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REGISTERED NUMBER: 05338805 (England and Wales)

| AUDITED FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31 DECEMBER 2025 |

| FOR |

| MORSO UK LIMITED |

| MORSO UK LIMITED (REGISTERED NUMBER: 05338805) |

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 |

| MORSO UK LIMITED |

COMPANY INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2025

| DIRECTOR: | P N Nielsen

| REGISTERED OFFICE: | Unit 14

| Davy Court

| Castle Mound Way

| Rugby

| Warwickshire

| CV23 0UZ

| REGISTERED NUMBER: | 05338805 (England and Wales)

| AUDITORS: | TGFP

| Chartered Accountants & Statutory Auditors

| Fulford House

| Newbold Terrace

| Leamington Spa

| Warwickshire

| CV32 4EA

| MORSO UK LIMITED (REGISTERED NUMBER: 05338805) |

BALANCE SHEET

31 DECEMBER 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 4 | 8,797 |  | 19,074 |  |

CURRENT ASSETS

Stocks | 159,519 |  | 203,206 |  |

Debtors | 5 | 412,865 |  | 398,256 |  |

Cash at bank and in hand | 105,329 |  | 59,446 |  |

677,713 |  | 660,908 |  |

CREDITORS

Amounts falling due within one year | 6 | 191,338 |  | 1,674,275 |  |

NET CURRENT ASSETS/(LIABILITIES) | 486,375 |  | (1,013,367 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 495,172 |  | (994,293 | ) |

CAPITAL AND RESERVES

Called up and paid share capital | 50,000 |  | 50,000 |  |

Other reserves | 1,912,054 |  | - |  |

Retained earnings | (1,466,882 | ) | (1,044,293 | ) |

SHAREHOLDERS' FUNDS | 495,172 |  | (994,293 | ) |

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 director and authorised for issue on 24 February 2026 and were signed by:

P N Nielsen - Director

| MORSO UK LIMITED (REGISTERED NUMBER: 05338805) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1. | STATUTORY INFORMATION

| Morso UK 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. | 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.

| Turnover

| The turnover shown in the profit and loss account represents amounts invoiced for goods supplied during the year, net of trade discounts, and exclusive of Value Added Tax. Revenue is recognised when goods are dispatched to customers.

| Intangible assets

| Intangible assets are initial measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisiation and any accumulated impairment losses.

| Other intangible assets are being amoritised evenly over their estimated useful life of 3 and 5 years.

| Stocks

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

| Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less cost to complete and sell. Cost valuation is based on a first-in first-out basis,

| At each balance sheet 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

| Taxation for the year comprises current 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.

| MORSO UK LIMITED (REGISTERED NUMBER: 05338805) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

2. | ACCOUNTING POLICIES - continued

| 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 and leasing commitments

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

| Lease incentives are written off 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.

| Financial instruments

| 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 entity after deducting all it's financial liabilities.

| Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, these financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate on the outstanding liability.

| Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

| Going concern

| The financial statements have been prepared on the going concern concept. This assumes that the company will achieve a profitable level of trading and will continue to enjoy the support of its parent company for a period of no less than twelve months from the signing of the Balance Sheet. The financial statements do not account for any adjustments that would be required if the company was unable to achieve these objectives.

3. | EMPLOYEES AND DIRECTORS

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

| MORSO UK LIMITED (REGISTERED NUMBER: 05338805) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

4. | INTANGIBLE FIXED ASSETS

| Other

| intangibles

£ |

| COST

| At 1 January 2025

| and 31 December 2025 | 38,113 |  |

| AMORTISATION

| At 1 January 2025 | 19,039 |  |

| Amortisation for year | 10,277 |  |

| At 31 December 2025 | 29,316 |  |

| NET BOOK VALUE

| At 31 December 2025 | 8,797 |  |

| At 31 December 2024 | 19,074 |  |

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

2025 | 2024 |

£ | £ |

| Trade debtors | 401,635 |  | 385,222 |  |

| Other debtors | 5,856 |  | 5,856 |  |

| Prepayments and accrued income | 5,374 |  | 7,178 |  |

412,865 |  | 398,256 |  |

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

2025 | 2024 |

£ | £ |

| Trade creditors | 69,145 |  | 56,875 |  |

| Amounts owed to group undertakings | - |  | 1,488,825 |  |

| Tax | 121 |  | 121 |  |

| Social security and other taxes | 10,896 |  | 7,380 |  |

| VAT | 99,245 |  | 108,973 |  |

| Other creditors | 3,615 |  | 3,899 |  |

| Accruals and deferred income | 8,316 |  | 8,202 |  |

191,338 |  | 1,674,275 |  |

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

| The Report of the Auditors was unqualified.

| BENJAMIN REYNOLDS BSc(Hons) FCA (Senior Statutory Auditor)

| for and on behalf of TGFP

| MORSO UK LIMITED (REGISTERED NUMBER: 05338805) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

8. | RELATED PARTY DISCLOSURES

| The company was under the control of Mr P A Moller throughout the current year, by virtue of his directorship and majority shareholding in the parent company.

| As a wholly owned subsidiary of Morso Jernstoberi A/S, the company is exempt from the requirements of FRS102 to disclosure transactions with other members of the group headed by Morso Jernstoberi A/S on the grounds that all parties involved are wholly owned within the group.

9. | CAPITAL CONTRIBUTION

| During the year the parent company, Morsø Jernstøberi A/S, waived £1,912,054 of intercompany indebtedness owed by the Company.

| In accordance with FRS 102, the transaction has been recognised as a capital contribution and recorded directly in equity. The transaction did not impact profit or loss for the year.