Company registration number 05598736 (England and Wales)
ELAND ELECTRICAL LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
ELAND ELECTRICAL LIMITED
COMPANY INFORMATION
Directors
P Brown
K Chapman
J S Pelland
Secretary
J S Pelland
Company number
05598736
Registered office
10 Jamestown Road
London
NW1 7HW
Auditor
HW Fisher Audit
Acre House
11-15 William Road
London
NW1 3ER
United Kingdom
Business address
10 Jamestown Road
London
NW1 7HW
ELAND ELECTRICAL LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5 - 7
Directors' responsibilities statement
8
Independent auditor's report
9 - 11
Group statement of comprehensive income
12
Group balance sheet
13
Company balance sheet
14
Group statement of changes in equity
15
Company statement of changes in equity
16
Group statement of cash flows
17
Notes to the financial statements
18 - 32
ELAND ELECTRICAL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

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

Fair review of the business

Eland Cables is a global supplier of high-performance power, data, control and instrumentation cables to critical and quality-conscious industries including railways, data centres, factory automation, renewable energy, building management systems and e-mobility. We enable worldwide infrastructure electrification and the green energy transition, providing complete cable solutions of the highest standard to the electrical engineering industry.

Our customers benefit from expert technical support on cable specification and selection across a wide range of fast evolving product applications, industry norms, regulatory, compliance and international standards. We help them navigate complex and unique challenges, with our solutions ranging from new product development to international logistics and end-to-end project management.

Through the Cable Lab®, our in-house specialist cable laboratory, we provide unparalleled quality assurance based on extensive cable testing governed by world-class third-party quality accreditations including ISO/IEC 17025 (Testing & Calibration), IECEE CB Testing Laboratory and the BSI Kitemark: Cable Testing Verification.

Eland Cables is a purpose-driven organisation set on achieving market leadership across its key geographies, industries and products:

- Our expert solutions are built on the engagement and wellbeing of our people.

- We are alert and responsive to the needs of all our stakeholders.

- Our relentless pursuit of excellence is without compromise to compliance or professional integrity.

- We operate globally but live and work locally, supporting initiatives of benefit to our communities.

- Our drive for sustainable operations reflects our responsibility to the environment

Financial performance and position summary

The directors are pleased to report an operating profit of £16.6m (2024: £14.0m) on sales of £317.8m (2024: £273.3m). The net assets of the group as at 31 December 2025 amounted to £21.5m (2024: £1 8.9m).

Sales growth was achieved despite challenging conditions in some of the group’s key markets, which reflects the strength of the group’s long-term growth profile.

Market conditions

The year ended 31 December 2025 was characterised by anaemic economic growth and high levels of market volatility. Despite a continued reduction in headline inflation levels and stabilising interest rates, industrial production and trade in goods remained relatively weak in the face of ongoing uncertainty.

ELAND ELECTRICAL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
Principal risks and uncertainties

The group’s activities expose it to a variety of market risks including raw material prices fluctuations, credit risk, and foreign exchange volatility.

- Raw material prices fluctuation – The directors recognise the impact of fluctuating raw material prices on revenue, stock value and profitability. They believe that this risk is adequately monitored and mitigated by the group’s systems, procedures and terms of trade with suppliers and customers.

- Credit risk – the group’s principal financial assets are cash and trade debtors. The credit risk associated with cash balances is limited as the counterparties have high credit ratings assigned by international credit-rating agencies. The principal credit risk therefore arises from the potential default of trade debtors, the vast majority of which is mitigated through robust credit control procedures and the use of trade credit insurance.

- Foreign exchange volatility – the group is exposed to transaction foreign exchange risk, however this is mitigated through the use of foreign exchange banking facilities and forward contracts.

The group’s activities also expose it to a variety of commercial risks, the vast majority of which are fully insured through comprehensive insurance policies covering areas such as product liability, employer liability, and property liability. As part of its approach to identifying and managing commercial risks, the company actively maintain detailed management systems and accreditations which are updated continuously and audited periodically. These include:

- ISO9001 Quality Management

- ISO14001 Environmental Management

- ISO14064-1 Carbon Footprint Verification

- ISO/IEC17025 Testing & Calibration

- ISO27001 Information Security

- ISO39001 Road Traffic Safety Management

- ISO45001 Occupational Health & Safety

- ISO50001 Energy Management

- IECEE CB Testing Laboratory

- BSI Cable Testing Verification Kitemark

- British Safety Council (Five Star Occupational Health & Safety)

