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REGISTERED NUMBER: 01026114 (England and Wales)

| CENTRAL WIRE INDUSTRIES UK LIMITED |

| Strategic Report, Report of the Directors and |

| Financial Statements |

| for the Year Ended 31st July 2025 |

CENTRAL WIRE INDUSTRIES UK LIMITED (REGISTERED NUMBER: 01026114)

Contents of the Financial Statements

FOR THE YEAR ENDED 31ST JULY 2025

| Page |

Company Information | 1 |

Strategic Report | 2 |  | to |  | 3

Report of the Directors | 4 |  | to |  | 5

Report of the Independent Auditors | 6 |  | to |  | 9

Income Statement | 10 |

Other Comprehensive Income | 11 |

Balance Sheet | 12 |

Statement of Changes in Equity | 13 |

Cash Flow Statement | 14 |

Notes to the Cash Flow Statement | 15 |

Notes to the Financial Statements | 16 |  | to |  | 24

CENTRAL WIRE INDUSTRIES UK LIMITED

Company Information

FOR THE YEAR ENDED 31ST JULY 2025

| DIRECTORS: | C D Charron

| D Crane

| P C From

| T Hanewald

| A I Prichard

| J H Wright

| REGISTERED OFFICE: | 1 Primrose Park

| Greasbrough Road

| Rotherham

| S60 1RH

| REGISTERED NUMBER: | 01026114 (England and Wales)

| AUDITORS: | Thomas Coombs Limited

| Statutory Auditor

| Chartered Accountants

| 3365 The Pentagon

| Century Way

| Thorpe Park

| Leeds

| West Yorkshire

| LS15 8ZB

CENTRAL WIRE INDUSTRIES UK LIMITED (REGISTERED NUMBER: 01026114)

Strategic Report

FOR THE YEAR ENDED 31ST JULY 2025

The directors present their strategic report for the year ended 31st July 2025.

REVIEW OF BUSINESS AND FUTURE DEVELOPMENTS

Central Wire Industries UK Ltd (CWI UK) produces high quality stainless steel and nickel alloy round and profile wires to individual customer specifications / requirements. During the financial year of August 2024 to July 2025, CWI UK experienced the full impact of the challenges caused by the ongoing geopolitical situation, a sustained downturn in market activity, and the increased costs of energy, raw materials, consumables and freight, combined with the increased volume of imported low cost wires from India and China, which continues to increase after the US closed their markets to these countries. This additional challenge of US tariffs has had a Global impact leading to substantial uncertainty in all markets, and has had a significant impact on achievable revenue. Due to these challenges, our reported turnover has fallen to £15,974,896 from £17,606,156 (2024). Gross profit is £6,406,197 - after last year's £6,566,762 figure. As expected production output fell by 5.42% from 2024 - this is partially driven by a strategic move to lower volume/higher value product.

The order book remains healthy and with a strong order intake throughout the year, we have orders booked for 3 to 4 months ahead.

Energy cost increases continued to impact throughout the year. We were able to achieve an 11% saving for the 2025 contract but this is still far higher than the tariff ending December 2023.

All areas and departments of the business continue to work in unison, but the challenges have been severe, and we posted an operating profit of just £157,973. We view any profit at all as a positive result when considering the full impact of the above challenges.

CWI UK remains in a strong financial position, with net assets of £13,233,958 (2024: £13,081,425). The primary shift in the balance sheet is a decrease in cash reserves as we have invested in higher value stock. Cash reserves have fallen to £1,419,072 (2024: £3,166,103). This is offset by stock value having risen to £6,405,082 (2024: £4,773,375).

Certain markets look to be recovering including our oil and gas well intervention business. We feel that this sector will remain strong into 2026.

The CWI UK Directors and Management Team will continue their efforts to return to a healthy and rewarding level of profitability and ensure that the company is in a robust and strong position to take advantage of new opportunities that arise. We expect the current level of business activity to be maintained but will continue to increase our focus on higher value markets. We will continue to closely monitor the developing situations in the Global supply chains and energy sectors.

A reflection of our belief that we will recover profitability is the substantial reinvestment in the business. A further £524,000 of capital projects have been completed this financial year, bringing the total invested in the last three years to £1,477,000. This investment is in plant and equipment throughout the business, and is aimed at increasing our efficiencies, reducing our costs, and reducing our carbon footprint.

