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REGISTERED NUMBER: 00644260 (England and Wales)

Strategic Report,

Report of the Directors and

Financial Statements

For The Year Ended

31 December 2025

for

TROLEX LIMITED

| TROLEX LIMITED (REGISTERED NUMBER: 00644260) |

Contents of the Financial Statements

For The Year Ended 31 December 2025

Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Report of the Directors | 4 |

| Statement of Directors' Responsibilities | 6 |

| Report of the Independent Auditors | 7 |

| Profit and Loss Account | 11 |

| Other Comprehensive Income | 12 |

| Balance Sheet | 13 |

| Statement of Changes in Equity | 14 |

| Notes to the Financial Statements | 15 |

| TROLEX LIMITED |

Company Information

For The Year Ended 31 December 2025

| DIRECTORS: | Mr L Pierce-Jones

| Mr J Pierce-Jones

| Mr G Pierce-Jones

| REGISTERED OFFICE: | 10a Newby Road

| Hazel Grove

| Stockport

| Cheshire

| SK7 5DY

| REGISTERED NUMBER: | 00644260 (England and Wales)

| SENIOR STATUTORY AUDITOR: | Steven John Collings FCCA

| AUDITORS: | Leavitt Walmsley Associates Limited

| Chartered Certified Accountants and

| Statutory Auditors

| 8 Eastway

| Sale

| Cheshire

| M33 4DX

| TROLEX LIMITED (REGISTERED NUMBER: 00644260) |

Strategic Report

For The Year Ended 31 December 2025

The directors present their strategic report for the year ended 31 December 2025.

REVIEW OF THE BUSINESS

The company specialises in the design, manufacture, supply and support of state-of-the-art particulate monitoring, wireless, and fixed multi-gas detection systems in addition to a range of system technologies for complex multi-parameter sensing systems. The Company is a leading name in safety technology, wherever and whenever workers operate in challenging environments.

2025 has seen a more stable cost base than in the previous two years, although this is now at the higher level and sales price increases have been made to counter the impact of these. However, it is anticipated that the current geopolitical unrest is likely to disrupt the stability and result in commodity cost increases, which, in turn, will impact the Trolex supply chain. This will be closely monitored by the directors to ensure the business reacts appropriately through 2026.

The company continues to focus on projects developing new, and improving existing technologies to ensure it builds its competitive advantage.

Financial review

For the year ended 31 December 2025, the company reported turnover of £7.6m (2024: £9.9m). Operating profit for the year was £267k (2024: £957k).

The directors believe that it is important to adapt to economic, environmental and political changes through continuous improvement in business processes to reduce costs and create efficiencies but without jeopardising the quality, performance and delivery of the goods manufactured.

PRINCIPAL RISKS AND UNCERTAINTIES

The company is forecast to maintain its financial performance in 2026. The directors are aware of the risks that the continued global economic challenges, and trading environment bring to the company. The directors meet on a regular basis with other members of senior management where the risks and uncertainties facing the business are discussed and appropriate actions taken to mitigate any impact on the company's performance.

Foreign currency risk

The company operates from the United Kingdom, but its customers are located not only in the UK but also in other jurisdictions such as Europe, USA, Canada, Asia and Australia. This requires the company to operate in GBP, US Dollars and Euros. The company mitigates foreign currency risk by holding an appropriate level of funds in a currency-denoted account. The company does not undertake any hedging in respect of foreign currency.

Legislative and regulatory risks

The company supplies products in an industry that is subject to significant health and safety and environmental regulation. Failure to comply with laws and regulations could lead to a loss of reputation, revenues or the ability to sell products in some countries. To mitigate this risk, the directors continuously invest in development of the company's product range, invest in the training of staff, monitor and implement changes in laws and regulations and action improvements in processes and controls.

| TROLEX LIMITED (REGISTERED NUMBER: 00644260) |

Strategic Report

For The Year Ended 31 December 2025

KEY PERFORMANCE INDICATORS

The directors believe that the key performance indicators (KPIs) outlined below provide an overview as to how the company is performing against principal key objectives to enable it to achieve the directors' long-term strategic vision. The KPIs encompass business performance as well as financial indicators taking consideration of the interests of all stakeholders:

Financial KPIs

Turnover |  | £7.6m (2024: £9.9m) |  |

Gross profit |  | £3.8m (2024: £5.2m) |  |

Operating profit |  | £267k (2024: £957k) |  |

Free cash flow |  | £1.6m (2024: £1.4m) |  |

Total equity |  | £5.4m (2024: £5.2m) |  |

Non-financial KPIs

The directors believe that the non-financial KPIs shown below are also significant to understanding company performance:

Employee headcount: 76 (2024: 80).

ON BEHALF OF THE BOARD:

Mr G Pierce-Jones - Director

30 April 2026

| TROLEX LIMITED (REGISTERED NUMBER: 00644260) |

Report of the Directors

For The Year Ended 31 December 2025

The directors present their report with the financial statements of the company for the year ended 31 December 2025.

DIVIDENDS

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

RESEARCH AND DEVELOPMENT

The company continuously undertakes research and development activities to improve and develop its products. The company continuously attempts new processes and developing innovative new solutions. Our research projects look at how our processes can be continuously improved for the benefit of our customer base. Our continuing investment will further enhance this understanding.

FUTURE DEVELOPMENTS

The directors will continue to pursue a strategy of developing the company's product offerings as well as seeking new opportunities to increase revenue and margins.

