ACCOUNTS - Final Accounts

Company Registration Number: SC268309

CLARK TRACKS LIMITED

FINANCIAL STATEMENTS

31 DECEMBER 2025

CLARK TRACKS LIMITED

REGISTERED NUMBER: SC268309

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2025

		2025		2024
Note		£		£

Fixed assets
Tangible assets	4		70		945
			70		945
Current assets
Stocks	5	124,961		1,866,520
Debtors: amounts falling due within one year	6	1,488,030		3,751,401
Cash at bank and in hand	7	4,695,642		1,706,194
		6,308,633		7,324,115
Creditors: amounts falling due within one year	8	(351,115)		(1,149,179)
Net current assets			5,957,518		6,174,936
Total assets less current liabilities			5,957,588		6,175,881
Provisions for liabilities
Deferred tax		-		(5,791)
Other provisions	9	-		(436,354)
			-		(442,145)
Net assets			5,957,588		5,733,736

Capital and reserves
Called up share capital	10	7,000	7,000
Profit and loss account		5,950,588	5,726,736
		5,957,588	5,733,736

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

J G Henderson

Director

Date: 24 March 2026

The notes on pages 2 to 9 form part of these financial statements.

Page 1

CLARK TRACKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1.	General information

Clark Tracks Limited is engaged in the manufacture of tracks for forestry machines. The company's registered office is 51 Rae Street, Dumfries, Scotland, DG11 1JD.

The company is a private company limited by shares and is incorporated and domiciled in the United Kingdom. The company is a tax resident of the United Kingdom.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the requirements of the Companies Act 2006.The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The company has taken advantage of the exemption from preparing a cash flow statement, since 100% of the voting rights in the company are controlled within the group and the company is included within the group financial statements which are publicly available.

The following principal accounting policies have been applied:

2.2

Going concern

In assessing the going concern status of Clark Tracks Limited the Directors have considered the Company’s ability to continue in operational existence for a period of at least 12 months from the date of signing of the financial statements. As part of a wider group restructuring process, production ceased within Clark Tracks Limited and production was transferred to Finland in the year. The Company continues in operational existence as a sales organisation. The Directors are satisfied having considered available forecasts covering a period of at least 12 months from the date of signing of the financial statements and the current cash levels that the Company remains a going concern. Furthermore, and additionally to the projections considered by the Directors, the Company is part of the Group's banking arrangements which makes available to the Company additional cash funding should this be required.

On this basis the Directors are confident that the Company will have sufficient funds and will continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.

Page 2

CLARK TRACKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using daily foreign currency rates obtained from HSBC.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the Nordic Traction Group exchange rate in place for the month in which the transaction took place and non-monetary items measured at fair value are measured using the Nordic Traction Group exchange rate in place for the month when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Income and Retained Earnings.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of Income and Retained Earnings within the line to which they relate.

2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

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

2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 3

CLARK TRACKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.6

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured.

If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 4

CLARK TRACKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight line basis or reducing balance method.

Depreciation is provided on the following basis:

Leasehold improvements	-	over the life of the lease
Plant and machinery	-	10% straight line
Computer equipment and furniture	-	25% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.12

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 5

CLARK TRACKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.17

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.

2.18

Other operating income

In relation to management recharges, the income is recognised in the financial statements in the period to which the income relates.

2.19

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.

Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

Employees

The average monthly number of employees, including directors, during the year was 6 (2024 - 25).

Page 6

CLARK TRACKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

4.	Tangible fixed assets

	Leasehold imp'ments	Plant and machinery	Computer equipment and furniture	Total
	£	£	£	£
Cost or valuation
At 1 January 2025	783,205	173,186	74,028	1,030,419
Disposals	(783,205)	(173,186)	(69,934)	(1,026,325)
At 31 December 2025	-	-	4,094	4,094
Depreciation
At 1 January 2025	783,205	173,186	73,083	1,029,474
Charge for the year on owned assets	-	-	875	875
Disposals	(783,205)	(173,186)	(69,934)	(1,026,325)
At 31 December 2025	-	-	4,024	4,024
Net book value
At 31 December 2025	-	-	70	70
At 31 December 2024	-	-	945	945

5.	Stocks
		2025	2024
		£	£

Raw materials and consumables	587	869,267
Work in progress	-	827,517
Finished goods and goods for resale	124,374	169,736
	124,961	1,866,520

Stocks are shown net of a provision for obsolesence of £7,154 (2024 - £65,242).

Page 7

CLARK TRACKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Debtors

					2025	2024
					£	£


Trade debtors	25,495	191,217
Amounts owed by group undertakings	1,239,343	3,485,927
Other debtors	-	32,012
Prepayments and accrued income	223,192	42,245
	1,488,030	3,751,401

Amounts owed by group undertakings are unsecured, repayable on demand and no interest is charged.

7.	Cash and cash equivalents
		2025	2024
		£	£

Cash at bank and in hand	4,695,642	1,706,194
Less: bank overdrafts	-	(221,748)
	4,695,642	1,484,446

8.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Bank overdrafts	-	221,748
Trade creditors	251,256	309,700
Amounts owed to group undertakings	13,617	498,643
Other taxation and social security	6,181	18,314
Accruals and deferred income	80,061	100,774
	351,115	1,149,179

The following amounts falling due within one year are secured by the company:

Bank overdrafts - £nil (2024 - £221,748)

Amounts owed to group undertakings are unsecured, repayable on demand and no interest is charged.

Page 8

CLARK TRACKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

9.	Provisions

	Dilapidation provision	Restruc'ng Provision	Total
	£	£	£

At 1 January 2025	157,606	278,748	436,354
Utilised in year	(157,606)	(278,748)	(436,354)
At 31 December 2025	-	-	-

10.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

7,000 (2024 - 7,000) Ordinary shares of £1.00 each	7,000	7,000

11.	Pension commitments

The company operates a defined contribution money purchase pension scheme in respect of its employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions paid by the company to the fund amounting to £31,707 (2024 - £79,795). Contributions outstanding at the year end amounted to £1,168 (2024 - £7,778).

12.	Controlling party

The immediate parent company is Nordic Traction AB. The ultimate parent company and controlling party is AB Max Sievert.

Copies of the immediate parent's consolidated financial statements, which this company is included in, can be obtained from c/o Nordic Traction Group Oy, Hirvikoskentie 128, 32200 Loimaa, Finland.

Copies of the ultimate parent's consolidated financial statements, which this company is included in, can be obtained from c/o AB Max Sievert, Arsenalsgatan 2, PO Box 14229, 104 40 Stockholm, Sweden.

13.	Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2025 was unqualified.

The audit report was signed on 27 March 2026 by Martin Johnston (Senior Statutory Auditor) on behalf of Armstrong Watson Audit Limited.

Page 9