Company registration number 01032904 (England and Wales)
PENNINE INDUSTRIAL EQUIPMENT LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
PENNINE INDUSTRIAL EQUIPMENT LIMITED
COMPANY INFORMATION
Directors
Mr C J Hobbs
Mr S P Holmes
Mr M B Sykes
Mr G Womersley
Company number
01032904
Registered office
Unit A1
Park Mill Way
Clayton West
Huddersfield
HD8 9XJ
Auditor
Azets Audit Services Limited
12 King Street
Leeds
LS1 2HL
PENNINE INDUSTRIAL EQUIPMENT LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 26
PENNINE INDUSTRIAL EQUIPMENT LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

The directors present the strategic report of the company for the year ended 31 December 2025, detailing the main factors impacting upon the business during the year and a review of progress.

Review of the business

Principal activities

The principal activity of the group is manufacturing of inverted tooth chains and other conveying components for industry conveying applications.

Overview of the business

Pennine Industrial Equipment are a market leader in the manufacture of inverted tooth chains and sprockets for the hollow glass industry. We have over 45 years of experience assisting our customers with every aspect of hot end glass conveying. We also help customers in industrial conveying with different components mainly made from food grade UHMW-PE.

.

Result for the year

During the year Pennine Industrial Equipment generated a turnover of £6,197,099 (2024 - £6,544,078) at a gross margin of 53.3% (2024 - 51.3%) generating underlying profits of £837,537 (2024 - £575,944).

Principal risks and uncertainties

The following principal risks encountered in the normal course of business have been assessed and managed by the directors;

Commercial risk

The company operates in a changing economic and competitive environment that presents risks, many of which cannot be predicted or controlled. The company faces competition in both pricing and market share. This is handled through management of its customers. The company strives to continually enhance its reputation for quality and service to maintain strong customer relationships. A large proportion of materials purchases are commodities for which prices can fluctuate significantly. Gross margins achieved are heavily influenced by the ability to pass on price increases to customers and the ability to source materials at competitive prices.

Financial risks

The company is exposed to a variety of financial risks in the ordinary course of business, including commodity price volatility, liquidity and interest rate risk.

Liquidity

The policy has been to ensure continuity of funding by acquiring a proportion of fixed assets under finance and operating leases and financing operations via short term credit facilities with the principal funder. The directors have reviewed forecasts for the next 12 months and consider that available financial resources are sufficient to meet the cash flow requirements of the business.

Interest rate risk

The interest rate on the companies borrowings fluctuates. The company has reduced the exposure to this risk following redemption of external lending. The policies and procedures in relation to the monitoring of these risks are undertaken in conjunction with management of the ultimate parent. This includes continual risk assessment, monitoring and, if deemed necessary, entering into contractual arrangements in order to mitigate the adverse effects on the group's financial performance.

Credit risk

There is a risk of loss to the company arising from financial difficulties experienced by customers and

potentially the failure of customers to meet their financial obligations. The company manages this risk through credit control procedures and continual monitoring of creditworthiness. Amounts presented in the financial statements for trade receivables are net of allowances for doubtful debts estimated by management based upon experience and their assessment of the risks arising from the current economic environment. Management consider that the operational risk is reduced to an acceptable level.

PENNINE INDUSTRIAL EQUIPMENT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
Principal risks and uncertainties

Currency risk

The company is exposed to currency risk as sales are invoiced in different currencies. As a result the company is exposed to exchange gain variances between GBP, US Dollar, and Euro. The risk is mitigated to a certain extent, in that foreign currency bank accounts are maintained and, where possible, a natural hedge will result from buying and selling in the same currency. Management continually monitors the exposure of the company.

Key performance indicators

Financial key performance indicators

The company’s Key Performance Indicators (KPIs) are reviewed and discussed at least monthly by the senior management team. KPIs are set at the start of the year as part of the company’s financial budgeting and forecasting process.

