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USYSTEMS LIMITED

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST DECEMBER 2024

| USYSTEMS LIMITED (REGISTERED NUMBER: 04616025) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2024

Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Report of the Directors | 4 |

| Report of the Independent Auditors | 6 |

| Statement of Comprehensive Income | 9 |

| Balance Sheet | 10 |

| Statement of Changes in Equity | 12 |

| Notes to the Financial Statements | 13 |

| USYSTEMS LIMITED |

COMPANY INFORMATION

FOR THE YEAR ENDED 31ST DECEMBER 2024

| DIRECTORS: | E Skelli-Levine

| Y D Roullac

| D S Tiwana

| P F Stutz

| REGISTERED OFFICE: | Systems House

| 235 Ampthill Road

| Bedford

| Bedfordshire

| MK42 9QG

| REGISTERED NUMBER: | 04616025 (England and Wales)

| AUDITORS: | Forvis Mazars LLP

| Registered Auditors

| First Floor

| Three Chamberlain Square

| Birmingham

| B3 3AX

| USYSTEMS LIMITED (REGISTERED NUMBER: 04616025) |

STRATEGIC REPORT

FOR THE YEAR ENDED 31ST DECEMBER 2024

The directors present their strategic report for the year ended 31st December 2024.

REVIEW OF BUSINESS

During the financial year ended 31st December 2024 turnover has doubled, compared to the prior year.

Operating profit performance of the company increased to £6,880,069 in 2024 from £308,481 in 2023 due mainly to

the turnover increase.

The trading activity is well diversified and considered by the directors to be low risk.

The forecast for year ending 31st December 2025 is very positive in terms of sales and profitability, so long as there are no issues with supply chains and staffing levels.

PRINCIPAL RISKS AND UNCERTAINTIES

The process of risk acceptance and risk management is addressed through a framework of policies, procedures and internal controls. All policies are subject to Board approval.

The principal risks and uncertainties facing the company are:

Non-financial risks

Uncertainties within the UK and world economy are the main variable factor with regards to the ongoing operation of the company. In common with many organisations, the impact of wage inflation and skill shortages does create challenges in terms of staff recruitment. However, the company believes it offers competitive salaries and a good working environment which has resulted in continued low staff turnover.

Financial risks

The company's operations expose it to a variety of financial risks that include the effects of changes in price risk, credit risk and liquidity risk.

Price risk

The company is exposed to commodity price risk as a result of its operations - notably steel and energy prices. However, the size of the Legrand group enables the company to leverage its purchasing power to mitigate large fluctuations. The company also has an active policy in place to reduce the risk of price increases by spreading the procurement of key items across a number of suppliers where possible.

Credit risk

The principal financial assets of the business are trade debtors and the company has implemented policies that require credit checks on potential customers before sales are made. The company has a diverse range of customers with no great dependency on any one individual customer.

Liquidity risk

The company actively maintains an appropriate level of liquidity and borrowing facilities are available from group companies in the event of the company being in a negative liquid position.

KEY PERFORMANCE INDICATORS

The company uses the following key performance indicators to monitor and assess performance:

Gross profit as a percentage of sales:44.74% in the year ended 31 December 2024 and 37.11% in the year ended 31 December 2023.

Operating profit as a percentage of sales: 26.55% in the year ended 31 December 2024 and 2.4% in the year ended 31 December 2023. Operating income rose primarily due to a significant increase in net sales combined with improved gross margin percentage and better cost control in selling, general, and administrative expenses.

Net assets: Increased from £2,620,652 at 31 December 2023 to £7,555,457 at 31 December 2024.

| USYSTEMS LIMITED (REGISTERED NUMBER: 04616025) |

STRATEGIC REPORT

FOR THE YEAR ENDED 31ST DECEMBER 2024

FUTURE OUTLOOK

The company expects sales to continue to grow at a significant year on year rate as a result of additional focus on marketing and selling activity. The manufacturing facility is also being improved in order to be able to support the anticipated growth rate.

