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REGISTERED NUMBER: 00891753 (England and Wales)

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

FOR

NIGLON LIMITED

NIGLON LIMITED (REGISTERED NUMBER: 00891753)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

Page |

Company Information | 1 |

Group Strategic Report | 2 |

Report of the Directors | 5 |

Report of the Independent Auditors | 7 |

Consolidated Income Statement | 10 |

Consolidated Other Comprehensive Income | 11 |

Consolidated Balance Sheet | 12 |

Company Balance Sheet | 13 |

Consolidated Statement of Changes in Equity | 14 |

Company Statement of Changes in Equity | 15 |

Consolidated Cash Flow Statement | 16 |

Notes to the Consolidated Cash Flow Statement | 17 |

Notes to the Consolidated Financial Statements | 19 |

NIGLON LIMITED

COMPANY INFORMATION

FOR THE YEAR ENDED 30 APRIL 2025

| DIRECTORS: | O M Hinley

| J G Hinley

| S Hinley

| REGISTERED OFFICE: | Unit 1, Highlands Park,

| Stirling Road,

| Shirley,

| Solihull,

| West Midlands

| B90 4NE

| REGISTERED NUMBER: | 00891753 (England and Wales)

| INDEPENDENT AUDITORS: | Prime

| Chartered Accountants

| Statutory Auditor

| 161 Newhall Street

| Birmingham

| B3 1SW

NIGLON LIMITED (REGISTERED NUMBER: 00891753)

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 30 APRIL 2025

The directors present their strategic report of the company and the group for the year ended 30 April 2025.

PRINCIPAL ACTIVITIES

Niglon Limited is a UK distributor of high quality electrical components.

REVIEW OF BUSINESS

The results for the year and the financial position of the company and the group are shown in the annexed financial statements.

The group's results for the year were satisfactory. Turnover in the year was £16,6M, an increase of £1.8M as compared to the previous year, representing a continuing improvement in turnover in prior years. The profit before taxation for the year was £758k as compared to £1,041k in 2024.

Revenues have increased as the group has benefited from its stock holding policy and sales team's efforts. Profit has fallen due to increased overheads, with considerable investment being made in the year on strengthening the team. There was also a loss on the USD/GBP exchange rate in the year as well as some stock write downs which are deemed exceptional in nature.

PRINCIPAL RISKS AND UNCERTAINTIES

The group's results are sensitive to the general UK economic climate and are affected by factors including property market conditions, the availability of bank credit, consumer demand, interest rates and inflation.

Financial Reporting

Regular financial reports are produced including daily sales and margin reports and monthly accounts. These reports are monitored by the directors.

Liquidity Management

The group monitors its day-to-day cash requirements and has a policy of investing surplus cash balances.

Foreign Currency

The directors purchase foreign currency in advance when it is considered beneficial to do so. This process can help to maintain and improve margins when the exchange rates for the USD and Euro have been favourable. Currencies have been allocated by Option Dated Forward Transaction for up to twelve months ahead.

Risks and Uncertainties

The group sources a large part of its supplies from companies in the Far East. As a result, the group is vulnerable to any disruption in its ability to obtain delivery as and when required, although some security is obtained from its stockholding activities. With regard to the risk of supply, the group has countered this by investing in larger modern premises several years ago which has increased the stock depth and reduces the risk of supply chain disruption.

NIGLON LIMITED (REGISTERED NUMBER: 00891753)

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 30 APRIL 2025

KEY PERFORMANCE INDICATORS

The directors continuously review the strategic and financial progress of the group using, among others, the following KPIs.

Turnover

Turnover is considered in both value and by customer and product groups.

Operating Margins

Operating margins are monitored daily.

Cash Flow

The group has funds deposited with a bank. Cash flow is monitored daily.

Operating Budgets

The group prepares monthly management accounts which are reviewed against both current and previous year figures, as well as budgets and forecasts. This is so that any adverse trends can be promptly addressed.

Personnel, Health and Safety

Health and safety matters are kept under regular review. Employee numbers and benefits are similarly reviewed regularly.

FUTURE DEVELOPMENTS

The directors consider that the group can continue to meet competitive and market challenges. The group is strongly positioned both financially and in the marketplace. The Irish property acquired in 2022 is in the process of being refurbished and the company looks forward to operating in earnest from there during 2025/26.

Turnover in the current financial year has seen a continuing improvement in sales. Much of this is down to the group's stockholding policy, product development, and sales efforts. The group expects sales and profitability to continue through 2025 and 2026, although the group remains aware of the possibility of a downturn in sales due to uncertain economic conditions (relating to the world order, as well as UK house building levels). The company's policy of holding robust stock and working capital means that the business can trade through any short-term difficulties that may be beyond its control.

Following a rights issue in May 2018, the group had earmarked funds to enable it to continue to seek new trade investment and expansion opportunities, whether ongoing internal investment or by new acquisition opportunities.

In late 2025 the company acquired a Dublin-based Irish electrical distributor.

NIGLON LIMITED (REGISTERED NUMBER: 00891753)

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 30 APRIL 2025

CORPORATE SOCIAL RESPONSIBILITY

The group is committed to developing a safe and healthy working environment for all employees consistent with the requirements of the Health and Safety at Work Act.

Depending on their skills and abilities, disabled people enjoy the same career prospects as other employees, and if employees become disabled every effort would be made to ensure their continual employment, with appropriate training where necessary.

