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REGISTERED NUMBER: 02477296 (England and Wales)

| REPORT OF THE DIRECTOR AND |

| AUDITED FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31ST DECEMBER 2025 |

| FOR |

| NICERA EUROPEAN WORKS LIMITED |

NICERA EUROPEAN WORKS LIMITED (REGISTERED NUMBER: 02477296)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2025

Page |

Company Information | 1 |

Report of the Director | 2 |

Report of the Independent Auditors | 4 |

Income Statement | 7 |

Other Comprehensive Income | 8 |

Balance Sheet | 9 |

Statement of Changes in Equity | 10 |

Cash Flow Statement | 11 |

Notes to the Cash Flow Statement | 12 |

Notes to the Financial Statements | 13 |

NICERA EUROPEAN WORKS LIMITED

COMPANY INFORMATION

FOR THE YEAR ENDED 31ST DECEMBER 2025

| DIRECTOR: | J Kondo

| SECRETARY: | Mrs K E Shephard

| REGISTERED OFFICE: | Fleming Court

| Leigh Road

| Eastleigh

| Hampshire

| SO50 9PD

| BUSINESS ADDRESS: | 25 Copinger Close

| West Totton

| Southampton

| Hampshire

| SO40 8WN

| REGISTERED NUMBER: | 02477296 (England and Wales)

NICERA EUROPEAN WORKS LIMITED (REGISTERED NUMBER: 02477296)

REPORT OF THE DIRECTOR

FOR THE YEAR ENDED 31ST DECEMBER 2025

The director presents his report with the financial statements of the company for the year ended 31st December 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the distribution of electronic components.

DIVIDENDS

No dividends will be distributed for the year ended 31st December 2025.

FUTURE DEVELOPMENTS

The company will be continuing to act as distribution agents for the resale of electronic components sourced from other group companies.

The company will continue developing its distribution customer base to increase activity and improve sales.

DIRECTOR

J Kondo held office during the whole of the period from 1st January 2025 to the date of this report.

FINANCIAL INSTRUMENTS

Trade and other debtors

Trade and other debtors are valued at cost. Balances in foreign currencies are converted at the year end foreign exchange rate, obtained from Bank of England.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities within 12 months or less.

Foreign currency risk

The Company has limited exposure to foreign currency risk. Substantially all of the Company's sales and purchases are denominated in Sterling.

Credit risk

The Company is at risk from its customers defaulting in making payments for goods that have been supplied to them. The majority of the Company's customers are based within the technology business and therefore industry related changes or economic hardships present a risk to the Company. To minimise this risk the Company conducts credit checks on potential new customers prior to any trading.

Trade and other creditors

Trade and other creditors are valued at cost. Balances in foreign currencies are converted at the year end foreign exchange rate, obtained from Bank of England.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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.

NICERA EUROPEAN WORKS LIMITED (REGISTERED NUMBER: 02477296)

REPORT OF THE DIRECTOR

FOR THE YEAR ENDED 31ST DECEMBER 2025

STATEMENT OF DIRECTOR'S RESPONSIBILITIES - continued

The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 director is 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 he 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:

Mrs K E Shephard - Secretary

12th March 2026

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

NICERA EUROPEAN WORKS LIMITED (REGISTERED NUMBER: 02477296)

Opinion

We have audited the financial statements of Nicera European Works Limited (the 'company') for the year ended 31 December 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and the 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 December 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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Director's Report 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 Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the Director's Report 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 Director's Report.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

NICERA EUROPEAN WORKS LIMITED (REGISTERED NUMBER: 02477296)

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 director's remuneration specified by law are not made; or

- certain disclosures of director's remuneration specified by law are not made; or

- the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Director's Report.

