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REGISTERED NUMBER: 02778816 (England and Wales)

Strategic Report, Directors' Report and

Audited Financial Statements for the Year Ended 31 December 2025

for

G.A.H. (Refrigeration) Limited

G.A.H. (Refrigeration) Limited (Registered number: 02778816)

Contents of the Financial Statements

for the Year Ended 31 December 2025

Page |

Company Information | 1 |

Strategic Report | 2 |

Directors' Report | 5 |

Report of the Independent Auditors | 8 |

Statement of Comprehensive Income | 12 |

Balance Sheet | 13 |

Statement of Changes in Equity | 14 |

Notes to the Financial Statements | 15 |

G.A.H. (Refrigeration) Limited

Company Information

for the Year Ended 31 December 2025

| Directors: | Mr M B M Kane

| Mr A B J Mattson

| Mr E J Vistrom

| Mr D L Unge

| Registered office: | Quadrant House Floor 6

| 4 Thomas More Square

| London

| E1W 1YW

| Registered number: | 02778816 (England and Wales)

| Auditors: | Stephenson Smart (East Anglia) Limited

| Chartered Accountants & Statutory Auditors

| 22-26 King Street

| King's Lynn

| Norfolk

| PE30 1HJ

G.A.H. (Refrigeration) Limited (Registered number: 02778816)

Strategic Report

for the Year Ended 31 December 2025

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

Review of business

During the year ended 31 December 2025, the company turnover was £39,870,861 which is a reduction from the prior year (year to 31 December 2024: £40,877,360), representing a reduction of approximately 2.5% year on year.

Despite the reduction in profitability compared to the prior year, the Company remained strongly cash generative and financially robust.

Principal risks and uncertainties

The Directors have considered the principal risks and uncertainties facing the business and have implemented appropriate systems and procedures to mitigate their potential impact. The following key risks have been identified as having the most significant potential to affect the Company's performance and operations:

Supply Chain Disruptions

The Company is reliant on a consistent and timely supply of components and materials essential to the manufacturing and servicing of refrigeration units. Global supply chain disruptions, including delays in the delivery of critical parts such as compressors, refrigerants, and electronic components, present a risk to operational continuity. To mitigate this, the Company is actively diversifying its supplier base, maintaining critical inventory levels, and exploring alternative sourcing arrangements.

Economic Conditions and Market Demand

The Company's performance is influenced by broader economic conditions, including levels of investment in logistics, transportation, and infrastructure sectors. Economic downturns or market contractions may result in reduced demand for refrigeration units and associated services. The Company seeks to mitigate this risk by maintaining a diverse customer base, offering flexible service packages, broadening our product portfolio and focusing on customer retention strategies.

Regulatory Compliance and Environmental Legislation

The Company operates within a highly regulated environment and must comply with a range of UK and international laws, particularly those relating to environmental standards and the use of fluorinated greenhouse gases (F-gases). Changes to legislation, including stricter emissions targets or refrigerant phase-outs, could materially impact the Company's operations or product offerings. The Company remains proactive in monitoring regulatory developments and investing in sustainable and compliant technologies.

Technological Change and Innovation

The refrigeration industry is subject to ongoing technological advancements, including increased electrification, improved energy efficiency, and the integration of smart systems. Failure to keep pace with these developments could result in reduced competitiveness. The Company continues to invest in research and development and actively seeks innovation partnerships to ensure its products and services remain at the forefront of the industry.

Labour and Skills Availability

The Company's ability to deliver high-quality products and services is dependent on the recruitment and retention of skilled engineers and operatives. A shortage of suitably qualified personnel, or increased competition for skilled labour, may affect operational capacity and service quality. To address this, the Company continues to develop its employees to be skilled, knowledgeable and informed colleagues, through training and continuous professional development initiatives.

G.A.H. (Refrigeration) Limited (Registered number: 02778816)

Strategic Report

for the Year Ended 31 December 2025

Section 172(1) statement

The directors are cognisant of their duty under section 172(1) of the Companies Act 2006 to act in a way that they consider, in good faith, would most likely promote the success of the Company for the benefit of its members as a whole. In discharging this duty, the directors have regard to (among other matters):

- The likely consequences of any decision in the long term,

- The interests of the Company's employees,

- The need to foster the Company's business relationships with suppliers, customers, and others,

- The impact of the Company's operations on the community and the environment,

- The desirability of the Company maintaining a reputation for high standards of business conduct, and

- The need to act fairly between members of the Company.

