ACCOUNTS - Final Accounts preparation

Operating profit

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

Registered number: 08030086

SIMONA PEAK PIPE SYSTEMS LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025


SIMONA PEAK PIPE SYSTEMS LIMITED

COMPANY INFORMATION

Directors	S W Hamshaw
	R Brown
	Dr J Hauck
	H Lau
	M Schmitz
	H Wobito


Registered number	08030086


Registered office	Peak Pipe Systems Smeckley Wood Close
	Chesterfield Trading Estate
	Chesterfield
	Derbyshire
	S41 9PZ


Independent auditor	Grant Thornton UK LLP
	Chartered Accountants & Statutory Auditor
	1 Holly Street
	Sheffield
	South Yorkshire
	S1 2GT


SIMONA PEAK PIPE SYSTEMS LIMITED

CONTENTS

	Page
Strategic Report	1 - 2
Directors' Report	3 - 4
Independent Auditor's Report	5 - 9
Statement of Income and Retained Earnings	10
Balance Sheet	11
Notes to the Financial Statements	12 - 25


SIMONA PEAK PIPE SYSTEMS LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

Introduction

The directors present their Strategic Report on the company for the year ended 31 December 2025.

Business review

For the year ended 31 December 2025, the company experienced an increase in turnover to £39,850k (2024: £37,478k), while profit before tax decreased to £4,900k (2024: £5,309k).
In collaboration with our colleagues in the Simona group, the company remained focused on providing exceptional customer service and ensuring product availability to both existing and new customers.
We continue to prioritise overhead control, which has positively impacted our bottom-line performance. This focus on margin optimisation and cost management is cascaded throughout the leadership team via key performance indicators (KPIs).
The current macroeconomic and geopolitical landscape presents considerable challenges for Simona Peak Pipe Systems Limited, particularly concerning the uncertainty in the raw material supply chain.
Nonetheless, by executing strategic measures and maintaining a proactive approach, we remain well-positioned to navigate these challenges and continue to set ourselves up for future success. This will require sustained vigilance and adaptability.

Key performance indicators

	2025	2024
Cash at bank and in hand (£000)	3,293	11,925
Stock (£000)	3,592	3,269
Turnover (£000)	39,850	37,478
Profit before tax (£000)	4,900	5,309
Number of accidents	3	3

Stock is a key component of the net working capital KPI and managed closely. Business growth continues to be managed within relatively low stock levels. The current stock turnover ratio has decreased to 11.6 turns per annum, compared with 12.1 turns as at 31 December 2024.
Number of accidents in the period ended 31 December 2025 the company recorded 3 first aid treatments with zero lost time. Our HS&E objectives continue to be about highlighting risks and improving the methods we use to eliminate a hazard which reduces the risk of an accident, our rapid-fire audit processes remain central to this goal.

Page 1


SIMONA PEAK PIPE SYSTEMS LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Financial risk management objectives and policies

Credit risk
The company’s primary financial assets consist of bank balances and trade receivables. To manage credit risk, we continuously assess trade debtors, making an allowance for impairment where there is a risk of non-recovery.
Currency risk
With several key suppliers based in Europe, the company faces exposure to foreign currency fluctuations. We monitor our currency position and make decisions accordingly. In line with group policies, we do not engage in forward buying or enter into currency contracts.
Liquidity risk
Although the company carries no outstanding debt and holds a substantial cash balance, management actively controls cash flow by regularly reviewing forecasts of future cash inflows and outflows. Additionally, with the backing of the Simona group, the company has access to further financial facilities if required.
The main risks potentially affecting the business are still material price variability & availability.
Principal risks and uncertainties
Material price variability - this is mitigated by the structuring of both short and medium term pricing with key polymer suppliers.
Material availability - this is also mitigated by the short and medium-term volume contracts with a small portfolio of key polymer suppliers.
Customer retention - this is mitigated by providing service excellence and appropriately competitive prices. Customer service remains central to the three primary business differentiators (quality, service, cost) for the company.
Staff retention - the company has implemented a rigorous review of staff reward, recognition and satisfaction for all employees. The Mission & Value statements are cascaded into team and individual objectives and encourage employee empowerment at all levels of the business.