2026 will see a continuation of improving the risk profile of the business, with continued focus on investment in innovative design and production. The company has cash resources available which give it the capacity to invest in the latest technology to enable the directors' strategy for growth to be implemented.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

Mr L Pierce-Jones

Mr J Pierce-Jones

Mr G Pierce-Jones

FINANCIAL INSTRUMENTS

The company's financial instruments comprise:

Financial assets

- Cash balances

- Trade and sundry debtors

Financial liabilities

- Trade and other creditors

- Bank loans

- Finance leases

- Accruals

All these financial instruments arise as a result of the normal operations of the business.

The main risks associated with these financial assets and financial liabilities are credit risk, liquidity and cash flow risks. The directors review and agree policies for managing each of these risks and these policies are described below. The policies are consistent with those from the prior year.

The company does not use derivative financial instruments.

Credit risk

The company's credit risk is primarily associated with trade debtors. The amounts presented in the balance sheet are net of allowances for doubtful debts, where applicable. A bad debt provision is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of cash flows. The directors monitor credit risk, but consider the company has minimal exposure.

Liquidity and cash flow risk

Liquidity and cash flow risk is the risk that an entity will encounter difficulty in meeting obligations associated with its financial liabilities. The directors mitigate liquidity and cash flow risk by managing working capital and, consequently, they continue to closely monitor the company's working capital requirements. Should the directors identify that the company requires additional working capital, they would look to secure and utilise short-term or long-term financing facilities from external sources.

| TROLEX LIMITED (REGISTERED NUMBER: 00644260) |

Report of the Directors

For The Year Ended 31 December 2025

GOING CONCERN

The directors have made enquiries and assessed the impact and risks of the geo-political situation in both Ukraine and the Middle East. The directors believe that the company is able to manage any risks that may present themselves and consider that the financial statements should be prepared using the going concern basis of accounting. This conclusion has been reached by the company having sufficient levels of working capital available to enable it to meet its liabilities and obligations as they fall due for a period of at least 12 months from the date of approval of the financial statements.

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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Leavitt Walmsley Associates Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr G Pierce-Jones - Director

30 April 2026

| TROLEX LIMITED (REGISTERED NUMBER: 00644260) |

Statement of Directors' Responsibilities

For The Year Ended 31 December 2025

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). 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.

Report of the Independent Auditors to the Members of

Trolex Limited

Opinion

We have audited the financial statements of Trolex Limited (the 'company') for the year ended 31 December 2025 which comprise the Profit and Loss Account, Other Comprehensive Income, Balance Sheet, Statement of Changes 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 Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- | give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit for the year then ended;

- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report, the Report of the Directors and the Statement of Directors' Responsibilities, but does not include the financial statements and our Report of the Auditors thereon.

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

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

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the 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

Trolex Limited

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the 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, 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 Statement of Directors' Responsibilities set out on page six, 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 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.

Report of the Independent Auditors to the Members of

Trolex Limited

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:

In relation to fraud, the objectives of our audit are to:

(a) identify and assess the risk of material misstatement of the financial statements due to fraud;

(b) obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses; and

(c) to respond appropriately to fraud or suspected fraud identified during the audit.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risks of acts by the company which were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by (for example) forgery or intentional misrepresentations, or through collusion.

We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including but not limited to, health and safety legislation, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and reviews of correspondence (in particular legal correspondence). There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud.

The audit engagement team identified the risk of management override of internal controls, judgements and estimates and revenue recognition as the areas where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included, but were not limited to:

(a) Testing manual journal entries and other adjustments and evaluating the business rationale to significant, unusual transactions and transactions entered into outside the ordinary course of business, assessing whether the judgements made in making accounting estimates are indicative of potential bias.

(b) Testing a sample of revenue transactions recognised either side of the balance sheet date to determine whether revenue was recorded in the correct period.

(c) Challenging judgements and estimates applied in the valuation of stock and work in progress by reviewing post-year-end sales invoices to determine whether estimated selling price was higher than cost and comparing the outturn of prior year estimates with current year outcomes.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of

Trolex Limited

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Steven John Collings FCCA (Senior Statutory Auditor)

