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REGISTERED NUMBER: 02262735 (England and Wales)

| LINCS. ELECTRICAL WHOLESALERS LIMITED |

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 |

LINCS. ELECTRICAL WHOLESALERS LIMITED (REGISTERED NUMBER: 02262735) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Report of the Directors | 5 |

| Report of the Independent Auditors | 7 |

| Income Statement | 11 |

| Other Comprehensive Income | 12 |

| Balance Sheet | 13 |

| Statement of Changes in Equity | 14 |

| Notes to the Financial Statements | 15 |

| LINCS. ELECTRICAL WHOLESALERS LIMITED |

COMPANY INFORMATION

FOR THE YEAR ENDED 31 AUGUST 2025

| DIRECTORS: | A S Johnson

| J P Ring

| L T Martin

| J Johnson

| S A Berry

| K M Johnson

| SECRETARY: | A S Johnson

| REGISTERED OFFICE: | 2 Somerby Way

| Somerby Park

| Gainsborough

| Lincolnshire

| DN21 1QT

| REGISTERED NUMBER: | 02262735 (England and Wales)

| AUDITORS: | WP Audit Services LLP

| Chartered Accountant & Statutory Auditor

| Chancery House

| 30 St Johns Road

| Woking

| Surrey

| GU21 7SA

LINCS. ELECTRICAL WHOLESALERS LIMITED (REGISTERED NUMBER: 02262735) |

STRATEGIC REPORT

FOR THE YEAR ENDED 31 AUGUST 2025

The directors present their strategic report for the year ended 31 August 2025.

REVIEW OF BUSINESS

The directors are satisfied with the results for the year given the continued economic challenges that have been placed on the business. These have been elaborated on further in the prinicpal risks and uncertainties section below.

FINANCIAL KEY PERFORMANCE INDICATORS

The directors consider the following to be the financial key performance indicators for the company:

| 2025 |  | 2024 |

Year on year sales growth |  | 30.1% |  | 8.2% |

Gross profit margin |  | 27.2% |  | 29.3% |

Revenue grew year on year by 30.1% as trading remained broadly in line with expectations. Gross margin decreased slightly and remained acceptable given the continued pricing pressures faced.

CREDITOR PAYMENT POLICY AND PRACTICE

It is the company's policy that payments to suppliers are made in accordance with those terms and conditions agreed between the company and its suppliers, provided that all trading terms and conditions have been complied with. At the year end, creditor days total 66 (2024: 67).

DEVELOPMENT AND PERFORMANCE

Whilst trading conditions remain challenging given the prolonged difficult economic environment the company remains committed to opening additional trading branches in the future. The directors remain optimistic regarding future trading performance.

Key developments have been discussed below.

Expansion of Value-Added Services

Following the successful first year of the Lighting Solutions Division, the business is focused on further enhancing its value proposition through the introduction of complementary services. This strategy is designed to deepen engagement with existing customers, attract new clients, and increase share of wallet by offering integrated solutions alongside core product supply.

Launch of Fire & Security Division

The Board has approved the strategic launch of a Fire & Security Division, representing a significant step in diversifying the Group's specialist service offering. The division is led by a highly experienced industry professional with extensive sector knowledge and a strong market reputation. The division will deliver tailored system designs, commissioning support, and BAFE-accredited solutions, positioning LINCS as a trusted partner for compliant, end-to-end fire and security projects.

Strengthening Key Account Management

To reinforce our market position and support long-term customer relationships, a dedicated Key Accounts team has been established. The team is led by a well-known and highly respected individual within the industry, providing strong leadership and credibility. This initiative supports strategic customer retention, improved service consistency, and targeted growth within key customer segments.

Enhanced Bid and Tender Capability

During 2025, significant improvements were made to the bid and tender process, enhancing our ability to deliver competitive, value-driven solutions to public sector and large-scale clients. This has strengthened our position in regulated and framework-based markets. Further investment in structure, systems, and resource is planned for 2026 to support increasing tender activity and contract complexity.

Branch Network Expansion

The Northampton branch opened in October 2025, marking the beginning of a structured branch expansion programme. Further branches in Sunderland, Derby, and Rotherham are scheduled to open in the first half of 2026. This expansion will extend geographic coverage, improve local service delivery, and support growth in new and existing regional markets.

