Caseware UK (AP4) 2024.0.164 2024.0.164 2025-12-31 2025-12-31 2025-12-31 false 2025-01-01 false No description of principal activity 24 23 false false 07304447 2025-01-01 2025-12-31 07304447 2024-01-01 2024-12-31 07304447 2025-12-31 07304447 2024-12-31 07304447 2024-01-01 07304447 c:CompanySecretary1 2025-01-01 2025-12-31 07304447 c:Director3 2025-01-01 2025-12-31 07304447 c:Director4 2025-01-01 2025-12-31 07304447 c:RegisteredOffice 2025-01-01 2025-12-31 07304447 d:Buildings 2025-01-01 2025-12-31 07304447 d:Buildings d:LongLeaseholdAssets 2025-01-01 2025-12-31 07304447 d:Buildings d:LongLeaseholdAssets 2025-12-31 07304447 d:Buildings d:LongLeaseholdAssets 2024-12-31 07304447 d:PlantMachinery 2025-01-01 2025-12-31 07304447 d:PlantMachinery 2025-12-31 07304447 d:PlantMachinery 2024-12-31 07304447 d:PlantMachinery d:OwnedOrFreeholdAssets 2025-01-01 2025-12-31 07304447 d:MotorVehicles 2025-01-01 2025-12-31 07304447 d:FurnitureFittings 2025-01-01 2025-12-31 07304447 d:FurnitureFittings 2025-12-31 07304447 d:FurnitureFittings 2024-12-31 07304447 d:FurnitureFittings d:OwnedOrFreeholdAssets 2025-01-01 2025-12-31 07304447 d:OfficeEquipment 2025-01-01 2025-12-31 07304447 d:OfficeEquipment 2025-12-31 07304447 d:OfficeEquipment 2024-12-31 07304447 d:OfficeEquipment d:OwnedOrFreeholdAssets 2025-01-01 2025-12-31 07304447 d:OtherPropertyPlantEquipment 2025-01-01 2025-12-31 07304447 d:OwnedOrFreeholdAssets 2025-01-01 2025-12-31 07304447 d:Goodwill 2025-01-01 2025-12-31 07304447 d:CurrentFinancialInstruments 2025-12-31 07304447 d:CurrentFinancialInstruments 2024-12-31 07304447 d:CurrentFinancialInstruments d:WithinOneYear 2025-12-31 07304447 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 07304447 d:ShareCapital 2025-12-31 07304447 d:ShareCapital 2024-12-31 07304447 d:ShareCapital 2024-01-01 07304447 d:SharePremium 2025-01-01 2025-12-31 07304447 d:SharePremium 2025-12-31 07304447 d:SharePremium 2024-12-31 07304447 d:SharePremium 2024-01-01 07304447 d:OtherMiscellaneousReserve 2025-01-01 2025-12-31 07304447 d:OtherMiscellaneousReserve 2025-12-31 07304447 d:OtherMiscellaneousReserve 2024-12-31 07304447 d:OtherMiscellaneousReserve 2024-01-01 07304447 d:RetainedEarningsAccumulatedLosses 2025-01-01 2025-12-31 07304447 d:RetainedEarningsAccumulatedLosses 2025-12-31 07304447 d:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 07304447 d:RetainedEarningsAccumulatedLosses 2024-12-31 07304447 d:RetainedEarningsAccumulatedLosses 2024-01-01 07304447 d:AcceleratedTaxDepreciationDeferredTax 2025-12-31 07304447 d:AcceleratedTaxDepreciationDeferredTax 2024-12-31 07304447 c:OrdinaryShareClass1 2025-01-01 2025-12-31 07304447 c:OrdinaryShareClass1 2025-12-31 07304447 c:OrdinaryShareClass1 2024-12-31 07304447 c:FRS102 2025-01-01 2025-12-31 07304447 c:Audited 2025-01-01 2025-12-31 07304447 c:FullAccounts 2025-01-01 2025-12-31 07304447 c:PrivateLimitedCompanyLtd 2025-01-01 2025-12-31 07304447 d:Subsidiary1 2025-01-01 2025-12-31 07304447 d:Subsidiary1 1 2025-01-01 2025-12-31 07304447 d:Subsidiary2 2025-01-01 2025-12-31 07304447 d:Subsidiary2 1 2025-01-01 2025-12-31 07304447 d:WithinOneYear 2025-12-31 07304447 d:WithinOneYear 2024-12-31 07304447 d:BetweenOneFiveYears 2025-12-31 07304447 d:BetweenOneFiveYears 2024-12-31 07304447 d:MoreThanFiveYears 2025-12-31 07304447 d:MoreThanFiveYears 2024-12-31 07304447 c:Consolidated 2025-12-31 07304447 c:ConsolidatedGroupCompanyAccounts 2025-01-01 2025-12-31 07304447 2 2025-01-01 2025-12-31 07304447 6 2025-01-01 2025-12-31 07304447 e:PoundSterling 2025-01-01 2025-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 07304447 AIV EUROPE LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 Whitings LLP Chartered Accountants & Business Advisers Greenwood House Greenwood Court Skyliner Way Bury St Edmunds Suffolk IP32 7GY