Long-Term Strategy and Decision-Making

The Company's long-term strategy is focused on maintaining its position as a trusted provider of transport refrigeration solutions across the UK and export markets, ensuring the reliable and efficient delivery of temperature-sensitive goods. Strategic decisions are made with careful consideration of long-term sustainability, industry developments, and evolving customer needs, including the transition to low-emission and energy-efficient technologies.

Engagement with Stakeholders

Employees: We recognise that our employees are central to our success. The directors actively engage with staff through regular briefings, training, and development initiatives to ensure a safe, inclusive, and motivated working environment.

Customers and Suppliers: Maintaining strong, transparent, and collaborative relationships with customers and suppliers is key to our operational resilience. We engage regularly to understand their needs and expectations, and to improve service delivery and supply chain efficiency.

Regulators and Industry Bodies: We maintain open communication with regulatory authorities and industry bodies, ensuring compliance and alignment with best practices in transport refrigeration.

Environmental

The directors are conscious of the environmental impact of the Company's operations. We are committed to supporting the decarbonisation of cold chain logistics through the adoption of cleaner technologies, reducing refrigerant emissions, and improving operational efficiency.

Governance and Ethical Conduct

The Company is committed to conducting its business with integrity and to maintaining high standards of governance and ethical behaviour. Our policies and procedures are designed to support fair treatment of all stakeholders and compliance with applicable laws and standards.

In the year under review, the directors ensured that the interests of key stakeholders were appropriately considered in Board discussions and decision-making processes. This includes investment in new technology, enhancing health and safety standards, and pursuing environmentally responsible practices.

Future business, development and performance

Strategy over the next year will centre around three main areas. Maintaining current market share, developing alternative markets and introducing new products and services.

While macroeconomic conditions remain uncertain, the Directors are confident that the Company's market position, experienced leadership team and financial strength provide a solid platform for sustainable long-term growth.

G.A.H. (Refrigeration) Limited (Registered number: 02778816)

Strategic Report

for the Year Ended 31 December 2025

Financial key performance indicators

The directors use a variety of performance measures to monitor and manage the business. The performance of the company is measured on turnover, operating profit, and profit after tax.

The directors report that the operating profit has decreased, by 48.0% to £3,973,396 (31 December 2024: £7,604,316): operating profit expressed as a percentage of turnover has decreased to 10% from 18.6% in the prior period. Profit after tax has decreased by 38.9% to £4,186,433 (31 December 2024: £6,855,496).

Key personnel succession planning

We continue to invest in succession planning and cross training of all key staff ensuring future retention of knowledge and skills.

On behalf of the board:

Mr D L Unge - Director

30 June 2026

G.A.H. (Refrigeration) Limited (Registered number: 02778816)

Directors' Report

for the Year Ended 31 December 2025

The directors present their report with the financial statements of the company for the year ended 31 December 2025.

Dividends

Particulars of dividends declared are detailed in the strategic report and note 10 to the financial statements.

Results

The profit for the year, after taxation, amounted to £4,186,433 (2024: £6,855,496).

Directors

Mr A B J Mattson has held office during the whole of the period from 1 January 2025 to the date of this report.

Other changes in directors holding office are as follows:

Mr M B M Kane - appointed 6 February 2025

Mr E J Vistrom - appointed 2 January 2025

Mr S E W Gilsdorf - resigned 2 January 2025

Mr D L Unge was appointed as a director after 31 December 2025 but prior to the date of this report.

Mr J E H Reader ceased to be a director after 31 December 2025 but prior to the date of this report.

Energy and carbon reporting

As a large UK company, we are required to disclose our UK energy use and associated greenhouse gas (GHG) emissions under the Companies (Directors' Report) and Limited Liability Partnerships (Amendment) Regulations 2018.

Scope of Reporting

This report covers our UK operations for the financial year ended 31st December 2025. Our activities primarily relate to the manufacture and servicing of transport refrigeration systems. Data has been compiled in accordance with the UK Government Environmental Reporting Guidelines (March 2019) and the GHG Protocol Corporate Standard.

Energy Consumption and Emissions

Category |  | 2025 |  | 2024 |

Scope 1 - Combustion of heating oil (tCO2e) |  | 28.79 |  | 10.81 |

Scope 1 - Consumption of fuel for transport (tCO2e) |  | 1,002.33 |  | 932.15 |

Scope 2 - Purchase of electricity for own use (tCO2e) |  | 0.00 |  | 0.00 |

Total tCO2e Consumption |  | 1,031.12 |  | 942.96 |

The emissions from purchase of electricity are disclosed as nil due to it being from a 100% renewable source.