Gainsborough Branch Redevelopment

The relocation to a new purpose-built facility for the Gainsborough branch was completed in December 2025. Although the project concluded two months later than originally scheduled due to minor design changes, the branch is now fully operational. The upgraded facility has significantly improved operational efficiency and service capability, strengthening support for the established customer base.

LINCS. ELECTRICAL WHOLESALERS LIMITED (REGISTERED NUMBER: 02262735) |

STRATEGIC REPORT

FOR THE YEAR ENDED 31 AUGUST 2025

PRINCIPAL RISKS AND UNCERTAINTIES

The directors consider the following to be the principal risks and uncertainties that could affect the company:

- Significant external events that reduce demand for product, including the cost of living crisis;

- Disruption in the product supply chain and product price increases;

- Aggressive product pricing by competitors, squeezing margins;

- Recruitment and retention of staff.

The reputation of the company has grown over many years of trading and the company consider themselves to be in a strong financial and market position to deal with the risks outlined above.

SECTION 172(1) STATEMENT

The directors are aware of their duties under s.172 of the Companies Act 2006 to act in the way which they consider, in good faith, would be most likely to promote the success of the company for the benefit of its shareholders. The directors consider it crucial that the company maintains a reputation for high standards of business conduct. The directors are responsible for setting, monitoring and upholding cultures, values, standards, ethics, brand and reputation of the company. Management drives the embedding of the desired culture throughout the organisation.

ENVIRONMENT AND SUSTAINABILITY

The company continues to improve their sustainable approach to business, maintaining their drive to positively impact the environment.

The company has successfully certified to The Planet Mark for the reporting period 1 September 2024 to 31 August 2025 which is the second year of certification. The Planet Mark is a sustainability certification that recognises continuous improvements, encourages action, and builds an empowered community of like-minded individuals. The company also make a commitment upon certification of The Planet Mark to achieve a minimum 5% reduction in their measured market-based Scope 1 and 2 carbon footprint year on year.

2024-25 has been a very busy year for the company and the business has continued to grow.

The company has relocated its head office to a new unit. The new unit utilises energy efficient heating and ventilation systems and uses LED lighting solutions and PIR's to ensure the lighting is only on when needed and has the goal of keeping energy usage to a minimum. The building has a large solar panel installation which is capable of generating up to 75kWh which will help offset a large amount of energy usage.

In addition to this the company are looking at further install of solar panels onto their Gainsborough branch which is hoped will generate a further 35kWh.

The company continues to move its fleet into EV vehicles and in addition to last year's actions, are looking into potential solutions to reduce the emissions from their fleet of vans. The company has trialled a couple of EV vans to assess their viability and will continue to look into this as an option for the future.

The company is exploring the option of being able to allow customers and employees to be able to use the EV chargers. This will potentially encourage both customers and employees to start using EV vehicles. It will also allow the company to separate the usage out between what is being used by LEW, and what is being used by customers and employees.

Working with their waste provider and directly with branch employees, the company has made significant reductions in the amount of waste going to landfill going from 2.33% (2023-24) to only 0.81% this year. Energy from waste has reduced by 0.3% and recycling has increased by 1.5% and now stands at 74.92%.

The company is currently looking at changing its electricity contracts over to tariffs focusing on a cleaner energy supply. This is something we aim to move forward on over the coming year.

LINCS. ELECTRICAL WHOLESALERS LIMITED (REGISTERED NUMBER: 02262735) |

STRATEGIC REPORT

FOR THE YEAR ENDED 31 AUGUST 2025

EMPLOYEE INVOLVEMENT AND EQUAL OPPORTUNITY

All team members undergo a continuous training programme, relevant to their role, to ensure the safety of all customers, suppliers and employees. The company is committed to non-discriminatory recruitment procedures and practices and all job offers are based on merit taking into account aptitude and capability to carry out the roles as defined in the job specification.

DISABLED EMPLOYEES

The company gives full consideration to applications for employment from disabled persons where the candidate's particular aptitudes and abilities are consistent with adequately meeting the requirements of the job. Opportunities are available to disabled employees for training, career development and promotion.

Where existing employees become disabled, it is the company's policy to provide continuing employment wherever practicable in the same or an alternative position and to provide appropriate training to achieve this aim.

ENERGY AND CARBON REPORT

The streamlined energy and carbon reporting has been given in the Directors' Report.

ON BEHALF OF THE BOARD:

A S Johnson - Director

3 March 2026

LINCS. ELECTRICAL WHOLESALERS LIMITED (REGISTERED NUMBER: 02262735) |

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 AUGUST 2025

The directors present their report with the financial statements of the company for the year ended 31 August 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of electrical equipment wholesalers.