MATTERS OF STRATEGIC IMPORTANCE

CWI UK has been able to survive the severe global challenges and produce a profit, again emphasising our strong customer base and proven range of products that are in regular and repeatable demand. Future uncertainties in the marketplace remain such that we must continue to develop our product range, explore new markets, and improve on our quality and customer experience. These will all be key elements in achieving our targets and maintaining our financial performance.

With the addition of higher value stock, we remain in a position to take advantage of opportunities and to provide an uninterrupted supply to our customers.

CENTRAL WIRE INDUSTRIES UK LIMITED (REGISTERED NUMBER: 01026114)

Strategic Report

FOR THE YEAR ENDED 31ST JULY 2025

PRINCIPAL RISKS

The principal risks that the company is currently facing are:

India/China taking advantage of cheap material/energy from Russia - giving what we consider an unfair advantage in the market.

Oil and gas sector - the market has given great reward over the past few years, but a sharp decline would have a serious negative impact on business levels.

A slump in metal prices could seriously over value our current stock and impact our margins significantly.

Volatility in exchange rate markets.

Rising employment, energy, consumable and freight costs could have a serious negative impact on our bottom line and potentially price us out of certain markets.

US Tariffs.

KEY PERFORMANCE INDICATORS

The Directors of CWI UK continually measure the performance of the company using various KPIs including: on time delivery performance, yield, internal reject rate, customer complaint rates, productivity, gross profit per unit, costs per unit, capital employed, forward contracts and recordable injuries.

We are pleased to report that yield, customer complaints and productivity continued to be within target.

We are especially pleased that both internal and external rejects were within the target this year, exemplifying our continuous improvement in quality control.

On time delivery performance has improved steadily over the last two years, but still falls short of our target. Late delivery of raw materials to us, lead times and global freight shortages continued to have an adverse effect, but the overall situation showed a trend of improvement throughout the year.

CWI Directors would like to place on record our thanks and appreciation to all employees for their effort and contribution to what has been an extremely challenging year.

ON BEHALF OF THE BOARD:

C D Charron - Director

23rd September 2025

CENTRAL WIRE INDUSTRIES UK LIMITED (REGISTERED NUMBER: 01026114)

Report of the Directors

FOR THE YEAR ENDED 31ST JULY 2025

The directors present their report with the financial statements of the company for the year ended 31st July 2025.

PRINCIPAL ACTIVITY

The company is a stockist and processor of specialist metals to a wide range of trade users.

DIVIDENDS

No dividends will be distributed for the year ended 31st July 2025.

FUTURE DEVELOPMENTS

The directors' objectives will include further diversification and enlargement of product range and the improvement of specific areas of performance whilst maintaining a sound, stable business.

DIRECTORS

The directors during the year under review were:

C D Charron

D Crane

P C From

T Hanewald

A I Prichard

J H Wright

The directors holding office at 31st July 2025 did not hold any beneficial interest in the issued share capital of the company at 1st August 2024 or 31st July 2025.

FINANCIAL INSTRUMENTS

Liquidity risk

The company is funded through a mixture of retained earnings, share capital, and if required, intercompany and external borrowings via bank overdraft and import loan facilities. The company faces the risk, that in the event of either inter company or bank borrowings being unavailable, the company may not have sufficient funds to meet its obligations. To this extent management closely monitors available bank and other credit facilities in comparison to the company's outstanding commitments on a regular basis to ensure that the company does have sufficient funds to meet its obligations as they fall due.

Foreign currency risk

The company purchases and sells materials in foreign currencies, mainly US Dollar and Euro, as well as Sterling. The company then buys and sells currency appropriately to reduce the Sterling effect of future exchange rate changes on the purchase of raw materials and sale of goods. No transactions are entered into for speculative purposes. There is a danger that adverse movements in exchange rates could impact on profitability of the company. Management regularly monitor exchange rates and buy or sell currency along with appropriate stock purchases to mitigate any such impact.

Credit risk

Credit risk predominantly arises from trade debtors and cash and cash equivalents. The company has a customer credit policy in place and the exposure to credit risk is monitored on an ongoing basis. External credit ratings are generally obtained for customers. Company policy is to assess the credit quality of each customer before accepting any terms of trade. Internal procedures take into account the customers' financial position as well as their reputation within the industry and past payment experience. Cash and cash equivalents are held with AAA or AA rated banks.

