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Registered number: 02869349 ZUND UK LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
ZUND UK LIMITED COMPANY INFORMATION
Directors | J Jensen-Zund
| O S Zund
Registered number | 02869349
Registered office | Acuta House
| Works Road
| Letchworth Garden City
| Hertforshire
| SG6 1LN
Independent auditors | Moore Kingston Smith LLP
| Chartered Accountants and Statutory Auditors
| 4 Victoria Square
| St Albans
| Hertfordshire
| AL1 3TF
ZUND UK LIMITED CONTENTS
| Page
Strategic Report | 1 - 2
Directors' Report | 3 - 4
Independent Auditors' Report | 5 - 8
Profit and Loss Account | 9
Balance Sheet | 10
Statement of Changes in Equity | 11
Statement of Cash Flows | 12 - 13
Analysis of Net Debt | 14
Notes to the Financial Statements | 15 - 29
ZUND UK LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2025
Introduction
The directors present their strategic report for the year ended 31 December 2025.
Business review
The company imports and sells digital cutting machines from its Swiss sister company along with related component parts. The company also provides ancillary services including after sales servicing and preventative maintenance plans and the sales and supply of upgrades and consumables. Turnover for the year was £13.78m (2024 - £15.76m) The Balance Sheet shows that the company’s financial position remains strong. Net assets were £9.7m (2024 - £10.4m) and cash balances were £4.6m (2024 - £5.2m). A dividend of £3m (2024 - £2m) was paid during the year. Despite a smaller number of machines being sold in 2025 than 2024, other areas of the business saw an increase in turnover, especially in upgrades once again. The higher margins from these revenue streams ensured that overall gross margin has increased and gross profit is largely in line with that of 2024. While depreciation and amortisation costs are higher than in 2024 (due to a full year’s charge for depreciation on the refurbishment of Acuta House and on a newer car fleet) our overheads saw reductions in payroll and commissions, recruitment costs, motor vehicle costs, business rates, consulting and exhibition costs. These factors all contributed to achieving an improved earnings before tax. During the 2024 financial year, the company moved into new premises in Letchworth Garden City, Hertfordshire. The company’s previous offices in St Albans, Herts.,were sold in the same year. 2025 is therefore the first full year in the new property without the additional costs of retaining 2 separate properties.
Financial key performance indicators
The key performance indicators below are important metrics relating to the company’s performance. The company strives to increase market share and sales revenues. Profits are necessary to reinvest in the company to assist with growth. Maintaining a strong cash balance is necessary to ensure the financial stability of the company. Zünd UK monitors the number of employees to ensure overheads are controlled and the company can deal with any downturn in the economy. 12 months to 12 months to 31st December 2025 31st December 2024 Turnover £13,784,104 £15,755,351 Operating profit before tax £2,904,669 £2,710,053 Cash balance £4,603,567 £5,235,095 Number of employees at balance sheet date 48 52 The KPIs developed during the year are in line with the reporting requirements of the parent company and will also include local measurements regarding quality and productivity. Page 1
ZUND UK LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Principal risks and uncertainties
The principal risks faced by the company during the year under review were again inflation and foreign currency fluctuation. In 2025, the UK experienced moderate inflation but was still significantly lower than its peak in 2022 of 11.1%. Inflation increased throughout 2025 to a peak in Q3 but eased slightly towards the end of the year. The company has continued to monitor its cost base with a view to maintaining margin. The company’s main foreign currency exposure is fluctuation of the exchange rate of Sterling from the Swiss Franc. The company’s main supplier is a subsidiary of its parent company in Switzerland and Zund UK is invoiced in Swiss Francs by that company. These liabilities are converted from Swiss Francs at the prevailing rates each month and settled by payment in Sterling, converting at the prevailing spot rate. Sterling devalued by 5% during 2025 and so timing of payments has been co-ordinated to minimise the foreign exchange impact. The company also holds some cash in Euros and US dollars. The company continues to manage foreign currency risk by appropriate timing of payment of foreign currency liabilities. Zund UK continues to offer a hybrid working arrangement with no detrimental effect on service to our customers. This has been particularly effective for staff retention considering our move to new premises. The company’s balance sheet remained stable during the year despite the payment of a £3m dividend during the year. The directors do not feel that it is exposed to significant concentrations of price, credit, liquidity, or any cash flow risks. This report was approved by the board and signed on its behalf.
