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REGISTERED NUMBER: 01135984 (England and Wales)

| AUDITED FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31 DECEMBER 2025 |

| FOR |

| SCHWANK LIMITED |

SCHWANK LIMITED (REGISTERED NUMBER: 01135984)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

| Page |

Company Information | 1 |

Balance Sheet | 2 |

Notes to the Financial Statements | 3 |  | to |  | 9

SCHWANK LIMITED

COMPANY INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2025

| DIRECTORS: | O Schwank

| P S Wilkins

| SECRETARY: | G N E Needham

| REGISTERED OFFICE: | Unit D2, Armthorpe Enterprise Park

| Rands Lane

| Armthorpe

| Doncaster

| South Yorkshire

| DN3 3DY

| REGISTERED NUMBER: | 01135984 (England and Wales)

| AUDITORS: | Hartley Fowler LLP

| Statutory Auditors

| Chartered Accountants

| 4th Floor Tuition House

| 27-37 St George's Road

| Wimbledon

| London

| SW19 4EU

SCHWANK LIMITED (REGISTERED NUMBER: 01135984)

BALANCE SHEET

31 DECEMBER 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 5 | 40,700 |  | 42,900 |  |

Tangible assets | 6 | 183,648 |  | 193,694 |  |

224,348 |  | 236,594 |  |

CURRENT ASSETS

Stocks | 7 | 202,646 |  | 157,385 |  |

Debtors | 8 | 487,127 |  | 313,661 |  |

Cash at bank and in hand | 403,925 |  | 489,053 |  |

1,093,698 |  | 960,099 |  |

CREDITORS

Amounts falling due within one year | 9 | 2,269,152 |  | 1,115,193 |  |

NET CURRENT LIABILITIES | (1,175,454 | ) | (155,094 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | (951,106 | ) | 81,500 |  |

CREDITORS

Amounts falling due after more than one year | 10 | 998,754 |  | 1,423,213 |  |

NET LIABILITIES | (1,949,860 | ) | (1,341,713 | ) |

CAPITAL AND RESERVES

Called up share capital | 13 | 125,000 |  | 125,000 |  |

Retained earnings | 14 | (2,074,860 | ) | (1,466,713 | ) |

SHAREHOLDERS' FUNDS | (1,949,860 | ) | (1,341,713 | ) |

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 Statement of Comprehensive Income has not been delivered.

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

P S Wilkins - Director

SCHWANK LIMITED (REGISTERED NUMBER: 01135984)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1. | STATUTORY INFORMATION

| Schwank 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.

| Significant judgements and estimates

| In the process of applying the company's accounting policies the directors consider there to be no significant

| judgements or estimates that have a significant effect on the amounts recognised in the financial statements.

| Revenue recognition

| Turnover is measured at the fair value of the consideration receivable, net of discounts and VAT. Turnover

| includes revenue earned from the sale of goods and services.

| Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. In practice this means that revenue is recognised when the goods are invoiced.

| Revenue from contracts for the provision of services are recognised when the service has been completed and the benefits have been received by the customer.

| Revenue from installation work is recognised once the installation is complete and the benefits have been received by the customer,

| Other operating income includes foreign exchanges gains and losses.

| Goodwill

| Goodwill, being the amount paid in connection with the acquisition of a business in 2019, is being amortised evenly over its estimated useful life of twenty five years.

| Tangible fixed assets

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

| Fixtures and fittings | - | 25% on reducing balance

| Motor vehicles | - | 15% on reducing balance

| Computer equipment | - | 25% on reducing balance

| Stocks

| Stocks are stated at the lower of cost and selling price less costs to complete and sell, after making due allowance for obsolete and slow moving stock.

SCHWANK LIMITED (REGISTERED NUMBER: 01135984)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

3. | ACCOUNTING POLICIES - continued

| Basic financial instruments

| Cash in hand is measured at transaction price.

| Debtors. Trade and other debtors are measured at transaction price. Trade debtors are amounts due from

| customers for goods or services performed in the ordinary course of business less any impairment provision.

| These are recognised as current assets as collection is due within one year or less.

| Creditors: amounts falling due within one year are measured at transaction price. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business. These are classified as current liabilities as payment is due in one year or less.

| 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 currency translation

| The financial statements are presented in sterling which is the company's presentational currency.

| The items included in these financial statements relating to the company are measured using the functional

| currency, that is the currency of the primary economic environment in which the company operates. The

| directors' consider the company's "functional currency" to be Sterling (GBP).

| Foreign currency transactions are translated into the functional currency at the rates of exchange prevailing at the dates of the transactions.

| Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated at the

| exchange rate ruling at that date. Foreign exchange gains and losses arising on translation are recognised in the income statement for the period, included in other income.

| Leasing commitments

| Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to the income statement on a straight line basis over the lifetime of the lease.

