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REGISTERED NUMBER: 14699880 (England and Wales)

| GROUP STRATEGIC REPORT, |

| REPORT OF THE DIRECTORS AND |

| AUDITED |

| CONSOLIDATED FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 30 APRIL 2025 |

| FOR |

| BEW ELECTRICAL DISTRIBUTORS (HOLDINGS) |

| LIMITED |

BEW ELECTRICAL DISTRIBUTORS (HOLDINGS)

LIMITED (REGISTERED NUMBER: 14699880)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

Page |

Company Information | 1 |

Group Strategic Report | 2 |

Report of the Directors | 6 |

Report of the Independent Auditors | 10 |

Consolidated Statement of Comprehensive Income | 13 |

Consolidated Balance Sheet | 14 |

Company Balance Sheet | 15 |

Consolidated Statement of Changes in Equity | 16 |

Company Statement of Changes in Equity | 17 |

Consolidated Cash Flow Statement | 18 |

Notes to the Consolidated Financial Statements | 19 |

BEW ELECTRICAL DISTRIBUTORS (HOLDINGS)

LIMITED

COMPANY INFORMATION

FOR THE YEAR ENDED 30 APRIL 2025

| DIRECTORS: | D C Groves

| D Locker

| D J Shirt

| REGISTERED OFFICE: | 5-7 Northumberland Court

| Chelmsford

| CM2 6UW

| REGISTERED NUMBER: | 14699880 (England and Wales)

| SENIOR STATUTORY AUDITOR: | Andrew Green LLB FCA

| AUDITORS: | THP Limited

| Chartered Accountants

| and Statutory Auditors

| 34-40 High Street

| Wanstead

| London

| E11 2RJ

| BANKERS: | National Westminster Bank plc

| Chatham Rcsc

| Western Avenue

| Waterside Court

| Chatham

| Kent

| ME4 4RT

| PRINCIPAL BANKERS: | Shawbrook Asset Finance

| Lutea House

| Warley Hill Business Park

| The Drive

| Great Warley

| Brentwood, Essex

| CM13 3BE

BEW ELECTRICAL DISTRIBUTORS (HOLDINGS)

LIMITED (REGISTERED NUMBER: 14699880)

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 30 APRIL 2025

The directors present their strategic report of the company and the group for the year ended 30 April 2025.

REVIEW OF BUSINESS

The Directors are pleased to report a continued improvement in turnover and strong underlying operating results for 2025. The Group results are impacted by the amortisation of goodwill of £1,211,493 (2024: £845,619) that arises on the consolidation of the subsidiary company.

The trading period for the group accounts in the prior year was 9 months and therefore the profit and loss result is not comparable.

The Group's main activity was conducted from 24 operating branches and 2 distribution centres in the Southeast of England and the Midlands, with the Group successfully opening two new branches in Ashford and Eastleigh, as it continues to invest in its people and opportunities arising in the marketplace, allowing the Group to continue expanding its branch network and grow turnover.

The Group's key performance indicators are as follows:

| 2025 |  | 9 months 2024 (restated) |  |

| £ |  | £ |  |

Turnover |  | 126,352,854 |  | 91,448,339 |  |

Gross profit |  | 29,975,519 |  | 21,191,186 |  |

Gross profit % |  | 23.72% |  | 23.13% |  |

Operating profit |  | 1,672,577 |  | 2,490,759 |  |

Adjusted EBITDA |  | 3,373,021 |  | 4,975,478 |  |

Profit/(Loss) before tax |  | (97,377) |  | 1,331,366 |  |

Add: |  |

Investment in Branches/Divisions |  | 689,959 |  | - |  |

Comparable Profit before tax |  | 592,582 |  | 1,331,366 |  |

In a market challenged by uncertainty within the economy and rising interest rates, Revenue grew by £4.3m, or 3.6%. Management are very pleased to report though that margin delivery has exceeded expectations, with Gross Profit % increasing from 23.1% to 23.7%, helping to deliver a £1.8m year on year increase in Gross Profit. The Group has invested significantly in the future, not only in new branches and sales divisions, but also in the senior management team, which has lead to a decrease in Profit before tax.

Management fully believe this investment has created the right platform and infrastructure to grow the business from, and are confident this will be reflected in very positive 2026 financial performance.

The overall balance sheet of the business continues to remain strong, even with the significant investment as described earlier.

The net assets of the Group £7,043,280 (2024: £7,944,909) at the balance sheet date.

The net current asset change is largely attributable to the timing of working capital items, including the settlement of liabilities after the year end and the utilisation of cash balances to fund strategic investments. The Group continues to manage working capital actively and expects net current assets to return to last years' normal course of trade.

The Group maintains a strong underlying balance sheet, with net assets significantly exceeding liabilities. In addition,

the Group has access to more than adequate financing facilities and headroom, which were not drawn at the year

end.

BEW ELECTRICAL DISTRIBUTORS (HOLDINGS)

LIMITED (REGISTERED NUMBER: 14699880)

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 30 APRIL 2025

PRINCIPAL RISKS AND UNCERTAINTIES

The Group's strategy and operations expose it to a number of risks. The Board maintains a formal risk management process and reviews the principal risks below at least quarterly. Where possible, controls and mitigation plans are in place and monitored.

Liquidity and funding

BEW continues to utilise a confidential invoice-discounting facility with its principal bankers to support working capital and growth. Short- and medium-term cash flow is monitored weekly against headroom and covenants, with specific focus on inventory turns and debtor ageing.

Margin pressure, price competition and demand variability

Competition remains intense across national chains, buying-group independents and online channels. Producer/input price volatility has eased but not disappeared; we maintain a structured pricing review cadence, focus on mix, and pursue supplier terms through group purchasing. UK inflation has moderated but remains above target, keeping pressure on costs and discretionary demand.

UK construction cycle exposure

Against a weaker 2024 backdrop, 2025 has seen signs of improvement in new orders and output, particularly in infrastructure and repair & maintenance; however, visibility remains mixed by region and segment. We monitor order intake and pipeline, flex cost where possible, and prioritise service to resilient RMI customers.

Supply chain, freight and product availability

Global shipping disruption (including Red Sea rerouting) and occasional component shortages can extend lead times and raise inbound costs. We mitigate via multi-sourcing, forecast collaboration with key vendors, and selective forward-buying of critical SKUs, maximising our close relationship with our key suppliers through the Fegime buying group.

Regulatory and product compliance

The UK continues to recognise the CE mark for most goods and has extended recognition for construction products, reducing immediate dual-marking risk; UKCA remains valid. Packaging Extended Producer Responsibility (EPR) fees began phasing in from 2025, increasing compliance and data-reporting obligations. We maintain supplier assurance processes, documentation control and reporting capabilities.

Energy transition and building standards

Policy shifts (e.g., Future Homes Standard trajectory and measures easing EV-infrastructure installs from May 2025) are changing product demand toward heat pumps, PV, controls and EV charging. We monitor specification changes, broaden ranges and train staff accordingly to avoid stranded stock and capture growth.

People, wage inflation and labour availability

April 2025 National Living Wage uplifts increased employment costs. We review pay and benefits annually, invest in training/academy pathways and maintain strong H&S practices to attract and retain talent.

Cyber and data protection

Ransomware remains the most acute cyber threat for UK businesses. We continue to invest in layered security, endpoint protection, staff awareness, backup/recovery testing and supplier access controls, mindful of potential GDPR regulatory exposure.

Fleet, fuel and logistics

Fuel prices remain volatile and London-area deliveries must comply with ULEZ and best-practice standards; BEW's FORS-accredited operations and route planning help manage safety, cost and environmental impact.

