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REGISTERED NUMBER: 02754482 (England and Wales)

| Strategic Report, Report of the Directors and |

| Audited Financial Statements |

| for the Year Ended 30 September 2025 |

| for |

| Thermal Transfer Technology Limited |

| Thermal Transfer Technology Limited (Registered number: 02754482) |

Contents of the Financial Statements

for the year ended 30 September 2025

Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Report of the Directors | 5 |

| Report of the Independent Auditors | 7 |

| Statement of Income and Retained Earnings | 11 |

| Statement of Financial Position | 12 |

| Statement of Cash Flows | 14 |

| Notes to the Statement of Cash Flows | 15 |

| Notes to the Financial Statements | 16 |

| Thermal Transfer Technology Limited |

Company Information

for the year ended 30 September 2025

| DIRECTORS: | A G Thomsen

| D Hill

| K Tumilty

| C W Thomsen

| T O Thomsen

| SECRETARY: | A G Thomsen

| REGISTERED OFFICE: | Hall Dene Way Seaham Grange Ind

| Seaham Hall Dene Way

| County Durham

| SR7 0PU

| REGISTERED NUMBER: | 02754482 (England and Wales)

| AUDITORS: | TTR Barnes Limited

| Chartered Accountants and Statutory Auditors

| 3-5 Grange Terrace

| Stockton Road

| Sunderland

| Tyne & Wear

| SR2 7DG

| BANKERS: | Barclays Bank PLC

| Market Street Branch

| 7 Market Street

| Newcastle

| NE1 4GL

| SOLICITORS: | Watson Burton LLP

| 1 St James' Gate

| Newcastle Upon Tyne

| NE99 1YQ

| Thermal Transfer Technology Limited (Registered number: 02754482) |

Strategic Report

for the year ended 30 September 2025

The directors feel at present, the market for the industry is positive and trading conditions are improving despite past and ongoing challenges from Covid-19, brexit and global supply chain issues.

A key performance indicator used by the director's is turnover achieved and operating profit achieved. Results for the year under review indicate that turnover has increased and profitability has increased, both being in line with company objectives

REVIEW OF BUSINESS

The key performance indicators for the company during the year were as follows:

| 2025 |  | 2024 |  | Change |

| £'000 |  | £'000 |  | % |

Turnover |  | 10,320 |  | 8,754 |  | 17.89 |

Operating profit |  | 726 |  | 168 |  | 332.14 |

Profit before tax |  | 669 |  | 112 |  | 497.32 |

Shareholders' funds |  | 3,843 |  | 3,354 |  | 14.58 |

Current assets as % of current liabilities |  | 205% |  | 232% |  |

The results for the year was an operating profit which is 332% higher than the prior year, there was also a large increase of 18% in the turnover.

Future developments

The directors are expecting to improve on the current level of business with positive signs of improvements in our core markets.

| Thermal Transfer Technology Limited (Registered number: 02754482) |

Strategic Report

for the year ended 30 September 2025

PRINCIPAL RISKS AND UNCERTAINTIES

Financial Risk Management Policy

The company's principal financial instruments comprise cash and loans. Other financial assets and liabilities, such as trade creditors and trade debtors arise directly from the company's operating activities.

The main risks associated with the company's financial assets and liabilities are set out below. Given that the majority of risks below are not considered significant and derive from normal trading activities, the company does not undertake any hedging activity. Significant financial risks are addressed on a case-by-case basis as and if they arise.

Interest rate risk

The company borrows using variable rate debt. The company is exposed to cash flow interest rate risk, but there is opportunity for the company to enjoy a reduction in borrowing costs in markets where rates are falling. In contrast, floating rate borrowings are exposed to cash flow risk as costs increase if market rates rise.

Price Risk

The company does not deem the exposure to price changes in raw materials to be significant enough to consider hedging the cost of the materials as any increases are reflected in sales prices to recover costs.

