ACCOUNTS - Final Accounts preparation

An analysis of turnover by class of business is as follows:

Registered number: 10676531

FLEX CONNECTORS HOLDINGS LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

FLEX CONNECTORS HOLDINGS LIMITED

COMPANY INFORMATION

Directors	P Bellamy
	A Garton
	S Garton


Registered number	10676531


Registered office	Ruscombe Business Park
	Ruscombe Lane
	Twyford
	Berkshire
	England
	RG10 9LR


Independent auditors	James Cowper Kreston Audit
	Chartered Accountants and Statutory Auditors
	Apex
	Forbury Road
	Reading
	Berkshire
	RG1 1AX

FLEX CONNECTORS HOLDINGS LIMITED

CONTENTS

	Page
Group strategic report	1 - 2
Directors' report	3 - 4
Independent auditors' report	5 - 8
Consolidated statement of comprehensive income	9
Consolidated balance sheet	10 - 11
Company balance sheet	12
Consolidated statement of changes in equity	13
Company statement of changes in equity	14
Consolidated statement of cash flows	15
Consolidated analysis of net debt	16
Notes to the financial statements	17 - 33

FLEX CONNECTORS HOLDINGS LIMITED

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 JULY 2025

Introduction

The principal activities of the Group are the design and manufacture of lighting connection systems and electrical connectors.

Business review

The Group reported a 2% increase in turnover for the financial year primarily driven by new product development as the turnover from core business activities was impacted by stagnant market conditions in the construction sector.

The gross profit margin dropped slightly from 56.6% in 2024 to 56.2% in 2025 due to increasing raw materials and labour costs.

However operating profit increased by 3% from £1.670m to £1.728m as overheads were kept under control despite inflationary pressures.

The group has a strong financial position with net assets increasing from £4.7m to £5.1m as profits are retained for reinvestment in people, products and plant and machinery.

Principal risks and uncertainties

The primary risk for the Group is the economic environment and in particular the impact on the UK construction industry which drives demand for the Group’s products. The directors maintain adequate financial reserves and regularly review market and industry information to react accordingly to economic challenges.

The key financial risks for the Group are credit and price risk.

Credit risk

The Group’s principal financial assets are cash and trade debtors. As the Group provides credit terms to its customers and there is the risk that customers default on the amounts owed. The Group mitigates this risk by credit checking and monitoring customers, credit control processes and credit insurance.

Price risk

The Group is exposed to the commodity price risk relating to the raw materials used to manufacture its products. The Group manages this risk by maintaining strong relationships with suppliers and good procurement and stock management processes.

Financial key performance indicators

The key performance indicators of the Group are turnover and profitability.

Future Developments

The Group will continue to invest in innovative new products and production methods. Despite current difficult market conditions in the construction sector the Group will focus on increasing turnover by launching new products and pursuing new markets to deliver sustainable growth.

After the year end the Group sold it’s subsidiary Quickwire Limited in order to focus on the Group’s core products and markets.

Page 1

FLEX CONNECTORS HOLDINGS LIMITED

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2025

This report was approved by the board and signed on its behalf.

S Garton

Director

Date: 2 December 2025

Page 2

FLEX CONNECTORS HOLDINGS LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 JULY 2025

The directors present their report and the financial statements for the year ended 31 July 2025.

Directors

The directors who served during the year were:

P Bellamy

A Garton

S Garton

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the Group and of the profit or loss of the Group for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Group's financial statements and then apply them consistently;

∙make judgments 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 Group 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 the Group and to 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation and minority interests, amounted to £2,054,892 (2024 - £1,827,696).

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

On 31 October 2025, the Group disposed of its entire interest in the capital of Quickwire Limited.

Page 3

FLEX CONNECTORS HOLDINGS LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2025

Auditors

The auditors, James Cowper Kreston Audit, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.

S Garton

Director

Date: 2 December 2025

Page 4

FLEX CONNECTORS HOLDINGS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FLEX CONNECTORS HOLDINGS LIMITED

Qualified Opinion

We have audited the financial statements of Flex Connectors Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 July 2025, which comprise the Consolidated statement of comprehensive income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, 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).