AIV EUROPE LIMITED COMPANY INFORMATION
Directors | R G Cook III
| R N Loving
Company secretary | Taylor Wessing Secretaries Limited
Registered number | 07304447
Registered office | 5 New Street Square
| London
| EC4A 3TW
Independent auditors | Whitings LLP
| Chartered Accountant & Statutory Auditor
| Greenwood House
| Greenwood Court
| Skyliner Way
| Bury St Edmunds
| Suffolk
| IP32 7GY
AIV EUROPE LIMITED CONTENTS
| Page
Group Strategic Report | 1 - 2
Directors' Report | 3 - 4
Independent Auditors' Report | 5 - 8
Consolidated Statement of Comprehensive Income | 9
Consolidated Balance Sheet | 10 - 11
Company Balance Sheet | 12 - 13
Consolidated Statement of Changes in Equity | 14
Company Statement of Changes in Equity | 15
Consolidated Statement of Cash Flows | 16 - 17
Consolidated Analysis of Net Debt | 18
Notes to the Financial Statements | 19 - 37
AIV EUROPE LIMITED GROUP STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2025
Introduction
The directors present their strategic report on the group for the year ended 31 December 2025.
Business review
The Group's principal activity continues to be the sale and modification of valves. Group turnover decreased from the previous year due to adverse market movements in the oil and gas sector. Gross profit and net margins have also declined due to increases in costs as a result of inflation and other factors. Construction was completed during the year on the group-owned facility, which was purchased during the previous year by RLLR Properties UK Limited. Despite the declined operating results compared to the prior year, the Directors are confident for the groups future trading prospects.
Future developments
The directors expect the results for 2026 to remain at 2025 levels.
Principal risks and uncertainties
The main risks are credit, foreign currency risk and market conditions. Credit risk arises principally from trade debtors. This is mitigated by assessing the credit worthiness of customers and setting appropriate credit limits. Foreign currency risk arises from purchases and sales in currencies other than the group's reporting currency. This is mitigated by the group holding cash balances in currencies to which it is exposed to fluctuations. Economic conditions are mitigated by holding sufficient reserves to allow the company to trade during periods of lower activity. Page 1
AIV EUROPE LIMITED GROUP STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Financial key performance indicators
The group's financial key performance indicators are as follows:-
|  | 2025 | 2024
|  | £ | £
| Turnover | 21,536,591 | 23,517,041
| Gross profit margin | 40.6% | 42.8%
| Net profit margin | 11.5% | 18.5%
This report was approved by the Board and signed on its behalf.
R G Cook III Director
Date: 18 June 2026
Page 2
AIV EUROPE LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The directors present their report and the financial statements for the year ended 31 December 2025.