for and on behalf of Leavitt Walmsley Associates Limited

Chartered Certified Accountants and

Statutory Auditors

8 Eastway

Sale

Cheshire

M33 4DX

28 April 2026

| TROLEX LIMITED (REGISTERED NUMBER: 00644260) |

Profit and Loss Account

For The Year Ended 31 December 2025

| 31.12.25 | 31.12.24 |

| Notes | £ | £ | £ | £ |

TURNOVER | 3 | 7,648,706 |  | 9,941,147 |  |

Cost of sales | 3,816,962 |  | 4,745,162 |  |

GROSS PROFIT | 3,831,744 |  | 5,195,985 |  |

Administrative expenses | 3,745,168 |  | 4,238,108 |  |

86,576 |  | 957,877 |  |

Other operating income | 179,922 |  | (557 | ) |

OPERATING PROFIT | 5 | 266,498 |  | 957,320 |  |

Loan written off | 11,715 |  | - |  |

Interest receivable and similar income | 14,281 |  | 20,976 |  |

|  | 25,996 |  |  |  | 20,976 |  |

292,494 |  | 978,296 |  |

Interest payable and similar expenses | 7 | 71,177 |  | 100,162 |  |

PROFIT BEFORE TAXATION | 221,317 |  | 878,134 |  |

Tax on profit | 8 | 27,037 |  | 36,204 |  |

PROFIT FOR THE FINANCIAL YEAR | 194,280 |  | 841,930 |  |

| TROLEX LIMITED (REGISTERED NUMBER: 00644260) |

Other Comprehensive Income

For The Year Ended 31 December 2025

| 31.12.25 |  | 31.12.24

| Notes | £ | £ |

PROFIT FOR THE YEAR | 194,280 |  | 841,930 |  |

OTHER COMPREHENSIVE INCOME |

Scheme asset return less interest income | 17,000 |  | (139,000 | ) |

Experience gains (losses) | (28,000 | ) | (37,000 | ) |

Change in actuarial assumptions | 40,000 |  | 102,000 |  |

Change in irrecoverable surplus | (29,000 | ) | 74,000 |  |

Timing difference on revaluation reserve | 8,909 |  | 5,279 |  |

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

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX | 8,909 |  | 5,279 |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 203,189 |  | 847,209 |  |

| TROLEX LIMITED (REGISTERED NUMBER: 00644260) |

Balance Sheet

31 December 2025

| 31.12.25 | 31.12.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 9 | 1,537 |  | 2,029 |  |

Tangible assets | 10 | 2,803,820 |  | 2,962,648 |  |

2,805,357 |  | 2,964,677 |  |

CURRENT ASSETS

Stocks | 11 | 1,768,678 |  | 1,841,649 |  |

Debtors | 12 | 960,647 |  | 1,266,653 |  |

Cash at bank and in hand | 1,584,044 |  | 1,364,175 |  |

4,313,369 |  | 4,472,477 |  |

CREDITORS

Amounts falling due within one year | 13 | 841,194 |  | 1,135,850 |  |

NET CURRENT ASSETS | 3,472,175 |  | 3,336,627 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 6,277,532 |  | 6,301,304 |  |

CREDITORS

Amounts falling due after more than one year | 14 | (703,833 | ) | (876,893 | ) |

PROVISIONS FOR LIABILITIES | 18 | (213,519 | ) | (267,420 | ) |

NET ASSETS | 5,360,180 |  | 5,156,991 |  |

CAPITAL AND RESERVES

Called up share capital | 19 | 61,739 |  | 61,739 |  |

Share premium | 20 | 29,779 |  | 29,779 |  |

Revaluation reserve | 20 | 539,982 |  | 531,073 |  |

Capital redemption reserve | 20 | 98,606 |  | 98,606 |  |

Retained earnings | 20 | 4,630,074 |  | 4,435,794 |  |

SHAREHOLDERS' FUNDS | 5,360,180 |  | 5,156,991 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 30 April 2026 and were signed on its behalf by:

Mr G Pierce-Jones - Director

| TROLEX LIMITED (REGISTERED NUMBER: 00644260) |

Statement of Changes in Equity

For The Year Ended 31 December 2025

| Called up |

| share |  | Retained |  | Share

| capital |  | earnings |  | premium

£ | £ | £ |

Balance at 1 January 2024 | 61,739 |  | 3,593,864 |  | 29,779 |  |

Changes in equity

Total comprehensive income | - |  | 841,930 |  | - |  |

Balance at 31 December 2024 | 61,739 |  | 4,435,794 |  | 29,779 |  |

Changes in equity

Total comprehensive income | - |  | 194,280 |  | - |  |

Balance at 31 December 2025 | 61,739 |  | 4,630,074 |  | 29,779 |  |

| Capital |

| Revaluation |  | redemption |  | Total

| reserve |  | reserve |  | equity

£ | £ | £ |

Balance at 1 January 2024 | 525,794 |  | 98,606 |  | 4,309,782 |  |

Changes in equity

Total comprehensive income | 5,279 |  | - |  | 847,209 |  |

Balance at 31 December 2024 | 531,073 |  | 98,606 |  | 5,156,991 |  |

Changes in equity

Total comprehensive income | 8,909 |  | - |  | 203,189 |  |

Balance at 31 December 2025 | 539,982 |  | 98,606 |  | 5,360,180 |  |

| TROLEX LIMITED (REGISTERED NUMBER: 00644260) |

Notes to the Financial Statements

For The Year Ended 31 December 2025

1. | STATUTORY INFORMATION

| Trolex Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

| The 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 the provisions of FRS 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.

| The functional currency of Trolex Limited is considered to be Pound Sterling (£) as this is the currency of the primary economic environment in which the company operates.

| Financial Reporting Standard 102 - reduced disclosure exemptions

| The company has taken advantage of the following disclosure exemptions 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;

| • | the requirement of paragraph 3.17(d);

| • | the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

| • | the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;

| • | the requirement of paragraph 33.7.

| 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.

| TROLEX LIMITED (REGISTERED NUMBER: 00644260) |

Notes to the Financial Statements - continued

For The Year Ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| Significant judgements and estimates

| The directors make judgements and estimates about the future. These judgements and estimates impact recognised assets and liabilities, as well as revenue and expenses and other disclosures. Estimates are based on historical experience and on various assumptions that are considered reasonable under the prevailing conditions. Actual outcomes may be different from these estimates if other assumptions are made, or if other conditions arise. The judgements and estimates that may have a significant effect on the carrying amounts of assets and liabilities within the next financial year include:

| Fixed assets

| Tangible and intangible assets are recognised at cost, less accumulated depreciation/amortisation and any applicable impairment losses. Depreciation and amortisation are allocated on a systematic basis over the assets' useful economic lives until the assessed residual value of the asset is reached.

