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REGISTERED NUMBER: 08587906 (England and Wales)

Strategic Report, Report of the Directors and

Audited Financial Statements for the Year Ended 31 December 2025

for

Bull Products Ltd

Bull Products Ltd (Registered number: 08587906)

Contents of the Financial Statements

for the Year Ended 31 December 2025

Page |

Strategic Report | 1 |

Report of the Directors | 2 |

Report of the Independent Auditors | 3 |

Statement of Comprehensive Income | 6 |

Statement of Financial Position | 7 |

Statement of Changes in Equity | 8 |

Notes to the Financial Statements | 9 |

Bull Products Ltd (Registered number: 08587906)

Strategic Report

for the Year Ended 31 December 2025

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

REVIEW OF BUSINESS

The directors are delighted to report a successful year for the company.

The company has generated £18,671,380 (2024: £17,296,885) of turnover due to excellent products and customer service. The company has generated £3,977,378 (2024: £3,474,391) of profits before tax to give satisfactory results.

At the period end the company had shareholders funds of £11,979,289 (2024: £11,473,960) including distributable profits of £11,679,089 (2024: £11,173,760). The directors therefore believe the company's position to be satisfactory, especially as the company's current assets exceed its current liabilities by £11,328,117 (2024: £10,843,986) with £931,834 in the bank (2024: £458,723).

The directors believe that there is a strong foundation to build the business further and improve on the current year's results.

PRINCIPAL RISKS AND UNCERTAINTIES

The directors have assessed the main standard risk facing the company as being increased competition from other national companies, these companies are able to sell similar products to those offered by the company at competitive prices, which could lead to decreasing margins.

The directors believe that the quality of our products and ongoing contingent arrangements will help mitigate these risks and hope to see satisfactory trading results in the coming year.

ON BEHALF OF THE BOARD:

Mr C H Markham - Director

26 May 2026

Bull Products Ltd (Registered number: 08587906)

Report of the Directors

for the Year Ended 31 December 2025

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of sale of fire safety products.

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2025 will be £2,928,313.

DIRECTORS

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

Mr R W Markham

Mr C H Markham

Mr B J Markham

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- | select suitable accounting policies and then apply them consistently;

- | make judgements and accounting estimates that are reasonable and prudent;

- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

Drummond Laurie CA are deemed to be reappointed under section 487(2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:

Mr C H Markham - Director

26 May 2026

Report of the Independent Auditors to the Members of

Bull Products Ltd

Opinion

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

In our opinion the financial statements:

- | give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Report of the Independent Auditors to the Members of

Bull Products Ltd

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

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

- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- | the financial statements are not in agreement with the accounting records and returns; or

- | certain disclosures of directors' remuneration specified by law are not made; or

- | we have not received all the information and explanations we require for our audit.

Responsibilities of directors

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

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

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:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities outlined above to detect material misstatements in respect of irregularities, including fraud.

Based on our understanding of the company, we identified that the principal risks of non-compliance with laws and regulations related to fraudulent manipulation of the financial statements, including the risk of override of controls, to reduce profits and tax liabilities. We determined that the most likely method of manipulation would be the posting of inappropriate journal entries. Audit procedures performed by the audit engagement team consisted of a review of large and unusual journal entries, challenging assumptions and judgements made by management in significant accounting estimates, discussions with management related to known or suspected instances of non-compliance with laws and regulations, review of Board minutes where available, and an evaluation of management controls designed to prevent and detect irregularities.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations or through collusion.