Directors' responsibilities statement
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group 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 for the Group's financial statements and then apply them consistently; ∙make judgements and accounting estimates that are reasonable and prudent; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Results and dividends
The profit for the year, after taxation, amounted to £2,486,960 (2024 - £4,351,544). During the year, dividends of £Nil (2024 - £Nil) were declared and paid. No further dividends have been proposed.
Directors
The directors who served during the year were:
R G Cook III
R N Loving
Future developments
Future developments are detailed within the Strategic Report. Page 3
AIV EUROPE LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.
Post balance sheet events
There have been no significant events affecting the Group since the year end.
Auditors
The auditors, Whitings LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the Board and signed on its behalf.
R G Cook III Director
Date: 18 June 2026
Page 4
AIV EUROPE LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AIV EUROPE LIMITED
Opinion
We have audited the financial statements of AIV Europe Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2025, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 December 2025 and of the Group's profit for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 or the 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. Page 5
AIV EUROPE LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AIV EUROPE LIMITED (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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 its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report. 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' Responsibilities Statement set out on page 3, 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 Group's and 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so. Page 6
AIV EUROPE LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AIV EUROPE LIMITED (CONTINUED)
Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' 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 Group 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: ∙Enquiry of management about any known or suspected instances of non-compliance with laws and regulations, accidents in the workplace, and fraud; ∙Enquiry of management around actual and potential litigation and claims; ∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; ∙Challenging assumptions and judgements made by management in their significant accounting estimates; and ∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the course of normal business. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report. Page 7
AIV EUROPE LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AIV EUROPE LIMITED (CONTINUED)
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 Auditors' 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. Jonathan Moore ACCA (Senior Statutory Auditor) for and on behalf of Whitings LLP Chartered Accountant & Statutory Auditor Greenwood House Greenwood Court Skyliner Way Bury St Edmunds Suffolk IP32 7GY 22 June 2026 Page 8
AIV EUROPE LIMITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 21,536,591 | 23,517,041
Cost of sales |  | (12,791,728) | (13,451,381)
Gross profit |  | 8,744,863 | 10,065,660
Administrative expenses |  | (5,266,595) | (4,179,959)
Operating profit | 6 | 3,478,268 | 5,885,701
Interest receivable and similar income | 8 | 15,498 | 11,792
Interest payable and similar expenses | 9 | (171,029) | (52,322)
Profit before taxation |  | 3,322,737 | 5,845,171
Tax on profit | 10 | (835,777) | (1,493,627)
Profit for the financial year |  | 2,486,960 | 4,351,544
There were no recognised gains and losses for 2025 or 2024 other than those included in the consolidated statement of comprehensive income.
There was no other comprehensive income for 2025 (2024:£NIL).
The notes on pages 19 to 37 form part of these financial statements.
Page 9
AIV EUROPE LIMITED REGISTERED NUMBER: 07304447 CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 11 |  | - |  | 32,669
Tangible assets | 12 |  | 9,551,545 |  | 8,062,611