ON BEHALF OF THE BOARD:

D S Tiwana - Director

10th April 2026

| USYSTEMS LIMITED (REGISTERED NUMBER: 04616025) |

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31ST DECEMBER 2024

The directors present their report with the financial statements of the company for the year ended 31st December 2024.

DIVIDENDS

No A share dividends will be distributed for the year ended 31st December 2024 (2023 £Nil).

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

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

E Skelli-Levine

Y D Roullac

Other changes in directors holding office are as follows:

D S Tiwana and P F Stutz were appointed as directors on 30th September 2025.

S Bailey ceased to be a director on 30th September 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 FRS 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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

| USYSTEMS LIMITED (REGISTERED NUMBER: 04616025) |

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31ST DECEMBER 2024

AUDITORS

Forvis Mazars LLP have been re-appointed auditor of the company, in accordance with section 485 of the Companies Act 2006.

ON BEHALF OF THE BOARD:

D S Tiwana - Director

10th April 2026

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

USYSTEMS LIMITED

Opinion

We have audited the financial statements of USystems Limited (the 'company') for the year ended 31 December 2024 which comprise Statement of Comprehensive Income, Balance Sheet, Statement of Change in Equity and Notes to the Financial Statements, including a summary of significant accounting policies.

The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 2024 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 "Auditor's responsibilities for the audit of the financial statements" section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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.

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 course of 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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

USYSTEMS LIMITED

In 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 directors' report.

We have nothing to report in respect of the following matters in relation to which 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 directors' responsibilities statement set out on page 4 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 is 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.

Auditor's 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 an auditor's report 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 the financial statements.

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

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 and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation, anti-money laundering regulation.

To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:

- Inquiring of management and, where appropriate, those charged with governance, as to whether the company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;

- Inspecting correspondence, if any, with relevant licensing or regulatory authorities;

- Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and

- Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud.

We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation and the Companies Act 2006.

In addition, we evaluated the directors' and management's incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to revenue recognition which we pinpointed to the cut off assertion, and significant one-off or unusual transactions.

Our audit procedures in relation to fraud included but were not limited to:

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

USYSTEMS LIMITED

- Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;

- Gaining an understanding of the internal controls established to mitigate risks related to fraud;

- Discussing amongst the engagement team the risks of fraud; and

- Addressing the risks of fraud through management override of controls by performing journal entry testing.

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

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 auditor's report.

Use of the audit 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 an auditor's report 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.

Louis Burns (Senior Statutory Auditor)

for and on behalf of Forvis Mazars LLP

Registered Auditors

First Floor

Three Chamberlain Square

Birmingham

B3 3AX

10th April 2026

| USYSTEMS LIMITED (REGISTERED NUMBER: 04616025) |

STATEMENT OF COMPREHENSIVE

INCOME

FOR THE YEAR ENDED 31ST DECEMBER 2024

| 31/12/24 | 31/12/23 |

| Notes | £ | £ | £ | £ |

TURNOVER | 3 | 25,910,064 |  | 12,738,211 |  |

Cost of sales | 14,318,857 |  | 8,010,584 |  |

GROSS PROFIT | 11,591,207 |  | 4,727,627 |  |

Distribution costs | - |  | 622 |  |

Administrative expenses | 4,789,159 |  | 4,432,695 |  |

|  |  | 4,789,159 |  |  |  |  | 4,433,317 |  |

6,802,048 |  | 294,310 |  |

Other operating income | 78,021 |  | 14,171 |  |

OPERATING PROFIT | 5 | 6,880,069 |  | 308,481 |  |

Interest receivable and similar income | 8,223 |  | 2,520 |  |

6,888,292 |  | 311,001 |  |

Interest payable and similar expenses | 6 | 112,261 |  | 90,927 |  |

PROFIT BEFORE TAXATION | 6,776,031 |  | 220,074 |  |

Tax on profit | 7 | 1,841,226 |  | 55,988 |  |

PROFIT FOR THE FINANCIAL YEAR | 4,934,805 |  | 164,086 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 4,934,805 |  | 164,086 |  |

| USYSTEMS LIMITED (REGISTERED NUMBER: 04616025) |

BALANCE SHEET

31ST DECEMBER 2024

| 31/12/24 | 31/12/23 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 8 | 1,749,793 |  | 200,567 |  |

