IRIS Accounts Production v26.1.10.61 01048335 Board of Directors 1.1.25 31.12.25 31.12.25 Medium entities high technology, flexographic and digital printing press manufacturer and supplier. true false true true false false false true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Ordinary Shares 1.00000 iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh 01048335 2024-12-31 01048335 2025-12-31 01048335 2025-01-01 2025-12-31 01048335 2023-12-31 01048335 2024-01-01 2024-12-31 01048335 2024-12-31 01048335 ns15:EnglandWales 2025-01-01 2025-12-31 01048335 ns14:PoundSterling 2025-01-01 2025-12-31 01048335 ns10:Director1 2025-01-01 2025-12-31 01048335 ns10:PrivateLimitedCompanyLtd 2025-01-01 2025-12-31 01048335 ns10:MediumEntities 2025-01-01 2025-12-31 01048335 ns10:Audited 2025-01-01 2025-12-31 01048335 ns10:Medium-sizedCompaniesRegimeForDirectorsReport 2025-01-01 2025-12-31 01048335 ns10:Medium-sizedCompaniesRegimeForAccounts 2025-01-01 2025-12-31 01048335 ns10:FullAccounts 2025-01-01 2025-12-31 01048335 1 2025-01-01 2025-12-31 01048335 ns10:OrdinaryShareClass1 2025-01-01 2025-12-31 01048335 ns10:Director3 2025-01-01 2025-12-31 01048335 ns10:Director4 2025-01-01 2025-12-31 01048335 ns10:CompanySecretary1 2025-01-01 2025-12-31 01048335 ns10:RegisteredOffice 2025-01-01 2025-12-31 01048335 ns10:Director2 2025-01-01 2025-12-31 01048335 ns5:CurrentFinancialInstruments 2025-12-31 01048335 ns5:CurrentFinancialInstruments 2024-12-31 01048335 ns5:Non-currentFinancialInstruments 2025-12-31 01048335 ns5:Non-currentFinancialInstruments 2024-12-31 01048335 ns5:ShareCapital 2025-12-31 01048335 ns5:ShareCapital 2024-12-31 01048335 ns5:CapitalRedemptionReserve 2025-12-31 01048335 ns5:CapitalRedemptionReserve 2024-12-31 01048335 ns5:RetainedEarningsAccumulatedLosses 2025-12-31 01048335 ns5:RetainedEarningsAccumulatedLosses 2024-12-31 01048335 ns5:ShareCapital 2023-12-31 01048335 ns5:RetainedEarningsAccumulatedLosses 2023-12-31 01048335 ns5:CapitalRedemptionReserve 2023-12-31 01048335 ns5:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 01048335 ns5:CapitalRedemptionReserve 2024-01-01 2024-12-31 01048335 ns5:RetainedEarningsAccumulatedLosses 2025-01-01 2025-12-31 01048335 ns5:CapitalRedemptionReserve 2025-01-01 2025-12-31 01048335 ns5:IntangibleAssetsOtherThanGoodwill 2025-01-01 2025-12-31 01048335 ns5:ReportableOperatingSegment1 2025-01-01 2025-12-31 01048335 ns5:ReportableOperatingSegment1 2024-01-01 2024-12-31 01048335 ns5:ReportableOperatingSegment2 2025-01-01 2025-12-31 01048335 ns5:ReportableOperatingSegment2 2024-01-01 2024-12-31 01048335 ns5:ReportableOperatingSegment3 2025-01-01 2025-12-31 01048335 ns5:ReportableOperatingSegment3 2024-01-01 2024-12-31 01048335 ns5:ReportableOperatingSegment4 2025-01-01 2025-12-31 01048335 ns5:ReportableOperatingSegment4 2024-01-01 2024-12-31 01048335 ns5:TotalReportableOperatingSegmentsIncludingAnyUnallocatedAmount 2025-01-01 2025-12-31 01048335 ns5:TotalReportableOperatingSegmentsIncludingAnyUnallocatedAmount 2024-01-01 2024-12-31 01048335 ns15:UnitedKingdom 2025-01-01 2025-12-31 01048335 ns15:UnitedKingdom 2024-01-01 2024-12-31 01048335 ns15:Europe 2025-01-01 2025-12-31 01048335 ns15:Europe 2024-01-01 2024-12-31 01048335 ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount 2025-01-01 2025-12-31 01048335 ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount 2024-01-01 2024-12-31 01048335 ns5:OwnedAssets 2025-01-01 2025-12-31 01048335 ns5:OwnedAssets 2024-01-01 2024-12-31 01048335 ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure 2025-01-01 2025-12-31 01048335 ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-01-01 2024-12-31 01048335 ns5:FinanceLeases 2025-01-01 2025-12-31 01048335 ns5:FinanceLeases 2024-01-01 2024-12-31 01048335 ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-12-31 01048335 ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure 2025-12-31 01048335 ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-12-31 01048335 ns5:ShortLeaseholdAssets ns5:LandBuildings 2024-12-31 01048335 ns5:PlantMachinery 2024-12-31 01048335 ns5:FurnitureFittings 2024-12-31 01048335 ns5:ShortLeaseholdAssets ns5:LandBuildings 2025-01-01 2025-12-31 01048335 ns5:PlantMachinery 2025-01-01 2025-12-31 01048335 ns5:FurnitureFittings 2025-01-01 2025-12-31 01048335 ns5:ShortLeaseholdAssets ns5:LandBuildings 2025-12-31 01048335 ns5:PlantMachinery 2025-12-31 01048335 ns5:FurnitureFittings 2025-12-31 01048335 ns5:ShortLeaseholdAssets ns5:LandBuildings 2024-12-31 01048335 ns5:PlantMachinery 2024-12-31 01048335 ns5:FurnitureFittings 2024-12-31 01048335 ns5:MotorVehicles 2024-12-31 01048335 ns5:ComputerEquipment 2024-12-31 01048335 ns5:MotorVehicles 2025-01-01 2025-12-31 01048335 ns5:ComputerEquipment 2025-01-01 2025-12-31 01048335 ns5:MotorVehicles 2025-12-31 01048335 ns5:ComputerEquipment 2025-12-31 01048335 ns5:MotorVehicles 2024-12-31 01048335 ns5:ComputerEquipment 2024-12-31 01048335 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2025-12-31 01048335 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2024-12-31 01048335 ns5:WithinOneYear ns5:CurrentFinancialInstruments ns5:HirePurchaseContracts 2025-12-31 01048335 ns5:WithinOneYear ns5:CurrentFinancialInstruments ns5:HirePurchaseContracts 2024-12-31 01048335 ns5:HirePurchaseContracts ns5:BetweenOneFiveYears 2025-12-31 01048335 ns5:HirePurchaseContracts ns5:BetweenOneFiveYears 2024-12-31 01048335 ns5:HirePurchaseContracts 2025-12-31 01048335 ns5:HirePurchaseContracts 2024-12-31 01048335 ns5:WithinOneYear 2025-12-31 01048335 ns5:WithinOneYear 2024-12-31 01048335 ns5:BetweenOneFiveYears 2025-12-31 01048335 ns5:BetweenOneFiveYears 2024-12-31 01048335 ns5:MoreThanFiveYears 2025-12-31 01048335 ns5:MoreThanFiveYears 2024-12-31 01048335 ns5:AllPeriods 2025-12-31 01048335 ns5:AllPeriods 2024-12-31 01048335 ns5:AcceleratedTaxDepreciationDeferredTax 2025-12-31 01048335 ns5:AcceleratedTaxDepreciationDeferredTax 2024-12-31 01048335 ns5:DeferredTaxation 2024-12-31 01048335 ns5:OtherProvisionsContingentLiabilities 2024-12-31 01048335 ns5:DeferredTaxation 2025-01-01 2025-12-31 01048335 ns5:OtherProvisionsContingentLiabilities 2025-01-01 2025-12-31 01048335 ns5:DeferredTaxation 2025-12-31 01048335 ns5:OtherProvisionsContingentLiabilities 2025-12-31 01048335 ns10:OrdinaryShareClass1 2025-12-31 01048335 ns5:RetainedEarningsAccumulatedLosses 2024-12-31 01048335 ns5:CapitalRedemptionReserve 2024-12-31