|  |  | 9,551,545 |  | 8,095,280
Current assets |  |  |  |  |
Stocks | 14 | 5,822,627 |  | 4,898,839 |
Debtors: amounts falling due within one year | 15 | 1,658,668 |  | 3,342,911 |
Cash at bank and in hand | 16 | 4,866,153 |  | 5,410,230 |
|  | 12,347,448 |  | 13,651,980 |
Current liabilities |  |  |  |  |
Creditors: amounts falling due within one year | 17 | (1,573,441) |  | (2,159,844) |
Net current assets |  |  | 10,774,007 |  | 11,492,136
Total assets less current liabilities |  |  | 20,325,552 |  | 19,587,416
Creditors: amounts falling due after more than one year | 18 |  | (1,418,186) |  | (3,500,000)
Provisions for liabilities |  |  |  |  |
Deferred taxation | 19 |  | (437,775) |  | (104,785)
Net assets |  |  | 18,469,591 |  | 15,982,631
Page 10
AIV EUROPE LIMITED REGISTERED NUMBER: 07304447 CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Capital and reserves |  |  |  |  |
Called up share capital | 20 |  | 1,030 |  | 1,030
Share premium account | 21 |  | 201,449 |  | 201,449
Other reserves | 21 |  | 1,267,973 |  | 1,267,973
Profit and loss account | 21 |  | 16,999,139 |  | 14,512,179
|  |  | 18,469,591 |  | 15,982,631
The financial statements were approved and authorised for issue by the Board and were signed on its behalf by:
R G Cook III
Director
Date: 18 June 2026
The notes on pages 19 to 37 form part of these financial statements. Page 11
AIV EUROPE LIMITED REGISTERED NUMBER: 07304447 COMPANY BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 12 |  | 371,858 |  | 6,985
Investments | 13 |  | 8,424,830 |  | 6,908,197
|  |  | 8,796,688 |  | 6,915,182
Current assets |  |  |  |  |
Stocks | 14 | 5,426,643 |  | 4,534,622 |
Debtors: amounts falling due within one year | 15 | 1,505,282 |  | 1,560,165 |
Cash at bank and in hand | 16 | 3,679,161 |  | 3,865,062 |
|  | 10,611,086 |  | 9,959,849 |
Current liabilities |  |  |  |  |
Creditors: amounts falling due within one year | 17 | (1,416,007) |  | (1,979,817) |
Net current assets |  |  | 9,195,079 |  | 7,980,032
Total assets less current liabilities |  |  | 17,991,767 |  | 14,895,214
Provisions for liabilities |  |  |  |  |
Deferred taxation | 19 | (92,089) |  | - |
|  |  | (92,089) |  | -
Net assets |  |  | 17,899,678 |  | 14,895,214
Page 12
AIV EUROPE LIMITED REGISTERED NUMBER: 07304447 COMPANY BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Capital and reserves |  |  |  |  |
Called up share capital | 20 |  | 1,030 |  | 1,030
Share premium account | 21 |  | 201,449 |  | 201,449
Other reserves | 21 |  | 1,267,973 |  | 1,267,973
Profit and loss account brought forward |  | 13,424,762 |  | 8,777,141 |
Profit for the year |  | 3,004,464 |  | 4,647,621 |
Profit and loss account carried forward |  |  | 16,429,226 |  | 13,424,762
|  |  | 17,899,678 |  | 14,895,214
The financial statements were approved and authorised for issue by the Board and were signed on its behalf by:
R G Cook III
Director
Date: 18 June 2026
The notes on pages 19 to 37 form part of these financial statements. Page 13
AIV EUROPE LIMITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
| Called up share capital | Share premium account | Other reserves | Profit and loss account | Total equity
| £ | £ | £ | £ | £
At 1 January 2024 | 1,030 | 201,449 | 1,267,973 | 10,160,635 | 11,631,087
Profit for the year | - | - | - | 4,351,544 | 4,351,544
At 1 January 2025 | 1,030 | 201,449 | 1,267,973 | 14,512,179 | 15,982,631
Profit for the year | - | - | - | 2,486,960 | 2,486,960
At 31 December 2025 | 1,030 | 201,449 | 1,267,973 | 16,999,139 | 18,469,591
| The notes on pages 19 to 37 form part of these financial statements.
Page 14
AIV EUROPE LIMITED COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
| Called up share capital | Share premium account | Other reserves | Profit and loss account | Total equity
| £ | £ | £ | £ | £
At 1 January 2024 | 1,030 | 201,449 | 1,267,973 | 8,777,141 | 10,247,593
Profit for the year | - | - | - | 4,647,621 | 4,647,621
At 1 January 2025 | 1,030 | 201,449 | 1,267,973 | 13,424,762 | 14,895,214
Profit for the year | - | - | - | 3,004,464 | 3,004,464
At 31 December 2025 | 1,030 | 201,449 | 1,267,973 | 16,429,226 | 17,899,678
| The notes on pages 19 to 37 form part of these financial statements.