BEW ELECTRICAL DISTRIBUTORS (HOLDINGS)

LIMITED (REGISTERED NUMBER: 14699880)

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 30 APRIL 2025

SECTION 172(1) STATEMENT

The Directors of BEW Electrical Distributors Ltd (the "Company") are required to act in accordance with the duties set out in Section 172 of the Companies Act 2006. In doing so, the Directors act in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its shareholders as a whole, and have regard (amongst other matters) to:

(a) the likely long-term consequences of decisions;

(b) the interests of employees;

(c) the need to foster business relationships with suppliers, customers and others;

(d) the impact of operations on the community and the environment;

(e) the desirability of maintaining a reputation for high standards of business conduct; and

(f) the need to act fairly as between shareholders.

How the Board embeds Section 172

Decision framework. Board and executive papers include stakeholder, long-term and risk considerations, along with alternatives and mi tigation. Significant decisions are reviewed against our risk appetite and Principal Risks (see "Principal Risks an d Uncertainties" in this report).

Stakeholder mapping. The Board reviews a stakeholder map covering colleagues, customers, suppliers, logistics partners, landlords, communities, regulators and shareholders, and receives periodic updates on engagement outcomes and KPIs.

Culture and conduct. The Board sets expectations for ethical conduct, fair dealing, health & safety, data protection and compliance, and m onitors incidents, training completion and whistleblowing activity.

Our people (s172 (b))

Our colleagues are fundamental to the delivery of safe, reliable service. During the year we:

- continued regular communication through branch visits and briefings;

- invested in training (product, safety and systems) to support capability and progression;

- reviewed pay and benefits in light of labour-market conditions and statutory changes;

- maintained a strong focus on health, safety and wellbeing, including toolbox talks and incident reviews; and

- supported early-career pathways through on-the-job learning and development opportunities.

Business relationships: customers, suppliers and partners (s172 (c))

We aim to build long-term, mutually beneficial relationships through the following means:

Customers. We focus on availability, competitive pricing, credit discipline, technical support and on-time delivery. We also use f eedback from account reviews and service metrics to improve processes.

Suppliers and strategic partners. We hold structured reviews on quality, lead times, compliance documentation and collaborative demand planning. We seek clear, fair terms and pay suppliers in line with agreed terms.

Logistics and landlords. We work with our delivery and property partners on safety, efficiency and sustainability initiatives.

Community and environment (s172 (d))

The Company aims to be a responsible neighbour in the communities where we operate.

- We support local initiatives and trade-community activity through sponsorships and donations.

- We manage environmental impacts by monitoring energy and fuel consumption, optimising deliveries and minimising waste where practicable.

- Our Streamlined Energy and Carbon Reporting (SECR) disclosures in this report set out our energy use, emissions and intensity metrics, along with actions taken and planned.

High standards of business conduct (s172 (e))

We expect all colleagues and partners to act lawfully, ethically and with integrity, through:

- Policies cover anti-bribery and corruption, competition law, gifts and hospitality, data protection, modern slavery and whistleblowing.

- Training and compliance attestations are monitored, with investigations conducted where concerns are raised.

- We aim to compete vigorously but fairly, protecting our reputation for reliable service and responsible behaviour.

Shareholders (s172 (f))

The Board maintains open, constructive engagement with shareholders through regular performance updates and discussions on strategy, risk, capital allocation and governance. The Directors act fairly between shareholders and ensure that their views are considered in major decisions.

Principal decisions in 2024/25 and how s172 factors were considered

1. Investment in inventory availability and branch capability

o Stakeholders considered: customers (service levels), suppliers (forecasting), colleagues (workload), shareholders (returns).

o Long-term impact: improved product availability and service differentiation while managing working-capital turns and obsolescence risk.

BEW ELECTRICAL DISTRIBUTORS (HOLDINGS)

LIMITED (REGISTERED NUMBER: 14699880)

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 30 APRIL 2025

o Outcome: targeted range expansion in resilient categories; tighter demand planning and inventory controls.

2. Pricing and credit discipline in a competitive market

o Stakeholders considered: customers (value and fairness), suppliers (sell-through), employees (bonus metrics tied to sustainable margins), shareholders (profitability), wider community (business continuity).

o Long-term impact: preserved margin quality and safeguarded cash flows; reduced credit concentration.

o Outcome: maintained structured pricing reviews and customer-level credit limits with clear communication.

3. People and pay review

o Stakeholders considered: employees (pay, benefits, development), shareholders (cost discipline), customers (service continuity).

o Long-term impact: improved attraction and retention in key roles; reinforced safety and skills.

o Outcome: targeted adjustments within an affordability framework, alongside training and role progression.

4. Operational efficiency and environmental improvements

o Stakeholders considered: customers (reliability), employees (safety), communities (local environment), shareholders (cost base).

o Long-term impact: lower operating risk and emissions intensity.

o Outcome: route and load optimisation in the fleet; site efficiency measures; strengthened waste-handling practices. SECR sets out the related metrics.

5. Systems and data protection enhancements

o Stakeholders considered: customers and suppliers (service continuity, data security), employees (tools and training), shareholders (risk reduction).

o Long-term impact: improved resilience and business continuity capability.

o Outcome: ongoing cyber-security improvements, user training and recovery testing.

As the business evolves, so does our risk environment. The Board oversees a structured risk process that identifies, evaluates and mitigates principal risks-including liquidity, credit, market competition, supply chain, people, cyber and compliance risks. Further details and mitigation are set out in "Principal Risks and Uncertainties" in this report.

ON BEHALF OF THE BOARD:

D Locker - Director

21 January 2026

BEW ELECTRICAL DISTRIBUTORS (HOLDINGS)

LIMITED (REGISTERED NUMBER: 14699880)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 30 APRIL 2025

The directors present their report with the financial statements of the company and the group for the year ended 30 April 2025.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of the wholesale and retail sale of electrical goods.

DIVIDENDS

No dividends will be distributed for the year ended 30 April 2025 (2024- £nil), as all profits are reinvested in the business.

FUTURE DEVELOPMENTS

Looking ahead to 2026/27:

Branch network & geography

o Continued selective network expansion where customer density and service metrics justify a physical site.

Site Temps (launched June 2024)

o Scale the division with broader ranges (temporary power, lighting, distribution, safety, cabling) and framework pricing for contractors.

Heat pumps & low-carbon heating

o Continue to grow the Air Source Heat Pump (ASHP) team added in August last year to provide design support, training events and compliant system BOMs for installers.

Solar PV, batteries & smart electrification

o Deepen stock and technical support for residential/small-commercial PV and storage.

Category mix & margin

o Prioritise value-accretive ranges;

Credit governance

o Retain tight concentration limits and insured coverage; continue enhanced onboarding and collections protocols. Use CPA outlook to calibrate exposure by segment/region.

Operations, fleet & energy

o Continue route optimisation and consolidation to lower fuel use and cost; phase more efficient/low-emission vehicles into the fleet as duty cycles allow.

People & capability

o Recruit experienced sales talent into the existing branch structure, plus technical specialists for ASHP/PV/EV.

Supply chain resilience

o Maintain multi-sourcing and forward-buying of critical SKUs where prudent;

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 May 2024 to the date of this report.

D C Groves

D Locker

D J Shirt

Other changes in directors holding office are as follows:

N A Godfrey ceased to be a director after 30 April 2025 but prior to the date of this report.

BEW ELECTRICAL DISTRIBUTORS (HOLDINGS)

LIMITED (REGISTERED NUMBER: 14699880)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 30 APRIL 2025

ENGAGEMENT WITH EMPLOYEES

Diversity and Inclusion

The Group is fully committed to fostering an inclusive and diverse workplace. All employees and job applicants are treated fairly and equally, with employment decisions based solely on merit. Discrimination based on race, colour, religion, disability, nationality, sex, sexual orientation, marital status, or age is not tolerated.