- EcoVadis Gold Sustainability Rating

- Fleet Operator Recognition Scheme (FORS Gold)

- Cyber Essentials Plus

ELAND ELECTRICAL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -
Key performance indicators

The directors track a comprehensive set of key performance indicators covering financial and operational performance through hourly, daily, weekly and monthly reports. The following key performance indicators are perceived to be strategic markers of the group’s long-term performance.

| 2025 | 2024
Sales | £317.8m | £273.3m
Sales growth (year on year) | 16.3% | 29.7%
Sales cumulative average growth rate (10 years) | 18.1% | 14.7%
Operating profit | £16.6m | £14.0m
Return on equity (profit after tax and interest / net assets) | 43.7% | 39.5%
Staff retention (employed on 1/1 and still employed 31/12) * | 89.7% | 88.8%

* staff retention is calculated across the entire organisation including administration, operations and logistics (including drivers of our HGV transportation fleet)

People

Staff recruitment, development and retention remains a key area of focus for Eland Cables as we recognise the important link between our highly qualified and driven employees and our long-term success. The directors consider the group’s people and positive culture to be amongst the most important sources of competitive advantage.

The directors pay attention to diversity, gender equality and fairness. They aim to promote the values of integrity, respect and openness across the business. They also strive to create conditions that allows people dedicated to excellence to thrive, through training and empowerment, and rewarding them for exceptional performance.

Beyond our long-standing focus on health and safety, the directors seek to create conditions conducive to mental and physical wellbeing, both at work and beyond. As an employer, we provide group-wide private health insurance cover and wellbeing benefits. We are also committed to paying the “Living Wage” rather than the “Minimum National Wage” as a minimum to all our employees.

Our annual employee surveys confirm a strong alignment in values and priorities at all levels of the organisation and across our various sites. The findings serve to validate the group’s sustainability leadership agenda.

Environmental, Social & Corporate Governance

Eland Cables published its annual Sustainability Report for 2025 which is available to download from www.elandcables.com/company/about-us/esg-sustainability. It sets out in detail the group’s approach to reporting and mitigating its environmental impact. Additionally, it sets out our commitment to adhere to leading global frameworks including the Science Based Targets Initiative and the United Nations Global Compact - Sustainable Development Goals.

The Sustainability Report provides an overview of the group’s approach to our people and to managing our social impact. Amongst other highlights during year, the group made charitable donations amounting to £322,131 (2024: £337,616), with a focus on causes related to health, poverty alleviation and social mobility.

As part of its ongoing commitment to technical excellence, Eland Cables continually invests in research and development for its product range and operations.

Business outlook

The economic environment remained volatile in the first half of 2026. Nevertheless, the directors continue to focus on profitable growth opportunities, scalability and resilience with obsessive attention to product quality, technical excellence, customer service, our workforce, and sustainability leadership.

Despite the growing risk of a global economic recession, the directors anticipate a robust performance in 2026 in light of secular trends in the company’s key markets.

ELAND ELECTRICAL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -
Promoting the success of the group

Section 172(1) statement

Section 414CZA(1) of the Companies Act 2006 requires the directors to explain how they consider the matters set out in section 172 (1) (a) to (f) when performing their duty to promote the success of the group for the benefit of its members as a whole

a) The likely consequences of any decision in the long term

The directors understand the business and the evolving environment in which it operates, including the challenges associated with operating across various international jurisdictions. Integrity, compliance, sustainability and a customer-centric approach is at the heart of every decision.

b) The interest of the group’s employees

The directors recognise that the long-term success of the business depends on the group’s ability to recruit, develop and retain great people. Understanding and promoting people’s interest is therefore a primary consideration when making decisions impacting the workforce as a whole or individual employees.

c) The need to foster the group’s business relationships with suppliers, customers and others

The directors seek to promote strong mutually beneficial relationships with suppliers, customers and other business stakeholders. Such an approach is vital to the delivery of the group’s strategy. The group’s relationships with all of its stakeholders are based on trust and respect, with a focus on long-term sustainability.

d) The impact of the group’s operations on the community and the environment

Recognising the significance of environmental, social and corporate governance, both as a quality in itself and as a matter of strategic importance for the business, the directors are heavily involved in all matters of sustainability leadership.

e) The desirability of the group maintaining a reputation for high standards of business conduct

As a purpose-driven organisation, the directors have identified product quality, technical excellence, customer service, people engagement and sustainability leadership as being fundamental to the group’s success in achieving market leadership. In addition to promoting the above on a daily basis through their interactions with the workforce and the group’s stakeholders, the directors establish clear operating frameworks providing clarity of purpose and enabling management and independent monitoring to ensure compliance with the highest standards of business conduct.

f) The need to act fairly between members of the group

The group directors are also its shareholders. Fairness and cohesion amongst members is understood by the directors, both individually and collectively, to be vital to the group’s long-term success. The directors work together openly, frankly and reasonably, having each other’s wellbeing at heart in all professional and personal interactions.

