Ableworld (UK) Limited

	Page
Strategic Report	1—4
Directors' Report	5—6
Independent Auditor's Report	7—10
Profit and Loss Account	11
Balance Sheet	12—13
Statement of Changes in Equity	14
Notes to the Financial Statements	15—24

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

Review of the Business

The year to August 2025 presented a difficult start for the Company, with trading in the first half of the financial year impacted by softer demand and continued cost pressures.

In response, the business implemented a number of operational and cost-focused initiatives aimed at improving performance. These actions began to take effect during the second half of the year, with trading recovering and sales returning to prior year levels by February 2025.

Performance continued to improve through the remainder of the financial year, although the Company reported an operating loss of approximately £873k for the year as a whole. Included within this result was a one-off stock write-off adjustment of approximately £250k following a review of historic inventory balances.

Encouragingly, the recovery seen during the second half of 2024/25 has strengthened further into the current financial year. For the seven months to the end of March 2026, the Company returned to profitability on a year-to-date basis, with performance improving by approximately £1m compared to the prior year at the same point. This improvement has been driven by stronger trading, improved margins and tighter operational control across all areas of the business.

The Directors expect the stronger trading performance to continue, with the business forecast to deliver a full-year profit in the range of £400k to £500k, representing an improvement of over £1.25m on the prior year.

Principal Risks and Uncertainties

The Company operates in a dynamic and evolving environment and is exposed to a range of risks and uncertainties which could affect performance. The Board, supported by senior management, maintains a structured approach to identifying, assessing and managing these risks through established policies, procedures and internal controls.

A key risk facing the business remains cost inflation, particularly in relation to payroll, employer taxes, energy and transport costs. These pressures have the potential to impact profitability if not managed carefully.

The Company is also exposed to changes in consumer confidence and spending behaviour, particularly within its core customer demographic. Economic uncertainty and pressure on household finances may lead to more cautious purchasing decisions and reduced demand.

Margin pressure remains a risk due to cost increases and competitive pricing within the sector. The Company seeks to mitigate this through careful product selection, pricing strategy, supplier management and operational control.

The business continues to invest in systems and infrastructure to support future growth and business efficiency. While these investments are expected to deliver long-term benefits, there remains a degree of risk associated with implementation and ongoing system performance.

The Board reviews the principal risks facing the business on a regular basis and is satisfied that appropriate measures are in place to mitigate these risks as far as reasonably possible.

Results and Performance

Turnover for the year increased to £22,895,831 (2024: £22,366,844), representing growth of approximately 2.4% compared to the prior year. Trading during the first half of the year was significantly below expectations before improving during the second half.

Gross profit for the year was £10,492,085 (2024: £10,826,706), with margins reducing compared to the prior year, reflecting product mix, pricing pressures, the broader cost environment and the impact of the stock correction. Encouragingly, margin performance has improved significantly during the current financial year, supported by stronger pricing discipline, improved supplier terms and tighter stock management.

Overheads increased during the year, driven primarily by higher payroll costs, including wage inflation and increased employer National Insurance contributions. Additional pressure was seen across property-related expenses, vehicle costs and investment in systems and technology. The Company continued to invest in marketing to support trading activity.

As a result, the Company reported an operating loss of approximately £873k for the year, including the one-off stock correction.

The underlying operating loss before this adjustment was approximately £640k. This reflected the weaker trading performance in the early part of the financial year together with the continued cost pressures faced by the business.

Despite the full-year result, performance improved materially during the second half of the year, with the business entering the current financial year in a significantly stronger trading position.

Business Environment

...CONTINUED

Page 1

Page 2

Ableworld (UK) Limited

Strategic Report (continued)

For The Year Ended 31 August 2025

Principal Risks and Uncertainties - continued

The wider retail environment remained difficult during the latter part of 2024, with consumer confidence subdued and discretionary spending under continued pressure.

Businesses also faced sustained cost inflation, particularly in relation to payroll, energy and transport costs, all of which continued to impact margins across the retail sector.

In addition, the period leading up to the Autumn 2024 Budget created uncertainty for many consumers, particularly within the Company’s core customer demographic. Media coverage surrounding potential changes to pension arrangements and winter fuel support contributed to more cautious spending behaviour among older customers, with some delaying purchasing decisions during this period.