The directors monitor and manage the performance of the company assisted by the production of detailed quarterly management reports containing detailed monthly accounts and a number of key financial and non-financial performance measures. The main KPIs include;

Turnover £6,197,099 (2024 - £6,544,078)

Gross Margin 53.3% (2024 - 51.3%)

PBT £1,066,924 (2024 - £942,130)

Other key performance indicators

Various non-financial KPIs are included in the management information used to monitor the performance of manufacturing and the wider business;

- On time shipments

- Invoice accuracy

- Aged inventory/debtors

Directors' statement of compliance with duty to promote the success of the Company

Section 172 of the Companies Act 2006 requires a director to act in a way he or she considers, in good faith, would be most likely to promote the success of the company for the benefit of its members as a

whole. In doing this, section 172 requires a director to have regard, among other matters, to: the likely

consequences of any decision in the long term; the interests of the company’s employees; the need to foster the company’s business relationships with suppliers, customers and others; the impact of the company’s operations on the community and the environment; the desirability of the company maintaining a reputation for high standards of business conduct; and the need to act fairly with members of the company.

The directors give careful consideration to the factors set out above in discharging their duties under section 172. The stakeholders we consider in this regard are the people who work for us, our customers and those in the supply chain with whom we engage, our owners, regulatory bodies and people living in the societies within which we operate. The directors recognise that building strong relationships with our stakeholders will help us to deliver our strategy in line with our long-term values and operate the business in a sustainable way. We are committed to doing business responsibly and thinking for the long term.

The directors regularly receive reports from management on issues concerning clients, the environment,suppliers, employees, and other stakeholders which it takes into account in its discussions and in its decision making process under section 172.

PENNINE INDUSTRIAL EQUIPMENT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -
Other performance indicators

Employment

Directors receive monthly updates on various staff metrics. The company is committed to promoting a healthy workforce with focus on mental health and wellbeing, developing a culture of inclusion, ensuring training and development opportunities are provided and keeping staff informed of key issues through our communications network. We look to attract and retain staff via our recruitment and development strategies.

Applications for employment by disabled persons are always fully considered, bearing in mind the abilities of the applicant concerned. In the event of members of staff becoming disabled every effort is made to ensure that their employment with the group continues and that appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Other information and explanations

Customers

As well as the directors receiving updates from senior management on the company’s interaction with customers, directors and senior managers regularly meet customer representatives to maintain relationships and understand their specific needs.

Suppliers

We have consistent standards and procedures for the onboarding and use of external suppliers. We require suppliers to meet our compliance and financial stability requirements, as well as to meet our requirements around health and safety where appropriate.

Community and the environment

The company fully recognises the importance of its environmental responsibilities, monitors and controls its impact on the environment and implements policies aimed at reducing any damage that might be caused by it's operations. In this respect further details of the regulatory environment and the response of the company are included in the "Principal risks and uncertainties" section above.

On behalf of the board

Mr C J Hobbs
Director
20 April 2026
PENNINE INDUSTRIAL EQUIPMENT LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -

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

Principal activities

The principal activity of the company continued to be that of the manufacturing of inverted tooth chains and other conveying components for industry conveying applications.

Results and dividends

The results for the year are set out on page 9.

Ordinary interim dividends were paid amounting to £2,222,079 (2024 - £2,071,186). 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:

Mr C J Hobbs
Mr S P Holmes
Mr M B Sykes
Mr G Womersley
Auditor

The auditor, Azets Audit Services Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

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-sized companies exemption

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

On behalf of the board
Mr C J Hobbs
Director
20 April 2026
PENNINE INDUSTRIAL EQUIPMENT LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 5 -

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.

PENNINE INDUSTRIAL EQUIPMENT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PENNINE INDUSTRIAL EQUIPMENT LIMITED
- 6 -
Opinion

We have audited the financial statements of Pennine Industrial Equipment 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.

Opinions on other matters prescribed by the Companies Act 2006

Except for the possible effects of the matter described in the basis of qualified option section of our report, in our opinion, based on the work undertaken in the course of our 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.

PENNINE INDUSTRIAL EQUIPMENT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PENNINE INDUSTRIAL EQUIPMENT LIMITED (CONTINUED)
- 7 -
Matters on which we are required to report by exception

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

- 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

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.

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.

PENNINE INDUSTRIAL EQUIPMENT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PENNINE INDUSTRIAL EQUIPMENT LIMITED (CONTINUED)
- 8 -

Extent to which 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 and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we 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. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;

- Reviewing minutes of meetings of those charged with governance;

- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

- Performing audit workover the timing and recognition of revenue in particular whether it has been recorded in the correct accounting period.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. 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.