On behalf of the board

J S Pelland
Director
29 June 2026
ELAND ELECTRICAL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 5 -
The directors present their report and accounts for the year ended 31 December 2025.
Results and dividends

The results for the year are set out on page 12.

Ordinary dividends were paid amounting to £6,750,000 (2024: £5,000,000). The directors do not recommend payment of a further dividend.

Directors

The directors who served during the year were:

P Brown
K Chapman
J S Pelland
Disabled persons

The group is committed to equality of opportunity for all employees and to the fair treatment of disabled persons. Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes and abilities of the applicant concerned. In the event of employees becoming disabled during the course of their employment, the group endeavours to retain them in their existing roles where practicable or to provide suitable alternative employment, with appropriate training where required. The group also places a high priority on the provision of training and career development opportunities for disabled employees to enable them to fulfil their potential and contribute fully to the business.

Post reporting date events

On 23 February 2026, the term of the Asset Based Lending facility was extended to 21 July 2029. The other terms of the facility remain unchanged.

On the 13 March 2026, two existing bank loans were refinanced. The new facilities have a maturity date of 9 April 2031. The refinancing has resulted in an increase in the monthly repayment amounts, otherwise the terms of the facilities remain unchanged.

On 7 May 2026 a new facility arrangement was entered into, increasing the overdraft facility limit to £15m. Interest is payable at a rate of 1.75% per annum over the Bank of England Base Rate.

Strategic report

The group has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of research and development, and financial risk management objectives and policies of the company and its subsidiary undertaking. Future developments and disclosures regarding engagement with suppliers, customers and other in a business relationship with the group and company are also covered in the strategic report.

Streamlined Energy and Carbon Reporting (SECR) Disclosure

The directors are working with an environmental consultancy to advise on the company’s environmental impact reporting in accordance with the 2019 HM Government Environmental Reporting Guidelines, the 2020 HM Government’s conversion factors for company reporting and the Greenhouse Gas (GHG) Protocol Corporate Accounting and Reporting Standard.

The directors are also working with various specialist consultancies to mitigate the group's environmental impact.

Our SECR disclosure presents our carbon footprint across scopes 1 and 2, together with appropriate intensity metrics and our total energy use of electricity and gas.

ELAND ELECTRICAL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 6 -
Please see below summary of the reporting data across Scope 1, 2 and 3 for the year ended 31 December 2025.
2025
2024
Annual energy consumption (kWh)
kWh
kWh
Electricity
420,644
346,578
Gas
14,700
9,220
Transport fuel
11,471,008
11,386,154
Gaseous fuels
185,597
418,191
Annual energy consumption - total
12,091,949
12,160,143
Annual GHG emissions – tonnes of carbon dioxide equivalent gases (tCO2e)
tCO2e
tCO2e
Scope 1
Emissions from combustion of gas
2.69
1.69
Emissions from combustion of fuel for transport purposes
2,223.36
965.68
Emissions from combustion of other stationary fuels
40.24
89.71
Scope 1 - total
2,266.29
1,057.08
Scope 2
Emissions from purchased electricity – location-based
74.45
71.66
Emissions from purchased electricity – market-based
Scope 1 & 2 - total - location based
2,340.74
1,128.74
Scope 1 & 2 - total - market based
2,266.29
1,057.08
Scope 3 - category 6 only
Emissions from business travel in rental cars or employee vehicles where the group is responsible for purchasing the fuel
34.56
12.53
Scope 1, 2 and 3 (category 6 only) - total - location based
2,375.30
1,141.27
Scope 1, 2 and 3 (category 6 only) - total - market based
2,300.85
1,069.61
Intensity (tCO2e/FTE)
Full time equivalent employees
278
250
Intensity ratio: Total location-based tonnes per employee – tCO2e/FTE
8.54
4.57
Intensity ratio: Total market-based tonnes per employee – tCO2e/FTE
8.28
4.28
Intensity (tCO2e/£ million revenue)
Revenue £m
317.80
273.30
Intensity ratio: Total location-based tonnes per million revenue – tCO2e/£m
7.47
4.18
Intensity ratio: Total market-based tonnes per million revenue – tCO2e/£m
7.24
3.91
ELAND ELECTRICAL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 7 -
Emissions factor source

2025 UK Government’s conversion factors for company reporting.

Scope 1: Direct GHG emissions:

Direct GHG emissions occur from sources that are owned or controlled by the organisation, for example fuel combustion or organisation vehicles, including the group's fleet of HGV's which has grown significantly during the year, hence the increase in Scope 1 emissions.

