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REGISTERED NUMBER: 07594556 (England and Wales)

Strategic Report, Director's Report and

Audited Financial Statements for the Year Ended 31 December 2025

for

Rutland Trading Co Limited

Rutland Trading Co Limited (Registered number: 07594556)

Contents of the Financial Statements

for the Year Ended 31 December 2025

Page |

Strategic Report | 1 |

Director's Report | 2 |

Report of the Independent Auditors | 3 |

Statement of Comprehensive Income | 6 |

Balance Sheet | 7 |

Statement of Changes in Equity | 8 |

Cash Flow Statement | 9 |

Notes to the Cash Flow Statement | 10 |

Notes to the Financial Statements | 12 |

Rutland Trading Co Limited (Registered number: 07594556)

Strategic Report

for the Year Ended 31 December 2025

The director presents his strategic report for the year ended 31 December 2025.

REVIEW OF BUSINESS

The director would like to report satisfactory results for the year for the company. Turnover has increased to £16,101,092 (2024: £13,137,802), while gross profit has increased to £6,700,337 (2024: £5,184,137). Profits before tax in the year were £2,223,458 (2024: £1,236,482).

At the year-end the company had shareholders' funds of £8,608,896 (2024: £7,298,199) including distributable profits of £8,608,796 (2024: £7,298,099). The company has net current assets of £7,997,486 (2024: £6,846,932) and has cash in the bank of £1,754,448 (2024: £513,259).

The company continues to invest heavily in our product development and ensuring our products meet the necessary compliance regulations which includes primarily Fire, Smoke, Corrosion, Endurance and Security.

PRINCIPAL RISKS AND UNCERTAINTIES

The director has assessed the main risk facing the company as the continuing economic uncertainty within the United Kingdom.

The director believes that there are sufficient systems and controls in place which allow for the business to react appropriately to any changes in the economic environment, whether positive or negative, and the director hopes to see satisfactory trading results in the coming year.

ON BEHALF OF THE BOARD:

Mr I Hughes - Director

27 March 2026

Rutland Trading Co Limited (Registered number: 07594556)

Director's Report

for the Year Ended 31 December 2025

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of sale of door closers.

DIVIDENDS

The total distribution of dividends for the year ended 31st December 2025 will be £470,721.

DIRECTOR

Mr I Hughes held office during the whole of the period from 1 January 2025 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Strategic Report, the Director's Report 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.

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.

AUDITORS

Drummond Laurie CA are deemed to be reappointed under section 487(2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:

Mr I Hughes - Director

27 March 2026

Report of the Independent Auditors to the Members of

Rutland Trading Co Limited

Opinion

We have audited the financial statements of Rutland Trading Co Limited (the 'company') for the year ended 31 December 2025 which comprise the Statement of 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 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 Strategic Report and 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 Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of

Rutland Trading Co Limited

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 Director's Report.

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

- | we have not received all the information and explanations we require for our audit.

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page two, 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 has 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.

Based on our understanding of the company, we identified that the principal risks of non-compliance with laws and regulations related to fraudulent manipulation of the financial statements, including the risk of override of controls, to reduce profits and tax liabilities. We determined that the most likely method of manipulation would be the posting of inappropriate journal entries. Audit procedures performed by the audit engagement team consisted of a review of large and unusual journal entries, challenging assumptions and judgements made by management in significant accounting estimates, discussions with management related to known or suspected instances of non-compliance with laws and regulations, review of Board minutes where available, and an evaluation of management controls designed to prevent and detect irregularities.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations or through collusion.

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.

Report of the Independent Auditors to the Members of

Rutland Trading Co Limited

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.

Greig Brown (Senior Statutory Auditor)

for and on behalf of Drummond Laurie CA

Statutory Auditor

Unit 5

Gateway Business Park

Beancross Road

Grangemouth

FK3 8WX

8 April 2026

Rutland Trading Co Limited (Registered number: 07594556)

