IRIS Accounts Production v25.4.0.155 01937415 Board of Directors 1.10.24 30.9.25 30.9.25 Medium entities true true false true true false false false true false Auditors Opinion These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. 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REGISTERED NUMBER: 01937415 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 30 September 2025

for

Kettler (G.B.) Limited

| Kettler (G.B.) Limited (Registered number: 01937415) |

Contents of the Financial Statements

for the year ended 30 September 2025

Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Report of the Directors | 3 |

| Report of the Independent Auditors | 5 |

| Income Statement | 9 |

| Other Comprehensive Income | 10 |

| Balance Sheet | 11 |

| Statement of Changes in Equity | 12 |

| Cash Flow Statement | 13 |

| Notes to the Cash Flow Statement | 14 |

| Notes to the Financial Statements | 16 |

| Kettler (G.B.) Limited |

Company Information

for the year ended 30 September 2025

| DIRECTORS: | S P Bevington

| V Klockhaus

| A S Sand

| SECRETARY: | R S Blaggan

| REGISTERED OFFICE: | Merse Road

| North Moons Moat

| Redditch

| Worcestershire B98 9HL

| REGISTERED NUMBER: | 01937415 (England and Wales)

| AUDITORS: | Derek Young & Co Accountants LLP

| Statutory Auditors

| Chartered Accountants

| Estate House

| Evesham Street

| Redditch

| Worcestershire

| B97 4HP

| BANKERS: | HSBC Bank plc

| Church Green West

| Redditch

| Worcestershire

| B97 4EA

| Kettler (G.B.) Limited (Registered number: 01937415) |

Strategic Report

for the year ended 30 September 2025

The directors present their strategic report for the year ended 30 September 2025.

REVIEW OF BUSINESS

The Directors are encouraged by the overall direction of the business during the year and the notable improvement in gross margin. Together with the implementation of planned cost reductions, this resulted in a greatly reduced operating loss compared with prior years, indicating positive progress in the Company's performance.

The year 2025 was recorded as the UK's warmest and sunniest on record, with an exceptionally warm spring followed by a hot summer, contributing to a strong start to the trading season. However, this level of performance was not maintained through to the end of the season.

From June onwards, economic conditions became more challenging, with global markets affected by tariffs and geopolitical tensions. This uncertainty impacted consumer confidence, particularly in relation to higher-value purchases, and led to a slowdown in sales during the final three months of the trading period.

Nevertheless, the Company has made significant progress during the year and the Directors remain optimistic regarding prospects for 2026.

PRINCIPAL RISKS AND UNCERTAINTIES

The Company's operations expose it to a number of financial risks that include price risk, credit risk and liquidity risk.

Given the size of the Company, the Directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The policies set by the Directors are implemented by the Company's finance department as required.

Price risk

The Company is exposed to commodity price risk as a result of its operations. However, given the size of the Company's operations, the cost of actively managing exposure to commodity price risk exceed any potential benefits. The Directors will revisit the appropriateness of this policy should the Company's operations change in size or nature. The Company has no exposure to equity securities price risk as it holds no listed or other significant equity investments.

Credit risk

The Company has implemented policies that require appropriate credit checks on potential customers before sales are made.

Liquidity risk

The Company actively manages its working capital requirements to ensure it has sufficient funds for its operations. The requirement for medium to long term debt finance will be reviewed by the Directors based on the Company's forecast requirements.

Foreign exchange risk

The Company has potential exposure due to the majority of its purchases being invoiced in Euros and US Dollars. To mitigate the risk, the company takes out forward exchange contracts when considered necessary.

ON BEHALF OF THE BOARD:

S P Bevington - Director

26 March 2026

| Kettler (G.B.) Limited (Registered number: 01937415) |

Report of the Directors

for the year ended 30 September 2025

The directors present their report with the financial statements of the company for the year ended 30 September 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the sale of garden furniture, outdoor heating equipment, indoor furniture and fitness equipment.

DIVIDENDS

No dividends will be distributed for the year ended 30 September 2025.