This report was approved by the board and signed on its behalf.

R Brown Director	M Schmitz Director

Date: 23 April 2026

Page 2


SIMONA PEAK PIPE SYSTEMS LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

The directors present their report and the financial statements for the year ended 31 December 2025.

Principal activity

The principal activity of Simona Peak Pipe Systems Limited (the company) is the manufacture, sale and distribution of polyethylene pipes, fabrications and associated products and services for the utility, renewable energy, aquaculture and infrastructure markets in the UK.

Results and dividends

The profit for the year, after taxation, amounted to £3,665k (2024: £3,976k).

During the year there were dividends declared of £13,478k (2024: £Nil).

Directors

The directors who served during the year, and up to the date of signing this report, were:

S W Hamshaw

R Brown

Dr J Hauck

H Lau

M Schmitz

H Wobito

Directors' Responsibilities Statement

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law, including FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs and 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; and

∙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.

Qualifying third party indemnity provisions

There are no qualifying third party indemnity provisions in place in the year.

Page 3

SIMONA PEAK PIPE SYSTEMS LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Future developments

The company intends to support the identification of future growth opportunities with a continued focus on strengthening its core business and pursuing strategic expansion initiatives.

Subsequent events

There has been no material non-adjusting events since the reporting date that require disclosure.

Disclosure of information to auditor

The directors confirm that:

∙so far as each director is aware, there is no relevant audit information of which the company's auditor is unaware; and

∙the directors have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

Auditor

The auditor, Grant Thornton UK LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.

R Brown Director	M Schmitz Director

Date: 23 April 2026	Date: 23 April 2026

Page 4

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SIMONA PEAK PIPE SYSTEMS LIMITED

Opinion

We have audited the financial statements of Simona Peak Pipe Systems Limited (the 'company') for the year ended 31 December 2025, which comprise the Statement of Income and Retained Earnings, the Balance Sheet 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;

∙the financial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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

Conclusions relating to going concern

We are responsible for concluding on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify the auditor’s opinion. Our conclusions are based on the audit evidence obtained up to the date of our report. However, future events or conditions may cause the company to cease to continue as a going concern.

In our evaluation of the directors' conclusions, we considered the inherent risks associated with the company's business model including effects arising from macro-economic uncertainties, we assessed and challenged the reasonableness of estimates made by the directors and the related disclosures and analysed how those risks might affect the company's financial resources or ability to continue operations over the going concern period.

Page 5

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SIMONA PEAK PIPE SYSTEMS LIMITED (CONTINUED)

Conclusions relating to going concern (continued)
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

Other information

The other information comprises the information included in the Annual Report and financial statements, other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual Report and financial statements. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Page 6

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SIMONA PEAK PIPE SYSTEMS LIMITED (CONTINUED)

Matter on which we are required to report under the Companies Act 2006

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 Directors' Report.

Matters on which we are required to report by exception

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

∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

∙the financial statements are not in agreement with the accounting records and returns; or

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

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

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Page 7

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SIMONA PEAK PIPE SYSTEMS LIMITED (CONTINUED)

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

∙We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are applicable law and United Kingdom Generally Accepted Accounting Practice and UK corporation tax regulations.

∙We communicate relevant laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

∙We understood how the company is complying with those legal and regulatory frameworks by making enquiries of management. We corroborate our enquiries through our review of board minutes and legal expenses.

∙We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur by discussions with management to understand where management consider there is susceptibility to fraud.

∙Audit procedures performed by the engagement team included:

−Evaluation of the controls established to address the risks related to irregularities and fraud;

−Testing journal entries, in particular journal entries determined to be large or relating to unusual transactions based on our understanding of the business;

−Identifying and testing related party transactions;

−Completion of audit procedures to conclude on the compliance of disclosures in the annual report and accounts with applicable financial reporting requirements;

∙These audit procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error and detecting irregularities that result from fraud is inherently more difficult than detecting those that result from error, as fraud may involve collusion, deliberate concealment, forgery or intentional misrepresentations. Also, the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we would become aware of it.