Page 15
AIV EUROPE LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 2,486,960 | 4,351,544
Adjustments for: |  |
Amortisation of intangible assets | 32,669 | 78,406
Depreciation of tangible assets | 391,853 | 111,594
Loss on disposal of tangible assets | (3,182) | 662
Interest paid | 171,028 | 52,322
Interest received | (15,498) | (11,792)
Taxation charge | 835,777 | 1,493,627
(Increase) in stocks | (923,787) | (698,875)
Decrease/(increase) in debtors | 1,821,434 | (615,412)
Decrease in amounts owed by groups | 490,352 | 28,073
(Decrease) in creditors | (234,235) | (16,806)
(Decrease)/increase in amounts owed to groups | (672,572) | 119,342
Corporation tax (paid) | (884,568) | (2,115,972)
Net cash generated from operating activities | 3,496,231 | 2,776,713
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (1,896,078) | (7,735,858)
Sale of tangible fixed assets | 18,473 | 2,000
Interest received | 15,498 | 11,792
Net cash from investing activities | (1,862,107) | (7,722,066)
Page 16
AIV EUROPE LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
|  | 2025 | 2024
|  | £ | £
Cash flows from financing activities |  |
New loans from group companies | - | 3,500,000
Loans from group companies repaid | (615,540) | -
Interest paid | (171,028) | (52,322)
Capital contribution from group companies | (1,391,633) | -
Net cash used in financing activities | (2,178,201) | 3,447,678
Net (decrease) in cash and cash equivalents | (544,077) | (1,497,675)
Cash and cash equivalents at beginning of year | 5,410,230 | 6,907,905
Cash and cash equivalents at the end of year | 4,866,153 | 5,410,230
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 4,866,153 | 5,410,230
Page 17
AIV EUROPE LIMITED CONSOLIDATED ANALYSIS OF NET DEBT FOR THE YEAR ENDED 31 DECEMBER 2025
|  | At 1 January 2025 | Cash flows | Other non-cash changes | At 31 December 2025
|  | £ | £ | £ | £
Cash at bank and in hand | 5,410,230 | (544,077) | - | 4,866,153
Debt due after 1 year | (3,500,000) | 615,540 | 1,466,274 | (1,418,186)
Debt due within 1 year | - | - | (74,641) | (74,641)
| 1,910,230 | 71,463 | 1,391,633 | 3,373,326
Page 18
AIV EUROPE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
AIV Europe Limited is a private company limited by shares and is incorporated in England & Wales, registered number 07304447. The address of its registered office is 5 New Street Square, London, EC4A 3TW. The Group's principal activity is the sale and modification of valves. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3). The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The following principal accounting policies have been applied:
| 2.2 | Basis of consolidation
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 January 2014. Page 19
AIV EUROPE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.3 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
| 2.4 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Group has transferred the significant risks and rewards of ownership to the buyer; ∙the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Group will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Group will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably. Page 20
AIV EUROPE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.5 | Operating leases: the Group as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
| 2.6 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.7 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.8 | Pensions
Defined contribution pension plan The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds. Page 21
AIV EUROPE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.9 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and ∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.10 | Intangible assets
Goodwill Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life. Other intangible assets Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. The estimated useful life of goodwill is 10 years. Page 22
AIV EUROPE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.11 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. The Group adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Group. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the following methods. Depreciation is provided on the following basis:
|  |  |  | Freehold property | - | Not depreciated
|  |  |  | Leasehold improvements | - | 5% - 20% on cost
|  |  |  | Plant and machinery | - | 5% - 25% reducing balance or 5% on cost
|  |  |  | Motor vehicles | - | 25% reducing balance
|  |  |  | Fixtures and fittings | - | 25% reducing balance or 20% on cost
|  |  |  | Office equipment | - | 25% reducing balance or 20% on cost
|  |  |  | Assets under construction | - | Not depreciated until brought into use
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.12 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.13 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss. Page 23
AIV EUROPE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.14 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.15 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.
| 2.16 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.17 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.18 | Financial instruments
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Group's Balance Sheet when the Group 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 realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Page 24
AIV EUROPE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.18 | Financial instruments (continued)
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. 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 the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.
| 2.19 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Page 25
AIV EUROPE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. i) Impairment of stocks:- The Group makes an estimate for the impairment of stocks using a formula based on the ageing of the stock and historical experience.