DIVIDENDS

The total distribution of dividends for the year ended 31 August 2025 will be £439,200 (2024: £1,050,000).

DIRECTORS

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

A S Johnson

J P Ring

L T Martin

J Johnson

S A Berry

K M Johnson

STAKEHOLDER RELATIONSHIPS & ENGAGEMENTS

The directors are responsible for overseeing meaningful engagements with stakeholders, including the workforce, and having regard to their views when taking decisions.

Customer safety and satisfaction are pivotal to the success of the business. The needs, behaviours, and feedback of the customers are collected, assessed and used to develop the long-term strategy of the business.

The directors regularly engage with suppliers and also receive frequent reporting regarding the business interactions. The directors consider the impact to suppliers when making key strategic decisions relating to product ranges or supply and logistics.

The directors recognise that the implementation of an effective people strategy and strong culture underpin the effective delivery of the company's strategy and drive strong performance. The directors acknowledge the importance of retaining talent and considering the views of the workforce when making decisions and considering the impact of those decisions on said workforce.

FUTURE DEVELOPMENTS

While trading conditions remain tough given the prolonged difficult economic environment, the company remains committed to opening additional trading branches in the future. The directors remain cautiously optimistic regarding future trading performance.

STREAMLINED ENERGY AND CARBON REPORTING

Methodology

The methodology adopted to calculate our energy consumption and emissions is the GHG Protocol Corporate Accounting and Reporting Standard, Planet Mark Certification Scheme. The scope of our reporting covers our 19 sites across England which include our administrative headquarters and the branches.

The annual quantity of emissions arising from different sources are as follows:

| 2025 |  | 2024 |

Energy consumption |  | kWh |  | kWh |

Electricity purchased |  | 623,739 |  | 532,846 |

Natural Gas |  | 24,638 |  | 24,638 |

Combustion of fuel for transport purposes |  | 2,057,963 |  | 1,879,404 |

Business travel |  | 191,176 |  | 257,467 |

| 2025 |  | 2024 |

| Tonnes of CO2e |  | Tonnes of CO2e |

Emissions of CO2 |  |

Scope 1 - direct emissions |  |

Gas Combustion |  | 4.5 |  | 4.5 |

Combustion of fuel for transport purposes - owned |  | 509.2 |  | 448.6 |

Scope 2 - indirect emissions |  |

Electricity purchased |  | 110.4 |  | 110.3 |

Combustion of fuel for transport purposes - owned |  | 5.7 |  | 6.9 |

Scope 3 - indirect emissions |  |

Transport and distribution losses |  | 11.2 |  | 9.3 |

LINCS. ELECTRICAL WHOLESALERS LIMITED (REGISTERED NUMBER: 02262735) |

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 AUGUST 2025

Emissions from disposal and transportation of waste |  | 1.2 |  | 1.8 |

Emissions from water supply and water treatment |  | 0.2 |  | 0.2 |

Combustion of fuel for transport purposes - owned |  | 0.6 |  | 0.6 |

Business travel including employee-owned vehicles where company is responsible for purchasing the fuel or rental cars |  | 54.7 |  | 71.6 |

Procurement : Paper - primary content |  | * |  | * |

Total gross emissions |  | 697.7 |  | 653.8 |

Intensity ratio |  |

Per employee |  | 3.5 |  | 3.5 |

Per million pound of turnover |  | 9.7 |  | 11.9 |

* As this is not a mandatory reporting category, this has not been disclosed.

Energy efficiency action taken

We have been working on migrating our fleet of company cars, which used to be a fully diesel fleet, to a mixture of hybrid, plug-in hybrid and fully electric vehicles. The latest policy we worked on will increase the amount of fully EV vehicles so that by the end of 2026, 75% of the car fleet will be fully electric. The aim following this is to bring that number up to 100% of company cars being full EV by 2028. Furthermore, are looking at the potential for putting some electric vans on to our fleet, as some sites do a lot of small, local deliveries and an electric van could be the solution.

DISCLOSURE IN THE STRATEGIC REPORT

Information regarding business performance, risk and KPIs is reported in the Strategic Report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the 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 of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 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 company'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 company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

A S Johnson - Director

3 March 2026

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

LINCS. ELECTRICAL WHOLESALERS LIMITED

Opinion

We have audited the financial statements of Lincs. Electrical Wholesalers Limited (the 'company') for the year ended 31 August 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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 company's affairs as at 31 August 2025 and of its profit 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 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.

