119507)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

2. | ACCOUNTING POLICIES - continued

| Holiday pay accrual

| A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the Balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the Balance sheet date.

| Debtors

| Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

| Creditors

| Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

| Cash and cash equivalents

| Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

| Finance costs

| Finance costs are charged to the Profit and loss account over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

| Provisions for Liabilities

| Provisions are made where an event has taken place that gives the Company 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 the obligation.

| Provisions are charged as an expense to the Profit and Loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

| When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

3. | TURNOVER

| The turnover and loss (2023 - profit) before taxation are attributable to the one principal activity of the company.

| An analysis of turnover by geographical market is given below:

| 31.12.24 |  | 31.12.23

£ | £ |

| United Kingdom | 6,001,597 |  | 6,160,943 |  |

| Europe | 243,208 |  | 2,168 |  |

| Rest of the World | 1,103,327 |  | 1,092,870 |  |

7,348,132 |  | 7,255,981 |  |

BULMOR LANCER LIMITED (REGISTERED NUMBER: 04119507)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

4. | EMPLOYEES AND DIRECTORS

| 31.12.24 |  | 31.12.23

£ | £ |

| Wages and salaries | 1,037,496 |  | 1,020,701 |  |

| Social security costs | 111,988 |  | 123,245 |  |

| Other pension costs | 51,460 |  | 50,580 |  |

1,200,944 |  | 1,194,526 |  |

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

| 31.12.24 |  | 31.12.23

| Employees | 26 |  | 27 |  |

| The company operates a stakeholder defined contribution pension scheme for the benefit of the employees and directors. The assets of the scheme are administered by an independent pensions provider. Pension payments recognised as an expense during the year amount to £51,460 (2023 £50,580).

|  | 2024 |  | 2023 |  |

|  | £ |  | £ |  |

| Director's emoluments |  |  | 108,002 |  | 112,943 |  |

| Company contributions to defined contribution pension schemes |  |  | 8,010 |  | 8,010 |  |

|  | 116,012 |  | 120,953 |  |

| During the year retirement benefits were accruing to 1 director (2023 -1) in respect of defined contribution pension schemes.

5. | OPERATING (LOSS)/PROFIT

| The operating loss (2023 - operating profit) is stated after charging/(crediting):

| 31.12.24 |  | 31.12.23

£ | £ |

| Depreciation - owned assets | 199,517 |  | 165,275 |  |

| Computer software amortisation | 10,119 |  | 5,563 |  |

| Auditors remuneration | 18,000 |  | 14,350 |  |

| Tax compliance services | 2,000 |  | 2,000 |  |

| Exchange differences | (14,004 | ) | 13,975 |  |

| Stock recognised in cost of sales during the year as an expense | 4,684,165 |  | 4,312,795 |  |

BULMOR LANCER LIMITED (REGISTERED NUMBER: 04119507)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

6. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 31.12.24 |  | 31.12.23

£ | £ |

| Group interest paid | 109,781 |  | 42,976 |  |

| Interest on late tax | 89 |  | - |  |

| Hire purchase | 27,416 |  | 7,612 |  |

137,286 |  | 50,588 |  |

7. | TAXATION

| Analysis of the tax (credit)/charge

| The tax (credit)/charge on the loss for the year was as follows:

| 31.12.24 |  | 31.12.23

£ | £ |

| Current tax:

| UK corporation tax | (14,354 | ) | 29,594 |  |

| Deferred tax | 9,261 |  | (7,398 | ) |

| Tax on (loss)/profit | (5,093 | ) | 22,196 |  |

| Reconciliation of total tax (credit)/charge included in profit and loss

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

| 31.12.24 |  | 31.12.23

£ | £ |

| (Loss)/profit before tax | (174,055 | ) | 55,865 |  |

| (Loss)/profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 20.600%) | (43,514 | ) | 11,508 |  |

| Effects of:

| Expenses not deductible for tax purposes | 3,115 |  | 3,342 |  |

| Capital allowances in excess of depreciation | (93,256 | ) | - |  |

| Depreciation in excess of capital allowances | - |  | 11,850 |  |

| Utilisation of tax losses | 17,437 |  | 15,240 |  |

| Adjustments to tax charge in respect of previous periods | (14,354 | ) | - |  |

| Other adjusting items use of losses brought forward | - |  | (12,346 | ) |

| Deferred tax timing difference - accelerated allowances | 125,479 |  | (7,398 | ) |

| Total tax (credit)/charge | (5,093 | ) | 22,196 |  |

BULMOR LANCER LIMITED (REGISTERED NUMBER: 04119507)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

