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REGISTERED NUMBER: 01568873 (England and Wales)

| Financial Statements |

| for the Year Ended 31 December 2024 |

| for |

| Soretrac (U.K.) Limited |

| Soretrac (U.K.) Limited (Registered number: 01568873) |

Contents of the Financial Statements

for the Year Ended 31 December 2024

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 3 |

| Soretrac (U.K.) Limited |

Company Information

for the Year Ended 31 December 2024

| DIRECTORS: | O C Kahn

| N Y Englesberg

| REGISTERED OFFICE: | Hurworth Road

| Aycliffe Industrial Estate

| NEWTON AYCLIFFE

| Co Durham

| DL5 6UD

| REGISTERED NUMBER: | 01568873 (England and Wales)

| SENIOR STATUTORY AUDITOR: | James Davies BSc (Hons) CA

| AUDITORS: | Clive Owen LLP

| Chartered Accountants

| & Statutory Auditors

| 140 Coniscliffe Road

| Darlington

| County Durham

| DL3 7RT

| Soretrac (U.K.) Limited (Registered number: 01568873) |

Balance Sheet

31 December 2024

| 2024 | 2023 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 509,346 |  | 511,261 |  |

CURRENT ASSETS

Stocks | 5 | 126,422 |  | 177,437 |  |

Debtors | 6 | 348,545 |  | 323,925 |  |

Cash at bank and in hand | 63,931 |  | 104,718 |  |

538,898 |  | 606,080 |  |

CREDITORS

Amounts falling due within one year | 7 | 842,956 |  | 446,197 |  |

NET CURRENT (LIABILITIES)/ASSETS | (304,058 | ) | 159,883 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 205,288 |  | 671,144 |  |

CREDITORS

Amounts falling due after more than one year | 8 | - |  | 1,642,105 |  |

NET ASSETS/(LIABILITIES) | 205,288 |  | (970,961 | ) |

CAPITAL AND RESERVES

Called up share capital | 11 | 1,052,200 |  | 1,052,200 |  |

Revaluation reserve | 271,809 |  | 271,809 |  |

Capital contribution reserve | 1,817,229 |  | 299,349 |  |

Retained earnings | (2,935,950 | ) | (2,594,319 | ) |

SHAREHOLDERS' FUNDS | 205,288 |  | (970,961 | ) |

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 Profit and Loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 March 2026 and were signed on its behalf by:

N Y Englesberg - Director

| Soretrac (U.K.) Limited (Registered number: 01568873) |

Notes to the Financial Statements

for the Year Ended 31 December 2024

1. | STATUTORY INFORMATION

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

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

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

| There were no material departures from that standard.

| The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.

| Going concern

| Subsequent to the year end the company has entered into a transaction to sell stock, customer lists and the trading name to a third party. The sale combined with other assets that the company owns will enable it to settle all of its outstanding liabilities.

| As the company intends to cease operating and sell the trade and assets the directors consider it appropriate to prepare the financial statements on a basis other than going concern. Accordingly the directors have sought external valuations of the assets, in particular the freehold property and are confident no impairment is required. Provisions for redundancies and wind down costs have been appropriately accrued and any long term liabilities have been reclassified as owing within one year.

| Related party exemption

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with subsidiaries within the group or those concluded under normal market conditions.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| Income recognition

| Turnover includes revenue earned from the sale of goods. This revenue is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on delivery.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

| Freehold property | - | not provided

| Plant and machinery | - | 25% on reducing balance

| Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.

| The directors perform annual impairment reviews to ensure that the carrying value is not lower than the recoverable amount.

| The directors consider that the freehold and leasehold property is maintained in such a state of repair that its residual value is at least equal to its net book value. As a result, the corresponding depreciation would not be material and therefore is not charged to the profit and loss account.

| Soretrac (U.K.) Limited (Registered number: 01568873) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

2. | ACCOUNTING POLICIES - continued

| Stocks

| Stocks are valued at the lower of cost and estimated selling price less costs to sell after making due allowance for obsolete and slow moving items.

| Cost is calculated using the average cost model and includes all purchase, transport and handling costs in bringing stocks to their present location and condition.

| Financial instruments

| Basic financial instruments are recognised at amortised cost with changes recognised in profit or loss.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss account, 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.

| Hire purchase & leasing arrangements

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

| 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.

| Invoice discounting

| The invoice discounting creditor represents amounts received in respect of financed debts. There is full recourse to the company for losses on debts, and so the financed debts continue to be recognised on the balance sheet. Interest and other charges relating to invoice discounting are recognised in the profit and loss account over the relevant period.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 13 (2023 - 11 ) .

| Soretrac (U.K.) Limited (Registered number: 01568873) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