Policies for recruiting employees are designed to ensure equal opportunities irrespective of race, ethnicity, national origin, sex, or marital status.

ON BEHALF OF THE BOARD:

O M Hinley - Director

27 February 2026

NIGLON LIMITED (REGISTERED NUMBER: 00891753)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 30 APRIL 2025

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

DIVIDENDS

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

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 1 May 2024 to the date of this report.

O M Hinley

J G Hinley

S Hinley

Other changes in directors holding office are as follows:

J E Hinley - resigned 17 September 2024

S B Hinley - resigned 17 September 2024

A B Hinley - resigned 17 September 2024

POLITICAL DONATIONS AND EXPENDITURE

No donations made during the year were political donations or expenditure. All donations have been made for charitable causes to non-political organisations.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information.

NIGLON LIMITED (REGISTERED NUMBER: 00891753)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 30 APRIL 2025

AUDITORS

The auditors, Prime, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

O M Hinley - Director

27 February 2026

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

NIGLON LIMITED

Opinion

We have audited the financial statements of Niglon Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 30 April 2025 and of the group's 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 group 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 group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

NIGLON LIMITED

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- | the parent company financial statements are not in agreement with the accounting records and returns; or

- | certain disclosures of directors' remuneration specified by law are not made; or

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the industry sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence;

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

NIGLON LIMITED

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC and other relevant parties.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or 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.

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.

Morgan Davies FCA (Senior Statutory Auditor)

for and on behalf of Prime

Chartered Accountants

Statutory Auditor

161 Newhall Street

Birmingham

B3 1SW

27 February 2026

NIGLON LIMITED (REGISTERED NUMBER: 00891753)

CONSOLIDATED INCOME STATEMENT

FOR THE YEAR ENDED 30 APRIL 2025

| 2025 |  | 2024

| Notes | £ | £ |

TURNOVER | 16,568,457 |  | 14,765,822 |  |

Cost of sales | 11,350,159 |  | 10,023,038 |  |

GROSS PROFIT | 5,218,298 |  | 4,742,784 |  |

Administrative expenses | 4,562,733 |  | 4,044,850 |  |

655,565 |  | 697,934 |  |

Other operating income | 96,015 |  | 170,302 |  |

OPERATING PROFIT | 4 | 751,580 |  | 868,236 |  |

Interest receivable and similar income | 115,854 |  | 183,716 |  |

867,434 |  | 1,051,952 |  |

Gain/loss on revaluation of assets | - |  | 131,786 |  |

867,434 |  | 1,183,738 |  |

Interest payable and similar expenses | 5 | 109,021 |  | 142,627 |  |

PROFIT BEFORE TAXATION | 758,413 |  | 1,041,111 |  |

Tax on profit | 6 | 226,035 |  | 277,328 |  |

PROFIT FOR THE FINANCIAL YEAR | 532,378 |  | 763,783 |  |

Profit attributable to:

Owners of the parent | 532,378 |  | 763,783 |  |

NIGLON LIMITED (REGISTERED NUMBER: 00891753)

CONSOLIDATED OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 30 APRIL 2025

| 2025 |  | 2024

| Notes | £ | £ |

PROFIT FOR THE YEAR | 532,378 |  | 763,783 |  |

OTHER COMPREHENSIVE INCOME |

Revaluation of freehold property | - |  | 73,214 |  |

Deferred tax on revaluation | - |  | (22,182 | ) |

Income tax relating to components of other comprehensive income | - |  | - |  |

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX | - |  | 51,032 |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 532,378 |  | 814,815 |  |

Total comprehensive income attributable to:

Owners of the parent | 532,378 |  | 814,815 |  |

NIGLON LIMITED (REGISTERED NUMBER: 00891753)

CONSOLIDATED BALANCE SHEET

30 APRIL 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 9 | 5,000 |  | 5,000 |  |

Tangible assets | 10 | 5,008,929 |  | 5,751,317 |  |

Investments | 11 | - |  | - |  |

Investment property | 12 | - |  | 1,211,786 |  |

5,013,929 |  | 6,968,103 |  |

CURRENT ASSETS

Stocks | 13 | 5,807,550 |  | 5,323,341 |  |

Debtors | 14 | 5,860,080 |  | 5,820,422 |  |

Cash at bank and in hand | 3,610,638 |  | 4,280,647 |  |

15,278,268 |  | 15,424,410 |  |

CREDITORS

Amounts falling due within one year | 15 | 3,191,673 |  | 2,456,521 |  |

NET CURRENT ASSETS | 12,086,595 |  | 12,967,889 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 17,100,524 |  | 19,935,992 |  |

CREDITORS

Amounts falling due after more than one year | 16 | (1,891,802 | ) | (2,208,297 | ) |

PROVISIONS FOR LIABILITIES | 21 | - |  | (51,351 | ) |

NET ASSETS | 15,208,722 |  | 17,676,344 |  |

CAPITAL AND RESERVES

Called up share capital | 22 | 87,075 |  | 108,675 |  |

Share premium | 23 | 1,448,241 |  | 1,448,241 |  |

Revaluation reserve | 23 | - |  | 1,413,654 |  |

Capital redemption reserve | 23 | 22,725 |  | 1,125 |  |

Retained earnings | 23 | 13,650,681 |  | 14,704,649 |  |

SHAREHOLDERS' FUNDS | 15,208,722 |  | 17,676,344 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 27 February 2026 and were signed on its behalf by:

O M Hinley - Director

NIGLON LIMITED (REGISTERED NUMBER: 00891753)

