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REGISTERED NUMBER: 13123736 (England and Wales)

Financial Statements for the Year Ended 31 December 2025

for

V-ZUG UK LTD

V-ZUG UK LTD (Registered number: 13123736)

Contents of the Financial Statements

for the Year Ended 31 December 2025

Page |

Company Information | 1 |

Balance Sheet | 2 |

Notes to the Financial Statements | 4 |

V-ZUG UK LTD

Company Information

for the Year Ended 31 December 2025

| DIRECTORS: | A Bertoz

| A Ineichen

| Ms A L Chapman

| REGISTERED OFFICE: | 27 Wigmore Street

| London

| London

| W1U 1PN

| REGISTERED NUMBER: | 13123736 (England and Wales)

| SENIOR STATUTORY AUDITOR: | W K Sawin

| AUDITORS: | Sawin & Edwards LLP Statutory Auditors

| Studio 16

| Cloisters House

| 8 Battersea Park Road

| London

| SW8 4BG

V-ZUG UK LTD (Registered number: 13123736)

Balance Sheet

31 December 2025

| 2025 |  | 2024

| Notes | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 183,120 |  | 503,550 |  |

CURRENT ASSETS

Stocks | 380,741 |  | 445,770 |  |

Debtors | 5 | 1,534,142 |  | 2,110,018 |  |

Cash at bank | 455,991 |  | 406,222 |  |

2,370,874 |  | 2,962,010 |  |

CREDITORS

Amounts falling due within one year | 6 | (183,442 | ) | (161,764 | ) |

NET CURRENT ASSETS | 2,187,432 |  | 2,800,246 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 2,370,552 |  | 3,303,796 |  |

CREDITORS

Amounts falling due after more than one year | 7 | (2,158,476 | ) | (3,158,476 | ) |

PROVISIONS FOR LIABILITIES | 9 | (185,892 | ) | (150,182 | ) |

NET ASSETS/(LIABILITIES) | 26,184 |  | (4,862 | ) |

CAPITAL AND RESERVES

Called up share capital | 100 |  | 100 |  |

Retained earnings | 26,084 |  | (4,962 | ) |

26,184 |  | (4,862 | ) |

V-ZUG UK LTD (Registered number: 13123736)

Balance Sheet - continued

31 December 2025

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 30 January 2026 and were signed on its behalf by:

A Ineichen - Director

Ms A L Chapman - Director

V-ZUG UK LTD (Registered number: 13123736)

Notes to the Financial Statements

for the Year Ended 31 December 2025

1. | STATUTORY INFORMATION

| V-ZUG UK LTD is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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

| The financial statements cover the individual entity.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| Critical accounting judgements and key sources of estimation uncertainty

| In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

| Stock valuation

| The company makes provision for slowing moving or obsolete according to a formula which has been developed by the parent company and based on historical records. The derivation of the formula involves the exercise of judgment and involves estimation uncertainty.

| Provision for product warranties

| The company grants a 5-year warranty period from the date of sale of its products. The company provides a percentage of product revenue to meet the cost of future warranty claims. The percentage is based on historical information but requires an element of judgement and is therefore subject to estimation uncertainty.

| Turnover

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

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

V-ZUG UK LTD (Registered number: 13123736)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| Tangible fixed assets

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

| Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

| Leasehold improvements: over the remaining term of the lease

| Motor vehicles: 5 years straight line

| Showroom assets: 100% depreciation charge for items which form part of a working kitchen and 0% depreciation charge for display items

| Fixtures and fittings: 3 years straight line

| Computer Equipment: 4 years straight line

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

| Stocks

| Stocks 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.

V-ZUG UK LTD (Registered number: 13123736)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| Hire purchase and leasing commitments

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

| Pension costs and other post-retirement benefits

| The company operates 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.

| Employee benefits

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

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

| Termination benefits are recognised immediately as an expense when the company is demonstrably

| committed to terminate the employment of an employee or to provide termination benefits.

| Cash and cash equivalents

| Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

V-ZUG UK LTD (Registered number: 13123736)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| Financial instruments

| The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

| Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

| Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

| Basic financial assets

| Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

| Classification of financial liabilities

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

| Basic financial liabilities

| Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

| Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

| Provision for liabilities

| Provisions are recognised when the Company has a present obligation as a result of a past event, and it is probable that the Company will be required to settle that obligation. Provisions are discounted to present value where the effect is material. The principal provisions are recognised as follows:

| - Deferred tax liabilities resulting from timing differences

| - warranty and guarantees based on an assessment of future claims with reference to past experience and recognised at the earlier of when the underlying products and services are sold and when the likelihood of a future cost is identified.

V-ZUG UK LTD (Registered number: 13123736)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| Equity instruments

| Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

| Going concern

| At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors of the parent company V-Zug AG confirmed that financial support will continued to be offered to the company for a period of at least one year from the date of signing the financial statements. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 6 (2024 - 9 ) .