| Recoverability of trade and other debtors

| The directors make an estimate of the recoverable amount of trade and other debtors. In assessing the impairment of trade and other debtors, management takes into account the ageing profile and the success of historical collection.

| Stock provisions

| The directors make an estimate of the provision required for slow-moving and obsolete items of stock at each balance sheet date. When assessing the required provision, management considers factors such as the ageing of the stock, the number of units sold or consumed in the previous 12 months and the release of new or updated products which may make existing products obsolete.

| Defined benefit pension plan

| The present value of the defined benefit pension surplus or liability depends on a number of factors that are determined on an actuarial basis using a variety of assumptions. The assumptions used in determining the net cost or income for pensions includes the discount rate. Any changes in these assumptions can considerably impact the carrying amount of the pension surplus or liability. Furthermore, a roll-forward approach, which projects results from the latest full actuarial valuation performed as at 31 December 2021, has been used by the actuary in valuing the pension liability as at 31 December 2025. Any differences between the figures derived from the roll-forward approach and a full actuarial valuation would impact on the carrying amount of the pension surplus or liability.

| Turnover

| Turnover comprises the fair value of the consideration received or receivable for the sale of:

| - Gas and dust detection products

| - Connector solutions

| Turnover is stated net of VAT and trade discounts and the company's policy is to recognise a sale on dispatch of the product(s) to the customer which is the point at which the risks and rewards have passed to the customer.

| Other income

| Income in respect of Research and Development Tax Credits is recognised as other income in the period that the credit relates.

| Patents and licences

| Patents and licences are amortised at rates calculated to write off the assets on a straight-line basis over their useful economic lives. Impairment of intangible assets is reviewed where circumstances indicate that the carrying amount of an asset may not be fully recoverable.

| TROLEX LIMITED (REGISTERED NUMBER: 00644260) |

Notes to the Financial Statements - continued

For The Year Ended 31 December 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 or, if held under a finance lease, over the lease term, whichever is the shorter.

| Freehold property | - | 2% on cost

| Plant and machinery | - | at varying rates on cost

| Motor vehicles | - | 25% on cost

| Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Freehold land is not depreciated. Cost includes costs which are directly attributable in bringing the asset to its location and condition so that it is capable of operating in the manner intended by management.

| Residual values used in the calculation of depreciable amount are the expected amounts which would currently be obtained from disposal of assets, after deducting the estimated costs of disposal, if the assets were already of the age and in the condition expected at the end of their useful lives.

| Profits and losses on the disposal of fixed assets are included in the calculation of profit for the period.

| Impairment

| The directors assess the company's tangible assets for evidence of impairment at each reporting date. Where there are indicators of impairment, the directors calculate recoverable amount of the asset(s) and compare this with the carrying amount. If recoverable amount is lower than carrying amount, the asset is written down to recoverable amount by way of an impairment loss which is recognised in profit or loss for the period. Impairment losses are reversed when there is evidence that the reasons giving rise to the original impairment have ceased to apply. Impairment losses are reversed through profit and loss but only to the extent that the reversal does not increase the carrying amount of the asset to the amount which would have been stated, net of depreciation, had no impairment loss been recognised.

| Stock and work in progress

| Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, freight, irrecoverable taxes and costs of conversion and other directly attributable costs which are incurred by the entity in bringing the stock to its present location and condition.

| Estimated selling price is the price which would be obtained by selling the product in the open market in an arm's length transaction.

| Provision is made by way of write down to estimated selling price less costs to complete and sell for obsolete and slow-moving items.

| Work in progress is valued on the basis of direct costs plus attributable overheads based on normal levels of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

| TROLEX LIMITED (REGISTERED NUMBER: 00644260) |

Notes to the Financial Statements - continued

For The Year Ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| Financial instruments

| The company has elected to apply (where applicable) the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

| Financial instruments are only recognised when the entity becomes a party to the contractual provisions of the instrument.

| Financial assets are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

| Basic financial assets

| Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently measured at amortised cost using the effective interest rate, unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

| Impairment of financial assets

| Financial assets, other than those held at fair value through profit or loss, are assessed for indicators of impairment at each balance sheet date.

| Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

| If there is a decrease in the impairment loss arising from an event occurring after the impairment loss was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

| Derecognition of financial assets

| Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to a third party that is able to sell the asset in its entirety to an unrelated party.

| Classification of financial liabilities and equity instruments

| Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all its liabilities.

| Basic financial liabilities

| Basic financial liabilities, including trade and other creditors, bank loans, finance leases, accruals and amounts owed to group undertakings, are initially recognised at transaction price unless the arrangement constitutes a financing arrangement, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

| Debt instruments are subsequently measured at amortised cost using the effective interest method.

| Derecognition of financial liabilities

| Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled or expire.

| Equity instruments

| Equity instruments issued by the company are recorded at the fair value of the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

| TROLEX LIMITED (REGISTERED NUMBER: 00644260) |

Notes to the Financial Statements - continued

For The Year Ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| Taxation

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

| 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. Deferred tax is calculated using timing difference plus approach.