Credit Risk

Company policies are aimed at minimizing such losses and require that deferred terms are only granted to customers who demonstrate appropriate credit worthiness. The company aims to maintain tight control of credit limits and cash collection targets.

Liquidity Risk

The company aims to mitigate liquidity risk by managing cash generated by its operations. Capital expenditure is approved by the directors. Flexibility is maintained by retaining surplus cash in readily accessible bank deposit accounts.

Foreign Currency Risk

The Company's principal transactions in foreign currency arise directly from operating activities. The main risk arises from movements in the Danish Kroner, Euro and Euro related exchange rates. The company does not consider the risk to be of such significance to warrant any hedging activity due to price variations being passed on to customers.

| Thermal Transfer Technology Limited (Registered number: 02754482) |

Strategic Report

for the year ended 30 September 2025

ON BEHALF OF THE BOARD:

A G Thomsen - Director

28 January 2026

| Thermal Transfer Technology Limited (Registered number: 02754482) |

Report of the Directors

for the year ended 30 September 2025

The directors present their report with the financial statements of the company for the year ended 30 September 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the manufacture of finned tube heat exchangers.

DIVIDENDS

No dividends will be distributed for the year ended 30 September 2025.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 October 2024 to the date of this report.

A G Thomsen

D Hill

K Tumilty

C W Thomsen

T O Thomsen

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.

| Thermal Transfer Technology Limited (Registered number: 02754482) |

Report of the Directors

for the year ended 30 September 2025

AUDITORS

The auditors, TTR Barnes Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

A G Thomsen - Director

28 January 2026

Report of the Independent Auditors to the Members of

Thermal Transfer Technology Limited

Opinion

We have audited the financial statements of Thermal Transfer Technology Limited (the 'company') for the year ended 30 September 2025 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 30 September 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

Thermal Transfer Technology 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 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 five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Report of the Independent Auditors to the Members of

Thermal Transfer Technology Limited

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 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 finned tube heat exchangers manufacturing 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 and data protection, 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; and

- considering the internal controls in place to mitigate risks 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 or unexpected relationships;

- tested journal entries to identify unusual transactions;

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

- investigated the rationale behind significant or unusual transactions.

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

- agreeing financial statement disclosures to underlying supporting documentation;

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

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

- reviewing correspondence with HMRC, relevant regulators including the Health and Safety responsible individual, and the company's legal advisors.

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 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

Thermal Transfer Technology Limited

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.

Allan Russell FCA CTA (Senior Statutory Auditor)

for and on behalf of TTR Barnes Limited

Chartered Accountants and Statutory Auditors

3-5 Grange Terrace

Stockton Road

Sunderland

Tyne & Wear

SR2 7DG

29 January 2026

| Thermal Transfer Technology Limited (Registered number: 02754482) |

Statement of Income and

Retained Earnings

for the year ended 30 September 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