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.

Jessica Lawrence (Senior Statutory Auditor)
For and on behalf of Azets Audit Services Limited, Statutory Auditor
Chartered Accountants
12 King Street
Leeds
LS1 2HL
21 April 2026
PENNINE INDUSTRIAL EQUIPMENT LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 9 -
2025
2024
Notes
£
£
Turnover
3
6,197,099
6,544,078
Cost of sales
(2,892,774)
(3,186,088)
Gross profit
3,304,325
3,357,990
Administrative expenses
(2,223,963)
(2,431,934)
Operating profit
5
1,080,362
926,056
Interest receivable and similar income
7
11,241
18,520
Interest payable and similar expenses
8
(24,679)
(2,446)
Profit before taxation
1,066,924
942,130
Tax on profit
9
(176,162)
(366,186)
Profit for the financial year
890,762
575,944

The profit and loss account has been prepared on the basis that all operations are continuing operations.

PENNINE INDUSTRIAL EQUIPMENT LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
12
1,877,465
2,055,774
Investments
13
100,000
100,000
1,977,465
2,155,774
Current assets
Stocks
14
722,184
680,995
Debtors
15
1,447,821
2,506,857
Cash at bank and in hand
1,398,546
1,974,603
3,568,551
5,162,455
Creditors: amounts falling due within one year
18
(1,268,958)
(1,601,860)
Net current assets
2,299,593
3,560,595
Total assets less current liabilities
4,277,058
5,716,369
Creditors: amounts falling due after more than one year
19
(9,975)
(19,921)
Provisions for liabilities
Deferred tax liability
20
383,000
476,048
(383,000)
(476,048)
Net assets
3,884,083
5,220,400
Capital and reserves
Called up share capital
22
9,326
9,326
Capital redemption reserve
674
674
Profit and loss reserves
3,874,083
5,210,400
Total equity
3,884,083
5,220,400

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 20 April 2026 and are signed on its behalf by:
Mr C J Hobbs
Director
Company registration number 01032904 (England and Wales)
PENNINE INDUSTRIAL EQUIPMENT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2024
9,326
674
6,705,642
6,715,642
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
575,944
575,944
Dividends
10
-
-
(2,071,186)
(2,071,186)
Balance at 31 December 2024
9,326
674
5,210,400
5,220,400
Year ended 31 December 2025:
Profit and total comprehensive income
-
-
890,762
890,762
Dividends
10
-
-
(2,227,079)
(2,227,079)
Balance at 31 December 2025
9,326
674
3,874,083
3,884,083
PENNINE INDUSTRIAL EQUIPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 12 -
1
Accounting policies
Company information

Pennine Industrial Equipment Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit A1, Park Mill Way, Clayton West, Huddersfield, HD8 9XJ.

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 amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. 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. The company has therefore taken advantage of exemptions 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 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

Pennine Industrial Equipment Limited is a wholly owned subsidiary of Pennine Industrial Holdings Limited, and the results of Pennine Industrial Equipment Limited are included in the consolidated financial statements of Pennine Industrial Holdings Limited which has a registered office of Unit 1A Park Mill Way, Clayton West, Huddersfield, HD8 9XJ.

On 15 November 2023, the entire share capital of Pennine Industrial Holdings Limited was acquired by Rondot Industrial SAS, the ultimate parent company. The consolidated financial statements of Rondot Industrial SAS can be obtained from 9, rue Jean Elysée Dupuy 69410 Champagne au Mont d'Or, France.

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 is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

PENNINE INDUSTRIAL EQUIPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 13 -
1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.

1.6
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 and licences
20% straight line
1.7
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:

Leasehold land and buildings
5% straight line
Leasehold improvements
10% straight line
Plant and machinery
15% reducing balance
Fixtures and fittings
20% reducing balance
Motor vehicles
25% reducing balance
Glass shearing equipment
33% straight line

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.

1.8
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

PENNINE INDUSTRIAL EQUIPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 14 -
1.9
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
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.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.11
Cash and cash equivalents

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. Bank overdrafts are shown within borrowings in current liabilities.

1.12
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.

