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REGISTERED NUMBER: 05771673 (England and Wales)

PAI HOLDINGS LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

| PAI HOLDINGS LTD (REGISTERED NUMBER: 05771673) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Page |

| Company Information | 1 |

| Chartered Accountants' Report | 2 |

| Balance Sheet | 3 |

| Notes to the Financial Statements | 4 |

| PAI HOLDINGS LTD |

COMPANY INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2025

| DIRECTORS: | P A Adams

| R G Vaughan

| SECRETARY: | P A Adams

| REGISTERED OFFICE: | 3-4 Heol Rhosyn

| Dafen Industrial Park

| Dafen

| Llanelli

| Carmarthenshire

| SA14 8QG

| REGISTERED NUMBER: | 05771673 (England and Wales)

| ACCOUNTANTS: | Bevan Buckland Ltd

| Ground Floor Cardigan House

| Castle Court

| Swansea Enterprise Park

| Swansea

| SA7 9LA

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS

ON THE UNAUDITED FINANCIAL STATEMENTS OF

PAI HOLDINGS LTD

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of PAI Holdings Ltd for the year ended 31 December 2025 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of PAI Holdings Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of PAI Holdings Ltd and state those matters that we have agreed to state to the Board of Directors of PAI Holdings Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than PAI Holdings Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that PAI Holdings Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of PAI Holdings Ltd. You consider that PAI Holdings Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of PAI Holdings Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Bevan Buckland Ltd

Ground Floor Cardigan House

Castle Court

Swansea Enterprise Park

Swansea

SA7 9LA

12 May 2026

| PAI HOLDINGS LTD (REGISTERED NUMBER: 05771673) |

BALANCE SHEET

31 DECEMBER 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 4 | - |  | - |  |

Investments | 5 | 525,018 |  | 525,018 |  |

Investment property | 6 | 625,792 |  | 625,792 |  |

1,150,810 |  | 1,150,810 |  |

CURRENT ASSETS

Debtors | 7 | 538,492 |  | 61,713 |  |

Cash at bank | 1,619,826 |  | 1,709,045 |  |

2,158,318 |  | 1,770,758 |  |

CREDITORS

Amounts falling due within one year | 8 | 196,424 |  | 67,777 |  |

NET CURRENT ASSETS | 1,961,894 |  | 1,702,981 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 3,112,704 |  | 2,853,791 |  |

PROVISIONS FOR LIABILITIES | 10 | - |  | 25,321 |  |

NET ASSETS | 3,112,704 |  | 2,828,470 |  |

CAPITAL AND RESERVES

Called up share capital | 108 |  | 108 |  |

Share premium | 524,912 |  | 524,912 |  |

Retained earnings | 2,587,684 |  | 2,303,450 |  |

SHAREHOLDERS' FUNDS | 3,112,704 |  | 2,828,470 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 May 2026 and were signed on its behalf by:

P A Adams - Director

| PAI HOLDINGS LTD (REGISTERED NUMBER: 05771673) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1. | STATUTORY INFORMATION

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

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

| Turnover

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

| Tangible fixed assets

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

| Fixtures and fittings | - | 25% on cost and 15% reducing balance

| Cost comprises the purchase price of the asset and expenditure directly attributable to the acquisition of the item.

| A fixed asset is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. 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 the income statement.

| Impairment of fixed assets

| The company performs impairment testing where there are any indicators of impairment. Impairment is calculated as the difference between the carrying value and the recoverable value of the asset. Recoverable value is the higher of net realisable value and estimated value in use at the date the impairment loss is recognised. Value in use represents the present value of expected future discounted cash flows. If incurred, impairment is recognised immediately in the income statement.

| Where an impairment loss subsequently reverses, the carrying value of the asset is increased to the revised estimate of the recoverable amount, but so that the increased carrying value does not exceed the carrying value that would have been determined if no impairment loss had been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately as a credit to the income statement.

| Investments in subsidiaries

| Investments in subsidiary undertakings are recognised at cost.

| Investment property

| Investment properties are measured initially at cost, including transaction costs. Subsequent to initial recognition, investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the statement of comprehensive income. Deferred tax is provided against these gains at the rate expected to apply when the property is sold. The treatment is in line with the fair value provisions of the Companies Act.

| Investment properties are derecognised when either they have been disposed of or when the investment property is permanently withdrawn from use and no future economic benefit is expected from its disposal.

| Investment properties are reclassified as 'held for sale' assets from commencement of marketing for disposal, provided that the directors have reasonable expectation that they will be sold within a period of 12 months.