Intensity Metric

We have chosen tCO2e per £1m turnover as our primary intensity metric:

2025: 25.87 tCO2e / £1m turnover

2024: 23.13 tCO2e / £1m turnover

The increase in emissions intensity during the year reflects the reduction in turnover, driven primarily by lower unit sales, alongside a relatively stable level of service activity. The Company's service operations are inherently more carbon intensive due to the requirement for a nationwide mobile engineering fleet, which remains the principal source of emissions.

G.A.H. (Refrigeration) Limited (Registered number: 02778816)

Directors' Report

for the Year Ended 31 December 2025

Energy efficiency action

The Company continues to focus on practical and targeted initiatives to improve energy efficiency, with particular emphasis on reducing fuel consumption within its service operations.

Key actions undertaken during the year include:

Fleet renewal programme

The Company undertook a programme to replace older service vehicles with newer, more fuel-efficient models. This is expected to reduce fuel consumption and associated emissions over time as the newer fleet becomes fully embedded.

Service operation efficiency

Ongoing improvements to planning and scheduling of field service activities to optimise routing, reduce unnecessary mileage and improve utilisation of engineering resource.

Site energy management

Management of energy usage at the Company's operating site, including the use of energy-efficient lighting and controls over heating and electricity consumption.

Renewable electricity sourcing

Continued procurement of electricity from renewable sources, eliminating Scope 2 emissions under the reporting methodology.

Enhanced data monitoring

Improvements in the collection and analysis of energy and emissions data to support ongoing identification of efficiency opportunities.

The Company recognises that transport fuel remains the most significant contributor to its carbon footprint. Accordingly, it will continue to prioritise initiatives aimed at improving fleet efficiency and reducing fuel consumption, while monitoring developments in alternative vehicle technologies as part of its longer-term strategy.

Methodology

We used the 2025 UK Government GHG Conversion Factors for Company Reporting. Data has been collected through review of supplier invoices.

Statement of directors' responsibilities

The directors are responsible for preparing the Strategic Report, the Directors' 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), 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 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;

- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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

G.A.H. (Refrigeration) Limited (Registered number: 02778816)

Directors' Report

for the Year Ended 31 December 2025

Statement of directors' responsibilities - continued

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 as to disclosure of information to auditors

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Auditors

The auditors, Stephenson Smart (East Anglia) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board:

Mr D L Unge - Director

30 June 2026

Report of the Independent Auditors to the Members of

G.A.H. (Refrigeration) Limited

Opinion

We have audited the financial statements of G.A.H. (Refrigeration) Limited (the 'company') for the year ended 31 December 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, 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 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 Auditors' 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Directors' Report, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Report of the Independent Auditors to the Members of

G.A.H. (Refrigeration) Limited

Opinions 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 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 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

We have nothing to report in respect of the following matters where 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.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on pages six and seven, 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 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.

Report of the Independent Auditors to the Members of

G.A.H. (Refrigeration) Limited

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 a Report of the Auditors 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.

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

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.

Based on our understanding of the company and the industry in which it operates, we identified that the principal risks of non-compliance with relevant laws and regulations related to Companies Act 2006, UK tax legislation, Health & Safety regulations, GDPR compliance, Vehicle Certification Agency (VCA) (as Type Approval Authority for the United Kingdom) compliance and ISO 9001 certification. Non-compliance with these laws and regulations might have a material effect on the financial statements.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting of unusual journal entries outside the normal course of business to manipulate the company's performance profit measures and other key performance indicators.

Audit procedures performed included: review of the financial statement and disclosures to underlying supporting documentation, review of compliance with the above laws and regulations specifically to VCA and ISO 9001 to related ICO registration documentation as a data controller, VCA conformity of production compliance statement and ISO 9001 certificate for the highest standards of quality as a British Manufacturer, enquiries of management and testing of journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

There are inherent limitations in the audit procedures described above and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate by, for example, forgery or intentional misrepresentations, or through collusion.

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.

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 Report of the Auditors.

Report of the Independent Auditors to the Members of

G.A.H. (Refrigeration) Limited

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 a Report of the Auditors 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.