REGISTERED NUMBER: 01048335 (England and Wales)

Edale Ltd

Strategic Report, Report of the Directors and

Audited Financial Statements for the Year Ended 31st December 2025

Edale Ltd (Registered number: 01048335)

Contents of the Financial Statements

for the Year Ended 31st December 2025

Page |

Company Information | 1 |

Strategic Report | 2 |

Report of the Directors | 4 |

Report of the Independent Auditors | 6 |

Income Statement | 10 |

Other Comprehensive Income | 11 |

Balance Sheet | 12 |

Statement of Changes in Equity | 13 |

Cash Flow Statement | 14 |

Notes to the Cash Flow Statement | 15 |

Notes to the Financial Statements | 17 |

Edale Ltd

Company Information

for the Year Ended 31st December 2025

| DIRECTORS: | M J M Frielinck

| P Wolff

| L Buirds

| SECRETARY: | P B Tupper

| REGISTERED OFFICE: | Unit 1

| Lavenham Business Park, Solent Way

| Whiteley

| Fareham

| PO15 7FY

| REGISTERED NUMBER: | 01048335 (England and Wales)

| AUDITORS: | Sheen Stickland

| Chartered Accountants

| Statutory Auditors

| 2 Oriel Court

| Omega Park

| Alton

| Hampshire

| GU34 2YT

Edale Ltd (Registered number: 01048335)

Strategic Report

for the Year Ended 31st December 2025

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

REVIEW OF BUSINESS

Market Update and Strategic Direction - 2025 and Beyond

The challenging trading environment that emerged in 2023 has continued to impact Edale throughout 2024 and into 2025. The surge in packaging demand during the COVID-19 pandemic drove significant capital equipment investment between late 2020 and 2022. This period of expansion has since been followed by a downturn in consumer demand, alongside persistently high interest rates, inflationary pressures, and increased energy costs. In addition, the ongoing threat of tariff increases has reduced global confidence, while broader geopolitical tensions continue to create uncertainty in an already subdued and oversupplied market. Excess industry capacity and slower investment cycles have collectively contributed to reduced demand for Edale's products.

Despite these headwinds, and with the continued support of Canon Production Printing Holding B.V., Edale has remained committed to its new product development roadmap, including planned product releases in 2026. Significant structural changes have been implemented, including the appointment of a new Managing Director and a new Sales and Marketing Director, strengthening leadership and strategic focus. These actions support Edale's long-term objective of growing revenues to £30 million by 2030.

The company remains focused on expanding its presence across the labels and packaging markets, while deepening integration within the wider Canon group. This expanded regional integration will enhance Edale's sales coverage and after-sales service capabilities, supporting its growing global customer base and positioning the business for sustainable long-term growth.