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

Report of the Independent Auditors to the Members of

Bull Products Ltd

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Craig Clinton (Senior Statutory Auditor)

for and on behalf of Drummond Laurie CA

Statutory Auditor

Unit 5

Gateway Business Park

Beancross Road

Grangemouth

FK3 8WX

26 May 2026

Bull Products Ltd (Registered number: 08587906)

Statement of Comprehensive Income

for the Year Ended 31 December 2025

| 31.12.25 |  | 31.12.24

| Notes | £ | £ |

TURNOVER | 18,671,380 |  | 17,296,885 |  |

Cost of sales | (10,243,131 | ) | (10,487,012 | ) |

GROSS PROFIT | 8,428,249 |  | 6,809,873 |  |

Administrative expenses | (4,456,163 | ) | (3,639,623 | ) |

3,972,086 |  | 3,170,250 |  |

Other operating income | - |  | 100,000 |  |

OPERATING PROFIT | 4 | 3,972,086 |  | 3,270,250 |  |

Income from shares in group undertakings | - |  | 200,000 |  |

Interest receivable and similar income | 5,792 |  | 6,141 |  |

3,977,878 |  | 3,476,391 |  |

Interest payable and similar expenses | 5 | (500 | ) | (2,000 | ) |

PROFIT BEFORE TAXATION | 3,977,378 |  | 3,474,391 |  |

Tax on profit | 6 | (543,736 | ) | (332,793 | ) |

PROFIT FOR THE FINANCIAL YEAR | 3,433,642 |  | 3,141,598 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 3,433,642 |  | 3,141,598 |  |

Bull Products Ltd (Registered number: 08587906)

Statement of Financial Position

31 December 2025

| 31.12.25 |  | 31.12.24

| Notes | £ | £ |

FIXED ASSETS

Intangible assets | 8 | 84,000 |  | 96,000 |  |

Tangible assets | 9 | 760,958 |  | 769,141 |  |

Investments | 10 | 100 |  | 100 |  |

845,058 |  | 865,241 |  |

CURRENT ASSETS

Stocks | 11 | 2,194,386 |  | 2,251,449 |  |

Debtors | 12 | 11,218,052 |  | 11,455,813 |  |

Cash at bank | 931,834 |  | 458,723 |  |

14,344,272 |  | 14,165,985 |  |

CREDITORS

Amounts falling due within one year | 13 | (3,016,155 | ) | (3,321,999 | ) |

NET CURRENT ASSETS | 11,328,117 |  | 10,843,986 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 12,173,175 |  | 11,709,227 |  |

CREDITORS

Amounts falling due after more than one year | 14 | (3,646 | ) | (44,434 | ) |

PROVISIONS FOR LIABILITIES | 18 | (190,240 | ) | (190,833 | ) |

NET ASSETS | 11,979,289 |  | 11,473,960 |  |

CAPITAL AND RESERVES

Called up share capital | 19 | 300,200 |  | 300,200 |  |

Retained earnings | 20 | 11,679,089 |  | 11,173,760 |  |

SHAREHOLDERS' FUNDS | 11,979,289 |  | 11,473,960 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 26 May 2026 and were signed on its behalf by:

Mr C H Markham - Director

Bull Products Ltd (Registered number: 08587906)

Statement of Changes in Equity

for the Year Ended 31 December 2025

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1 January 2024 | 300,200 |  | 10,226,449 |  | 10,526,649 |  |

Changes in equity

Dividends | - |  | (2,194,287 | ) | (2,194,287 | ) |

Total comprehensive income | - |  | 3,141,598 |  | 3,141,598 |  |

Balance at 31 December 2024 | 300,200 |  | 11,173,760 |  | 11,473,960 |  |

Changes in equity

Dividends | - |  | (2,928,313 | ) | (2,928,313 | ) |

Total comprehensive income | - |  | 3,433,642 |  | 3,433,642 |  |

Balance at 31 December 2025 | 300,200 |  | 11,679,089 |  | 11,979,289 |  |

Bull Products Ltd (Registered number: 08587906)

Notes to the Financial Statements

for the Year Ended 31 December 2025

1. | STATUTORY INFORMATION

| Bull Products Ltd is a private company, limited by shares, domiciled in England, registration number 08587906. The registered office is Beacon House, 4 Beacon Road, Rotherwas Industrial Estate, Hereford, HR2 6JF.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| The company has taken advantage of the following disclosure exemption 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.

| Related party exemption

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with group members.

| Turnover

| Turnover represents net invoiced sales of goods and services in respect of fire safety products, excluding value added tax. Sales are recognised at the point at which the goods are delivered or the service is complete.