COMPANY BALANCE SHEET

30 APRIL 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 9 | 5,000 |  | 5,000 |  |

Tangible assets | 10 | 5,008,929 |  | 5,751,317 |  |

Investments | 11 | 88 |  | 86 |  |

Investment property | 12 | - |  | 1,211,786 |  |

5,014,017 |  | 6,968,189 |  |

CURRENT ASSETS

Stocks | 13 | 5,807,550 |  | 5,323,341 |  |

Debtors | 14 | 5,860,080 |  | 5,820,336 |  |

Cash at bank and in hand | 3,610,638 |  | 4,275,725 |  |

15,278,268 |  | 15,419,402 |  |

CREDITORS

Amounts falling due within one year | 15 | 3,195,144 |  | 2,455,070 |  |

NET CURRENT ASSETS | 12,083,124 |  | 12,964,332 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 17,097,141 |  | 19,932,521 |  |

CREDITORS

Amounts falling due after more than one year | 16 | (1,891,802 | ) | (2,208,297 | ) |

PROVISIONS FOR LIABILITIES | 21 | - |  | (51,351 | ) |

NET ASSETS | 15,205,339 |  | 17,672,873 |  |

CAPITAL AND RESERVES

Called up share capital | 22 | 87,075 |  | 108,675 |  |

Share premium | 23 | 1,448,241 |  | 1,448,241 |  |

Revaluation reserve | 23 | - |  | 1,413,654 |  |

Capital redemption reserve | 23 | 22,725 |  | 1,125 |  |

Retained earnings | 23 | 13,647,298 |  | 14,701,178 |  |

SHAREHOLDERS' FUNDS | 15,205,339 |  | 17,672,873 |  |

Company's profit for the financial year | 532,466 |  | 740,605 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 27 February 2026 and were signed on its behalf by:

O M Hinley - Director

NIGLON LIMITED (REGISTERED NUMBER: 00891753)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 APRIL 2025

| Called up |

| share |  | Retained |  | Share

| capital |  | earnings |  | premium

£ | £ | £ |

Balance at 1 May 2023 | 108,675 |  | 14,244,129 |  | 1,448,241 |  |

Changes in equity

Dividends | - |  | (50,000 | ) | - |  |

Total comprehensive income | - |  | 510,520 |  | - |  |

Balance at 30 April 2024 | 108,675 |  | 14,704,649 |  | 1,448,241 |  |

Changes in equity

Purchase of own shares | (21,600 | ) | (3,000,000 | ) | - |  |

Total comprehensive income | - |  | 1,946,032 |  | - |  |

Balance at 30 April 2025 | 87,075 |  | 13,650,681 |  | 1,448,241 |  |

| Capital |

| Revaluation |  | redemption |  | Total

| reserve |  | reserve |  | equity

£ | £ | £ |

Balance at 1 May 2023 | 1,109,359 |  | 1,125 |  | 16,911,529 |  |

Changes in equity

Dividends | - |  | - |  | (50,000 | ) |

Total comprehensive income | 304,295 |  | - |  | 814,815 |  |

Balance at 30 April 2024 | 1,413,654 |  | 1,125 |  | 17,676,344 |  |

Changes in equity

Purchase of own shares | - |  | 21,600 |  | (3,000,000 | ) |

Total comprehensive income | (1,413,654 | ) | - |  | 532,378 |  |

Balance at 30 April 2025 | - |  | 22,725 |  | 15,208,722 |  |

NIGLON LIMITED (REGISTERED NUMBER: 00891753)

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 APRIL 2025

| Called up |

| share |  | Retained |  | Share

| capital |  | earnings |  | premium

£ | £ | £ |

Balance at 1 May 2023 | 108,675 |  | 14,263,836 |  | 1,448,241 |  |

Changes in equity

Dividends | - |  | (50,000 | ) | - |  |

Total comprehensive income | - |  | 487,342 |  | - |  |

Balance at 30 April 2024 | 108,675 |  | 14,701,178 |  | 1,448,241 |  |

Changes in equity

Purchase of own shares | (21,600 | ) | (3,000,000 | ) | - |  |

Total comprehensive income | - |  | 1,946,120 |  | - |  |

Balance at 30 April 2025 | 87,075 |  | 13,647,298 |  | 1,448,241 |  |

| Capital |

| Revaluation |  | redemption |  | Total

| reserve |  | reserve |  | equity

£ | £ | £ |

Balance at 1 May 2023 | 1,109,359 |  | 1,125 |  | 16,931,236 |  |

Changes in equity

Dividends | - |  | - |  | (50,000 | ) |

Total comprehensive income | 304,295 |  | - |  | 791,637 |  |

Balance at 30 April 2024 | 1,413,654 |  | 1,125 |  | 17,672,873 |  |

Changes in equity

Purchase of own shares | - |  | 21,600 |  | (3,000,000 | ) |

Total comprehensive income | (1,413,654 | ) | - |  | 532,466 |  |

Balance at 30 April 2025 | - |  | 22,725 |  | 15,205,339 |  |

NIGLON LIMITED (REGISTERED NUMBER: 00891753)

CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 30 APRIL 2025

| 2025 |  | 2024

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 1,698,158 |  | 924,504 |  |

Interest paid | (109,021 | ) | (142,627 | ) |

Tax (paid) / received | (434,098 | ) | (234,016 | ) |

Net cash from operating activities | 1,155,039 |  | 547,861 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (9,363 | ) | (37,165 | ) |