We ensure full and fair consideration is given to applications from individuals with disabilities. Should an employee become disabled during their employment, the Group makes every reasonable effort to support their continued employment. This may include adjustments to duties, retraining, or redeployment to alternative roles, where appropriate.

Learning and Development

The Group is dedicated to the ongoing professional development of its employees. We offer a variety of formal training opportunities, including both e-learning and in-person sessions. This includes apprenticeships and management development programmes delivered in partnership with the EDA Apprenticeship Scheme.

To keep employees informed and engaged, management regularly shares updates on Group developments through multiple communication channels, including internal emails and staff briefings.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS

Suppliers

Our suppliers and strategic brand partners are fundamental to our business success. We value all of our relationships and foster long term agreements that benefit both parties.

We expect all of our suppliers to comply with our standards, such as those relating to environmental responsibility, modern slavery, data protection, human rights and ethics.

Customers

Our customers are at the heart of everything we do as a Group and we try to ensure that we communicate with our customers on a regular basis using emails, websites and social media channels. The Group makes use of rebates to incentivize and discounts in order to offer competitive prices and to support our key customers.

The Local Community

The Group recognises its responsibility to the wider community in which its branches are based. We actively take part in community events and work with local representative bodies that help promote the areas in which the branches operate. These include charitable events and sponsorship of local sports and social clubs.

STREAMLINED ENERGY AND CARBON REPORTING

The Group has gathered the following information in respect of its energy consumption during the financial year to assess the Group’s greenhouse gas emissions. The table below summarises our findings for the year ended 30 April 2025:

| 2024/25 |  | 2023/24 |

Energy consumption used to calculate emissions (kwh) |  | 6,783,933 |  | 5,770,426 |

Energy consumption break down (kwh) |  |

Gas |  | 146,999 |  | 150,394 |

Electricity |  | 838,534 |  | 749,090 |

Transport Fuel |  | 5,798,399 |  | 4,870,942 |

Scope 1 emissions in metric tonnes CO2e |  |

Gas consumption |  | 26.89 |  | 27.07 |

Owned Transport |  | 1,377.95 |  | 1,216.38 |

Total for Scope 1 |  | 1,404.84 |  | 1,243.45 |

Scope 2 emissions in metric tonnes CO2e |  |

Purchased electricity |  | 173.62 |  | 155.12 |

Total gross emissions in metric tonnes CO2e |  | 1,578.46 |  | 1,398.57 |

Intensity ratio Tonnes CO2e per £million turnover |  | 12.05 |  | 11.45 |

This report has been developed and calculated using the GHG Protocol - A Corporate Accounting and Reporting Standard (World Resources Institute and World Business Council for Sustainable Development, 2004); Greenhouse Gas Protocol - Scope 2 Guidance (World Resources Institute, 2015); ISO 14064-1 and ISO 14064-2 (ISO, 2018; ISO, 2019); Environmental Reporting Guidelines: Including Streamlined Energy and Carbon Reporting Guidance (HM Government, 2019).

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per £million turnover.

BEW ELECTRICAL DISTRIBUTORS (HOLDINGS)

LIMITED (REGISTERED NUMBER: 14699880)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 30 APRIL 2025

BEW Electrical Distributors Limited invests in a modern Euro6 compliant fleet of delivery vehicles which are fuel efficient and low CO2 emitting. The Group endeavours to maximise the use of each vehicle in making deliveries in an efficient manner and is accredited as a silver FORS member.

EV cars have been offered as an alternative to fossil fuel vehicles, and during the financial year the number of EV cars in use has continued to grow. Increased on-site EV charging has contributed to higher electricity consumption during the year.

The Group continues to evaluate EV vans to replace existing fossil fuelled vehicles, however limitations on range and payloads etc. continue to make the switch over impractical at the current time. The Group retains one EV van to cover local deliveries and act as evaluation vehicle in assessing the viability to take on more EV vans; however payloads remain an issue.

Energy efficiency measures remain a priority. During FY2025, LED lighting upgrades were completed at Chelmsford and distribution warehouses, replacing older fittings with high-efficiency LEDs. These upgrades reduce energy consumption and carbon emissions while improving lighting quality and safety. Smart meters and occupancy sensors continue to be installed where practical across the company’s premises.

BEW Electrical’s overall intensity metric has increased by 5.23% in FY2025 from FY2024. this is due to increased onsite activity as well as the opening of new branches.

Overall gross emissions totalled 1,578.45 tCO2e, an increase of 12.86% compared to FY2024. Gas usage decreased slightly due to efficiency improvements, while electricity usage increased as a result of new premises and EV charging infrastructure. Transport fuel consumption rose significantly, reflecting business growth and expanded delivery operations.

DISCLOSURE IN THE STRATEGIC REPORT

The Group has chosen to make disclosures in relation to financial risk management and other matters considered to be of strategic importance which would otherwise be in the Directors report within the Strategic Report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group 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 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 and then apply them consistently;

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

- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- | 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information.

BEW ELECTRICAL DISTRIBUTORS (HOLDINGS)

LIMITED (REGISTERED NUMBER: 14699880)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 30 APRIL 2025

AUDITORS

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

ON BEHALF OF THE BOARD:

D Locker - Director

21 January 2026

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

BEW ELECTRICAL DISTRIBUTORS (HOLDINGS)

LIMITED

Opinion

We have audited the financial statements of Bew Electrical Distributors (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2025 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- | give a true and fair view of the state of the group's and of the parent company affairs as at 30 April 2025 and of the group's loss for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 group's and 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.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group 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 Group 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 Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the 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 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- | the parent company 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

BEW ELECTRICAL DISTRIBUTORS (HOLDINGS)

LIMITED

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page eight, 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 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 a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

- The engagement partner ensured that the engagement team collectively had the appropriate competence,

capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

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

management, and from our commercial knowledge and experience of the sector in which the Group operates;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Group, including the Companies Act 2006, taxation legislation and data

protection, anti-bribery, employment, environmental and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of

management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to

instances of non-compliance throughout the audit.

We assessed the susceptibility of the Group's financial statements to material misstatement, including obtaining an

understanding of how fraud might occur, by:

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

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

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

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

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates set out in note 3

were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

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

- agreeing financial statements disclosures to underlying supporting documentation;

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

- reviewing correspondence with HMRC and any other relevant figures as required; and

- reviewed external websites for evidence of reporting obligations being met.

Where a breach is noted, we discussed this with management and reviewed steps taken to ensure future compliance. We also assessed the disclosures made in the accounts in relation to such matters.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations

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

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may

involve deliberate concealment or collusion.

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

BEW ELECTRICAL DISTRIBUTORS (HOLDINGS)

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.