4. | Turnover
The whole of the turnover is attributable to the sale and modification of valves. Analysis of turnover by country of destination:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| United Kingdom | 14,204,350 | 16,309,317
| Rest of the world | 7,332,241 | 7,207,724
|  | 21,536,591 | 23,517,041
5. | Auditors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Group's auditors for the audit of the Group's financial statements | 17,000 | 16,200
Page 26
AIV EUROPE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
6. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Exchange differences | 272,411 | 84,060
| Amortisation of goodwill | 32,669 | 78,405
| Depreciation of tangible fixed assets | 374,973 | 111,594
| Profit on disposal of tangible fixed assets | (3,182) | 662
| Other operating lease rentals | (322,772) | 270,200
7. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Wages and salaries | 2,976,732 | 2,705,685 | 1,824,666 | 1,509,819
| Social security costs | 286,793 | 249,325 | 150,108 | 127,988
| Cost of defined contribution scheme | 81,682 | 76,567 | 53,808 | 49,408
|  | 3,345,207 | 3,031,577 | 2,028,582 | 1,687,215
| Key management:- Key management includes directors and senior management. Compensation paid or payable to key management for employee services was £319,996 (2024 - £303,703).
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | Group | Group | Company | Company
|  |  | 2025 | 2024 | 2025 | 2024
|  |  | No. | No. | No. | No.
|  | Management | 4 | 4 | 4 | 4
|  | Operations | 50 | 50 | 20 | 19
|  |  | 54 | 54 | 24 | 23
Page 27
AIV EUROPE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
8. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 15,498 | 11,792
9. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest payable | 15,243 | 27,007
| Loans from group undertakings | 155,786 | 25,315
|  | 171,029 | 52,322
10. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 510,354 | 1,479,183
| Adjustments in respect of previous periods | (7,567) | -
| Deferred tax |  |
| Origination and reversal of timing differences | 332,990 | 14,444
| Tax on profit | 835,777 | 1,493,627
Page 28
AIV EUROPE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 10.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 3,322,738 | 5,845,171
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% | 830,685 | 1,461,293
| Effects of: |  |
| Non-tax deductible amortisation of goodwill and impairment | 8,167 | 19,601
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 13,119 | 3,907
| Other timing differences leading to an increase in taxation | (16,194) | 8,826
| Total tax charge for the year | 835,777 | 1,493,627
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. Page 29
AIV EUROPE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
11. | Intangible assets
| Group
|  | Goodwill
|  | £
| Cost |
| At 1 January 2025 | 784,057
| At 31 December 2025 | 784,057
| Amortisation |
| At 1 January 2025 | 751,388
| Charge for the year | 32,669
| At 31 December 2025 | 784,057
| Net book value |
| At 31 December 2025 | -
| At 31 December 2024 | 32,669
Page 30

|  | AIV EUROPE LIMITED |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
| 12. | Tangible fixed assets
|  | Group