Michael Andrews BSc FCA (Senior Statutory Auditor)

for and on behalf of Stephenson Smart (East Anglia) Limited

Chartered Accountants & Statutory Auditors

22-26 King Street

King's Lynn

Norfolk

PE30 1HJ

30 June 2026

G.A.H. (Refrigeration) Limited (Registered number: 02778816)

Statement of Comprehensive Income

for the Year Ended 31 December 2025

31.12.25 | 31.12.24 |

| Notes | £ | £

Turnover | 4 | 39,870,861 |  | 40,877,360 |  |

Cost of sales | (29,639,192 | ) | (29,262,965 | ) |

Gross profit | 10,231,669 |  | 11,614,395 |  |

Administrative expenses | (6,364,923 | ) | (4,091,488 | ) |

3,866,746 |  | 7,522,907 |  |

Other operating income | 106,650 |  | 81,409 |  |

Operating profit | 6 | 3,973,396 |  | 7,604,316 |  |

Interest receivable and similar income | 324,948 |  | 519,938 |  |

4,298,344 |  | 8,124,254 |  |

Interest payable and similar expenses | 8 | (41 | ) | - |  |

Profit before taxation | 4,298,303 |  | 8,124,254 |  |

Tax on profit | 9 | (111,870 | ) | (1,268,758 | ) |

Profit for the financial year | 4,186,433 |  | 6,855,496 |  |

Other comprehensive income | - |  | - |  |

Total comprehensive income for the year | 4,186,433 |  | 6,855,496 |  |

G.A.H. (Refrigeration) Limited (Registered number: 02778816)

Balance Sheet

31 December 2025

31.12.25 | 31.12.24 |

| Notes | £ | £

Fixed assets

Intangible assets | 11 | 146,516 |  | 178,482 |  |

Tangible assets | 12 | 472,454 |  | 333,228 |  |

Investments | 13 | 23,899 |  | 23,899 |  |

642,869 |  | 535,609 |  |

Current assets

Stocks | 14 | 5,887,558 |  | 6,197,503 |  |

Debtors | 15 | 8,245,655 |  | 11,190,613 |  |

Cash at bank and in hand | 6,158,570 |  | 13,016,103 |  |

20,291,783 |  | 30,404,219 |  |

Creditors

Amounts falling due within one year | 16 | (4,826,928 | ) | (8,969,635 | ) |

Net current assets | 15,464,855 |  | 21,434,584 |  |

Total assets less current liabilities | 16,107,724 |  | 21,970,193 |  |

Provisions for liabilities | 18 | (341,572 | ) | (390,474 | ) |

Net assets | 15,766,152 |  | 21,579,719 |  |

Capital and reserves

Called up share capital | 19 | 1,122 |  | 1,122 |  |

Capital redemption reserve | 20 | 180 |  | 180 |  |

Retained earnings | 20 | 15,764,850 |  | 21,578,417 |  |

Shareholders' funds | 15,766,152 |  | 21,579,719 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 30 June 2026 and were signed on its behalf by:

Mr D L Unge - Director

G.A.H. (Refrigeration) Limited (Registered number: 02778816)

Statement of Changes in Equity

for the Year Ended 31 December 2025

Called up | Capital |  |

share | Retained | redemption | Total |

capital | earnings | reserve | equity |

| £ | £ | £ | £

Balance at 1 January 2024 | 1,122 |  | 18,622,921 |  | 180 |  | 18,624,223 |  |

Changes in equity

Dividends | - |  | (3,900,000 | ) | - |  | (3,900,000 | ) |

Total comprehensive income | - |  | 6,855,496 |  | - |  | 6,855,496 |  |

Balance at 31 December 2024 | 1,122 |  | 21,578,417 |  | 180 |  | 21,579,719 |  |

Changes in equity

Dividends | - |  | (10,000,000 | ) | - |  | (10,000,000 | ) |

Total comprehensive income | - |  | 4,186,433 |  | - |  | 4,186,433 |  |

Balance at 31 December 2025 | 1,122 |  | 15,764,850 |  | 180 |  | 15,766,152 |  |

G.A.H. (Refrigeration) Limited (Registered number: 02778816)

Notes to the Financial Statements

for the Year Ended 31 December 2025

1. | Statutory information

| G.A.H. (Refrigeration) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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

2. | Statement of compliance

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3. | Accounting policies

| Basis of preparing the financial statements

| The financial statements have been prepared under the historical cost convention.

| Financial Reporting Standard 102 - reduced disclosure exemptions

| The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

| • | the requirements of Section 7 Statement of Cash Flows;

| • | the requirement of paragraph 3.17(d);

| • | the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

| • | the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;

| • | the requirement of paragraph 33.7.

| Preparation of consolidated financial statements

| The financial statements contain information about G.A.H. (Refrigeration) Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 401 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Sdiptech AB (publ), Nybrogatan 39, 114 39 Stockholm, Sweden.

| The results of G.A.H. (Refrigeration) Limited are included in the consolidated financial statements of Sdiptech AB (publ) which are available from https://www.sdiptech.se/investor-relations/reports-and-presentations.