Except for the possible effects of the matters described in the basis for qualified opinion section of our report, in our opinion the financial statements:

∙give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 July 2025 and of the Group's 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 qualified opinion

With respect to the Group's opening stock having a carrying amount of £1,083,930, the audit evidence available to us was limited because we did not observe the counting of the physical stock as at 31 July 2024, as we were not yet appointed as auditors. We were unable to obtain sufficient appropriate audit evidence regarding the opening stock quantities by using other audit procedures. Consequently we were unable to determine whether any adjustment to this amount was necessary. Therefore, we were unable to obtain sufficient appropriate audit evidence regarding the costs of goods sold for the year ended 31 July 2024 or the carrying value of stock at the same date.

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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

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 Group's or the parent 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.

Page 5

FLEX CONNECTORS HOLDINGS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FLEX CONNECTORS HOLDINGS LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.

As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the inventory quantities of £1,083,930 held at 31 July 2024. We have concluded that where the other information refers to the inventory balance or related balances such as cost of sales, it may be materially missated for the same reason.

Opinion on other matters prescribed by the Companies Act 2006

Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit:

∙the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

Except for the matter described in the basis for qualified opinion section of our report, in the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.

Arising solely from the limitation on the scope of our work relating to inventory, referred to above:

∙we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and

∙we were unable to determine whether adequate accounting records have been kept.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

∙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 specific by law are not made; or

∙we have not received all the information and explanations we require for our audit. directors

Page 6

FLEX CONNECTORS HOLDINGS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FLEX CONNECTORS HOLDINGS LIMITED (CONTINUED)

Responsibilities of directors

As explained more fully in the Directors' responsibilities statement set out on page 3, 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 is 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have 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 an Auditors' report 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 Group financial statements.

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. This 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.

The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities, including fraud, were as follows:

∙Enquiry of management and those charged with governance around actual and potential litigation and claims;

∙Enquiry of management and those charged with governance to identify any material instances of non-compliance with laws and regulations;

∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

∙Performing audit work to address the risk of irregularities due to management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for evidence of bias.

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 Auditors' report.

Other matters

The comparative figures are unaudited because the Group took advantage of small company audit exemptions in the previous accounting period.

Page 7

FLEX CONNECTORS HOLDINGS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FLEX CONNECTORS HOLDINGS LIMITED (CONTINUED)

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 an Auditors' report 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.

Darren O'Connor BSc(Hons) ACA FCCA (Senior Statutory Auditor)

for and on behalf of

James Cowper Kreston Audit

Chartered Accountants and Statutory Auditors

Apex

Forbury Road

Reading

Berkshire

RG1 1AX

2 December 2025

Page 8

FLEX CONNECTORS HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 JULY 2025

	2025	2024
Note	£	£


Turnover	4	9,987,779	9,803,498
Cost of sales		(4,367,337)	(4,256,617)
Gross profit		5,620,442	5,546,881
Administrative expenses		(3,118,155)	(3,318,138)
Operating profit	5	2,502,287	2,228,743
Interest receivable and similar income		50,672	28,845
Interest payable and similar expenses		(3,636)	(2,073)
Profit before taxation		2,549,323	2,255,515
Tax on profit	9	(541,170)	(494,445)
Profit for the financial year		2,008,153	1,761,070


Total comprehensive income for the year		2,008,153	1,761,070

Profit for the year attributable to:
Non-controlling interests	(46,739)	(66,626)
Owners of the parent Company	2,054,892	1,827,696
	2,008,153	1,761,070

The notes on pages 17 to 33 form part of these financial statements.

Page 9

FLEX CONNECTORS HOLDINGS LIMITED

REGISTERED NUMBER: 10676531

CONSOLIDATED BALANCE SHEET

AS AT 31 JULY 2025

		2025		2024
Note		£		£

Fixed assets
Intangible assets	10		294,454		439,171
Tangible assets	11		1,404,220		1,491,803
			1,698,674		1,930,974
Current assets
Stocks	13	1,198,369		1,083,930
Debtors: amounts falling due within one year	14	1,507,882		1,641,306
Cash at bank and in hand	15	2,166,343		1,735,618
		4,872,594		4,460,854
Creditors: amounts falling due within one year		(1,219,478)		(1,493,993)
Net current assets			3,653,116		2,966,861
Total assets less current liabilities			5,351,790		4,897,835
Creditors: amounts falling due after more than one year			(26,088)		(26,088)
Provisions for liabilities
Deferred taxation	19	(87,196)		(155,664)
			(87,196)		(155,664)
Net assets			5,238,506		4,716,083