|  | Freehold property | Leasehold property | Plant and machinery | Motor vehicles | Fixtures and fittings | Office equipment | Assets under construction | Total
|  | £ | £ | £ | £ | £ | £ | £ | £
| Cost |  |  |  |  |  |  |  |
| At 1 January 2025 | - | 170,188 | 1,197,663 | 52,122 | 213,129 | 11,241 | 7,568,871 | 9,213,214
| Additions | - | 1,158,910 | 619,159 | 20,450 | 13,493 | 84,066 | - | 1,896,078
| Disposals | - | - | (30,921) | (36,440) | - | - | - | (67,361)
| Transfers between classes | 1,380,000 | 6,187,291 | 1,580 | - | - | - | (7,568,871) | -
| At 31 December 2025 | 1,380,000 | 7,516,389 | 1,787,481 | 36,132 | 226,622 | 95,307 | - | 11,041,931
| Depreciation |  |  |  |  |  |  |  |
| At 1 January 2025 | - | 120,880 | 834,341 | 31,256 | 152,885 | 11,241 | - | 1,150,603
| Charge for the year | - | 191,012 | 163,323 | 6,147 | 17,360 | 14,011 | - | 391,853
| Disposals | - | - | (30,921) | (21,149) | - | - | - | (52,070)
| At 31 December 2025 | - | 311,892 | 966,743 | 16,254 | 170,245 | 25,252 | - | 1,490,386
| Net book value |  |  |  |  |  |  |  |
| At 31 December 2025 | 1,380,000 | 7,204,497 | 820,738 | 19,878 | 56,377 | 70,055 | - | 9,551,545
| At 31 December 2024 | - | 49,308 | 363,322 | 20,866 | 60,244 | - | 7,568,871 | 8,062,611
Page 31

AIV EUROPE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 12.Tangible fixed assets (continued)
| Company
|  | Long-term leasehold property | Plant and machinery | Fixtures and fittings | Office equipment | Total
|  | £ | £ | £ | £ | £
| Cost |  |  |  |  |
| At 1 January 2025 | 41,271 | 152,208 | 10,784 | 11,241 | 215,504
| Additions | 102,858 | 249,731 | 3,527 | 84,066 | 440,182
| Disposals | - | (30,921) | - | - | (30,921)
| At 31 December 2025 | 144,129 | 371,018 | 14,311 | 95,307 | 624,765
| Depreciation |  |  |  |  |
| At 1 January 2025 | 38,357 | 148,137 | 10,784 | 11,241 | 208,519
| Charge for the year | 18,046 | 42,782 | 470 | 14,011 | 75,309
| Disposals | - | (30,921) | - | - | (30,921)
| At 31 December 2025 | 56,403 | 159,998 | 11,254 | 25,252 | 252,907
| Net book value |  |  |  |  |
| At 31 December 2025 | 87,726 | 211,020 | 3,057 | 70,055 | 371,858
| At 31 December 2024 | 2,914 | 4,071 | - | - | 6,985
Page 32
AIV EUROPE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
13. | Fixed asset investments
| Company
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 January 2025 | 6,908,197
| Additions | 1,516,633
| At 31 December 2025 | 8,424,830
| Subsidiary undertakings
| The following were subsidiary undertakings of the Company:
| Name | Registered office | Class of shares | Holding
| Adanac Valve Specialities Limited | 5 New Street Square, London EC4A 3TW | Ordinary | 100%
| RLLR Properties UK Limited | 5 New Street Square, London EC4A 3TW | Ordinary | 100%
| The above subsidiaries are included in the consolidation. During the year the Company has increased its investment in RLLR Properties UK Limited by way of additional contribution to its other reserves.
Page 33
AIV EUROPE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
14. | Stocks
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Finished goods and goods for resale | 5,822,627 | 4,898,839 | 5,426,643 | 4,534,622
| An impairment loss of £319,996 (2024 - £242,656) was recognised in cost of sales against stock during the year due to slow-moving and obsolete stock.