Scope 2: Electricity indirect GHG emissions:

This is mainly defined as electricity but heat and steam can apply where it is supplied to the organisation from outside their own premises.

Scope 3: Business travel

Emissions from business travel in rental or employee vehicles where the group is responsible for the purchase of the fuel.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
J S Pelland
Director
29 June 2026
ELAND ELECTRICAL LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

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

- select suitable accounting policies and then apply them consistently;

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

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

ELAND ELECTRICAL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ELAND ELECTRICAL LIMITED
- 9 -
Opinion

We have audited the financial statements of Eland Electrical Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the group's and the parent 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

- T he information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

ELAND ELECTRICAL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ELAND ELECTRICAL LIMITED (CONTINUED)
- 10 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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

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

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

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

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

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

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

As part of our planning process:

- We enquired of management the systems and controls the group has in place, the areas of the financial statements that are most susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. The group did not inform us of any known, suspected or alleged fraud;

- We obtained an understanding of the legal and regulatory frameworks applicable to the group. We determined that the following were most relevant: FRS 102, Companies Act 2006, along with those referred to in the strategic report;

- We considered the incentives and opportunities that exist in the group, including the extent of management bias, which presents a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly;

- Using our knowledge of the group, together with the discussions held with the group at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.

ELAND ELECTRICAL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ELAND ELECTRICAL LIMITED (CONTINUED)
- 11 -

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

- Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual;

- Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied;

- Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates in determining the fair value of land and buildings;

- Assessing the extent of compliance, or lack of, with the relevant laws and regulations;

- Performing a physical verification of key assets and stock items (including testing of the stock system);

- Testing key revenue lines, in particular cut-off, for evidence of management bias;

- Obtaining third-party confirmation of material bank and loan balances;

- Documenting and verifying all significant related party balances and transactions;

- Testing material consolidation adjustments.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

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

Mandy Janes (Senior Statutory Auditor)
For and on behalf of HW Fisher Audit, Statutory Auditor
Chartered Accountants
Statutory Auditor
Acre House
11-15 William Road
London
NW1 3ER
United Kingdom
29 June 2026
ELAND ELECTRICAL LIMITED
CONSOLIDATED STATEMENT OF TOTAL COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 12 -
2025
2024
Notes
£
£
Turnover
3
317,766,079
273,266,470
Cost of sales
(268,033,960)
(231,447,320)
Gross profit
49,732,119
41,819,150
Administrative expenses
(33,140,560)
(27,875,210)
Other operating income
8,495
13,674
Operating profit
4
16,600,054
13,957,614
Interest payable and similar expenses
8
(3,652,938)
(3,582,246)
Profit before taxation
12,947,116
10,375,368
Taxation
9
(3,538,300)
(2,885,754)
Profit for the financial year
9,408,816
7,489,614
Total comprehensive income for the year
9,408,816
7,489,614
Total comprehensive income for the year is all attributable to the owners of the parent company.

The Statement of total comprehensive income has been prepared on the basis that all operations are continuing operations.

ELAND ELECTRICAL LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 13 -
2025
2024
Notes
£
£
£
£
Fixed assets
Goodwill
11
-
0
49,343
Tangible assets
12
19,860,518
18,423,287
19,860,518
18,472,630
Current assets
Stocks
15
38,885,203
45,368,421
Debtors
16
60,062,445
57,514,954
Cash at bank and in hand
1,166,050
1,003,887
100,113,698
103,887,262
Creditors: amounts falling due within one year
17
(37,711,284)
(42,227,244)
Net current assets
62,402,414
61,660,018
Total assets less current liabilities
82,262,932
80,132,648
Creditors: amounts falling due after more than one year
18
(59,032,023)
(59,536,530)
Provisions for liabilities
Deferred tax liability
21
1,694,404
1,718,429
(1,694,404)
(1,718,429)
Net assets
21,536,505
18,877,689
Capital and reserves
Called up share capital
23
350,000
350,000
Revaluation reserve
750,197
859,322
Profit and loss reserves
20,436,308
17,668,367
Total equity
21,536,505
18,877,689
The financial statements were approved by the board of directors and authorised for issue on
29 June 2026
29 June 2026
and are signed on its behalf by:
J S Pelland
Director
Company registration number 05598736 (England and Wales)
ELAND ELECTRICAL LIMITED
COMPANY BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 14 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
13
4,342,549
4,342,549
Current assets
Debtors
16
27
27
Creditors: amounts falling due within one year
17
(3,592,576)
(3,792,576)
Net current liabilities
(3,592,549)
(3,792,549)
Total assets less current liabilities
750,000
550,000
Capital and reserves
Called up share capital
23
350,000
350,000
Profit and loss reserves
400,000
200,000
Total equity
750,000
550,000