O S Zund Director
Date: 11 May 2026
Page 2
ZUND UK 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.
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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and 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 for the Company's financial statements and then apply them consistently; ∙make judgments 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 to 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.
Principal activity
The company imports and sells digital cutting machines from its Swiss sister company along with related component parts. The company also provides ancilillary services including after sales servicing and preventative maintenance plans and the sales and supply of upgrades and consumables plans.
Results and dividends
The profit for the year, after taxation, amounted to £2,337,554 (2024 - £2,231,956).
Directors
The directors who served during the year were:
J Jensen-Zund
O S Zund
Matters covered in the Strategic Report
The financial risk management objectives and policies of the Company and the exposure of the Company to price risk, credit risk, liquidity risk and cashflow risk are addressed in the Strategic Report. Page 3
ZUND UK LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Auditors
The auditors, Moore Kingston Smith 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.
O S Zund Director
Date: 11 May 2026
Page 4
ZUND UK LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ZUND UK LIMITED
Opinion
We have audited the financial statements of Zund UK Limited (the 'Company') for the year ended 31 December 2025, which comprise the Profit and Loss Account, the Analysis of Net Debt, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, 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 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 United Kingdom, including the Financial Reporting Council'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. Page 5
ZUND UK LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ZUND UK LIMITED (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
Opinion 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.
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 Directors' Report. 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 6
ZUND UK LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ZUND UK LIMITED (CONTINUED)
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 an Auditors' 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. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: ∙Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. ∙Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control. ∙Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. ∙Conclude 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 Auditors' Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' Report. However, future events or conditions may cause the Company to cease to continue as a going concern. ∙Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud 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. The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company. Page 7
ZUND UK LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ZUND UK LIMITED (CONTINUED) Our approach was as follows: ∙We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation ∙We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance. ∙We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance. ∙We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations. ∙Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required. There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, 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.
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 Auditors' 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. Graham Wintle (Senior Statutory Auditor) for and on behalf of Moore Kingston Smith LLP Chartered Accountants and Statutory Auditors 4 Victoria Square St Albans Hertfordshire AL1 3TF 11 May 2026 Page 8
ZUND UK LIMITED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 13,784,104 | 15,755,351
Cost of sales |  | (6,093,176) | (8,104,268)
Gross profit |  | 7,690,928 | 7,651,083
Administrative expenses |  | (4,786,259) | (4,941,030)
Operating profit |  | 2,904,669 | 2,710,053
Interest receivable and similar income | 7 | 87,296 | 144,262
Profit before tax |  | 2,991,965 | 2,854,315
Tax on profit | 8 | (654,411) | (622,359)
Profit for the financial year |  | 2,337,554 | 2,231,956
There are no items of other comprehensive income for 2025 or 2024 other than the profit for the year. As a result, no separate Statement of Comprehensive Income has been presented.
The notes on pages 15 to 29 form part of these financial statements.
Page 9
ZUND UK LIMITED REGISTERED NUMBER: 02869349 BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 10 |  | 8,660 |  | 17,320
Tangible assets | 11 |  | 3,124,201 |  | 3,519,280
|  |  | 3,132,861 |  | 3,536,600
Current assets |  |  |  |  |
Stocks | 12 | 3,672,267 |  | 3,872,453 |
Debtors | 13 | 2,641,748 |  | 3,063,231 |
Cash at bank and in hand |  | 4,603,567 |  | 5,235,095 |
|  | 10,917,582 |  | 12,170,779 |
Creditors: amounts falling due within one year | 14 | (3,999,678) |  | (4,902,795) |
Net current assets |  |  | 6,917,904 |  | 7,267,984
Total assets less current liabilities |  |  | 10,050,765 |  | 10,804,584
Provisions for liabilities |  |  |  |  |
Deferred tax | 16 | (304,712) |  | (396,085) |
|  |  | (304,712) |  | (396,085)
Net assets |  |  | 9,746,053 |  | 10,408,499
Capital and reserves |  |  |  |  |
Called up share capital | 17 |  | 12,346 |  | 12,346
Share premium account |  |  | 50,060 |  | 50,060
Profit and loss account |  |  | 9,683,647 |  | 10,346,093
|  |  | 9,746,053 |  | 10,408,499
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
O S Zund
Director
Date: 11 May 2026
The notes on pages 15 to 29 form part of these financial statements. Page 10
ZUND UK LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
| Called up share capital | Share premium account | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 January 2024 | 12,346 | 50,060 | 10,114,137 | 10,176,543
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 2,231,956 | 2,231,956
Contributions by and distributions to owners |  |  |  |
Dividends: Equity capital | - | - | (2,000,000) | (2,000,000)
At 1 January 2025 | 12,346 | 50,060 | 10,346,093 | 10,408,499
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 2,337,554 | 2,337,554
Contributions by and distributions to owners |  |  |  |
Dividends: Equity capital | - | - | (3,000,000) | (3,000,000)
At 31 December 2025 | 12,346 | 50,060 | 9,683,647 | 9,746,053
| The notes on pages 15 to 29 form part of these financial statements.