The Company typically experiences stronger trading through the spring, summer and autumn months, with activity moderating during the winter period. However, the start to the financial year was notably weaker than expected, with sales in September 2024 significantly below the prior year and materially below the Company’s typical growth levels.

Against this backdrop, the business experienced a slower start to the financial year before performance began to improve as the year progressed.

Strategy

The Company’s strategy is focused on delivering sustainable growth through operational improvement, disciplined cost management and targeted investment across the business.

During the year, particular emphasis was placed on improving profitability following the weaker trading experienced in the first half of the financial year. This included a renewed focus on cost control, stock management and greater use of data and performance analysis to support buying decisions, pricing strategy and overall business performance.

Product development remains an important element of the Company’s strategy, with ongoing refinement of the product range to meet changing customer needs. This includes a focus on lighter and more practical solutions together with the introduction of new product categories to broaden the overall offering.

The Company continues to invest in systems and infrastructure to support business efficiency and improve visibility of performance across the store network.

Growth remains a key objective, with the Company seeking to expand its store network in carefully selected locations while also maximising performance from the existing estate. In parallel, the business continues to support the development of the Ableworld franchise network, working with both new and existing partners to identify future opportunities.

Looking ahead, the Directors remain focused on building on the stronger trading performance achieved during the second half of the year and into the current financial year, with the objective of delivering sustainable profitability and long-term growth.

Key Performance Indicators

The Directors monitor and evaluate the progress of the business frequently by reference to certain KPIs;

	2025	2024

Turnover	£22.90m	£22.37m
Gross Profit	£10.49m	£10.83m
Gross Profit %	45.8%	48.4%
Profit/(Loss) before tax	£336k	£71.8k

Future Developments

The Company is focused on building on the stronger trading performance achieved during the second half of the year and into the current financial year.

Trading during the early part of 2025/26 has remained strong, with the business returning to profitability on a year-to-date basis. Like-for-like sales for the seven months to the end of March 2026 increased by 6.0% compared to the prior year, supported by improved margin performance and tighter operational control across the business.

The Directors are encouraged by the stronger trading performance seen during the current financial year and expect this positive trend to continue, with the Company forecast to deliver a full-year profit in the range of £400k to £500k, representing an improvement of over £1.25m compared to the prior year.

...CONTINUED

Page 2

Page 3

Ableworld (UK) Limited

Strategic Report (continued)

For The Year Ended 31 August 2025

Future Developments - continued

In May 2026, the Company completed repayment of its Coronavirus Business Interruption Loan Scheme (CBILS) facility, originally taken out following the Covid-19 pandemic. The repayment of this loan has further strengthened the Company’s financial position and improved ongoing cash flow generation. Following repayment, the Company’s only remaining external borrowing is a £175k mortgage secured against a property with a value of at least £400k.

The Company will continue to focus on driving sales growth through both existing and new channels while maintaining a disciplined approach to cost management. Investment will continue in product development, systems and infrastructure to support operational efficiency and enhance the customer offering.

The Directors also remain committed to expanding the store network in carefully selected locations alongside supporting the ongoing development of the Ableworld franchise network.

The Company will also celebrate its 25th anniversary during 2026, marking an important milestone for the business. The fourth quarter of the financial year will include a number of promotional and marketing initiatives linked to the anniversary celebrations, aimed at supporting customer engagement and trading performance across the business.

Whilst encouraged by the improvements seen during the current financial year, management remains focused on maintaining a disciplined approach to cost control, cash management and operational performance.

Overall, the Board is confident that the business is well positioned to deliver sustainable growth and improved profitability in the years ahead.

Decision Making

The Company is led by an experienced Board comprising four full-time executive Directors and two non-executive Directors, bringing a broad range of experience across retail and franchising.

The full Board meets regularly throughout the year, typically holding eleven formal meetings together with an additional video meeting during the pre-Christmas period. These meetings provide an opportunity to review trading performance, financial results and strategic priorities, ensuring that key decisions are made in a timely and informed manner.

In addition to formal Board meetings, the executive Directors remain in close contact on a day-to-day basis, enabling the business to respond quickly to operational matters and changing market conditions.

During the year, particular attention was given to responding to the weaker trading experienced during the first half of the financial year, with regular review of trading performance, cost control measures and operational priorities.

The Directors maintain oversight of the business through regular financial reporting, management information and ongoing engagement with senior management teams across the business.

Employee Engagement and Well-being

The Directors recognise that employees remain central to the success of the business, particularly during periods of change and operational improvement.