TURNOVER | 3 | 10,320,522 |  | 8,754,675 |  |

Cost of sales | 7,521,887 |  | 6,768,439 |  |

GROSS PROFIT | 2,798,635 |  | 1,986,236 |  |

Distribution costs | 410,625 |  | 322,406 |  |

Administrative expenses | 1,677,328 |  | 1,502,304 |  |

|  |  | 2,087,953 |  |  |  |  | 1,824,710 |  |

710,682 |  | 161,526 |  |

Other operating income | 2,215 |  | - |  |

OPERATING PROFIT | 5 | 712,897 |  | 161,526 |  |

Interest receivable and similar income | 5,561 |  | - |  |

718,458 |  | 161,526 |  |

Interest payable and similar expenses | 6 | 49,500 |  | 49,636 |  |

PROFIT BEFORE TAXATION | 668,958 |  | 111,890 |  |

Tax on profit | 7 | 179,822 |  | 41,251 |  |

PROFIT FOR THE FINANCIAL YEAR | 489,136 |  | 70,639 |  |

Retained earnings at beginning of year | 2,138,742 |  | 2,068,103 |  |

RETAINED EARNINGS AT END OF YEAR | 2,627,878 |  | 2,138,742 |  |

| Thermal Transfer Technology Limited (Registered number: 02754482) |

Statement of Financial Position

30 September 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 8 | 1,224,699 |  | 727,244 |  |

Investments | 9 | 300 |  | 300 |  |

1,224,999 |  | 727,544 |  |

CURRENT ASSETS

Stocks | 10 | 1,717,239 |  | 1,891,424 |  |

Debtors | 11 | 2,642,031 |  | 2,481,709 |  |

Cash at bank and in hand | 889,464 |  | 412,997 |  |

5,248,734 |  | 4,786,130 |  |

CREDITORS

Amounts falling due within one year | 12 | 2,552,039 |  | 2,064,792 |  |

NET CURRENT ASSETS | 2,696,695 |  | 2,721,338 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 3,921,694 |  | 3,448,882 |  |

PROVISIONS FOR LIABILITIES | 16 | 78,508 |  | 94,832 |  |

NET ASSETS | 3,843,186 |  | 3,354,050 |  |

CAPITAL AND RESERVES

Called up share capital | 17 | 1,215,308 |  | 1,215,308 |  |

Retained earnings | 18 | 2,627,878 |  | 2,138,742 |  |

SHAREHOLDERS' FUNDS | 3,843,186 |  | 3,354,050 |  |

| Thermal Transfer Technology Limited (Registered number: 02754482) |

Statement of Financial Position - continued

30 September 2025

The financial statements were approved by the Board of Directors and authorised for issue on 28 January 2026 and were signed on its behalf by:

A G Thomsen - Director

| Thermal Transfer Technology Limited (Registered number: 02754482) |

Statement of Cash Flows

for the year ended 30 September 2025

| 2025 |  | 2024

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 1,241,280 |  | 94,934 |  |

Interest paid | (49,500 | ) | (49,636 | ) |

Tax paid | (60,431 | ) | (29,994 | ) |

Net cash from operating activities | 1,131,349 |  | 15,304 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (652,009 | ) | (29,394 | ) |

Interest received | 5,561 |  | - |  |

Net cash from investing activities | (646,448 | ) | (29,394 | ) |

Cash flows from financing activities

Amount introduced by directors | 161 |  | 43,234 |  |

Amount withdrawn by directors | (8,595 | ) | (16,034 | ) |

Net cash from financing activities | (8,434 | ) | 27,200 |  |

Increase in cash and cash equivalents | 476,467 |  | 13,110 |  |

Cash and cash equivalents at beginning of year | 2 | 412,997 |  | 399,887 |  |

Cash and cash equivalents at end of year | 2 | 889,464 |  | 412,997 |  |

| Thermal Transfer Technology Limited (Registered number: 02754482) |

Notes to the Statement of Cash Flows

for the year ended 30 September 2025

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

| 2025 |  | 2024

£ | £ |

| Profit before taxation | 668,958 |  | 111,890 |  |

| Depreciation charges | 154,554 |  | 168,606 |  |

| Finance costs | 49,500 |  | 49,636 |  |

| Finance income | (5,561 | ) | - |  |

867,451 |  | 330,132 |  |

| Decrease in stocks | 174,185 |  | 595,371 |  |

| Increase in trade and other debtors | (153,966 | ) | (878,627 | ) |

| Increase in trade and other creditors | 353,610 |  | 48,058 |  |

| Cash generated from operations | 1,241,280 |  | 94,934 |  |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

| Year ended 30 September 2025

| 30/9/25 |  | 1/10/24

£ | £ |

| Cash and cash equivalents | 889,464 |  | 412,997 |  |

| Year ended 30 September 2024

| 30/9/24 |  | 1/10/23

£ | £ |

| Cash and cash equivalents | 412,997 |  | 399,887 |  |

3. | ANALYSIS OF CHANGES IN NET DEBT

| At 1/10/24 | Cash flow | At 30/9/25

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 412,997 |  | 476,467 |  | 889,464 |  |