Page 11
ZUND UK LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 2,337,554 | 2,231,956
Adjustments for: |  |
Amortisation of intangible assets | 8,660 | 8,660
Depreciation of tangible assets | 476,123 | 398,329
Loss on disposal of tangible assets | 1,373 | (5,484)
Interest received | (87,296) | (144,262)
Taxation charge | 654,411 | 622,359
Decrease/(increase) in stocks | 200,186 | (676,309)
Decrease in debtors | 344,127 | 309,752
(Increase)/decrease in amounts owed by groups | (3,395) | 79,874
(Decrease) in creditors | (407,101) | (566,597)
(Decrease) in amounts owed to groups | (586,269) | (639,822)
Corporation tax (paid) | (574,780) | (229,096)
Net cash generated from operating activities | 2,363,593 | 1,389,360
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (92,917) | (1,197,817)
Sale of tangible fixed assets | 10,500 | 38,050
Interest received | 87,296 | 144,262
Net cash from investing activities | 4,879 | (1,015,505)
Cash flows from financing activities |  |
Dividends paid | (3,000,000) | (2,000,000)
Net cash used in financing activities | (3,000,000) | (2,000,000)
Net (decrease) in cash and cash equivalents | (631,528) | (1,626,145)
Page 12
ZUND UK LIMITED STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
|  | 2025 | 2024
|  | £ | £
Cash and cash equivalents at beginning of year | 5,235,095 | 6,861,240
Cash and cash equivalents at the end of year | 4,603,567 | 5,235,095
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 4,603,567 | 5,235,095
| 4,603,567 | 5,235,095
The notes on pages 15 to 29 form part of these financial statements.
Page 13
ZUND UK LIMITED ANALYSIS OF NET DEBT FOR THE YEAR ENDED 31 DECEMBER 2025
| At 1 January 2025 | Cash flows | At 31 December 2025
| £ | £ | £
Cash at bank and in hand | 5,235,095 | (631,528) | 4,603,567
Debt due within 1 year | (8,744) | - | (8,744)
| 5,226,351 | (631,528) | 4,594,823
The notes on pages 15 to 29 form part of these financial statements.
Page 14
ZUND UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
Zund UK Ltd is a company limited by shares incorporated in England and Wales under the Companies Act 2006. The address of the registered office is given on the Company information page. The principal activity of the Company is in the directors' report. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. 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. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'. Page 15
ZUND UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.3 | 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. Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.4 | 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. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.5 | Interest income
Interest income is recognised in profit or loss using the effective interest method. Page 16
ZUND UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.6 | 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.
| 2.7 | 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.
| 2.8 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. The estimated useful lives range as follows:
|  |  |  | Development expenditure | - | 5 | years
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ZUND UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.9 | 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:
|  |  |  | Short-term leasehold property | - |  | Over the term of the lease
|  |  |  | Motor vehicles | - | 33% | Reducing balance
|  |  |  | Fixtures and fittings | - | 10% | Straight line
|  |  |  | Computer equipment | - | 33% | Reducing balance
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. The depreciation policy for fixtures and fittings changed from 33% reducing balance basis in the prior year, to 10% straight line. The change was as a result of a move to new premises in the prior year, which was fitted out with said fixtures and fittings. This resulted in a reassessment of the useful economic lives of such assets, and a conclusion that the straight line basis over 10 years most accurately reflected the expected period of economic benefit. This term is consistent with the length of the lease of the new premises. As this is a revision to the estimate of the useful economic lives in light of new circumstances, rather than a change in accounting policy, this has been applied prospectively.
| 2.10 | 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.
| 2.11 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. Page 18
ZUND UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.12 | 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. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.
| 2.13 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 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 19
ZUND UK 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 with the operating cycle fall into this category of financial instruments. Other financial assets Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment. 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. Basic financial liabilities Page 20
ZUND UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.15 | Financial instruments (continued)
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.
| 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.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. The nature of estimation means the actual outcomes could differ from those estimates. There are no material judgments made that have a significant effect on the amounts recognised in the financial statements.