Responsibilities of directors

As explained more fully in the Statement of Director's Responsibilities set out on page 2, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

As part of our audit planning procedures we identify the significant laws and regulations applicable to the company based upon our knowledge of the company, the industry in which it operates and from making enquiries with management. We consider those laws and regulations where non-compliance may have a material effect on the financial statements and those which have a direct impact on the financial statements such as compliance with the requirements of the Companies Act 2006.

Audit procedures performed by the engagement team in relation to laws and regulations include making enquiries of management as to any known or suspected instances of non-compliance, maintaining awareness throughout the course of the audit as to any indications of instances of non-compliance and undertaking a review of the disclosures in the financial statements to supporting information and to disclosure checklists.

We also consider areas that are at a higher risk of causing material misstatement in the financial statements due to irregularities, including those resulting from fraud and how such fraud may occur. We discuss with senior management the key controls in place to mitigate the risk of fraud and enquire as to whether they are aware of, or suspect, any fraudulent activities having taken place.

Throughout the audit, we maintain an appropriate level of professional scepticism when provided with information and explanations. We consider the appropriateness of significant accounting journals that were processed during the year, assess the reasonableness of any significant accounting estimates and consider whether there were any indications of bias by management during the year that represents a risk of material misstatement due to fraud. We also carry out analytical procedures to identify any unusual or unexpected variances to expectations as these may be an indication of management over-ride or management bias.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

NICERA EUROPEAN WORKS LIMITED (REGISTERED NUMBER: 02477296)

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.

Neil Raynsford (Senior Statutory Auditor)

for and on behalf of Shaw Gibbs (Audit) Limited

Statutory Auditor

Fleming Court

Leigh Road

Eastleigh

Hampshire

SO50 9PD

25th March 2026

NICERA EUROPEAN WORKS LIMITED (REGISTERED NUMBER: 02477296)

INCOME STATEMENT

FOR THE YEAR ENDED 31ST DECEMBER 2025

| 2025 |  | 2024

| Notes | £ | £ |

TURNOVER | 3 | 1,191,181 |  | 1,248,972 |  |

Cost of sales | 1,014,720 |  | 1,141,555 |  |

GROSS PROFIT | 176,461 |  | 107,417 |  |

Administrative expenses | 128,733 |  | 96,193 |  |

OPERATING PROFIT | 5 | 47,728 |  | 11,224 |  |

Interest receivable and similar income | 6 | 7,042 |  | 5,347 |  |

PROFIT BEFORE TAXATION | 54,770 |  | 16,571 |  |

Tax on profit | 7 | 13,511 |  | (27,385 | ) |

PROFIT FOR THE FINANCIAL YEAR | 41,259 |  | 43,956 |  |

NICERA EUROPEAN WORKS LIMITED (REGISTERED NUMBER: 02477296)

OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31ST DECEMBER 2025

| 2025 |  | 2024

| Notes | £ | £ |

PROFIT FOR THE YEAR | 41,259 |  | 43,956 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 41,259 |  | 43,956 |  |

NICERA EUROPEAN WORKS LIMITED (REGISTERED NUMBER: 02477296)

BALANCE SHEET

31ST DECEMBER 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 8 | 597 |  | 869 |  |

CURRENT ASSETS

Stocks | 9 | - |  | 10,248 |  |

Debtors | 10 | 110,891 |  | 164,661 |  |

Cash at bank and in hand | 634,870 |  | 508,332 |  |

745,761 |  | 683,241 |  |

CREDITORS

Amounts falling due within one year | 11 | 66,353 |  | 45,364 |  |

NET CURRENT ASSETS | 679,408 |  | 637,877 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 680,005 |  | 638,746 |  |

CAPITAL AND RESERVES

Called up share capital | 12 | 966,652 |  | 966,652 |  |

Retained earnings | 13 | (286,647 | ) | (327,906 | ) |

SHAREHOLDERS' FUNDS | 16 | 680,005 |  | 638,746 |  |

The financial statements were approved by the director and authorised for issue on 12th March 2026 and were signed by:

J Kondo - Director

NICERA EUROPEAN WORKS LIMITED (REGISTERED NUMBER: 02477296)

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31ST DECEMBER 2025

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1st January 2024 | 966,652 |  | (371,862 | ) | 594,790 |  |

Changes in equity

Total comprehensive income | - |  | 43,956 |  | 43,956 |  |

Balance at 31st December 2024 | 966,652 |  | (327,906 | ) | 638,746 |  |

Changes in equity

Total comprehensive income | - |  | 41,259 |  | 41,259 |  |

Balance at 31st December 2025 | 966,652 |  | (286,647 | ) | 680,005 |  |

NICERA EUROPEAN WORKS LIMITED (REGISTERED NUMBER: 02477296)

CASH FLOW STATEMENT

FOR THE YEAR ENDED 31ST DECEMBER 2025

| 2025 |  | 2024

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 119,496 |  | (48,025 | ) |

Taxation refund | - |  | 37 |  |

Net cash from operating activities | 119,496 |  | (47,988 | ) |

Cash flows from investing activities

Purchase of tangible fixed assets | - |  | (791 | ) |

Interest received | 7,042 |  | 5,347 |  |

Net cash from investing activities | 7,042 |  | 4,556 |  |

Increase/(decrease) in cash and cash equivalents | 126,538 |  | (43,432 | ) |

Cash and cash equivalents at beginning of year | 2 | 508,332 |  | 551,764 |  |

Cash and cash equivalents at end of year | 2 | 634,870 |  | 508,332 |  |

NICERA EUROPEAN WORKS LIMITED (REGISTERED NUMBER: 02477296)

NOTES TO THE CASH FLOW STATEMENT

FOR THE YEAR ENDED 31ST DECEMBER 2025

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

| 2025 |  | 2024

£ | £ |

| Profit before taxation | 54,770 |  | 16,571 |  |

| Depreciation charges | 272 |  | 222 |  |

| Finance income | (7,042 | ) | (5,347 | ) |

48,000 |  | 11,446 |  |

| Decrease in stocks | 10,248 |  | 4,748 |  |

| Decrease in trade and other debtors | 40,259 |  | 16,435 |  |

| Increase/(decrease) in trade and other creditors | 20,989 |  | (80,654 | ) |

| Cash generated from operations | 119,496 |  | (48,025 | ) |

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 31st December 2025

| 31.12.25 |  | 1.1.25

£ | £ |

| Cash and cash equivalents | 634,870 |  | 508,332 |  |

| Year ended 31st December 2024

| 31.12.24 |  | 1.1.24

£ | £ |

| Cash and cash equivalents | 508,332 |  | 551,764 |  |

3. | ANALYSIS OF CHANGES IN NET FUNDS

| At 1.1.25 | Cash flow | At 31.12.25

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 508,332 |  | 126,538 |  | 634,870 |  |

508,332 |  | 126,538 |  | 634,870 |  |

| Total | 508,332 |  | 126,538 |  | 634,870 |  |

NICERA EUROPEAN WORKS LIMITED (REGISTERED NUMBER: 02477296)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2025

1. | STATUTORY INFORMATION

| Nicera European Works 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 financial statements are presented in £ Sterling which is the functional currency of the company and rounded to the nearest £.

2. | ACCOUNTING POLICIES

| Fundamental accounting concept

| 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.

| Turnover

| Turnover comprises of the sales of electronic components, revenue being recognised at the point of delivery to the customer.

| The company recognises revenue from the sale of goods when all the following conditions are satisfied:

| - the company has transferred to the customer the significant risks and rewards of ownership of the goods;

| - the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

| - the amount of revenue can be measure reliably;

| - it is probable that the economic benefits associated with the transactions will flow to the company;

| - the costs incurred or to be incurred in respect of the transaction can be measured reliably.

| Tangible fixed assets

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

| Fixtures and fittings | - | 20% on cost

| Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

| Stocks

| Stock is valued at the lower of cost and estimated selling price less costs to complete and sell, recognising impairment loss if necessary, after making due allowance for obsolete and slow moving items. The method used is on a first-in, first out basis. Under this method, the cost of stock is calculated assuming that the first goods purchased are the first goods sold.