QUALIFYING THIRD PARTY INDEMNITY PROVISIONS

The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

CENTRAL WIRE INDUSTRIES UK LIMITED (REGISTERED NUMBER: 01026114)

Report of the Directors

FOR THE YEAR ENDED 31ST JULY 2025

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

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

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he 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 auditors are aware of that information.

AUDITORS

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

ON BEHALF OF THE BOARD:

C D Charron - Director

23rd September 2025

Report of the Independent Auditors to the Members of

Central Wire Industries UK Limited

Opinion

We have audited the financial statements of Central Wire Industries UK Limited (the 'company') for the year ended 31st July 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, 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 July 2025 and of its profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Report of the Independent Auditors to the Members of

Central Wire Industries UK Limited

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

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

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

Report of the Independent Auditors to the Members of

Central Wire Industries UK 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.

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

Based on our understanding of the entity and industries in which it operates, we identified the principal risks of non-compliance with laws and regulations related to employment legislation and health and safety. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, tax legislation and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

We assessed the susceptibility of the company's financial statements to material misstatement and how fraud might occur,including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls, and ensuring these controls operated as intended. We determined the principal risks were related to posting journal entries to manipulate profits, cut off and management bias in accounting estimates.

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

- Performed analytical procedures to identify any unusual or unexpected relationships.

- Identified and tested journal entries and identified any significant transactions that were unusual or outside the normal course of business.

- Investigated the rationale behind significant or unusual transactions.

- Challenged assumptions and judgements made by management in determining significant accounting estimates.

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

- Agreeing financial statements disclosures to underlying supporting documentation.

- Discussions with management of known or suspected instances of non-compliance with laws and regulations.

- Reviewing relevant correspondence.

At the completion stage of the audit, the engagement partner's review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance of laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement relating to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment.

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

Central Wire Industries UK 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.

Thomas Bond ACA (Senior Statutory Auditor)

for and on behalf of Thomas Coombs Limited

Statutory Auditor

Chartered Accountants

3365 The Pentagon

Century Way

Thorpe Park

Leeds

West Yorkshire

LS15 8ZB

23rd September 2025

CENTRAL WIRE INDUSTRIES UK LIMITED (REGISTERED NUMBER: 01026114)

Income Statement

FOR THE YEAR ENDED 31ST JULY 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

TURNOVER | 3 | 15,974,896 |  | 17,606,156 |  |

Cost of sales | 9,568,699 |  | 11,039,394 |  |

GROSS PROFIT | 6,406,197 |  | 6,566,762 |  |

Distribution costs | 697,955 |  | 642,044 |  |

Administrative expenses | 5,550,269 |  | 5,732,536 |  |

|  |  | 6,248,224 |  |  |  |  | 6,374,580 |  |

OPERATING PROFIT | 5 | 157,973 |  | 192,182 |  |

Interest receivable and similar income | 6 | 60,170 |  | 77,390 |  |

218,143 |  | 269,572 |  |

Interest payable and similar expenses | 7 | 1,971 |  | 5,941 |  |

PROFIT BEFORE TAXATION | 216,172 |  | 263,631 |  |

Tax on profit | 8 | 63,639 |  | 79,722 |  |

PROFIT FOR THE FINANCIAL YEAR | 152,533 |  | 183,909 |  |

CENTRAL WIRE INDUSTRIES UK LIMITED (REGISTERED NUMBER: 01026114)

Other Comprehensive Income

FOR THE YEAR ENDED 31ST JULY 2025

| 2025 |  | 2024

| Notes | £ | £ |

PROFIT FOR THE YEAR | 152,533 |  | 183,909 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 152,533 |  | 183,909 |  |

CENTRAL WIRE INDUSTRIES UK LIMITED (REGISTERED NUMBER: 01026114)

Balance Sheet

31ST JULY 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 9 | 1,699 |  | 4,742 |  |

Tangible assets | 10 | 3,023,926 |  | 3,214,720 |  |

3,025,625 |  | 3,219,462 |  |

CURRENT ASSETS

Stocks | 11 | 6,405,082 |  | 4,773,375 |  |

Debtors | 12 | 4,276,662 |  | 3,921,910 |  |

Cash at bank | 1,419,072 |  | 3,166,103 |  |

12,100,816 |  | 11,861,388 |  |

CREDITORS

Amounts falling due within one year | 13 | 1,589,122 |  | 1,759,703 |  |

NET CURRENT ASSETS | 10,511,694 |  | 10,101,685 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 13,537,319 |  | 13,321,147 |  |

