Company registration number 01157634 (England and Wales)
RELATED FLUID POWER LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
RELATED FLUID POWER LIMITED
COMPANY INFORMATION
Directors
Nicholas Lilburn
(Appointed 9 September 2025)
Julian Lee
Robert Lennie
Andrew Spittle
Christopher Spittle
Jonathan Spittle
Secretary
Nicholas Lilburn
(Appointed 9 September 2025)
Company number
01157634
Registered office
Unit A
82 James Carter Road
Mildenhall
England
IP28 7DE
Auditor
Findlays Audit Limited
11 Dudhope Terrace
Dundee
DD3 6TS
Business address
Cupar Muir
Cupar
Fife
Scotland
KY15 5SL
RELATED FLUID POWER LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 26
RELATED FLUID POWER LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

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

Principal activities

The principal activity of the company continued to be that of the design, manufacture and supply of high quality, cost effective hydraulic products.

Review of the business

2025 delivered some stability with turnover only slightly below 2024 however the business was able to increase its overall margins by moving away from low margin work.

Significant investment plans were completed in the year with an upgrade to our main ERP Computer System and the commission of additional machines, including our first robot loaded machine centre. Work on our digital platform continued with additional work required to integrate fully with our new ERP system.

2026 has seen sales increase sharply and this has caused some capacity challenges for the team to satisfy our customers. Profit margins are stable however recent world problems are likely to cause price rises in all areas of the business.

The performance in the 2025 has again been a challenge but the increase in profitability demonstrates the company is responding to the challenges it faces. The Directors are confident that the company is well placed to operate effectively in the coming months and years.

Principal risks and uncertainties

Commercial risk
The company saw sustained performance throughout 2025 while again navigating significant rising component, raw material and import freight costs. It is often difficult to pass on respective increases quickly to the company's customers, and toward the end of the period additional challenges posed by component shortages and lengthening lead times have necessitated regular review and flexibility.

Exchange rate risk
The company imports raw materials/components from global suppliers, as well as selling worldwide and will experience fluctuations in foreign exchange rates. With the continued difficult environment and uncertain trading milieu in light of ongoing geopolitical circumstances, the directors are mindful of the implications both can have on the company and steps have been put in place to minimise impact accordingly.

Environmental risk
The company recognises the importance of assessing any potential for causing harm to the environment and to put in place respective mitigation programs and procedures to reduce or eliminate any risk. It is intent on reducing carbon emissions and environmental waste where possible.

We engage with suppliers and customers on packing requirements to reduce waste and have introduced such programs as ‘returnable packaging’, ‘reduced/no plastic packaging’ and ‘consolidated/full pallet shipments’.

Health and safety legislation
The company recognises the importance of, and has policies and procedures in place to ensure, its health and safety requirements are met at all times.

Key performance indicators
The company measures KPIs on a monthly basis as part of its internal control processes and management accounts function.

The KPIs are turnover, gross profit, operating profit and net assets which all continue to show positive results.

Other performance indicators
There are no other key performance indicators that the company uses to measure performance.

RELATED FLUID POWER LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -

On behalf of the board

Jonathan Spittle
Director
8 July 2026
RELATED FLUID POWER LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2025.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Nicholas Lilburn
(Appointed 9 September 2025)
Julian Lee
Robert Lennie
Andrew Spittle
Christopher Spittle
Jonathan Spittle
Jill Spittle
(Resigned 9 September 2025)
Statement of directors' responsibilities

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 company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

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

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement 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 company’s auditor 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 company’s auditor is aware of that information.

RELATED FLUID POWER LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -
On behalf of the board
Jonathan Spittle
Director
8 July 2026
RELATED FLUID POWER LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF RELATED FLUID POWER LIMITED
- 5 -
Opinion

We have audited the financial statements of Related Fluid Power Limited (the 'company') for the year ended 31 December 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the 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 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The 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:

- the 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.

RELATED FLUID POWER LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF RELATED FLUID POWER LIMITED (CONTINUED)
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report and 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, or returns adequate for our audit have not been received from branches not visited by us; or

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

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

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

- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report.

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

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 instance 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 detail below.