| 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.

| Intellectual property are being amortised evenly over their estimated useful life of ten years.

| Tangible fixed assets and depreciation

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

| Plant and machinery | - | 25% on reducing balance

| Fixtures and fittings | - | 33% on cost, 25% on reducing balance, 20% on cost and 12.5% on cost

| Motor vehicles | - | 33% on cost and 25% on reducing balance

| Tangible fixed assets are stated at cost less depreciation. Cost represent purchase price together with any incidental costs of acquisition.

| The directors have considered the residual value of all tangible fixed assets to be immaterial and therefore all tangible fixed assets are depreciated to nil value.

| Investments in subsidiaries

| Investments in subsidiary undertakings are recognised at cost.

| Stocks

| Stocks including those identified as work in progress, are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is represented by purchase price.

Bull Products Ltd (Registered number: 08587906)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 statement of financial position date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

| Hire purchase and leasing commitments

| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

| Pension costs and other post-retirement benefits

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

| Provisions

| Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are discounted where the time value of money is material.

| Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

| Cash and cash equivalents

| Cash and cash equivalents include cash at bank and in hand and highly liquid interest-bearing securities with maturities of three months or less. In the cash-flow statement, cash and cash equivalents are shown net of bank overdrafts, which are included as current borrowings in liabilities on the balance sheet.

| Going concern

| The directors of the company have reviewed the company's financial position for 12 months from the balance sheet signing date and it is the directors belief that the company should prepare financial statements on a going concern basis.

Bull Products Ltd (Registered number: 08587906)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

3. | EMPLOYEES AND DIRECTORS

| 31.12.25 |  | 31.12.24

£ | £ |

| Wages and salaries | 4,632,827 |  | 4,383,362 |  |

| Social security costs | 575,588 |  | 472,908 |  |

| Other pension costs | 67,711 |  | 66,092 |  |

5,276,126 |  | 4,922,362 |  |

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

| 31.12.25 |  | 31.12.24

| Employees | 91 |  | 95 |  |

| The key management personnel for the company are deemed to be the directors.

| 31.12.25 |  | 31.12.24

£ | £ |

| Directors' remuneration | 25,140 |  | 25,140 |  |

4. | OPERATING PROFIT

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Depreciation - owned assets | 264,614 |  | 330,938 |  |

| Depreciation - assets on hire purchase contracts | 89,665 |  | 102,488 |  |

| Profit on disposal of fixed assets | (65,466 | ) | (35,702 | ) |

| Intellectual property amortisation | 12,000 |  | 12,000 |  |

| Auditors' remuneration | 17,935 |  | 16,920 |  |

| Rent | 150,000 |  | 150,260 |  |

5. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 31.12.25 |  | 31.12.24

£ | £ |

| Other loan interest | 500 |  | 2,000 |  |

6. | TAXATION

| Analysis of the tax charge

| The tax charge on the profit for the year was as follows:

| 31.12.25 |  | 31.12.24

£ | £ |

| Current tax:

| UK corporation tax | 437,049 |  | 339,680 |  |

| Over/under provision of tax | 107,280 |  | 42,848 |  |

| Total current tax | 544,329 |  | 382,528 |  |

| Deferred tax | (593 | ) | (49,735 | ) |

| Tax on profit | 543,736 |  | 332,793 |  |

Bull Products Ltd (Registered number: 08587906)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

6. | TAXATION - continued

| Reconciliation of total tax charge included in profit and loss

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Profit before tax | 3,977,378 |  | 3,474,391 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 994,345 |  | 868,598 |  |

| Effects of:

| Expenses not deductible for tax purposes | 29,194 |  | 4,759 |  |

| Income not taxable for tax purposes | (16,367 | ) | (63,461 | ) |

| Depreciation in excess of capital allowances | 18,512 |  | 65,798 |  |

| Adjustments to tax charge in respect of previous periods | 107,280 |  | 42,771 |  |