PROVISIONS FOR LIABILITIES | 15 | 303,361 |  | 239,722 |  |

NET ASSETS | 13,233,958 |  | 13,081,425 |  |

CAPITAL AND RESERVES

Called up share capital | 16 | 550,000 |  | 550,000 |  |

Retained earnings | 17 | 12,683,958 |  | 12,531,425 |  |

SHAREHOLDERS' FUNDS | 13,233,958 |  | 13,081,425 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 23rd September 2025 and were signed on its behalf by:

C D Charron - Director

CENTRAL WIRE INDUSTRIES UK LIMITED (REGISTERED NUMBER: 01026114)

Statement of Changes in Equity

FOR THE YEAR ENDED 31ST JULY 2025

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1st August 2023 | 550,000 |  | 12,347,516 |  | 12,897,516 |  |

Changes in equity

Total comprehensive income | - |  | 183,909 |  | 183,909 |  |

Balance at 31st July 2024 | 550,000 |  | 12,531,425 |  | 13,081,425 |  |

Changes in equity

Total comprehensive income | - |  | 152,533 |  | 152,533 |  |

Balance at 31st July 2025 | 550,000 |  | 12,683,958 |  | 13,233,958 |  |

CENTRAL WIRE INDUSTRIES UK LIMITED (REGISTERED NUMBER: 01026114)

Cash Flow Statement

FOR THE YEAR ENDED 31ST JULY 2025

| 2025 |  | 2024

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | (1,824,703 | ) | 1,853,707 |  |

Interest paid | (1,971 | ) | (5,941 | ) |

Tax paid | 157,500 |  | (108,495 | ) |

Net cash from operating activities | (1,669,174 | ) | 1,739,271 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (139,692 | ) | (1,125,962 | ) |

Sale of tangible fixed assets | 1,665 |  | - |  |

Interest received | 60,170 |  | 77,390 |  |

Net cash from investing activities | (77,857 | ) | (1,048,572 | ) |

(Decrease)/increase in cash and cash equivalents | (1,747,031 | ) | 690,699 |  |

Cash and cash equivalents at beginning of year | 2 | 3,166,103 |  | 2,475,404 |  |

Cash and cash equivalents at end of year | 2 | 1,419,072 |  | 3,166,103 |  |

CENTRAL WIRE INDUSTRIES UK LIMITED (REGISTERED NUMBER: 01026114)

Notes to the Cash Flow Statement

FOR THE YEAR ENDED 31ST JULY 2025

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

| 2025 |  | 2024

£ | £ |

| Profit before taxation | 216,172 |  | 263,631 |  |

| Depreciation charges | 329,562 |  | 237,903 |  |

| Loss on disposal of fixed assets | 2,302 |  | - |  |

| Finance costs | 1,971 |  | 5,941 |  |

| Finance income | (60,170 | ) | (77,390 | ) |

489,837 |  | 430,085 |  |

| (Increase)/decrease in stocks | (1,631,707 | ) | 1,345,270 |  |

| (Increase)/decrease in trade and other debtors | (512,252 | ) | 658,533 |  |

| Decrease in trade and other creditors | (170,581 | ) | (580,181 | ) |

| Cash generated from operations | (1,824,703 | ) | 1,853,707 |  |

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 July 2025

| 31/7/25 |  | 1/8/24

£ | £ |

| Cash and cash equivalents | 1,419,072 |  | 3,166,103 |  |

| Year ended 31st July 2024

| 31/7/24 |  | 1/8/23

£ | £ |

| Cash and cash equivalents | 3,166,103 |  | 2,475,404 |  |

3. | ANALYSIS OF CHANGES IN NET FUNDS

| At 1/8/24 | Cash flow | At 31/7/25

£ | £ | £ |

| Net cash |

| Cash at bank | 3,166,103 |  | (1,747,031 | ) | 1,419,072 |  |

3,166,103 |  | (1,747,031 | ) | 1,419,072 |  |

| Total | 3,166,103 |  | (1,747,031 | ) | 1,419,072 |  |

CENTRAL WIRE INDUSTRIES UK LIMITED (REGISTERED NUMBER: 01026114)

Notes to the Financial Statements

FOR THE YEAR ENDED 31ST JULY 2025

1. | STATUTORY INFORMATION

| Central Wire Industries UK Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

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

| The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.

| The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

| The financial statements have been prepared on a going concern basis. The directors have considered how the company will meet the challenges presented by the economic climate. They have carried out a detailed review of the company's resources including the adequacy of working capital for the next twelve months from the date of approval of the financial statements. The directors are satisfied that the company has sufficient cash flows to meet its liabilities as they fall due for at least one year from the date of approval of these financial statements.

| Related party exemption

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with the parent undertaking which holds 100% of the shares in Central Wire Industries UK Limited and any other wholly owned subsidiaries of its parent.