Market Outlook and Growth Preparation

While Edale continues to experience near-term challenges linked to wider market volatility, the long-term outlook for the labels and packaging sector remains positive. Industry forecasts anticipate a compound annual growth rate (CAGR) of 4-6%, providing a strong foundation for future opportunity.

In preparation for projected growth and to mitigate the impact of current market conditions, Edale has undertaken a significant restructuring of its sales and marketing function. This includes the appointment of a new Sales and Marketing Director, who now leads the overall commercial strategy.

The revised structure incorporates dedicated regional managers across EMEA, APAC, and the Americas, alongside a Marketing Manager and supporting team, with a clear objective of driving targeted business development within each territory. In parallel, a new sales management framework and CRM system have been implemented to enhance lead generation, improve visibility, and increase the effectiveness of managing active sales opportunities.

Channel Expansion through Canon Integration

Throughout 2025 and going into 2026, Edale will focus on accelerating its integration into Canon's established regional sales channels. This strategic move will expand Edale's customer reach and also unlock access to Canon's regional service and support infrastructure, addressing a key historical constraint to growth. This integration is expected to significantly enhance Edale's commercial capability in both mature and emerging markets.

Edale Ltd (Registered number: 01048335)

Strategic Report

for the Year Ended 31st December 2025

PRINCIPAL RISKS AND UNCERTAINTIES

Operational Cost Pressures and Labour Strategy

Changes following the UK government transition in 2024, together with budget measures introduced in 2025, have contributed to increased labour costs and continued wage inflation. In response, Edale is actively reviewing its staffing structure and remuneration framework, benchmarking against the wider market to maintain competitiveness while ensuring long-term sustainability.

In parallel, the business is prioritising enhancements to manufacturing data, systems, and processes to drive efficiency gains and help offset rising operational costs without compromising product quality or delivery performance. Further focus will also be placed on strengthening after-sales service and support, including the introduction of new data-driven support options to enhance customer responsiveness and lifecycle value.

Foreign Exchange and Financial Risk Management

Edale operates across multiple currencies, primarily pounds sterling, euros, and US dollars, and is therefore exposed to exchange rate fluctuations. This risk is mitigated through Edale's integration with Canon's broader banking facilities, which enable effective currency matching and help reduce exposure to foreign exchange volatility.

In addition, fluctuations in tariffs within the US market are creating increased global uncertainty and pose a potential risk to long lead-time orders, which could impact cost predictability and delivery timelines.

Credit Risk Management

Credit risk is considered low. The Group maintains a conservative and well controlled credit risk framework, with exposure actively managed through disciplined customer payment structures. Higher-value transactions are secured through advance payments or appropriate financial guarantees, ensuring limited deferred receivables and strong cash flow protection under normal trading conditions.

KEY PERFORMANCE INDICATORS

The company monitors a range of performance measures to assist management in decision making. The company also benefits from the supervision and guidance provided by the senior management team of Canon Production Printing.

Key performance indicators are set out below

| 2025 |  |  | 2024 |

Turnover |  | £5.17m |  |  | £13.22m |

Gross profit |  | (£1.16m) |  |  | £2.26m |

Gross profit margin |  | (22.44%) |  |  | 17.10% |

Net (Loss) / Profit after tax |  | (£5.69m) |  |  | (£3.87m) |

ON BEHALF OF THE BOARD:

L Buirds - Director

20th May 2026

Edale Ltd (Registered number: 01048335)

Report of the Directors

for the Year Ended 31st December 2025

The directors present their report with the financial statements of the company for the year ended 31st December 2025.

DIVIDENDS

No dividends will be distributed for the year ended 31st December 2025.

DIRECTORS

The directors shown below have held office during the whole of the period from 1st January 2025 to the date of this report.

M J M Frielinck

P Wolff

Other changes in directors holding office are as follows:

J R Boughton - resigned 1st June 2025

L Buirds - appointed 1st June 2025

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors 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;

- | 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Edale Ltd (Registered number: 01048335)

Report of the Directors

for the Year Ended 31st December 2025

AUDITORS

The auditors, Sheen Stickland, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

L Buirds - Director

20th May 2026

Report of the Independent Auditors to the Members of

Edale Ltd

Opinion

We have audited the financial statements of Edale Ltd (the 'company') for the year ended 31st December 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- | give a true and fair view of the state of the company's affairs as at 31st December 2025 and of its loss 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 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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

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

- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of

Edale Ltd

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 Report of the Directors.

We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page four, 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 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.

Report of the Independent Auditors to the Members of

Edale Ltd

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 a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.

The laws and regulations applicable to the company were identified through discussions with the director and other management also from Our commercial knowledge and experience of the company. Of these laws and regulations, we focused on those that we considered may have a direct material effect on the financial statements or the operations of the company, including but not limited to The Companies Act 2006, taxation legislation, data protection, anti-bribery, anti-money-laundering, employment, environmental and health and safety legislation.

The extent of compliance with these laws and regulations identified above was assessed through making enquiries of management and inspecting legal expenditure and correspondence. The identified laws and regulations were communicated within the audit team, the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and understanding the design of the company's remuneration policies.

- making enquiries of management as to where they considered there was susceptibility to fraud, them knowledge of actual, suspected and alleged fraud;

To address the risk of fraud through management bias and override of controls, we:

- tested journal entries to identify unusual transactions;

- performed analytical procedures to identify any unusual or unexpected relationships;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias;

- and investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims;

- and reviewing correspondence relevant regulators and the company's legal advisors.

