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REGISTERED NUMBER: 02506266 (England and Wales)

| FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 |

| FOR |

| HENSHAW INFLATABLES LIMITED |

HENSHAW INFLATABLES LIMITED (REGISTERED NUMBER: 02506266)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2024

Page |

Company Information | 1 |

Balance Sheet | 2 |

Notes to the Financial Statements | 3 |

HENSHAW INFLATABLES LIMITED

COMPANY INFORMATION

FOR THE YEAR ENDED 31ST DECEMBER 2024

| DIRECTORS: | Mr A J Branagh

| Mr D J Havlik

| REGISTERED OFFICE: | Fleming Court

| Leigh Road

| Eastleigh

| Southampton

| Hampshire

| SO50 9PD

| BUSINESS ADDRESS: | The Tythings Commercial Centre

| Southgate Road

| Wincanton

| Somerset

| BA9 9RZ

| REGISTERED NUMBER: | 02506266 (England and Wales)

| SENIOR STATUTORY AUDITOR: | Neil Raynsford

| AUDITORS: | Shaw Gibbs (Audit) Limited

| Statutory Auditor

| Fleming Court

| Leigh Road

| Eastleigh

| Southampton

| Hampshire

| SO50 9PD

HENSHAW INFLATABLES LIMITED (REGISTERED NUMBER: 02506266)

BALANCE SHEET

31ST DECEMBER 2024

| 2024 | 2023 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 5 | - |  | - |  |

Tangible assets | 6 | 109,348 |  | 106,655 |  |

109,348 |  | 106,655 |  |

CURRENT ASSETS

Stocks | 1,027,330 |  | 886,478 |  |

Debtors | 7 | 308,879 |  | 635,398 |  |

Cash at bank and in hand | 118,780 |  | 208,118 |  |

1,454,989 |  | 1,729,994 |  |

CREDITORS

Amounts falling due within one year | 8 | 4,800,560 |  | 3,540,178 |  |

NET CURRENT LIABILITIES | (3,345,571 | ) | (1,810,184 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | (3,236,223 | ) | (1,703,529 | ) |

CREDITORS

Amounts falling due after more than one year | 9 | 31,179 |  | 40,823 |  |

NET LIABILITIES | (3,267,402 | ) | (1,744,352 | ) |

CAPITAL AND RESERVES

Called up share capital | 10 | 100,002 |  | 100,002 |  |

Capital contribution reserve | 264,987 |  | 264,987 |  |

Retained earnings | (3,632,391 | ) | (2,109,341 | ) |

SHAREHOLDERS' FUNDS | (3,267,402 | ) | (1,744,352 | ) |

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4th February 2026 and were signed on its behalf by:

Mr D J Havlik - Director

HENSHAW INFLATABLES LIMITED (REGISTERED NUMBER: 02506266)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2024

1. | STATUTORY INFORMATION

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

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

2. | 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" including the provisions of Section 1A "Small Entities" 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.

| Material uncertainty related to going concern

| The company has been loss making over recent years and continues to be reliant upon group support to continue to trade. The group is providing ongoing support but are continuing to monitor the situation as would be expected in these circumstances. As a result of the continuing group support the financial statements have been prepared on the going concern basis.

| Due to the recent trading results the directors have taken steps with an aim to improve the profitability of the company and are hopeful that these steps will ensure its future success. The directors are however mindful that if these steps do not improve the position sufficiently then they cannot rule out the potential that the group could decide to withdraw any additional financial support which accordingly gives rise to a material uncertainty related to going concern.

| As part of its restructuring plans the company is currently in the process of transferring the wholesale and retail activities in relation to its Mustang Survival product range to another entity within the UK. This is expected to have a direct result in improving the profitability of the company.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

| Sales of goods

| Turnover from the sale of manufactured goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on completion of final testing when the customer is informed that the products goods are available for collection or upon delivery of the goods where the company is responsible for their delivery.

| Goodwill

| Goodwill had been written off over a period of 30 years. In the period ended 31st December 2017 the remaining balance of £40,398 was written off in full.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Improvements to property | - | 10% straight line

| Plant and machinery | - | 10% straight line and Straight line over 7 years

| Motor vehicles | - | 15% straight line

| Office equipment | - | 20% straight line

| All fixed assets are initially recorded at cost.

HENSHAW INFLATABLES LIMITED (REGISTERED NUMBER: 02506266)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST DECEMBER 2024

3. | ACCOUNTING POLICIES - continued

| Stocks

| Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

| Taxation

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

| Current or deferred taxation assets and liabilities are not discounted.