4. | TANGIBLE FIXED ASSETS

| Freehold |  | Plant and |

| property |  | machinery |  | Totals

£ | £ | £ |

| COST

| At 1 January 2024 | 469,052 |  | 274,903 |  | 743,955 |  |

| Additions | 2,040 |  | 7,442 |  | 9,482 |  |

| At 31 December 2024 | 471,092 |  | 282,345 |  | 753,437 |  |

| DEPRECIATION

| At 1 January 2024 | - |  | 232,694 |  | 232,694 |  |

| Charge for year | - |  | 11,397 |  | 11,397 |  |

| At 31 December 2024 | - |  | 244,091 |  | 244,091 |  |

| NET BOOK VALUE

| At 31 December 2024 | 471,092 |  | 38,254 |  | 509,346 |  |

| At 31 December 2023 | 469,052 |  | 42,209 |  | 511,261 |  |

| Freehold land and property included above of £471,092 (2023: £469,052) is not depreciated.

| Following transition to FRS 102 on 1 January 2016, the freehold property was transferred at deemed cost as per a valuation carried out on 28 February 2013. As a result the company no longer follows a policy of regular revaluation.

| If freehold land and buildings had not been revalued the carrying value would have been stated at £199,283 (2023: £197,243).

| Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

| Plant and

| machinery

£ |

| COST

| Reclassification/transfer | 198,854 |  |

| At 31 December 2024 | 198,854 |  |

| DEPRECIATION

| Charge for year | 4,630 |  |

| Reclassification/transfer | 180,334 |  |

| At 31 December 2024 | 184,964 |  |

| NET BOOK VALUE

| At 31 December 2024 | 13,890 |  |

5. | STOCKS

2024 | 2023 |

£ | £ |

| Stocks | 126,422 |  | 177,437 |  |

| Soretrac (U.K.) Limited (Registered number: 01568873) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

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

2024 | 2023 |

£ | £ |

| Trade debtors | 324,233 |  | 301,758 |  |

| Prepayments and accrued income | 24,312 |  | 22,167 |  |

348,545 |  | 323,925 |  |

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

2024 | 2023 |

£ | £ |

| Hire purchase contracts (see note 9) | 105,000 |  | - |  |

| Trade creditors | 233,769 |  | 96,642 |  |

| Taxation and social security | 120,405 |  | 88,059 |  |

| Other creditors | 5,449 |  | 4,300 |  |

| Invoice discounting creditor | 275,297 |  | 240,561 |  |

| Accruals and deferred income | 103,036 |  | 16,635 |  |

842,956 |  | 446,197 |  |

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

2024 | 2023 |

£ | £ |

| Amounts due to related party | - |  | 1,642,105 |  |

| As disclosed in Note 2, subsequent to the year end the company has made a decision to cease trading. As a result of this the parent company has formally waived the amounts owed to them. As the financial statements are prepared on a basis other than going concern the balance owing at year end has been released as a capital contribution to appropriately reflect the expected settlement amount to allow the users of the financial statements to understand the net assets/liabilities available to creditors and shareholders.

9. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Hire purchase |

| contracts |

2024 | 2023 |

£ | £ |

| Net obligations repayable:

| Within one year | 105,000 |  | - |  |

| Non-cancellable |

| operating leases |

2024 | 2023 |

£ | £ |

| Within one year | 28,306 |  | 11,328 |  |

| Between one and five years | - |  | 25,733 |  |

28,306 |  | 37,061 |  |

| Soretrac (U.K.) Limited (Registered number: 01568873) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

10. | SECURED DEBTS

| The following secured debts are included within creditors:

2024 | 2023 |

£ | £ |

| Hire purchase contracts | 105,000 |  | - |  |

| Invoice discounting creditor | 275,297 |  | 240,561 |  |

380,297 |  | 240,561 |  |

| Hire purchase is secured over the assets to which they relate.

| The invoice discounting balance is secured against a fixed and floating charge over all assets and undertakings of the company.

11. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

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

| value: | £ | £ |

| 1,052,200 | Ordinary | £1 | 1,052,200 |  | 1,052,200 |  |

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

| The Report of the Auditors was unqualified.

| We draw attention to Note 2 in the financial statements which explains that the Company is expected to cease trading within the next 12 months and subsequent to the year end has agreed to sell the trade and assets of the company to a third party. Therefore, the directors do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in Note 2.

| Our opinion is not modified in respect of these matters.

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

| James Davies BSc (Hons) CA (Senior Statutory Auditor)

| for and on behalf of Clive Owen LLP

13. | ULTIMATE PARENT COMPANY

| The ultimate parent company is Soretrac SA, a company registered in France. The registered office is Soretrac SA, Zac de la Villette aux Aulnes, Rue René Cassin, 77290 Mitry-Mory, France.