NICERA EUROPEAN WORKS LIMITED (REGISTERED NUMBER: 02477296)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST DECEMBER 2025

2. | ACCOUNTING POLICIES - continued

| Financial instruments

| Trade and other debtors

| Trade and other debtors are valued at cost. Balances in foreign currencies are converted at the year end foreign exchange rate, obtained from Bank of England.

| Cash and cash equivalents

| Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities within 12 months or less.

| Foreign currency risk

| The Company has limited exposure to foreign currency risk. Substantially all of the Company's sales and purchases are denominated in Sterling.

| Credit risk

| The Company is at risk from its customers defaulting in making payments for goods that have been supplied to them. The majority of the Company's customers are based within the technology business and therefore industry related changes or economic hardships present a risk to the Company. To minimise this risk the Company conducts credit checks on potential new customers prior to any trading.

| Trade and other creditors

| Trade and other creditors are valued at cost. Balances in foreign currencies are converted at the year end foreign exchange rate, obtained from Bank of England.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Foreign 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.

| 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.

NICERA EUROPEAN WORKS LIMITED (REGISTERED NUMBER: 02477296)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST DECEMBER 2025

3. | TURNOVER

| The turnover and profit 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 | 136,302 |  | 545,329 |  |

| European Community | 680,558 |  | 443,828 |  |

| Other | 374,321 |  | 259,815 |  |

1,191,181 |  | 1,248,972 |  |

4. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 69,603 |  | 66,545 |  |

| Social security costs | 1,729 |  | 1,519 |  |

| Other pension costs | 5,260 |  | 5,055 |  |

76,592 |  | 73,119 |  |

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

| 2025 |  | 2024

| Selling and distribution | 1 |  | 1 |  |

| Administration | 1 |  | 1 |  |

2 |  | 2 |  |

| 2025 |  | 2024

£ | £ |

| Director's remuneration | - |  | - |  |

5. | OPERATING PROFIT

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

| 2025 |  | 2024

£ | £ |

| Depreciation - owned assets | 272 |  | 222 |  |

| Auditors' remuneration | 6,000 |  | 3,000 |  |

| Auditors' remuneration for non audit work | 900 |  | 900 |  |

| Foreign exchange loss/(gain) | 15,063 |  | (2,854 | ) |

6. | INTEREST RECEIVABLE AND SIMILAR INCOME |

| 2025 |  | 2024

£ | £ |

| Interest receivable | 7,042 |  | 5,347 |  |

NICERA EUROPEAN WORKS LIMITED (REGISTERED NUMBER: 02477296)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST DECEMBER 2025

7. | TAXATION

| Analysis of the tax charge/(credit)

| The tax charge/(credit) on the profit for the year was as follows:

| 2025 |  | 2024

£ | £ |

| Current tax:

| UK corporation tax | - |  | (45 | ) |

| Deferred tax | 13,511 |  | (27,340 | ) |

| Tax on profit | 13,511 |  | (27,385 | ) |

| UK corporation tax has been charged at 25% (2024 - 25%).

| Reconciliation of total tax charge/(credit) included in profit and loss

| The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

| 2025 |  | 2024

£ | £ |

| Profit before tax | 54,770 |  | 16,571 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 13,693 |  | 4,143 |  |

| Effects of:

| Utilisation of tax losses | (15,453 | ) | (5,524 | ) |

| Defer tax movement | 13,511 |  | (27,340 | ) |

| Tax on interest receivable | 1,760 |  | 1,336 |  |

| Total tax charge/(credit) | 13,511 |  | (27,385 | ) |

8. | TANGIBLE FIXED ASSETS

| Fixtures

| and

| fittings

£ |

| COST

| At 1st January 2025

| and 31st December 2025 | 2,672 |  |

| DEPRECIATION

| At 1st January 2025 | 1,803 |  |

| Charge for year | 272 |  |

| At 31st December 2025 | 2,075 |  |

| NET BOOK VALUE

| At 31st December 2025 | 597 |  |

| At 31st December 2024 | 869 |  |

NICERA EUROPEAN WORKS LIMITED (REGISTERED NUMBER: 02477296)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST DECEMBER 2025