Statement of Comprehensive Income

for the Year Ended 31 December 2025

| 31.12.25 |  | 31.12.24

| Notes | £ | £ |

TURNOVER | 3 | 16,101,092 |  | 13,137,802 |  |

Cost of sales | (9,400,755 | ) | (7,953,665 | ) |

GROSS PROFIT | 6,700,337 |  | 5,184,137 |  |

Administrative expenses | (4,413,500 | ) | (3,931,904 | ) |

2,286,837 |  | 1,252,233 |  |

Other operating income | 62,215 |  | 59,514 |  |

OPERATING PROFIT | 6 | 2,349,052 |  | 1,311,747 |  |

Interest payable and similar expenses | 7 | (125,594 | ) | (75,265 | ) |

PROFIT BEFORE TAXATION | 2,223,458 |  | 1,236,482 |  |

Tax on profit | 8 | (442,040 | ) | (265,905 | ) |

PROFIT FOR THE FINANCIAL YEAR | 1,781,418 |  | 970,577 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 1,781,418 |  | 970,577 |  |

Rutland Trading Co Limited (Registered number: 07594556)

Balance Sheet

31 December 2025

| 31.12.25 |  | 31.12.24

| Notes | £ | £ |

FIXED ASSETS

Intangible assets | 10 | 37,582 |  | 55,071 |  |

Tangible assets | 11 | 939,008 |  | 938,346 |  |

976,590 |  | 993,417 |  |

CURRENT ASSETS

Stocks | 12 | 5,063,453 |  | 4,511,758 |  |

Debtors | 13 | 5,180,317 |  | 4,766,503 |  |

Cash at bank | 1,754,448 |  | 513,259 |  |

11,998,218 |  | 9,791,520 |  |

CREDITORS

Amounts falling due within one year | 14 | (4,000,732 | ) | (2,944,588 | ) |

NET CURRENT ASSETS | 7,997,486 |  | 6,846,932 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 8,974,076 |  | 7,840,349 |  |

CREDITORS

Amounts falling due after more than one year | 15 | (301,746 | ) | (469,053 | ) |

PROVISIONS FOR LIABILITIES | 19 | (63,434 | ) | (73,097 | ) |

NET ASSETS | 8,608,896 |  | 7,298,199 |  |

CAPITAL AND RESERVES

Called up share capital | 20 | 100 |  | 100 |  |

Retained earnings | 21 | 8,608,796 |  | 7,298,099 |  |

SHAREHOLDERS' FUNDS | 8,608,896 |  | 7,298,199 |  |

The financial statements were approved by the director and authorised for issue on 27 March 2026 and were signed by:

Mr I Hughes - Director

Rutland Trading Co Limited (Registered number: 07594556)

Statement of Changes in Equity

for the Year Ended 31 December 2025

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1 January 2024 | 100 |  | 6,447,522 |  | 6,447,622 |  |

Changes in equity

Dividends | - |  | (120,000 | ) | (120,000 | ) |

Total comprehensive income | - |  | 970,577 |  | 970,577 |  |

Balance at 31 December 2024 | 100 |  | 7,298,099 |  | 7,298,199 |  |

Changes in equity

Dividends | - |  | (470,721 | ) | (470,721 | ) |

Total comprehensive income | - |  | 1,781,418 |  | 1,781,418 |  |

Balance at 31 December 2025 | 100 |  | 8,608,796 |  | 8,608,896 |  |

Rutland Trading Co Limited (Registered number: 07594556)

Cash Flow Statement

for the Year Ended 31 December 2025

| 31.12.25 |  | 31.12.24

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 1,514,344 |  | (723,921 | ) |

Interest paid | (89,723 | ) | (41,128 | ) |

Interest element of finance lease payments paid | (35,871 | ) | (34,137 | ) |

Tax paid | (241,458 | ) | (605,335 | ) |

Net cash from operating activities | 1,147,292 |  | (1,404,521 | ) |

Cash flows from investing activities

Purchase of tangible fixed assets | (63,197 | ) | (171,108 | ) |

Sale of tangible fixed assets | 130,302 |  | 116,737 |  |

Return of capital account | - |  | 697,041 |  |

Net cash from investing activities | 67,105 |  | 642,670 |  |

Cash flows from financing activities

New loans in year | 967,752 |  | - |  |

Loan repayments in year | (140,000 | ) | (140,000 | ) |

Capital repayments in year | (350,239 | ) | (347,549 | ) |

Amount introduced by directors | 20,000 |  | - |  |

Amount withdrawn by directors | - |  | (371 | ) |

Equity dividends paid | (470,721 | ) | (120,000 | ) |

Net cash from financing activities | 26,792 |  | (607,920 | ) |

Increase/(decrease) in cash and cash equivalents | 1,241,189 |  | (1,369,771 | ) |