Sale of tangible fixed assets | 673,214 |  | - |  |

Sale of investment property | 661,786 |  | - |  |

Loan to SSAS | (550,000 | ) | - |  |

Interest received | 115,854 |  | 183,716 |  |

Net cash from investing activities | 891,491 |  | 146,551 |  |

Cash flows from financing activities

Net loan repayments in year | (293,999 | ) | (256,458 | ) |

HP capital repayments in year | - |  | (9,703 | ) |

Amount introduced by directors | 579,964 |  | - |  |

Amount withdrawn by directors | (20,000 | ) | (416,452 | ) |

Share buyback | (3,000,000 | ) | - |  |

Equity dividends paid | - |  | (50,000 | ) |

Net cash from financing activities | (2,734,035 | ) | (732,613 | ) |

Decrease in cash and cash equivalents | (687,505 | ) | (38,201 | ) |

Cash and cash equivalents at beginning of year | 2 | 4,280,647 |  | 4,318,848 |  |

Cash and cash equivalents at end of year | 2 | 3,593,142 |  | 4,280,647 |  |

NIGLON LIMITED (REGISTERED NUMBER: 00891753)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 30 APRIL 2025

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

| 2025 |  | 2024

£ | £ |

| Profit before taxation | 758,413 |  | 1,041,111 |  |

| Depreciation charges | 78,537 |  | 84,588 |  |

| Gain on revaluation of fixed assets | - |  | (131,786 | ) |

| Finance costs | 109,021 |  | 142,627 |  |

| Finance income | (115,854 | ) | (183,716 | ) |

830,117 |  | 952,824 |  |

| Increase in stocks | (484,209 | ) | (240,100 | ) |

| Decrease in trade and other debtors | 511,144 |  | 761,173 |  |

| Increase/(decrease) in trade and other creditors | 841,106 |  | (549,393 | ) |

| Cash generated from operations | 1,698,158 |  | 924,504 |  |

2. | CASH AND CASH EQUIVALENTS

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

| Year ended 30 April 2025

| 30.4.25 |  | 1.5.24

£ | £ |

| Cash and cash equivalents | 3,610,638 |  | 4,280,647 |  |

| Bank overdrafts | (17,496 | ) | - |  |

3,593,142 |  | 4,280,647 |  |

| Year ended 30 April 2024

| 30.4.24 |  | 1.5.23

£ | £ |

| Cash and cash equivalents | 4,280,647 |  | 4,318,848 |  |

NIGLON LIMITED (REGISTERED NUMBER: 00891753)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 30 APRIL 2025

3. | ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

| Non-cash |

| At 1.5.24 | Cash flow | changes | At 30.4.25

£ | £ | £ | £ |

| Net cash |

| Cash at bank

| and in hand | 4,280,647 |  | (670,009 | ) | - |  | 3,610,638 |  |

| Bank overdrafts | - |  | (17,496 | ) | - |  | (17,496 | ) |

4,280,647 |  | (687,505 | ) | - |  | 3,593,142 |  |

| Debt

| Debts falling due

| within 1 year | (263,197 | ) | 293,999 |  | (1,168,044 | ) | (1,137,242 | ) |

| Debts falling due

| after 1 year | (2,208,297 | ) | - |  | 316,495 |  | (1,891,802 | ) |

(2,471,494 | ) | 293,999 |  | (851,549 | ) | (3,029,044 | ) |

| Total | 1,809,153 |  | (393,506 | ) | (851,549 | ) | 564,098 |  |

NIGLON LIMITED (REGISTERED NUMBER: 00891753)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

1. | STATUTORY INFORMATION

| Niglon 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 General Information page.

| The presentation currency of the financial statements is the Pound Sterling (£).

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 as modified by the revaluation of certain assets.

| Going concern

| The company continues to be profitable and well resourced. The directors have a reasonable expectation that the company will continue in operational existence for at least 12 months from the date of approval of the financial statements. Therefore the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

| Significant judgements and estimates

| The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reporting of assets, liabilities, income and expenses. Estimates and underlying assumptions are reviewed on an ongoing basis. Actual results may differ from estimates calculated using these judgements and assumptions.

| Key significant judgements and estimates are as follows:

| Freehold and investment property were measured at fair value less any subsequent accumulated depreciation and impairment losses. The properties were last revalued by Johnson Fellow Chartered Surveyors on 3 March 2021. The revalued properties were sold during the year.

| Stock provisions are applied to slow moving or obsolete stock. Stock is deemed to be slow moving when the quantity on hand has not changed in the last 12 months.

| Bad debt provisions are only recognised on those customers that have ceased trading or gone into liquidation. All other outstanding balances are deemed fully recoverable.

| Sales rebate reserves are recognised where rebates are due back to customers based on the amount of sales over a specific period. If the exact rebate is not known as at the year end, it is based on historic average rebate rates.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| 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.