The Company maintains an open approach to communication across the business, encouraging employees at all levels to contribute to the ongoing development of the Company. Regular updates are provided through internal communication channels, helping to ensure employees remain informed and engaged.

Throughout the year, the business continued to support employees through a period of change, recognising the importance of clear communication and strong leadership in maintaining morale and performance.

The Directors remain committed to providing a supportive working environment where employees feel valued and able to contribute to the long-term success of the business.

Fair Treatment and Inclusivity

The Directors are committed to promoting a culture of fairness, respect and inclusivity across the business. The Company aims to provide a working environment in which all employees are treated equally and with dignity, regardless of background.

Policies and practices are in place to support equal opportunities and ensure that employees are able to contribute fully to the success of the business. The Company continues to review these practices to ensure they remain appropriate and effective.

Maintaining High Standards of Business Conduct and Product Safety

The Company is committed to maintaining high standards of business conduct, with a strong emphasis on ethical trading and customer care. Ensuring that customers receive appropriate advice and the right products to meet their needs remains a central principle of the business.

The Company places particular importance on responsible selling practices. For certain product categories, including mobility scooters, wheelchairs and rise and recline chairs, an appropriate assessment of the customer’s needs is considered essential prior to purchase. As such, these products are not sold directly to customers online without appropriate consultation.

...CONTINUED

Page 3

Page 4

Ableworld (UK) Limited

Strategic Report (continued)

For The Year Ended 31 August 2025

Future Developments - continued

The Directors believe this approach reduces the risk of customers purchasing unsuitable products and supports better customer outcomes. This is in contrast to some practices within the wider market, where products may be sold without adequate assessment.

The Company is also committed to transparency in its pricing, ensuring that clear and consistent pricing information is provided to customers across all channels, including online, in advertising and in-store.

Within the stairlift division, the Company operates a fully integrated service model, with directly employed engineers responsible for advising customers, as well as the installation and ongoing maintenance of equipment. This approach ensures continuity of service and accountability, in contrast to models where sales and installation functions are separated.

The Company maintains a clear position against high-pressure sales techniques. Employees are encouraged to provide guidance and support, enabling customers to make informed decisions at their own pace.

Through these principles, the Company seeks to ensure that its approach to trading remains consistent with its values and continues to support customer safety and satisfaction.

Impact on the Community and Environment

The Company recognises the importance of operating as a responsible business within the communities it serves. Through its nationwide store network, Ableworld supports local customers by providing mobility products and services that promote independence and quality of life.

The Company seeks to maintain strong relationships with local communities through its stores and franchise partners, supporting local employment and contributing to regional economies.

In terms of environmental impact, the business continues to take a considered approach to its operations, including the efficient use of resources and ongoing review of its supply chain and product offering. The Company remains mindful of its environmental responsibilities and will continue to identify opportunities to improve its approach in this area.

On behalf of the board

Mr N D Cox

Director

29 May 2026

Page 4

Page 5

Ableworld (UK) Limited

Company No. 04048285

Directors' Report For The Year Ended 31 August 2025

Directors' Report

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

Principal Activity

The company's principal activity continues to be that of the sale of health and mobility products.

Dividends

The directors recommended no final dividend be paid.

Directors

The directors who held office during the year were as follows:

Mr M J Williams

Mr N D Cox

Ms T L Page

Mr A Leavy

Mr K E Deary

Matters covered in the Strategic Report

Disclosures required under s416(4) of the Companies Act 2006 are commented upon in the Strategic Report as the directors consider them to be of strategic importance to the business.

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', 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 the financial statements the directors are required to:

select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
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.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement of Disclosure of Information to Auditors

In the case of each director in office at the date the Directors' Report is approved:

so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Page 5

Page 6

Ableworld (UK) Limited

Directors' Report (continued)

For The Year Ended 31 August 2025

Independent Auditors

The auditors, Deans, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.

On behalf of the board

Mr N D Cox

Director

29 May 2026

Page 6

Page 7

Independent Auditor's Report

to the Members of

Ableworld (UK) Limited

Independent Auditor's Report

Opinion

We have audited the financial statements of Ableworld (UK) Limited for the year ended 31 August 2025 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes of Equity and the related notes, 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 31 August 2025 and of its profit/(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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions Relating to Going Concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the entity's ability to continue as a going concern for a period of at least 12 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 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Page 7

Page 8

Independent Auditor's Report (continued)

to the Members of

Ableworld (UK) Limited

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 Directors' Report.

