Company registration number 01902912 (England and Wales)
C4 CARBIDES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
C4 CARBIDES LIMITED
COMPANY INFORMATION
Directors
F Chan
C Delisle
Secretary
Oakwood Corporate Secretary Limited
Company number
01902912
Registered office
3rd Floor
1 Ashley Road
Altrincham
WA14 2DT
Auditor
Edwards
34 High Street
Aldridge
Walsall
West Midlands
WS9 8LZ
Bankers
Natwest Bank plc
23 Market Street
Cambridge
CB2 3PA
HSBC UK Bank plc
63-64 St Andrews Street
Cambridge
CB2 3BZ
Solicitors
Mishcon de Reya LLP
Africa House
70 Kingsway
London
WC2B 6AH
C4 CARBIDES LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 20
C4 CARBIDES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

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

Fair review of the business

The principal activity of the company during the year continued to be that of the design, manufacture and distribution of diamond and carbide abrasive tools. The senior management team and Milwaukee Accessories, the reporting company, hold regular meetings and are proactive and reactive to market developments.

Principal risks and uncertainties

The company, in line with many organisations operating within the manufacturing sector, has continued to navigate a challenging environment characterised by geopolitical instability and evolving global trading policies. Despite these external pressures, C4 Carbides delivered a strong performance in 2025, achieving turnover growth of 6.6%. The company views these global developments not only as challenges to be managed but also as opportunities for further growth. By maintaining close partnerships with existing customers and attracting new business through its commitment to high-quality products and strong performance, C4 Carbides is well positioned to continue its positive trajectory.

Development and performance

2025 marked another year of strong performance for the business, continuing the positive growth trajectory established in recent years. The ongoing utilisation of the Group’s resources and advanced technologies has created significant opportunities to expand and enhance the C4 Carbides product portfolio. This progress has been underpinned by substantial investment in research and development capabilities, as well as new equipment.

Turnover for the year increased by 6.66% to £14.4m, with margins remaining robust. The Company anticipates further growth in 2026, supported by new business opportunities and continued expansion across key markets.

Consistent with the Company’s strategic growth plan, profits and cash flow are being reinvested into modern, high‑efficiency manufacturing equipment and essential R&D initiatives in new technologies. These investments are designed to ensure that customers continue to benefit from innovative, high‑quality, and high‑performance power tool accessories

.

The Company maintains strong collaboration with customers and supply chain partners to ensure reliable service and on‑time delivery. Year‑end stock levels remained consistent with 2024, despite a 6.66% increase in turnover, demonstrating continued effective inventory management and reduced lead times. The Board is satisfied with the year‑end stock position, supported by rigorous obsolescence policies and controls.

As of 31 December 2025, the Company reported shareholders’ funds of £10,894,301 distributable reserves of £10,023,652 and net current assets of £8,478,850. The Directors consider the Company’s year-end financial position to be strong and satisfactory.

Key performance indicators

Key performance indicators are used to measure and evaluate company performance against targets and monitor various activities throughout the company. The main key performance activities employed in the company are:

- Turnover levels by product

- Profit/loss levels

- Staff costs

- Stock turnover

- Debtor days

On behalf of the board

C Delisle
Director
C4 CARBIDES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -

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

Results and dividends

The results for the year are set out on page 7.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

F Chan
C Delisle
Financial instruments

The company finances its operations through retained profits and the use of operational bank accounts. The company makes use of financial instruments principally through its operational bank accounts. The directors' objectives are to retain sufficient liquid funds to enable the company to meet its day to day requirements as they fall due and to maximise returns on surplus funds. The directors also seek to minimise the company's exposure to foreign exchange movements through the operation of foreign currency bank accounts. The directors believe that this gives them the flexibility to release cash resources at short notice and allows them to take advantage of changing conditions in finance markets as they arise.

Research and development

The company continues to commit a significant amount of resource to further develop new and enhance existing products to reinforce the competitive edge of the company's product range. Research and development expenditure will remain at similar levels to 2025. In addition, the company holds certain patents over its products to protect its future business worldwide.

Auditor

In accordance with the company's articles, a resolution proposing that Edwards be reappointed as auditor of the company will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium companies exemption.

On behalf of the board
C Delisle
Director
24 April 2026
C4 CARBIDES LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -

The directors are responsible for preparing the annual 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). 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; 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.

C4 CARBIDES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF C4 CARBIDES LIMITED
- 4 -
Opinion

We have audited the financial statements of C4 Carbides Limited (the 'company') for the year ended 31 December 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

C4 CARBIDES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF C4 CARBIDES LIMITED
- 5 -

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. 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 within which the Company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, employment law and health & safety regulations compliance.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be in the following areas: the override of controls by management, revenue journals, inappropriate treatment of non-routine transactions and areas of estimation uncertainty, specifically surrounding the stock valuations. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, review and discussion of non-routine transactions, sample testing on the posting of journals and review of accounting estimates for biases.

C4 CARBIDES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF C4 CARBIDES LIMITED
- 6 -
Auditor's responsibilities for the audit of the financial statements (continued)

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://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.