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

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

| Hire purchase and leasing commitments

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

| The interest element of these obligations is charged to the profit and loss account using the effective interest method under Section 11 of FRS 102 ‘Basic Financial Instruments’. The capital element of the liability is presented in the balance sheet as a liability and split between the portion falling due within one year and the portion falling due after more than one year.

| Pension costs and other post-retirement benefits

| The company operates two funded pension schemes, these schemes fall within the following categories:

| Defined contribution pension plan

| The company operates a defined contribution pension scheme. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid, the company has no further payment obligations.

| The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

| Defined benefit pension plan

| Scheme assets are measured at fair value. Scheme liabilities are measured on an actuarial basis using the projected unit credit method and are discounted at appropriate high-quality bond rates. The net surplus or deficit, adjusted for deferred tax, is presented separately from other net assets on the balance sheet. A net surplus is recognised only to the extent that it is recoverable.

| The current service cost and costs from settlements and curtailments are charged against operating profit. Past service costs are spread over the period until the benefit increases vest. Interest on the scheme liabilities and interest income are included net in other finance costs. Actuarial gains and losses are reported in other comprehensive income.

| Employee benefits

| Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year with an associated expense in profit or loss.

| TROLEX LIMITED (REGISTERED NUMBER: 00644260) |

Notes to the Financial Statements - continued

For The Year Ended 31 December 2025

3. | TURNOVER

| The turnover and profit before taxation are attributable to the one principal activity of the company.

| An analysis of turnover by geographical market is given below:

| 31.12.25 |  | 31.12.24

£ | £ |

| United Kingdom | 1,736,135 |  | 1,817,221 |  |

| Europe | 1,598,301 |  | 1,730,913 |  |

| America/Canada | 1,461,622 |  | 1,646,148 |  |

| Africa | 271,807 |  | 22,001 |  |

| Asia/Middle East | 1,228,712 |  | 2,451,739 |  |

| Australia/New Zealand | 1,352,129 |  | 2,273,125 |  |

7,648,706 |  | 9,941,147 |  |

4. | EMPLOYEES AND DIRECTORS

| 31.12.25 |  | 31.12.24

£ | £ |

| Wages and salaries | 3,271,268 |  | 3,634,128 |  |

| Social security costs | 402,257 |  | 446,827 |  |

| Other pension costs | 243,165 |  | 229,783 |  |

3,916,690 |  | 4,310,738 |  |

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

| 31.12.25 |  | 31.12.24

| Office and management | 25 |  | 25 |  |

| Technical/engineers | 14 |  | 14 |  |

| Operatives | 37 |  | 41 |  |

76 |  | 80 |  |

| 31.12.25 |  | 31.12.24

£ | £ |

| Directors' remuneration | 454,124 |  | 593,501 |  |

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

| Money purchase schemes | 2 |  | 2 |  |

| Information regarding the highest paid director is as follows:

| 31.12.25 |  | 31.12.24

£ | £ |

| Emoluments etc | 187,820 |  | 243,946 |  |

| TROLEX LIMITED (REGISTERED NUMBER: 00644260) |

Notes to the Financial Statements - continued

For The Year Ended 31 December 2025

5. | OPERATING PROFIT

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Other operating leases | 28,800 |  | - |  |

| Depreciation - owned assets | 175,001 |  | 171,641 |  |

| Depreciation - assets on hire purchase contracts | 37,587 |  | 37,587 |  |

| (Profit)/loss on disposal of fixed assets | (248 | ) | 17,210 |  |

| Patents and licences amortisation | 492 |  | 6,139 |  |

| Auditors' remuneration | 19,604 |  | 17,650 |  |

| Foreign exchange differences | (6,304 | ) | 557 |  |

| Research and development tax credit | (173,618 | ) | - |  |

6. | EXCEPTIONAL ITEMS

| 31.12.25 |  | 31.12.24

£ | £ |

| Loan written off | 11,715 |  | - |  |

7. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 31.12.25 |  | 31.12.24

£ | £ |

| Bank interest | 43,826 |  | 67,583 |  |

| Hire purchase | 27,351 |  | 32,579 |  |

71,177 |  | 100,162 |  |

8. | TAXATION

| Analysis of the tax charge

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Current tax:

| UK corporation tax | 72,029 |  | 3,986 |  |

| Deferred tax | (44,992 | ) | 32,218 |  |

| Tax on profit | 27,037 |  | 36,204 |  |

| TROLEX LIMITED (REGISTERED NUMBER: 00644260) |

Notes to the Financial Statements - continued

For The Year Ended 31 December 2025

8. | TAXATION - continued

| Reconciliation of total tax charge included in profit and loss

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Profit before tax | 221,317 |  | 878,134 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 55,329 |  | 219,534 |  |

| Effects of:

| Expenses not deductible for tax purposes | 804 |  | 4,506 |  |

| Income not taxable for tax purposes | (2,991 | ) | - |  |

| Depreciation in excess of capital allowances | 37,713 |  | 628 |  |

| Utilisation of tax losses | (18,826 | ) | (21,828 | ) |

| Movement in deferred tax | (44,992 | ) | 32,218 |  |

| contribution |

| Research and development enhanced deduction | - |  | (197,596 | ) |

| Effect of a reduction in tax rate | - |  | (1,258 | ) |

| Total tax charge | 27,037 |  | 36,204 |  |

| Tax effects relating to effects of other comprehensive income |

| 31.12.25 |

| Gross |  | Tax |  | Net |

£ | £ | £ |

| Scheme asset return less interest income | 17,000 |  | - |  | 17,000 |  |

| Experience gains (losses) | (28,000 | ) | - |  | (28,000 | ) |

| Change in actuarial assumptions | 40,000 |  | - |  | 40,000 |  |

| Change in irrecoverable surplus | (29,000 | ) | - |  | (29,000 | ) |

| Timing difference on revaluation reserve | 8,909 |  | - |  | 8,909 |  |

8,909 |  | - |  | 8,909 |  |

| 31.12.24 |

| Gross |  | Tax |  | Net |

£ | £ | £ |

| Scheme asset return less interest income | (139,000 | ) | - |  | (139,000 | ) |