Capital and reserves
Called up share capital	20	88,400	88,400
Capital redemption reserve	21	10,000	10,000
Profit and loss account	21	5,671,097	5,101,935
Equity attributable to owners of the parent Company		5,769,497	5,200,335
Non-controlling interests		(530,991)	(484,252)
		5,238,506	4,716,083

Page 10

FLEX CONNECTORS HOLDINGS LIMITED

REGISTERED NUMBER: 10676531

CONSOLIDATED BALANCE SHEET (CONTINUED)

AS AT 31 JULY 2025

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

S Garton

Director

Date: 2 December 2025

The notes on pages 17 to 33 form part of these financial statements.

Page 11

FLEX CONNECTORS HOLDINGS LIMITED

REGISTERED NUMBER: 10676531

COMPANY BALANCE SHEET

AS AT 31 JULY 2025

		2025		2024
Note		£		£

Fixed assets
Tangible assets	11		845,986		866,208
Investments	12		97,400		101,150
			943,386		967,358
Current assets
Fixed assets held for sale		3,750		-
Debtors: amounts falling due within one year	14	36,584		98,030
Cash at bank and in hand	15	423,015		233,342
		463,349		331,372
Creditors: amounts falling due within one year	16	(123,996)		(101,987)
Net current assets			339,353		229,385
Total assets less current liabilities			1,282,739		1,196,743


Net assets excluding pension asset			1,282,739		1,196,743
Net assets			1,282,739		1,196,743

Capital and reserves
Called up share capital	20	88,400	88,400
Capital redemption reserve	21	10,000	10,000
Profit and loss account carried forward		1,184,339	1,098,343
		1,282,739	1,196,743

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

S Garton

Director

Date: 2 December 2025

The notes on pages 17 to 33 form part of these financial statements.

Page 12

FLEX CONNECTORS HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 JULY 2025

	Called up share capital	Capital redemption reserve	Profit and loss account	Equity attributable to owners of parent Company	Non-controlling interests	Total equity
	£	£	£	£	£	£
At 1 August 2023	88,400	10,000	4,402,169	4,500,569	(417,626)	4,082,943
Comprehensive income for the year
Profit for the year	-	-	1,827,696	1,827,696	(66,626)	1,761,070
Dividends: Equity capital	-	-	(1,127,930)	(1,127,930)	-	(1,127,930)

At 1 August 2024	88,400	10,000	5,101,935	5,200,335	(484,252)	4,716,083
Comprehensive income for the year
Profit for the year	-	-	2,054,892	2,054,892	(46,739)	2,008,153
Dividends: Equity capital	-	-	(1,485,730)	(1,485,730)	-	(1,485,730)
At 31 July 2025	88,400	10,000	5,671,097	5,769,497	(530,991)	5,238,506

The notes on pages 17 to 33 form part of these financial statements.

Page 13

FLEX CONNECTORS HOLDINGS LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 JULY 2025

	Called up share capital	Capital redemption reserve	Profit and loss account	Total equity
	£	£	£	£
At 1 August 2023	88,400	10,000	1,000,352	1,098,752
Comprehensive income for the year
Profit for the year	-	-	1,225,921	1,225,921
Dividends: Equity capital	-	-	(1,127,930)	(1,127,930)

At 1 August 2024	88,400	10,000	1,098,343	1,196,743
Comprehensive income for the year
Profit for the year	-	-	1,571,726	1,571,726
Dividends: Equity capital	-	-	(1,485,730)	(1,485,730)
At 31 July 2025	88,400	10,000	1,184,339	1,282,739

The notes on pages 17 to 33 form part of these financial statements.