Cash and cash equivalents at beginning of year | 2 | 513,259 |  | 1,883,030 |  |

Cash and cash equivalents at end of year | 2 | 1,754,448 |  | 513,259 |  |

Rutland Trading Co Limited (Registered number: 07594556)

Notes to the Cash Flow Statement

for the Year Ended 31 December 2025

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Profit before taxation | 2,223,458 |  | 1,236,482 |  |

| Depreciation charges | 260,459 |  | 271,949 |  |

| Profit on disposal of fixed assets | (4,358 | ) | (565 | ) |

| Finance costs | 125,594 |  | 75,265 |  |

2,605,153 |  | 1,583,131 |  |

| Increase in stocks | (551,695 | ) | (1,514,838 | ) |

| Increase in trade and other debtors | (413,814 | ) | (1,879,811 | ) |

| (Decrease)/increase in trade and other creditors | (125,300 | ) | 1,087,597 |  |

| Cash generated from operations | 1,514,344 |  | (723,921 | ) |

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 31 December 2025

| 31.12.25 |  | 1.1.25

£ | £ |

| Cash and cash equivalents | 1,754,448 |  | 513,259 |  |

| Year ended 31 December 2024

| 31.12.24 |  | 1.1.24

£ | £ |

| Cash and cash equivalents | 513,259 |  | 1,883,030 |  |

Rutland Trading Co Limited (Registered number: 07594556)

Notes to the Cash Flow Statement

for the Year Ended 31 December 2025

3. | ANALYSIS OF CHANGES IN NET DEBT

| Other |

| non-cash |

| At 1.1.25 | Cash flow | changes | At 31.12.25

£ | £ | £ | £ |

| Net cash |

| Cash at bank | 513,259 |  | 1,241,189 |  | 1,754,448 |  |

513,259 |  | 1,241,189 |  | 1,754,448 |  |

| Debt

| Finance leases | (489,947 | ) | 350,239 |  | (306,380 | ) | (446,088 | ) |

| Debts falling due

| within 1 year | (140,000 | ) | (1,027,751 | ) | - |  | (1,167,751 | ) |

| Debts falling due

| after 1 year | (233,333 | ) | 140,000 |  | - |  | (93,333 | ) |

(863,280 | ) | (537,512 | ) | (306,380 | ) | (1,707,172 | ) |

| Total | (350,021 | ) | 703,677 |  | (306,380 | ) | 47,276 |  |

Rutland Trading Co Limited (Registered number: 07594556)

Notes to the Financial Statements

for the Year Ended 31 December 2025

1. | STATUTORY INFORMATION

| Rutland Trading Co Limited is a private company, limited by shares, registered in England, registration number 07594556. The registered office is Unit 3C&4C Holmewood Business Park Chesterfield Road, Temple Normanton, Holmewood, Chesterfield, United Kingdom, S42 5US.

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.

| Turnover

| Turnover represents net invoiced sales of goods and services in respect of door closers, excluding value added tax. Sales are recognised at the point at which the goods are delivered or the service is complete.

| Goodwill

| Goodwill, being the amount paid in connection with the acquisition of businesses in 2014 and 2023, 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.

| Tangible fixed assets and depreciation

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

| Plant and machinery | - | 20% on cost

| Fixtures and fittings | - | 15% on cost

| Motor vehicles | - | 25% on reducing balance

| Tangible fixed assets are stated at cost less depreciation. Cost represent purchase price together with any incidental costs of acquisition.

| The directors have considered the residual value of all tangible fixed assets to be immaterial and therefore all tangible fixed assets are depreciated to nil value.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.

Rutland Trading Co Limited (Registered number: 07594556)

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.

| Hire purchase and leasing commitments

| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

| Provisions

| Provisions are recognised when the company has a 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 has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are discounted where the time value of money is material.

| Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

| Cash and cash equivalents

| Cash and cash equivalents include cash at bank and in hand and highly liquid interest-bearing securities with maturities of three months or less. In the cash-flow statement, cash and cash equivalents are shown net of bank overdrafts, which are included as current borrowings in liabilities on the balance sheet.