NIGLON LIMITED (REGISTERED NUMBER: 00891753)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

2. | ACCOUNTING POLICIES - continued

| Tangible fixed assets

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

| Land and buildings |  | - 2% on cost excluding land |  |

| Plant and machinery |  | - 15% and 20% on cost |  |

| Motor vehicles |  | - 25% on cost |  |

| Investment property

| Investment property is shown at fair value. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

| Stocks

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

| Financial derivatives

| The group holds forward foreign exchange contracts. These derivatives are initially recognised at fair value on the date the derivative contract is entered into and are subsequently re-measured at their fair value on a periodic basis. Changes in the fair value are recognised in the profit and loss as an income or expense as appropriate.

| Taxation

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

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

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

| Deferred tax

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

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

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

| Foreign currencies

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

NIGLON LIMITED (REGISTERED NUMBER: 00891753)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

2. | ACCOUNTING POLICIES - continued

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

3. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 2,100,131 |  | 1,875,318 |  |

| Social security costs | 237,656 |  | 189,925 |  |

| Other pension costs | 319,967 |  | 287,818 |  |

2,657,754 |  | 2,353,061 |  |

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

| 2025 |  | 2024

| Administration and management | 26 |  | 23 |  |

| Warehouse | 19 |  | 21 |  |

45 |  | 44 |  |

| 2025 |  | 2024

£ | £ |

| Directors' remuneration | 416,776 |  | 482,900 |  |

| Directors' pension contributions to money purchase schemes | 180,000 |  | 240,000 |  |

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

| Money purchase schemes | 3 |  | 5 |  |

| Information regarding the highest paid director is as follows:

| 2025 |  | 2024

£ | £ |

| Emoluments etc | 144,524 |  | 121,228 |  |

| Pension contributions to money purchase schemes | - |  | 48,000 |  |

| The directors are the key management personnel of the company.

NIGLON LIMITED (REGISTERED NUMBER: 00891753)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

4. | OPERATING PROFIT

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

| 2025 |  | 2024

£ | £ |

| Other operating leases | 79,506 |  | 58,961 |  |

| Depreciation - owned assets | 78,537 |  | 79,197 |  |

| Depreciation - assets on hire purchase contracts or finance leases | - |  | 5,390 |  |

| Auditors' remuneration | 31,000 |  | 30,000 |  |

| Foreign exchange differences | 176,894 |  | (140,059 | ) |

| Product research & development cost | 164,118 |  | 193,943 |  |

5. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£ | £ |

| Bank interest | 25 |  | 153 |  |

| Hire purchase interest | - |  | 691 |  |

| Interest on Corporation Tax | 46 |  | - |  |

| Loan interest | 108,950 |  | 141,783 |  |

109,021 |  | 142,627 |  |

6. | TAXATION

| Analysis of the tax charge

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

| 2025 |  | 2024

£ | £ |

| Current tax:

| UK corporation tax | 295,023 |  | 248,193 |  |

| Prior year adjustments | - |  | (34 | ) |

| Total current tax | 295,023 |  | 248,159 |  |

| Deferred tax | (68,988 | ) | 29,169 |  |

| Tax on profit | 226,035 |  | 277,328 |  |

NIGLON LIMITED (REGISTERED NUMBER: 00891753)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

6. | 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:

| 2025 |  | 2024

£ | £ |

| Profit before tax | 758,413 |  | 1,041,111 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2024 - 25 %) | 189,603 |  | 260,278 |  |

| Effects of:

| Expenses not deductible for tax purposes | 22,477 |  | 11,862 |  |

| Income not taxable for tax purposes | - |  | (32,947 | ) |

| Depreciation in excess of capital allowances | 15,277 |  | 9,490 |  |

| Adjustments to tax charge in respect of previous periods | - |  | (34 | ) |

| Capital gains | 67,666 |  | - |  |

| Marginal rate of tax adjustment | - |  | (490 | ) |

| Deferred tax | (68,988 | ) | 29,169 |  |

| Total tax charge | 226,035 |  | 277,328 |  |

| Tax effects relating to effects of other comprehensive income |

| There were no tax effects for the year ended 30 April 2025.

| 2024 |

| Gross |  | Tax |  | Net |

£ | £ | £ |

| Revaluation of freehold property | 73,214 |  | - |  | 73,214 |  |

| Deferred tax on revaluation | (22,182 | ) | - |  | (22,182 | ) |

51,032 |  | - |  | 51,032 |  |

| The main rate of corporation tax increased from 19% to 25% from 1 April 2023.

7. | INDIVIDUAL INCOME STATEMENT

| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.

8. | DIVIDENDS

| 2025 |  | 2024

£ | £ |

| Ordinary shares of £1 each

| Interim | - |  | 50,000 |  |

NIGLON LIMITED (REGISTERED NUMBER: 00891753)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

9. | INTANGIBLE FIXED ASSETS

| Group

| Patents

| and

| licences

£ |

| COST

| At 1 May 2024

| and 30 April 2025 | 5,000 |  |

| NET BOOK VALUE

| At 30 April 2025 | 5,000 |  |

| At 30 April 2024 | 5,000 |  |

| Company

| Patents

| and

| licences

£ |

| COST

| At 1 May 2024

| and 30 April 2025 | 5,000 |  |

| NET BOOK VALUE

| At 30 April 2025 | 5,000 |  |

| At 30 April 2024 | 5,000 |  |

NIGLON LIMITED (REGISTERED NUMBER: 00891753)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

