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REGISTERED NUMBER: 02413508 (England and Wales)

Primus-Silva Ltd

Financial Statements

for the Year Ended 31st December 2025

| Primus-Silva Ltd (Registered number: 02413508) |

Contents of the Financial Statements

for the year ended 31st December 2025

| Page |

| Company information | 1 |

| Balance sheet | 2 |

| Notes to the financial statements | 3 |  | to |  | 6

| Primus-Silva Ltd |

Company Information

for the year ended 31st December 2025

| Director: | J Sjogren

| Registered office: | 85 Great Portland Street

| Great Portland Street

| London

| W1W 7LT

| Registered number: | 02413508 (England and Wales)

| Auditors: | Rennie Welch LLP

| Academy House

| Shedden Park Road

| Kelso

| Roxburghshire

| TD5 7AL

| Solicitors: | Shepherd & Wedderburn

| 10 St Pauls Churchyard

| 5th Floor Condor House

| London

| EC4M 8AL

| Primus-Silva Ltd (Registered number: 02413508) |

Balance Sheet

31st December 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

Fixed assets

Tangible assets | 4 | 5,440 |  | 12,091 |  |

Current assets

Stocks | 706,865 |  | 490,387 |  |

Debtors: amounts falling due within one year | 5 | 368,488 |  | 226,022 |  |

Debtors: amounts falling due after more than one year | 5 | 1,233,529 |  | 1,184,272 |  |

Cash at bank | 104,052 |  | 70,727 |  |

2,412,934 |  | 1,971,408 |  |

Creditors

Amounts falling due within one year | 6 | 747,436 |  | 413,098 |  |

Net current assets | 1,665,498 |  | 1,558,310 |  |

Total assets less current liabilities | 1,670,938 |  | 1,570,401 |  |

Capital and reserves

Called up share capital | 1,450,000 |  | 1,450,000 |  |

Retained earnings | 220,938 |  | 120,401 |  |

Shareholders' funds | 1,670,938 |  | 1,570,401 |  |

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 Statement of income and retained earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 8th April 2026 and were signed by:

J Sjogren - Director

| Primus-Silva Ltd (Registered number: 02413508) |

Notes to the Financial Statements

for the year ended 31st December 2025

1. | Statutory information

| Primus-Silva Ltd 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| Going Concern

| The directors have considered the potential impact of current worldwide events on the business and are satisfied that the company has sufficient cash reserves and support from its parent company to meet all financial obligations for the foreseeable future.

| The directors have approved the budget for 2026 for the company and the Primus- Silva Group. These reflect:

| - The continued impact of ongoing worldwide factors on the group and the wider economy affecting primarily inflation and consumer spend.

| - Continuation of borrowing arrangements.

| - Continued support for the company by the group by supply of goods & services.

| The budget indicates that the group will continue to operate within its agreed borrowing limits. The current business on hand and future expectations, regarding the future financial development, is line with the approved scenario and will continue to be monitored and controlled. The Board of Directors declared Going Concern for Primus-Silva Group and for the affiliated companies within the group including Primus- Silva Ltd.

| Turnover

| The company operates an online store for the sale of outdoor equipment and also sells these items via third party wholesalers. Revenue is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer. This is usually at the point when the customer has taken delivery of the goods.

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

| 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.

| Plant and machinery | - | 33% on cost

| Fixtures and fittings | - | 25% on cost

| Office equipment | - | 33% on cost

| Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

| Stocks

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

| Stock is valued at the lower of cost and estimated selling price less costs to sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of completion.

| Primus-Silva Ltd (Registered number: 02413508) |

Notes to the Financial Statements - continued

for the year ended 31st December 2025

2. | Accounting policies - continued

| Financial assets

| Basic financial assets, including trade and other debtors and bank balances, are initially recognised at transaction price.

| At the end of each reporting period financial assets measured at cost are assessed for evidence of impairment. Any impairment loss is recognised in the Income Statement.

| Financial assets are derecognised when the contractual rights to the cash flows from the asset expire or are settled.

| Financial liabilities

| Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price.

| Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. These are classed as current liabilities if payment is due within one year or less. If not they are presented as non-current liabilities.

| Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

| Taxation

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

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

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

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Foreign currencies

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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.

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

| Provisions

| Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis.

| Primus-Silva Ltd (Registered number: 02413508) |

Notes to the Financial Statements - continued

for the year ended 31st December 2025

2. | Accounting policies - continued

| Employee benefits

| Short term employee benefits, including holiday pay, are recognised as an expense in the Statement of Income and Retained Earnings in the period in which they are incurred.

3. | Employees and directors

| The average number of employees during the year was 5 (2024 - 5 ) .

4. | Tangible fixed assets

| Fixtures |

| Plant and |  | and |  | Office |

| machinery |  | fittings |  | equipment |  | Totals

£ | £ | £ | £ |

| Cost

| At 1st January 2025

| and 31st December 2025 | 3,627 |  | 18,701 |  | 5,837 |  | 28,165 |  |

| Depreciation

| At 1st January 2025 | 2,394 |  | 9,351 |  | 4,329 |  | 16,074 |  |

| Charge for year | 1,233 |  | 4,675 |  | 743 |  | 6,651 |  |

| At 31st December 2025 | 3,627 |  | 14,026 |  | 5,072 |  | 22,725 |  |

| Net book value

| At 31st December 2025 | - |  | 4,675 |  | 765 |  | 5,440 |  |

| At 31st December 2024 | 1,233 |  | 9,350 |  | 1,508 |  | 12,091 |  |

5. | Debtors

2025 | 2024 |

£ | £ |

| Amounts falling due within one year:

| Trade debtors | 210,148 |  | 212,296 |  |

| Amounts owed by group undertakings | 136,813 |  | - |  |

| Other debtors | 21,527 |  | 13,726 |  |

368,488 |  | 226,022 |  |

| Amounts falling due after more than one year:

| Amounts owed by group undertakings | 1,233,529 |  | 1,184,272 |  |

| Aggregate amounts | 1,602,017 |  | 1,410,294 |  |

6. | Creditors: amounts falling due within one year |

2025 | 2024 |

£ | £ |

| Trade creditors | 24,316 |  | 17,057 |  |

| Amounts owed to group undertakings | 643,321 |  | 341,939 |  |

| Taxation and social security | 43,027 |  | 32,702 |  |

| Other creditors | 36,772 |  | 21,400 |  |

747,436 |  | 413,098 |  |

| Primus-Silva Ltd (Registered number: 02413508) |

Notes to the Financial Statements - continued

for the year ended 31st December 2025

7. | Leasing agreements

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

2025 | 2024 |

£ | £ |

| Within one year | 49,028 |  | 36,727 |  |

| Between one and five years | 68,440 |  | 90,104 |  |

117,468 |  | 126,831 |  |

8. | Disclosure under Section 444(5B) of the Companies Act 2006

| The Report of the auditors was unqualified.

| Gill Adamson BSC (Hons) CA CTA (Senior Statutory Auditor)

| for and on behalf of Rennie Welch LLP

9. | Ultimate controlling party

| The company is a subsidiary undertaking of Primus-Silva Sweden AB which is incorporated in Sweden.

| The smallest and largest group in which the results of the company are consolidated is that headed by Primus-Silva Group AB, a company also incorporated in Sweden.