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 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 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 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 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or

- | the 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

LINCS. ELECTRICAL WHOLESALERS LIMITED

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page six, 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 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 company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

LINCS. ELECTRICAL WHOLESALERS LIMITED

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.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

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

Objectives

The objectives of our audit in respect of fraud, are;

- to identify and assess the risks of material misstatement of the financial statements due to fraud;

- to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and

- to respond appropriately to instances of fraud or suspected fraud identified during the audit.

However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

Audit Approach

Our approach was as follows:

- We obtained an understanding of the legal and regulatory requirements applicable to the Company and considered that the most significant are the Consumer Rights Act, the Consumer Protection (Distance Selling) Regulations, the Companies Act 2006, FRS 102, and UK taxation legislation.

- We obtained an understanding of how the Company complies with these requirements by discussions with management and those charged with governance, as well a review of relevant correspondence and certifications.

- We assessed the risk of material misstatement of the financial statements and how it might occur (including the risk of material misstatement due to fraud), by holding discussions with management and those charged with governance. We used our knowledge of the Company and the industry in which it operates to determine if management's explanations were consistent with our own conclusions.

- Based on our understanding developed from the above, we designed specific appropriate audit procedures to identify instances of non-compliance with the key laws and regulations which may result in potential fraud. This included making enquiries of management and those charged with governance, investigating unusual or unexpected relationships or movements in figures disclosed in the accounts and remaining alert for any transactions that appeared to be outside the normal course of business. Furthermore, as required by auditing standards, and taking into account our overall knowledge of the control environment, we have performed procedures to address the risks of management override of controls and the risk of fraudulent revenue recognition. Procedures such as a review of journal entries and assessing estimates for management bias have enabled us to conclude in this area.

No instances of fraud, non-compliance or suspected non-compliance with laws and regulations were identified from the above procedures.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

- Obtain an understanding of internal control environment relevant to the audit, in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the Company's internal control.

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

- Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

LINCS. ELECTRICAL WHOLESALERS LIMITED

- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Context of the ability of the audit to detect fraud or breaches of law or regulation

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.

In addition, as with any audit, there remains a risk of non-detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect noncompliance with all laws and regulations.

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.

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.

Stephanie Williams (Senior Statutory Auditor)

for and on behalf of WP Audit Services LLP

Chartered Accountant & Statutory Auditor

Chancery House

30 St Johns Road

Woking

Surrey

GU21 7SA

5 March 2026

LINCS. ELECTRICAL WHOLESALERS LIMITED (REGISTERED NUMBER: 02262735) |

INCOME STATEMENT

FOR THE YEAR ENDED 31 AUGUST 2025

| 2025 |  | 2024

| Notes | £ | £ |

TURNOVER | 71,782,030 |  | 55,179,519 |  |

Cost of sales | (52,259,524 | ) | (39,020,488 | ) |

GROSS PROFIT | 19,522,506 |  | 16,159,031 |  |

Distribution costs | (326,582 | ) | (288,684 | ) |

Administrative expenses | (16,238,494 | ) | (13,339,012 | ) |

OPERATING PROFIT | 5 | 2,957,430 |  | 2,531,335 |  |

Income from shares in group undertakings | - |  | 101,005 |  |

Interest receivable and similar income | 48,176 |  | 40,213 |  |

3,005,606 |  | 2,672,553 |  |

Amounts written off investments | 6 | - |  | (101,005 | ) |

PROFIT BEFORE TAXATION | 3,005,606 |  | 2,571,548 |  |

Tax on profit | 7 | (839,393 | ) | (784,808 | ) |

PROFIT FOR THE FINANCIAL YEAR | 2,166,213 |  | 1,786,740 |  |

LINCS. ELECTRICAL WHOLESALERS LIMITED (REGISTERED NUMBER: 02262735) |

OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 AUGUST 2025

| 2025 |  | 2024

| Notes | £ | £ |

PROFIT FOR THE YEAR | 2,166,213 |  | 1,786,740 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 2,166,213 |  | 1,786,740 |  |