FUTURE DEVELOPMENTS

An enhanced new product development ("NPD") and testing process has been implemented during the year, resulting in positive early acceptance of new product ranges by both new and existing trade customers ahead of the 2026 season. In addition, continued development of the Company's website is expected to support brand positioning and ensure the Company remains recognised as a leading provider of outdoor furniture.

DIRECTORS

V Klockhaus has held office during the whole of the period from 1 October 2024 to the date of this report.

Other changes in directors holding office are as follows:

D Kettler - resigned 30 April 2025

A S Sand - appointed 19 June 2025

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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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;

- | 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.

| Kettler (G.B.) Limited (Registered number: 01937415) |

Report of the Directors

for the year ended 30 September 2025

AUDITORS

The auditors, Derek Young & Co Accountants LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

S P Bevington - Director

26 March 2026

Report of the Independent Auditors to the Members of

Kettler (G.B.) Limited

Qualified Opinion

We have audited the financial statements of Kettler (G.B.) Limited (the 'company') for the year ended 30 September 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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, except for the effects of the matters described in the Basis for Qualified Opinion section of our report, the financial statements:

- give a true and fair view of the state of the company’s affairs as at 30 September 2025 and of its loss 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 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. Prepayments included within debtors are overstated by £216,813 as at 30 September 2025, as certain costs have been inappropriately recognised as prepayments rather than expensed in the year.

In addition, foreign exchange losses are understated by £93,078 as losses have not been fully recognised on the retranslation of foreign currency balances at the year end.

Had these matters been corrected:

- administrative expenses would have increased by £216,813;

- foreign exchange losses would have increased by £93,078; and

- the loss for the year would have increased by £309,891.

Consequently, prepayments are overstated by £216,813, trade creditors are understated by £93,078 and retained earnings are overstated by £309,891.

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.

Report of the Independent Auditors to the Members of

Kettler (G.B.) Limited

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.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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

Kettler (G.B.) 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. As required by International Standard on Quality Management 1, the engagement partner is responsible for overseeing that the audit is conducted in accordance with the firm's quality management policies and procedures. The engagement partner's responsibilities include taking appropriate actions where necessary to address any identified deficiencies or deviations from the firm's policies and procedures.

The firm's policies and procedures are designed to ensure that the audit is conducted in accordance with ISAs UK and applicable legal and regulatory requirements, and that reports issued are appropriate in the circumstances.

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

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, we considered the following:

- the nature of the industry and sector, control environment and business performance including the design of the company's remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets;

- the results of our enquiries of management about their own identification and assessment of the risks of irregularities

- any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to:

- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;

- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and

- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

- the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and local tax legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty.

As a result of performing the above, we identified management override of controls as a key audit matter related to the potential risk of fraud. Our procedures to respond to risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements ;

- enquiring of management concerning actual and potential litigation and claims;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC; and

- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Report of the Independent Auditors to the Members of

Kettler (G.B.) Limited

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

Stephen Young BSc FCA (Senior Statutory Auditor)

for and on behalf of Derek Young & Co Accountants LLP

Statutory Auditors

Chartered Accountants

Estate House

Evesham Street

Redditch

Worcestershire

B97 4HP

26 March 2026

| Kettler (G.B.) Limited (Registered number: 01937415) |

Income Statement

for the year ended 30 September 2025

| 2025 |  | 2024

| Notes | £ | £ |

TURNOVER | 3 | 20,468,904 |  | 20,641,231 |  |

Cost of sales | 15,330,702 |  | 17,181,075 |  |

GROSS PROFIT | 5,138,202 |  | 3,460,156 |  |

Administrative expenses | 5,229,736 |  | 5,829,156 |  |

OPERATING LOSS | 5 | (91,534 | ) | (2,369,000 | ) |

Interest receivable and similar income | 33,903 |  | 2,886 |  |

(57,631 | ) | (2,366,114 | ) |

Interest payable and similar expenses | 6 | 427,650 |  | 509,262 |  |

LOSS BEFORE TAXATION | (485,281 | ) | (2,875,376 | ) |

Tax on loss | 7 | (4,587 | ) | (146,646 | ) |

LOSS FOR THE FINANCIAL YEAR | (480,694 | ) | (2,728,730 | ) |

| Kettler (G.B.) Limited (Registered number: 01937415) |

Other Comprehensive Income

for the year ended 30 September 2025

| 2025 |  | 2024

| Notes | £ | £ |

LOSS FOR THE YEAR | (480,694 | ) | (2,728,730 | ) |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | (480,694 | ) | (2,728,730 | ) |