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

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 or 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 Directors' Responsibilities Statement set out on page 5—6, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Page 8

Page 9

Independent Auditor's Report (continued)

to the Members of

Ableworld (UK) Limited

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

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

• we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the company's operating sector;

• we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation;

• we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

• identified laws and regulations were communicated within the audit team regularly and 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:

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

• considering the internal controls in place to mitigate risk of fraud and non-compliance with laws and regulations.

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

• performed analytical procedures to identify any unusual balances, variances or unexpected relationships;

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

• investigated the rationale behind significant or unusual transactions; and

• specifically tested the controls around banking payments.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 claims;

• reviewing correspondence with HMRC and other relevant regulators.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

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 that we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Page 9

Page 10

Independent Auditor's Report (continued)

to the Members of

Ableworld (UK) Limited

Richard Stonier (Senior Statutory Auditor)

for and on behalf of Deans , Statutory Auditor

29 May 2026

Deans

Deans Accountants

Gibson House, Hurricane Court

Stafford

Staffordshire

ST16 1GZ

Page 10

Page 11

Ableworld (UK) Limited

Profit and Loss Account

For The Year Ended 31 August 2025

Profit and Loss Account

		2025	2024
	Notes	£	£
TURNOVER	3	22,895,831	22,366,844
Cost of sales		(12,403,746 )	(11,540,138 )

GROSS PROFIT		10,492,085	10,826,706

Administrative expenses		(11,610,381 )	(10,856,879 )
Other operating income		244,898	270,043

OPERATING (LOSS)/PROFIT	4	(873,398 )	239,870
Exceptional items		1,232,629	-
Fair value losses on investment properties		-	(122,471 )
Income from Shares in group undertakings		35,018	24,423
Loss on disposal of fixed assets		(30,164 )	(32,499 )
Other interest receivable and similar income	9	8,509	5,010
Interest payable and similar charges	10	(36,330 )	(42,549 )

PROFIT BEFORE TAXATION		336,264	71,784
Tax on Profit	11	132,240	(115,864 )

PROFIT/(LOSS) AFTER TAXATION BEING PROFIT/(LOSS) FOR THE FINANCIAL YEAR		468,504	(44,080 )

The notes on pages 15 to 24 form part of these financial statements.

Page 11

Page 12

Ableworld (UK) Limited

Balance Sheet

As At 31 August 2025

Balance Sheet

Registered number: 04048285

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	12		309,051		558,431
Tangible Assets	13		741,504		869,368
Investment Properties	14		400,000		400,000
Investments	15		15,090		15,000

			1,465,645		1,842,799
CURRENT ASSETS
Stocks	16	3,220,312		3,584,898
Debtors	17	1,336,632		1,352,738
Cash at bank and in hand		395,391		490,679

		4,952,335		5,428,315
Creditors: Amounts Falling Due Within One Year	18	(4,032,114 )		(3,894,724 )

NET CURRENT ASSETS (LIABILITIES)			920,221		1,533,591

TOTAL ASSETS LESS CURRENT LIABILITIES			2,385,866		3,376,390

Creditors: Amounts Falling Due After More Than One Year	19		(172,983 )		(1,576,388 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(129,340 )		(184,963 )

NET ASSETS			2,083,543		1,615,039

CAPITAL AND RESERVES
Called up share capital	22		900,000		900,000
Profit and Loss Account			1,183,543		715,039

SHAREHOLDERS' FUNDS			2,083,543		1,615,039

Page 12

Page 13

Ableworld (UK) Limited

Balance Sheet (continued)

As At 31 August 2025

The financial statements were approved by the board of directors on 29 May 2026 and were signed on its behalf by:

Mr N D Cox

Director

The notes on pages 15 to 24 form part of these financial statements.

Page 13

Page 14

Ableworld (UK) Limited

Statement of Changes in Equity

For The Year Ended 31 August 2025

Statement of Changes in Equity

	Share Capital	Profit and Loss Account	Total
	£	£	£
As at 1 September 2023	900,000	759,119	1,659,119
Loss for the year and total comprehensive income	-	(44,080 )	(44,080)

As at 31 August 2024 and 1 September 2024	900,000	715,039	1,615,039


Profit for the year and total comprehensive income	-	468,504	468,504

As at 31 August 2025	900,000	1,183,543	2,083,543

Page 14

Page 15

Ableworld (UK) Limited

Notes to the Financial Statements

For The Year Ended 31 August 2025

Notes to the Financial Statements

1. General Information

Ableworld (UK) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04048285 . The registered office is C/O Ableworld Alpha Building, Stapeley Technology Park, London Road, Nantwich, Cheshire, CW5 7JW.