LINCS. ELECTRICAL WHOLESALERS LIMITED (REGISTERED NUMBER: 02262735) |

BALANCE SHEET

31 AUGUST 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 9 | 1,084,419 |  | 1,214,910 |  |

Tangible assets | 10 | 3,021,292 |  | 2,665,414 |  |

4,105,711 |  | 3,880,324 |  |

CURRENT ASSETS

Stocks | 11 | 5,764,976 |  | 5,404,644 |  |

Debtors | 12 | 20,724,500 |  | 14,950,387 |  |

Cash at bank and in hand | 491,683 |  | 528,804 |  |

26,981,159 |  | 20,883,835 |  |

CREDITORS

Amounts falling due within one year | 13 | 16,971,197 |  | 12,376,895 |  |

NET CURRENT ASSETS | 10,009,962 |  | 8,506,940 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 14,115,673 |  | 12,387,264 |  |

PROVISIONS FOR LIABILITIES | 15 | 661,000 |  | 659,604 |  |

NET ASSETS | 13,454,673 |  | 11,727,660 |  |

CAPITAL AND RESERVES

Called up share capital | 16 | 900 |  | 900 |  |

Capital redemption reserve | 17 | 3,100 |  | 3,100 |  |

Retained earnings | 17 | 13,450,673 |  | 11,723,660 |  |

SHAREHOLDERS' FUNDS | 13,454,673 |  | 11,727,660 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 3 March 2026 and were signed on its behalf by:

A S Johnson - Director

LINCS. ELECTRICAL WHOLESALERS LIMITED (REGISTERED NUMBER: 02262735) |

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 AUGUST 2025

| Called up |  | Capital |

| share |  | Retained |  | redemption |  | Total

| capital |  | earnings |  | reserve |  | equity

£ | £ | £ | £ |

Balance at 1 September 2023 | 900 |  | 10,986,920 |  | 3,100 |  | 10,990,920 |  |

Changes in equity

Total comprehensive income | - |  | 1,786,740 |  | - |  | 1,786,740 |  |

Dividends | - |  | (1,050,000 | ) | - |  | (1,050,000 | ) |

Balance at 31 August 2024 | 900 |  | 11,723,660 |  | 3,100 |  | 11,727,660 |  |

Changes in equity

Total comprehensive income | - |  | 2,166,213 |  | - |  | 2,166,213 |  |

Dividends | - |  | (439,200 | ) | - |  | (439,200 | ) |

Balance at 31 August 2025 | 900 |  | 13,450,673 |  | 3,100 |  | 13,454,673 |  |

LINCS. ELECTRICAL WHOLESALERS LIMITED (REGISTERED NUMBER: 02262735) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

1. | STATUTORY INFORMATION

| Lincs. Electrical Wholesalers 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" 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.

| Financial Reporting Standard 102 - reduced disclosure exemptions

| The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

| • | the requirements of Section 7 Statement of Cash Flows;

| • | the requirement of paragraph 33.7.

| 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 wholly owned companies within the group.

| Critical accounting judgements and key sources of estimation uncertainty

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

| The critical accounting estimates that affect these accounts, and which require a degree of judgement from management, are detailed below:

| Accrued rebate income and impact on stock

| In line with general industry practice, at times the company receives rebates from some suppliers in relation to purchases made. At any one time there is stock held on which rebates have or are due to be received, which would reduce the actual unit cost of this stock below the initial amount invoiced. To reflect the impact of these rebates on the stock value, and properly record stock at the lower of cost and net realisable value, an adjustment has been made to lower the value of stock reported. The directors have estimated the impact of the purchase rebates on stock by looking at ratios of rebates, purchases and stock.

| Depreciation and amortisation

| The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic 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 advancement, future investments, economic utilisation and the physical condition of the assets.

| Useful life of goodwill

| Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the company's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Goodwill is amortised on a straight line basis to the Income Statement over its useful economic life. A 10 year amortisation period for goodwill has been chosen as the directors are of the opinion that this period most accurately reflects the goodwill life, based on the expected future plans for the branch and commercial lifespan of customers acquired.