9. | STOCKS

2025 | 2024 |

£ | £ |

| Finished goods | - |  | 10,248 |  |

10. | DEBTORS

2025 | 2024 |

£ | £ |

| Amounts falling due within one year:

| Trade debtors | 92,139 |  | 132,587 |  |

| Sundry debtors | 234 |  | 147 |  |

| Value added tax | 701 |  | 698 |  |

| Deferred tax asset | 13,829 |  | - |  |

| Prepayments | 3,988 |  | 3,889 |  |

110,891 |  | 137,321 |  |

| Amounts falling due after more than one year:

| Deferred tax asset | - |  | 27,340 |  |

| Aggregate amounts | 110,891 |  | 164,661 |  |

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

2025 | 2024 |

£ | £ |

| Trade creditors | 1,202 |  | 6,071 |  |

| Amounts owed to group undertakings | 57,591 |  | 36,393 |  |

| Social security and other taxes | 1,073 |  | 1,009 |  |

| Other creditors | 254 |  | 1,687 |  |

| Accrued expenses | 6,233 |  | 204 |  |

66,353 |  | 45,364 |  |

| Amounts owed to group undertakings relate to trading activity conducted at arm's length under normal trade terms and conditions.

12. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

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

| value: | £ | £ |

| 966,652 | Ordinary shares | 1 | 966,652 |  | 966,652 |  |

NICERA EUROPEAN WORKS LIMITED (REGISTERED NUMBER: 02477296)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST DECEMBER 2025

13. | RESERVES

| Retained

| earnings

£ |

| At 1st January 2025 | (327,906 | ) |

| Profit for the year | 41,259 |  |

| At 31st December 2025 | (286,647 | ) |

14. | ULTIMATE PARENT COMPANY

| The company's immediate parent undertaking is Nippon Ceramic Co.,Ltd. It has included the company in its group accounts, copies of which are available from its registered office: Nippon Ceramic Co.,Ltd, 176-17 , Hirooka, Tottori-shi, 689-1193, Japan. The company's ultimate parent company and controlling party is Nippon Ceramic Co.,Ltd which is incorporated in Japan. Copies of its group accounts, which include the company, are available from the address shown above.

15. | RELATED PARTY DISCLOSURES

| 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 subsidiaries within the group.

| The company is a 100% owned subsidiary of Nippon Ceramic Co., Ltd.

| Transactions with the parent company are shown below:

|  | 2025 |  | 2024 |  |

| £ |  | £ |  |

| Sales to Nippon Ceramic Co., Ltd |  | Nil |  | 529 |  |

| Purchases from Nippon Ceramic Co.,Ltd |  | 1,034,241 |  | 1,138,138 |  |

| At the year end, the following balances exist:

|  | 2025 |  | 2024 |  |

| £ |  | £ |  |

| Owed to Nippon Ceramic Co., Ltd |  | 57,591 |  | 36,393 |  |

| The company's ultimate controlling party is Nippon Ceramic Co.,Ltd which is incorporated in Japan.

16. | RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS

2025 | 2024 |

£ | £ |

| Profit for the financial year | 41,259 |  | 43,956 |  |

| Net addition to shareholders' funds | 41,259 |  | 43,956 |  |

| Opening shareholders' funds | 638,746 |  | 594,790 |  |

| Closing shareholders' funds | 680,005 |  | 638,746 |  |