Andrew Green LLB FCA (Senior Statutory Auditor)

for and on behalf of THP Limited

Chartered Accountants

and Statutory Auditors

34-40 High Street

Wanstead

London

E11 2RJ

21 January 2026

BEW ELECTRICAL DISTRIBUTORS (HOLDINGS)

LIMITED (REGISTERED NUMBER: 14699880)

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 30 APRIL 2025

| period

| 2.3.23

| year ended |  | to

| 30.4.25 |  | 30.4.24

| as restated |

| Notes | £ | £ |

TURNOVER | 126,352,854 |  | 91,448,339 |  |

Cost of sales | 96,377,335 |  | 70,257,153 |  |

GROSS PROFIT | 29,975,519 |  | 21,191,186 |  |

Administrative expenses | 28,524,906 |  | 18,860,455 |  |

1,450,613 |  | 2,330,731 |  |

Other operating income | 221,964 |  | 160,028 |  |

OPERATING PROFIT | 5 | 1,672,577 |  | 2,490,759 |  |

Interest receivable and similar income | 24,180 |  | 14,437 |  |

1,696,757 |  | 2,505,196 |  |

Interest payable and similar expenses | 6 | 1,794,134 |  | 1,173,830 |  |

(LOSS)/PROFIT BEFORE TAXATION | (97,377 | ) | 1,331,366 |  |

Tax on (loss)/profit | 7 | 760,990 |  | 784,190 |  |

(LOSS)/PROFIT FOR THE FINANCIAL YEAR | (858,367 | ) | 547,176 |  |

OTHER COMPREHENSIVE INCOME |

Freehold property revaluation | - |  | 162,000 |  |

Deferred tax on property revaluation | (43,261 | ) | - |  |

Merger relief | - |  | 6,241,294 |  |

Income tax relating to components of other comprehensive income | - |  | (1,966 | ) |

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX | (43,261 | ) | 6,401,328 |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | (901,628 | ) | 6,948,504 |  |

Prior year adjustment | 9 | 1,118,044 |  |

TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT | 216,416 |  |

(Loss)/profit attributable to:

Owners of the parent | (858,367 | ) | 547,176 |  |

Total comprehensive income attributable to:

Owners of the parent | 1,334,460 |  | 6,948,504 |  |

BEW ELECTRICAL DISTRIBUTORS (HOLDINGS)

LIMITED (REGISTERED NUMBER: 14699880)

CONSOLIDATED BALANCE SHEET

30 APRIL 2025

| 2025 | 2024 |

| as restated |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 10 | 9,697,814 |  | 10,429,307 |  |

Tangible assets | 11 | 4,248,327 |  | 5,255,909 |  |

Investments | 12 | - |  | - |  |

Investment property | 13 | 3,200,000 |  | 3,200,000 |  |

17,146,141 |  | 18,885,216 |  |

CURRENT ASSETS

Stocks | 14 | 10,526,512 |  | 11,019,856 |  |

Debtors | 15 | 35,653,302 |  | 35,377,915 |  |

Cash at bank and in hand | 2,324,328 |  | 1,356,469 |  |

48,504,142 |  | 47,754,240 |  |

CREDITORS

Amounts falling due within one year | 16 | 48,525,861 |  | 45,688,055 |  |

NET CURRENT (LIABILITIES)/ASSETS | (21,719 | ) | 2,066,185 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 17,124,422 |  | 20,951,401 |  |

CREDITORS

Amounts falling due after more than one year | 17 | (9,118,736 | ) | (12,082,586 | ) |

PROVISIONS FOR LIABILITIES | 21 | (962,405 | ) | (923,906 | ) |

NET ASSETS | 7,043,281 |  | 7,944,909 |  |

CAPITAL AND RESERVES

Called up share capital | 22 | 27,983 |  | 27,983 |  |

Revaluation reserve | 23 | 9,349 |  | 160,034 |  |

Merger reserve | 23 | 6,241,294 |  | 6,241,294 |  |

Retained earnings | 23 | 764,655 |  | 1,515,598 |  |

SHAREHOLDERS' FUNDS | 7,043,281 |  | 7,944,909 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 21 January 2026 and were signed on its behalf by:

D Locker - Director

BEW ELECTRICAL DISTRIBUTORS (HOLDINGS)

LIMITED (REGISTERED NUMBER: 14699880)

COMPANY BALANCE SHEET

30 APRIL 2025

| 2025 | 2024 |

| as restated |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 10 | - |  | - |  |

Tangible assets | 11 | - |  | - |  |

Investments | 12 | 24,732,739 |  | 24,252,739 |  |

Investment property | 13 | - |  | - |  |

24,732,739 |  | 24,252,739 |  |

CREDITORS

Amounts falling due within one year | 16 | 13,476,707 |  | 10,780,357 |  |

NET CURRENT LIABILITIES | (13,476,707 | ) | (10,780,357 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 11,256,032 |  | 13,472,382 |  |

CREDITORS

Amounts falling due after more than one year | 17 | 4,986,755 |  | 7,203,105 |  |

NET ASSETS | 6,269,277 |  | 6,269,277 |  |

CAPITAL AND RESERVES

Called up share capital | 22 | 27,983 |  | 27,983 |  |

Merger reserve | 23 | 6,241,294 |  | 6,241,294 |  |

SHAREHOLDERS' FUNDS | 6,269,277 |  | 6,269,277 |  |

Company's profit for the financial year | - |  | - |  |

The financial statements were approved by the Board of Directors and authorised for issue on 21 January 2026 and were signed on its behalf by:

D Locker - Director

BEW ELECTRICAL DISTRIBUTORS (HOLDINGS)

LIMITED (REGISTERED NUMBER: 14699880)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 APRIL 2025

| Called up |

| share |  | Retained |  | Revaluation |  | Merger |  | Total

| capital |  | earnings |  | reserve |  | reserve |  | equity

£ | £ | £ | £ | £ |

Balance at 2 March 2023 | - |  | 968,422 |  | - |  | - |  | 968,422 |  |

Changes in equity

Issue of share capital | 27,983 |  | - |  | - |  | - |  | 27,983 |  |

Total comprehensive income | - |  | (570,868 | ) | 160,034 |  | 6,241,294 |  | 5,830,460 |  |

Balance at 30 April 2024 | 27,983 |  | 397,554 |  | 160,034 |  | 6,241,294 |  | 6,826,865 |  |

Prior year adjustment | - |  | 1,118,044 |  | - |  | - |  | 1,118,044 |  |

As restated | 27,983 |  | 1,515,598 |  | 160,034 |  | 6,241,294 |  | 7,944,909 |  |

Changes in equity

Total comprehensive income | - |  | (750,943 | ) | (150,685 | ) | - |  | (901,628 | ) |

Balance at 30 April 2025 | 27,983 |  | 764,655 |  | 9,349 |  | 6,241,294 |  | 7,043,281 |  |

BEW ELECTRICAL DISTRIBUTORS (HOLDINGS)

LIMITED (REGISTERED NUMBER: 14699880)

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 APRIL 2025

| Called up |

| share |  | Retained |  | Merger |  | Total

| capital |  | earnings |  | reserve |  | equity

£ | £ | £ | £ |

Changes in equity

Issue of share capital | 27,983 |  | - |  | - |  | 27,983 |  |

Total comprehensive income | - |  | - |  | 6,241,294 |  | 6,241,294 |  |

Balance at 30 April 2024 | 27,983 |  | - |  | 6,241,294 |  | 6,269,277 |  |

Changes in equity

Balance at 30 April 2025 | 27,983 |  | - |  | 6,241,294 |  | 6,269,277 |  |

BEW ELECTRICAL DISTRIBUTORS (HOLDINGS)

LIMITED (REGISTERED NUMBER: 14699880)

CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 30 APRIL 2025

| period

| 2.3.23

| year ended |  | to

| 30.4.25 |  | 30.4.24

| as restated |

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 30 | 4,184,544 |  | 7,721,079 |  |

Interest paid | (1,794,134 | ) | (1,173,830 | ) |

Tax paid | (400,692 | ) | (799,861 | ) |

Net cash from operating activities | 1,989,718 |  | 5,747,388 |  |

Cash flows from investing activities

Purchase of intangible fixed assets | (1,108,170 | ) | (7,739,387 | ) |

Purchase of tangible fixed assets | (128,869 | ) | (302,046 | ) |

Sale of tangible fixed assets | 902,500 |  | - |  |

Interest received | 24,180 |  | 14,437 |  |

Net cash from investing activities | (310,359 | ) | (8,026,996 | ) |

Cash flows from financing activities

New loans in year | - |  | 4,500,000 |  |

Loan repayments in year | (647,000 | ) | (187,500 | ) |

Amount withdrawn by directors | (64,500 | ) | (676,423 | ) |

Net cash from financing activities | (711,500 | ) | 3,636,077 |  |

Increase in cash and cash equivalents | 967,859 |  | 1,356,469 |  |

Cash and cash equivalents at beginning of year | 31 | 1,356,469 |  | - |  |

Cash and cash equivalents at end of year | 31 | 2,324,328 |  | 1,356,469 |  |

BEW ELECTRICAL DISTRIBUTORS (HOLDINGS)

LIMITED (REGISTERED NUMBER: 14699880)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

1. | STATUTORY INFORMATION

| Bew Electrical Distributors (Holdings) 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 General Information page.

| The presentation currency of the financial statements is the Pound Sterling (£).