412,997 |  | 476,467 |  | 889,464 |  |

| Debt

| Debts falling due within 1 year | (900,000 | ) | - |  | (900,000 | ) |

(900,000 | ) | - |  | (900,000 | ) |

| Total | (487,003 | ) | 476,467 |  | (10,536 | ) |

| Thermal Transfer Technology Limited (Registered number: 02754482) |

Notes to the Financial Statements

for the year ended 30 September 2025

1. | STATUTORY INFORMATION

| Thermal Transfer Technology 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 Company Information page.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

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

| The financial statements have been prepared on a going concern basis which assumes the company will continue in operational existence for the foreseeable future and meet its liabilities as they fall due.

| Preparation of consolidated financial statements

| The financial statements contain information about Thermal Transfer Technology Ltd as an individual company and do not contain consolidated financial information. The company have not prepared group financial statements on the grounds that it's subsidiary undertakings have not traded and are immaterial to the group.

| 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 wholly owned subsidiaries within the group.

| Significant judgements and estimates

| The following estimates have been made in the process of applying the above accounting policies, these are the estimates that have the most significant effect on the financial statements:

| Depreciation - depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset. An estimate of the useful economic life of assets is detailed in the depreciation accounting policy. The depreciation charge for the year is £154,554..

| The following judgements have been made in the process of applying the above accounting policies, these are the judgements that have the most significant effect on the financial statements

| Valuation of Stock - stock is held at the lower of cost and net realisable value, a judgement has been made to establish if there should be a provision for stock items that have reduced in value.

| Accruals - accruals are included as items that are deemed highly probable to be an obligation that the company has to pay or deliver in the next 12 months.

| Turnover

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

| Turnover, which is stated net of value of added tax, represents the amount invoiced to third parties and is usually recognised on delivery of goods.

| Income recognition

| Income is recognised when all risks and rewards are transferred to the customer, usually on delivery of goods.

| Thermal Transfer Technology Limited (Registered number: 02754482) |

Notes to the Financial Statements - continued

for the year ended 30 September 2025

2. | ACCOUNTING POLICIES - continued

| Tangible fixed assets

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

| Freehold property | - | Straight line over 40 years

| Plant and machinery | - | Straight line over 10 years

| Fixtures and fittings | - | Straight line over 10 years

| Motor vehicles | - | Straight line over 5 years

| Computer equipment | - | Straight line over 5 years

| Freehold land is not subject to depreciation as it is expected to appreciate over time.

| The carrying values of fixed assets are reviewed for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable. The directors do not consider that there are any indicators of impairment in any of the company's tangible fixed assets in the current year.

| Investments in subsidiaries

| Investment in subsidiary undertakings are recognised at cost less impairments.

| Stocks

| Stocks are stated at the lower of cost and net realisable value. Cost includes all costs incurred in bringing each product to its present location and condition as follows:

| Raw materials and goods for resale - Purchase cost on a first-in, first-out basis

| Work in progress - cost of direct materials and labour plus attributable overheads based on a normal level of activity.

| Net realisable value is based on estimated selling price less any further costs expected to be incurred to completion and disposal.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the 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.

| Foreign currencies

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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.

| Thermal Transfer Technology Limited (Registered number: 02754482) |

Notes to the Financial Statements - continued

for the year ended 30 September 2025

2. | ACCOUNTING POLICIES - continued

| 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 company contributes to private pension schemes for its directors and employees. Contributions are charged to the income statement as they become payable in accordance with the rules of the schemes.

| Financial instruments

| Assets

| Short term assets including prepayments and trade debtors are measured at transaction price. Other financial assets including cash are measured at fair value.

| Liabilities

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

| Preference shares

| Preference shares are held at cost less impairment.