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £6,950,000 (2024 - £5,200,000 profit).

The financial statements were approved by the board of directors and authorised for issue on
29 June 2026
29 June 2026
and are signed on its behalf by:
J S Pelland
Director
Company registration number 05598736 (England and Wales)
ELAND ELECTRICAL LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 15 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2024
350,000
932,700
15,105,375
16,388,075
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
7,489,614
7,489,614
Dividends
10
-
-
(5,000,000)
(5,000,000)
Transfers
-
(73,378)
73,378
-
Balance at 31 December 2024
350,000
859,322
17,668,367
18,877,689
Year ended 31 December 2025:
Profit and total comprehensive income
-
-
9,408,816
9,408,816
Dividends
10
-
-
(6,750,000)
(6,750,000)
Transfers
-
(109,125)
109,125
-
Balance at 31 December 2025
350,000
750,197
20,436,308
21,536,505
ELAND ELECTRICAL LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 16 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2024
350,000
-
0
350,000
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
5,200,000
5,200,000
Dividends
10
-
(5,000,000)
(5,000,000)
Balance at 31 December 2024
350,000
200,000
550,000
Year ended 31 December 2025:
Profit and total comprehensive income
-
6,950,000
6,950,000
Dividends
10
-
(6,750,000)
(6,750,000)
Balance at 31 December 2025
350,000
400,000
750,000
ELAND ELECTRICAL LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 17 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
22,065,867
3,017,875
Interest paid
(3,364,038)
(3,582,246)
Income taxes paid
(3,154,593)
(3,874,805)
Net cash inflow/(outflow) from operating activities
15,547,236
(4,439,176)
Investing activities
Purchase of tangible fixed assets
(2,646,308)
(2,609,450)
Net cash used in investing activities
(2,646,308)
(2,609,450)
Financing activities
(Repayment)/advance of directors' loans
(28,852)
9,847
Net (payment)/advance of borrowings
(4,649,625)
13,536,664
Repayment of bank loans
(396,100)
(64,963)
Payment of finance leases obligations
(914,188)
(765,898)
Dividends paid to equity shareholders
(6,750,000)
(5,000,000)
Net cash (used in)/generated from financing activities
(12,738,765)
7,715,650
Net increase in cash and cash equivalents
162,163
667,024
Cash and cash equivalents at beginning of year
1,003,887
336,863
Cash and cash equivalents at end of year
1,166,050
1,003,887
ELAND ELECTRICAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 18 -
1
Accounting policies
Company information

Eland Electrical Limited (“the Company”) is private company limited by shares domiciled and incorporated in England and Wales. The registered office is 10 Jamestown Road, London, NW1 7HW.

The Group consists of Eland Electrical Limited and its subsidiary.

1.1
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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts 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. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Eland Electrical Limited together with all entities controlled by the parent company (its subsidiaries).

All financial statements are made up to 31 December 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.3
Going concern

The directors have considered the current performance and forecasts of the group. The group has strong relationships with all key stakeholders including its bank, suppliers and customers. The directors are confident that the company has adequate resources to continue in operational existence for the foreseeable future and that it will continue as a going concern for a period of at least 12 months from the date of approval of these financial statements. Therefore the directors continue to adopt the going concern basis of accounting preparing the financial statements.

1.4
Turnover
Turnover represents amounts receivable for the supply of goods net of VAT.

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 d e spatch 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.

ELAND ELECTRICAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 19 -
1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business 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 ten years.

1.6
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.

Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on tangible fixed assets at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:

Buildings freehold
1% - 5% Straight line
Computer equipment
10% - 33.3% Straight line
Fixtures & fittings
5% - 20% Straight line
Motor vehicles
7% - 14% 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 recognised in the profit and loss account.