PENNINE INDUSTRIAL EQUIPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 15 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

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

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

Derecognition of financial assets

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

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

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

PENNINE INDUSTRIAL EQUIPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 16 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

1.13
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.

1.14
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.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

PENNINE INDUSTRIAL EQUIPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 17 -
1.15
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.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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.

1.18
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.

PENNINE INDUSTRIAL EQUIPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
2
Judgements and key sources of estimation uncertainty
(Continued)
- 18 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Stock

Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell, as noted in accounting policy 1.10.

The company converts raw materials to finished goods. Stock values include any costs such as labour and overheads attributable to generating finished goods, as management believe this is the most suitable costing method to take into account the matching concept of accounting.

Bad debt provision

Outstanding trade debtor balances are reviewed on a line by line basis by management to identify possible amounts where a provision is required. Management closely manage the collection of trade debtors and therefore are able to identify balances where there is uncertainty about its recoverability, and determine what provision is required (if any).

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Sales of inverted tooth chains and conveyancing components
6,197,099
6,544,078
2025
2024
£
£
Turnover analysed by geographical market
UK
2,045,043
2,140,649
Rest of World
4,152,056
4,403,429
6,197,099
6,544,078
2025
2024
£
£
Other revenue
Interest income
11,241
18,520
4
Exceptional item
2025
2024
£
£
Expenditure
Exceptional item - associated payroll, legal and professional costs
35,058
-
PENNINE INDUSTRIAL EQUIPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 19 -
5
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange gains
(87,502)
(95,837)
Research and development costs
10,266
69,626
Fees payable to the company's auditor for the audit of the company's financial statements
12,810
12,200
Depreciation of owned tangible fixed assets
257,711
293,670
Profit on disposal of tangible fixed assets
(13,557)
(6,031)
Amortisation of intangible assets
-
8,334
Operating lease charges
160,225
120,169
6
Employees

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

2025
2024
Number
Number
Chain assembly
19
24
Directors
4
3
Office
15
17
Shop floor
4
7
Warehouse/inspection
4
5
Total
46
56

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
1,479,196
1,555,370
Social security costs
172,455
144,946
Pension costs
116,138
137,972
1,767,789
1,838,288
7
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
11,241
18,520
PENNINE INDUSTRIAL EQUIPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 20 -
8
Interest payable and similar expenses
2025
2024
£
£
Interest on bank overdrafts and loans
10,234
2,446
Other interest
14,445
-
0
24,679
2,446
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
305,000
309,000
Adjustments in respect of prior periods
(35,790)
57,186
Total current tax
269,210
366,186
Deferred tax
Origination and reversal of timing differences
(93,048)
-
0
Total tax charge
176,162
366,186

The actual 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
1,066,924
942,130
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
266,731
235,533
Tax effect of expenses that are not deductible in determining taxable profit
4,299
6,483
Group relief
(3,959)
(2,381)
Permanent capital allowances in excess of depreciation
38,055
59,373
Under/(over) provided in prior years
(35,790)
57,186
Deferred tax adjustments in respect of prior years
(93,048)
-
0
Other differences
(126)
9,992
Taxation charge for the year
176,162
366,186
10
Dividends
2025
2024
£
£
Interim paid
2,227,079
2,071,186
PENNINE INDUSTRIAL EQUIPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 21 -
11
Intangible fixed assets
Goodwill
Patents and licences
Total
£
£
£
Cost
At 1 January 2025 and 31 December 2025
100,000
167,112
267,112
Amortisation and impairment
At 1 January 2025 and 31 December 2025
100,000
167,112
267,112
Carrying amount
At 31 December 2025
-
0
-
0
-
0
At 31 December 2024
-
0
-
0
-
0

On 9 May 2019 the company completed the acquisition of certain trade and assets of Glass Shearing Services Limited. The consideration paid was £150,000 with deferred consideration of £20,000 payable over two years. The assets acquired were stock of £20,000 and equipment of £50,000 and goodwill of £100,000.

