REGISTERED NUMBER: 01998269 (England and Wales)

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 December 2025

for

Lodige (United Kingdom) Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Consolidated Income Statement

8

Consolidated Other Comprehensive Income

9

Consolidated Balance Sheet

10

Company Balance Sheet

11

Consolidated Statement of Changes in Equity

12

Company Statement of Changes in Equity

13

Consolidated Cash Flow Statement

14

Notes to the Consolidated Cash Flow Statement

15

Notes to the Consolidated Financial Statements

17

DIRECTORS:

M A Baul

P P De Backer

Mrs M J Wells

SECRETARY:

Mrs M J Wells

REGISTERED OFFICE:

Floor 2, Chertsey Gate East

London Street

Chertsey

Surrey

KT16 8AP

REGISTERED NUMBER:

01998269 (England and Wales)

SENIOR STATUTORY AUDITOR:

Mr Ashfaq Sharif FCA CTA

AUDITORS:

PB Associates

Chartered Accountants and Chartered Tax Advisers

2 Castle Business Village

Station Road

Hampton

Middlesex

TW12 2BX

The directors present their strategic report of the company and the group for the year ended 31 December 2025.

REVIEW OF BUSINESS

The results for the year and the financial position of the company are as shown in the annexed financial statements. The financial results of 2025 proved to be in keeping with expectations and the general economic climate of the day. Turnover, Operating Profit and Profit before tax are in line with target. The Company Balance Sheet remains strong, following the investment in Northern Elevator limited. The company remains debt free from all external borrowings. Early indicators for 2026 would suggest continuing growth. Our strategy remains to continue to grow the product installation portfolio and grow the service fleet across the UK supported by the larger Service organisation.

PRINCIPAL RISKS AND UNCERTAINTIES

The Company has put in place processes designed to identify the principal risks and uncertainties it faces and to manage and mitigate their effect. These risks are summarised below:

Economic Climate: The Board recognises the risks associated with the prevailing economic climate and is taking all reasonable steps to address the same, including continued investment in local Sales and Marketing activities and Group investment in Research and Development.

Foreign exchange: The Group is working together to minimise foreign exchange risks and is developing a global approach to foreign currency management.

Liquidity risk - Cash is managed to ensure that sufficient liquid funds are available with a variety of counterparties, but principally other Group companies, through short, medium and long-term cash flow forecasting.

Interest rate risk - The only interest bearing financial assets and liabilities held by the Company are those from other Group Companies. The company is not exposed to any interest rate risk on these instruments.

ON BEHALF OF THE BOARD:

Mrs M J Wells - Director

27 May 2026

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

DIVIDENDS

An interim dividend of 1.25 per share on the Ordinary £1 shares was paid during the year. The directors recommend that no final dividend be paid on these shares.

The total distribution of dividends for the year ended 31 December 2025 will be £500,000.

DIRECTORS

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

M A Baul

P P De Backer

Mrs M J Wells

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

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

ON BEHALF OF THE BOARD:

Mrs M J Wells - Director

27 May 2026

Opinion

We have audited the financial statements of Lodige (United Kingdom) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 31 December 2025 and of the group's profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 group's and the parent 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 Group 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 Group 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 Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company 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 three, 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

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.

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

Our procedures to respond to risks identified included the following:

Enquires of management, concerning actual and potential litigation and claims.

Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.

Obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of provisions.

Testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

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.

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.

Mr Ashfaq Sharif FCA CTA (Senior Statutory Auditor)

for and on behalf of PB Associates

Chartered Accountants and Chartered Tax Advisers

2 Castle Business Village

Station Road

Hampton

Middlesex

TW12 2BX

27 May 2026

TURNOVER

3

21,932,812

16,972,394

Cost of sales

15,410,681

11,990,563

GROSS PROFIT

6,522,131

4,981,831

Administrative expenses

4,868,540

4,314,510

1,653,591

667,321

Other operating income

142,124

76,706

OPERATING PROFIT

5

1,795,715

744,027

Interest receivable and similar income

89,505

35,815

1,885,220

779,842

Interest payable and similar expenses

6

2,419

4,527

PROFIT BEFORE TAXATION

1,882,801

775,315

Tax on profit

7

488,458

214,654

PROFIT FOR THE FINANCIAL YEAR

1,394,343

560,661

Profit attributable to:

Owners of the parent

1,394,343

560,661

PROFIT FOR THE YEAR

1,394,343

560,661

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,394,343

560,661

Total comprehensive income attributable to:

Owners of the parent

1,394,343

560,661

FIXED ASSETS

Intangible assets

10

1,475,565

1,549,343

Tangible assets

11

101,575

87,777

Investments

12

-

-

1,577,140

1,637,120

CURRENT ASSETS

Stocks

13

107,248

165,575

Debtors

14

11,675,929

14,566,831

Cash at bank and in hand

456,899

543,585

12,240,076

15,275,991

CREDITORS

Amounts falling due within one year

15

10,976,237

14,967,439

NET CURRENT ASSETS

1,263,839

308,552

TOTAL ASSETS LESS CURRENT LIABILITIES

2,840,979

1,945,672

CREDITORS

Amounts falling due after more than one year

16

-

(2,792

)

PROVISIONS FOR LIABILITIES

18

(23,992

)

(20,236

)

NET ASSETS

2,816,987

1,922,644

CAPITAL AND RESERVES

Called up share capital

19

400,000

400,000

Retained earnings

20

2,416,987

1,522,644

SHAREHOLDERS' FUNDS

2,816,987

1,922,644

The financial statements were approved by the Board of Directors and authorised for issue on 27 May 2026 and were signed on its behalf by:

Mrs M J Wells - Director

FIXED ASSETS

Intangible assets

10

-

-

Tangible assets

11

11,173

15,702

Investments

12

2,020,000

2,020,000

2,031,173

2,035,702

CURRENT ASSETS

Debtors

14

11,243,507

14,089,038

Cash at bank and in hand

200,138

204,224

11,443,645

14,293,262

CREDITORS

Amounts falling due within one year

15

10,478,629

14,337,647

NET CURRENT ASSETS/(LIABILITIES)

965,016

(44,385

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,996,189

1,991,317

PROVISIONS FOR LIABILITIES

18

1,392

2,217

NET ASSETS

2,994,797

1,989,100

CAPITAL AND RESERVES

Called up share capital

19

400,000

400,000

Retained earnings

20

2,594,797

1,589,100

SHAREHOLDERS' FUNDS

2,994,797

1,989,100

Company's profit for the financial year

1,505,697

577,269

The financial statements were approved by the Board of Directors and authorised for issue on 2 April 2026 and were signed on its behalf by:

Mrs M J Wells - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2024

400,000

1,861,983

2,261,983

Changes in equity

Dividends

-

(900,000

)

(900,000

)

Total comprehensive income

-

560,661

560,661

Balance at 31 December 2024

400,000

1,522,644

1,922,644

Changes in equity

Dividends

-

(500,000

)

(500,000

)

Total comprehensive income

-

1,394,343

1,394,343

Balance at 31 December 2025

400,000

2,416,987

2,816,987

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2024

400,000

1,911,831

2,311,831

Changes in equity

Dividends

-

(900,000

)

(900,000

)

Total comprehensive income

-

577,269

577,269

Balance at 31 December 2024

400,000

1,589,100

1,989,100

Changes in equity

Dividends

-

(500,000

)

(500,000

)

Total comprehensive income

-

1,505,697

1,505,697

Balance at 31 December 2025

400,000

2,594,797

2,994,797

Cash flows from operating activities

Cash generated from operations

1

575,831

1,136,355

Interest element of hire purchase payments paid

(2,419

)

(4,527

)

Tax paid

(159,786

)

(226,907

)

Net cash from operating activities

413,626

904,921

Cash flows from investing activities

Purchase of tangible fixed assets

(80,101

)

(22,638

)

Sale of tangible fixed assets

8,098

44,144

Interest received

89,505

35,815

Net cash from investing activities

17,502

57,321

Cash flows from financing activities

Capital repayments in year

(17,814

)

(53,723

)

Equity dividends paid

(500,000

)

(900,000

)

Net cash from financing activities

(517,814

)

(953,723

)

(Decrease)/increase in cash and cash equivalents

(86,686

)

8,519

Cash and cash equivalents at beginning of year

2

543,585

535,066

Cash and cash equivalents at end of year

2

456,899

543,585

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.12.25

31.12.24

£

£

Profit before taxation

1,882,801

775,315

Depreciation charges

123,861

108,390

Loss/(profit) on disposal of fixed assets

8,073

(15,764

)

Government grants

-

5,594

Finance costs

2,419

4,527

Finance income

(89,505

)

(35,815

)

1,927,649

842,247

Decrease in stocks

58,327

23,489

Decrease/(increase) in trade and other debtors

3,321,255

(602,978

)

(Decrease)/increase in trade and other creditors

(4,731,400

)

873,597

Cash generated from operations

575,831

1,136,355

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 31 December 2025

31.12.25

1.1.25

£

£

Cash and cash equivalents

456,899

543,585

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

543,585

535,066

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.25

Cash flow

At 31.12.25

£

£

£

Net cash

Cash at bank and in hand

543,585

(86,686

)

456,899

543,585

(86,686

)

456,899

Debt

Finance leases

(19,882

)

17,814

(2,068

)

(19,882

)

17,814

(2,068

)

Total

523,703

(68,872

)

454,831

1.	STATUTORY INFORMATION

Lodige (United Kingdom) Limited 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 General 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.

Turnover

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

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2022, is being amortised evenly over its estimated useful life of ten years.

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.

Tangible fixed assets

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

Fixtures and fittings

-

10% on cost

Motor vehicles

-

33% on cost and 25% on reducing balance

Computer equipment

-

50% on cost, 33% on cost and 25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

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.

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

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

Pension costs and other post-retirement benefits

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

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by geographical market is given below:

31.12.25

31.12.24

£

£

United Kingdom

21,647,669

16,893,093

Europe

285,143

79,301

21,932,812

16,972,394

4.	EMPLOYEES AND DIRECTORS

31.12.25

31.12.24

£

£

Wages and salaries

4,973,753

4,624,732

Social security costs

477,388

396,113

Other pension costs

224,359

152,829

5,675,500

5,173,674

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

31.12.25

31.12.24

Engineering

56

45

Administration

41

44

97

89

The average number of employees by undertakings that were proportionately consolidated during the year was 97 (2024 - 89 ) .

31.12.25

31.12.24

£

£

Directors' remuneration

355,402

408,971

Directors' pension contributions to money purchase schemes

53,326

52,861

Information regarding the highest paid director is as follows:

31.12.25

31.12.24

£

£

Emoluments etc

222,970

275,671

Pension contributions to money purchase schemes

22,232

19,246

5.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.12.25

31.12.24

£

£

Hire of plant and machinery

15,913

11,947

Depreciation - owned assets

50,132

34,612

Loss/(profit) on disposal of fixed assets

8,073

(15,764

)

Goodwill amortisation

73,778

73,778

Auditors' remuneration

14,900

15,588

Foreign exchange differences

(64,288

)

(1,810

)