The audit team has appropriate skills and expertise required and through discussions with management and Directors knowledge of the sector to ensure any non compliance is recognised and all necessary disclosures are made the controls in place help the company mitigate the risk of fraud and also aids them in highlighting any instances of fraud that might have occurred.

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

- Making enquiries of management about any known or suspected instances of non compliance with laws and regulations, including GDPR, health and safety, employment law and fraud,

- Enquiries of Management and Directors as to where they consider the susceptibility to fraud and their knowledge of how actual, suspected and alleged fraud might occur

- Review of any correspondence with regulators including HMRC

- Challenging assumptions and judgements made by management in their significant accounting estimates

- Auditing the risk of management override controls, including through testing of journal entries and other judgments for appropriateness

- Review of legal fees to ensure all necessary disclosures made

- Review of any areas where there is potential management bias or large and unusual transactions

RELATED FLUID POWER LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF RELATED FLUID POWER LIMITED (CONTINUED)
- 7 -

Because of the field in which the client operates we identified the following areas as those most likely to have a material impact on the financial statements;

Direct impact on financial statements:

- Companies Act 2006

- International Standards of Auditing (UK)

- Accounting Standards

Indirect impact on financial statements:

- Health and Safety Act

- GDPR

- Employment Law

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 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.

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.

Alexander Squires, C.A. (Senior Statutory Auditor)
For and on behalf of Findlays Audit Limited, Statutory Auditor
Chartered Accountants
11 Dudhope Terrace
Dundee
DD3 6TS
8 July 2026
Findlays is eligible for appointment as auditor of the company by virtue of its eligibility for appointment as auditor of a company under s 1212 of the Companies Act 2006
RELATED FLUID POWER LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -
2025
2024
Notes
£
£
Turnover
3
8,810,649
9,116,945
Cost of sales
(6,335,363)
(6,842,805)
Gross profit
2,475,286
2,274,140
Distribution costs
(69,708)
(73,624)
Administrative expenses
(2,211,001)
(2,168,217)
Other operating income
40,722
-
0
Operating profit
4
235,299
32,299
Interest receivable and similar income
8
1,000
2,036
Interest payable and similar expenses
9
(34,091)
(25,625)
Profit before taxation
202,208
8,710
Tax on profit
10
(111,634)
(6,374)
Profit for the financial year
90,574
2,336
Other comprehensive income
Revaluation of tangible fixed assets
-
0
206,000
Total comprehensive income for the year
90,574
208,336

The profit and loss account has been prepared on the basis that all operations are continuing operations.

The notes on pages 12 to 26 form part of these financial statements.

RELATED FLUID POWER LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
11
2,957,013
2,729,917
Investment property
12
500,000
-
0
3,457,013
2,729,917
Current assets
Stocks
13
1,638,582
1,630,175
Debtors
14
1,830,376
1,770,623
Cash at bank and in hand
261,976
870,415
3,730,934
4,271,213
Creditors: amounts falling due within one year
15
(1,591,302)
(1,637,095)
Net current assets
2,139,632
2,634,118
Total assets less current liabilities
5,596,645
5,364,035
Creditors: amounts falling due after more than one year
16
(449,393)
(418,991)
Provisions for liabilities
Deferred tax liability
19
551,373
439,739
(551,373)
(439,739)
Net assets
4,595,879
4,505,305
Capital and reserves
Called up share capital
21
137,806
137,806
Share premium account
6,000
6,000
Revaluation reserve
22
700,186
700,186
Capital redemption reserve
6,194
6,194
Profit and loss reserves
3,745,693
3,655,119
Total equity
4,595,879
4,505,305

The notes on pages 12 to 26 form part of these financial statements.

The financial statements were approved by the board of directors and authorised for issue on 8 July 2026 and are signed on its behalf by:
Jonathan Spittle
Director
Company registration number 01157634 (England and Wales)
RELATED FLUID POWER LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 10 -
Share capital
Share premium account
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
£
£
Balance at 1 January 2024
137,806
6,000
494,186
6,194
3,652,783
4,296,969
Year ended 31 December 2024:
Profit
-
-
-
-
2,336
2,336
Other comprehensive income:
Revaluation of tangible fixed assets
-
-
206,000
-
-
206,000
Total comprehensive income
-
-
206,000
-
2,336
208,336
Balance at 31 December 2024
137,806
6,000
700,186
6,194
3,655,119
4,505,305
Year ended 31 December 2025:
Profit and total comprehensive income
-
-
-
-
90,574
90,574
Balance at 31 December 2025
137,806
6,000
700,186
6,194
3,745,693
4,595,879

The notes on pages 12 to 26 form part of these financial statements.