Rutland Trading Co Limited (Registered number: 07594556)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| Going concern

| The directors of the company have reviewed the company's financial position for 12 months from the balance sheet signing date and it is the director's belief that the company should prepare financial statements on a going concern basis.

| Financial Instruments

| Financial instruments are classified and accounted for as financial assets, financial liabilities or equity instruments, according to the substance of the contractual arrangement.

| Financial instruments which are assets are stated at cost less any provision for impairment. Financial liabilities are stated at principal capital amounts outstanding at the period end. Issue costs relating to financial liabilities are deducted from the outstanding balance and are amortised over the period to the due date for repayment of the financial liability.

| An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all its liabilities. A financial liability is any contractual arrangement for an entity to deliver cash to the holder of the associated financial instrument.

| If a financial instrument contains both an equity and a liability element, then the liability element is first established with any residual value being disclosed within equity shareholders' funds. The liability element is the present value of the future payments guaranteed to be made to the holders of the financial instrument.

| Non-discretionary dividends payable are disclosed within interest in the company's profit and loss account.

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:

| 31.12.25 |  | 31.12.24

£ | £ |

| United Kingdom | 13,889,279 |  | 12,549,693 |  |

| Europe | 1,145,293 |  | 54,586 |  |

| United States of America | 139,913 |  | 533,523 |  |

| Rest of World | 926,607 |  | - |  |

16,101,092 |  | 13,137,802 |  |

4. | EMPLOYEES AND DIRECTORS

| 31.12.25 |  | 31.12.24

£ | £ |

| Wages and salaries | 2,068,619 |  | 1,943,968 |  |

| Social security costs | 267,802 |  | 215,773 |  |

| Other pension costs | 30,408 |  | 28,688 |  |

2,366,829 |  | 2,188,429 |  |

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

| 31.12.25 |  | 31.12.24

| Employees | 32 |  | 31 |  |

Rutland Trading Co Limited (Registered number: 07594556)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

4. | EMPLOYEES AND DIRECTORS - continued

| The directors are deemed to be the key management personnel of the company and no further disclosure is deemed to be required other than the directors' emoluments.

5. | DIRECTORS' EMOLUMENTS

| 31.12.25 |  | 31.12.24

£ | £ |

| Director's remuneration | 12,570 |  | 12,570 |  |

6. | OPERATING PROFIT

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Hire of plant and machinery | 17,976 |  | 11,798 |  |

| Depreciation - owned assets | 66,105 |  | 39,721 |  |

| Depreciation - assets on finance leases | 184,973 |  | 185,262 |  |

| Profit on disposal of fixed assets | (4,358 | ) | (565 | ) |

| Goodwill amortisation | 17,489 |  | 46,966 |  |

| Auditors' remuneration | 17,500 |  | 15,450 |  |

| Foreign exchange differences | 76,589 |  | (84,315 | ) |

7. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 31.12.25 |  | 31.12.24

£ | £ |

| Bank loan interest | 89,723 |  | 41,128 |  |

| HP and finance lease interest | 35,871 |  | 34,137 |  |

125,594 |  | 75,265 |  |

8. | TAXATION

| Analysis of the tax charge

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Current tax:

| UK corporation tax | 575,793 |  | 258,286 |  |

| CT over/under provision | (124,090 | ) | (56,291 | ) |

| Total current tax | 451,703 |  | 201,995 |  |

| Deferred tax | (9,663 | ) | 63,910 |  |

| Tax on profit | 442,040 |  | 265,905 |  |

Rutland Trading Co Limited (Registered number: 07594556)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

8. | TAXATION - continued

| Reconciliation of total tax charge 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:

| 31.12.25 |  | 31.12.24

£ | £ |

| Profit before tax | 2,223,458 |  | 1,236,482 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 555,865 |  | 309,121 |  |

| Effects of:

| Expenses not deductible for tax purposes | 59,675 |  | 110,691 |  |

| Income not taxable for tax purposes | (33,188 | ) | (35,917 | ) |

| Capital allowances in excess of depreciation | - |  | (32,625 | ) |

| Depreciation in excess of capital allowances | 48,647 |  | - |  |

| Utilisation of tax losses | (55,206 | ) | (92,984 | ) |

| Adjustments to tax charge in respect of previous periods | (124,090 | ) | (56,291 | ) |

| Deferred tax movement | (9,663 | ) | 63,910 |  |

| Total tax charge | 442,040 |  | 265,905 |  |

9. | DIVIDENDS

| 31.12.25 |  | 31.12.24

£ | £ |

| Ordinary A shares of £1 each |

| Final | 156,254 |  | 60,000 |  |

| Ordinary B shares of £1 each |

| Final | 156,254 |  | 60,000 |  |

| Ordinary C shares of £1 each |

| Final | 73,013 |  | - |  |

| Ordinary D shares of £1 each |

| Final | 20,000 |  | - |  |

| Ordinary E shares of £1 each |

| Final | 65,200 |  | - |  |

470,721 |  | 120,000 |  |

Rutland Trading Co Limited (Registered number: 07594556)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