CURRENT ASSETS

Stocks | 9 | 2,502,562 |  | 899,465 |  |

Debtors | 10 | 16,287,853 |  | 6,509,263 |  |

Cash at bank and in hand | 4,468,584 |  | 362,489 |  |

23,258,999 |  | 7,771,217 |  |

CREDITORS

Amounts falling due within one year | 11 | 17,009,880 |  | 5,299,473 |  |

NET CURRENT ASSETS | 6,249,119 |  | 2,471,744 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 7,998,912 |  | 2,672,311 |  |

CREDITORS

Amounts falling due after more than one year | 12 | (6,007 | ) | (1,517 | ) |

PROVISIONS FOR LIABILITIES | 15 | (437,448 | ) | (50,142 | ) |

NET ASSETS | 7,555,457 |  | 2,620,652 |  |

CAPITAL AND RESERVES

Called up share capital | 16 | 834,185 |  | 834,185 |  |

Share premium | 17 | (852 | ) | (852 | ) |

Retained earnings | 17 | 6,722,124 |  | 1,787,319 |  |

SHAREHOLDERS' FUNDS | 7,555,457 |  | 2,620,652 |  |

| USYSTEMS LIMITED (REGISTERED NUMBER: 04616025) |

BALANCE SHEET - continued

31ST DECEMBER 2024

The financial statements were approved by the Board of Directors and authorised for issue on 10th April 2026 and were signed on its behalf by:

D S Tiwana - Director

| USYSTEMS LIMITED (REGISTERED NUMBER: 04616025) |

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31ST DECEMBER 2024

| Called up |

| share |  | Retained |  | Share |  | Total

| capital |  | earnings |  | premium |  | equity

£ | £ | £ | £ |

Balance at 1st January 2023 | 834,185 |  | 1,623,233 |  | (852 | ) | 2,456,566 |  |

Changes in equity

Total comprehensive income | - |  | 164,086 |  | - |  | 164,086 |  |

Balance at 31st December 2023 | 834,185 |  | 1,787,319 |  | (852 | ) | 2,620,652 |  |

Changes in equity

Total comprehensive income | - |  | 4,934,805 |  | - |  | 4,934,805 |  |

Balance at 31st December 2024 | 834,185 |  | 6,722,124 |  | (852 | ) | 7,555,457 |  |

| USYSTEMS LIMITED (REGISTERED NUMBER: 04616025) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2024

1. | STATUTORY INFORMATION

| USystems 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.

| The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

| The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

| The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the Directors have concluded that the company can continue to adopt the going concern basis in preparing the annual report and accounts.

| Financial Reporting Standard 102 - reduced disclosure exemptions

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

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

| Related party exemption

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

| Significant judgements and estimates

| In the application of the company's accounting policies, the directors are required to make judgement, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

| The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

| USYSTEMS LIMITED (REGISTERED NUMBER: 04616025) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST DECEMBER 2024

2. | ACCOUNTING POLICIES - continued

| Revenue

| Revenue is recognised when it is probable that future economic benefit will flow to the company and the revenue can be measured reliably. Revenue is measured at fair value of consideration received or receivable, excluding any discounts, rebates and value added tax. Listed below is the revenue recognition policy which must be met before revenue can be recognised:

| Sale of equipment

| Revenue from sale of equipment is recognised when risk and rewards have been transferred to the customer, this occurs upon dispatch of equipment. The company considers the effect of variable consideration where certain contracts require an upfront deposit which are treated as deferred income initially and recognised when risk and rewards have transferred to customer.