Page 14

FLEX CONNECTORS HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 JULY 2025

			2025	2024
			£	£

Cash flows from operating activities
Profit for the financial year	2,008,153	1,761,070
Adjustments for:
Amortisation of intangible assets	241,331	370,706
Depreciation of tangible assets	144,680	143,955
Loss on disposal of tangible assets	3,230	-
Interest paid	3,636	1,788
Interest received	(50,672)	(28,845)
Taxation charge	541,170	494,445
(Increase)/decrease in stocks	(114,439)	52,100
Decrease/(increase) in debtors	133,423	(238,762)
(Decrease)/increase in creditors	(242,714)	278,434
Corporation tax (paid)	(641,036)	(471,544)
Net cash generated from operating activities	2,026,762	2,363,347

Cash flows from investing activities
Purchase of intangible fixed assets	(96,614)	(120,733)
Purchase of tangible fixed assets	(60,729)	(40,340)
Net cash from investing activities	(157,343)	(161,073)
Cash flows from financing activities
Dividends paid	(1,485,730)	(1,127,930)
Interest paid	(3,636)	(1,788)
Interest received	50,672	28,845
Net cash used in financing activities	(1,438,694)	(1,100,873)
Net increase in cash and cash equivalents	430,725	1,101,401
Cash and cash equivalents at beginning of year	1,735,618	634,217
Cash and cash equivalents at the end of year	2,166,343	1,735,618

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	2,166,343	1,735,618
	2,166,343	1,735,618

The notes on pages 17 to 33 form part of these financial statements.

Page 15

FLEX CONNECTORS HOLDINGS LIMITED

CONSOLIDATED ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 31 JULY 2025


At 1 August 2024	Cash flows	At 31 July 2025
£	£	£

Cash at bank and in hand	1,735,618	430,725	2,166,343
Debt due after 1 year	(26,088)	-	(26,088)
Debt due within 1 year	(56,799)	(7,359)	(64,158)
	1,652,731	423,366	2,076,097

The notes on pages 17 to 33 form part of these financial statements.

Page 16

FLEX CONNECTORS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

1.	General information

Flex Connectors Holdings Limited is a private company limited by share capital and incorporated in England and Wales. The address of its registered office and principle place of business is disclosed on the company information page.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 17

FLEX CONNECTORS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

2.Accounting policies (continued)

2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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 Group has transferred the significant risks and rewards of ownership to the buyer;

∙the Group 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 Group will receive the consideration due under the transaction; and

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

2.5

Operating leases: the Group as lessee

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

2.6

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.

If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

2.7

Finance costs

Finance costs are charged to profit or loss 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.

2.8

Pensions

Defined contribution pension plan

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

The contributions are recognised as an expense in profit or loss 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 Group in independently administered funds.

Page 18

FLEX CONNECTORS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

2.Accounting policies (continued)

2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge 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 and the Group operate and generate 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;

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and

∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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 tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.10

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 ten years.

Amortisation is provided on the following bases:

Development expenditure

25%

straight-line

2.11

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.

Page 19

FLEX CONNECTORS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

2.Accounting policies (continued)

2.11

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property	-	20% Straight line
Plant and machinery	-	10-25% Reducing balance
Fixtures and fittings	-	15-25% Reducing balance
Office equipment	-	20% Reducing balance
Computer equipment	-	25% Reducing balance

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.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.13

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 weighted average basis. Work in progress and finished goods include labour and attributable overheads.

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.

2.14

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.

2.15

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.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

2.16

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.

Page 20

FLEX CONNECTORS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

2.Accounting policies (continued)

2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.

Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.18

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Group's Balance sheet when the Group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

2.19

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 21

FLEX CONNECTORS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requirements management to make judgements, estimates and assumptions that affect the amounts reported assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Other key sources of estimation uncertainty

∙Tangible fixed assets (see note 11)
Tangible fixed assets, other than investments properties, 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 the number of factors. In re-assessing asset lives, factors such as technological 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.

∙Investments (see notes 10)
Intangible 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 the number of factors. In re-assessing asset lives, factors such as technological 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.

Page 22

FLEX CONNECTORS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

Sales of goods	9,987,779	9,803,498
	9,987,779	9,803,498

All turnover arose within the United Kingdom.

Research & development charged as an expense	3,158	12,443
Exchange differences	1,557	1,609
(Profit) / loss on disposal of fixed assets	3,230	-
Depreciation	144,683	143,955
Amortisation	241,331	370,706

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements

15,000

Page 23

FLEX CONNECTORS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

7.	Employees
	Staff costs, including directors' remuneration, were as follows:

		Group	Group
		2025	2024
		£	£

Wages and salaries	2,177,262	2,194,258
Social security costs	202,664	186,738
Cost of defined contribution scheme	302,156	283,337
	2,682,082	2,664,333

The average monthly number of employees, including the directors, during the year was as follows:

	Group	Group	Company	Company
	2025	2024	2025	2024
	No.	No.	No.	No.