3. | TURNOVER

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

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

| 2025 |  | 2024

£ | £ |

| United Kingdom | 9,151,792 |  | 7,187,322 |  |

| Europe | 1,168,730 |  | 1,567,353 |  |

10,320,522 |  | 8,754,675 |  |

| The turnover and pre-tax profit is attributable to one continuing activity, the manufacture of finned tube heat exchanges.

4. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 3,251,749 |  | 2,783,713 |  |

| Social security costs | 33,472 |  | 29,942 |  |

| Other pension costs | 32,030 |  | 32,820 |  |

3,317,251 |  | 2,846,475 |  |

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

| 2025 |  | 2024

| Management, sales and administration | 28 |  | 19 |  |

| Manufacturing | 70 |  | 74 |  |

| Directors | 3 |  | 3 |  |

101 |  | 96 |  |

| Thermal Transfer Technology Limited (Registered number: 02754482) |

Notes to the Financial Statements - continued

for the year ended 30 September 2025

4. | EMPLOYEES AND DIRECTORS - continued

| 2025 |  | 2024

£ | £ |

| Directors' remuneration | 248,272 |  | 239,726 |  |

| Directors' pension contributions to money purchase schemes | 23,251 |  | 21,868 |  |

| The number of directors to whom retirement benefits were accruing was as follows:

| Money purchase schemes | 2 |  | 2 |  |

| Information regarding the highest paid director is as follows:

| 2025 |  | 2024

£ | £ |

| Emoluments etc | 98,061 |  | 96,733 |  |

| Pension contributions to money purchase schemes | 12,549 |  | 12,548 |  |

5. | OPERATING PROFIT

| The operating profit is stated after charging:

| 2025 |  | 2024

£ | £ |

| Other operating leases | 12,600 |  | 16,800 |  |

| Depreciation - owned assets | 154,554 |  | 168,606 |  |

| Auditors' remuneration | 21,000 |  | 20,000 |  |

| Auditors' remuneration for non audit work | 6,100 |  | 3,290 |  |

| Foreign exchange differences | 5,240 |  | 29,622 |  |

6. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£ | £ |

| Loan interest | 49,500 |  | 49,636 |  |

7. | TAXATION

| Analysis of the tax charge

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

| 2025 |  | 2024

£ | £ |

| Current tax:

| UK corporation tax | 196,146 |  | 60,357 |  |

| Deferred tax | (16,324 | ) | (19,106 | ) |

| Tax on profit | 179,822 |  | 41,251 |  |

| Thermal Transfer Technology Limited (Registered number: 02754482) |

Notes to the Financial Statements - continued

for the year ended 30 September 2025

7. | TAXATION - continued

| Reconciliation of total tax charge included in profit and loss

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

| 2025 |  | 2024

£ | £ |

| Profit before tax | 668,958 |  | 111,890 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 24.950%) | 167,240 |  | 27,917 |  |

| Effects of:

| Expenses not deductible for tax purposes | (674 | ) | 563 |  |

| Depreciation in excess of capital allowances | 29,580 |  | 31,878 |  |

| respect of previous years |

| Deferred tax | (16,324 | ) | (19,106 | ) |

| Rounding | - |  | (1 | ) |

| Total tax charge | 179,822 |  | 41,251 |  |

8. | TANGIBLE FIXED ASSETS

| Fixtures

| Freehold |  | Plant and |  | and

| property |  | machinery |  | fittings

£ | £ | £ |

| COST

| At 1 October 2024 | 2,148,548 |  | 3,142,910 |  | 324,580 |  |

| Additions | 625,064 |  | 12,708 |  | 9,185 |  |

| At 30 September 2025 | 2,773,612 |  | 3,155,618 |  | 333,765 |  |

| DEPRECIATION

| At 1 October 2024 | 1,859,420 |  | 2,873,765 |  | 183,022 |  |

| Charge for year | 52,102 |  | 72,430 |  | 20,884 |  |

| At 30 September 2025 | 1,911,522 |  | 2,946,195 |  | 203,906 |  |

| NET BOOK VALUE

| At 30 September 2025 | 862,090 |  | 209,423 |  | 129,859 |  |

| At 30 September 2024 | 289,128 |  | 269,145 |  | 141,558 |  |

| Thermal Transfer Technology Limited (Registered number: 02754482) |

Notes to the Financial Statements - continued

for the year ended 30 September 2025

8. | TANGIBLE FIXED ASSETS - continued

| Motor |  | Computer |

| vehicles |  | equipment |  | Totals

£ | £ | £ |

| COST

| At 1 October 2024 | 39,646 |  | 127,999 |  | 5,783,683 |  |

| Additions | - |  | 5,052 |  | 652,009 |  |

| At 30 September 2025 | 39,646 |  | 133,051 |  | 6,435,692 |  |

| DEPRECIATION

| At 1 October 2024 | 27,651 |  | 112,581 |  | 5,056,439 |  |

| Charge for year | 2,999 |  | 6,139 |  | 154,554 |  |

| At 30 September 2025 | 30,650 |  | 118,720 |  | 5,210,993 |  |

| NET BOOK VALUE

| At 30 September 2025 | 8,996 |  | 14,331 |  | 1,224,699 |  |

| At 30 September 2024 | 11,995 |  | 15,418 |  | 727,244 |  |

| Included in cost of land and buildings is freehold land of £ 688,833 (2024 - £ 64,494 ) which is not depreciated.

9. | FIXED ASSET INVESTMENTS

| Shares in

| group

| undertakings

£ |

| COST

| At 1 October 2024

| and 30 September 2025 | 300 |  |

| NET BOOK VALUE

| At 30 September 2025 | 300 |  |

| At 30 September 2024 | 300 |  |

| The company owns 100% of the issued share capital of Stylecall Limited, 3T Coils Limited, and Thermal Transfer Limited, all unquoted companies registered in England and Wales. 3T Coils Limited and Thermal Transfer Limited are dormant companies at the Year End.

10. | STOCKS

2025 | 2024 |

£ | £ |

| Stocks | 1,498,363 |  | 1,644,444 |  |

| Work-in-progress | 218,876 |  | 246,980 |  |

1,717,239 |  | 1,891,424 |  |

| The company held stock on a consignment basis at 30 September 2025 with a cost of £201,336 (2024: £52,610) which is not included in the balance sheet and not invoiced by the supplier until brought into use.

| Thermal Transfer Technology Limited (Registered number: 02754482) |

Notes to the Financial Statements - continued

for the year ended 30 September 2025

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

2025 | 2024 |

£ | £ |

| Trade debtors | 2,483,004 |  | 2,338,338 |  |

| Other debtors | - |  | 8,669 |  |

| Directors' loan accounts | 6,518 |  | 161 |  |

| Tax | 1,093 |  | 1,094 |  |

| Prepayments | 151,416 |  | 133,447 |  |

2,642,031 |  | 2,481,709 |  |

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

2025 | 2024 |

£ | £ |

| Other loans (see note 13) | 900,000 |  | 900,000 |  |

| Trade creditors | 841,423 |  | 598,584 |  |

| Tax | 196,071 |  | 60,357 |  |

| Social security and other taxes | 380,717 |  | 344,958 |  |

| Other creditors | 3,818 |  | 4,785 |  |

| Directors' loan accounts | - |  | 2,077 |  |

| Accrued expenses | 230,010 |  | 154,031 |  |

2,552,039 |  | 2,064,792 |  |

13. | LOANS

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

2025 | 2024 |

£ | £ |

| Amounts falling due within one year or on demand:

| Other loans | 900,000 |  | 900,000 |  |

| Included within other loans repayable within one year other than by installments is a £900,000 loan from Tadora Holdings Limited, a company which holds a minority interest in the share capital of the company. There are no terms as to repayment of this balance which is secured against freehold land and all property of the company. Interest is accruing quarterly at a rate of 5.5% per annum. Interest charged in respect of the year is £49,500 (2024: £49,500).