10. | TANGIBLE FIXED ASSETS

| Group

| Freehold |  | Plant and |  | Motor |

| property |  | machinery |  | vehicles |  | Totals

£ | £ | £ | £ |

| COST

| At 1 May 2024 | 5,800,724 |  | 523,332 |  | 83,976 |  | 6,408,032 |  |

| Additions | - |  | 9,363 |  | - |  | 9,363 |  |

| Disposals | (673,214 | ) | (8,133 | ) | - |  | (681,347 | ) |

| At 30 April 2025 | 5,127,510 |  | 524,562 |  | 83,976 |  | 5,736,048 |  |

| DEPRECIATION

| At 1 May 2024 | 146,400 |  | 473,646 |  | 36,669 |  | 656,715 |  |

| Charge for year | 48,800 |  | 8,743 |  | 20,994 |  | 78,537 |  |

| Eliminated on disposal | - |  | (8,133 | ) | - |  | (8,133 | ) |

| At 30 April 2025 | 195,200 |  | 474,256 |  | 57,663 |  | 727,119 |  |

| NET BOOK VALUE

| At 30 April 2025 | 4,932,310 |  | 50,306 |  | 26,313 |  | 5,008,929 |  |

| At 30 April 2024 | 5,654,324 |  | 49,686 |  | 47,307 |  | 5,751,317 |  |

| Included in cost of land and buildings is freehold land of £501,808 (2024 - £751,808) which is not depreciated.

| Company

| Freehold |  | Plant and |  | Motor |

| property |  | machinery |  | vehicles |  | Totals

£ | £ | £ | £ |

| COST

| At 1 May 2024 | 5,800,724 |  | 523,332 |  | 83,976 |  | 6,408,032 |  |

| Additions | - |  | 9,363 |  | - |  | 9,363 |  |

| Disposals | (673,214 | ) | (8,133 | ) | - |  | (681,347 | ) |

| At 30 April 2025 | 5,127,510 |  | 524,562 |  | 83,976 |  | 5,736,048 |  |

| DEPRECIATION

| At 1 May 2024 | 146,399 |  | 473,646 |  | 36,670 |  | 656,715 |  |

| Charge for year | 48,800 |  | 8,743 |  | 20,994 |  | 78,537 |  |

| Eliminated on disposal | - |  | (8,133 | ) | - |  | (8,133 | ) |

| At 30 April 2025 | 195,199 |  | 474,256 |  | 57,664 |  | 727,119 |  |

| NET BOOK VALUE

| At 30 April 2025 | 4,932,311 |  | 50,306 |  | 26,312 |  | 5,008,929 |  |

| At 30 April 2024 | 5,654,325 |  | 49,686 |  | 47,306 |  | 5,751,317 |  |

| Included in cost of land and buildings is freehold land of £ 501,808 (2024 - £ 751,808 ) which is not depreciated.

NIGLON LIMITED (REGISTERED NUMBER: 00891753)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

11. | FIXED ASSET INVESTMENTS

| Company

| Unlisted

| investments

£ |

| COST

| At 1 May 2024 | 86 |  |

| Additions | 2 |  |

| At 30 April 2025 | 88 |  |

| NET BOOK VALUE

| At 30 April 2025 | 88 |  |

| At 30 April 2024 | 86 |  |

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

| Subsidiaries

| George Hughes (Cobo) Limited

| Registered office: Highlands Road, Cranmore Ind Estate, Shirley, Solihull, B90 4NP

| Nature of business: Light engineering (Ceased to trade 30 April 2024)

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| Preference | 100.00 |

| Simplex Conduit Systems Limited

| Registered office: Highlands Road, Shirley, Solihull, B90 4NP

| Nature of business: Dormant

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| Niglon Ireland Limited

| Registered office: Unit 5, Naas Road Business Park, Muirfield Drive, Dublin 12, Ireland

| Nature of business: Dormant

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| Heatrad Limited

| Registered office: Highlands Park Stirling Road, Shirley, Solihull, England, B90 4NE

| Nature of business: Wholesale of electronic equipment

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

NIGLON LIMITED (REGISTERED NUMBER: 00891753)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

12. | INVESTMENT PROPERTY

| Group

| Total

£ |

| FAIR VALUE

| At 1 May 2024 | 1,211,786 |  |

| Disposals | (1,211,786 | ) |

| At 30 April 2025 | - |  |

| NET BOOK VALUE

| At 30 April 2025 | - |  |

| At 30 April 2024 | 1,211,786 |  |

| Fair value at 30 April 2025 is represented by:

£ |

| Investment property was valued on an open market basis on 30 April 2024 by the directors .

| The group's old premises at Highlands Road was part leased to a third party tenant, so that the group only utilised 40% of the premises, and the third party tenant utilised 60% of the premises. As such 60% of the value of the premises was treated as investment property.

| On 28 October 2024 the premises at Highlands Road was sold for £1,885,000 to the Hinley Family SSAS.

| Company

| Total

£ |

| FAIR VALUE

| At 1 May 2024 | 1,211,786 |  |

| Disposals | (1,211,786 | ) |

| At 30 April 2025 | - |  |

| NET BOOK VALUE

| At 30 April 2025 | - |  |

| At 30 April 2024 | 1,211,786 |  |

13. | STOCKS

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Stocks | 5,807,550 |  | 5,323,341 |  | 5,807,550 |  | 5,323,341 |  |

| The year end stock provision was £419,757 (2024: £215,015).