10. | INTANGIBLE FIXED ASSETS

| Goodwill

£ |

| COST

| At 1 January 2025

| and 31 December 2025 | 452,174 |  |

| AMORTISATION

| At 1 January 2025 | 397,103 |  |

| Amortisation for year | 17,489 |  |

| At 31 December 2025 | 414,592 |  |

| NET BOOK VALUE

| At 31 December 2025 | 37,582 |  |

| At 31 December 2024 | 55,071 |  |

11. | TANGIBLE FIXED ASSETS

| Fixtures |

| Plant and |  | and |  | Motor |

| machinery |  | fittings |  | vehicles |  | Totals

£ | £ | £ | £ |

| COST

| At 1 January 2025 | 158,215 |  | 452,082 |  | 842,153 |  | 1,452,450 |  |

| Additions | 1,271 |  | 46,228 |  | 322,078 |  | 369,577 |  |

| Disposals | (78,280 | ) | (20,410 | ) | (278,930 | ) | (377,620 | ) |

| Reclassification/transfer | 10,365 |  | (2,258 | ) | - |  | 8,107 |  |

| At 31 December 2025 | 91,571 |  | 475,642 |  | 885,301 |  | 1,452,514 |  |

| DEPRECIATION

| At 1 January 2025 | 86,783 |  | 67,539 |  | 359,782 |  | 514,104 |  |

| Charge for year | 28,510 |  | 63,877 |  | 158,691 |  | 251,078 |  |

| Eliminated on disposal | (78,280 | ) | (20,410 | ) | (152,986 | ) | (251,676 | ) |

| At 31 December 2025 | 37,013 |  | 111,006 |  | 365,487 |  | 513,506 |  |

| NET BOOK VALUE

| At 31 December 2025 | 54,558 |  | 364,636 |  | 519,814 |  | 939,008 |  |

| At 31 December 2024 | 71,432 |  | 384,543 |  | 482,371 |  | 938,346 |  |

Rutland Trading Co Limited (Registered number: 07594556)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

11. | TANGIBLE FIXED ASSETS - continued

| Fixed assets, included in the above, which are held under finance leases are as follows:

| Fixtures |

| Plant and |  | and |  | Motor |

| machinery |  | fittings |  | vehicles |  | Totals

£ | £ | £ | £ |

| COST

| At 1 January 2025 | 22,667 |  | 235,289 |  | 776,246 |  | 1,034,202 |  |

| Additions | - |  | - |  | 306,380 |  | 306,380 |  |

| Disposals | - |  | - |  | (220,124 | ) | (220,124 | ) |

| Transfer to ownership | - |  | - |  | (203,156 | ) | (203,156 | ) |

| At 31 December 2025 | 22,667 |  | 235,289 |  | 659,346 |  | 917,302 |  |

| DEPRECIATION

| At 1 January 2025 | 756 |  | 16,025 |  | 323,137 |  | 339,918 |  |

| Charge for year | 4,533 |  | 35,294 |  | 145,146 |  | 184,973 |  |

| Eliminated on disposal | - |  | - |  | (115,719 | ) | (115,719 | ) |

| Transfer to ownership | - |  | - |  | (122,034 | ) | (122,034 | ) |

| At 31 December 2025 | 5,289 |  | 51,319 |  | 230,530 |  | 287,138 |  |

| NET BOOK VALUE

| At 31 December 2025 | 17,378 |  | 183,970 |  | 428,816 |  | 630,164 |  |

| At 31 December 2024 | 21,911 |  | 219,264 |  | 453,109 |  | 694,284 |  |

12. | STOCKS

| 31.12.25 |  | 31.12.24

£ | £ |

| Finished goods | 5,063,453 |  | 4,511,758 |  |

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Trade debtors | 2,564,395 |  | 2,302,605 |  |

| Amounts owed by related parties | 2,339,013 |  | 2,199,193 |  |

| Prepayments and accrued income | 276,909 |  | 264,705 |  |

5,180,317 |  | 4,766,503 |  |

Rutland Trading Co Limited (Registered number: 07594556)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Bank loans and overdrafts (see note 16) | 1,107,751 |  | 140,000 |  |