4. | Turnover
Analysis of turnover by country of destination:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| United Kingdom | 12,887,206 | 14,520,762
| Rest of Europe | 627,110 | 609,298
| Rest of the world | 269,788 | 625,291
|  | 13,784,104 | 15,755,351
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ZUND UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
5. | Auditors' remuneration
| During the year, the Company obtained the following services from the Company's auditors:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 10,000 | 9,000
| Fees payable to the Company's auditors for non-audit services | 3,800 | 3,500
6. | Employees
| Staff costs were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 2,799,704 | 2,891,540
| Social security costs | 359,640 | 335,437
| Cost of defined contribution scheme | 118,510 | 122,074
|  | 3,277,854 | 3,349,051
| Key management remuneration for 2025 was £656,996 (2024: £680,947).
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Employees | 50 | 53
7. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 87,296 | 144,262
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ZUND UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
8. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 745,784 | 524,749
| Deferred tax |  |
| Origination and reversal of timing differences | (91,373) | 97,610
| Total tax charge | 654,411 | 622,359
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 2,991,965 | 2,854,315
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 747,991 | 713,579
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 35,565 | 13,603
| Capital allowances for year in excess of depreciation | 97,088 | -
| Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge | (135,203) | (146,585)
| Fixed asset differences | 343 | 8,616
| Other differences leading to an increase (decrease) in the tax charge | (91,373) | 33,146
| Total tax charge for the year | 654,411 | 622,359
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. Page 23
ZUND UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
9. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Ordinary shares of £1 each | 3,000,000 | 2,000,000
10. | Intangible assets
|  | Patents
|  | £
| Cost |
| At 1 January 2025 | 43,301
| At 31 December 2025 | 43,301
| Amortisation |
| At 1 January 2025 | 25,981
| Charge for the year on owned assets | 8,660
| At 31 December 2025 | 34,641
| Net book value |
| At 31 December 2025 | 8,660
| At 31 December 2024 | 17,320
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ZUND UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
11. | Tangible fixed assets
|  | Short-term leasehold improve-ments | Motor vehicles | Fixtures and fittings | Computer equipment | Total
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 1 January 2025 | 3,267,974 | 517,570 | 246,766 | 31,023 | 4,063,333
| Additions | - | 92,917 | - | - | 92,917
| Disposals | - | (81,372) | - | - | (81,372)
| At 31 December 2025 | 3,267,974 | 529,115 | 246,766 | 31,023 | 4,074,878
| Depreciation |  |  |  |  |
| At 1 January 2025 | 268,351 | 239,270 | 27,901 | 8,531 | 544,053
| Charge for the year on owned assets | 326,560 | 108,061 | 34,080 | 7,422 | 476,123
| Disposals | - | (69,499) | - | - | (69,499)
| At 31 December 2025 | 594,911 | 277,832 | 61,981 | 15,953 | 950,677
| Net book value |  |  |  |  |
| At 31 December 2025 | 2,673,063 | 251,283 | 184,785 | 15,070 | 3,124,201
| At 31 December 2024 | 2,999,623 | 278,300 | 218,865 | 22,492 | 3,519,280
12. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Raw materials, consumables and finished goods | 3,672,267 | 3,872,453
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ZUND UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
13. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 2,177,310 | 2,570,289
| Amounts owed by group undertakings | 3,717 | 322
| Other debtors | 782 | 87,111
| Prepayments and accrued income | 459,939 | 405,509
|  | 2,641,748 | 3,063,231
14. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 72,289 | 104,628
| Amounts owed to group undertakings | 526,689 | 1,112,958
| Corporation tax | 90,253 | -
| Other taxation and social security | 508,754 | 441,011
| Other creditors | 8,745 | 8,745
| Accruals and deferred income | 2,792,948 | 3,235,453
|  | 3,999,678 | 4,902,795
15. | Financial instruments
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Financial assets |  |
| Financial assets measured at fair value through profit or loss | 6,784,594 | 7,805,706
| Financial liabilities |  |
| Financial liabilities measured at fair value through profit or loss | 3,400,671 | 4,461,784
| Financial assets measured at fair value through profit or loss comprise bank and cash, trade debtors and amounts owed by group undertakings.
| Financial liabilities measured at fair value through profit or loss comprise trade creditors, amounts owed to group undertakings, other creditors, accruals and deferrred income.