Average number of employees	54	50	3	3

8.	Directors' remuneration
		2025	2024
		£	£

Directors' emoluments	181,572	209,451
Group contributions to defined contribution pension schemes	109,101	108,238
	290,673	317,689

	During the year retirement benefits were accruing to 3 directors (2024 - 3) in respect of defined contribution pension schemes.
	The highest paid director received remuneration of £102,957 (2024 - £140,938).
	The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £74,024 (2024 - £84,239).
	Key management personnel are defined as directors of the company. Key management personnel remuneration for the year is £290,673 (2024: £317,689).

Page 24

FLEX CONNECTORS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

Corporation tax
Current tax on profits for the year	613,632	585,768
Adjustments in respect of previous periods	(3,994)	15,657

Total current tax	609,638	601,425

Deferred tax
Origination and reversal of timing differences	(68,468)	(106,980)
Total deferred tax	(68,468)	(106,980)


		541,170	494,445

Profit on ordinary activities before tax

2,549,323

2,255,515

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	637,331	563,879
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	374,758	287,373
Exempt ABGH distributions	(371,825)	(282,460)
Patent box additional deduction	(95,100)	(90,004)
Adjustments to tax charge in respect of prior periods	(3,994)	15,657
Total tax charge for the year	541,170	494,445

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 25

FLEX CONNECTORS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

10.	Intangible assets
	Group and Company

		Development expenditure
		£
	Cost
	At 1 August 2024	2,536,492
	Additions	96,614
	At 31 July 2025	2,633,106
	Amortisation
	At 1 August 2024	2,097,321
	Charge for the year	241,331
	At 31 July 2025	2,338,652
	Net book value
	At 31 July 2025	294,454
	At 31 July 2024	439,171

Page 26

FLEX CONNECTORS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

11.	Tangible fixed assets
	Group

	Freehold property	Plant and machinery	Fixtures and fittings	Office equipment	Computer equipment	Total
	£	£	£	£	£	£
Cost or valuation
At 1 August 2024	1,007,970	1,538,160	315,484	10,293	13,782	2,885,689
Additions	-	44,795	6,643	560	8,731	60,729
Disposals	-	(4,685)	-	-	-	(4,685)
At 31 July 2025	1,007,970	1,578,270	322,127	10,853	22,513	2,941,733
Depreciation
At 1 August 2024	141,762	955,078	282,469	5,606	8,971	1,393,886
Charge for the year	20,222	104,766	16,614	792	2,289	144,683
Disposals	-	(1,056)	-	-	-	(1,056)
At 31 July 2025	161,984	1,058,788	299,083	6,398	11,260	1,537,513
Net book value
At 31 July 2025	845,986	519,482	23,044	4,455	11,253	1,404,220
At 31 July 2024	866,208	583,082	33,015	4,687	4,811	1,491,803

Page 27

FLEX CONNECTORS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

11.Tangible fixed assets (continued)

	Company

		Freehold property
		£
	Cost or valuation
	At 1 August 2024	1,007,970
	At 31 July 2025	1,007,970
	Depreciation
	At 1 August 2024	141,762
	Charge for the year	20,222
	At 31 July 2025	161,984
	Net book value
	At 31 July 2025	845,986
	At 31 July 2024	866,208

The net book value of land and buildings may be further analysed as follows:
	2025	2024
	£	£

Freehold	845,986	866,208
	845,986	866,208

Page 28

FLEX CONNECTORS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

12.	Fixed asset investments
	Group

		Other fixed asset investments
		£

	At 1 August 2024	81,685
	Disposals	(81,685)
	At 31 July 2025	-

	At 1 August 2024	81,685
	Impairment on disposals	(81,685)
	At 31 July 2025	-
	Net book value
	At 31 July 2025	-
	At 31 July 2024	-

	Company

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 August 2024	101,150
	Transfers	(3,750)
	At 31 July 2025	97,400

	Net book value
	At 31 July 2025	97,400
	At 31 July 2024	101,150

Page 29

FLEX CONNECTORS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

Subsidiary undertakings
The following were subsidiary undertakings of the Company:
Name	Registered office	Class of shares	Holding

	Flex7 Limited	England and Wales	Ordinary	100%
	Quickwire Limited	England and Wales	Ordinary	75%

Flex7 Limited and Quickwire Limited have taken advantage of the exemption from a statutory audit under the parent company guarantees as per the Company Act 479A.