PENNINE INDUSTRIAL EQUIPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 22 -
12
Tangible fixed assets
Leasehold land and buildings
Leasehold improvements
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2025
792,043
2,235
2,907,480
120,616
334,246
4,156,620
Additions
-
0
-
0
65,738
14,308
-
0
80,046
Disposals
-
0
-
0
-
0
(5,676)
(28,239)
(33,915)
At 31 December 2025
792,043
2,235
2,973,218
129,248
306,007
4,202,751
Depreciation and impairment
At 1 January 2025
79,204
2,235
1,809,347
91,212
118,848
2,100,846
Depreciation charged in the year
39,714
-
0
165,865
7,751
44,381
257,711
Eliminated in respect of disposals
-
0
-
0
-
0
(5,676)
(27,595)
(33,271)
At 31 December 2025
118,918
2,235
1,975,212
93,287
135,634
2,325,286
Carrying amount
At 31 December 2025
673,125
-
0
998,006
35,961
170,373
1,877,465
At 31 December 2024
712,839
-
0
1,098,133
29,404
215,398
2,055,774
13
Fixed asset investments
2025
2024
Notes
£
£
Investments in subsidiaries
25
100,000
100,000

Listed investments included above:

Listed investments carrying amount
100,000
100,000
14
Stocks
2025
2024
£
£
Raw materials and consumables
722,184
680,995
PENNINE INDUSTRIAL EQUIPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 23 -
15
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
822,187
759,215
Amounts owed by group undertakings
518,141
1,645,868
Other debtors
4,515
2,114
Prepayments and accrued income
102,978
99,660
1,447,821
2,506,857

Amounts owed by group undertakings are unsecured, interest free and repayable on demand.

16
Loans and overdrafts
2025
2024
£
£
Bank loans
9,975
19,921
Bank overdrafts
-
0
1,781
9,975
21,702
Payable within one year
-
0
1,781
Payable after one year
9,975
19,921

The bank loan is secured against certain fixed assets. Interest is charged at 4% above the Bank of England base rate.

17
Finance lease obligations
2025
2024
Future minimum lease payments due under finance leases:
£
£
Within one year
1,241
1,862
18
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans and overdrafts
16
-
0
1,781
Obligations under finance leases
17
1,241
1,862
Trade creditors
519,227
589,792
Amounts owed to group undertakings
219,449
335,825
Corporation tax
305,000
309,000
Other taxation and social security
55,981
38,214
Other creditors
51,814
69,679
Accruals and deferred income
116,246
255,707
1,268,958
1,601,860
PENNINE INDUSTRIAL EQUIPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
18
Creditors: amounts falling due within one year
(Continued)
- 24 -

Bank loans are secured as detailed in note 16.

Obligations under finance leases are secured against the assets to which they relate.

Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

19
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans and overdrafts
16
9,975
19,921

Bank loans are secured as detailed in note 16.

20
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
383,000
476,048
2025
Movements in the year:
£
Liability at 1 January 2025
476,048
Credit to profit or loss
(93,048)
Liability at 31 December 2025
383,000
21
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
116,138
137,972

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.

PENNINE INDUSTRIAL EQUIPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 25 -
22
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
9,326
9,326
9,326
9,326
23
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
160,225
160,225
Years 2-5
640,900
640,900
After 5 years
1,877,188
2,037,413
2,678,313
2,838,538
24
Ultimate controlling party

Pennine Industrial Equipment Limited is a wholly owned subsidiary of Pennine Industrial Holdings Limited, and the results of Pennine Industrial Equipment Limited are included in the consolidated financial statements of Pennine Industrial Holdings Limited which has a registered office of Unit 1A Park Mill Way, Clayton West, Huddersfield, HD8 9XJ.

On 15 November 2023, the entire share capital of Pennine Industrial Holdings Limited was acquired by Rondot Industrial SAS, the ultimate parent company. The consolidated financial statements of Rondot Industrial SAS can be obtained from 9, rue Jean Elysée Dupuy 69410 Champagne au Mont d'Or, France.

25
Subsidiaries

Details of the company's subsidiaries at 31 December 2025 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Pennine Prostamp LLP
England and Wales
Manufacture of metal components
Ordinary
80.00
26
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
314,437
224,139
Company pension contributions to defined contribution schemes
89,620
105,216
404,057
329,355
PENNINE INDUSTRIAL EQUIPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
26
Directors' remuneration
(Continued)
- 26 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
157,203
105,155
Company pension contributions to defined contribution schemes
16,167
40,996
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