15. | Debtors
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Trade debtors | 1,015,686 | 956,386 | 958,796 | 828,755
| Amounts owed by group undertakings | 157,831 | 263,528 | 170,501 | 270,916
| Other debtors | 308,573 | 1,684,654 | 214,185 | 278,349
| Prepayments and accrued income | 176,578 | 437,023 | 161,800 | 181,335
| Amounts recoverable on long term contracts | - | 1,320 | - | -
| Deferred taxation | - | - | - | 810
|  | 1,658,668 | 3,342,911 | 1,505,282 | 1,560,165
16. | Cash and cash equivalents
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Cash at bank and in hand | 4,866,153 | 5,410,230 | 3,679,161 | 3,865,062
Page 34
AIV EUROPE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
17. | Creditors: Amounts falling due within one year
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Trade creditors | 320,106 | 688,436 | 251,704 | 253,968
| Amounts owed to group undertakings | 613,161 | 826,437 | 700,015 | 1,209,494
| Corporation tax | - | 134,083 | - | 125,005
| Other taxation and social security | 113,574 | 94,748 | 5,448 | 170
| Other creditors | 118,477 | 311,596 | 118,037 | 304,367
| Accruals and deferred income | 408,123 | 104,544 | 340,803 | 86,813
|  | 1,573,441 | 2,159,844 | 1,416,007 | 1,979,817
| Amounts owed to group undertakings of £74,641 due within one year are subject to interest at an annual rate equal to Bank of England current bank rate plus a margin of 1.85%. Details of repayments are disclosed in note 19. Other amounts owed to group undertakings falling due within one year are unsecured, interest free and are repayable on demand.
18. | Creditors: Amounts falling due after more than one year
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Amounts owed to group undertakings | 1,418,186 | 3,500,000
Amounts owed to group undertakings falling due after more than one year are subject to interest at an annual rate equal to Bank of England current bank rate plus a margin of 1.85%. The first repayment is due 1 January 2026 and payable over a period of 10 years. Amounts of £1,044,979 are payable by instalments after 5 years.
19. | Deferred taxation
| Group
|  | 2025 | 2024
|  | £ | £
| At beginning of year | (104,785) | (90,341)
| Charged to profit or loss | (332,990) | (14,444)
| At end of year | (437,775) | (104,785)
Page 35
AIV EUROPE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 19.Deferred taxation (continued)
| Company
|  | 2025 | 2024
|  | £ | £
| At beginning of year | 810 | (1,180)
| Charged to profit or loss | (92,899) | 1,990
| At end of year | (92,089) | 810
| The provision for deferred taxation is made up as follows:
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Accelerated capital allowances | (437,775) | (104,785) | (92,089) | 810
| The net deferred tax expected to reverse next year is £58,488 relating to the reversal of timing differences on tangible fixed assets.
20. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 1,030 (2024 - 1,030) Ordinary shares of £1.00 each | 1,030 | 1,030
21. | Reserves
Share premium account This includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium. Other reserves This includes additional paid-in capital. Profit and loss account This includes all current and prior period retained profit and losses. Page 36
AIV EUROPE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
22. | Pension commitments
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £81,682 (2024 - £76,567). Contributions totalling £Nil (2024 - £4,431) were payable to the fund at the balance sheet date and are included in creditors.
23. | Commitments under operating leases
| At 31 December 2025 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Not later than 1 year | 374,022 | 167,088 | 193,169 | 163,680
| Later than 1 year and not later than 5 years | 1,490,000 | 853 | 746,000 | -
| Later than 5 years | 1,630,000 | - | 799,000 | -
|  | 3,494,022 | 167,941 | 1,738,169 | 163,680
24. | Related party transactions
| Where possible, the Group has taken advantage of the exemption from the requirement to disclose transactions with wholly-owned group companies. The Group undertakes transactions with wider group members. During the year, sales were made of £2,245,425 (2024 - £2,272,118) and purchases of £5,958,614 (2024 - £6,577,259). Management recharge costs were £534,185 (2024 - £457,586). At the balance sheet date, total debtors from wider group members were £157,831 (2024 - £263,528) and creditors of £613,161 (2024 - £826,437) due within one year and £1,418,186 (2024 - £3,500,000) due after one year.
25. | Controlling party
The immediate parent undertaking is AIV International, Inc, a company incorporated in USA. Group financial statements are not prepared. The ultimate parent undertaking is AIV Holding, a partnership established in the USA. Group financial statements are prepared but are not publicly available. The parents registered office and principal place of business is detailed at www.aivinc.com.
Page 37