Robert Kempson ACA
Senior Statutory Auditor
For and on behalf of Edwards
27 May 2026
Chartered Accountants
Statutory Auditor
34 High Street
Aldridge
Walsall
West Midlands
WS9 8LZ
C4 CARBIDES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 7 -
2025
2024
Notes
£
£
Turnover
3
14,366,309
13,469,252
Cost of sales
(9,408,347)
(9,012,114)
Gross profit
4,957,962
4,457,138
Distribution costs
(192,631)
(269,588)
Administrative expenses
(4,247,510)
(4,121,305)
Operating profit
4
517,821
66,245
Interest receivable and similar income
6
59,828
48,517
Profit before taxation
577,649
114,762
Tax on profit
7
148,537
(37,400)
Profit for the financial year
726,186
77,362

There are no recognised gains and losses other than those passing through the statement of income and retained earnings.

C4 CARBIDES LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2025
31 December 2025
- 8 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
8
32,553
71,136
Tangible assets
9
2,536,898
2,469,607
2,569,451
2,540,743
Current assets
Stocks
10
2,855,954
2,910,813
Debtors
11
3,176,770
3,727,858
Cash at bank and in hand
4,579,417
3,594,583
10,612,141
10,233,254
Creditors: amounts falling due within one year
12
(2,133,291)
(2,420,382)
Net current assets
8,478,850
7,812,872
Total assets less current liabilities
11,048,301
10,353,615
Provisions for liabilities
Deferred tax liability
13
454,000
485,500
(454,000)
(485,500)
Net assets
10,594,301
9,868,115
Capital and reserves
Called up share capital
15
182,002
182,002
Share premium account
388,647
388,647
Profit and loss reserves
10,023,652
9,297,466
Total equity
10,594,301
9,868,115

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 24 April 2026 and are signed on its behalf by:
C Delisle
Director
Company registration number 01902912 (England and Wales)
C4 CARBIDES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 9 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2024
182,002
388,647
9,220,104
9,790,753
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
77,362
77,362
Balance at 31 December 2024
182,002
388,647
9,297,466
9,868,115
Year ended 31 December 2025:
Profit and total comprehensive income
-
-
726,186
726,186
Balance at 31 December 2025
182,002
388,647
10,023,652
10,594,301
C4 CARBIDES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 10 -
1
Accounting policies
Company information

C4 Carbides Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3rd Floor, 1 Ashley Road, Altrincham, WA14 2DT.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

C4 Carbides Limited is a wholly owned subsidiary of Techtronic Industries Company Limited and the results of C4 Carbides Limited are included in the consolidated financial statements of Techtronic Industries Company Limited which are available from www.ttigroup.com.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover derives from the manufacture and distribution of tungsten carbide and diamond abrasive tools. Turnover represents the fair value of consideration received or receivable for goods supplied to customers, after deducting value added taxes. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have been transferred to the customer, the revenue and costs incurred in respect of the transaction can be measured reliably and collectability is assured.

1.4
Research and development expenditure

Research and development expenditure is written off against profits in the year in which it is incurred.

C4 CARBIDES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 11 -
1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Patents
6.25 - 33.33% straight line
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings leasehold
Over the lease term
Plant and machinery
10 - 20% straight line
Fixtures, fittings and equipment
15 - 33.33% straight line

Assets in the course of construction are not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

Cost of stock is calculated using a standard cost, which is set once a year.

1.8
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

C4 CARBIDES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 12 -
1.9
Financial instruments

The company has elected to apply 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 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including trade and other creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.10
Equity instruments

Equity instruments issued by the company are recorded at 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.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

C4 CARBIDES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 13 -
1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Contr i butions to the compan y's defined contribution scheme are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

1.14
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

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

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

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Stock

Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

C4 CARBIDES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 14 -
3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2025
2024
£
£
Turnover analysed by geographical market
USA
10,032,200
9,386,649
Europe
3,151,698
2,776,280
Rest of the World
1,182,411
1,306,323
14,366,309
13,469,252
2025
2024
£
£
Other significant revenue
Interest income
59,828
48,517
4
Operating profit
2025
2024
Operating profit for the year is stated after charging:
£
£
Exchange losses
70,333
54,442
Research and development costs
113,456
108,332
Fees payable to the company's auditor for the audit of the company's financial statements
24,000
23,000
Depreciation of owned tangible fixed assets
510,999
444,041
Loss on disposal of tangible fixed assets
3,789
-
Amortisation of intangible assets
38,583
61,744
Operating lease charges
319,521
296,111
C4 CARBIDES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 15 -
5
Employees

The average monthly number of persons (excluding directors) employed by the company during the year was:

2025
2024
Number
Number
Production
33
29
Administration
21
21
Total
54
50

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
3,078,377
2,858,161
Social security costs
356,407
296,544
Pension costs
116,733
101,625
3,551,517
3,256,330
6
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
59,828
48,517
C4 CARBIDES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 16 -
7
Taxation
2025
2024
£
£
Current tax
Adjustments in respect of prior periods
(117,037)
-
0
Deferred tax
Origination and reversal of timing differences
57,500
37,400
Adjustment in respect of prior periods
(89,000)
-
0
Total deferred tax
(31,500)
37,400
Total tax (credit)/charge
(148,537)
37,400

The actual (credit)/charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
577,649
114,762
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
144,412
28,691
Tax effect of expenses that are not deductible in determining taxable profit
3,639
3,973
Tax effect of utilisation of tax losses not previously recognised
(24,341)
-
0
Unutilised tax losses carried forward
-
0
4,736
Adjustments in respect of prior years
(117,037)
-
0
Group relief
(66,210)
-
0
Deferred tax adjustments in respect of prior years
(89,000)
-
0
Taxation (credit)/charge for the year
(148,537)
37,400

Factors that may affect future tax charges

The company has an unrecognised deferred tax asset of £Nil (2024 - £24,341).

The Directors take a prudent view and don't recognise potential deferred tax assets.

C4 CARBIDES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 17 -
8
Intangible fixed assets
Patents
£
Cost
At 1 January 2025 and 31 December 2025
719,895
Amortisation and impairment
At 1 January 2025
648,759
Amortisation charged for the year
38,583
At 31 December 2025
687,342
Carrying amount
At 31 December 2025
32,553
At 31 December 2024
71,136
9
Tangible fixed assets
Land and buildings leasehold
Assets under constr'n
Plant and machinery
Fixtures, fittings and equipment
Total
£
£
£
£
£
Cost
At 1 January 2025
991,171
384,706
3,492,853
782,196
5,650,926
Additions
-
0
381,026
155,271
51,282
587,579
Disposals
-
0
-
0
(51,781)
-
0
(51,781)
Transfers
-
0
(238,486)
238,486
-
0
-
0
At 31 December 2025
991,171
527,246
3,834,829
833,478
6,186,724
Depreciation and impairment
At 1 January 2025
508,078
-
0
2,082,773
590,468
3,181,319
Depreciation charged in the year
99,117
-
0
329,148
82,734
510,999
Eliminated in respect of disposals
-
0
-
0
(42,492)
-
0
(42,492)
At 31 December 2025
607,195
-
0
2,369,429
673,202
3,649,826
Carrying amount
At 31 December 2025
383,976
527,246
1,465,400
160,276
2,536,898
At 31 December 2024
483,093
384,706
1,410,080
191,728
2,469,607
C4 CARBIDES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 18 -
10
Stocks
2025
2024
£
£
Raw materials and consumables
850,054
753,465
Work in progress
481,376
650,321
Finished goods and goods for resale
1,524,524
1,507,027
2,855,954
2,910,813
11
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
2,852,165
3,472,742
Corporation tax recoverable
117,037
-
0
Other debtors
38,358
42,655
Prepayments and accrued income
169,210
212,461
3,176,770
3,727,858
12
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
979,299
1,375,561
Amounts owed to group undertakings
577,570
577,570
Other taxation and social security
70,110
112,257
Other creditors
173,718
131,986
Accruals and deferred income
332,594
223,008
2,133,291
2,420,382
13
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
455,000
493,000
Pension obligations
(1,000)
(7,500)
454,000
485,500
C4 CARBIDES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
13
Deferred taxation
(Continued)
- 19 -
2025
Movements in the year:
£
Liability at 1 January 2025
485,500
Credit to profit or loss
(31,500)
Liability at 31 December 2025
454,000

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so.

14
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
116,733
101,625

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

The amount included in other creditors at 31 December 2025 arising from the company's obligations in respect of it's defined contribution scheme is £2,609 (2024 - £30,256).

15
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 10p each
1,820,020
1,820,020
182,002
182,002
16
Operating lease commitments
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£
£
Within 1 year
246,806
246,409
Years 2-5
104,714
307,927
351,520
554,336
C4 CARBIDES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 20 -
17
Capital commitments

Amounts contracted for but not provided in the financial statements:

2025
2024
£
£
Acquisition of tangible fixed assets
389,980
55,687
18
Related party transactions

The company has taken advantage of the exemption conferred within FRS102 section 33.1A not to disclose t ransactions between wholly owned members of the same group.

19
Ultimate controlling party

The company's immediate parent company is C4 Carbides Holdings Limited who hold 100% of the share capital of the entity, a company incorporated in England.

The Company is ultimately owned and controlled by Techtronic Industries Company Limited, a company incorporated in Hong Kong and listed on the Hong Kong Stock Exchange. The largest and smallest group of undertakings for which group accounts have been drawn up, and which include this company, is that headed by Techtronic Industries Company Limited.

The consolidated financial statements of Techtronic Industries Company Limited can be obtained from the website: www.ttigroup.com.

The registered address of Techtronic Industries Company Limited is:

29/F, Tower 2, Kowloon Commerce Centre

51 Kwai Cheong Road

Kwai Chung

New Territories

Hong Kong

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