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Registration number: 05692599 (England & Wales)

Prepared for the registrar
Ruskinn Technology Limited
Annual Report and Financial Statements
for the Year Ended 31 December 2025

Ruskinn Technology Limited

Contents

Company Information | 1
Balance Sheet | 2
Notes to the Financial Statements | 3 to 9

Ruskinn Technology Limited

Company Information

Directors | A J Skinn D Eagleson D C Eagleson D Eagleson

Registered office | Units 8 & 9 York Park Bridgend Industrial Estate Bridgend Mid Glamorgan CF31 3TB

Auditors | Hazlewoods LLP Staverton Court Staverton Cheltenham GL51 0UX

Ruskinn Technology Limited

(Registration number: 05692599) (England & Wales)
Balance Sheet as at 31 December 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets | 5 | 12,083 | 21,865
Current assets |  |  |
Stocks |  | 738,976 | 853,545
Debtors | 6 | 554,746 | 396,194
Cash at bank and in hand |  | 53,448 | 228,947
|  | 1,347,170 | 1,478,686
Creditors: Amounts falling due within one year | 7 | (1,293,950) | (1,209,474)
Net current assets |  | 53,220 | 269,212
Total assets less current liabilities |  | 65,303 | 291,077
Provisions | 8 | (134,192) | (172,343)
Net (liabilities)/assets |  | (68,889) | 118,734
Capital and reserves |  |  |
Called up share capital | 9 | 1,067,860 | 1,067,860
Share premium reserve |  | 133,500 | 133,500
Capital redemption reserve |  | 778,726 | 778,726
Profit and loss account |  | (2,048,975) | (1,861,352)
Total equity |  | (68,889) | 118,734

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 31 March 2026 and signed on its behalf by:

D C Eagleson
Director

Ruskinn Technology Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

| 1 | General information

The company is a private company limited by share capital, incorporated in the United Kingdom.

The address of its registered office is:
Units 8 & 9 York Park
Bridgend Industrial Estate
Bridgend
Mid Glamorgan
CF31 3TB

| 2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

The financial statements have been prepared on a going concern basis. The directors have considered the company’s financial position, cash flow forecasts, and the availability of financial support.
The company is projecting a loss for the year ending 31 December 2026, after which it is forecast to become profitable.
The company’s ability to continue as a going concern is dependent on the support of its parent company, The Baker Company Inc.. The directors have received a letter of support from The Baker Company Inc. stating that they will provide financial support to enable the company to meet its obligations as they fall due for a period of at least 12 months from the date of approval of these financial statements. Based on this support, the directors have a reasonable expectation that the company will have adequate resources to continue in operational existence. Accordingly, the financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits can be reliably measured, and it is probable that future economic benefits will flow to the entity.
The company consider that the risks and rewards of ownership pass when products are delivered to customers and it is at this point revenue is recognised.

Ruskinn Technology Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Judgements

The company makes a significant judgement in regards to the dilapidations provision. The carrying amount of the provision is £107,999 (2024 - £94,000).

Key sources of estimation uncertainty

The company makes provision for warranty claims on their products based on historical warranty claim rates and the estimated costs of fulfilling those claims. The carrying amount is £26,193 (2024 - £78,343).

The company also use estimates when calculating the provision for slow and obsolete stocks. This inherently contains an element of estimation uncertainty with assumptions based on historical information and knowledge of management. The carrying amount is £40,596 (2024 - £12,241).

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current and future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Leasehold improvements | 3 years straight line basis
Furniture, fittings and equipment | 4 - 6 years straight line basis
Plant and machinery | 4 years straight line basis

Ruskinn Technology Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Intangible assets

Separately acquired intellectual property are shown at historical cost and have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class | Amortisation method and rate
Intellectual property | 10 years straight line basis

Trade debtors

Trade debtors are amounts due from customers for goods sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
The cost of finished goods comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit and loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating lease are charged to the profit and loss account on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

The company operates a defined contribution pension scheme and the pension charge represents the amount payable by the company to the fund in respect of the year. The assets of the scheme are held separately from those of the company in an independently administered fund.

Ruskinn Technology Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Financial instruments
Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.
A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

| 3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 22 (2024 - 21).

Ruskinn Technology Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

| 4 | Intangible assets

| Intellectual Property £
Cost
At 1 January 2025 and 31 December 2025 | 300,000
Amortisation
At 1 January 2025 and 31 December 2025 | 300,000
Carrying amount
At 31 December 2024 and 31 December 2025 | -

| 5 | Tangible assets

| Leasehold improvements £ | Furniture, fittings and equipment £ | Plant and machinery £ | Total £
Cost
At 1 January 2025 | 25,275 | 114,264 | 211,364 | 350,903
Additions | - | 287 | 1,301 | 1,588
At 31 December 2025 | 25,275 | 114,551 | 212,665 | 352,491
Depreciation
At 1 January 2025 | 25,275 | 103,693 | 200,070 | 329,038
Charge for the year | - | 5,338 | 6,032 | 11,370
At 31 December 2025 | 25,275 | 109,031 | 206,102 | 340,408
Carrying amount
At 31 December 2025 | - | 5,520 | 6,563 | 12,083
At 31 December 2024 | - | 10,571 | 11,294 | 21,865

| 6 | Debtors

| 2025 £ | 2024 £
Trade debtors | 501,227 | 291,082
Other debtors | 30,870 | 47,837
Prepayments | 22,649 | 57,275
| 554,746 | 396,194

Ruskinn Technology Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

| 7 | Creditors

| 2025 £ | 2024 £
Due within one year |  |
Trade creditors | 65,000 | 49,904
Amounts due to group undertakings | 1,050,125 | 1,001,770
Other creditors | 8,621 | 24,022
Taxation and social security | 26,491 | 15,315
Accruals and deferred income | 143,713 | 118,463
| 1,293,950 | 1,209,474

| 8 | Provisions

| Warranty provision £ | Dilapidation provision £ | Total £
At 1 January 2025 | 78,343 | 94,000 | 172,343
Increase (decrease) in existing provisions | (52,150) | 13,999 | (38,151)
At 31 December 2025 | 26,193 | 107,999 | 134,192

The warranty provision is based on historical warranty claim rates and the estimated costs of fulfilling those claims. The dilapidation provision has been calculated based on management's best estimate of dilapidation costs to be incurred to restore the premises back to its original condition upon termination of the lease.

| 9 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary shares of £1 each | 82,500 | 82,500 | 82,500 | 82,500
Preference shares of £1 each | 985,360 | 985,360 | 985,360 | 985,360
| 1,067,860 | 1,067,860 | 1,067,860 | 1,067,860

The ordinary shares have attached to them full voting, dividend and capital distribution (including on wind up) rights; they do not confer any rights of redemption.
The redeemable preference shares carry rights to dividends. They are non-voting and have no rights to any further participation, other than a return of share capital in a distribution of assets including on winding up. They can be redeemed by the company upon three months written notice.

| 10 | Financial commitments, guarantees and contingencies

At 31 December 2025, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £64,552 (2024 - £144,363).

| 11 | Parent and ultimate parent undertaking

The company is controlled by The Baker Company Inc, which is incorporated and registered in The United States of America, being the smallest group in which these financial statements are consolidated. The financial statements of The Baker Company Inc. are available from: 175 Gatehouse Road, Sanford, Maine, 04073 USA.

Ruskinn Technology Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

| 12 | Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 31 March 2026 was Paul Fussell, who signed for and on behalf of Hazlewoods LLP.