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REGISTERED NUMBER: 10191669 (England and Wales)

| FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31 DECEMBER 2025 |

| FOR |

| RAPID ELECTRICAL DISTRIBUTORS (WATFORD) |

| LIMITED |

| RAPID ELECTRICAL DISTRIBUTORS (WATFORD) |

| LIMITED (REGISTERED NUMBER: 10191669) |

CONTENTS OF THE FINANCIAL STATEMENTS

for the Year Ended 31 DECEMBER 2025

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 3 |

| RAPID ELECTRICAL DISTRIBUTORS (WATFORD) |

| LIMITED |

COMPANY INFORMATION

for the Year Ended 31 DECEMBER 2025

| DIRECTOR: | Mr N J Edwell

| REGISTERED OFFICE: | Unit 3 Trade City Watford

| Wiggenhall Road

| Watford

| Hertfordshire

| WD18 0EZ

| REGISTERED NUMBER: | 10191669 (England and Wales)

| AUDITORS: | FKCA Limited

| Statutory Auditor

| 260 - 270 Butterfield

| Great Marlings

| Luton

| Bedfordshire

| LU2 8DL

| RAPID ELECTRICAL DISTRIBUTORS (WATFORD) |

| LIMITED (REGISTERED NUMBER: 10191669) |

BALANCE SHEET

31 DECEMBER 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 4 | - |  | 4,339 |  |

Tangible assets | 5 | 27,013 |  | 35,776 |  |

27,013 |  | 40,115 |  |

CURRENT ASSETS

Stocks | 6 | 497,244 |  | 532,987 |  |

Debtors | 7 | 1,617,557 |  | 1,371,022 |  |

Cash at bank | 555,116 |  | 184,245 |  |

2,669,917 |  | 2,088,254 |  |

CREDITORS

Amounts falling due within one year | 8 | 2,687,882 |  | 2,121,916 |  |

NET CURRENT LIABILITIES | (17,965 | ) | (33,662 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 9,048 |  | 6,453 |  |

PROVISIONS FOR LIABILITIES | 2,575 |  | 3,848 |  |

NET ASSETS | 6,473 |  | 2,605 |  |

CAPITAL AND RESERVES

Called up share capital | 11 | 102 |  | 102 |  |

Retained earnings | 6,371 |  | 2,503 |  |

SHAREHOLDERS' FUNDS | 6,473 |  | 2,605 |  |

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 June 2026 and were signed by:

Mr N J Edwell - Director

| RAPID ELECTRICAL DISTRIBUTORS (WATFORD) |

| LIMITED (REGISTERED NUMBER: 10191669) |

NOTES TO THE FINANCIAL STATEMENTS

for the Year Ended 31 DECEMBER 2025

1. | STATUTORY INFORMATION

| Rapid Electrical Distributors (Watford) 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.

| The presentation currency of the financial statements is the Pound Sterling (£).

2. | ACCOUNTING POLICIES

| Accounting convention

| These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

| The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

| The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

| After reviewing the company’s forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for at least 12 months following the signing of the accounts.

| 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 (Rapid Electrical Distributors Limited) with wholly owned subsidiaries within the group.

| Turnover

| Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

| Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on delivery of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

| Intangible fixed assets - goodwill

| Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

| For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of carrying amount of each assets in the unit.

| RAPID ELECTRICAL DISTRIBUTORS (WATFORD) |

| LIMITED (REGISTERED NUMBER: 10191669) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 31 DECEMBER 2025

2. | ACCOUNTING POLICIES - continued

| Tangible fixed assets

| Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

| Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

| Improvements to property |  | 20% straight line |  |

| Motor vehicles |  | 20% reducing balance |  |

| Computer equipment |  | 25% straight line |  |

| The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

| Stocks

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

| Financial instruments

| The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

| Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

| Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realize the asset and settle the liability simultaneously.

| Equity instruments

| Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

| Taxation

| Current tax

| The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

| Deferred tax

| Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

| The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

| RAPID ELECTRICAL DISTRIBUTORS (WATFORD) |

| LIMITED (REGISTERED NUMBER: 10191669) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 31 DECEMBER 2025

2. | ACCOUNTING POLICIES - continued

| Foreign exchange

| Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

| Retirement benefits

| Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

| Employee benefits

| The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

| The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

| Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 13 (2024 - 13 ) .

4. | INTANGIBLE FIXED ASSETS

| Goodwill

£ |

| COST

| At 1 January 2025

| and 31 December 2025 | 74,384 |  |

| AMORTISATION

| At 1 January 2025 | 70,045 |  |

| Charge for year | 4,339 |  |

| At 31 December 2025 | 74,384 |  |

| NET BOOK VALUE

| At 31 December 2025 | - |  |

| At 31 December 2024 | 4,339 |  |

| RAPID ELECTRICAL DISTRIBUTORS (WATFORD) |

| LIMITED (REGISTERED NUMBER: 10191669) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 31 DECEMBER 2025