Depreciation in excess of historic cost is transferred from the profit and loss reserve to the revaluation reserve.

1.7
Fixed asset investments

I n the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Impairment of fixed assets

At each reporting end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

ELAND ELECTRICAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 20 -
1.10
Financial instruments

The group 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 material financial instruments.

Financial instruments are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and 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 realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest m ethod unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, bank loans and loans from fellow group companies are initially recognised at transaction price.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.11
Equity instruments

Equity instruments issued by the group 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 group.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

ELAND ELECTRICAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 21 -
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 group’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 if, and only if, there is 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.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

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.

1.14
Retirement benefits
The group makes payments to defined contribution pension schemes for certain employees. Contributions payable to these schemes are charged to the profit and loss account in the period to which they relate. These contributions are invested separately from the group's assets.
1.15
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease.

1.16
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.

ELAND ELECTRICAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 22 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Valuation of land and buildings

The directors have determined the fair value of the land and buildings as at 31 December 2025. An independent firm of Chartered Surveyors carried out a valuation in June 2024. The directors have considered the current market activity and conditions, and do not consider there to be any material changes to the fair value of the investment properties since the June 2024 valuation.

3
Turnover and other revenue

An analysis of the group's turnover is as follows:

2025
2024
£
£
Turnover
Sale of goods
317,766,079
273,266,470

An analysis of turnover by geographical market is not provided on the basis that it would be prejudicial to the affairs of the group.

4
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging:
Depreciation of owned tangible fixed assets
1,697,787
1,423,951
Depreciation of tangible fixed assets held under finance leases
392,233
341,837
(Profit)/loss on disposal of tangible fixed assets
-
3,639
Amortisation of intangible assets
49,343
78,951
Operating lease charges
1,360,522
1,018,542

Exchange differences recognised in profit or loss during the year amounted to a gain of £624,602 (2024: loss of £158,239).

ELAND ELECTRICAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 23 -
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
2,500
2,500
Audit of the financial statements of the company's subsidiaries
50,000
46,979
52,500
49,479
For other services
Taxation compliance services
4,034
3,500
All other non-audit services
6,938
11,500
10,972
15,000
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Administration and sales
96
94
-
-
Operations and logistics
182
156
-
-
278
250
0
0

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
19,571,450
16,272,204
-
0
-
0
Social security costs
2,855,704
2,249,656
-
-
Pension costs
378,000
328,800
-
0
-
0
22,805,154
18,850,660
-
0
-
0
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
5,228,361
4,775,137
Company pension contributions to defined contribution schemes
1,008
6,552
5,229,369
4,781,689
ELAND ELECTRICAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
7
Directors' remuneration
(Continued)
- 24 -
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
3,272,404
3,071,402

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2024 - 1).

8
Interest payable and similar expenses
2025
2024
£
£
Interest on bank borrowings
3,395,964
3,478,091
Interest on finance leases and hire purchase contracts
116,943
104,110
Other interest on financial liabilities
140,031
45
Total finance costs
3,652,938
3,582,246
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
3,276,074
2,896,961
Adjustments in respect of prior periods
286,251
60,225
Total current tax
3,562,325
2,957,186
Deferred tax
Origination and reversal of timing differences
(24,025)
(75,616)
Adjustment in respect of prior periods
-
0
4,184
Total deferred tax
(24,025)
(71,432)
Total tax charge
3,538,300
2,885,754
ELAND ELECTRICAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
9
Taxation
(Continued)
- 25 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
12,947,116
10,375,368
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
3,236,779
2,593,842
Tax effect of expenses that are not deductible in determining taxable profit
262,656
207,765
Permanent capital allowances in excess of depreciation
-
0
(170,781)
Depreciation on assets not qualifying for tax allowances
120,351
210,007
Amortisation on assets not qualifying for tax allowances
12,336
19,738
Other permanent differences
-
0
(35,042)
Adjustment in respect of prior periods
286,251
60,225
Deferred tax charge
(380,073)
-
0
Taxation charge
3,538,300
2,885,754
10
Dividends
2025
2024
Recognised as distributions to equity holders:
£
£
Final paid
6,750,000
5,000,000
ELAND ELECTRICAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 26 -
11
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 January 2025 and 31 December 2025
789,509
Amortisation and impairment
At 1 January 2025
740,166
Amortisation charged for the year
49,343
At 31 December 2025
789,509
Carrying amount
At 31 December 2025
-
0
At 31 December 2024
49,343
The company had no intangible fixed assets at 31 December 2025 or 31 December 2024.
12
Tangible fixed assets
Group
Buildings freehold
Computer equipment
Fixtures & fittings
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 January 2025
6,978,611
5,852,034
6,710,123
6,020,590
25,561,358
Additions
636,949
1,004,877
1,154,419
731,006
3,527,251
Disposals
-
0
(916,858)
(475,194)
-
0
(1,392,052)
At 31 December 2025
7,615,560
5,940,053
7,389,348
6,751,596
27,696,557
Depreciation and impairment
At 1 January 2025
410,615
2,316,225
2,396,719
2,014,512
7,138,071
Depreciation charged in the year
161,236
511,853
637,631
779,300
2,090,020
Eliminated in respect of disposals
-
0
(916,858)
(475,194)
-
0
(1,392,052)
At 31 December 2025
571,851
1,911,220
2,559,156
2,793,812
7,836,039
Carrying amount
At 31 December 2025
7,043,709
4,028,833
4,830,192
3,957,784
19,860,518
At 31 December 2024
6,567,996
3,535,809
4,313,404
4,006,078
18,423,287
The company had no tangible fixed assets at 31 December 2025 or 31 December 2024.
ELAND ELECTRICAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
12
Tangible fixed assets
(Continued)
- 27 -