| Experience gains (losses) | (37,000 | ) | - |  | (37,000 | ) |

| Change in actuarial assumptions | 102,000 |  | - |  | 102,000 |  |

| Change in irrecoverable surplus | 74,000 |  | - |  | 74,000 |  |

| Timing difference on revaluation reserve | 5,279 |  | - |  | 5,279 |  |

5,279 |  | - |  | 5,279 |  |

| TROLEX LIMITED (REGISTERED NUMBER: 00644260) |

Notes to the Financial Statements - continued

For The Year Ended 31 December 2025

9. | INTANGIBLE FIXED ASSETS

| Patents

| and

| licences

£ |

| COST

| At 1 January 2025

| and 31 December 2025 | 13,400 |  |

| AMORTISATION

| At 1 January 2025 | 11,371 |  |

| Amortisation for year | 492 |  |

| At 31 December 2025 | 11,863 |  |

| NET BOOK VALUE

| At 31 December 2025 | 1,537 |  |

| At 31 December 2024 | 2,029 |  |

10. | TANGIBLE FIXED ASSETS

| Freehold |  | Plant and |  | Motor |

| property |  | machinery |  | vehicles |  | Totals

£ | £ | £ | £ |

| COST OR VALUATION

| At 1 January 2025 | 2,306,772 |  | 2,924,355 |  | 125,617 |  | 5,356,744 |  |

| Additions | - |  | 54,740 |  | - |  | 54,740 |  |

| Disposals | - |  | (188,883 | ) | - |  | (188,883 | ) |

| At 31 December 2025 | 2,306,772 |  | 2,790,212 |  | 125,617 |  | 5,222,601 |  |

| DEPRECIATION

| At 1 January 2025 | 274,506 |  | 2,065,897 |  | 53,693 |  | 2,394,096 |  |

| Charge for year | 24,128 |  | 177,535 |  | 10,925 |  | 212,588 |  |

| Eliminated on disposal | - |  | (187,903 | ) | - |  | (187,903 | ) |

| At 31 December 2025 | 298,634 |  | 2,055,529 |  | 64,618 |  | 2,418,781 |  |

| NET BOOK VALUE

| At 31 December 2025 | 2,008,138 |  | 734,683 |  | 60,999 |  | 2,803,820 |  |

| At 31 December 2024 | 2,032,266 |  | 858,458 |  | 71,924 |  | 2,962,648 |  |

| Cost or valuation at 31 December 2025 is represented by:

| Freehold |  | Plant and |  | Motor |

| property |  | machinery |  | vehicles |  | Totals

£ | £ | £ | £ |

| Valuation in 2003 | 313,754 |  | - |  | - |  | 313,754 |  |

| Valuation in 2006 | 508,189 |  | - |  | - |  | 508,189 |  |

| Valuation in 2008 | (300,000 | ) | - |  | - |  | (300,000 | ) |

| Valuation in 2011 | 37,176 |  | - |  | - |  | 37,176 |  |

| Cost | 1,747,653 |  | 2,790,212 |  | 125,617 |  | 4,663,482 |  |

2,306,772 |  | 2,790,212 |  | 125,617 |  | 5,222,601 |  |

| TROLEX LIMITED (REGISTERED NUMBER: 00644260) |

Notes to the Financial Statements - continued

For The Year Ended 31 December 2025

10. | TANGIBLE FIXED ASSETS - continued

| Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

| Plant and |  | Motor |

| machinery |  | vehicles |  | Totals

£ | £ | £ |

| COST OR VALUATION

| At 1 January 2025

| and 31 December 2025 | 266,620 |  | 91,043 |  | 357,663 |  |

| DEPRECIATION

| At 1 January 2025 | 33,327 |  | 19,119 |  | 52,446 |  |

| Charge for year | 26,662 |  | 10,925 |  | 37,587 |  |

| At 31 December 2025 | 59,989 |  | 30,044 |  | 90,033 |  |

| NET BOOK VALUE

| At 31 December 2025 | 206,631 |  | 60,999 |  | 267,630 |  |

| At 31 December 2024 | 233,293 |  | 71,924 |  | 305,217 |  |

11. | STOCKS

| 31.12.25 |  | 31.12.24

£ | £ |

| Stocks | 1,655,717 |  | 1,708,048 |  |

| Work-in-progress | 112,961 |  | 133,601 |  |

1,768,678 |  | 1,841,649 |  |

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Trade debtors | 672,612 |  | 929,479 |  |

| Other debtors | 1,648 |  | 53 |  |

| Tax | 101,590 |  | - |  |

| VAT | 60,942 |  | 113,761 |  |

| Prepayments and accrued income | 123,855 |  | 223,360 |  |

960,647 |  | 1,266,653 |  |

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Bank loans and overdrafts (see note 15) | 110,770 |  | 99,897 |  |