| Kettler (G.B.) Limited (Registered number: 01937415) |

Balance Sheet

30 September 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 8 | 1,071 |  | 1,351 |  |

Tangible assets | 9 | 160,204 |  | 208,377 |  |

Investments | 10 | 17,323 |  | 17,323 |  |

178,598 |  | 227,051 |  |

CURRENT ASSETS

Stocks | 11 | 8,335,582 |  | 7,676,717 |  |

Debtors | 12 | 3,279,447 |  | 2,594,425 |  |

Cash at bank and in hand | 111,827 |  | 518,901 |  |

11,726,856 |  | 10,790,043 |  |

CREDITORS

Amounts falling due within one year | 13 | 7,416,116 |  | 5,726,930 |  |

NET CURRENT ASSETS | 4,310,740 |  | 5,063,113 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 4,489,338 |  | 5,290,164 |  |

CREDITORS

Amounts falling due after more than one year | 14 | (1,775,601 | ) | (2,093,012 | ) |

PROVISIONS FOR LIABILITIES | 18 | (34,030 | ) | (36,751 | ) |

NET ASSETS | 2,679,707 |  | 3,160,401 |  |

CAPITAL AND RESERVES

Called up share capital | 19 | 200,000 |  | 200,000 |  |

Share premium | 20 | 2,800,000 |  | 2,800,000 |  |

Retained earnings | 20 | (320,293 | ) | 160,401 |  |

SHAREHOLDERS' FUNDS | 2,679,707 |  | 3,160,401 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 26 March 2026 and were signed on its behalf by:

S P Bevington - Director

| Kettler (G.B.) Limited (Registered number: 01937415) |

Statement of Changes in Equity

for the year ended 30 September 2025

| Called up |

| share |  | Retained |  | Share |  | Revaluation |  | Total

| capital |  | earnings |  | premium |  | reserve |  | equity

£ | £ | £ | £ | £ |

Balance at 1 October 2023 | 100,000 |  | 681,026 |  | - |  | 2,208,105 |  | 2,989,131 |  |

Changes in equity

Issue of share capital | 100,000 |  | - |  | 2,800,000 |  | - |  | 2,900,000 |  |

Total comprehensive income | - |  | (520,625 | ) | - |  | (2,208,105 | ) | (2,728,730 | ) |

Balance at 30 September 2024 | 200,000 |  | 160,401 |  | 2,800,000 |  | - |  | 3,160,401 |  |

Changes in equity

Total comprehensive income | - |  | (480,694 | ) | - |  | - |  | (480,694 | ) |

Balance at 30 September 2025 | 200,000 |  | (320,293 | ) | 2,800,000 |  | - |  | 2,679,707 |  |

| Kettler (G.B.) Limited (Registered number: 01937415) |

Cash Flow Statement

for the year ended 30 September 2025

| 2025 |  | 2024

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | (596,891 | ) | (2,356,694 | ) |

Interest paid | (418,507 | ) | (500,531 | ) |

Interest element of hire purchase or finance lease rental payments paid | (9,143 | ) | (8,731 | ) |