2. | STATEMENT OF COMPLIANCE

| 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.

3. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

| Basis of consolidation

| The Group consolidated financial statements include the financial statements of the Company and its subsidiaries, all of whom are 100% owned, made up to the same period end date. All accounting policies as detailed below are applied consistently across the Group.

| The parent company has taken advantage of the exemption in Section 1 of FRS102 from the requirement to present its individual cashflow statement.

| Significant judgements and estimates

| Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

| a) Critical judgements in applying the entity's accounting policies

| There are no specific judgements, apart from those involving estimates as detailed below, that management has made in the process of applying the entity’s accounting policies that have a significant effect on the amounts recognised in the financial statements.

| b) Critical accounting estimates and assumptions

| The Group makes estimates and assumptions concerning the future. The resulting accounting estimates can differ from the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

| (i) Useful economic live of intangible assets

| Goodwill and intangible assets are amortised over their useful economic lives and are assessed annually for indications of impairment.

| (ii) Useful economic lives of tangible assets

| The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates based on technological advancements, future investments, economic utilisation and the physical condition of the assets.

| (iii) Stock provisioning

| Due to the nature of the business, it is necessary for the management to consider the recoverability of the cost of stock and the associated provisioning required. When calculating stock provisions, management considers the nature, condition and future saleability of the stock.

| (iv) Impairment of debtors

| The Group makes an estimate of the recoverable value of trade and other debtors. When assessing their impairment, the management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

| (v) Valuation of Freehold and Investment Properties

| The Group makes an estimate of the fair value of properties based on evidence that is available at the time of the valuation and with the assistance of independent, professional valuation specialists.

BEW ELECTRICAL DISTRIBUTORS (HOLDINGS)

LIMITED (REGISTERED NUMBER: 14699880)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

3. | ACCOUNTING POLICIES - continued

| Revenue recognition

| Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied, net of returns, discounts and value added taxes.

| Sales of goods are recognised on sale to the customer, which is considered to be the point of delivery and when the significant risks and rewards of the goods have been passed to the customer.

| Goodwill

| Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of five years.

| Goodwill arising on consolidation is being amortised over its expected useful life of 10 years.

| Intangible assets

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

| Tangible fixed assets

| Tangible Fixed Assets are stated at cost less depreciation, except in the case of Freehold Land & Buildings which are stated at revalued cost less depreciation.

| Depreciation is provided at rates calculated to write off the cost of Tangible Fixed Assets, less their estimated residual value, over their estimated useful lives at the following rates:

| Freehold buildings |  | - 2% on cost |  |

| Short leasehold property |  | - over the term of the lease |  |

| Fixtures and fittings |  | - 20% on cost |  |

| Computer equipment |  | - 33% on cost |  |

| Motor vehicles |  | - 25% on cost (less residual value) |  |

| Freehold land is not depreciated.

| Single items costing less than £1,000 are not capitalised but written off to the Profit and Loss Account as incurred.

| Investment property

| Investment Properties are shown at fair value. Any aggregate surplus or deficit that arises from a change in fair value is recognised in the income statement, net of deferred tax. On an annual basis this surplus or deficit is transferred from retained profits into a separate, non-distributable revaluation reserve.

| Stocks

| Stocks are valued at the lower of cost and estimated selling price less costs to sell, after making due allowance for impairment of obsolete or slow moving items. Stocks are recognised as an expense in the period in which the related revenue is recognised.

| Cost is determined on the first-in, first-out (FIFO) method. Cost includes the purchase price, including taxes and duties, transport and handling directly attributable to bringing the stock to its present location and condition.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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.

BEW ELECTRICAL DISTRIBUTORS (HOLDINGS)

LIMITED (REGISTERED NUMBER: 14699880)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

3. | 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.

| Hire purchase and leasing commitments

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

| Employee benefits

| The company provides a range of benefits to employees, including paid holiday arrangements and a defined contribution pension plan.

| (i) Short Term Benefits

| Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received.

| (ii) Company Pension Plan

| The company operates a pension plan for its employees. This is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense when they are due. Amounts not paid are shown as a creditor on the balance sheet. The assets of the scheme are held separately from the company in independently administered funds.

4. | EMPLOYEES AND DIRECTORS

| period

| 2.3.23

| year ended |  | to

| 30.4.25 |  | 30.4.24

| as restated |

£ | £ |

| Wages and salaries | 14,250,908 |  | 9,480,591 |  |

| Social security costs | 1,280,624 |  | 880,602 |  |

| Other pension costs | 378,026 |  | 242,946 |  |

15,909,558 |  | 10,604,139 |  |

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

| period

| 2.3.23

| year ended |  | to

| 30.4.25 |  | 30.4.24

| as restated |

| Management and office | 38 |  | 92 |  |

| Sales and distribution | 318 |  | 223 |  |

356 |  | 315 |  |

| The average number of employees by undertakings that were proportionately consolidated during the year was 356 (2024 - 315 ) .

BEW ELECTRICAL DISTRIBUTORS (HOLDINGS)

LIMITED (REGISTERED NUMBER: 14699880)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

4. | EMPLOYEES AND DIRECTORS - continued

| period

| 2.3.23

| year ended |  | to

| 30.4.25 |  | 30.4.24

| as restated |

£ | £ |

| Directors' remuneration | 546,481 |  | 485,926 |  |

| Directors' pension contributions to money purchase schemes | 23,361 |  | 15,531 |  |

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

| Money purchase schemes | 4 |  | 4 |  |

| Information regarding the highest paid director is as follows:

| period

| 2.3.23

| year ended |  | to

| 30.4.25 |  | 30.4.24

| as restated |

£ | £ |

| Emoluments etc | 179,333 |  | 172,716 |  |

| Pension contributions to money purchase schemes | 5,052 |  | 5,052 |  |

5. | OPERATING PROFIT

| The operating profit is stated after charging:

| period

| 2.3.23

| year ended |  | to

| 30.4.25 |  | 30.4.24

| as restated |

£ | £ |

| Hire of plant and machinery | 104,463 |  | 94,340 |  |

| Operating lease charges | 3,704,269 |  | 3,179,981 |  |

| Depreciation - owned assets | 233,951 |  | 246,099 |  |

| Loss on disposal of fixed assets | 2,300 |  | - |  |

| Goodwill amortisation | 1,211,493 |  | 845,619 |  |

| Auditors' remuneration - Audit | 29,250 |  | 27,000 |  |

| Auditors remuneration - Accounts and other | 2,250 |  | 2,250 |  |

| Auditors remuneration - Tax | 3,500 |  | 3,500 |  |

6. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| period

| 2.3.23

| year ended |  | to

| 30.4.25 |  | 30.4.24

| as restated |

£ | £ |

| HMRC interest | 117,927 |  | 54,181 |  |

| Sales invoice financing interest | 1,265,722 |  | 842,681 |  |

| Bank loan interest | 410,485 |  | 276,968 |  |

1,794,134 |  | 1,173,830 |  |

BEW ELECTRICAL DISTRIBUTORS (HOLDINGS)