RELATED FLUID POWER LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
392,075
624,385
Interest paid
(34,091)
(25,625)
Income taxes refunded
-
0
40,196
Net cash inflow from operating activities
357,984
638,956
Investing activities
Purchase of tangible fixed assets
(545,897)
(611,492)
Proceeds from disposal of tangible fixed assets
5,241
-
0
Purchase of investment property
(500,000)
-
0
Proceeds from disposal of subsidiaries
-
0
1,513
Interest received
1,000
2,036
Net cash used in investing activities
(1,039,656)
(607,943)
Financing activities
Repayment of borrowings
(5,832)
(9,330)
Payment of finance leases obligations
87,493
225,649
Net cash generated from financing activities
81,661
216,319
Net (decrease)/increase in cash and cash equivalents
(600,011)
247,332
Cash and cash equivalents at beginning of year
861,987
614,655
Cash and cash equivalents at end of year
261,976
861,987
Relating to:
Cash at bank and in hand
261,976
870,415
Bank overdrafts included in creditors payable within one year
-
0
(8,428)

The notes on pages 12 to 26 form part of these financial statements.

RELATED FLUID POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 12 -
1
Accounting policies
Company information

Related Fluid Power Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit A, 82 James Carter Road, Mildenhall, England, IP28 7DE. The principal place of business is Cupar Muir, Cupar, Fife, Scotland, KY15 5SL.

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. The principal accounting policies adopted are set out below.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

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

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

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 dispatch 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.

1.4
Tangible fixed assets

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

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

Freehold land and buildings
2% straight line
Leasehold improvements
2% straight line
Plant and equipment
10% straight line
Fixtures and fittings
15% reducing balance / 33.33% straight line
Motor vehicles
25% reducing balance
Mazak machinery
5% straight line

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

RELATED FLUID POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 13 -
1.5
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
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, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

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

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

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

RELATED FLUID POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 14 -
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.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal 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 company 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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.10
Equity instruments

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

1.11
Taxation

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

Current tax

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

RELATED FLUID POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 15 -
Deferred tax

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

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

1.12
Employee benefits

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

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

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

1.13
Retirement benefits

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

1.14
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 profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.15
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.

RELATED FLUID POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 16 -
1.16

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.

If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Where the company claims for research and development tax relief, the benefit is only recognised within the financial statements once the claim has been submitted and approved by HM Revenue and Customs.

2
Judgements and key sources of estimation uncertainty

In the application of the company’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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Depreciation

Due to the nature of the company's activities, the plant and machinery and the other assets depreciation policy is considered to be the most significant estimation within the company's financial statements.

Management review the depreciation policy regularly to determine whether the rates and methods are reasonable for each machine. if the net book value of these assets were considered change significant, a change in the depreciation policy may be required.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
7,081,933
7,493,920
Rest of the world
1,728,716
1,623,025
8,810,649
9,116,945
2025
2024
£
£
Other revenue
Interest income
1,000
2,036
RELATED FLUID POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 17 -
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(6,120)
14,498
Depreciation of owned tangible fixed assets
284,649
243,550
Loss on disposal of tangible fixed assets
28,911
-
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 company
22,180
18,900
6
Employees

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

2025
2024
Number
Number
Direct
31
32
Administration
11
14
Directors
5
5
Total
47
51

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
1,854,460
1,940,123
Social security costs
221,932
210,961
Pension costs
95,769
113,095
2,172,161
2,264,179
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
433,408
493,699
Company pension contributions to defined contribution schemes
63,047
63,799
496,455
557,498
RELATED FLUID POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
7
Directors' remuneration
(Continued)
- 18 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
129,999
129,934
Company pension contributions to defined contribution schemes
27,350
26,122
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Other interest income
1,000
2,036
9
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Other interest on financial liabilities
5,821
13,217
Other finance costs:
Interest on finance leases and hire purchase contracts
28,270
12,408
34,091
25,625
10
Taxation
2025
2024
£
£
Current tax
Adjustments in respect of prior periods
-
0
(95,696)
Deferred tax
Origination and reversal of timing differences
111,634
102,070
Total tax charge
111,634
6,374
RELATED FLUID POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
10
Taxation
(Continued)
- 19 -