Tax paid | 279,866 |  | (279,866 | ) |

Net cash from operating activities | (744,675 | ) | (3,145,822 | ) |

Cash flows from investing activities

Purchase of tangible fixed assets | (52,254 | ) | (34,998 | ) |

Sale of tangible fixed assets | 31,999 |  | 4,800,000 |  |

Interest received | 33,903 |  | 2,886 |  |

Net cash from investing activities | 13,648 |  | 4,767,888 |  |

Cash flows from financing activities

New loans in year | 1,115,629 |  | - |  |

Loan repayments in year | (833,993 | ) | (4,479,116 | ) |

Share issue | - |  | 2,900,000 |  |

Net cash from financing activities | 281,636 |  | (1,579,116 | ) |

(Decrease)/increase in cash and cash equivalents | (449,391 | ) | 42,950 |  |

Cash and cash equivalents at beginning of year | 2 | 92,728 |  | 49,778 |  |

Cash and cash equivalents at end of year | 2 | (356,663 | ) | 92,728 |  |

| Kettler (G.B.) Limited (Registered number: 01937415) |

Notes to the Cash Flow Statement

for the year ended 30 September 2025

1. | RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 2025 |  | 2024

£ | £ |

| Loss before taxation | (485,281 | ) | (2,875,376 | ) |

| Depreciation charges | 68,057 |  | 98,925 |  |

| Loss/(profit) on disposal of fixed assets | 650 |  | (73,263 | ) |

| Group undertakings | (163,091 | ) | - |  |

| Finance costs | 427,650 |  | 509,262 |  |

| Finance income | (33,903 | ) | (2,886 | ) |

(185,918 | ) | (2,343,338 | ) |

| (Increase)/decrease in stocks | (658,865 | ) | 1,492,892 |  |

| (Increase)/decrease in trade and other debtors | (799,931 | ) | 335,289 |  |

| Increase/(decrease) in trade and other creditors | 1,047,823 |  | (1,841,537 | ) |

| Cash generated from operations | (596,891 | ) | (2,356,694 | ) |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

| Year ended 30 September 2025

| 30.9.25 |  | 1.10.24

£ | £ |

| Cash and cash equivalents | 111,827 |  | 518,901 |  |

| Bank overdrafts | (468,490 | ) | (426,173 | ) |

(356,663 | ) | 92,728 |  |

| Year ended 30 September 2024

| 30.9.24 |  | 1.10.23

£ | £ |

| Cash and cash equivalents | 518,901 |  | 948,156 |  |

| Bank overdrafts | (426,173 | ) | (898,378 | ) |

92,728 |  | 49,778 |  |

| Kettler (G.B.) Limited (Registered number: 01937415) |

Notes to the Cash Flow Statement

for the year ended 30 September 2025

3. | ANALYSIS OF CHANGES IN NET DEBT

| At 1.10.24 | Cash flow | At 30.9.25

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 518,901 |  | (407,074 | ) | 111,827 |  |

| Bank overdrafts | (426,173 | ) | (42,317 | ) | (468,490 | ) |

92,728 |  | (449,391 | ) | (356,663 | ) |

| Debt

| Debts falling due within 1 year | (1,266,751 | ) | (599,046 | ) | (1,865,797 | ) |

| Debts falling due after 1 year | (2,093,012 | ) | 317,411 |  | (1,775,601 | ) |

(3,359,763 | ) | (281,635 | ) | (3,641,398 | ) |

| Total | (3,267,035 | ) | (731,026 | ) | (3,998,061 | ) |

| Kettler (G.B.) Limited (Registered number: 01937415) |

Notes to the Financial Statements

for the year ended 30 September 2025

1. | STATUTORY INFORMATION

| Kettler (G.B.) 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| Preparation of consolidated financial statements

| The financial statements contain information about Kettler (G.B.) Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 405 of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

| Turnover

| Turnover represents amounts derived from the provision of goods and services falling within the company's ordinary activities, after deduction of trade discounts, value added tax and any other tax based on the amounts so derived.

| Revenue is recognised when the company has transferred the significant risks and rewards of ownership, it is probable that the economic benefit will flow to the entity and the revenue and associated costs can be reliably measured.

| 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.

| Patents and licences are being amortised evenly over their estimated useful life of ten 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 & equipment | - | 10% - 25% on cost

| Motor vehicles | - | 25% on cost

| Tangible fixed assets are stated at cost less depreciation.

| Investments in subsidiaries

| Investments in subsidiary undertakings are recognised at cost.

| Stocks

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

| Financial instruments

| Commitments to purchase foreign currencies that exist at the end of the financial year are retranslated at the year end rate of exchange, with any gains or losses being recognised in the profit and loss account.

| 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.

| Kettler (G.B.) Limited (Registered number: 01937415) |

Notes to the Financial Statements - continued

for the year ended 30 September 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.

| 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.

| Foreign currencies

| Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Not all monetary balances in foreign currencies are fully translated into sterling at rates of exchange ruling at the balance sheet date, hence the audit report is qualified in this respect. Exchange differences are taken into account in arriving at the operating result.

| Operating leases

| Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.

| Loans

| Interest on loans entered into on an arm's length basis is recognised in the profit and loss account in the period during which it accrued.