| Deferred tax movement | (593 | ) | (49,735 | ) |

| Patent box adjustment | (434,155 | ) | (383,366 | ) |

| Utilisation of group tax losses | (154,480 | ) | (152,571 | ) |

| Total tax charge | 543,736 |  | 332,793 |  |

7. | DIVIDENDS

| 31.12.25 |  | 31.12.24

£ | £ |

| Ordinary shares of £1 each

| Final | 2,928,313 |  | 2,194,287 |  |

8. | INTANGIBLE FIXED ASSETS

| Intellectual

| property

£ |

| COST

| At 1 January 2025

| and 31 December 2025 | 120,000 |  |

| AMORTISATION

| At 1 January 2025 | 24,000 |  |

| Amortisation for year | 12,000 |  |

| At 31 December 2025 | 36,000 |  |

| NET BOOK VALUE

| At 31 December 2025 | 84,000 |  |

| At 31 December 2024 | 96,000 |  |

Bull Products Ltd (Registered number: 08587906)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

9. | TANGIBLE FIXED ASSETS

| Fixtures |

| Plant and |  | and |  | Motor |

| machinery |  | fittings |  | vehicles |  | Totals

£ | £ | £ | £ |

| COST

| At 1 January 2025 | 478,903 |  | 1,366,506 |  | 1,240,933 |  | 3,086,342 |  |

| Additions | 119,445 |  | 161,699 |  | 71,686 |  | 352,830 |  |

| Disposals | - |  | (6,000 | ) | (347,709 | ) | (353,709 | ) |

| At 31 December 2025 | 598,348 |  | 1,522,205 |  | 964,910 |  | 3,085,463 |  |

| DEPRECIATION

| At 1 January 2025 | 306,684 |  | 1,059,476 |  | 951,041 |  | 2,317,201 |  |

| Charge for year | 78,764 |  | 92,200 |  | 183,315 |  | 354,279 |  |

| Eliminated on disposal | - |  | (6,000 | ) | (340,975 | ) | (346,975 | ) |

| At 31 December 2025 | 385,448 |  | 1,145,676 |  | 793,381 |  | 2,324,505 |  |

| NET BOOK VALUE

| At 31 December 2025 | 212,900 |  | 376,529 |  | 171,529 |  | 760,958 |  |

| At 31 December 2024 | 172,219 |  | 307,030 |  | 289,892 |  | 769,141 |  |

| Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

| Motor

| vehicles

£ |

| COST

| At 1 January 2025 | 319,402 |  |

| Disposals | (37,806 | ) |

| At 31 December 2025 | 281,596 |  |

| DEPRECIATION

| At 1 January 2025 | 156,563 |  |

| Charge for year | 89,665 |  |

| Eliminated on disposal | (25,205 | ) |

| At 31 December 2025 | 221,023 |  |

| NET BOOK VALUE

| At 31 December 2025 | 60,573 |  |

| At 31 December 2024 | 162,839 |  |

Bull Products Ltd (Registered number: 08587906)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

10. | FIXED ASSET INVESTMENTS

| Shares in

| group

| undertakings

£ |

| COST

| At 1 January 2025

| and 31 December 2025 | 100 |  |

| NET BOOK VALUE

| At 31 December 2025 | 100 |  |

| At 31 December 2024 | 100 |  |

11. | STOCKS

| 31.12.25 |  | 31.12.24

£ | £ |

| Raw materials | 1,913,839 |  | 1,957,677 |  |

| Work-in-progress | 280,547 |  | 293,772 |  |

2,194,386 |  | 2,251,449 |  |

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Trade debtors | 2,487,855 |  | 2,568,656 |  |

| Amounts owed by group undertakings | 8,431,588 |  | 8,587,502 |  |

| Amounts owed by related parties | 42,489 |  | 60,000 |  |

| Prepayments | 256,120 |  | 239,655 |  |

11,218,052 |  | 11,455,813 |  |

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Other loans (see note 15) | - |  | 40,000 |  |

| Hire purchase contracts (see note 16) | 40,788 |  | 61,311 |  |

| Trade creditors | 1,387,153 |  | 1,201,947 |  |

| Amounts owed to group undertakings | 108,946 |  | 708,789 |  |

| Tax | 544,409 |  | 339,759 |  |

| Social security and other taxes | 123,356 |  | 123,049 |  |

| VAT | 410,923 |  | 452,282 |  |

| Accruals and deferred income | 400,580 |  | 394,862 |  |

3,016,155 |  | 3,321,999 |  |

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Hire purchase contracts (see note 16) | 3,646 |  | 44,434 |  |