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
202,208
8,710
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
50,552
2,178
Tax effect of expenses that are not deductible in determining taxable profit
-
0
190
Tax effect of income not taxable in determining taxable profit
(250)
-
0
Permanent capital allowances in excess of depreciation
(68,245)
-
0
Under/(over) provided in prior years
-
0
(95,696)
Loss carried back
-
0
99,702
Deferred tax adjustments in respect of the current year
111,634
-
0
Loss carried forward
17,943
-
0
Taxation charge for the year
111,634
6,374
RELATED FLUID POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 20 -
11
Tangible fixed assets
Freehold land and buildings
Leasehold improvements
Assets under construction
Plant and equipment
Fixtures and fittings
Motor vehicles
Mazak machinery
Total
£
£
£
£
£
£
£
£
Cost or valuation
At 1 January 2025
650,000
58,619
-
0
1,170,391
441,616
195,530
2,040,852
4,557,008
Additions
-
0
-
0
2,250
37,210
45,393
-
0
461,044
545,897
Disposals
-
0
(31,665)
-
0
(426,620)
(144,730)
-
0
-
0
(603,015)
Transfers
-
0
(18,211)
-
0
(403,865)
16,543
-
0
405,533
-
0
At 31 December 2025
650,000
8,743
2,250
377,116
358,822
195,530
2,907,429
4,499,890
Depreciation and impairment
At 1 January 2025
-
0
5,432
-
0
1,022,319
386,368
100,070
312,902
1,827,091
Depreciation charged in the year
-
0
3,987
-
0
21,727
15,824
23,865
219,246
284,649
Eliminated in respect of disposals
-
0
(3,387)
-
0
(422,039)
(143,437)
-
0
-
0
(568,863)
Transfers
-
0
(1,257)
-
0
(370,544)
8,015
-
0
363,786
-
0
At 31 December 2025
-
0
4,775
-
0
251,463
266,770
123,935
895,934
1,542,877
Carrying amount
At 31 December 2025
650,000
3,968
2,250
125,653
92,052
71,595
2,011,495
2,957,013
At 31 December 2024
650,000
53,187
-
0
148,072
55,248
95,460
1,727,950
2,729,917
RELATED FLUID POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 21 -

The carrying value of land and buildings comprises:

2025
2024
£
£
Freehold
650,000
650,000
Short leasehold
3,968
53,187
653,968
703,187

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

2025
2024
£
£
Motor vehicles
46,632
76,212
Mazak machinery
990,759
923,864
1,037,391
1,000,076

Land and buildings with a carrying amount of £650,000 were revalued at 31 December 2025 by Andrew Reilly Associates Limited, independent valuers not connected with the company on the basis of open market value. The valuation was based on recent market transactions on arm’s length terms for similar properties.

In 2022 the directors reallocated Mazak machinery from plant and machinery to their own class and revalued this class on 09 May 2022. The market value of £930,000 was calculated based on the estimated amount the machines would realise in an arms length transaction.

The revaluation surplus is disclosed in note 22. **Details of restrictions**

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

Land and buildings
Mazak machinery
2025
2024
2025
2024
£
£
£
£
Cost
550,462
550,462
1,938,032
1,938,032
Accumulated depreciation
(278,630)
(265,630)
(1,645,336)
(1,548,434)
Carrying value
271,832
284,832
292,696
389,598
12
Investment property
2025
£
Fair value
At 1 January 2025
-
0
Additions through external acquisition
500,000
At 31 December 2025
500,000
RELATED FLUID POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
12
Investment property
(Continued)
- 22 -

Professional valuations were carried out at 31 December 2025 on the investment property y by Andrew Reilly Associates Limited, who are qualified chartered surveyors, on an open market value for existing use basis. The directors believe the valuations to be reflective of the current market value as at the year end.