5. | TANGIBLE FIXED ASSETS

| Improvements |

| to |  | Motor |  | Computer |

| property |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ |

| COST

| At 1 January 2025 | 172,391 |  | 11,668 |  | 132,049 |  | 316,108 |  |

| Additions | 8,984 |  | - |  | 6,021 |  | 15,005 |  |

| At 31 December 2025 | 181,375 |  | 11,668 |  | 138,070 |  | 331,113 |  |

| DEPRECIATION

| At 1 January 2025 | 150,858 |  | 7,385 |  | 122,089 |  | 280,332 |  |

| Charge for year | 17,355 |  | 857 |  | 5,556 |  | 23,768 |  |

| At 31 December 2025 | 168,213 |  | 8,242 |  | 127,645 |  | 304,100 |  |

| NET BOOK VALUE

| At 31 December 2025 | 13,162 |  | 3,426 |  | 10,425 |  | 27,013 |  |

| At 31 December 2024 | 21,533 |  | 4,283 |  | 9,960 |  | 35,776 |  |

6. | STOCKS

2025 | 2024 |

£ | £ |

| Stocks | 497,244 |  | 532,987 |  |

| Stocks are stated after provisions for slow movement and obsolescence of £Nil (2024: £11,062).

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

2025 | 2024 |

£ | £ |

| Trade debtors | 1,472,354 |  | 1,169,962 |  |

| Other debtors | 145,203 |  | 201,060 |  |

1,617,557 |  | 1,371,022 |  |

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

2025 | 2024 |

£ | £ |

| Bank loans and overdrafts | - |  | 26,875 |  |

| Trade creditors | 1,407,972 |  | 961,772 |  |

| Amounts owed to group undertakings | 87,718 |  | 85,250 |  |

| Corporation tax | 10,562 |  | 9,440 |  |

| Taxation and social security | 75,583 |  | 62,552 |  |

| Other creditors | 1,103,047 |  | 973,027 |  |

| Accrued expenses | 3,000 |  | 3,000 |  |

2,687,882 |  | 2,121,916 |  |

| Amounts owed to group undertakings are interest free and repayable on demand.

| RAPID ELECTRICAL DISTRIBUTORS (WATFORD) |

| LIMITED (REGISTERED NUMBER: 10191669) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 31 DECEMBER 2025

9. | LEASING AGREEMENTS

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

2025 | 2024 |

£ | £ |

| Within one year | 72,245 |  | 72,245 |  |

| Between one and five years | 216,735 |  | 288,980 |  |

288,980 |  | 361,225 |  |

| Operating lease payments represent rentals payable by the company for property..

10. | SECURED DEBTS

| The following secured debts are included within creditors:

2025 | 2024 |

£ | £ |

| Bank loans | - |  | 26,875 |  |

| Factoring account | 1,103,047 |  | 973,027 |  |

1,103,047 |  | 999,902 |  |

11. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

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

| value: | £ | £ |

| 100 | Ordinary | £1 | 100 |  | 100 |  |

| 1 | Ordinary A | £1 | 1 |  | 1 |  |

| 1 | Ordinary B | £1 | 1 |  | 1 |  |

102 |  | 102 |  |

12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

| The Report of the Auditors was unqualified.

| Tara Aldwin ACA (Senior Statutory Auditor)

| for and on behalf of FKCA Limited

13. | OTHER FINANCIAL COMMITMENTS

| The company is in a Composite Company Unlimited Multilateral Guarantee with HSBC bank that includes each trading company Rapid Renewables Limited, Rapid Electrical Distributors (Watford) and Rapid Electrical Distributors Limited.

14. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

| The loan to the director is interest free and repayable on demand.

| RAPID ELECTRICAL DISTRIBUTORS (WATFORD) |

| LIMITED (REGISTERED NUMBER: 10191669) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 31 DECEMBER 2025

15. | RELATED PARTY DISCLOSURES

| Information about related party transactions and outstanding balances is outlined below:

| Aggregated transactions with related parties in group

|  | Amount owed by related parties |  | Amounts owed to related parties |  |

| £ |  | £ |  |

| Year ended 31 December 2025 |  |  | 63,937 |  | 313,011 |  |

| Year ended 31 December 2024 |  |  | 75,866 |  | 123,470 |  |

| Aggregated transactions with related parties with common key management personnel

|  | Sales |  | Purchases |  | Amount owed by related parties |  | Amounts owed to related parties |  |

| £ |  | £ |  | £ |  | £ |  |

| Year ended 31 December 2025 |  | 136,959 |  | 43,799 |  | 25,599 |  | 10,900 |  |

| Year ended 31 December 2024 |  | 109,204 |  | 26,118 |  | 29,513 |  | 9,823 |  |

| The above balances outstanding at the year end are trading balances and therefore are subject to the terms set out on the particular invoices raised.

16. | ULTIMATE CONTROLLING PARTY

| The ultimate controlling party is Mr N J Edwell.

| The parent company is Rapid Electrical Distributors Limited.

| Rapid Electrical Distributors Holdings Limited prepares the consolidated financial statements for the group. Copies of the consolidated financial statements for the year can be obtained from St Ann's Quay, 118 Quayside, Newcastle Upon Tyne, United Kingdom, NE1 3BD