REGISTERED NUMBER: 03503010 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2024

FOR

LNS TURBO UK LTD

Page

Company Information

1

Strategic Report

2

Report of the Director

3

Report of the Independent Auditor

5

Statement of Income and Retained Earnings

9

Balance Sheet

10

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

Notes to the Financial Statements

14

DIRECTOR:

Mr G H Lile

REGISTERED OFFICE:

Waterside Park

Valley Way

Wombwell

Barnsley

South Yorkshire

S73 0BB

REGISTERED NUMBER:

03503010 (England and Wales)

AUDITOR:

Xeinadin Audit Limited

8th Floor, Beckett House

36 Old Jewry

London

EC2R 8DD

BANKERS:

National Westminster Bank PLC

Corporate Business Centre

78 Carver Street

Sheffield

S1 4UY

SOLICITORS:

Browne Jacobson LLP

Victoria Square House

Victoria Square

Birmingham

B2 4BU

REVIEW OF BUSINESS

The profit and loss account for the year is set out on page 10. The director considers the result for the year, the year-end financial position and the future prospects to be in line with economic conditions. The business can be affected by both UK and European economic conditions. The business was able to maintain its turnover targets in a flat and declining European market thanks to demand for its innovative products, sales support and after sales service. The current economic conditions have been reflected in the budget and contingency plans.

PRINCIPAL RISKS AND UNCERTAINTIES

The director of the parent company, LNS Holding SA, manages the group's risk at a group level, rather than at an individual business unit level. The group utilises proactive monitoring and strategic planning to mitigate these risks effectively, utilising central financing facilities, natural and forward hedges and robust credit control processes. Additionally, the group also employs multiple international supply routes to reduce geopolitical risks.

FINANCIAL RISK MANAGEMENT

The company's operations expose it to a variety of financial risks that include the effects of interest rate risk, exchange rate risk and credit risk. The company has in place a risk management programme that seeks to limit the adverse effects of these on the financial performance of the company; however, the majority of these are managed at a group level, rather than at an individual business unit level.

Given the size of the company, the director has not delegated the responsibility of monitoring financial risk to a sub-committee of the board. The company's finance department implements the policies set by the board.

RESULTS AND FINANCIAL

There was a profit for the year after taxation amounting to £208,660 (2023: 959,149).

KEY PERFORMANCE INDICATORS

Given the straightforward nature of the business, the company's director is of the opinion that a discussion of the principal risks and uncertainties affecting the company and an analysis using key performance indicators (KPl's) is not necessary for an understanding of the development, performance and position of the business. However, complimenting the financial targets the group does monitor scope 1-3 emissions, health and safety metrics, personnel metrics, networking capital, cost reduction projects and quality along with other KPI's. The group sets local targets based on group strategic goals.

GOING CONCERN

The financial statements have been prepared on the going concern basis on the grounds that the company's parent undertaking has given its confirmation of financial support for the foreseeable future.

ON BEHALF OF THE BOARD:

Mr G H Lile - Director

26th September 2025

The director presents his report with the financial statements of the company for the year ended 31st December 2024.

PRINCIPAL ACTIVITIES

The company's principal activities during the year was the manufacture and sale of conveyors and the sale and distribution of bar feeders and air filtration systems.

DIVIDENDS

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

DIRECTOR

Mr G H Lile held office during the whole of the period from 1st January 2024 to the date of this report.

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). Under company law the director must not approve the financial statements unless he 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 him to ensure that the financial statements comply with the Companies Act 2006. He 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 auditor is unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information.

AUDITOR

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

ON BEHALF OF THE BOARD:

Mr G H Lile - Director

26th September 2025

Opinion

We have audited the financial statements of LNS Turbo UK Ltd (the 'company') for the year ended 31st December 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the Cash Flow Statement, 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 31st 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 Auditor 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 Auditor 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.

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 three, 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.

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 Auditor 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

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

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We design audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to the Companies Act 2006. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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 Auditor.

Use of our report

This report is made solely to the company's shareholder 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 shareholder those matters we are required to state to them in a Report of the Auditor 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 shareholder for our audit work, for this report, or for the opinions we have formed.