Bull Products Ltd (Registered number: 08587906)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

15. | LOANS

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Amounts falling due within one year or on demand:

| Other loans | - |  | 40,000 |  |

16. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Hire purchase |

| contracts |

| 31.12.25 |  | 31.12.24 |

£ | £ |

| Net obligations repayable:

| Within one year | 40,788 |  | 61,311 |  |

| Between one and five years | 3,646 |  | 44,434 |  |

44,434 |  | 105,745 |  |

| Non-cancellable |

| operating leases |

| 31.12.25 |  | 31.12.24

£ | £ |

| Within one year | 40,334 |  | 5,000 |  |

17. | SECURED DEBTS

| The following secured debts are included within creditors:

| 31.12.25 |  | 31.12.24

£ | £ |

| Hire purchase contracts | 44,434 |  | 105,745 |  |

| Balances due on hire purchase contracts are secured on the assets to which they relate.

18. | PROVISIONS FOR LIABILITIES

| 31.12.25 |  | 31.12.24

£ | £ |

| Deferred tax | 190,240 |  | 190,833 |  |

| Deferred |

| tax |

£ |

| Balance at 1 January 2025 | 190,833 |  |

| Provided during year | (593 | ) |

| Balance at 31 December 2025 | 190,240 |  |

Bull Products Ltd (Registered number: 08587906)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

19. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 31.12.25 |  | 31.12.24

| value: | £ | £ |

| 300,200 | Ordinary | £1 | 300,200 |  | 300,200 |  |

20. | RESERVES

| Retained

| earnings

£ |

| At 1 January 2025 | 11,173,760 |  |

| Profit for the year | 3,433,642 |  |

| Dividends | (2,928,313 | ) |

| At 31 December 2025 | 11,679,089 |  |

21. | ULTIMATE PARENT COMPANY

| DWS Group Limited is regarded by the directors as being the company's ultimate parent company.

| DWS Group Limited is registered in England under registration number 10592910. The registered office is Stirling House Unit 6 Beacon Road, Rotherwas Industrial Estate, Hereford, HR2 6JF.

22. | CONTINGENT LIABILITIES

| As at the reporting date, the Company is subject to an ongoing investigation by HM Revenue & Customs (HMRC) regarding a research and development (R&D) tax credit claim submitted for the year ended 31 December 2022 and prior years.

| The inquiry relates to the eligibility and substantiation of certain qualifying expenditure included within the R&D tax relief claim. The Company is cooperating fully with the investigation and has provided all requested documentation and supporting evidence.

| At this stage, the outcome of the investigation remains uncertain. Management, in consultation with external advisors, believes that it has a reasonable basis for the claim submitted and has accounted for the R&D credit in accordance with applicable accounting standards. However, in recognition of the inherent uncertainty in tax authority determinations and the potential for repayment of all or part of the credit received, the matter is disclosed as a contingent liability.

| No provision has been made in these financial statements as the Company does not currently consider it probable that an economic outflow will be required. The maximum potential exposure, should the claim be wholly or partially disallowed, is estimated to be £600k.

| The Company will continue to monitor developments in this matter and will reassess the need for any provision as more information becomes available.

23. | RELATED PARTY DISCLOSURES

| Other related parties

| 31.12.25 |  | 31.12.24

£ | £ |

| Rent expenses | 150,000 |  | 150,260 |  |

| Management charge expenses | 134,042 |  | 72,714 |  |

| Amount due from related party | 42,489 |  | 60,000 |  |

Bull Products Ltd (Registered number: 08587906)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

24. | ULTIMATE CONTROLLING PARTY

| The company is under the control of its Board of Directors.