CENTRAL WIRE INDUSTRIES UK LIMITED (REGISTERED NUMBER: 01026114)

Notes to the Financial Statements - continued

FOR THE YEAR ENDED 31ST JULY 2025

2. | ACCOUNTING POLICIES - continued

| Turnover

| Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

| When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

| Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

| Intangible assets

| Intangible assets purchased other than in a business combination are recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

| Intangible assets are initially recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

| Intangible assets are amortised to profit or loss on a straight-line basis over their useful lives, as follows:

| Trademarks |  | 10% straight line |  |

| Software |  | 10% straight line |  |

| Amortisation is revised prospectively for any significant change in useful life or residual value.

| On disposal, the difference between the net disposal proceeds and the carrying amount of the intangible asset is recognised in profit or loss.

| Tangible fixed assets

| Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

| Depreciation is provided on all tangible fixed assets at rates calculated to write each asset down to its estimated residual value evenly over its expected useful life as follows:

| Freehold land and buildings |  | 2.5% straight line |  |

| Plant and machinery |  | 10% straight line |  |

| Fixtures, fittings and equipment |  | at rates ranging between 10% and 20% straight line |  |

| The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

| Stocks

| Stock in trade is valued at the lower of cost and estimated selling price less costs to complete and sell. The basis for establishing cost is on a first in and first out basis.

| At each reporting date, the company assesses whether stocks are impaired or if an impairment loss recognised in prior periods has reversed. Any excess of the carrying amount of stock over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss.

| Reversals of impairment losses are also recognised in profit or loss.

CENTRAL WIRE INDUSTRIES UK LIMITED (REGISTERED NUMBER: 01026114)

Notes to the Financial Statements - continued

FOR THE YEAR ENDED 31ST JULY 2025

2. | ACCOUNTING POLICIES - continued

| Financial instruments

| Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument, and are offset only when the Company currently has a legally enforceable right to set off the recognised amounts and intends either 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, amounts owed by group undertakings and accrued income and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

| Impairment of financial assets

| Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

| Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

| If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

| Derecognition of financial assets

| Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

| Classification of financial liabilities

| Financial instruments are classified as liabilities and equity instruments according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

| Basic financial liabilities

| Basic financial liabilities, including trade creditors, amounts due to group undertakings and accruals, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

| Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

| Derecognition of financial liabilities

| Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.

| 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.

CENTRAL WIRE INDUSTRIES UK LIMITED (REGISTERED NUMBER: 01026114)

Notes to the Financial Statements - continued

FOR THE YEAR ENDED 31ST JULY 2025

2. | ACCOUNTING POLICIES - continued

| 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

| Transactions in currencies other than the functional currency (foreign currency) are initially recorded at the exchange rate prevailing on the date of the transaction.

| Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the reporting date. Non-monetary assets and liabilities denominated in foreign currencies are translated at the rate ruling at the date of the transaction, or, if the asset or liability is measured at fair value, the rate when that fair value was determined.

| All translation differences are taken to profit or loss, except to the extent that they relate to gains or losses on non-monetary items recognised in other comprehensive income, when the related translation gain or loss is also recognised in other comprehensive income.

| Hire purchase and leasing commitments

| Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

| Pension costs and other post-retirement benefits

| For defined contribution schemes the amount charged to profit or loss is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments.

| Employee benefits

| The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

| The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

3. | TURNOVER

| The turnover and profit before taxation are attributable to the one principal activity of the company.