| Hire purchase contracts (see note 16) | 58,631 |  | 53,719 |  |

| Trade creditors | 401,689 |  | 548,288 |  |

| Amounts owed to group undertakings | - |  | 11,715 |  |

| Tax | - |  | 3,985 |  |

| Social security and other taxes | 91,916 |  | 219,920 |  |

| Other creditors | 20,210 |  | 30,268 |  |

| Accruals and deferred income | 157,978 |  | 168,058 |  |

841,194 |  | 1,135,850 |  |

| TROLEX LIMITED (REGISTERED NUMBER: 00644260) |

Notes to the Financial Statements - continued

For The Year Ended 31 December 2025

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Bank loans (see note 15) | 556,646 |  | 671,075 |  |

| Hire purchase contracts (see note 16) | 147,187 |  | 205,818 |  |

703,833 |  | 876,893 |  |

15. | LOANS

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Amounts falling due within one year or on demand:

| Bank loans | 110,770 |  | 99,897 |  |

| Amounts falling due between two and five years:

| Bank loans - 2-5 years | 519,629 |  | 561,312 |  |

| Amounts falling due in more than five years:

| Repayable by instalments

| Due in more than 5 years | 37,017 |  | 109,763 |  |

| The company renegotiated the terms of the loan in March 2024 so repayments began over a further seven-year period. Interest is charged on the loan at 2.22% pa over Base Rate.

16. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Hire purchase |

| contracts |

| 31.12.25 |  | 31.12.24 |

£ | £ |

| Net obligations repayable:

| Within one year | 58,631 |  | 53,719 |  |

| Between one and five years | 147,187 |  | 205,818 |  |

205,818 |  | 259,537 |  |

| Non-cancellable |

| operating leases |

| 31.12.25 |  | 31.12.24

£ | £ |

| Within one year | 135,431 |  | 77,837 |  |

| Between one and five years | 91,316 |  | 137,751 |  |

226,747 |  | 215,588 |  |

| Finance lease contracts relate to the funding of certain tangible fixed assets. Interest is charged at various rates around 7.0% to 8.5% per annum and there is an option to purchase at the end of the contract for a nominal sum.

| TROLEX LIMITED (REGISTERED NUMBER: 00644260) |

Notes to the Financial Statements - continued

For The Year Ended 31 December 2025

17. | SECURED DEBTS

| The following secured debts are included within creditors:

| 31.12.25 |  | 31.12.24

£ | £ |

| Bank loans | 667,416 |  | 770,972 |  |

| The bank loan is secured by a mortgage debenture over the company's assets and by legal mortgage over the following properties:

| 10 & 10a Newby Road, Hazel Grove, Stockport, Cheshire.

| Finance leases are secured over the assets to which they relate.

18. | PROVISIONS FOR LIABILITIES

| 31.12.25 |  | 31.12.24

£ | £ |

| Deferred tax

| Accelerated capital allowances | 176,119 |  | 220,997 |  |

| Other timing differences | 37,400 |  | 46,423 |  |

213,519 |  | 267,420 |  |

| Deferred |

| tax |

£ |

| Balance at 1 January 2025 | 267,420 |  |

| Credit to Profit and Loss Account during year | (62,810 | ) |

| Recognised in equity | 8,909 |  |

| Balance at 31 December 2025 | 213,519 |  |

| Provisions in respect of deferred tax balances are expected to reverse over the next three to five years.

19. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

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

| value: | £ | £ |

| 1,234,772 | Ordinary | 5p | 61,739 |  | 61,739 |  |

| Each ordinary share of £0.05 has the right of one vote per share, the right to participate in the distribution of dividends and equal rights of the repayment of capital.

| TROLEX LIMITED (REGISTERED NUMBER: 00644260) |

Notes to the Financial Statements - continued

For The Year Ended 31 December 2025

20. | RESERVES

| Capital |

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

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

£ | £ | £ | £ | £ |

| At 1 January 2025 | 4,435,794 |  | 29,779 |  | 531,073 |  | 98,606 |  | 5,095,252 |  |

| Profit for the year | 194,280 |  | 194,280 |  |

| Reversal of timing difference | - |  | - |  | 8,909 |  | - |  | 8,909 |  |

| At 31 December 2025 | 4,630,074 |  | 29,779 |  | 539,982 |  | 98,606 |  | 5,298,441 |  |

| Retained earnings

| Retained earnings is a distributable reserve that includes all current and prior year profits and losses. The figure in the balance sheet is not wholly distributable as it includes unrealised gains and losses recognised in other comprehensive income in relation to the company's defined benefit pension scheme.

| Share premium

| The share premium reserve is a non-distributable reserve which is part of shareholders' funds formed of the premium paid for new shares above their nominal value.

| Revaluation reserve

| The revaluation reserve is a non-distributable reserve which arises as a consequence of the increases in value of property, plant and equipment at fair value. The increases in fair value are unrealised and hence are only released to retained earnings when the related asset is disposed.

| Capital redemption reserve

| The capital redemption reserve is a non-distributable reserve into which amounts have been transferred following the redemption or purchase of the company's own shares out of distributable profits or, in certain circumstances, from the proceeds of a fresh share issue.