LINCS. ELECTRICAL WHOLESALERS LIMITED (REGISTERED NUMBER: 02262735) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2025

3. | ACCOUNTING POLICIES - continued

| Turnover

| Turnover represents net invoiced sales of goods, net of discounts and excluding value added tax. Turnover is recognised on the raising of the invoice, which takes place when the goods are either delivered or collected.

| Purchases and sales rebates

| Purchase rebates from suppliers are credited to the profit and loss account (against purchases) and sales rebates to customers are charged to the profit and loss account (against sales) on an accruals basis.

| Goodwill

| Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of comprehensive income over its useful economic life.

| Goodwill is being amortised evenly over its estimated useful life of ten 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.

| Computer software is being amortised evenly over its estimated useful life of ten years.

| Tangible fixed assets

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

| Plant and machinery |  | - |  | 25% on cost |  |

| Fixtures and fittings |  | - |  | 50% on cost, 33% on cost, 25% on cost, 10% on cost, 5% on cost and 25% on reducing balance |  |

| Motor vehicles |  | - |  | 25% on cost |  |

| All assets are held at cost less accumulated depreciation and impairment losses.

| Assets under construction are not depreciated until the assets are brought into productive use. Assets under construction have been brought into use in the current year.

| Fixtures depreciated over 5% are those assets related to the head office fit out, so they include integral fittings and fixtures. This is considered a reasonable basis given the time the company plans to spend at this office location.

| Impairment of assets

| At each reporting date financial assets as well as other fixed assets, are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss if recognised immediately in profit or loss.

| If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the assets in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

| Debtors

| Short term debtors are measured at transaction price, less any impairment.

| Creditors

| Short term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transactions costs, and are measured subsequently at amortised cost using the effective interest method.

LINCS. ELECTRICAL WHOLESALERS LIMITED (REGISTERED NUMBER: 02262735) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2025

3. | ACCOUNTING POLICIES - continued

| Stocks

| Stocks are valued at the lower of cost and net realisable value, after making due allowances for obsolete and slow moving items as well as subsequent reductions to cost in relation to rebates.

| Whilst stock is sold on a First In First Out basis, the cost of stock is derived using an average purchase price where applicable.

| At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

| Taxation

| Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that have been enacted or substantively enacted by the reporting date.

| Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated.

| Deferred tax assets are only recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed.

| Deferred tax is calculated using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

| The tax expense (income) is presented either in profit or loss, other comprehensive income or equity depending on the transaction that resulted in the tax expense (income).

| Hire purchase and leasing commitments

| At inception the Company assesses agreements that transfer the right to use assets. The assessment considers whether the arrangement is a finance lease or an operating lease based on the substances of the arrangement.

| Finance leases

| Leases of assets that transfer substantially all the risks and rewards of ownership to the Company are classified as finance leases.

| Assets held under finance leases are recognized initially at the fair value of the leased asset (or, if lower, the present value of minimum lease payments) at the inception of the lease. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation. Lease payments are apportioned between finance charges and reduction of the lease obligation using the effective interest method so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are deducted in measuring profit or loss.

| Assets held under finance leases are included in tangible fixed assets and depreciated over the shorter of the lease term and the estimated useful life of the asset. Assets are assessed for impairment at each reporting date.

| Operating leases

| Leases that do no transfer all the risks and rewards of ownership are classified as operating leases. Payments 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

| Short- term employee benefits and contributions to defined contribution plans are recognised as an expense in the period in which they are incurred.

LINCS. ELECTRICAL WHOLESALERS LIMITED (REGISTERED NUMBER: 02262735) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2025

3. | ACCOUNTING POLICIES - continued

| Provisions for liabilities

| Provisions are recognised when the Company has a present (legal or constructive) obligation as a result of a past event; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

| The amount recognised as a provision is the best estimate of the consideration required to settle the present recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

| Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance costs in profit or loss in the period it arises.

| The Company recognises a provision for annual leave accrued by employees for services rendered in the current period, and which employees are entitled to carry forward and use within the next 12 months, measured at the salary costs payable for the period of absence.

4. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 9,066,890 |  | 7,611,123 |  |

| Social security costs | 1,081,843 |  | 819,701 |  |

| Other pension costs | 177,423 |  | 151,353 |  |

10,326,156 |  | 8,582,177 |  |

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

| 2025 |  | 2024

| Selling and administration | 202 |  | 188 |  |

| 2025 |  | 2024

£ | £ |

| Directors' remuneration | 1,427,210 |  | 1,102,942 |  |

| Directors' pension contributions to money purchase schemes | 19,525 |  | 13,286 |  |

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

| Money purchase schemes | 6 |  | 6 |  |

| Information regarding the highest paid director is as follows:

| 2025 |  | 2024

£ | £ |

| Emoluments etc | 457,188 |  | 412,726 |  |

| Pension contributions to money purchase schemes | 4,104 |  | 4,636 |  |

| The directors were the only key management personnel within the company in the current and prior year. It is considered that directors who are appointed during a year only become key management at the point when they are appointed as directors.