3. | TURNOVER

| The turnover and loss before taxation are attributable to the one principal activity of the company.

| An analysis of turnover by geographical market is given below:

| 2025 |  | 2024

£ | £ |

| United Kingdom | 20,247,130 |  | 20,432,135 |  |

| Europe | 221,774 |  | 209,096 |  |

20,468,904 |  | 20,641,231 |  |

4. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 1,924,309 |  | 2,052,331 |  |

| Social security costs | 207,516 |  | 205,634 |  |

| Other pension costs | 296,631 |  | 300,640 |  |

2,428,456 |  | 2,558,605 |  |

| Kettler (G.B.) Limited (Registered number: 01937415) |

Notes to the Financial Statements - continued

for the year ended 30 September 2025

4. | EMPLOYEES AND DIRECTORS - continued

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

| 2025 |  | 2024

| Administration | 16 |  | 14 |  |

| Sales | 17 |  | 21 |  |

| Warehouse | 25 |  | 30 |  |

58 |  | 65 |  |

| 2025 |  | 2024

£ | £ |

| Directors' remuneration | 149,061 |  | 198,419 |  |

| Directors' pension contributions to money purchase schemes | 28,000 |  | 24,000 |  |

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

| Money purchase schemes | 1 |  | 1 |  |

| The director considers the director's remuneration to be the only key management remuneration.

5. | OPERATING LOSS

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

| 2025 |  | 2024

£ | £ |

| Depreciation - owned assets | 67,778 |  | 98,645 |  |

| Loss/(profit) on disposal of fixed assets | 650 |  | (73,263 | ) |

| Patents and licences amortisation | 280 |  | 279 |  |

| Auditors' remuneration | 21,850 |  | 17,250 |  |

| Foreign exchange gain / (loss) | 9,595 |  | 95,642 |  |

| Lease of premises | 880,287 |  | 816,904 |  |

6. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£ | £ |

| Bank interest | 30,743 |  | 38,506 |  |

| Bank loan interest | 162,078 |  | 206,262 |  |

| Other interest | 7,823 |  | 45,549 |  |

| Loan interest | 217,863 |  | 210,214 |  |

| Hire purchase | 9,143 |  | 8,731 |  |

427,650 |  | 509,262 |  |

| Kettler (G.B.) Limited (Registered number: 01937415) |

Notes to the Financial Statements - continued

for the year ended 30 September 2025

7. | TAXATION

| Analysis of the tax credit

| The tax credit on the loss for the year was as follows:

| 2025 |  | 2024

£ | £ |

| Current tax:

| UK corporation tax | (1,866 | ) | - |  |

| Deferred tax | (2,721 | ) | (146,646 | ) |

| Tax on loss | (4,587 | ) | (146,646 | ) |

8. | INTANGIBLE FIXED ASSETS

| Patents

| and

| licences

£ |

| COST

| At 1 October 2024

| and 30 September 2025 | 5,295 |  |

| AMORTISATION

| At 1 October 2024 | 3,944 |  |

| Amortisation for year | 280 |  |

| At 30 September 2025 | 4,224 |  |

| NET BOOK VALUE

| At 30 September 2025 | 1,071 |  |

| At 30 September 2024 | 1,351 |  |

| Kettler (G.B.) Limited (Registered number: 01937415) |

Notes to the Financial Statements - continued

for the year ended 30 September 2025

9. | TANGIBLE FIXED ASSETS

| Fixtures |  | Motor |

| & equipment |  | vehicles |  | Totals

£ | £ | £ |

| COST

| At 1 October 2024 | 956,790 |  | 65,299 |  | 1,022,089 |  |

| Additions | 52,254 |  | - |  | 52,254 |  |

| Disposals | - |  | (65,299 | ) | (65,299 | ) |

| At 30 September 2025 | 1,009,044 |  | - |  | 1,009,044 |  |

| DEPRECIATION

| At 1 October 2024 | 781,062 |  | 32,650 |  | 813,712 |  |

| Charge for year | 67,778 |  | - |  | 67,778 |  |

| Eliminated on disposal | - |  | (32,650 | ) | (32,650 | ) |

| At 30 September 2025 | 848,840 |  | - |  | 848,840 |  |

| NET BOOK VALUE

| At 30 September 2025 | 160,204 |  | - |  | 160,204 |  |

| At 30 September 2024 | 175,728 |  | 32,649 |  | 208,377 |  |

10. | FIXED ASSET INVESTMENTS

| Shares in

| group

| undertakings

£ |

| COST

| At 1 October 2024

| and 30 September 2025 | 17,323 |  |

| NET BOOK VALUE

| At 30 September 2025 | 17,323 |  |

| At 30 September 2024 | 17,323 |  |

| The company's investments at the Balance Sheet date in the share capital of companies include the following:

| Kettler Asia Pacific Company Limited

| Registered office: Rm. 19C, Lockhart Centre, 301 - 307 Lockhart Road, Wan Chai, Hong Kong.

| Nature of business: Investment holding

| %

| Class of shares: | holding |

| Ordinary shares | 100.00 |

| Kettler Asia Pacific (Shanghai) Company Limited

| Registered office: 235 Changyang Road, Shanghai, China.

| Nature of business: Buying office

| %

| Class of shares: | holding |

| Ordinary shares | 100.00 |

| Kettler (G.B.) Limited (Registered number: 01937415) |

Notes to the Financial Statements - continued

for the year ended 30 September 2025

11. | STOCKS

2025 | 2024 |

£ | £ |

| Stock of goods for resale | 8,335,582 |  | 7,676,717 |  |

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

2025 | 2024 |

£ | £ |

| Trade debtors | 2,229,720 |  | 1,569,821 |  |

| Amounts owed by group undertakings | 166,823 |  | 3,732 |  |

| Other debtors | 3,150 |  | 3,450 |  |

| Corporation tax recoverable | - |  | 278,000 |  |

| Prepayments and accrued income | 879,754 |  | 739,422 |  |

3,279,447 |  | 2,594,425 |  |

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

2025 | 2024 |

£ | £ |

| Bank loans and overdrafts (see note 15) | 468,490 |  | 426,173 |  |

| Loan (see note 15) | 1,865,797 |  | 1,266,751 |  |

| Trade creditors | 2,883,501 |  | 2,637,389 |  |

| Social security and other taxes | 102,516 |  | 41,175 |  |

| VAT | 488,524 |  | 341,771 |  |

| Other creditors | 1,442,013 |  | 842,086 |  |

| Accrued expenses | 165,275 |  | 171,585 |  |

7,416,116 |  | 5,726,930 |  |

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

2025 | 2024 |

£ | £ |

| Loan (see note 15) | 1,775,601 |  | 2,093,012 |  |

15. | LOANS

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

2025 | 2024 |

£ | £ |

| Amounts falling due within one year or on demand:

| Bank overdrafts | 468,490 |  | 426,173 |  |

| Loan | 1,647,609 |  | 1,048,930 |  |

| Foundation Warehouse Loan | 218,188 |  | 217,821 |  |

2,334,287 |  | 1,692,924 |  |

| Amounts falling due between one and two years:

| Loan | 163,759 |  | 164,177 |  |

| Foundation Warehouse Loan | 174,550 |  | 173,777 |  |

338,309 |  | 337,954 |  |

| Kettler (G.B.) Limited (Registered number: 01937415) |

Notes to the Financial Statements - continued

for the year ended 30 September 2025

15. | LOANS - continued

2025 | 2024 |

£ | £ |

| Amounts falling due between two and five years:

| Loan | 491,276 |  | 492,531 |  |

| Foundation Warehouse Loan | 406,544 |  | 521,331 |  |

897,820 |  | 1,013,862 |  |

| Amounts falling due in more than five years:

| Repayable by instalments

| Loan | 539,472 |  | 741,196 |  |

| The loan is being repaid in equal annual installments over a 20 year period which commenced on 1 August 2013. Interest is being paid on the loan at the Euribor rate plus 2%.

| The Foundation Warehouse loan figure comprises 2 loans, the first of which is being repaid in equal quarterly installments over a 10 year period ending 31 December 2029. Interest on this loan is being paid at 6.25%. The second loan attracts interest at 6.5%, is expected to be repaid within one year.

| Within the loan due within one year figure is a new short-term loan from Kettler International Inc.of £1,115,629. This loan attracts a rate of interest of 7.5%.