13
Stocks
2025
2024
£
£
Raw materials and consumables
1,627,255
1,630,175
Work in progress
11,327
-
1,638,582
1,630,175
14
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
1,638,398
1,528,438
Other debtors
2,093
51,546
Prepayments and accrued income
189,885
190,639
1,830,376
1,770,623
15
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans and overdrafts
17
-
0
8,428
Obligations under finance leases
18
245,414
189,295
Other borrowings
17
972
5,832
Trade creditors
1,057,236
1,009,984
Taxation and social security
94,729
234,920
Other creditors
58,409
138,833
Accruals and deferred income
134,542
49,803
1,591,302
1,637,095
16
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Obligations under finance leases
18
449,393
418,019
Other borrowings
17
-
0
972
449,393
418,991
RELATED FLUID POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 23 -
17
Loans and overdrafts
2025
2024
£
£
Bank overdrafts
-
0
8,428
Other loans
972
6,804
972
15,232
Payable within one year
972
14,260
Payable after one year
-
0
972

The other loan (original value £35,000) is provided by The Energy Saving Trust and is repayable via 60 equal repayments over a 5 year term. As long as the terms of this agreement are adhered to, no interest will be charged. In order to comply with the Financial Reporting Standard FRS102, loans of this nature are required to be shown at their ‘fair value’ at each year end. The directors consider that the fair value does not vary significantly from the amortised cost of the other loan and have therefore chosen not to make this adjustment.

18
Finance lease obligations
2025
2024
Future minimum lease payments due under finance leases:
£
£
Within one year
245,414
189,295
In two to five years
449,393
418,019
694,807
607,314

Finance lease payments represent rentals payable by the company 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. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
551,373
439,739
RELATED FLUID POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
19
Deferred taxation
(Continued)
- 24 -
2025
Movements in the year:
£
Liability at 1 January 2025
439,739
Charge to profit or loss
111,634
Liability at 31 December 2025
551,373
20
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
95,769
113,095

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.

21
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
47,499
47,499
47,499
47,499
Ordinary B shares of £1 each
47,499
47,499
47,499
47,499
Ordinary shares of £1 each
42,808
42,808
42,808
42,808
137,806
137,806
137,806
137,806
22
Revaluation reserve

Included within reserves is £700,186 (202 4 - £700,186) relating to the revaluation of property. These are non distributable reserves.

23
Operating lease commitments

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

2025
2024
£
£
Within one year
906
19,847
Between two and five years
-
0
15,195
906
35,042
RELATED FLUID POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 25 -
24
Capital commitments

Amounts contracted for but not provided in the financial statements:

2025
2024
£
£
Acquisition of tangible fixed assets
597,139
-
25
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Sales
Sales
Purchases
Purchases
2025
2024
2025
2024
£
£
£
£
Entities with control, joint control or significant influence over the company
172,527
168,694
935,424
653,913
2025
2024
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
194,262
186,790
Key management personnel
58,019
119,558

The following amounts were outstanding at the reporting end date:

2025
2024
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
4,922
43,202
26
Ultimate controlling party

The company has no ultimate controlling party.

RELATED FLUID POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 26 -
27
Cash generated from operations
2025
2024
£
£
Profit after taxation
90,574
2,336
Adjustments for:
Taxation charged
111,634
6,374
Finance costs
34,091
25,625
Investment income
(1,000)
(2,036)
Loss on disposal of tangible fixed assets
28,911
-
Depreciation and impairment of tangible fixed assets
284,649
243,549
Movements in working capital:
(Increase)/decrease in stocks
(8,407)
387,477
(Increase)/decrease in debtors
(59,753)
281,557
Decrease in creditors
(88,624)
(320,497)
Cash generated from operations
392,075
624,385
28
Analysis of changes in net funds/(debt)
1 January 2025
Cash flows
31 December 2025
£
£
£
Cash at bank and in hand
870,415
(608,439)
261,976
Bank overdrafts
(8,428)
8,428
-
0
861,987
(600,011)
261,976
Borrowings excluding overdrafts
(6,804)
5,832
(972)
Obligations under finance leases
(607,314)
(87,493)
(694,807)
247,869
(681,672)
(433,803)
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