LIMITED (REGISTERED NUMBER: 14699880)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

7. | TAXATION

| Analysis of the tax charge

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

| period

| 2.3.23

| year ended |  | to

| 30.4.25 |  | 30.4.24

| as restated |

£ | £ |

| Current tax:

| UK corporation tax | 765,752 |  | 685,509 |  |

| Corporation tax adjustment

| on HMRC settlement | - |  | 89,797 |  |

| Total current tax | 765,752 |  | 775,306 |  |

| Deferred tax | (4,762 | ) | 8,884 |  |

| Tax on (loss)/profit | 760,990 |  | 784,190 |  |

| UK corporation tax has been charged at 25 % (2024 - 25 %).

| 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:

| period

| 2.3.23

| year ended |  | to

| 30.4.25 |  | 30.4.24

| as restated |

£ | £ |

| (Loss)/profit before tax | (97,377 | ) | 1,331,366 |  |

| (Loss)/profit multiplied by the standard rate of corporation tax in the UK of 25 % (2024 - 25 %) | (24,344 | ) | 332,842 |  |

| Effects of:

| Expenses not deductible for tax purposes | 467,793 |  | 162,657 |  |

| Depreciation in excess of capital allowances | 42,783 |  | 227,416 |  |

| Adjustments to tax charge in respect of previous periods | - |  | 89,797 |  |

| Deferred tax | (4,762 | ) | 8,884 |  |

| Tax impact of prior year adjustment | 279,520 |  | (37,406 | ) |

| Total tax charge | 760,990 |  | 784,190 |  |

| Tax effects relating to effects of other comprehensive income |

| 2025 |

| Gross |  | Tax |  | Net |

£ | £ | £ |

| Freehold property revaluation

| Deferred tax on property revaluation | (43,261 | ) | - |  | (43,261 | ) |

| Merger relief

(43,261 | ) | - |  | (43,261 | ) |

BEW ELECTRICAL DISTRIBUTORS (HOLDINGS)

LIMITED (REGISTERED NUMBER: 14699880)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

7. | TAXATION - continued

| 2.3.23 to 30.4.24 |

| Gross |  | Tax |  | Net |

£ | £ | £ |

| Freehold property revaluation | 162,000 |  | (1,966 | ) | 160,034 |  |

| Merger relief

| Merger relief | 6,241,294 |  | - |  | 6,241,294 |  |

6,403,294 |  | (1,966 | ) | 6,401,328 |  |

8. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.

9. | PRIOR YEAR ADJUSTMENT

| The prior year figures have been restated to take account of a change in the accounting policy in relation to the recognition of customer and supplier rebates.

| Management have taken the decision to provide for all known rebates as at 30/4/25 on a payable and receivable basis.

| The previous policy for some customer rebates payable and all supplier rebates receivable was to account for these on a paid and received basis. As the levels of rebates across financial years are broadly consistent, there was not a material difference in the reported profit in previous years as compared to recognition on a fully payable and receivable basis.

| This change as at 30/4/25 has however necessitated a restatement of the prior year figures so that they are prepared on a comparable basis.

| The impact on the reported figures for 2024 is as follows:

|  | Previously reported |  | Restatement |  | Updated |  |

|  | £ |  | £ |  | £ |  |

| Revenue |  | 91,534,082 |  | (85,743 | ) | 91,448,339 |  |

| Cost of sales |  | (70,492,518 | ) | 235,365 |  | (70,257,153 | ) |

| Trade debtors |  | 27,592,285 |  | (936,356 | ) | 26,655,929 |  |

| Prepayments and accrued income |  | 1,787,710 |  | 2,054,400 |  | 3,842,110 |  |

| Retained profits |  | 397,554 |  | 1,118,044 |  | 1,515,598 |  |

10. | INTANGIBLE FIXED ASSETS

| Group

| Goodwill

£ |

| COST

| At 1 May 2024 | 11,913,265 |  |

| Additions | 480,000 |  |

| At 30 April 2025 | 12,393,265 |  |

| AMORTISATION

| At 1 May 2024 | 1,483,958 |  |

| Amortisation for year | 1,211,493 |  |

| At 30 April 2025 | 2,695,451 |  |

| NET BOOK VALUE

| At 30 April 2025 | 9,697,814 |  |

| At 30 April 2024 | 10,429,307 |  |

BEW ELECTRICAL DISTRIBUTORS (HOLDINGS)

LIMITED (REGISTERED NUMBER: 14699880)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

11. | TANGIBLE FIXED ASSETS

| Group

| Freehold |  | Short |  | Fixtures

| land and |  | leasehold |  | and

| buildings |  | property |  | fittings

£ | £ | £ |

| COST OR VALUATION

| At 1 May 2024 | 4,550,000 |  | 1,259,780 |  | 2,042,311 |  |

| Additions | - |  | 80,604 |  | 48,265 |  |

| Disposals | (900,000 | ) | - |  | - |  |

| At 30 April 2025 | 3,650,000 |  | 1,340,384 |  | 2,090,576 |  |

| DEPRECIATION

| At 1 May 2024 | 58,400 |  | 706,813 |  | 1,838,969 |  |

| Charge for year | 58,400 |  | 100,401 |  | 75,150 |  |

| Eliminated on disposal | - |  | - |  | - |  |

| At 30 April 2025 | 116,800 |  | 807,214 |  | 1,914,119 |  |

| NET BOOK VALUE

| At 30 April 2025 | 3,533,200 |  | 533,170 |  | 176,457 |  |

| At 30 April 2024 | 4,491,600 |  | 552,967 |  | 203,342 |  |

| Motor |  | Computer |

| vehicles |  | equipment |  | Totals

£ | £ | £ |

| COST OR VALUATION

| At 1 May 2024 | 27,610 |  | 121,235 |  | 8,000,936 |  |

| Additions | - |  | - |  | 128,869 |  |

| Disposals | (3,125 | ) | - |  | (903,125 | ) |

| At 30 April 2025 | 24,485 |  | 121,235 |  | 7,226,680 |  |

| DEPRECIATION

| At 1 May 2024 | 19,610 |  | 121,235 |  | 2,745,027 |  |

| Charge for year | - |  | - |  | 233,951 |  |

| Eliminated on disposal | (625 | ) | - |  | (625 | ) |

| At 30 April 2025 | 18,985 |  | 121,235 |  | 2,978,353 |  |

| NET BOOK VALUE

| At 30 April 2025 | 5,500 |  | - |  | 4,248,327 |  |

| At 30 April 2024 | 8,000 |  | - |  | 5,255,909 |  |

| Included in cost or valuation of land and buildings is freehold land of £730,000 (2024 - £910,000) which is not depreciated.

| Cost or valuation at 30 April 2025 is represented by:

| Freehold |  | Short |  | Fixtures

| land and |  | leasehold |  | and

| buildings |  | property |  | fittings

£ | £ | £ |

| Valuation in 2017 | 1,061,192 |  | - |  | - |  |

| Valuation in 2021 | 660,000 |  | - |  | - |  |

| Valuation in 2022 | 455,000 |  | - |  | - |  |

| Valuation in 2023 | 325,000 |  | - |  | - |  |

| Valuation in 2024 | 150,000 |  | - |  | - |  |

| Cost | 998,808 |  | 1,340,384 |  | 2,090,576 |  |

3,650,000 |  | 1,340,384 |  | 2,090,576 |  |

BEW ELECTRICAL DISTRIBUTORS (HOLDINGS)

LIMITED (REGISTERED NUMBER: 14699880)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