2. Accounting Policies

2.1. Basis of Preparation of 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 presented in sterling which is the functional currency of the company and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

2.2. Financial Reporting Standard 102 - Reduced Disclosure Exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows and Section 3 Financial Statement Presentation paragraph 3.17 (d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

2.3. Exemption From Preparing Consolidated Financial Statements

The financial statements contain information about Ableworld (UK) Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Ableworld Holdings (UK) Limited, C/O Ableworld Alpha Building, Stapeley Technology Park, London Road, Nantwich, Chesire, CW5 7JW.

2.4. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Sale of goods

Turnover from the sale of mobility aids and stairlifts is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

Interest

Interest income is recognised using the effective interest method and dividend income is recognised as the company's right to receive payment is established.

Rental income

Rental income from operating leases (net of any incentives given to the lease's) is recognised on a straight-line basis over the lease term.

Joint venture income

Joint venture income Joint venture dividend income is recognised as the company's right to received the dividends is established.

2.5. Intangible Fixed Assets and Amortisation - Goodwill

Goodwill arising on business combinations is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful life. The period chosen for writing off goodwill is 5 and 15 years. Provision is made for any impairment.

2.6. Intangible Fixed Assets and Amortisation - Other Intangible

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.

Page 15

Page 16

Ableworld (UK) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 August 2025

2.7. Tangible Fixed Assets and Depreciation

Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided at the following rates in order to write off each asset over its estimated useful life.

Improvements to Property	in accordance with the property
Plant & Machinery	Straight line over 3-10 years
Motor Vehicles	Straight line over 4 years
Fixtures & Fittings	Straight line over 3-5 years
Computer Equipment	Straight line over 3 years

2.8. Investment Properties

Investment properties for which fair value can be measured reliably without undue cost or effort are measured at fair value at each reporting date with changes in fair value recognised in profit or loss.

2.9. Investments

Investments in subsidiary undertakings are recognised at cost.

2.10. Leasing and Hire Purchase Contracts

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

2.11. Stocks and Work in Progress

Stocks and work in progress are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all cost of purchase, cost of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

2.12. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

2.13. Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

Page 16

Page 17

Ableworld (UK) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 August 2025

2.14. Employee Benefits

When employees have rendered service to the company, short term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

2.15. Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

2.16. Purchase rebates

Purchase rebates are recognised in the financial statements when it is virtually certain they are due and payable.

3. Turnover

All turnover arises within the United Kingdom. Analysis of turnover by class of business is as follows:

	2025	2024
	£	£
Management charges	26,460	25,200
Supply of mobility equipment	22,869,371	22,341,644

	22,895,831	22,366,844

4. Operating (Loss)/profit

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

	2025	2024
	£	£
Operating lease rentals	1,450,341	1,347,541
Depreciation of tangible fixed assets	128,780	163,194
Amortisation of intangible fixed assets	22,009	22,156
Impairment losses - intangible fixed assets	227,371	-

5. Auditor's Remuneration

Remuneration received by the company's auditors and their associates during the year was as follows:

	2025	2024
	£	£
Audit Services
Audit of the company's financial statements	27,850	25,390

Page 17

Page 18

Ableworld (UK) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 August 2025

6. Staff Costs

Staff costs, including directors' remuneration, were as follows:

	2025	2024
	£	£
Wages and salaries	5,320,077	5,062,601
Social security costs	638,513	501,859
Other pension costs	130,722	123,330

	6,089,312	5,687,790

7. Average Number of Employees

Average number of employees, including directors, during the year was as follows:

	2025	2024
Employees	192	193
Directors	5	5

	197	198

8. Directors' remuneration

	2025	2024
	£	£
Emoluments	247,988	222,066
Company contributions to money purchase pension schemes	9,993	9,993

	257,981	232,059

Information regarding the highest paid director was as follows:

	2025	2024
	£	£
Emoluments	59,514	57,925
Company contributions to money purchase pension schemes	5,040	1,651