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

| Deferred tax

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

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

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

| Foreign currencies

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

| Pension costs and other post-retirement benefits

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

| Debtors and creditors receivable / payable within one year

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

| Operating lease agreements

| Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

4. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 60 (2023 - 58 ) .

HENSHAW INFLATABLES LIMITED (REGISTERED NUMBER: 02506266)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST DECEMBER 2024

5. | INTANGIBLE FIXED ASSETS

| Goodwill

£ |

| COST

| At 1st January 2024

| and 31st December 2024 | 242,324 |  |

| AMORTISATION

| At 1st January 2024

| and 31st December 2024 | 242,324 |  |

| NET BOOK VALUE

| At 31st December 2024 | - |  |

| At 31st December 2023 | - |  |

6. | TANGIBLE FIXED ASSETS

| Improvements |

| to |  | Plant and |  | Motor |  | Office |

| property |  | machinery |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 1st January 2024 | 37,803 |  | 320,100 |  | 4,621 |  | 37,250 |  | 399,774 |  |

| Additions | 17,734 |  | 5,620 |  | - |  | 683 |  | 24,037 |  |

| Disposals | - |  | - |  | (4,621 | ) | - |  | (4,621 | ) |

| At 31st December 2024 | 55,537 |  | 325,720 |  | - |  | 37,933 |  | 419,190 |  |

| DEPRECIATION

| At 1st January 2024 | 24,555 |  | 237,691 |  | 4,621 |  | 26,252 |  | 293,119 |  |

| Charge for year | 1,032 |  | 16,251 |  | - |  | 4,061 |  | 21,344 |  |

| Eliminated on disposal | - |  | - |  | (4,621 | ) | - |  | (4,621 | ) |

| At 31st December 2024 | 25,587 |  | 253,942 |  | - |  | 30,313 |  | 309,842 |  |

| NET BOOK VALUE

| At 31st December 2024 | 29,950 |  | 71,778 |  | - |  | 7,620 |  | 109,348 |  |

| At 31st December 2023 | 13,248 |  | 82,409 |  | - |  | 10,998 |  | 106,655 |  |

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

2024 | 2023 |

£ | £ |

| Trade debtors | 268,190 |  | 546,173 |  |

| Other debtors | 40,689 |  | 89,225 |  |

308,879 |  | 635,398 |  |

HENSHAW INFLATABLES LIMITED (REGISTERED NUMBER: 02506266)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST DECEMBER 2024

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

2024 | 2023 |

£ | £ |

| Trade creditors | 230,206 |  | 180,416 |  |

| Amounts owed to group undertakings | 4,292,944 |  | 3,103,463 |  |

| Taxation and social security | 40,436 |  | 27,176 |  |

| Other creditors | 236,974 |  | 229,123 |  |

4,800,560 |  | 3,540,178 |  |

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

2024 | 2023 |

£ | £ |

| Other creditors | 31,179 |  | 40,823 |  |

10. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2024 | 2023 |

| value: | £ | £ |

| 100,002 | Ordinary | £1 | 100,002 |  | 100,002 |  |

11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

| The Report of the Auditors was unqualified.

| Material uncertainty related to going concern

| We draw attention to Note 3 in the financial statements, which indicates that a material uncertainty exists due the directors being unable to rule out the potential of group support being withdrawn in the future, should the company be unable to improve its profitability sufficiently.

| As stated in the accounting policy 'Material uncertainty related to going concern', these events or conditions, along with the other matters as set forth in the accounting policy, indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

| 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.

| Neil Raynsford (Senior Statutory Auditor)

| for and on behalf of Shaw Gibbs (Audit) Limited

12. | OTHER FINANCIAL COMMITMENTS

| Total future financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £45,158 (2023: £49,100).

| This amount is in relation to operating lease commitments which are payable over the next 4 years.

13. | RELATED PARTY DISCLOSURES

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with group companies where any subsidiary that is a party to the transaction is wholly owned within the group or where transactions have been undertaken under normal market conditions.

HENSHAW INFLATABLES LIMITED (REGISTERED NUMBER: 02506266)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST DECEMBER 2024

14. | PARENT UNDERTAKINGS

| The smallest and largest parent undertaking for which group accounts are prepared is Wing Inflatables Inc., a company incorporated and registered at 3701 Mt Diablo Blvd. Suite #100 Lafayette, California 94549, United States of America.