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 is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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

Report of the Independent Auditors to the Members of

Edale Ltd

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 a Report of the Auditors 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.

David Sanders FCA (Senior Statutory Auditor)

for and on behalf of Sheen Stickland

Chartered Accountants

Statutory Auditors

2 Oriel Court

Omega Park

Alton

Hampshire

GU34 2YT

26th May 2026

Edale Ltd (Registered number: 01048335)

Income Statement

for the Year Ended 31st December 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

TURNOVER | 3 | 5,169,780 |  | 13,222,852 |  |

Cost of sales | 6,329,655 |  | 10,959,040 |  |

GROSS (LOSS)/PROFIT | (1,159,875 | ) | 2,263,812 |  |

Distribution costs | 1,452,725 |  | 1,576,628 |  |

Administrative expenses | 2,959,060 |  | 4,352,028 |  |

|  |  | 4,411,785 |  |  |  |  | 5,928,656 |  |

(5,571,660 | ) | (3,664,844 | ) |

Other operating income | 62,962 |  | 298,615 |  |

OPERATING LOSS | 5 | (5,508,698 | ) | (3,366,229 | ) |

Interest receivable and similar income | 1,399 |  | 20,509 |  |

(5,507,299 | ) | (3,345,720 | ) |

Interest payable and similar expenses | 6 | 345,707 |  | 320,724 |  |

LOSS BEFORE TAXATION | (5,853,006 | ) | (3,666,444 | ) |

Tax on loss | 7 | (162,078 | ) | 206,398 |  |

LOSS FOR THE FINANCIAL YEAR | (5,690,928 | ) | (3,872,842 | ) |

Edale Ltd (Registered number: 01048335)

Other Comprehensive Income

for the Year Ended 31st December 2025

| 2025 |  | 2024

| Notes | £ | £ |

LOSS FOR THE YEAR | (5,690,928 | ) | (3,872,842 | ) |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | (5,690,928 | ) | (3,872,842 | ) |

Edale Ltd (Registered number: 01048335)

Balance Sheet

31st December 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 8 | 1,126,408 |  | 1,029,728 |  |

Tangible assets | 9 | 1,730,931 |  | 1,665,714 |  |

2,857,339 |  | 2,695,442 |  |

CURRENT ASSETS

Stocks | 10 | 7,094,843 |  | 8,731,475 |  |

Debtors | 11 | 1,267,036 |  | 1,949,694 |  |

Prepayments and accrued income | 218,200 |  | 233,136 |  |

Cash at bank and in hand | 22,815 |  | 162,378 |  |

8,602,894 |  | 11,076,683 |  |

CREDITORS

Amounts falling due within one year | 12 | 14,818,350 |  | 11,258,131 |  |

NET CURRENT LIABILITIES | (6,215,456 | ) | (181,448 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | (3,358,117 | ) | 2,513,994 |  |

CREDITORS

Amounts falling due after more than one year | 13 | - |  | (25,280 | ) |

PROVISIONS FOR LIABILITIES | 16 | (301,618 | ) | (457,521 | ) |

NET (LIABILITIES)/ASSETS | (3,659,735 | ) | 2,031,193 |  |

CAPITAL AND RESERVES

Called up share capital | 17 | 10,000 |  | 10,000 |  |

Capital redemption reserve | 18 | 3,158 |  | 3,158 |  |

Retained earnings | 18 | (3,672,893 | ) | 2,018,035 |  |

SHAREHOLDERS' FUNDS | (3,659,735 | ) | 2,031,193 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 20th May 2026 and were signed on its behalf by:

L Buirds - Director

Edale Ltd (Registered number: 01048335)

Statement of Changes in Equity

for the Year Ended 31st December 2025

| Called up |  | Capital |

| share |  | Retained |  | redemption |  | Total

| capital |  | earnings |  | reserve |  | equity

£ | £ | £ | £ |

Balance at 1st January 2024 | 10,000 |  | 5,890,877 |  | 3,158 |  | 5,904,035 |  |

Changes in equity

Total comprehensive income | - |  | (3,872,842 | ) | - |  | (3,872,842 | ) |

Balance at 31st December 2024 | 10,000 |  | 2,018,035 |  | 3,158 |  | 2,031,193 |  |

Changes in equity

Total comprehensive income | - |  | (5,690,928 | ) | - |  | (5,690,928 | ) |

Balance at 31st December 2025 | 10,000 |  | (3,672,893 | ) | 3,158 |  | (3,659,735 | ) |

Edale Ltd (Registered number: 01048335)

Cash Flow Statement

for the Year Ended 31st December 2025

| 2025 |  | 2024

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | (5,765,899 | ) | (2,635,208 | ) |

Interest paid | (344,055 | ) | (317,204 | ) |

Interest element of hire purchase payments paid | (1,652 | ) | (3,520 | ) |

Tax | 50,856 |  | 300,676 |  |

Net cash from operating activities | (6,060,750 | ) | (2,655,256 | ) |

Cash flows from investing activities

Purchase of intangible fixed assets | (277,965 | ) | (175,543 | ) |

Purchase of tangible fixed assets | (85,368 | ) | (20,755 | ) |

Sale of tangible fixed assets | 816,984 |  | 2,130 |  |

Interest received | 1,399 |  | 20,509 |  |

Net cash from investing activities | 455,050 |  | (173,659 | ) |

Cash flows from financing activities

Payment of hire purchase obligations | (50,647 | ) | (63,505 | ) |

Net cash from financing activities | (50,647 | ) | (63,505 | ) |

Decrease in cash and cash equivalents | (5,656,347 | ) | (2,892,420 | ) |

Cash and cash equivalents at beginning of year | 2 | (7,159,335 | ) | (4,394,832 | ) |