Scott Mell FCA (Senior Statutory Auditor)

for and on behalf of Xeinadin Audit Limited

8th Floor, Beckett House

36 Old Jewry

London

EC2R 8DD

26th September 2025

TURNOVER

3

9,893,422

11,288,049

Cost of sales

5,397,809

6,397,196

GROSS PROFIT

4,495,613

4,890,853

Distribution costs

406,604

500,646

Administrative expenses

4,023,820

3,577,014

4,430,424

4,077,660

65,189

813,193

Other operating income

143,471

145,956

OPERATING PROFIT and

PROFIT BEFORE TAXATION

208,660

959,149

Tax on profit

7

-

-

PROFIT FOR THE FINANCIAL YEAR

208,660

959,149

Retained earnings at beginning of year

(999,442

)

(1,958,591

)

RETAINED EARNINGS AT END OF YEAR

(790,782

)

(999,442

)

FIXED ASSETS

Tangible assets

8

1,635,126

1,820,764

CURRENT ASSETS

Stocks

9

1,674,735

1,585,661

Debtors

10

1,623,381

1,150,771

Cash at bank

580,258

1,155,753

3,878,374

3,892,185

CREDITORS

Amounts falling due within one year

11

1,461,879

1,413,515

NET CURRENT ASSETS

2,416,495

2,478,670

TOTAL ASSETS LESS CURRENT LIABILITIES

4,051,621

4,299,434

CREDITORS

Amounts falling due after more than one year

12

(4,130,027

)

(4,600,826

)

PROVISIONS FOR LIABILITIES

14

(165,981

)

(151,655

)

NET LIABILITIES

(244,387

)

(453,047

)

CAPITAL AND RESERVES

Called up share capital

15

500,000

500,000

Revaluation reserve

46,395

46,395

Retained earnings

(790,782

)

(999,442

)

SHAREHOLDERS' FUNDS

(244,387

)

(453,047

)

The financial statements were approved by the director and authorised for issue on 26th September 2025 and were signed by:

Mr G H Lile - Director

Cash flows from operating activities

Cash generated from operations

1

(83,861

)

1,391,447

Net cash from operating activities

(83,861

)

1,391,447

Cash flows from investing activities

Purchase of tangible fixed assets

(20,835

)

(97,202

)

Net cash from investing activities

(20,835

)

(97,202

)

Cash flows from financing activities

Repayment of intercompany loan

(470,799

)

(854,565

)

Net cash from financing activities

(470,799

)

(854,565

)

(Decrease)/increase in cash and cash equivalents

(575,495

)

439,680

Cash and cash equivalents at beginning of year

2

1,155,753

716,073

Cash and cash equivalents at end of year

2

580,258

1,155,753

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

2024

2023

£

£

Profit before taxation

208,660

959,149

Depreciation charges

206,473

238,464

Loss on disposal of fixed assets

-

1,436

Increase in warranty provision

14,326

40,484

429,459

1,239,533

(Increase)/decrease in stocks

(89,074

)

378,230

(Increase)/decrease in trade and other debtors

(472,610

)

209,468

Increase/(decrease) in trade and other creditors

48,364

(435,784

)

Cash generated from operations

(83,861

)

1,391,447

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31st December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

580,258

1,155,753

Year ended 31st December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

1,155,753

716,073

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank

1,155,753

(575,495

)

580,258

1,155,753

(575,495

)

580,258

Total

1,155,753

(575,495

)

580,258

1.	STATUTORY INFORMATION

LNS Turbo UK Ltd 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 financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest pound.

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 as modified by the revaluation of certain assets.

The financial statements have been prepared on the going concern basis on the grounds that the company's parent undertaking has given its confirmation of financial support for the foreseeable future.

The financial statements do not include any adjustments that might arise if the going concern basis is not appropriate.

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 requirement of Section 33 Related Party Disclosure paragraph 33.7

Financial instruments

Under FRS 102, loans which represent financing arrangements are recognised at present value, using a market rate for similar debt instruments.

The director considers that the interest free loan disclosed in note 12 to the financial statements should be included in the financial statements at historic cost. This is considered the most appropriate basis as it is not possible to estimate a fair value for these amounts as there are no terms of repayment specified and it is not possible to estimate an appropriate notional rate of interest.

Significant judgements and estimates

The following judgements and estimates have been made in the process of applying the below accounting policies that have had the most significant effect on amounts recognised in the financial statements:

Carrying value of leasehold and and building

The director considers that the current carrying value of the leasehold land and building in the financial statements is a reasonable representation of its actual market value. No independent valuation was obtained at the year end.