21. | EMPLOYEE BENEFIT OBLIGATIONS

| The company operates a defined benefit pension scheme which is now closed to new members and future accrual.

| Trolex Limited is the sponsoring employer of the defined benefit pension scheme and has legal responsibility for the plan.

| The valuation used has been based on the most recent actuarial valuation as at 31 December 2024 and was updated by Broadstone to take account of the requirements of FRS 102 in order to assess the liabilities of the scheme as at 31 December 2025 and 31 December 2024. Scheme assets are stated at their market values at the respective balance sheet dates and overall expected rates of return are established by applying published brokers' forecasts to each category of scheme assets.

| The amounts recognised in profit or loss are as follows:

| Defined benefit |

| pension plans |

| 31.12.25 |  | 31.12.24 |

£ | £ |

| Current service cost | - |  | - |  |

| Past service cost | - |  | - |  |

- |  | - |  |

| Actual return on plan assets | 75,000 |  | (84,000 | ) |

| TROLEX LIMITED (REGISTERED NUMBER: 00644260) |

Notes to the Financial Statements - continued

For The Year Ended 31 December 2025

21. | EMPLOYEE BENEFIT OBLIGATIONS - continued

| Changes in the present value of the defined benefit obligation are as follows:

| Defined benefit |

| pension plans |

| 31.12.25 |  | 31.12.24 |

£ | £ |

| Opening defined benefit obligation | 1,099,000 |  | 1,395,000 |  |

| Interest cost | 58,000 |  | 55,000 |  |

| Actuarial losses/(gains) | (12,000 | ) | (65,000 | ) |

| Benefits paid | (36,000 | ) | (286,000 | ) |

| Unrecognised surplus | 275,000 |  | 246,000 |  |

1,384,000 |  | 1,345,000 |  |

| Changes in the fair value of scheme assets are as follows:

| Defined benefit |

| pension plans |

| 31.12.25 |  | 31.12.24 |

£ | £ |

| Opening fair value of scheme assets | 1,345,000 |  | 1,715,000 |  |

| Interest income on plan assets | 58,000 |  | 55,000 |  |

| Benefits paid | (36,000 | ) | (286,000 | ) |

| Return on plan assets (excluding interest income) | 17,000 |  | (139,000 | ) |

1,384,000 |  | 1,345,000 |  |

| The amounts recognised in other comprehensive income are as follows:

| Defined benefit |

| pension plans |

| 31.12.25 |  | 31.12.24 |

£ | £ |

| Return on plan assets (excluding interest income) | 17,000 |  | (139,000 | ) |

| Experience gains and (losses) | (28,000 | ) | (37,000 | ) |

| Changes in actuarial assumptions and change in irrecoverable surplus | 11,000 |  | 176,000 |  |

- |  | - |  |

| The major categories of scheme assets as amounts of total scheme assets are as follows:

| Defined benefit |

| pension plans |

| 31.12.25 |  | 31.12.24 |

£ | £ |

| Equities | 103,000 |  | 350,000 |  |

| Bonds | 361,000 |  | 202,000 |  |

| Gilts | 841,000 |  | 598,000 |  |

| Diversified growth funds | 38,000 |  | 184,000 |  |

| Cash | 41,000 |  | 11,000 |  |

1,384,000 |  | 1,345,000 |  |

| TROLEX LIMITED (REGISTERED NUMBER: 00644260) |

Notes to the Financial Statements - continued

For The Year Ended 31 December 2025

21. | EMPLOYEE BENEFIT OBLIGATIONS - continued

| Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):

| 31.12.25 |  | 31.12.24

| Discount rate | 5.55% | 5.40% |

| Future salary increases | 2.95% | 3.25% |

| Future pension increases | 2.85% | 3.05% |

| The method used to calculate liabilities is the projected unit credit method as required under FRS 102.

| The mortality assumptions adopted for the purposes of the calculations as at 31 December 2025 is as follows:

| S3P(M/F)A CMI 2023 (core parameters) with long-term improvement rates of 1.25%.

| Average life expectations

| Life expectancy (years) |  | 31.12.25 |  | 31.12.24 |  |

| Male aged 55 at the balance sheet date |  | 22.0 years |  | 21.8 years |  |

| Male aged 65 at the balance sheet date |  | 21.5 years |  | 21.4 years |  |

| Female aged 55 at the balance sheet date |  | 24.5 years |  | 24.6 years |  |

| Female aged 65 at the balance sheet date |  | 23.8 years |  | 23.9 years |  |

| Members are assumed to retire at the earliest each which they can take their full pension unreduced, being 65. The calculation of liabilities apply a late retirement uplift for members who joined before 1 March 1991 to those elements of the pension that would be payable unreduced from age 60 as a result of sex equalisation provisions for service prior to 1 March 1995.

22. | ULTIMATE PARENT COMPANY

| Trolex Group Ltd is regarded by the directors as being the company's ultimate parent company.

| The largest group in which the results are consolidated is that headed by Trolex Group Limited, a company incorporated in England and Wales.

| The consolidated financial statements of the group are available to the public and may be obtained from the Registrar of Companies, Companies House, Crown Way, Maindy, Cardiff, CF4 3UZ.

23. | RELATED PARTY DISCLOSURES

| Entities with control, joint control or significant influence over the entity

| 31.12.25 |  | 31.12.24

£ | £ |

| Amount due to related party | - |  | 11,715 |  |

| During the year an amount of £11,715 (2024: £nil) was written off by the parent.

| The key management personnel of the company are considered to be the directors. Their total remuneration is disclosed in note 4.