Page 8

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SIMONA PEAK PIPE SYSTEMS LIMITED (CONTINUED)

Auditor's responsibilities for the audit of the financial statements (continued)

∙Assessment of the appropriateness of the collective competence and capabilities of the engagement team included consideration of the engagement team's:

−Understanding of, and practical experience with audit engagements of a similar nature and complexity through appropriate training and participation;

−Knowledge of the industry in which the client operates;

−Understanding of the legal and regulatory requirements specific to the entity;

∙In assessing the potential risks of material misstatement, we obtained an understanding of:

−The entity's operations, including the nature of its revenue sources, products and services and of its objectives and strategies to understand the classes of transactions, account balances, expected financial statement disclosures and business risks that may result in risks of material misstatement;

−The applicable statutory provisions;

−The entity's control environment, including the policies and procedures implemented to comply with the requirements of its regulator.

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

Use of 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 an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Donna Steel

Senior Statutory Auditor

for and on behalf of Grant Thornton UK LLP

Statutory Auditor, Chartered Accountants

Sheffield

23 April 2026

Page 9


SIMONA PEAK PIPE SYSTEMS LIMITED

STATEMENT OF INCOME AND RETAINED EARNINGS

FOR THE YEAR ENDED 31 DECEMBER 2025

	2025	2024
Note	£000	£000


Turnover	4	39,850	37,478
Cost of sales		(28,158)	(26,418)
Gross profit		11,692	11,060
Distribution costs		(3,359)	(2,939)
Administrative expenses		(3,811)	(3,128)
Other operating income	5	380	156
Operating profit	6	4,902	5,149
Interest receivable and similar income	10	-	162
Interest payable and similar expenses	11	(2)	(2)
Profit before tax		4,900	5,309
Tax on profit	12	(1,235)	(1,333)
Profit after tax		3,665	3,976


Retained earnings at the beginning of the year		20,480	16,504
		20,480	16,504
Profit for the year		3,665	3,976
Dividends declared	13	(13,478)	-
Retained earnings at the end of the year		10,667	20,480

There were no recognised gains and losses for 2025 or 2024 other than those included in the Statement of Income and Retained Earnings.

The notes on pages 12 to 25 form part of these financial statements.

Page 10


SIMONA PEAK PIPE SYSTEMS LIMITED REGISTERED NUMBER:08030086

BALANCE SHEET

AS AT 31 DECEMBER 2025

		2025		2024
Note		£000		£000

Fixed assets
Tangible assets	14		1,335		1,424
Current assets
Stocks	15	3,592		3,269
Debtors: amounts falling due within one year	16	5,707		7,408
Cash at bank and in hand		3,293		11,925
		12,592		22,602
Creditors: amounts falling due within one year	17	(2,903)		(3,197)
Net current assets			9,689		19,405
Total assets less current liabilities			11,024		20,829
Provisions for liabilities
Deferred tax	18		(209)		(201)
Net assets			10,815		20,628

Capital and reserves
Called up share capital	19	114	114
Share premium account	20	34	34
Profit and loss account	20	10,667	20,480
Total equity		10,815	20,628

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

R Brown	M Schmitz
Director	Director

Date: 23 April 2026

The notes on pages 12 to 25 form part of these financial statements.

Page 11


SIMONA PEAK PIPE SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1.	General information

Simona Peak Pipe Systems Limited is a private company limited by shares, incorporated in England and Wales. Its registered number is 08030086, and its registered head office is located at Peak Pipe Systems, Smeckley Wood Close, Chesterfield Trading Estate, Chesterfield, Derbyshire, S41 9PZ.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The company’s functional and presentation currency is Sterling and all values are rounded to the nearest pound (£) except when otherwise stated.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

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 the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

∙the requirements of Section 7 Statement of Cash Flows;

∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);

∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); and

∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Simona AG as at 31 December 2025 and these financial statements may be obtained from Simona AG, Teichweg 16, 55606 Kirn, Germany.

2.3

Going concern

The company uses liquid resources and working capital balances that arise directly from its operations. The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs. Liquidity is monitored regularly by reference to forecasts and available facilities.

The company has prepared forecasts for the period to April 2027 and prepared a number of downside scenarios including a reverse stress test. The reverse stress test showed that a reduction in revenue of over 50%, without mitigations would breach headroom in April 2027. The directors consider this scenario implausible, and considering the base case and downside forecasts are able to demonstrate that the company has sufficient resources to continue to meet its debts as they fall due at least for this period.