11. | TANGIBLE FIXED ASSETS - continued

| Group

| Motor |  | Computer |

| vehicles |  | equipment |  | Totals

£ | £ | £ |

| Valuation in 2017 | - |  | - |  | 1,061,192 |  |

| Valuation in 2021 | - |  | - |  | 660,000 |  |

| Valuation in 2022 | - |  | - |  | 455,000 |  |

| Valuation in 2023 | - |  | - |  | 325,000 |  |

| Valuation in 2024 | - |  | - |  | 150,000 |  |

| Cost | 24,485 |  | 121,235 |  | 4,575,488 |  |

24,485 |  | 121,235 |  | 7,226,680 |  |

| If Freehold land and buildings had not been revalued they would have been included at the following historical cost:

2025 | 2024 |

| as restated |

£ | £ |

| Cost | 2,062,851 |  | 2,062,851 |  |

| Aggregate depreciation | 650,837 |  | 650,837 |  |

| Value of land in freehold land and buildings | 388,106 |  | 388,106 |  |

| The freehold land and buildings were valued by Savills (UK) Limited, a RICS registered independent firm of Chartered Surveyors, on an open market basis in July 2023. The Directors have taken this valuation to be the fair value as at the year end.

12. | FIXED ASSET INVESTMENTS

| Company

| Shares in

| group

| undertakings

£ |

| COST

| At 1 May 2024 | 24,252,739 |  |

| Additions | 480,000 |  |

| At 30 April 2025 | 24,732,739 |  |

| NET BOOK VALUE

| At 30 April 2025 | 24,732,739 |  |

| At 30 April 2024 | 24,252,739 |  |

| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

| Subsidiary

| BEW Electrical Distributors Limited

| Registered office: Unit 5 Northumberland Court Dukes Park Industrial Estate

| Nature of business: Wholesale and retail sale of electrical goods

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

BEW ELECTRICAL DISTRIBUTORS (HOLDINGS)

LIMITED (REGISTERED NUMBER: 14699880)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

13. | INVESTMENT PROPERTY

| Group

| Total

£ |

| FAIR VALUE

| At 1 May 2024

| and 30 April 2025 | 3,200,000 |  |

| NET BOOK VALUE

| At 30 April 2025 | 3,200,000 |  |

| At 30 April 2024 | 3,200,000 |  |

| Fair value at 30 April 2025 is represented by:

£ |

| Valuation in 2015 | 307,525 |  |

| Valuation in 2016 | 250,000 |  |

| Valuation in 2018 | 200,000 |  |

| Valuation in 2020 | 1,381,734 |  |

| Valuation in 2022 | 700,000 |  |

| Cost | 360,741 |  |

3,200,000 |  |

| The investment properties were valued by Savills (UK) Limited, a RICS registered independent firm of Chartered Surveyors, on an open market basis in July 2023. The Directors have taken this valuation to be the fair value as at the year end.

14. | STOCKS

| Group |

2025 | 2024 |

| as restated |

£ | £ |

| Goods for resale | 10,526,512 |  | 11,019,856 |  |

15. | DEBTORS

| Group |

2025 | 2024 |

| as restated |

£ | £ |

| Amounts falling due within one year: |

| Trade debtors | 26,113,651 |  | 26,655,929 |  |

| Other debtors | 2,742,751 |  | 2,686,922 |  |

| Directors' current accounts | 1,108,125 |  | 1,043,625 |  |

| Corporation tax recoverable | 1,263,994 |  | 1,075,079 |  |

| Prepayments | 4,381,281 |  | 3,842,110 |  |

35,609,802 |  | 35,303,665 |  |

| Amounts falling due after more than one | year: |

| Rent deposit | 43,500 |  | 74,250 |  |

| Aggregate amounts | 35,653,302 |  | 35,377,915 |  |

| Trade debtors are subject to sales invoice financing terms, with advances received against these debtors of £13,850,495 (2024:£13,724,346) included in creditors due within one year.

BEW ELECTRICAL DISTRIBUTORS (HOLDINGS)

LIMITED (REGISTERED NUMBER: 14699880)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

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

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

| as restated |  | as restated |

£ | £ | £ | £ |

| Bank loans and overdrafts (see note 18) | 225,000 |  | 225,000 |  | - |  | - |  |

| Other loans (see note 18) | 13,850,495 |  | 13,724,346 |  | - |  | - |  |

| Trade creditors | 26,016,040 |  | 25,863,113 |  | - |  | - |  |

| Amounts owed to group undertakings | - |  | - |  | 10,606,282 |  | 9,118,112 |  |

| Corporation tax | 1,999,177 |  | 1,445,202 |  | - |  | - |  |

| Social security and other taxes | 420,571 |  | 337,425 |  | - |  | - |  |

| VAT | 471,017 |  | 313,326 |  | - |  | - |  |

| Other creditors | 2,970,534 |  | 1,871,227 |  | 2,770,425 |  | 1,662,245 |  |

| Accrued expenses | 2,573,027 |  | 1,908,416 |  | 100,000 |  | - |  |

48,525,861 |  | 45,688,055 |  | 13,476,707 |  | 10,780,357 |  |

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

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

| as restated |  | as restated |

£ | £ | £ | £ |

| Bank loans (see note 18) | 3,440,500 |  | 4,087,500 |  | - |  | - |  |

| Social security and other taxes | 691,481 |  | 791,981 |  | - |  | - |  |

| Other creditors | 4,986,755 |  | 7,203,105 |  | 4,986,755 |  | 7,203,105 |  |

9,118,736 |  | 12,082,586 |  | 4,986,755 |  | 7,203,105 |  |

18. | LOANS

| An analysis of the maturity of loans is given below:

| Group |

2025 | 2024 |

| as restated |

£ | £ |

| Amounts falling due within one year or on | demand: |

| Bank loans | 225,000 |  | 225,000 |  |

| Sales invoice financing | 13,850,495 |  | 13,724,346 |  |

14,075,495 |  | 13,949,346 |  |

| Amounts falling due between one and two | years: |

| Bank loans | 225,000 |  | 225,000 |  |

| Amounts falling due between two and five | years: |

| Bank loans | 675,000 |  | 675,000 |  |

| Amounts falling due in more than five | years: |

| Repayable by instalments

| Bank loans | 2,540,500 |  | 3,187,500 |  |

| The bank loan is secured and repayable in instalments over 20 years at an interest rate of 5.45% above Bank of England base rate.

19. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

BEW ELECTRICAL DISTRIBUTORS (HOLDINGS)

LIMITED (REGISTERED NUMBER: 14699880)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

| Group

| Non-cancellable |

| operating leases |

2025 | 2024 |

| as restated |

£ | £ |

| Within one year | 1,929,892 |  | 1,835,410 |  |

| Between one and five years | 5,967,917 |  | 6,317,839 |  |

| In more than five years | 1,418,503 |  | 2,177,960 |  |

9,316,312 |  | 10,331,209 |  |

| Of the balances shown above, £9,138,188 (2024: £10,182,912) relate to the branch premises from which the company operates.

20. | SECURED DEBTS

| The following secured debts are included within creditors:

| Group |

2025 | 2024 |

| as restated |

£ | £ |

| Bank loans | 3,665,500 |  | 4,312,500 |  |

| Sales invoice financing | 13,850,495 |  | 13,724,346 |  |

| Deferred consideration | 7,757,180 |  | 8,865,350 |  |

25,273,175 |  | 26,902,196 |  |

| The sales invoice financing arrangement and bank loan are secured by way of a fixed and floating charge over all property and assets present and future.

| The former Directors P Webb and R Locker hold a security debenture against the assets of the Group in relation to deferred payments due to them under their share sale agreement.