	64,554	59,576

9. Interest Receivable and Similar Income

	2025	2024
	£	£
Bank interest receivable	8,509	5,010
Dividends from shares in subsidiaries	35,018	24,423

	43,527	29,433

Page 18

Page 19

Ableworld (UK) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 August 2025

10. Interest Payable and Similar Charges

	2025	2024
	£	£
Bank loans and overdrafts	20,351	28,577
Other finance charges	15,979	13,972

	36,330	42,549

11. Tax on Profit

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

	Tax Rate		2025	2024
	2025	2024	£	£
Current tax
UK Corporation Tax	25.0%	25.0%	-	76,617
Prior period adjustment			(76,617 )	-

			(76,617 )	76,617
Deferred Tax
Origination and reversal of timing differences			(55,623 )	39,247


Total tax charge for the period			(132,240 )	115,864

The actual (credit)/charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:

	2025	2024
	£	£
Profit before tax	336,264	71,784

Tax on profit at 25% (UK standard rate)	84,066	17,946
Goodwill/depreciation not allowed for tax	102,081	54,463
Expenses not deductible for tax purposes	18,135	5,587
Tax losses utilised	76,617	(28,771 )
Capital allowances	(4,405 )	2,880
Short term timing differences	(55,623 )	39,247
Prior period adjustment	(76,617 )	-
Revenue exempt from taxation	(365,000 )	30,618
Dividends from companies	(8,755 )	(6,106 )
Group relief	24,614	-
Tax losses unutilised carried forward	72,647	-

Total tax charge for the period	(132,240)	115,864

Page 19

Page 20

Ableworld (UK) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 August 2025

12. Intangible Assets

	Goodwill	Negative Goodwill	Total
	£	£	£
Cost
As at 1 September 2024	838,073	(127,927 )	710,146

As at 31 August 2025	838,073	(127,927 )	710,146

Amortisation
As at 1 September 2024	223,287	(71,572 )	151,715
Provided during the period	78,364	(56,355 )	22,009
Impairment losses	227,371	-	227,371

As at 31 August 2025	529,022	(127,927 )	401,095

Net Book Value
As at 31 August 2025	309,051	-	309,051

As at 1 September 2024	614,786	(56,355 )	558,431

13. Tangible Assets

	Land & Property
	Improvements to Property	Plant & Machinery	Fixtures & Fittings	Computer Equipment	Total
	£	£	£	£	£
Cost
As at 1 September 2024	312,346	594,829	867,806	85,070	1,860,051
Additions	11,420	5,289	13,705	665	31,079
Disposals	(32,640 )	(2,311 )	(94,192 )	(69,085 )	(198,228 )

As at 31 August 2025	291,126	597,807	787,319	16,650	1,692,902

Depreciation
As at 1 September 2024	183,877	70,453	651,901	84,452	990,683
Provided during the period	24,087	44,314	59,784	594	128,779
Disposals	(15,793 )	(2,311 )	(80,878 )	(69,082 )	(168,064 )

As at 31 August 2025	192,171	112,456	630,807	15,964	951,398

Net Book Value
As at 31 August 2025	98,955	485,351	156,512	686	741,504

As at 1 September 2024	128,469	524,376	215,905	618	869,368

Page 20

Page 21

Ableworld (UK) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 August 2025

14. Investment Property

	2025
	£
Fair Value
As at 1 September 2024 and 31 August 2025	400,000

If investment property had been accounted for under historical cost accounting rules, the amounts would be:

	2025	2024
	£	£
Cost	522,472	522,472

Investment property was revalued on 7 August 2024 by Vail Williams LLP, an independent chartered surveyor, on an open market basis.

15. Investments

	Subsidiaries
	£
Cost
As at 1 September 2024	15,000
Additions	90

As at 31 August 2025	15,090

Provision
As at 1 September 2024	-

As at 31 August 2025	-

Net Book Value
As at 31 August 2025	15,090

As at 1 September 2024	15,000

Subsidiaries

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

Name of undertaking	Registered Office	Class of shares held	Direct holding	Indirect holding
Southampton Mobility Ltd	Ableworld Alpha Building Stapeley Technology Park, London Road, Nantwich, Cheshire, CW5 7JW	Ordinary	45.00%	45.00%
JS & CD Ltd	Deans Accountants, Gibson House, Hurricane Court, Hurricane Close, Staffordshire, ST16 1GZ	Ordinary	50.00%	50.00%