NIGLON LIMITED (REGISTERED NUMBER: 00891753)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

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

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Trade debtors | 4,987,159 |  | 4,596,591 |  | 4,987,159 |  | 4,596,591 |  |

| Other debtors | 584,394 |  | 232,215 |  | 584,394 |  | 232,129 |  |

| Directors' current accounts | - |  | 566,835 |  | - |  | 566,835 |  |

| Tax | 66,662 |  | 66,662 |  | 66,662 |  | 66,662 |  |

| VAT | 134,191 |  | 309,559 |  | 134,191 |  | 309,559 |  |

| Deferred tax asset | 17,637 |  | - |  | 17,637 |  | - |  |

| Prepayments and accrued income | 70,037 |  | 48,560 |  | 70,037 |  | 48,560 |  |

5,860,080 |  | 5,820,422 |  | 5,860,080 |  | 5,820,336 |  |

| Deferred tax asset

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Accelerated capital allowances | (3,363 | ) | - |  | (3,363 | ) | - |  |

| Short term timing differences | 21,000 |  | - |  | 21,000 |  | - |  |

17,637 |  | - |  | 17,637 |  | - |  |

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

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Bank loans and overdrafts (see note 17) | 303,190 |  | 263,197 |  | 305,308 |  | 263,197 |  |

| Trade creditors | 1,523,702 |  | 1,530,436 |  | 1,523,701 |  | 1,530,436 |  |

| Amounts owed to group undertakings | - |  | - |  | 2,950 |  | 100 |  |

| Tax | 109,191 |  | 248,266 |  | 107,595 |  | 246,715 |  |

| Social security and other taxes | 148,743 |  | 220,412 |  | 148,743 |  | 220,412 |  |

| Other creditors | 961,055 |  | - |  | 961,055 |  | - |  |

| Pension control | 16,858 |  | 1,401 |  | 16,858 |  | 1,401 |  |

| Directors' current accounts | 38,121 |  | 44,992 |  | 38,121 |  | 44,992 |  |

| Accrued expenses | 90,813 |  | 147,817 |  | 90,813 |  | 147,817 |  |

3,191,673 |  | 2,456,521 |  | 3,195,144 |  | 2,455,070 |  |

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

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Bank loans (see note 17) | 1,891,802 |  | 2,208,297 |  | 1,891,802 |  | 2,208,297 |  |

NIGLON LIMITED (REGISTERED NUMBER: 00891753)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

17. | LOANS

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

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Amounts falling due within one year or on | demand: |

| Bank overdrafts | 17,496 |  | - |  | 19,614 |  | - |  |

| Bank loans | 285,694 |  | 263,197 |  | 285,694 |  | 263,197 |  |

303,190 |  | 263,197 |  | 305,308 |  | 263,197 |  |

| Amounts falling due between one and two | years: |

| Bank loans - 1-2 years | 293,821 |  | 263,197 |  | 293,821 |  | 263,197 |  |

| Amounts falling due between two and five | years: |

| Bank loans - 2-5 years | 988,609 |  | 789,592 |  | 988,609 |  | 789,592 |  |

| Amounts falling due in more than five | years: |

| Repayable by instalments

| Bank loans more 5 yr by instal | 609,372 |  | 1,155,508 |  | 609,372 |  | 1,155,508 |  |

18. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Group

| Non-cancellable |

| operating leases |

2025 | 2024 |

£ | £ |

| Within one year | 46,832 |  | 25,856 |  |

| Between one and five years | 37,334 |  | 40,469 |  |

84,166 |  | 66,325 |  |

| Company

| Non-cancellable |

| operating leases |

2025 | 2024 |

£ | £ |

| Within one year | 46,832 |  | 25,856 |  |

| Between one and five years | 37,334 |  | 40,469 |  |

84,166 |  | 66,325 |  |

NIGLON LIMITED (REGISTERED NUMBER: 00891753)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

19. | SECURED DEBTS

| The following secured debts are included within creditors:

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Bank loans | 2,177,496 |  | 2,471,494 |  | 2,177,496 |  | 2,471,494 |  |

| The bank loans with Lloyds Bank Plc are secured by way of a 1st Legal Charge over Commercial Freehold Property known as Unit 1, Highlands Park, Stirling Road, Shirley, Solihull, B90 4NE dated 31/01/2022 and an unlimited debenture dated 31/01/2022 incorporating a fixed and floating charge.

| A guarantee has been given by Barclays Bank Plc on the Company's behalf in favour of H M Revenue & Customs for £40,000.

20. | FINANCIAL INSTRUMENTS

| The company has the following financial instruments:

|  | 2025 |  |  | 2024 |  |  |

|  | £ |  |  | £ |  |  |

| Financial (liabilities)/assets measured at fair value through the profit and loss: |  |  |

| Derivative Financial instruments |  |  | (147,628 | ) |  | 26,162 |  |

| Derivative financial instruments

| The group enters into forward foreign currency contracts to mitigate the exchange rate risk for certain foreign currency payables. The company is committed to buy US$3,400,000 in exchange for a fixed sterling amount (2024: US$2,900,000).

| The forward currency contracts are measured at fair value, which is determined using valuation techniques that utilise observable inputs. The key assumption used in valuing the derivatives are the forward exchange rates for GBP:USD and GBP:EUR.