LINCS. ELECTRICAL WHOLESALERS LIMITED (REGISTERED NUMBER: 02262735) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2025

5. | OPERATING PROFIT

| The operating profit is stated after charging/(crediting):

| 2025 |  | 2024

£ | £ |

| Hire of plant and machinery | 347,443 |  | 242,453 |  |

| Other operating leases | 723,866 |  | 669,282 |  |

| Depreciation - owned assets | 597,402 |  | 516,435 |  |

| Profit on disposal of fixed assets | (7,597 | ) | (16,622 | ) |

| Goodwill amortisation | 72,000 |  | 72,000 |  |

| Computer software amortisation | 69,675 |  | 62,450 |  |

| Auditors' remuneration | 19,000 |  | 13,500 |  |

| Preparation of accounts | 6,000 |  | 6,000 |  |

| Taxation compliance services | 2,500 |  | 2,500 |  |

| Other non- audit services | 6,050 |  | 6,485 |  |

6. | AMOUNTS WRITTEN OFF INVESTMENTS |

| 2025 |  | 2024

£ | £ |

| Amounts written off investment | - |  | 101,005 |  |

7. | TAXATION

| Analysis of the tax charge

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

| 2025 |  | 2024

£ | £ |

| Current tax:

| UK corporation tax | 837,600 |  | 589,281 |  |

| Over / under provision | 397 |  | - |  |

| Total current tax | 837,997 |  | 589,281 |  |

| Deferred tax | 1,396 |  | 195,527 |  |

| Tax on profit | 839,393 |  | 784,808 |  |

| 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:

| 2025 |  | 2024

£ | £ |

| Profit before tax | 3,005,606 |  | 2,571,548 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 751,402 |  | 642,887 |  |

| Effects of:

| Expenses not deductible for tax purposes | 118,810 |  | 68,853 |  |

| Capital allowances in excess of depreciation | (32,612 | ) | (122,459 | ) |

| Adjustments to tax charge in respect of previous periods | 397 |  | - |  |

| Deferred tax charge | 1,396 |  | 195,527 |  |

| Total tax charge | 839,393 |  | 784,808 |  |

LINCS. ELECTRICAL WHOLESALERS LIMITED (REGISTERED NUMBER: 02262735) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2025

8. | DIVIDENDS

| 2025 |  | 2024

£ | £ |

| Ordinary A shares of £1 each

| Interim | 219,600 |  | 525,000 |  |

| Ordinary B shares of £1 each

| Interim | 219,600 |  | 525,000 |  |

439,200 |  | 1,050,000 |  |

9. | INTANGIBLE FIXED ASSETS

| Computer |

| Goodwill |  | software |  | Totals

£ | £ | £ |

| COST

| At 1 September 2024 | 726,090 |  | 689,278 |  | 1,415,368 |  |

| Additions | - |  | 11,184 |  | 11,184 |  |

| At 31 August 2025 | 726,090 |  | 700,462 |  | 1,426,552 |  |

| AMORTISATION

| At 1 September 2024 | 72,000 |  | 128,458 |  | 200,458 |  |

| Amortisation for year | 72,000 |  | 69,675 |  | 141,675 |  |

| At 31 August 2025 | 144,000 |  | 198,133 |  | 342,133 |  |

| NET BOOK VALUE

| At 31 August 2025 | 582,090 |  | 502,329 |  | 1,084,419 |  |

| At 31 August 2024 | 654,090 |  | 560,820 |  | 1,214,910 |  |

10. | TANGIBLE FIXED ASSETS

| Assets |  | Fixtures |

| under |  | Plant and |  | and |  | Motor |

| construction |  | machinery |  | fittings |  | vehicles |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 1 September 2024 | 679,496 |  | 285,510 |  | 2,699,655 |  | 965,948 |  | 4,630,609 |  |

| Additions | 326,571 |  | 39,262 |  | 380,678 |  | 268,440 |  | 1,014,951 |  |

| Disposals | - |  | - |  | - |  | (253,427 | ) | (253,427 | ) |

| Reclassification/transfer | (1,006,067 | ) | - |  | 1,006,067 |  | - |  | - |  |

| At 31 August 2025 | - |  | 324,772 |  | 4,086,400 |  | 980,961 |  | 5,392,133 |  |

| DEPRECIATION

| At 1 September 2024 | - |  | 227,983 |  | 1,322,405 |  | 414,807 |  | 1,965,195 |  |