There are no other key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of commissions, rebates and value added tax.

Turnover from the sale of conveyors, bar feeders and air filtration systems is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Leasehold improvements

- 4% on cost

Plant and machinery

- 12.5% to 33% on cost

The leasehold property is carried at open market value and not depreciated.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, cost of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the average costing formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Work in progress is valued on the basis of direct cost plus attributable overheads based on normal level of activity.

Finished goods are valued at the lower of cost and estimated selling price less costs to complete and sell, cost being valued at direct cost plus attributable overheads based on normal level of activity.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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

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

Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Foreign currency transactions are initially recognised by applying the spot exchange rate between sterling and the foreign currency at the date of the transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

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

Amounts receivable and payable within one year

Debtors and creditors with no stated interest rate and are receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3.

TURNOVER

The turnover and profit before taxation are attributable to the principal activities of the company.

An analysis of turnover by geographical market is given below:

2024

2023

£

£

United Kingdom

5,567,688

5,765,434

Rest of the world

4,325,734

5,522,615

9,893,422

11,288,049

4.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

2,261,742

2,457,003

Social security costs

647,716

656,342

Other pension costs

83,601

68,205

2,993,059

3,181,550

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

2024

2023

Production

34

41

Administration

39

38

73

79

2024

2023

£

£

Director's remuneration

-

-

5.	OPERATING PROFIT

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

2024

2023

£

£

Other operating leases

141,125

104,397

Depreciation - owned assets

206,473

238,463

Loss on disposal of fixed assets

-

1,436

Foreign exchange differences

109,828

(345,331

)

Defined contribution pension plans

83,601

87,848

6.	AUDITORS' REMUNERATION

2024

2023

£

£

Fees payable to the company's auditor for the audit of the company's financial statements

11,000

10,000

7.

TAXATION

Analysis of the tax charge

No liability to UK corporation tax arose for the year ended 31st December 2024 nor for the year ended 31st December 2023.

8.	TANGIBLE FIXED ASSETS

Leasehold

Long

property

leasehold

and

Plant and

land

improvements

machinery

Totals

£

£

£

£

COST OR VALUATION

At 1st January 2024

350,000

847,291

2,419,360

3,616,651

Additions

-

-

20,835

20,835

Disposals

-

-

(8,937

)

(8,937

)

At 31st December 2024

350,000

847,291

2,431,258

3,628,549

DEPRECIATION

At 1st January 2024

-

371,998

1,423,889

1,795,887

Charge for year

-

33,891

172,582

206,473

Eliminated on disposal

-

-

(8,937

)

(8,937

)

At 31st December 2024

-

405,889

1,587,534

1,993,423

NET BOOK VALUE

At 31st December 2024

350,000

441,402

843,724

1,635,126

At 31st December 2023

350,000

475,293

995,471

1,820,764

The company's leasehold property was independently revalued on 31 December 2012 on the basis of existing value in use. The director is not aware of any material change in value up to the current reporting date.

Cost or valuation at 31st December 2024 is represented by:

Leasehold

Long

property

leasehold

and

Plant and

land

improvements

machinery

Totals

£

£

£

£

Valuation in 2011

(39,500

)

(825,000

)

-

(864,500

)

Valuation in 2012

-

(250,000

)

-

(250,000

)

Cost

389,500

1,922,291

2,431,258

4,743,049

350,000

847,291

2,431,258

3,628,549

If leasehold land and property had not been revalued they would have been included at the following historical cost:

2024

2023

£

£

Cost

1,851,738

1,851,738

Aggregate depreciation

1,462,232

1,462,232

The cost of land included within leasehold land and property is £389,500 (2023: £389,500).

9.

STOCKS

2024

2023

£

£

Raw materials

960,405

1,081,035

Goods in transit

244,115

73,958

Work-in-progress

47,164

37,940

Finished goods

423,051

392,728

1,674,735

1,585,661

10.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

1,228,050

728,727

Amounts owed by group undertakings

260,031

315,929

Prepayments and accrued income

135,300

106,115

1,623,381

1,150,771

11.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

350,509

539,532

Amounts owed to group undertakings

616,915

473,906

Social security and other taxes

90,921

79,231

VAT

185,761

43,553

Accruals and deferred income

217,773

277,293

1,461,879

1,413,515