16. | LEASING AGREEMENTS

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

2025 | 2024 |

£ | £ |

| Within one year | 956,462 |  | 999,277 |  |

| Between one and five years | 2,267,268 |  | 2,340,986 |  |

3,223,730 |  | 3,340,263 |  |

| Of the above, £2,885,000 (2024 - £3,112,500) relates to land and buildings.

| Kettler (G.B.) Limited (Registered number: 01937415) |

Notes to the Financial Statements - continued

for the year ended 30 September 2025

17. | SECURED DEBTS

| The following secured debts are included within creditors:

2025 | 2024 |

£ | £ |

| Bank overdrafts | 468,490 |  | 426,173 |  |

| HSBC Invoice Finance (UK) Ltd | 1,442,013 |  | 834,777 |  |

1,910,503 |  | 1,260,950 |  |

| The bank also holds a fixed & floating charge dated 12 February 2009 over all property & assets present & future, including goodwill, book debts, uncalled capital, fixtures & fixed plant & machinery and charges over Contract Monies dated 24 February 2010 & 2 November 2023, a general pledge dated 28 August 2015 and an unlimited multilateral guarantee dated 13 August 2023 given by Kettler (G.B.) Limited and Kettler Property (GB) Limited.

| HSBC Invoice Finance (UK) Limited (HSBCIF) holds a floating charge dated 17 February 2009 over all assets including stock in trade & uncalled capital, but, excluding any debts & associated rights relating thereto.

| HSBCIF also holds a fixed charge dated 12 November 2007 over all monies due, or to become due from the company to the chargee.

18. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

£ | £ |

| Deferred tax

| Other timing differences | 34,030 |  | 36,751 |  |

| Deferred |

| tax |

£ |

| Balance at 1 October 2024 | 36,751 |  |

| Utilised during year | (2,721 | ) |

| Balance at 30 September 2025 | 34,030 |  |

19. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

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

| value: | £ | £ |

| 100,000 | Ordinary Shares | £ 1 | 200,000 |  | 200,000 |  |

20. | RESERVES

| Retained |  | Share |

| earnings |  | premium |  | Totals

£ | £ | £ |

| At 1 October 2024 | 160,401 |  | 2,800,000 |  | 2,960,401 |  |

| Deficit for the year | (480,694 | ) | (480,694 | ) |

| At 30 September 2025 | (320,293 | ) | 2,800,000 |  | 2,479,707 |  |

| Kettler (G.B.) Limited (Registered number: 01937415) |

Notes to the Financial Statements - continued

for the year ended 30 September 2025

21. | OTHER FINANCIAL COMMITMENTS

| As at 30 September 2025 the company had forward currency obligations equivalent to £6,377,210.

22. | RELATED PARTY DISCLOSURES

| The Loan and Foundation Warehouse Loan at Note 15 are loans from the immediate parent company Kettler International Beteiligungsgesellschaft mbH.

| During the financial year, Kettler (G.B.) Ltd traded with UCO Limited, a company owned by Mr P Bevington. Goods were sold to UCO Limited at an arm's length price, with a total value of £64,942. As at 30 September 2025, the balance owed by UCO Limited was £5,325.

23. | ULTIMATE CONTROLLING PARTY

| The immediate parent company, Kettler International Beteiligungsgesellschaft mbH is registered in Germany. Copies of the parent's consolidated financial statements can be obtained from Neheimer Str. 10 59469 Ense, Germany.

| The ultimate parent company is Kettler Verwaltungsund Beteiligungs GmbH & Co KG a company located in Germany.

| The group was owned during the year by the charitable foundation Heinz Kettler Stiftung, also at the above address.

| The directors do not consider there to be any single controlling party.