13.	Stocks
		Group	Group
		2025	2024
		£	£

Finished goods and goods for resale	1,198,369	1,083,930
	1,198,369	1,083,930

14.	Debtors

Group	Group	Company	Company
2025	2024	2025	2024
£	£	£	£


Trade debtors	1,371,606	1,530,350	-	-
Amounts owed by group undertakings	-	-	12,764	78,900
Other debtors	-	2,956	-	-
Prepayments and accrued income	136,276	108,000	-	-
Deferred taxation	-	-	23,820	19,130
	1,507,882	1,641,306	36,584	98,030

15.	Cash and cash equivalents
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

	Cash at bank and in hand	2,166,343	1,735,618	423,015	233,342

Page 30

FLEX CONNECTORS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

16.	Creditors: Amounts falling due within one year
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Trade creditors	459,567	568,344	-	-
Corporation tax	274,370	305,768	33,040	36,925
Other taxation and social security	327,638	351,225	7,200	7,200
Other creditors	85,479	79,129	63,206	56,062
Accruals and deferred income	72,424	189,527	20,550	1,800
	1,219,478	1,493,993	123,996	101,987

17.	Creditors: Amounts falling due after more than one year
		Group	Group
		2025	2024
		£	£

Other loans	26,088	26,088
	26,088	26,088

18.	Financial instruments
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

	Financial assets
	Financial assets measured at fair value through profit or loss	3,674,225	3,373,968	423,015	233,342

	Financial liabilities
	Other financial liabilities measured at fair value through profit or loss	(531,991)	(751,871)	(20,550)	(1,800)

	Financial assets measured at fair value through profit or loss comprise of trade debtors, prepayments and cash.
	Other financial liabilities measured at fair value through profit and loss comprise of trade creditors and accruals.

Page 31

FLEX CONNECTORS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

19.	Deferred taxation
	Group

		2025
		£

	At beginning of year	(155,664)
	Charged to profit or loss	68,468
	At end of year	(87,196)

	Company

		2025
		£

	At beginning of year	19,130
	Charged to profit or loss	4,690
	At end of year	23,820

Group	Group	Company	Company
2025	2024	2025	2024
£	£	£	£

	Accelerated capital allowances	(87,196)	(155,664)	23,820	19,130
		(87,196)	(155,664)	23,820	19,130

20.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

200 (2024 - 200) A Ordinary shares of £1.00 each	200	200
88,200 (2024 - 88,200) B Ordinary shares of £1.00 each	88,200	88,200

	88,400	88,400

Page 32

FLEX CONNECTORS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

21.

Reserves

Capital redemption reserve

This reserve represents the amount available from the company previously buying back its own shares.

Profit and loss account

This reserve represents the cumulative profit available for distribution to shareholders.

22.	Assets held for sale

Assets held for sale relate to Quickwire Limited, a subsidiary of the Group, which was sold on 31 October 2025.

23.	Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £302,156 (2024 - £283,337). Contributions totalling £17,781 (2024 - £19,290) were payable to the fund at the balance sheet date and are included in creditors.

24.	Commitments under operating leases
	At 31 July 2025 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
		Group	Group
		2025	2024
		£	£

Not later than 1 year	11,362	11,362
Later than 1 year and not later than 5 years	7,298	18,660
	18,660	30,022

25.	Related party transactions
	The company is exempt under Paragraph 33.1A of FRS 102 from disclosing related party transactions with entities that are part of the group headed by Flex Connectors Holdings Limited, where 100% of the voting rights are controlled within the group.

26.	Post balance sheet events

On 31 October 2025, the Group disposed of its entire interest in the capital of Quickwire Limited.

27.	Controlling party

Flex Connectors Holdings Limited is controlled by S Garton and A Garton by virtue of their joint shareholding.

Page 33