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

| 2025 |  | 2024

£ | £ |

| United Kingdom | 3,965,672 |  | 8,373,647 |  |

| Europe | 6,958,626 |  | 6,782,657 |  |

| Rest of the world | 5,050,598 |  | 2,449,852 |  |

15,974,896 |  | 17,606,156 |  |

CENTRAL WIRE INDUSTRIES UK LIMITED (REGISTERED NUMBER: 01026114)

Notes to the Financial Statements - continued

FOR THE YEAR ENDED 31ST JULY 2025

4. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 2,247,707 |  | 2,509,782 |  |

| Social security costs | 237,078 |  | 226,539 |  |

| Other pension costs | 184,301 |  | 212,225 |  |

2,669,086 |  | 2,948,546 |  |

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

| 2025 |  | 2024

| Processing | 39 |  | 44 |  |

| Trading and administration | 16 |  | 17 |  |

55 |  | 61 |  |

| 2025 |  | 2024

£ | £ |

| Directors' remuneration | 192,023 |  | 265,480 |  |

| Directors' pension contributions to money purchase schemes | 39,163 |  | 28,975 |  |

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

| Money purchase schemes | 2 |  | 2 |  |

5. | OPERATING PROFIT

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

| 2025 |  | 2024

£ | £ |

| Hire of plant and machinery | 15,246 |  | 22,624 |  |

| Depreciation - owned assets | 326,519 |  | 232,899 |  |

| Loss on disposal of fixed assets | 2,302 |  | - |  |

| Trademarks amortisation | 2,743 |  | 4,704 |  |

| Computer software amortisation | 300 |  | 300 |  |

| Auditors' remuneration | 21,448 |  | 21,175 |  |

| Exchange (gains)/losses | 9,033 |  | 93,195 |  |

| Impairment of stocks recognised or reversed | (9,019 | ) | (77,780 | ) |

6. | INTEREST RECEIVABLE AND SIMILAR INCOME |

| 2025 |  | 2024

£ | £ |

| Interest received | 60,170 |  | 77,390 |  |

CENTRAL WIRE INDUSTRIES UK LIMITED (REGISTERED NUMBER: 01026114)

Notes to the Financial Statements - continued

FOR THE YEAR ENDED 31ST JULY 2025

7. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£ | £ |

| Bank interest | 1,971 |  | 5,941 |  |

8. | TAXATION

| Analysis of the tax charge

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

| 2025 |  | 2024

£ | £ |

| Deferred tax | 63,639 |  | 79,722 |  |

| Tax on profit | 63,639 |  | 79,722 |  |

| Reconciliation of total tax 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:

| 2025 |  | 2024

£ | £ |

| Profit before tax | 216,172 |  | 263,631 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 54,043 |  | 65,908 |  |

| Effects of:

| Fixed asset timing differences | 9,596 |  | 13,814 |  |

| Total tax charge | 63,639 |  | 79,722 |  |

9. | INTANGIBLE FIXED ASSETS

| Computer |

| Trademarks |  | software |  | Totals

£ | £ | £ |

| COST

| At 1st August 2024

| and 31st July 2025 | 47,035 |  | 3,000 |  | 50,035 |  |

| AMORTISATION

| At 1st August 2024 | 44,292 |  | 1,001 |  | 45,293 |  |

| Amortisation for year | 2,743 |  | 300 |  | 3,043 |  |

| At 31st July 2025 | 47,035 |  | 1,301 |  | 48,336 |  |

| NET BOOK VALUE

| At 31st July 2025 | - |  | 1,699 |  | 1,699 |  |

| At 31st July 2024 | 2,743 |  | 1,999 |  | 4,742 |  |

CENTRAL WIRE INDUSTRIES UK LIMITED (REGISTERED NUMBER: 01026114)