The aggregate capital and reserves and the result for the year of the subsidiaries listed above was as follows:

	Capital and Reserves	Profit/(loss)
	£	£
Southampton Mobility Ltd	135,176	154,551
JS & CD Ltd	104,867	26,453

Page 21

Page 22

Ableworld (UK) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 August 2025

Southampton Mobility Limited is included in the consolidated financial statements as a subsidiary undertaking. Although the group holds a 45% direct and indirect holding, the directors of Ableworld Holdings (UK) Limited have the power to appoint and remove the majority of the board of directors and therefore exercise dominant influence over Southampton Mobility Limited. On this basis, the directors consider that the group controls the entity and it has been included within the consolidation.

16. Stocks

	2025	2024
	£	£
Stock	3,220,312	3,584,898

17. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	13,968	82,705
Prepayments and accrued income	441,672	360,747
Other debtors	25,950	51,181
Corporation tax recoverable assets	76,587	-
VAT	301,640	522,512
Amounts owed by group undertakings	454,079	307,587
Amounts owed by associates	22,736	28,006

	1,336,632	1,352,738

18. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	3,009,911	2,949,776
Bank loans and overdrafts	103,683	136,882
Corporation tax	-	72,440
Other taxes and social security	129,829	118,556
Pension	23,428	23,045
Deposits	232,718	200,627
Accruals and deferred income	451,313	335,945
Amounts owed to group undertakings	81,232	57,453

	4,032,114	3,894,724

19. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Bank loans	172,983	276,388
Amounts owed to group undertakings	-	1,300,000

	172,983	1,576,388

Of the creditors falling due after more than one year the following amounts are due after more than five years.

	2025		2024
	£		£
Bank loans	141,778		144,129

Page 22

Page 23

Ableworld (UK) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 August 2025

Of the creditors the following amounts are secured.

	2025		2024
	£		£
Bank loans and overdrafts	179,166		185,770

The bank loan is secured against 42-46 Portsmouth Road, Woolston, Southampton, SO19 9AD.

20. Loans

An analysis of the maturity of loans is given below:

	2025	2024
	£	£
Amounts falling due within one year or on demand:
Bank loans	103,683	136,882

	2025	2024
	£	£
Amounts falling due between one and five years:
Bank loans	31,205	132,259

	2025	2024
	£	£
Amounts falling due after more than five years:
Bank loans	141,778	144,129

Analysis of the terms of repayments and interest rates of the above are as follows.

Coronavirus Business Interruption Loan Scheme of £650,000 is payable over 72 months starting April 2021, interest is charged at 3.85% over base.

A property loan of £192,000 repayable over 180 months starting March 2024, interest is charged at 3.88% over base.

21. Provisions for Liabilities


	Deferred Tax	Total
	£	£
As at 1 September 2024	184,963	184,963
Origination and reversal of timing differences	(55,623 )	(55,623 )

Balance at 31 August 2025	129,340	129,340

22. Share Capital

	2025	2024
Allotted, called up and fully paid	£	£
900,000 Ordinary Shares of £ 1.00 each	900,000	900,000

Each Ordinary Share has full voting rights, full dividend rights and the right to participate in distributions on winding up.

Page 23

Page 24

Ableworld (UK) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 August 2025

23. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as following:

	2025	2024
	£	£
Not later than one year	1,091,770	1,141,596
Later than one year and not later than five years	2,283,257	2,812,692
Later than five years	590,642	902,515

	3,965,669	4,856,803

24. Pension Commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.

During the year the charge to the profit and loss account in respect of defined contribution schemes was £130,722 (2024: £123,330).

At the balance sheet date contributions of £23,428 (2024: £23,045) were due to the fund and are included in creditors.

25. Related Party Disclosures

During the year, the company leased a property from a pension scheme established for the benefit of a director. Rent of £42,500 (2024: £42,500) was paid in the year. The transaction was undertaken on normal commercial terms. No balances were outstanding at the year end.

26. Controlling Parties

The company's immediate and ultimate parent undertaking is Ableworld Holdings (UK) Ltd . Copies of the group accounts may be obtained from the secretary, C/O Ableworld Alpha Building, Stapeley Technology Park, London Road, Nantwich, Chesire, CW5 7JW .

27. Exceptional Items

Exceptional items includes the impairment loss on goodwill of £227,371 and the write off of an intercompany loan with Ableworld Franchise Limited £1,460,000.

Page 24