| Other loans (see note 16) | 60,000 |  | - |  |

| Finance leases (see note 17) | 237,675 |  | 254,227 |  |

| Trade creditors | 1,403,963 |  | 1,851,313 |  |

| Tax | 240,531 |  | 30,286 |  |

| Social security and other taxes | 156,332 |  | 206,087 |  |

| VAT | 637,263 |  | 395,379 |  |

| Directors' current accounts | 20,000 |  | - |  |

| Accruals and deferred income | 137,217 |  | 67,296 |  |

4,000,732 |  | 2,944,588 |  |

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Bank loans (see note 16) | 93,333 |  | 233,333 |  |

| Finance leases (see note 17) | 208,413 |  | 235,720 |  |

301,746 |  | 469,053 |  |

16. | LOANS

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Amounts falling due within one year or on demand:

| Bank loans | 1,107,751 |  | 140,000 |  |

| Other loans | 60,000 |  | - |  |

1,167,751 |  | 140,000 |  |

| Amounts falling due between one and two years:

| Bank loans - 1-2 years | 93,333 |  | 140,000 |  |

| Amounts falling due between two and five years:

| Bank loans - 2-5 years | - |  | 93,333 |  |

| In September 2021 the company obtained a £700,000 loan through the Coronavirus Business Interruption Loan Scheme from The Royal Bank of Scotland PLC. From September 2022 interest is charged at 2.53% over base rate with capital repayments being made in 60 monthly instalments from this date.

| The company holds an import line facility with HSBC of £2,000,000 of which £967,751 (2024: £nil) is drawn down at the year end. Interest is charged on the balance at 2.35% over base rate.

Rutland Trading Co Limited (Registered number: 07594556)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

17. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Finance leases |

| 31.12.25 |  | 31.12.24 |

£ | £ |

| Net obligations repayable:

| Within one year | 237,675 |  | 254,227 |  |

| Between one and five years | 208,413 |  | 235,720 |  |

446,088 |  | 489,947 |  |

| Non-cancellable |

| operating leases |

| 31.12.25 |  | 31.12.24

£ | £ |

| Within one year | 277,773 |  | 261,238 |  |

| Between one and five years | 639,505 |  | 894,077 |  |

917,278 |  | 1,155,315 |  |

18. | SECURED DEBTS

| The following secured debts are included within creditors:

| 31.12.25 |  | 31.12.24

£ | £ |

| Import line facility | 967,751 |  | - |  |

| Finance lease | 446,088 |  | 489,947 |  |

1,413,839 |  | 489,947 |  |

| The company's import line facility is secured by way of fixed and floating charges over all property and undertakings of the company.

| Finance leases are secured on the assets to which they relate

19. | PROVISIONS FOR LIABILITIES

| 31.12.25 |  | 31.12.24

£ | £ |

| Deferred tax | 63,434 |  | 73,097 |  |

| Deferred |

| tax |

£ |

| Balance at 1 January 2025 | 73,097 |  |

| Provided during year | (9,663 | ) |

| Balance at 31 December 2025 | 63,434 |  |

Rutland Trading Co Limited (Registered number: 07594556)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

20. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 31.12.25 |  | 31.12.24

| value: | £ | £ |

| 28 | Ordinary A | £1 | 28 |  | 28 |  |

| 27 | Ordinary B | £1 | 27 |  | 27 |  |

| 15 | Ordinary C | £1 | 15 |  | 15 |  |

| 15 | Ordinary D | £1 | 15 |  | 15 |  |

| 15 | Ordinary E | £1 | 15 |  | 15 |  |

100 |  | 100 |  |

21. | RESERVES

| Retained

| earnings

£ |

| At 1 January 2025 | 7,298,099 |  |

| Profit for the year | 1,781,418 |  |

| Dividends | (470,721 | ) |

| At 31 December 2025 | 8,608,796 |  |

22. | RELATED PARTY DISCLOSURES

| Other related parties

| 31.12.25 |  | 31.12.24

£ | £ |

| Purchases | 443,098 |  | 2,791,704 |  |

| Amount due from related party | 2,339,013 |  | 2,199,193 |  |

23. | ULTIMATE CONTROLLING PARTY

| The company is under the control of the director Mr I Hughes.