| Taxation

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

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

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

| PAI HOLDINGS LTD (REGISTERED NUMBER: 05771673) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

2. | ACCOUNTING POLICIES - continued

| Deferred tax

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

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

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

| Pension costs and other post-retirement benefits

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

| Investments

| Investments are capitalised and held at fair value on the balance sheet. Realised gains or losses on investments held are credited/charged to the the profit and loss account in the period in which they relate.

| Financial instruments

| Basic financial instruments are recognised at amortised cost.

| Cash at bank and cash in hand

| Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

| Debtors

| Short term debtors are measured at transaction price, less any impairment.

| Creditors

| Short term creditors are measured at 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.

| Provision for liabilities

| Provisions are recognised when the company has a present obligation (legal and constructive) from a past event that will probably result in a transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.

| Functional and Presentation Currency

| The company's functional and presentation currency is pounds sterling.

| Going Concern

| The company continues to adopt the going concern basis in preparing its financial statements.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 2 (2024 - 2 ) .

| PAI HOLDINGS LTD (REGISTERED NUMBER: 05771673) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

4. | TANGIBLE FIXED ASSETS

| Fixtures

| and

| fittings

£ |

| COST

| At 1 January 2025

| and 31 December 2025 | 41,680 |  |

| DEPRECIATION

| At 1 January 2025

| and 31 December 2025 | 41,680 |  |

| NET BOOK VALUE

| At 31 December 2025 | - |  |

| At 31 December 2024 | - |  |

5. | FIXED ASSET INVESTMENTS

| Shares in

| group

| undertakings

£ |

| COST OR VALUATION

| At 1 January 2025

| and 31 December 2025 | 525,018 |  |

| NET BOOK VALUE

| At 31 December 2025 | 525,018 |  |

| At 31 December 2024 | 525,018 |  |

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

| Shares in

| group

| undertakings

£ |

| Cost | 525,018 |  |

6. | INVESTMENT PROPERTY

| Total

£ |

| FAIR VALUE

| At 1 January 2025

| and 31 December 2025 | 625,792 |  |

| NET BOOK VALUE

| At 31 December 2025 | 625,792 |  |

| At 31 December 2024 | 625,792 |  |

| Investment property has been valued by the directors in the 2020 year end financial statements. The directors consider there to be no material change in the fair value during the year.

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

2025 | 2024 |

£ | £ |

| Amounts owed by group undertakings | 125,000 |  | 50,000 |  |

| Other debtors | 413,492 |  | 11,713 |  |

538,492 |  | 61,713 |  |

| PAI HOLDINGS LTD (REGISTERED NUMBER: 05771673) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued

| At the year end included in other debtors is an amount of £300,000 owed by the director, this is provided on terms that is it repayable within 9 months after the year end

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

2025 | 2024 |

£ | £ |

| Trade creditors | 4,561 |  | 4,550 |  |

| Taxation and social security | 173,842 |  | 54,414 |  |

| Other creditors | 18,021 |  | 8,813 |  |

196,424 |  | 67,777 |  |

9. | SECURED DEBTS

| Bank loans are secured on a fixed charge under the assets and properties of the company.

10. | PROVISIONS FOR LIABILITIES

2024 |

£ |

| Deferred tax | 25,321 |  |

| Deferred |

| tax |

£ |

| Balance at 1 January 2025 | 25,321 |  |

| Provided during year | (29,108 | ) |

| Balance at 31 December 2025 | (3,787 | ) |

11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

| The following advances and credits to directors subsisted during the years ended 31 December 2025 and 31 December 2024:

2025 | 2024 |

£ | £ |

| P A Adams

| Balance outstanding at start of year | (1 | ) | (1 | ) |

| Amounts advanced | 310,000 |  | - |  |

| Amounts repaid | (10,000 | ) | - |  |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | 299,999 |  | (1 | ) |

| R G Vaughan

| Balance outstanding at start of year | 1 |  | 1 |  |

| Amounts repaid | - |  | - |  |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | 1 |  | 1 |  |

12. | RELATED PARTY DISCLOSURES

| During the year the company charged management fees of £6,000 (2024: £1,500) to Lighting Integration Ltd, a company in which P A Adams is a director and controlling shareholder.

| All transactions between related parties were under normal market conditions.

| PAI HOLDINGS LTD (REGISTERED NUMBER: 05771673) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

13. | ULTIMATE CONTROLLING PARTY

| P A Adams controls the company by virtue of a majority shareholding.