| Interest income

| Interest income, including income arising from finance leases and other financial instruments, is recognised

| using the effective interest method.

| Tangible fixed assets

| 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 | - | 10% on cost

| Fixtures and fittings | - | 10% on cost

| Motor vehicles | - | 25% on cost

| Computer equipment | - | 33% on cost

| Fixed assets are stated at cost less accumulated depreciation.

| Stocks

| Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula.

| Fixed and Variable production overheads have been allocated to the costs of conversion. For Fixed overheads this has been included on the basis of actual production expected, and for Variable overheads it has effectively been allocated to each unit of production on the basis of actual use of the production facilities.

| Work in Progress and Finished goods values are evaluated using a method of absorption costing. An uplift is applied to the hourly labour time to account for general overheads.

| When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs.

| Financial instruments

| Basic financial liabilities, including trade and other payables, bank loans, loans from group companies that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measures at the present value of the future payments discounted at a market rate of interest.

| Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

| USYSTEMS LIMITED (REGISTERED NUMBER: 04616025) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST DECEMBER 2024

2. | ACCOUNTING POLICIES - continued

| 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.

| Deferred tax

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

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

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

| Foreign currencies

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

| Hire purchase and leasing commitments

| 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.

| 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.

| Cash and cash equivalents

| Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

| USYSTEMS LIMITED (REGISTERED NUMBER: 04616025) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST DECEMBER 2024

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:

| 31/12/24 |  | 31/12/23

£ | £ |

| United Kingdom | 2,221,731 |  | 3,982,573 |  |

| Europe | 1,807,718 |  | 3,275,478 |  |

| United States of America | 19,003,732 |  | 5,139,404 |  |

| Rest Of The World | 2,876,883 |  | 340,756 |  |

25,910,064 |  | 12,738,211 |  |

4. | EMPLOYEES AND DIRECTORS

| 31/12/24 |  | 31/12/23

£ | £ |

| Wages and salaries | 3,960,129 |  | 2,751,991 |  |

| Social security costs | 351,646 |  | 280,066 |  |

| Other pension costs | 55,201 |  | 49,137 |  |

4,366,976 |  | 3,081,194 |  |

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

| 31/12/24 |  | 31/12/23

| Directors | 1 |  | 1 |  |

| Management | 4 |  | 6 |  |

| Production and office | 76 |  | 55 |  |

81 |  | 62 |  |

|  | 31/12/24 |  |  | 31/12/23 |  |

| £ |  |  | £ |  |

| Directors' remuneration |  |  | 272,980 |  |  | 146,982 |  |

| Directors' long term incentive schemes |  |  | 1,321 |  |  | 1,321 |  |

| Information regarding the highest paid director for the year ended 31st December 2024 is as follows:

|  | 31/12/24 |  |  | 31/12/23 |  |

| £ |  |  | £ |  |

| Emoluments etc |  |  | 274,301 |  |  | 148,303 |  |

| USYSTEMS LIMITED (REGISTERED NUMBER: 04616025) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST DECEMBER 2024

5. | OPERATING PROFIT

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

| 31/12/24 |  | 31/12/23

£ | £ |

| Depreciation - owned assets | 97,686 |  | 43,525 |  |

| Depreciation - assets on hire purchase contracts | - |  | 472 |  |

| Auditors' remuneration | 34,221 |  | 29,000 |  |

| Foreign exchange differences | (284,512 | ) | 211,344 |  |

| Stock provision increase/(decrease) | (410,631 | ) | 484,401 |  |

| R & D expenses | - |  | 7,086 |  |

6. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 31/12/24 |  | 31/12/23

£ | £ |

| Interest payable to group

| entities | 107,518 |  | 85,698 |  |

| Interest on late tax payment | 4,738 |  | 5,138 |  |

| Hire purchase interest | 5 |  | 91 |  |

112,261 |  | 90,927 |  |

7. | TAXATION

| Analysis of the tax charge

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

| 31/12/24 |  | 31/12/23

£ | £ |

| Current tax:

| UK corporation tax | 1,453,920 |  | 58,837 |  |

| Prior period under/(over) provisions | - |  | (674 | ) |

| Total current tax | 1,453,920 |  | 58,163 |  |

| Deferred tax | 387,306 |  | (2,175 | ) |

| Tax on profit | 1,841,226 |  | 55,988 |  |

| USYSTEMS LIMITED (REGISTERED NUMBER: 04616025) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST DECEMBER 2024

7. | TAXATION - continued

| Reconciliation of total tax charge included in profit and loss

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

| 31/12/24 |  | 31/12/23

£ | £ |

| Profit before tax | 6,776,031 |  | 220,074 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 25%) | 1,694,008 |  | 55,019 |  |

| Effects of:

| Expenses not deductible for tax purposes | 14,601 |  | 5,344 |  |

| Capital allowances in excess of depreciation | (254,689 | ) | - |  |

| Depreciation in excess of capital allowances | - |  | 2,175 |  |

| Adjustments to tax charge in respect of previous periods | - |  | (674 | ) |

| Deferred tax | 387,306 |  | (2,175 | ) |

| Change of tax rate | - |  | (3,701 | ) |

| Total tax charge | 1,841,226 |  | 55,988 |  |

8. | TANGIBLE FIXED ASSETS

| Fixtures |

| Plant and |  | and |  | Motor |  | Computer |

| machinery |  | fittings |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 1st January 2024 | 1,443,124 |  | 18,359 |  | 62,725 |  | 45,095 |  | 1,569,303 |  |

| Additions | 1,537,450 |  | - |  | - |  | 109,462 |  | 1,646,912 |  |

| At 31st December 2024 | 2,980,574 |  | 18,359 |  | 62,725 |  | 154,557 |  | 3,216,215 |  |

| DEPRECIATION

| At 1st January 2024 | 1,254,736 |  | 18,359 |  | 62,725 |  | 32,916 |  | 1,368,736 |  |

| Charge for year | 74,414 |  | - |  | - |  | 23,272 |  | 97,686 |  |

| At 31st December 2024 | 1,329,150 |  | 18,359 |  | 62,725 |  | 56,188 |  | 1,466,422 |  |

| NET BOOK VALUE

| At 31st December 2024 | 1,651,424 |  | - |  | - |  | 98,369 |  | 1,749,793 |  |

| At 31st December 2023 | 188,388 |  | - |  | - |  | 12,179 |  | 200,567 |  |

| The net book value of tangible fixed assets includes £NIL (2023 - £ 5,084 ) in respect of assets held under hire purchase contracts.

| USYSTEMS LIMITED (REGISTERED NUMBER: 04616025) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST DECEMBER 2024

9. | STOCKS

| 31/12/24 |  | 31/12/23

£ | £ |

| Stocks | 2,502,562 |  | 899,465 |  |

|  | 31/12/24 |  |  | 31/12/23 |

| £ |  |  | £ |  |

| Raw materials |  |  | 1,566,711 |  |  | 746,827 |

| WIP |  |  | 19,978 |  |  | 45,180 |

| Finished goods |  |  | 1,123,643 |  |  | 725,859 |

| Provision |  |  | (207,770 | ) |  | (618,401 | )

|  | 2,502,562 |  |  | 899,465 |

| The write down of stocks to net realisable value amounted to £207,770 (2023 : £618,401).