8. | INTANGIBLE FIXED ASSETS

| Computer

| software

£ |

| COST

| At 1 January 2024 | 112,331 |  |

| Additions | 3,383 |  |

| At 31 December 2024 | 115,714 |  |

| AMORTISATION

| At 1 January 2024 | 90,190 |  |

| Amortisation for year | 10,119 |  |

| At 31 December 2024 | 100,309 |  |

| NET BOOK VALUE

| At 31 December 2024 | 15,405 |  |

| At 31 December 2023 | 22,141 |  |

9. | TANGIBLE FIXED ASSETS

| Fixtures |

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

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

£ | £ | £ | £ | £ |

| COST

| At 1 January 2024 | 27,489 |  | 72,211 |  | 1,402,561 |  | 84,175 |  | 1,586,436 |  |

| Additions | - |  | 945 |  | 573,874 |  | 2,995 |  | 577,814 |  |

| Disposals | - |  | - |  | (174,975 | ) | - |  | (174,975 | ) |

| At 31 December 2024 | 27,489 |  | 73,156 |  | 1,801,460 |  | 87,170 |  | 1,989,275 |  |

| DEPRECIATION

| At 1 January 2024 | 26,196 |  | 71,517 |  | 979,292 |  | 69,984 |  | 1,146,989 |  |

| Charge for year | 419 |  | 451 |  | 190,806 |  | 7,841 |  | 199,517 |  |

| Eliminated on disposal | - |  | - |  | (174,975 | ) | - |  | (174,975 | ) |

| At 31 December 2024 | 26,615 |  | 71,968 |  | 995,123 |  | 77,825 |  | 1,171,531 |  |

| NET BOOK VALUE

| At 31 December 2024 | 874 |  | 1,188 |  | 806,337 |  | 9,345 |  | 817,744 |  |

| At 31 December 2023 | 1,293 |  | 694 |  | 423,269 |  | 14,191 |  | 439,447 |  |

| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:

|  | 2024 |  | 2023 |  |

| £ |  | £ |  |

| Vehicles |  |  | 729,110 |  | 263,536 |  |

BULMOR LANCER LIMITED (REGISTERED NUMBER: 04119507)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

10. | STOCKS

| 31.12.24 |  | 31.12.23

£ | £ |

| Finished goods | 2,521,433 |  | 2,263,079 |  |

| An impairment loss of £105,763 (2023: £127,171) was recognised in against stock during the year due to slow-moving and obsolete stock.

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

| 31.12.24 |  | 31.12.23

£ | £ |

| Trade debtors | 710,743 |  | 798,976 |  |

| Other debtors | 122,738 |  | 9,720 |  |

| Prepayments and accrued income | 278,953 |  | 206,756 |  |

1,112,434 |  | 1,015,452 |  |

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

| 31.12.24 |  | 31.12.23

£ | £ |

| Hire purchase contracts (see note 14) | 198,336 |  | 91,314 |  |

| Trade creditors | 101,463 |  | 95,981 |  |

| Amounts owed to group undertakings | 2,087,562 |  | 1,516,451 |  |

| Corporation tax | (14,354 | ) | 14,354 |  |

| Social security and other taxes | 21,134 |  | 44,352 |  |

| Pension contribution | 25,260 |  | 13,990 |  |

| VAT | 303,426 |  | 217,438 |  |

| Accruals and deferred income | 189,332 |  | 275,148 |  |

2,912,159 |  | 2,269,028 |  |

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

| 31.12.24 |  | 31.12.23

£ | £ |

| Hire purchase contracts (see note 14) | 361,279 |  | 63,472 |  |

14. | LEASING AGREEMENTS

| Minimum lease payments under hire purchase fall due as follows:

| 31.12.24 |  | 31.12.23 |

£ | £ |

| Net obligations repayable:

| Within one year | 198,336 |  | 91,314 |  |

| Between one and five years | 361,279 |  | 63,472 |  |

559,615 |  | 154,786 |  |

BULMOR LANCER LIMITED (REGISTERED NUMBER: 04119507)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

15. | PROVISIONS FOR LIABILITIES

| 31.12.24 |  | 31.12.23

£ | £ |

| Deferred tax

| Accelerated capital allowances | 202,773 |  | 77,294 |  |

| Tax losses carried forward | (116,218 | ) | - |  |

86,555 |  | 77,294 |  |

| Deferred |

| tax |

£ |

| Balance at 1 January 2024 | 77,294 |  |

| Provided during year | 9,261 |  |

| Balance at 31 December 2024 | 86,555 |  |

16. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 31.12.24 |  | 31.12.23

| value: | £ | £ |

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

17. | RESERVES

| Capital |

| Retained |  | contribution |

| earnings |  | reserve |  | Totals

£ | £ | £ |

| At 1 January 2024 | 559,844 |  | 850,000 |  | 1,409,844 |  |

| Deficit for the year | (168,962 | ) | (168,962 | ) |

| At 31 December 2024 | 390,882 |  | 850,000 |  | 1,240,882 |  |

| Other reserves

| Capital contribution reserve - represents the amounts contributed by shareholders

| Profit and loss account

| Profit and loss account- includes all current and prior period retained profits and losses.

BULMOR LANCER LIMITED (REGISTERED NUMBER: 04119507)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

18. | COMMITMENTS UNDER OPERATING LEASES

| At 31 December 2023 the company had future minimum commitments,

|  | 2024 |  | 2023 |  |

| Within one year |  |  | 75,031 |  | 130,544 |  |

| Between 1-2 years |  |  | 70,165 |  | 65,091 |  |

| Between 2-5 years |  |  | 11,780 |  | 14,059 |  |

|  | 156,976 |  | 209,694 |  |

19. | RELATED PARTY DISCLOSURES

| The immediate and ultimate holding company is Bulmor Holding GmbH, a company incorporated and operating in Austria.