Effect of foreign exchange rate changes | (224,389 | ) | 127,917 |  |

Cash and cash equivalents at end of year | 2 | (13,040,071 | ) | (7,159,335 | ) |

Edale Ltd (Registered number: 01048335)

Notes to the Cash Flow Statement

for the Year Ended 31st December 2025

1. | RECONCILIATION OF LOSS FOR THE FINANCIAL YEAR TO CASH GENERATED FROM OPERATIONS

| 2025 |  | 2024

£ | £ |

| Loss for the financial year | (5,690,928 | ) | (3,872,842 | ) |

| Depreciation charges | 512,231 |  | 537,236 |  |

| Profit on disposal of fixed assets | (9,897 | ) | (2,130 | ) |

| Increase/(Decrease) in provisions | (55,950 | ) | (33,700 | ) |

| (Gain)/Loss on foreign currency | 224,389 |  | (127,915 | ) |

| Finance costs | 345,707 |  | 320,724 |  |

| Finance income | (1,399 | ) | (20,509 | ) |

| Taxation | (162,078 | ) | 206,398 |  |

(4,837,925 | ) | (2,992,738 | ) |

| Decrease/(increase) in stocks | 518,750 |  | (2,130,572 | ) |

| Decrease in trade and other debtors | 708,867 |  | 4,899,364 |  |

| Decrease in trade and other creditors | (2,155,591 | ) | (2,411,262 | ) |

| Cash generated from operations | (5,765,899 | ) | (2,635,208 | ) |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

| Year ended 31st December 2025

| 31.12.25 |  | 1.1.25

£ | £ |

| Cash and cash equivalents | 22,815 |  | 162,378 |  |

| Bank overdrafts | (13,062,886 | ) | (7,321,713 | ) |

(13,040,071 | ) | (7,159,335 | ) |

| Year ended 31st December 2024

| 31.12.24 |  | 1.1.24

£ | £ |

| Cash and cash equivalents | 162,378 |  | 226,666 |  |

| Bank overdrafts | (7,321,713 | ) | (4,621,498 | ) |

(7,159,335 | ) | (4,394,832 | ) |

Edale Ltd (Registered number: 01048335)

Notes to the Cash Flow Statement

for the Year Ended 31st December 2025

3. | ANALYSIS OF CHANGES IN NET DEBT

| At 1.1.25 | Cash flow | At 31.12.25

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 162,378 |  | (139,563 | ) | 22,815 |  |

| Bank overdrafts | (7,321,713 | ) | (5,741,173 | ) | (13,062,886 | ) |

(7,159,335 | ) | (5,880,736 | ) | (13,040,071 | ) |

| Debt

| Finance leases | (78,660 | ) | 50,647 |  | (28,013 | ) |

(78,660 | ) | 50,647 |  | (28,013 | ) |

| Total | (7,237,995 | ) | (5,830,089 | ) | (13,068,084 | ) |

Edale Ltd (Registered number: 01048335)

Notes to the Financial Statements

for the Year Ended 31st December 2025

1. | STATUTORY INFORMATION

| Edale 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| 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 £.

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

| Judgements and key sources of estimation uncertainty

| In the application of the company's accounting policies, the directors are required make judgements, estimates and assumptions about the carrying amount of assets and liabilities that a readily apparent from other sources.

| The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

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

| Critical judgements

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

| Machine revenue and long term contracts

| Revenue from the sale of machines is recognised when the machine is complete and prior to despatch on the basis that installation, training and delivery will be accrued but not incurred as long as the machine is installed by 31st March in the year following.

| Key sources of estimation uncertainty

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

| Work in progress

| At the year end the directors assess the stage of completion for each build of print station. The basis is a combination of cost incurred, time and apportioned costs.

| Stock provision

| This is assessed by the directors, at the year end an appropriate adjustment is made to stock against the level of slow moving or obsolete stock items that, in their opinion, exist at the balance sheet date.

| Warranty Provision

| At the year end an appropriate provision for warranty costs is assessed by the directors. The provision is 1-2% dependant on the type of machine sold and spread over the duration of the warranty period, typically 12, 24 or 36 months.

Edale Ltd (Registered number: 01048335)

Notes to the Financial Statements - continued

for the Year Ended 31st December 2025

2. | ACCOUNTING POLICIES - continued

| Turnover

| Turnover 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. Turnover 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:

| Contract to manufacture

| Revenue is recognised as production progresses provided:

| - the amount of revenue can be measured reliably;

| - it is probable that the Company will receive the consideration due under the transaction;

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

| Recognition is based on the percentage of costs incurred against the expected total.

| Intangible assets

| Intangible assets are initially measured at cost. After initial recognition, 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.

| New machine development costs, comprising the excess costs of prototype machines as compared with their standard cost of manufacture, are deferred and charged to the profit and loss account as future machines are sold. The costs are allocated to the different types of machine by reference to the capacity of each machine as determined by the number of print stations. Any deferred expenditure regarded as irrecoverable is written off immediately. The related costs are included within intangible fixed assets.

| 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 provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

| S/Term Leasehold Property |  | 5% - 25% straight line |  |

| Plant and equipment |  | 10% straight line |  |

| Fixtures and fittings |  | 10% - 50% straight line |  |

| Motor vehicles |  | 20% straight line |  |

| Computer equipment |  | 20% - 33% straight line |  |

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

Edale Ltd (Registered number: 01048335)

Notes to the Financial Statements - continued

for the Year Ended 31st December 2025

2. | ACCOUNTING POLICIES - continued

| Stocks

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

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

| 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.

| 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 intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

| Basic financial asset

| Basic financial assets, which include debtors and cash and bank balances, are initially measured a 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 classified as receivable within one year are not amortised.

| 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 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.

| Derecognition of financial liabilities

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

| or cancelled.