Notes to the Financial Statements - continued

FOR THE YEAR ENDED 31ST JULY 2025

10. | TANGIBLE FIXED ASSETS

| Fixtures, |

| fittings |

| Freehold |  | Plant and |  | and |

| property |  | machinery |  | equipment |  | Totals

£ | £ | £ | £ |

| COST

| At 1st August 2024 | 2,189,259 |  | 4,747,764 |  | 335,247 |  | 7,272,270 |  |

| Additions | 29,687 |  | 110,005 |  | - |  | 139,692 |  |

| Disposals | - |  | (122,897 | ) | (90,602 | ) | (213,499 | ) |

| At 31st July 2025 | 2,218,946 |  | 4,734,872 |  | 244,645 |  | 7,198,463 |  |

| DEPRECIATION

| At 1st August 2024 | 793,653 |  | 2,942,257 |  | 321,640 |  | 4,057,550 |  |

| Charge for year | 55,248 |  | 257,427 |  | 13,844 |  | 326,519 |  |

| Eliminated on disposal | - |  | (98,053 | ) | (111,479 | ) | (209,532 | ) |

| At 31st July 2025 | 848,901 |  | 3,101,631 |  | 224,005 |  | 4,174,537 |  |

| NET BOOK VALUE

| At 31st July 2025 | 1,370,045 |  | 1,633,241 |  | 20,640 |  | 3,023,926 |  |

| At 31st July 2024 | 1,395,606 |  | 1,805,507 |  | 13,607 |  | 3,214,720 |  |

11. | STOCKS

2025 | 2024 |

£ | £ |

| Raw materials | 4,446,490 |  | 3,411,634 |  |

| Work-in-progress | 793,699 |  | 533,601 |  |

| Finished goods | 1,164,893 |  | 828,140 |  |

6,405,082 |  | 4,773,375 |  |

| During the year, net impairment losses of £nil (2024: £nil) were recognised in cost of sales against stock due to slow moving and obsolete stock. Stock write downs reversed amounted to £9,019 in the year (2024: stock write downs reversed of £77,780 were recognised). The stock provision was decreased to better reflect the remaining stock, the amount recognised at the year end being £76,004 (2024: £85,023).

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

2025 | 2024 |

£ | £ |

| Trade debtors | 3,563,359 |  | 3,207,062 |  |

| Other debtors | 17,868 |  | 24,645 |  |

| Tax | 79,409 |  | 236,909 |  |

| Prepayments and accrued income | 616,026 |  | 453,294 |  |

4,276,662 |  | 3,921,910 |  |

CENTRAL WIRE INDUSTRIES UK LIMITED (REGISTERED NUMBER: 01026114)

Notes to the Financial Statements - continued

FOR THE YEAR ENDED 31ST JULY 2025

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

2025 | 2024 |

£ | £ |

| Trade creditors | 1,367,465 |  | 1,460,733 |  |

| Amounts owed to group undertakings | 878 |  | 61,547 |  |

| Social security and other taxes | 50,367 |  | 44,772 |  |

| VAT | 60,202 |  | 32,458 |  |

| Accrued expenses | 110,210 |  | 160,193 |  |

1,589,122 |  | 1,759,703 |  |

14. | LEASING AGREEMENTS

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

2025 | 2024 |

£ | £ |

| Within one year | 18,825 |  | 21,407 |  |

| Between one and five years | - |  | 18,825 |  |

18,825 |  | 40,232 |  |

15. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

£ | £ |

| Deferred tax | 303,361 |  | 239,722 |  |

| Deferred |

| tax |

£ |

| Balance at 1st August 2024 | 239,722 |  |

| Provided during year | 63,639 |  |

| Balance at 31st July 2025 | 303,361 |  |

16. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 550,000 | Ordinary | £1 | 550,000 |  | 550,000 |  |

17. | RESERVES

| Retained

| earnings

£ |

| At 1st August 2024 | 12,531,425 |  |

| Profit for the year | 152,533 |  |

| At 31st July 2025 | 12,683,958 |  |

CENTRAL WIRE INDUSTRIES UK LIMITED (REGISTERED NUMBER: 01026114)

Notes to the Financial Statements - continued

FOR THE YEAR ENDED 31ST JULY 2025

18. | ULTIMATE PARENT COMPANY

| The directors regard Central Wire Industries Limited, a company incorporated in Canada, as the ultimate parent company.

| Central Wire Industries Limited is the immediate parent, and is the largest and smallest group for which consolidated accounts including Central Wire Industries UK Limited are prepared. These consolidated financial statements are available to the public and may be obtained from its registered office, 1 North Street, Perth, ON K7H 2S2, Canada.

19. | FINANCIAL COMMITMENTS, GUARANTEES AND CONTINGENT LIABILITIES

| HSBC Bank Plc holds a legal mortgage over the company's freehold land and buildings as security against any current or future liabilities owed to it. At the year end, there was no amount owed to HSBC Bank Plc (2024: £Nil).

| HSBC Bank Canada holds a fixed and floating charge over the company's assets as security against any current or future liabilities owed to it. At the year end, there was no amount owed to HSBC Bank Canada (2024: £Nil).

20. | RETIREMENT BENEFIT SCHEMES

| The company contributes to defined contribution pension schemes. The pension cost charged for the year represents contributions payable by the group to the schemes and amounted to £184,301 (2024: £212,225)

| There were outstanding contributions payable to the schemes as at 31st July 2025 of £Nil (2024: £Nil).