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. The total expense recognised in the income statement represents contributions payable to the scheme by the company during the period.

SCHWANK LIMITED (REGISTERED NUMBER: 01135984)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

3. | ACCOUNTING POLICIES - continued

| Going concern

| Due to the ongoing support of the company's parent undertaking the directors believe that it is appropriate to prepare the financial statements on the going concern basis, which assumes that the company will continue in operational existence for the foreseeable future.

| If the company were unable to continue in operational existence for the foreseeable future, adjustments would be necessary to reduce the balance sheet value of assets to their recoverable amounts, and to provide for further liabilities that might arise, and to reclassify fixed assets and long term liabilities as current assets and liabilities.

| Share capital

| Ordinary shares are classified as equity.

4. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 15 (2024 - 13 ) .

5. | INTANGIBLE FIXED ASSETS

| Goodwill

£ |

| COST

| At 1 January 2025

| and 31 December 2025 | 55,000 |  |

| AMORTISATION

| At 1 January 2025 | 12,100 |  |

| Charge for year | 2,200 |  |

| At 31 December 2025 | 14,300 |  |

| NET BOOK VALUE

| At 31 December 2025 | 40,700 |  |

| At 31 December 2024 | 42,900 |  |

| In the year ended 31 December 2019 customer lists were acquired for £55,000 following the acquisition of another business. The customer lists are being amortised evenly over the directors' estimate of their useful life of 25 years.

SCHWANK LIMITED (REGISTERED NUMBER: 01135984)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

6. | TANGIBLE FIXED ASSETS

| Fixtures |

| and |  | Motor |  | Computer |

| fittings |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ |

| COST

| At 1 January 2025 | 5,534 |  | 236,200 |  | 108,923 |  | 350,657 |  |

| Additions | - |  | 47,731 |  | - |  | 47,731 |  |

| Disposals | - |  | (37,279 | ) | - |  | (37,279 | ) |

| Reclassification/transfer | - |  | (16,665 | ) | - |  | (16,665 | ) |

| At 31 December 2025 | 5,534 |  | 229,987 |  | 108,923 |  | 344,444 |  |

| DEPRECIATION

| At 1 January 2025 | 5,201 |  | 57,542 |  | 94,220 |  | 156,963 |  |

| Charge for year | 65 |  | 27,073 |  | 3,124 |  | 30,262 |  |

| Eliminated on disposal | - |  | (7,503 | ) | - |  | (7,503 | ) |

| Reclassification/transfer | - |  | (18,926 | ) | - |  | (18,926 | ) |

| At 31 December 2025 | 5,266 |  | 58,186 |  | 97,344 |  | 160,796 |  |

| NET BOOK VALUE

| At 31 December 2025 | 268 |  | 171,801 |  | 11,579 |  | 183,648 |  |

| At 31 December 2024 | 333 |  | 178,658 |  | 14,703 |  | 193,694 |  |

7. | STOCKS

2025 | 2024 |

£ | £ |

| Stocks | 202,646 |  | 157,385 |  |

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

2025 | 2024 |

£ | £ |

| Trade debtors | 465,128 |  | 283,829 |  |

| Other debtors | 8,236 |  | 17,376 |  |

| Prepayments and accrued income | 13,763 |  | 12,456 |  |

487,127 |  | 313,661 |  |

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

2025 | 2024 |

£ | £ |

| Bank loans and overdrafts (see note 11) | 4,167 |  | 10,000 |  |

| Other loans (see note 11) | 645,702 |  | 99,444 |  |

| Payments on account | 81,000 |  | - |  |

| Trade creditors | 109,171 |  | 136,230 |  |

| Amounts owed to group undertakings | 1,195,374 |  | 738,373 |  |

| Social security and other taxes | 26,930 |  | 26,570 |  |

| VAT | 83,681 |  | 54,122 |  |

| Accruals and deferred income | 123,127 |  | 50,454 |  |

2,269,152 |  | 1,115,193 |  |

| The balance owing to group undertakings, Schwank GmbH, is interest free and repayable on demand. Included in other loans is a group loan owing to Schwank GmbH.