Edale Ltd (Registered number: 01048335)

Notes to the Financial Statements - continued

for the Year Ended 31st December 2025

2. | ACCOUNTING POLICIES - continued

| 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.

| A payment in lieu of tax charge for intercompany group reliefs, amounts up to the tax surrendered are accounted for as tax.

| 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.

| Research and development

| Expenditure on research and development is written off in the year in which it is incurred.

| Foreign currencies

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

| Hire purchase and leasing commitments

| Assets obtained under hire purchase contract and finance leases are capitalised as tangible fixed assets.Assets acquired by finance lease are depreciated over their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance elements of the rental payment is charged to the Statement of Income and Retained earnings so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

| 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. Salary sacrifice pensions are accounted for under wages.

| Warranty provision

| The expected future costs of warranty support are recognised as a provision on the sale of each machine. The provision is calculated by reference to the sales price of the machine. The amounts are included as a provision given that they are uncertain as to timing and amount.

Edale Ltd (Registered number: 01048335)

Notes to the Financial Statements - continued

for the Year Ended 31st December 2025

3. | TURNOVER

| The turnover and loss before taxation are attributable to the one principal activity of the company.

| An analysis of turnover by class of business is given below:

| 2025 |  | 2024

£ | £ |

| Machine sales | 2,881,645 |  | 10,879,492 |  |

| Consultancy fees | 458,595 |  | 438,365 |  |

| Service contracts | 143,308 |  | 99,377 |  |

| Other spares and service | 1,686,232 |  | 1,805,618 |  |

5,169,780 |  | 13,222,852 |  |

| An analysis of turnover by geographical market is given below:

| 2025 |  | 2024

£ | £ |

| United Kingdom | 2,163,772 |  | 2,424,529 |  |

| Europe | 1,075,575 |  | 1,132,975 |  |

| Rest of the World | 1,930,433 |  | 9,665,348 |  |

5,169,780 |  | 13,222,852 |  |

4. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 4,183,529 |  | 4,651,310 |  |

| Social security costs | 443,089 |  | 440,287 |  |

| Other pension costs | 205,024 |  | 215,782 |  |

4,831,642 |  | 5,307,379 |  |

| The average number of employees during the year was as follows:

| 2025 |  | 2024

| Production | 18 |  | 27 |  |

| Non-production | 9 |  | 14 |  |

| Sales | 10 |  | 10 |  |

| Engineers | 8 |  | 7 |  |

| Customer service | 6 |  | 7 |  |

| Admin | 13 |  | 15 |  |

| Design | 15 |  | 15 |  |

79 |  | 95 |  |

Edale Ltd (Registered number: 01048335)

Notes to the Financial Statements - continued

for the Year Ended 31st December 2025

4. | EMPLOYEES AND DIRECTORS - continued

| The highest paid director received emoluments worth £162,346 (2024: £176,890) for qualifying services and pension contributions worth £8,342 (2024: £9,729).

| Total director emoluments paid during the year were £162,346 (2024: £176,890).

| Total director pension contributions paid during the year were £8,342 (2024: £9,729).

| The number of directors receiving pension contributions was one (2024: one).

| There are no accrued pension benefits for directors at the year end (2024: none).

5. | OPERATING LOSS

| The operating loss is stated after charging/(crediting):

| 2025 |  | 2024

£ | £ |

| Other operating leases | 714,349 |  | 558,671 |  |

| Depreciation - owned assets | 330,946 |  | 380,236 |  |

| Profit on disposal of fixed assets | (9,897 | ) | (2,130 | ) |

| Development costs amortisation | 181,285 |  | 157,000 |  |

| Auditors' remuneration | 27,152 |  | 21,170 |  |

| Foreign exchange differences | 224,389 |  | (127,917 | ) |

| The total auditors remuneration for non-audit services was £9,152 (2024: £5,445).

6. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£ | £ |

| Bank interest | 344,055 |  | 317,204 |  |

| Leasing and other finance cost | 1,652 |  | 3,520 |  |

345,707 |  | 320,724 |  |

7. | TAXATION

| Analysis of the tax (credit)/charge

| The tax (credit)/charge on the loss for the year was as follows:

| 2025 |  | 2024

£ | £ |

| Deferred tax:

| Origination and reversal of

| timing differences | (103,781 | ) | (79,241 | ) |

| Adjustment in respect of

| Previous periods | (58,297 | ) | 285,639 |  |

| Total deferred tax | (162,078 | ) | 206,398 |  |

| Tax on loss | (162,078 | ) | 206,398 |  |

Edale Ltd (Registered number: 01048335)