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2025
2024
2025
2024
£
£
£
£
Fixtures & fittings
516,869
390,842
-
0
-
0
Motor vehicles
1,788,570
2,066,948
-
0
-
0
2,305,439
2,457,790
-
-

Freehold land and buildings were revalued by an independent valuer on 28 June 2024. Valuations of the properties were prepared with the definition of market value as set out in the Royal Institute of Chartered Surveyors ("RICS") Professional Standards (Global and UK edition). The market value was determined using recognition valuation techniques and taking into consideration any recent market transactions for similar properties in similar locations to the land and buildings held by the company. The directors consider the value of the freehold land and buildings as at 31 December 2025 to be materially in line with the June 2024 valuation.

Freehold land and buildings in the company are carried at valuation. If land and buildings were measured using the cost model, the carrying amounts would have been approximately £5,989,229 (2024: £5,444,754) being cost £6,891,818 (2024: £6,254,869) and depreciation £902,589 (2024: £810,115).

13
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
4,342,549
4,342,549
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2025 and 31 December 2025
4,342,549
Carrying amount
At 31 December 2025
4,342,549
At 31 December 2024
4,342,549
14
Subsidiaries

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

ELAND ELECTRICAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
14
Subsidiaries
(Continued)
- 28 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Eland Cables Limited
10 Jamestown Road, London, NW1 7HW
Ordinary
100.00
15
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Finished goods and goods for resale
38,885,203
45,368,421
-
0
-
0
16
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
57,769,523
54,963,222
-
0
-
0
Other debtors
464,809
368,498
27
27
Prepayments and accrued income
1,828,113
2,183,234
-
0
-
0
60,062,445
57,514,954
27
27
17
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans
19
2,122,430
4,401,930
-
0
-
0
Obligations under finance leases
20
674,354
692,565
-
0
-
0
Other borrowings
19
-
0
1,987,852
-
0
-
0
Trade creditors
26,815,634
25,068,207
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
3,592,576
3,792,576
Corporation tax payable
596,581
188,849
-
0
-
0
Other taxation and social security
5,530,337
6,043,801
-
-
0
Other creditors
83,507
112,359
-
0
-
0
Accruals and deferred income
1,888,441
3,731,681
-
0
-
0
37,711,284
42,227,244
3,592,576
3,792,576
ELAND ELECTRICAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 29 -
18
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
19
2,172,300
-
0
-
0
-
0
Obligations under finance leases
20
795,301
810,335
-
0
-
0
Other borrowings
19
56,064,422
58,726,195
-
0
-
0
59,032,023
59,536,530
-
-
19
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank loans
4,294,730
4,401,930
-
0
-
0
Director' loan
83,507
112,359
Other loans
56,064,422
60,714,047
-
0
-
0
60,442,659
65,228,336
-
-
Payable within one year
2,205,937
6,502,141
-
0
-
0
Payable after one year
58,236,722
58,726,195
-
0
-
0

Other loans include s amount s of £56,064,422 (20 24: £60,714,047) due in respect of an Asset Based Lending funding facility. The facility has a discounting margin of 2.05% plus the Bank of England base rate. The available facility is £80m and has a minimum period ending on 21 July 2028. Following the year end, on 23 February 2026, the maturity date of the facility was extended to 21 July 2029.