SCHWANK LIMITED (REGISTERED NUMBER: 01135984)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

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

2025 | 2024 |

£ | £ |

| Bank loans (see note 11) | - |  | 4,166 |  |

| Other loans (see note 11) | 998,754 |  | 1,419,047 |  |

998,754 |  | 1,423,213 |  |

| Amounts falling due in more than five years:

| Repayable by instalments

| Intercompany loan over 5 years | 579,921 |  | 507,480 |  |

11. | LOANS

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

2025 | 2024 |

£ | £ |

| Amounts falling due within one year or on demand:

| Bank loans | 4,167 |  | 10,000 |  |

| Intercompany loan < 1 year | 645,702 |  | 99,444 |  |

649,869 |  | 109,444 |  |

| Amounts falling due between one and two years:

| Bank loans - 1-2 years | - |  | 4,166 |  |

| Intercompany loan 1-2 years | 104,708 |  | 613,233 |  |

104,708 |  | 617,399 |  |

| Amounts falling due between two and five years:

| Intercompany loan 2-5 years | 314,125 |  | 298,334 |  |

| Amounts falling due in more than five years:

| Repayable by instalments

| Intercompany loan over 5 years | 579,921 |  | 507,480 |  |

SCHWANK LIMITED (REGISTERED NUMBER: 01135984)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

11. | LOANS - continued

| (i) On 31 December 2021 the company's intercompany balance with Schwank GMBH was converted into a 10 year loan to be repaid in instalments. At 31 December 2025 the outstanding loan balance owed to Schwank GmbH was €1,264,313 (£1,103,463) (2024 €1,212,376 (£1,004,703)).The loan matures on 1 May 2032. Interest is charged at 2% over ECB (european central rate) base rate,

| (ii) During the previous year the company was loaned €270,000 (£225,639) on 1 September 2024 by Schwank GmbH. At 31 December 2025 the outstanding loan balance owed to Schwank GmbH was €270,000 (£235,593) (2024 €270,000 (£223,747)).The loan matures on 31 August 2026. Interest is charged at 5.25%.

| (iii) During the previous year the company was loaned €320,000 (£292,764) on 27 June 2024 by Schwank GmbH. At 31 December 2025 the outstanding loan balance owed to Schwank GmbH was €350,000 (£305,400) (2024 €350,000 (£290,042)).The loan matures on 27 June 2026. Interest is charged at 5.25%.

| (iv) In May 2020, the company arranged a 6 year Bounce Back Loan with Lloyds Bank plc. Interest on the loan is to be charged at 2.5% per annum. The loan is to be repaid in instalments over 5 years commencing 12 months after drawdown.The scheme provides the bank with a government guarantee against the balance on the loan. The Government will make Business Interruption Payments to cover the first 12 months of interest payments. At 31 December 2025 the outstanding loan balance was £4,167 (2024 £14,166).

12. | LEASING AGREEMENTS

| At 31 December 2025 the company had operating lease commitments amounting to £41,187 (2024 £60,038).

13. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

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

| value: | £ | £ |

| 125,000 | Ordinary | £1 | 125,000 |  | 125,000 |  |

| Called up share capital represents the nominal value of shares that have been issued.

14. | RESERVES

| Retained

| earnings

£ |

| At 1 January 2025 | (1,466,713 | ) |

| Deficit for the year | (608,147 | ) |

| At 31 December 2025 | (2,074,860 | ) |

| Retained earnings include all current and prior period profits and losses.

SCHWANK LIMITED (REGISTERED NUMBER: 01135984)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

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

| The Report of the Auditors was qualified on the following basis:

| Basis for qualified opinion

| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. As a result of the company's stock being held at various locations throughout the United Kingdom we were unable to attend the year end stocktake. We are therefore unable to satisfy ourselves of the stock value included in the in the balance sheet of £202,646 at 31 December 2025.

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

| Jonathan Askew (Senior Statutory Auditor)

| for and on behalf of Hartley Fowler LLP

17. | RELATED PARTY DISCLOSURES

| The following transactions took place in the course of the year ended 31 December 2025.

|  | 2025 |  |  | 2024 |  |

| £ |  |  | £ |  |

| Purchases of goods and services from Schwank GmbH |  | 467,888 |  |  | 416,375 |  |

| Intercompany loan interest charged by Schwank GmbH |  | 70,769 |  |  | 71,078 |  |

| Amount owed to Schwank GmbH for goods and services |  | 1,195,374 |  |  | 738,373 |  |

| Amount owed to Schwank GmbH in respect of a 10 year loan |  | 1,103,463 |  |  | 1,004,687 |  |

| Amount owed to Schwank GmbH in respect of capital loans |  | 518,403 |  |  | 513,789 |  |

| Amount owed to the company from Schwank GmbH for goods and services |  | 5,406 |  |  | 5,406 |  |

| Schwank GmbH is deemed to be a related party of Schwank Ltd by virtue of common ownership.

18. | ULTIMATE CONTROLLING PARTY

| The ultimate controlling party is Bernd H. Schwank Besitzgesellschaft mbH & Co KG, a company incorporated in Germany and ultimately controlled by O Schwank. The registered office of Bernd H. Schwank Besitzgesellschaft mbH & Co KG is Bremerhaven Str. 43, 50735 Cologne.