14. | LEASING AGREEMENTS

| Minimum lease payments under non-cancellable operating leases fall due as follows:

2025 | 2024 |

£ | £ |

| Within one year | 2,817 |  | 4,831 |  |

| Between one and five years | - |  | 2,817 |  |

2,817 |  | 7,648 |  |

| Thermal Transfer Technology Limited (Registered number: 02754482) |

Notes to the Financial Statements - continued

for the year ended 30 September 2025

15. | SECURED DEBTS

| The following secured debts are included within creditors:

2025 | 2024 |

£ | £ |

| Tadora Holdings Ltd | 900,000 |  | 900,000 |  |

| The loan is secured by a fixed and floating charge, held over all the property and undertakings of the company.

16. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

£ | £ |

| Deferred tax

| Accelerated capital allowances | 78,508 |  | 94,832 |  |

| Deferred |

| tax |

£ |

| Balance at 1 October 2024 | 94,832 |  |

| Accelerated capital allowances | (16,515 | ) |

| Rate change | 190 |  |

| Rounding | 1 |  |

| Balance at 30 September 2025 | 78,508 |  |

17. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

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

| value: | £ | £ |

| 1,000 | Ordinary | £1 | 1,000 |  | 1,000 |  |

| 1,214,308 | Preference | £1 | 1,214,308 |  | 1,214,308 |  |

1,215,308 |  | 1,215,308 |  |

| Called up share capital represents the nominal value of all the shares that have been issued. Ordinary shares carry full voting and dividend rights.

| Preference shares are, irredeemable, carry 10% non-cumulative dividend rights and are not entitled to voting rights.

18. | RESERVES

| Retained

| earnings

£ |

| At 1 October 2024 | 2,138,742 |  |

| Profit for the year | 489,136 |  |

| At 30 September 2025 | 2,627,878 |  |

| Retained earnings represent all current and prior period profits and losses less any distributions made.

| Thermal Transfer Technology Limited (Registered number: 02754482) |

Notes to the Financial Statements - continued

for the year ended 30 September 2025

19. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

| The following advances and credits to directors subsisted during the years ended 30 September 2025 and 30 September 2024:

2025 | 2024 |

£ | £ |

| A G Thomsen

| Balance outstanding at start of year | (2,077 | ) | 25,284 |  |

| Amounts advanced | 14,962 |  | 15,873 |  |

| Amounts repaid | (6,367 | ) | (43,234 | ) |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | 6,518 |  | (2,077 | ) |

| K Tumilty

| Balance outstanding at start of year | 161 |  | - |  |

| Amounts advanced | - |  | 161 |  |

| Amounts repaid | (161 | ) | - |  |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | - |  | 161 |  |

| There was no interest charged.

20. | RELATED PARTY DISCLOSURES

|  | 2025 |  |  | 2024 |  |

| £ |  |  | £ |  |

| Key Management |  |

| Key management remuneration |  | 348,221 |  |  | 291,111 |  |

| Associates |  |

| Interest paid on loan from Associate |  | 49,500 |  |  | 49,500 |  |

| Loan owed to associate company |  | 900,000 |  |  | 900,000 |  |

| Interest free loan to associate |  | 354 |  |

21. | AUDITOR LIABILITY LIMITATION AGREEMENT

| The limitation of liability in respect of this audit is 10 times the audit fee which was agreed in our terms of engagement letter dated 1 October 2024.

22. | ULTIMATE CONTROLLING PARTY

| The immediate parent company by virtue of their shareholding, is Three-T Jersey Limited, a company incorporated in Jersey, registered office address Trinity House , Bath Street, St. Helier, Jersey, JE2 4ST.

| The ultimate parent company by virtue of its interest in the share capital of the parent company, is RBC Trust Company (International) Limited, a Jersey resident trust. Registered office address Gaspe House, 66-72 Esplanade, St. Helier, Jersey. JE2 3QT. Consolidated group accounts are prepared by RBC Trust Company (International) Limited.