Bank loans bear interest at 2.6% plus the Bank of England base rate and have respective repayment dates of 28 January 2026 and 28 January 2027. Following the year end, on 13 March 2026, both bank loans have been refinanced extending the maturity date for both loans to 9 April 2031

Bank loans and other borrowings are secured by fixed charges over all present freehold and leasehold property; First Fixed Charge over book and other debts, chattels, goodwill and uncalled capital, both present and future; and First Floating Charge over all assets and undertakings both present and future.

A composite company unlimited multilateral guarantee is given by Eland Cables and Eland Electrical Limited.

ELAND ELECTRICAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 30 -
20
Finance lease obligations
Group
Company
2025
2024
2025
2024
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
752,020
775,150
-
0
-
0
In two to five years
852,409
810,394
-
0
-
0
1,604,429
1,585,544
-
-
Less: future finance charges
(134,774)
(82,644)
-
0
-
0
1,469,655
1,502,900
-
0
-
0

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

21
Deferred taxation

Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2025
2024
Group
£
£
Accelerated capital allowances
1,510,932
1,534,956
Revaluations
183,472
183,473
1,694,404
1,718,429
The company has no deferred tax assets or liabilities.
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 January 2025
1,718,429
-
Credit to profit or loss
(24,025)
-
Liability at 31 December 2025
1,694,404
-
ELAND ELECTRICAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 31 -
22
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit and loss in respect of defined contribution schemes
378,000
328,800

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

23
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
350,000
350,000
350,000
350,000

Shares have full voting, dividend and capital distribution rights. They do not confer rights of redemption.

24
Operating lease commitments

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2025
2024
2025
2024
£
£
£
£
Within one year
766,672
965,922
-
-
Between two and five years
2,311,970
3,098,385
-
-
In over five years
375,096
591,043
-
-
3,453,738
4,655,350
-
-
25
Financial commitments, guarantees and contingent liabilities

The bank guarantees the contract value in certain circumstances where customers pay in advance of goods received or in respect of a performance guarantees in case of a fault with goods.

26
Related party transactions

As at 31 December 2025 the company owed the directors amounts of £83,507 (2024: £112,359). The company paid the directors, who are also shareholders of the group, dividends of £6,75 0,000 (2024: £5,0 00,000). Other movements in the year relate to expenses paid by the company on behalf of the directors which have been cleared through the dividends.

27
Controlling party

P Brown, a director, is the controlling party by virtue of his shareholding in the issued ordinary shares of the company.

ELAND ELECTRICAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 32 -
28
Events after the reporting date

On 23 February 2026, the term of the Asset Based Lending facility was extended to 21 July 2029. The other terms of the facility remain unchanged.

On the 13 March 2026, two existing bank loans were refinanced. The new facilities have a maturity date of 9 April 2031. The refinancing has resulted in an increase in the monthly repayment amounts, otherwise the terms of the facilities remain unchanged.

On 7 May 2026 a new facility arrangement was entered into, increasing the overdraft facility limit to £15m. Interest is payable at a rate of 1.75% per annum over the Bank of England Base Rate.

29
Cash generated from group operations
2025
2024
£
£
Profit for the year after tax
9,408,816
7,489,614
Adjustments for:
Taxation charged
3,538,300
2,885,754
Finance costs
3,652,938
3,582,246
(Gain)/loss on disposal of tangible fixed assets
-
129,760
Amortisation and impairment of intangible assets
49,343
78,951
Depreciation and impairment of tangible fixed assets
2,090,020
1,765,788
Movements in working capital:
Decrease/(increase) in stocks
6,483,218
(8,480,565)
Increase in debtors
(2,547,491)
(14,438,653)
(Decrease)/increase in creditors
(609,277)
10,004,980
Cash generated from operations
22,065,867
3,017,875
30
Analysis of changes in net debt - group
1 January 2025
Cash flows
New finance leases
Interest accruing
31 December 2025
£
£
£
£
£
Cash at bank and in hand
1,003,887
162,163
-
-
1,166,050
Borrowings excluding overdrafts
(65,115,977)
4,467,925
-
288,900
(60,359,152)
Obligations under finance leases
(1,502,900)
914,188
(880,943)
-
(1,469,655)
(65,614,990)
5,544,276
(880,943)
288,900
(60,662,757)
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