Notes to the Financial Statements - continued

for the Year Ended 31st December 2025

7. | TAXATION - continued

| Reconciliation of total tax (credit)/charge included in profit and loss

| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

| 2025 |  | 2024

£ | £ |

| Loss before tax | (5,853,006 | ) | (3,666,444 | ) |

| Loss multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | (1,463,252 | ) | (916,611 | ) |

| Effects of:

| Expenses not deductible for tax purposes | 1,321,593 |  | 486,113 |  |

| Depreciation in excess of capital allowances | 45,321 |  | - |  |

| Timing differences not recognised in the computation | 8,297 |  | - |  |

| Adjustments to tax charge in respect of previous periods | (58,297 | ) | 649,053 |  |

| group losses relieved |

| RDEC | (15,740 | ) | (12,157 | ) |

| Total tax (credit)/charge | (162,078 | ) | 206,398 |  |

8. | INTANGIBLE FIXED ASSETS

| Development

| costs

£ |

| COST

| At 1st January 2025 | 3,187,457 |  |

| Additions | 277,965 |  |

| At 31st December 2025 | 3,465,422 |  |

| AMORTISATION

| At 1st January 2025 | 2,157,729 |  |

| Amortisation for year | 181,285 |  |

| At 31st December 2025 | 2,339,014 |  |

| NET BOOK VALUE

| At 31st December 2025 | 1,126,408 |  |

| At 31st December 2024 | 1,029,728 |  |

Edale Ltd (Registered number: 01048335)

Notes to the Financial Statements - continued

for the Year Ended 31st December 2025

9. | TANGIBLE FIXED ASSETS

| Fixtures

| Short |  | Plant and |  | and

| leasehold |  | machinery |  | fittings

£ | £ | £ |

| COST

| At 1st January 2025 | 553,588 |  | 2,268,951 |  | 120,607 |  |

| Additions | 51,503 |  | 1,126,561 |  | 2,960 |  |

| Disposals | - |  | (995,527 | ) | (479 | ) |

| At 31st December 2025 | 605,091 |  | 2,399,985 |  | 123,088 |  |

| DEPRECIATION

| At 1st January 2025 | 479,272 |  | 802,375 |  | 94,396 |  |

| Charge for year | 78,608 |  | 179,228 |  | 13,942 |  |

| Eliminated on disposal | - |  | (188,643 | ) | (479 | ) |

| At 31st December 2025 | 557,880 |  | 792,960 |  | 107,859 |  |

| NET BOOK VALUE

| At 31st December 2025 | 47,211 |  | 1,607,025 |  | 15,229 |  |

| At 31st December 2024 | 74,316 |  | 1,466,576 |  | 26,211 |  |

| Motor |  | Computer |

| vehicles |  | equipment |  | Totals

£ | £ | £ |

| COST

| At 1st January 2025 | 142,224 |  | 555,548 |  | 3,640,918 |  |

| Additions | - |  | 22,226 |  | 1,203,250 |  |

| Disposals | (63,110 | ) | (11,246 | ) | (1,070,362 | ) |

| At 31st December 2025 | 79,114 |  | 566,528 |  | 3,773,806 |  |

| DEPRECIATION

| At 1st January 2025 | 127,976 |  | 471,185 |  | 1,975,204 |  |

| Charge for year | 9,088 |  | 50,080 |  | 330,946 |  |

| Eliminated on disposal | (63,110 | ) | (11,043 | ) | (263,275 | ) |

| At 31st December 2025 | 73,954 |  | 510,222 |  | 2,042,875 |  |

| NET BOOK VALUE

| At 31st December 2025 | 5,160 |  | 56,306 |  | 1,730,931 |  |

| At 31st December 2024 | 14,248 |  | 84,363 |  | 1,665,714 |  |

Edale Ltd (Registered number: 01048335)

Notes to the Financial Statements - continued

for the Year Ended 31st December 2025

9. | TANGIBLE FIXED ASSETS - continued

| Included in plant and machinery additions is £1,117,882 (2024: Nil) which relates to demo machinery created internally.

| The total net book value of assets held under finance leases or hire purchase assets is as follows:

|  | 2025 |  |  | 2024 |  |

|  | £ |  |  | £ |  |

| Plant and Equipment |  | 130,674 |  |  | 169,931 |  |

| Fixture and fittings |  | 755 |  |  | 2,263 |  |

| Motor vehicles |  | - |  |  | - |  |

| Computers |  | 8,199 |  |  | 2,236 |  |

| Short Term Leasehold Property |  | - |  |  | - |  |

|  | 139,628 |  |  | 174,430 |  |

| Depreciation charged for the year on leased assets is £30,777 (2024: £34,140).

10. | STOCKS

2025 | 2024 |

£ | £ |

| Raw materials | 3,073,089 |  | 4,041,294 |  |

| Work-in-progress | 4,021,754 |  | 3,885,569 |  |

| Finished goods | - |  | 804,612 |  |

7,094,843 |  | 8,731,475 |  |

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

2025 | 2024 |

£ | £ |

| Trade debtors | 1,090,034 |  | 1,768,229 |  |

| Other debtors | 280 |  | 21,574 |  |

| Tax | 62,962 |  | 51,689 |  |

| VAT | 113,760 |  | 108,202 |  |

1,267,036 |  | 1,949,694 |  |

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

2025 | 2024 |

£ | £ |

| Bank loans and overdrafts (see note 14) | 13,062,886 |  | 7,321,713 |  |

| Hire purchase contracts (see note 15) | 28,013 |  | 53,380 |  |

| Payments on account | 362,798 |  | 463,227 |  |

| Trade creditors | 620,944 |  | 875,181 |  |

| Social security and other taxes | 116,815 |  | 130,778 |  |

| Other creditors | 930 |  | 502 |  |

| Accruals and deferred income | 625,964 |  | 2,413,350 |  |

14,818,350 |  | 11,258,131 |  |

Edale Ltd (Registered number: 01048335)