21. | PROVISIONS FOR LIABILITIES

| Group |

2025 | 2024 |

| as restated |

£ | £ |

| Deferred tax

| Accelerated capital allowances | 31,693 |  | 36,455 |  |

| Deferred tax on property revaluations | 930,712 |  | 887,451 |  |

962,405 |  | 923,906 |  |

| Group

| Deferred |

| tax |

£ |

| Balance at 1 May 2024 | 923,906 |  |

| Provided during year | 38,499 |  |

| Acquired with subsidiary |

| Balance at 30 April 2025 | 962,405 |  |

22. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

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

| value: |  | as restated |

£ | £ |

| 27,583 | Ordinary | £1 | 27,983 |  | 27,983 |  |

BEW ELECTRICAL DISTRIBUTORS (HOLDINGS)

LIMITED (REGISTERED NUMBER: 14699880)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

22. | CALLED UP SHARE CAPITAL - continued

| In order to correct a filing error, the issued share capital as disclosed in the prior year financial statements has been amended from 98,000 to 27,983.

23. | RESERVES

| Group

| Retained |  | Revaluation |  | Merger |

| earnings |  | reserve |  | reserve |  | Totals

£ | £ | £ | £ |

| At 1 May 2024 | 397,554 |  | 160,034 |  | 6,241,294 |  | 6,798,882 |  |

| Prior year adjustment | 1,118,044 |  | 1,118,044 |  |

1,515,598 |  | 7,916,926 |  |

| Deficit for the year | (858,367 | ) | (858,367 | ) |

| Merger relief | 107,424 |  | (107,424 | ) | - |  | - |  |

| Revaluation surplus net of

| deferred tax | - |  | (43,261 | ) | - |  | (43,261 | ) |

| At 30 April 2025 | 764,655 |  | 9,349 |  | 6,241,294 |  | 7,015,298 |  |

| Company

| Retained |  | Merger |

| earnings |  | reserve |  | Totals

£ | £ | £ |

| At 1 May 2024 | - |  | 6,241,294 |  | 6,241,294 |  |

| Profit for the year | - | - |

| At 30 April 2025 | - |  | 6,241,294 |  | 6,241,294 |  |

24. | CONTINGENT LIABILITIES

| The Group is not currently compliant with the requirements of the UK business payment practices and performance reporting regime. The Directors acknowledge this breach and are in the process of filing the necessary information.

| The Directors also acknowledge that the company may be liable for a fine for non-compliance, though no provision has been made in these accounts as the amount cannot be reliably estimated.

25. | CAPITAL COMMITMENTS

2025 | 2024 |

| as restated |

£ | £ |

| Contracted but not provided for in the

| financial statements | 209,267 |  | - |  |

| The above commitment relates to leasehold improvement works undertaken post year end at two new branches.

BEW ELECTRICAL DISTRIBUTORS (HOLDINGS)

LIMITED (REGISTERED NUMBER: 14699880)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

26. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

| The following advances and credits to directors subsisted during the year ended 30 April 2025 and the period ended 30 April 2024:

2025 | 2024 |

| as restated |

£ | £ |

| D C Groves

| Balance outstanding at start of year | 75,948 |  | 65,948 |  |

| Amounts advanced | - |  | 10,000 |  |

| Amounts repaid | - |  | - |  |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | 75,948 |  | 75,948 |  |

| N A Godfrey

| Balance outstanding at start of year | 230,959 |  | 21,536 |  |

| Amounts advanced | 4,500 |  | 209,423 |  |

| Amounts repaid | - |  | - |  |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | 235,459 |  | 230,959 |  |

| D Locker

| Balance outstanding at start of year | 591,513 |  | 134,513 |  |

| Amounts advanced | 60,000 |  | 457,000 |  |

| Amounts repaid | - |  | - |  |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | 651,513 |  | 591,513 |  |

| D J Shirt

| Balance outstanding at start of year | 141,806 |  | 141,806 |  |

| Amounts repaid | - |  | - |  |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | 141,806 |  | 141,806 |  |

| The above unsecured loans were available on an interest free basis with no fixed terms for repayment.

| At the year end the Group was owed £2,075,678 (2024: £1,589,943) by R W Locker and £500,583 (2024: £486,566) by P R Webb, both former Directors and shareholders in the business.

| The intention is for the balances relating to P R Webb and R W Locker to be partly repaid from their proceeds of the sale of their shares in the previous financial year. At the year end the total balances owed by the Group in relation to deferred consideration were £7,757,180 (2024: £8,865,350).

27. | RELATED PARTY DISCLOSURES

| At the year end, unsecured loans were advanced to the close family of certain Directors, totalling £49,828 (2024: £69,828). These loans are interest free with no fixed terms for repayment. A loan of £20,000 was written off in the year.

| During the year, the company made sales of £1,214 (2024: £6,554) to a company with a common Director and Shareholder. At the year end the company was owed £63,735 (2024: £62,698) by this entity.

BEW ELECTRICAL DISTRIBUTORS (HOLDINGS)

LIMITED (REGISTERED NUMBER: 14699880)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

28. | POST BALANCE SHEET EVENTS

| On 19 November 2025 the Group agreed, subject to final confirmation, revised borrowing facility terms with its bankers. The revised facility provides enhanced borrowing and covenant headroom, and extends the maturity profile of the facility.

| The Directors consider this to be a positive outcome that provides support to medium term growth plans, strengthens financial flexibility and reinforces the Group's financial resilience.

| As the amendment had not been finalised at the date the financial statements were approved, it is disclosed as a non-adjusting post-balance-sheet event.

29. | ULTIMATE CONTROLLING PARTY

| The ultimate controlling party is D Locker.

30. | RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| period

| 2.3.23

| year ended |  | to

| 30.4.25 |  | 30.4.24

| as restated |

£ | £ |

| (Loss)/profit before taxation | (97,377 | ) | 1,331,366 |  |

| Depreciation charges | 1,445,444 |  | 1,091,719 |  |

| Loss on disposal of fixed assets | 2,300 |  | - |  |

| Finance costs | 1,794,134 |  | 1,173,830 |  |

| Finance income | (24,180 | ) | (14,437 | ) |

3,120,321 |  | 3,582,478 |  |

| Decrease/(increase) in stocks | 493,344 |  | (899,537 | ) |

| Increase in trade and other debtors | (501,972 | ) | (1,853,220 | ) |

| Increase in trade and other creditors | 1,072,851 |  | 6,891,358 |  |

| Cash generated from operations | 4,184,544 |  | 7,721,079 |  |

31. | 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 30 April 2025

| 30.4.25 |  | 1.5.24

£ | £ |

| Cash and cash equivalents | 2,324,328 |  | 1,356,469 |  |

| Period ended 30 April 2024

| 30.4.24 |  | 2.3.23

| as restated |

£ | £ |

| Cash and cash equivalents | 1,356,469 |  | - |  |

BEW ELECTRICAL DISTRIBUTORS (HOLDINGS)

LIMITED (REGISTERED NUMBER: 14699880)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

32. | ANALYSIS OF CHANGES IN NET DEBT

| At 1.5.24 | Cash flow | At 30.4.25

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 1,356,469 |  | 967,859 |  | 2,324,328 |  |

1,356,469 |  | 967,859 |  | 2,324,328 |  |

| Debt

| Debts falling due within 1 year | (13,949,346 | ) | (126,149 | ) | (14,075,495 | ) |

| Debts falling due after 1 year | (4,087,500 | ) | 647,000 |  | (3,440,500 | ) |

(18,036,846 | ) | 520,851 |  | (17,515,995 | ) |

| Total | (16,680,377 | ) | 1,488,710 |  | (15,191,667 | ) |