| Charge for year | - |  | 24,281 |  | 361,743 |  | 211,378 |  | 597,402 |  |

| Eliminated on disposal | - |  | - |  | - |  | (191,756 | ) | (191,756 | ) |

| At 31 August 2025 | - |  | 252,264 |  | 1,684,148 |  | 434,429 |  | 2,370,841 |  |

| NET BOOK VALUE

| At 31 August 2025 | - |  | 72,508 |  | 2,402,252 |  | 546,532 |  | 3,021,292 |  |

| At 31 August 2024 | 679,496 |  | 57,527 |  | 1,377,250 |  | 551,141 |  | 2,665,414 |  |

| The refurbishment work at the head office was completed in the year, and as a result the assets under course of construction have now been reclassified to fixtures and fittings.

LINCS. ELECTRICAL WHOLESALERS LIMITED (REGISTERED NUMBER: 02262735) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2025

11. | STOCKS

2025 | 2024 |

£ | £ |

| Stocks | 5,764,976 |  | 5,404,644 |  |

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

2025 | 2024 |

£ | £ |

| Trade debtors | 15,711,778 |  | 11,062,756 |  |

| Prepayments and accrued income | 5,012,722 |  | 3,887,631 |  |

20,724,500 |  | 14,950,387 |  |

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

2025 | 2024 |

£ | £ |

| Trade creditors | 11,706,856 |  | 9,377,476 |  |

| Tax | 487,600 |  | 340,888 |  |

| Social security and other taxes | 204,166 |  | 154,461 |  |

| VAT | 722,568 |  | 485,939 |  |

| Other creditors | 600,119 |  | - |  |

| Accruals and deferred income | 3,249,888 |  | 2,018,131 |  |

16,971,197 |  | 12,376,895 |  |

| Other creditors comprises of an invoice discounting facility available to the company, self-capped at £5m, whereby the company can draw down in advance of customers payments to fund working capital if required.

| This is secured via a floating charge over the assets and undertakings of the company.

14. | LEASING AGREEMENTS

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

2025 | 2024 |

£ | £ |

| Within one year | 818,365 |  | 567,542 |  |

| Between one and five years | 1,849,868 |  | 1,106,308 |  |

| In more than five years | 638,574 |  | 228,542 |  |

3,306,807 |  | 1,902,392 |  |

| Lease payments recognised as an expense totalled £1,071,309 (2024: £911,735).

15. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

£ | £ |

| Deferred tax | 661,000 |  | 659,604 |  |

| Deferred |

| tax |

£ |

| Balance at 1 September 2024 | 659,604 |  |

| Provided during year | 1,396 |  |

| Balance at 31 August 2025 | 661,000 |  |

LINCS. ELECTRICAL WHOLESALERS LIMITED (REGISTERED NUMBER: 02262735) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2025

16. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

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

| value: | £ | £ |

| 450 | Ordinary A | £1 | 450 |  | 450 |  |

| 450 | Ordinary B | £1 | 450 |  | 450 |  |

900 |  | 900 |  |

| The Ordinary A and Ordinary B shares carry equal voting rights.

17. | RESERVES

| Capital |

| Retained |  | redemption |

| earnings |  | reserve |  | Totals

£ | £ | £ |

| At 1 September 2024 | 11,723,660 |  | 3,100 |  | 11,726,760 |  |

| Profit for the year | 2,166,213 |  | 2,166,213 |  |

| Dividends | (439,200 | ) | (439,200 | ) |

| At 31 August 2025 | 13,450,673 |  | 3,100 |  | 13,453,773 |  |

18. | PENSION COMMITMENTS

| The company operates a defined contribution pension scheme. The pension charge for the year represents contributions paid by the company to the fund and amounted to £177,423 (2024: £151,353).

| At the year end, there is a liability in relation to pensions of £36,576 (2024: £30,777).

19. | ULTIMATE CONTROLLING PARTY

| On 29 October 2024, the shares in the parent company were acquired by Johnson Family Investment Holdings Limited by way of a share for share exchange. This is now the ultimate parent undertaking, with LEW Group Holdings Limited remaining the immediate parent company.

| The accounts of Johnson Family Investment Holdings Limited consolidate the post acquisition results of the company and are the smallest and largest group which consolidates the results of the company.

| There is no single ultimate controlling party, due to the nature of the ownership of the ultimate parent company.