Notes to the Financial Statements - continued

for the Year Ended 31st December 2025

13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2025 | 2024 |

£ | £ |

| Hire purchase contracts (see note 15) | - |  | 25,280 |  |

14. | LOANS

| An analysis of the maturity of loans is given below:

2025 | 2024 |

£ | £ |

| Amounts falling due within one year or on demand:

| Bank overdrafts | 13,062,886 |  | 7,321,713 |  |

15. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Hire purchase |

| contracts |

2025 | 2024 |

£ | £ |

| Net obligations repayable:

| Within one year | 28,013 |  | 53,380 |  |

| Between one and five years | - |  | 25,280 |  |

28,013 |  | 78,660 |  |

| Non-cancellable |

| operating leases |

2025 | 2024 |

£ | £ |

| Within one year | 662,667 |  | 54,524 |  |

| Between one and five years | 2,272,000 |  | - |  |

| In more than five years | 2,272,000 |  | - |  |

5,206,667 |  | 54,524 |  |

| During the year the company committed to a 10 year lease, with a break option at 5 years. The commitment recognised in the note is for the full 10 years.

16. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

£ | £ |

| Deferred tax

| Accelerated capital allowances | 344,363 |  | 393,211 |  |

| Other timing differences | (51,105 | ) | - |  |

| Other provisions | 8,360 |  | 64,310 |  |

301,618 |  | 457,521 |  |

Edale Ltd (Registered number: 01048335)

Notes to the Financial Statements - continued

for the Year Ended 31st December 2025

16. | PROVISIONS FOR LIABILITIES - continued

| Deferred |  | Other |

| tax |  | provisions |

£ | £ |

| Balance at 1st January 2025 | 393,211 |  | 64,310 |  |

| Utilised during year | (48,848 | ) | (55,950 | ) |

| Other timing differences | (51,105 | ) | - |  |

| Balance at 31st December 2025 | 293,258 |  | 8,360 |  |

17. | CALLED UP SHARE CAPITAL

| Allotted and issued:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 10,000 | Ordinary share capital | £1 | 10,000 |  | 10,000 |  |

| The authorised share capital at the balance sheet date was £20,000 of £1 nominal value shares (2024: £20,000).

18. | RESERVES

| Capital |

| Retained |  | redemption |

| earnings |  | reserve |  | Totals

£ | £ | £ |

| At 1st January 2025 | 2,018,035 |  | 3,158 |  | 2,021,193 |  |

| Deficit for the year | (5,690,928 | ) | (5,690,928 | ) |

| At 31st December 2025 | (3,672,893 | ) | 3,158 |  | (3,669,735 | ) |

19. | CONTINGENT LIABILITIES

| At the date of approval of these financial statements Edale Ltd had an agreement to repurchase equipment on a contingent basis. The agreement is enforced should the third-party finance provider terminate the lease agreement with the original customer. At the balance sheet date the value of the contingent liability was £162,373 (2024: £212,334). The value of the liability reduces for each monthly instalment the customer makes of their finance plan. The agreement expires at the end of March 2030.

| At the date of approval of these financial statements Edale Ltd is currently involved in legal proceedings by a former employee relating to a Health and Safety claim. The case is at the discovery stage, awaiting tribunal listing and the company is defending the claim.

| Having taken external legal advice, management considers that it is not probable that the claim will result in a financial outflow. As a result, no provision has been recognised in these financial statements in accordance with FRS 102 Section 21 Provisions and Contingencies.

Edale Ltd (Registered number: 01048335)

Notes to the Financial Statements - continued

for the Year Ended 31st December 2025

20. | CAPITAL COMMITMENTS

2025 | 2024 |

£ | £ |

| Contracted but not provided for in the

| financial statements | - |  | 110,000 |  |

| The capital commitment in 2024 relates to a purchase of a fixed asset.

21. | RELATED PARTY DISCLOSURES

| During the year, the company made sales of £350,710 (2024: £287,665) to Canon Production Printing Germany GMBH & Co. Kg, a group company. At the year end, a balance of £71,919 (2024: £36,249) was owed from Canon Production Printing Germany GMBH & Co. Kg.

| During the year, the company made no purchases (2024: £2,881) from Canon (UK) Ltd, a group company.

| During the year, the company made no purchases (2024: £133,563) from Canon Printing Canada, a group company.

| At the year end the company was owed £165,253 (2024: £3,465 owing to) from Canon Production Printing Holding B.V., the parent company. The interest rate on amounts owing in the last year was Euribor base rate plus 0.3%.

| During the year, the company made sales of £140,319 (2024: £83,095) to Canon Production Printing Netherlands B.V., a group company. At the year end, a balance of £21,952 (2024: 15,486) was owed from Canon Production Printing Netherlands B.V.

| During the year, the company made purchases of £167,822 (2024: £133,521) from Onyx Graphics Inc, a group company. At the year end, a balance of £58,040 (2024: £12,858) was owed to Onyx Graphics Inc.

22. | ULTIMATE CONTROLLING PARTY

| The ultimate parent company is Canon Inc. located at 30-2 Shimomaruko 3-chome, Ota-ku, Tokyo 146-8501, Japan. Canon inc. is a publically traded company on the Tokyo, Nagoya, Sapporo, Fukuoka Stock Exchange and its annual report is published.

| Canon Inc. have ultimate control through subsidiary and immediate parent Canon Production Printing Holding B.V.