4. | TANGIBLE FIXED ASSETS

| Improvements |

| Computer |  | to |  | Showroom

| Equipment |  | property |  | assets

£ | £ | £ |

| COST

| At 1 January 2025 | 8,622 |  | 539,389 |  | 316,068 |  |

| Additions | 5,568 |  | - |  | 38,986 |  |

| Disposals | - |  | - |  | (133,804 | ) |

| At 31 December 2025 | 14,190 |  | 539,389 |  | 221,250 |  |

| DEPRECIATION

| At 1 January 2025 | 2,830 |  | 352,908 |  | 97,962 |  |

| Charge for year | 2,849 |  | 126,663 |  | 71,622 |  |

| Eliminated on disposal | - |  | - |  | (11,258 | ) |

| At 31 December 2025 | 5,679 |  | 479,571 |  | 158,326 |  |

| NET BOOK VALUE

| At 31 December 2025 | 8,511 |  | 59,818 |  | 62,924 |  |

| At 31 December 2024 | 5,792 |  | 186,481 |  | 218,106 |  |

V-ZUG UK LTD (Registered number: 13123736)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

4. | TANGIBLE FIXED ASSETS - continued

| Fixtures |

| and |  | Motor |

| fittings |  | vehicles |  | Totals

£ | £ | £ |

| COST

| At 1 January 2025 | 211,566 |  | 107,237 |  | 1,182,882 |  |

| Additions | - |  | - |  | 44,554 |  |

| Disposals | - |  | - |  | (133,804 | ) |

| At 31 December 2025 | 211,566 |  | 107,237 |  | 1,093,632 |  |

| DEPRECIATION

| At 1 January 2025 | 191,431 |  | 34,201 |  | 679,332 |  |

| Charge for year | 19,857 |  | 21,447 |  | 242,438 |  |

| Eliminated on disposal | - |  | - |  | (11,258 | ) |

| At 31 December 2025 | 211,288 |  | 55,648 |  | 910,512 |  |

| NET BOOK VALUE

| At 31 December 2025 | 278 |  | 51,589 |  | 183,120 |  |

| At 31 December 2024 | 20,135 |  | 73,036 |  | 503,550 |  |

5. | DEBTORS

2025 | 2024 |

£ | £ |

| Amounts falling due within one year:

| Trade debtors | 89,639 |  | 233,076 |  |

| Amounts owed by group undertakings | 1,134,115 |  | 1,581,067 |  |

| Other debtors | 3,679 |  | 3,896 |  |

| Directors' loan accounts | - |  | 21,658 |  |

| Prepayments and accrued income | 118,173 |  | 112,724 |  |

1,345,606 |  | 1,952,421 |  |

| Amounts falling due after more than one year:

| Other debtors | 177,022 |  | 157,597 |  |

| Deferred tax | 11,514 |  | - |  |

188,536 |  | 157,597 |  |

| Aggregate amounts | 1,534,142 |  | 2,110,018 |  |

V-ZUG UK LTD (Registered number: 13123736)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

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

2025 | 2024 |

£ | £ |

| Trade creditors | 60,725 |  | 53,178 |  |

| Tax | 54,665 |  | 2,194 |  |

| Other creditors | 29,132 |  | 43,217 |  |

| Accruals and deferred income | 38,920 |  | 63,175 |  |

183,442 |  | 161,764 |  |

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

2025 | 2024 |

£ | £ |

| Amounts owed to group undertakings | 2,158,476 |  | 3,158,476 |  |

| The loan amounting to £2,158,476 (2024: £3,158,476) is unsecured, carried interest at 4.8% per annum (2024:6% per annum) and not repayable before 31 July 2027.

8. | LEASING AGREEMENTS

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

2025 | 2024 |

£ | £ |

| Within one year | 102,458 |  | 294,500 |  |

| Between one and five years | 67,833 |  | 57,813 |  |

170,291 |  | 352,313 |  |

9. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

£ | £ |

| Deferred tax | - |  | 15,918 |  |

| Warranty provision | 185,892 |  | 134,264 |  |

185,892 |  | 150,182 |  |

| Deferred |

| tax |

£ |

| Balance at 1 January 2025 | 15,918 |  |

| Credit to Income Statement during year | (15,918 | ) |

| Balance at 31 December 2025 | - |  |

V-ZUG UK LTD (Registered number: 13123736)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

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

| The Report of the Auditors was unqualified.

| W K Sawin (Senior Statutory Auditor)

| for and on behalf of Sawin & Edwards LLP Statutory Auditors

11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

| The following advances and credits to a director subsisted during the years ended 31 December 2025 and 31 December 2024:

|  | 2025 |  |  | 2024 |  |

| A Haynes |  | £ |  |  | £ |  |

| Balance outstanding at start of year |  | 21,658 |  |  | 422 |  |

| Amounts advanced |  | 16,157 |  |  | 21,658 |  |

| Amounts repaid |  | (11,991 | ) |  | (422 | ) |

| Provision against loan |  | (25,824 | ) |  | - |  |

| Balance outstanding at end of year |  | - |  |  | 21,658 |  |

12. | RELATED PARTY DISCLOSURES

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with group companies.

| Included in debtors due within one year is an amount of £Nil (2024: £21,658) owed by a director to the company ( See note 13).

| The company received a compensation payment from its parent, details of which are given in note 3.

13. | POST BALANCE SHEET EVENTS

| The showroom lease agreement has a break clause dated 18 March 2026. The directors have decided not to exercise the break clause and the lease is expected to run until 18 March 2031. The financial impact of this decision has not been included in the reported results as at 31 December 2025.

14. | PARENT COMPANY

| The parent company of V-ZUG UK Ltd is V-Zug AG and its registered office is Industriestrasse 66, P.O. Box 59, 6301 Zug, Switzerland.

| The Company’s financial statements are consolidated into the parent's company financial statements.