Page 12


SIMONA PEAK PIPE SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.3

Going concern (continued)

As a result of the above factors, the directors therefore have a reasonable expectation that there are no material uncertainties which cast significant doubt on the ability of the company to continue as a going concern for the foreseeable future.

2.4

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP all values are rounded to the nearest pound (£) except where otherwise stated.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the company has transferred the significant risks and rewards of ownership to the buyer;

∙the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.6

Operating leases: the company as lessee

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

Page 13


SIMONA PEAK PIPE SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.7

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. 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.

2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.10

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.

Page 14


SIMONA PEAK PIPE SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

				Plant and machinery	-	6%	to 20% straight line
				Fixtures and fittings	-	6%	to 20% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each Balance Sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.13

Cash and cash equivalents

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

2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

Page 15


SIMONA PEAK PIPE SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.15

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's Balance Sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities 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 their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other debtors due within the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Page 16


SIMONA PEAK PIPE SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.15

Financial instruments (continued)

Basic financial liabilities

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

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

2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

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SIMONA PEAK PIPE SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Estimates are based on historical experience and other assumptions that are considered reasonable in the circumstances. The actual amount or values may vary in certain instances from the assumptions and estimates made. Changes will be recorded, with corresponding effect in the financial statements, when, and if, better information is obtained.
Critical judgements and sources of estimation uncertainty that management have made in the process of applying accounting policies disclosed herein and that have a significant effect on the amounts recognised in the financial statements relate to the following:
Estimates
Inventory provisioning (see note 15)
The company considers the recoverability of the cost of inventory and associated provisioning required. When calculating the provision management considers the nature and condition of the inventory, as well as applying assumptions around anticipated saleability of the finished goods.
Impairment of debtors (see note 16)
The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors management considers factors including current credit rating of the debtor, ageing profile and past experience of the customer.
Judgements
In the process of preparing the financial statements, no significant judgements were applied.

Turnover

The whole of the turnover is attributable to the principal activity of the business.

Analysis of turnover by country of destination:

					2025	2024
					£000	£000

United Kingdom	38,430	36,086
Republic of Ireland	1,420	1,392
	39,850	37,478

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SIMONA PEAK PIPE SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

5.	Other operating income
		2025	2024
		£000	£000

Other operating income	357	133
Rental income	23	23
	380	156

Depreciation of tangible fixed assets	450	414
Other operating lease rentals	589	581
Exchange differences	154	(68)

Fees payable to the company's auditor for the audit of the company's financial statements	54	51
Fees payable to the company's auditor and its associates in respect of:
Taxation compliance services	11	12
Accounts production	3	3

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SIMONA PEAK PIPE SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Wages and salaries	3,302	2,983
Social security costs	402	303
Cost of defined contribution scheme	188	177
	3,892	3,463

The average monthly number of employees, including the directors, during the year was as follows:

	2025	2024
	No.	No.

Manufacturing	30	27
Distribution	53	50

	83	77

9.	Directors' remuneration
		2025	2024
		£000	£000

Directors' emoluments	178	163
Company contributions to defined contribution pension schemes	16	11
	194	174

During the year retirement benefits were accruing to 1 director (2024: 1) in respect of defined contribution pension schemes.

10.	Interest receivable
		2025	2024
		£000	£000

Other interest receivable

162

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SIMONA PEAK PIPE SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

11.	Interest payable and similar expenses
		2025	2024
		£000	£000

Other loan interest payable

Corporation tax
Current tax on profits for the year	1,230	1,345
Adjustments in respect of previous periods	(2)	-
Total current tax	1,228	1,345

Deferred tax
Origination and reversal of timing differences	5	(12)
Adjustments in respect of prior periods	2	-
Total deferred tax	7	(12)


	Tax on profit	1,235	1,333

Factors affecting tax charge for year The tax assessed for the year is higher than (2024: higher than) the standard rate of corporation tax in the UK of 25% (2024:25%). The differences are explained below:
	2025	2024
	£000	£000