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ZUND UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
16. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | (396,085)
| Charged to profit or loss | 91,373
| At end of year | (304,712)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | (304,712) | (396,304)
| Tax losses carried forward | - | 219
|  | (304,712) | (396,085)
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ZUND UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
17. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 11,235 (2024 - 11,235) Ordinary shares of £1.00 each | 11,235 | 11,235
|  | 1,111 (2024 - 1,111) Ordinary A shares of £1.00 each | 1,111 | 1,111
|  |  | 12,346 | 12,346
18. | Pension commitments
The Company operates a defined contributions pension scheme. The amount recognised in profit or loss is an expense in relation to defined contribution plans amounting to £118,510 (2024: £122,074). Contributions totalling £Nil (2024 - £Nil) were payable at the balance sheet date, as these were paid before the year end.
19. | Commitments under operating leases
| At 31 December 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 117,000 | 117,000
| Later than 1 year and not later than 5 years | 468,000 | 468,000
| Later than 5 years | 399,750 | 516,750
|  | 984,750 | 1,101,750
| .
20.Other financial commitments Zund UK Ltd has entered into arrangements with Compass Business Finance and DLL Leasing whereby it has agreed to buy back its customers' machines as required at the end of the finance contract term. The residual values for these machines totals £225,054 (2024 restated: £263,230) as at 31st December 2025. Included in this figure are agreements with Compass Business Finance to repurchase some of its customers machines if the contract concludes prematurely. The value of this liability is £nil (2024 restated: £61,465) as at 31st December 2025. The comparitives above have been restated to accurately reflect the liability at the end of the prior year. There is no impact on the profit and loss or the balance sheet for this restatement, as it is disclosure only. Page 28
ZUND UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
21. | Related party transactions
| Zund Systemtechnik AG Sales of £38,158 and purchases of £4,301,297 were made to/from Zund Systemtechnik AG, a fellow subsidiary, during the financial year. The total amount owed to the fellow subsidiary at the year end was £526,689 (2024: £1,113,075) and is included in amounts owed to group undertakings. Zund America Inc Sales of £58,781 were made to Zund America Inc, a fellow subsidiary, during the financial year. Zund France SA Sales of £29,535 were made to Zund France SA, a fellow subsidiary, during the financial year. A balance of £1,511 (2024: £Nil) is due from Zund France SA at the financial year end. This amount is included within amounts owed by group undertakings. Zund Benelux B.V Sales of £26,465 and purchases of £79,984 were made to/from Zund Benelux B.V a fellow subsidiary, during the financial year. Zund Österreich GmbH Sales of £11,915 were made to Zund Österreich GmbH, a fellow subsidiary, during the financial year. Zund Italia S.r.l Sales of £1,106 were made to Zund Italia S.r.l, a fellow subsidiary, during the financial year. A balance of £1,106 (2024: £Nil) is due from Zund Italia S.r.l at the financial year end. This amount is included within amounts owed by group undertakings. Zund Asia Limited Sales of £31,082 were made to Zund Asia Limited, a fellow subsidiary, during the financial year. A balance of £1,100 (2024: £Nil) is due from Zund Asia Limited at the financial year end. This amount is included within amounts owed by group undertakings. Zund Australia Pty Limited Sales of £17,757 were made to Zund Australia Pty Limited, a fellow subsidiary, during the financial year. A balance of £Nil (2024: £322) is due from Zund Australia Pty Limited at the financial year end. This amount is included within amounts owed by group undertakings. Zund Property Limited Purchases of £117,000 were made from Zund Property Limited, a fellow subsidiary, during the financial year.
22. | Controlling party
The ultimate controlling party is K. Zund. The immediate parent company is Zünd Holding AG, a Swiss Company.
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