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

| 31/12/24 |  | 31/12/23

£ | £ |

| Trade debtors | 13,823,982 |  | 3,149,634 |  |

| Doubtful debt provision | (115,595 | ) | (423,441 | ) |

| Amounts owed by group undertakings | 1,225,605 |  | 2,976,907 |  |

| Other debtors | 41,841 |  | 7,291 |  |

| VAT | 850,004 |  | 309,821 |  |

| Accrued income | 391,170 |  | 450,369 |  |

| Prepayments | 70,846 |  | 38,682 |  |

16,287,853 |  | 6,509,263 |  |

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

| 31/12/24 |  | 31/12/23

£ | £ |

| Hire purchase contracts (see note 13) | - |  | 644 |  |

| Trade creditors | 3,567,398 |  | 837,002 |  |

| Amounts owed to group undertakings | 10,557,887 |  | 3,346,491 |  |

| Corporation tax | 1,517,527 |  | 218,612 |  |

| Social security and other taxes | 95,534 |  | 76,842 |  |

| Other creditors | 71,564 |  | 61,895 |  |

| Company credit card | 27,154 |  | 24,827 |  |

| Accruals and deferred income | 1,172,816 |  | 733,160 |  |

17,009,880 |  | 5,299,473 |  |

| Amounts owed to group undertakings of £10,557,887 are unsecured and repayable on demand. Of this balance, £6,879,216 accrues interest at a rate of 5.608%.

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

| 31/12/24 |  | 31/12/23

£ | £ |

| Other creditors | 6,007 |  | 1,517 |  |

| USYSTEMS LIMITED (REGISTERED NUMBER: 04616025) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST DECEMBER 2024

13. | LEASING AGREEMENTS

| Minimum lease payments under hire purchase fall due as follows:

| 31/12/24 |  | 31/12/23 |

£ | £ |

| Net obligations repayable:

| Within one year | - |  | 644 |  |

14. | SECURED DEBTS

| The following secured debts are included within creditors:

| 31/12/24 |  | 31/12/23

£ | £ |

| Hire purchase contracts | - |  | 644 |  |

| Hire purchase agreements are secured against the assets to which they relate.

15. | PROVISIONS FOR LIABILITIES

| 31/12/24 |  | 31/12/23

£ | £ |

| Deferred tax | 437,448 |  | 50,142 |  |

| Deferred |

| tax |

£ |

| Balance at 1st January 2024 | 50,142 |  |

| Provided during year | 387,306 |  |

| Movement during the year |

| Balance at 31st December 2024 | 437,448 |  |

16. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 31/12/24 |  | 31/12/23

| value: | £ | £ |

| 18,518 | ORDINARY A | £1 | 18,518 |  | 18,518 |  |

| 815,667 | ORDINARY B | £1 | 815,667 |  | 815,667 |  |

834,185 |  | 834,185 |  |

| USYSTEMS LIMITED (REGISTERED NUMBER: 04616025) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST DECEMBER 2024

17. | RESERVES

| Retained |  | Share |

| earnings |  | premium |  | Totals

£ | £ | £ |

| At 1st January 2024 | 1,787,319 |  | (852 | ) | 1,786,467 |  |

| Profit for the year | 4,934,805 |  | 4,934,805 |  |

| At 31st December 2024 | 6,722,124 |  | (852 | ) | 6,721,272 |  |

| The share premium reserve contains the premium arising on issue of equity shares, net of issue expenses.

| Retained earnings represents cumulative profits or losses, net of dividends paid and other adjustments.

18. | PENSION COMMITMENTS

| Employers pension contributions for the year were £55,201 (2023: £49,137).

19. | POST BALANCE SHEET EVENTS

| Usystems has declared a dividend of £3 million, payable to its immediate parent company, 18MC Global Ltd.

| 18MC Global Ltd will subsequently pass the £3 million dividend to its immediate parent entity, Legrand Electric Ltd.

20. | CONTROLLING PARTY

| The controlling party is 18MC Global Limited.

| The ultimate controlling party is Legrand France SA.

| Legrand France SA is the parent undertaking of the largest and smallest group of undertakings to consolidate these financial statements at 31st December 2024.

| The consolidated financial statements of Legrand France SA can be obtained form the company secretary at the registered office, 128 Avenue du Maréchal de Lattre de Tassigny, 87045, Limoges, France.