Profit on ordinary activities before tax

4,900

5,309

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024: 25%)	1,225	1,327
Effects of:
Expenses not deductible for tax purposes	10	6
Adjustments to tax charge in respect of previous periods	(2)	-
Adjustments to tax charge in respect of previous periods - deferred tax	2	-
Total tax charge for the year	1,235	1,333

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SIMONA PEAK PIPE SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

13.	Dividends
		2025	2024
		£000	£000

Dividend per share of £1.18 (2024: Nil)

13,478

14.	Tangible fixed assets

	Plant and machinery	Fixtures and fittings	Total
	£000	£000	£000
Cost
At 1 January 2025	5,458	321	5,779
Additions	335	26	361
At 31 December 2025	5,793	347	6,140
Depreciation
At 1 January 2025	4,097	258	4,355
Charge for the year	427	23	450
At 31 December 2025	4,524	281	4,805
Net book value
At 31 December 2025	1,269	66	1,335
At 31 December 2024	1,361	63	1,424

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SIMONA PEAK PIPE SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

15.	Stocks
		2025	2024
		£000	£000

Raw materials and consumables	173	586
Work in progress	73	124
Finished goods and goods for resale	3,346	2,559
	3,592	3,269

An impairment charge of £179k (2024: £86k) was recognised in cost of sales against stock during the year due to slow-moving and obsolete stock.

16.	Debtors: amounts falling due within one year

					2025	2024
					£000	£000


Trade debtors	5,204	5,738
Amounts owed by group undertakings	29	1,292
Other debtors	195	134
Prepayments	279	244
	5,707	7,408

Trade debtors are stated after provision for impairment of £Nil (2024: £Nil).
Amounts owed by group undertakings are non-interest bearing, unsecured and repayable on demand.

17.	Creditors: amounts falling due within one year
		2025	2024
		£000	£000

Trade creditors	1,620	2,201
Amounts owed to group undertakings	159	-
Corporation tax	7	111
Other taxation and social security	314	221
Other creditors	-	3
Accruals	803	661
	2,903	3,197

Amounts owed to group undertakings are non-interest bearing, unsecured and repayable on demand.

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SIMONA PEAK PIPE SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

18.	Deferred taxation

	2025	2024
	£000	£000

At beginning of year	(201)	(213)
(Charged)/credited to profit or loss	(8)	12
At end of year	(209)	(201)

The provision for deferred taxation is made up as follows:
	2025	2024
	£000	£000

Accelerated capital allowances

(209)

(201)

19.	Share capital
		2025	2024
		£000	£000

Allotted, called up and fully paid

11,428,850 (2024: 11,428,850) Ordinary shares of £0.01 each	114	114

There is a single class of ordinary shares. There are no restrictions on dividends and the repayment of capital.

20.

Reserves

The company's capital and reserves are as follows:

Share premium account

Includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares is deducted from share premium.

Profit and loss account

The profit and loss account represents cumulative profits or losses, net of dividends paid and other adjustments.

21.	Capital commitments
	At the reporting date the company had capital commitments of £92k for new machinery (2024: £117k).

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SIMONA PEAK PIPE SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

22.	Pension commitments

The company operates a money purchase pension scheme in respect of its directors, staff and employees.
The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £188k (2024: £177k).
There were outstanding contributions at 31 December 2025 of £Nil (2024: £Nil).

Not later than 1 year	601	705
Later than 1 year and not later than 5 years	1,868	2,186
Later than 5 years	3,202	3,642
	5,671	6,533

24.	Related party transactions
	The directors of the company have taken advantage of the exemption available to them under Section 33.1a, FRS 102, not to disclose information regarding transactions and balances with other companies within the group.

25.	Subsequent events

There has been no material non-adjusting events since the reporting date that require disclosure.

26.	Controlling party

At 31 December 2025, the immediate and ultimate parent undertaking is Simona AG, a company incorporated and registered in Germany. Copies of the financial statements for Simona AG can be obtained from its registered office Teichweg 16, 55606, Kirn, Germany.
The parent undertaking of the smallest and largest group to consolidate their financial statements is Simona AG, a company incorporated and registered in Germany. Copies of these financial statements can be obtained from Teichweg 16, 55606, Kirn, Germany.

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