21. | PROVISIONS FOR LIABILITIES

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Deferred tax

| Accelerated capital allowances | - |  | 51,351 |  | - |  | 51,351 |  |

| Group

| Deferred |

| tax |

£ |

| Balance at 1 May 2024 | 51,351 |  |

| Credit to Income Statement during year | (68,988 | ) |

| Balance at 30 April 2025 | (17,637 | ) |

NIGLON LIMITED (REGISTERED NUMBER: 00891753)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

21. | PROVISIONS FOR LIABILITIES - continued

| Company

| Deferred |

| tax |

£ |

| Balance at 1 May 2024 | 51,351 |  |

| Credit to Income Statement during year | (68,988 | ) |

| Balance at 30 April 2025 | (17,637 | ) |

| The deferred tax balance is as follows:

|  | 2025 |  |  | 2024 |  |

|  | £ |  |  | £ |  |

| Accelerated capital allowances |  | 3,363 |  |  | 6,441 |  |

| Property revaluation |  | - |  |  | 44,910 |  |

| Short term timing differences |  | (21,000 | ) |  | - |  |

|  | (17,637 | ) |  | 51,351 |  |

22. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

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

| value: | £ | £ |

| 77,400 | Ordinary | £1 | 77,400 |  | 99,000 |  |

| 9,675 | Ordinary A | £1 | 9,675 |  | 9,675 |  |

87,075 |  | 108,675 |  |

| Ordinary and Ordinary A shares have equal rights to receive notice of, attend and vote in a general meeting of the company, receive dividends and capital on wind up.

| On 21 September 2024 the company completed a share buy-back for cash in respect of 21,600 ordinary shares in the sum of £3,000,000. The shares were subsequently cancelled.

23. | RESERVES

| Group

| Capital |

| Retained |  | Share |  | Revaluation |  | redemption |

| earnings |  | premium |  | reserve |  | reserve |  | Totals

£ | £ | £ | £ | £ |

| At 1 May 2024 | 14,704,649 |  | 1,448,241 |  | 1,413,654 |  | 1,125 |  | 17,567,669 |  |

| Profit for the year | 532,378 |  | 532,378 |  |

| Revaluation in year | 1,413,654 |  | - |  | (1,413,654 | ) | - |  | - |  |

| Purchase of own shares | (3,000,000 | ) | - |  | - |  | 21,600 |  | (2,978,400 | ) |

| At 30 April 2025 | 13,650,681 |  | 1,448,241 |  | - |  | 22,725 |  | 15,121,647 |  |

NIGLON LIMITED (REGISTERED NUMBER: 00891753)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

23. | RESERVES - continued

| Company

| Capital |

| Retained |  | Share |  | Revaluation |  | redemption |

| earnings |  | premium |  | reserve |  | reserve |  | Totals

£ | £ | £ | £ | £ |

| At 1 May 2024 | 14,701,178 |  | 1,448,241 |  | 1,413,654 |  | 1,125 |  | 17,564,198 |  |

| Profit for the year | 532,466 |  | 532,466 |  |

| Revaluation in year | 1,413,654 |  | - |  | (1,413,654 | ) | - |  | - |  |

| Purchase of own shares | (3,000,000 | ) | - |  | - |  | 21,600 |  | (2,978,400 | ) |

| At 30 April 2025 | 13,647,298 |  | 1,448,241 |  | - |  | 22,725 |  | 15,118,264 |  |

24. | GUARANTEES

| The group has provided a guarantee to its bankers in respect of the overdraft facility in the subsidiary, George Hughes (Cobo) Limited, although at both the current and prior year end there were no overdraft borrowings.

25. | CAPITAL COMMITMENTS

| At 30 April 2025, the company had capital commitments contracted for but not provided for in these financial statements of £97,187 (2024: £Nil).

26. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

| The following advances and credits to directors subsisted during the years ended 30 April 2025 and 30 April 2024:

2025 | 2024 |

£ | £ |

| S B Hinley

| Balance outstanding at start of year | 428,969 |  | 197,517 |  |

| Amounts advanced | 41,800 |  | 231,452 |  |

| Amounts repaid | (470,769 | ) | - |  |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | - |  | 428,969 |  |

| J G Hinley

| Balance outstanding at start of year | 137,866 |  | (47,134 | ) |

| Amounts advanced | 47,134 |  | 185,000 |  |

| Amounts repaid | (185,000 | ) | - |  |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | - |  | 137,866 |  |

NIGLON LIMITED (REGISTERED NUMBER: 00891753)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

27. | RELATED PARTY TRANSACTIONS

| Net amounts due from/(to) related parties |  | 2025 |  |  | 2024 |

|  | £ |  |  | £ |

| Group |  |

| Ocean Drive Classics Limited |  | 5,960 |  |  | (68,700 | )

| John Grahame Hinley Will Trust |  | (790,298 | ) |  | 199,702 |

| Hinley Family SSAS |  | 550,000 |  |  | - |

|  | (234,338 | ) |  | 131,002 |

| Net amounts due from/(to) related parties |  | 2025 |  |  | 2024 |

|  | £ |  |  | £ |

| Company |  |

| Ocean Drive Classics Limited |  | 5,960 |  |  | (68,700 | )

| John Grahame Hinley Will Trust |  | (790,298 | ) |  | 199,702 |

| Hinley Family SSAS |  | 550,000 |  |  | - |

|  | (234,338 | ) |  | 131,002 |

| The directors of the group have interests in the above entities. Amounts are interest free and unsecured except for Hinley Family SSAS on which interest is receivable.

28. | POST BALANCE SHEET EVENTS

| On 25 October 2025 Niglon Limited purchased the share capital of Derrywood Agencies & Distributors Limited, an electrical component distributor based in Dublin, Ireland for €1,431,000.

29. | ULTIMATE CONTROLLING PARTY

| Until 21 September 2024 the company and group was controlled by the director Mr S B Hinley.

| Following the share buy-back and subsequent cancellation of Mr S B Hinley's shares on 21 September 2024 no one individual has ultimate control over the company by way of their shareholding, either directly or indirectly.