G.A.H. (Refrigeration) Limited (Registered number: 02778816)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

3. | Accounting policies - continued

| 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.

| Key sources of estimation uncertainty

| Stock Provision

| A provision is made for obsolete and slow moving stock taking into account the expected net realisable value of the individual items. The assessment is made based on the length of the time the item is held within stock.

| Bad debt provision

| A provision is made for debtor balances that are no longer recoverable. The assessment is performed by the directors on an individual balance basis. The assessment includes a number of factors including the directors knowledge of the customer and other information available.

| Deferred Income

| Deferred income is released to the profit and loss account over the term of the service contract. An estimate is made by the directors in relation to how evenly the services will be provided.

| Warranty Provision

| A provision is made for costs expected to be incurred in the future as a result of goods sold. In this assessment, the directors review the actual costs incurred in relation to warranty claims in the past 12 months, making adjustments for expected level of sales.

| Dilapidations

| A provision is made for costs expected to be incurred in the future due to contractual requirements under the current lease held. The provision value requires management's best estimate of the costs that will be incurred.

| Critical accounting judgements and key sources of estimation uncertainty

| The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

G.A.H. (Refrigeration) Limited (Registered number: 02778816)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

3. | Accounting policies - continued

| Turnover

| Turnover comprises revenue recognised by the company in respect of goods and services supplied during the period exclusive of value added tax. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

| Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (on installation 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 transactions can be measure reliably.

| Turnover from service contracts is recognised evenly across the period to which the contract relates to. Service contracts which have a term of twelve months are invoiced monthly in advance at the start of each month.

| Intangible assets

| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

| Patents and licences are being amortised evenly over their estimated useful life of seven years.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

| Leasehold property improvements |  | - 20% on cost |  |

| Plant and machinery |  | - 20% on cost |  |

| Motor vehicles |  | - 25% on cost |  |

| Office equipment |  | - 25% on cost |  |

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

| 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.

| Impairment of fixed assets

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

| Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present Value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

G.A.H. (Refrigeration) Limited (Registered number: 02778816)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

3. | Accounting policies - continued

| Impairment of fixed assets (continued)

| If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

| Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an Impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

| Investments in subsidiaries

| Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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

| 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.

| Stock is accounted for using the first-in first out method.

| 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.

| 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.

G.A.H. (Refrigeration) Limited (Registered number: 02778816)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

3. | Accounting policies - continued

| Financial instruments

| A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

| Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

| Debt instruments are subsequently measured at amortised cost.

| Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

| For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

| Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. 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 entity after deducting all of its financial liabilities.

| Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

| Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

| Taxation

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

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

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

G.A.H. (Refrigeration) Limited (Registered number: 02778816)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

3. | Accounting policies - continued

| Deferred tax

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

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

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

| Research and development

| Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

| Foreign currencies

| 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.

| Hire purchase and leasing commitments

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

| Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

| Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

| Pension costs and other post-retirement 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.

| Retirement benefits

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

G.A.H. (Refrigeration) Limited (Registered number: 02778816)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

3. | Accounting policies - continued

| Going concern

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

| Provisions

| Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

| The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. | Turnover

| The turnover and profit before taxation are attributable to the one principal activity of the company.

| An analysis of turnover by class of business is given below:

31.12.25 | 31.12.24 |

| £ | £

| Sales of refrigeration units | 26,097,293 |  | 28,593,974 |  |

| Contract maintenance | 13,773,568 |  | 12,283,386 |  |

39,870,861 |  | 40,877,360 |  |

| An analysis of turnover by geographical market is given below:

31.12.25 | 31.12.24 |

| £ | £

| United Kingdom | 39,214,206 |  | 40,211,170 |  |

| Rest of the world | 656,655 |  | 666,190 |  |

39,870,861 |  | 40,877,360 |  |

5. | Employees and directors

31.12.25 | 31.12.24 |

| £ | £

| Wages and salaries | 10,974,455 |  | 9,317,384 |  |

| Social security costs | 1,270,876 |  | 879,706 |  |

| Other pension costs | 709,152 |  | 249,926 |  |

12,954,483 |  | 10,447,016 |  |

G.A.H. (Refrigeration) Limited (Registered number: 02778816)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

5. | Employees and directors - continued

| The average number of employees during the year was as follows:

31.12.25 | 31.12.24 |

| Factory and engineering staff | 151 |  | 142 |  |

| Management and administrative staff | 54 |  | 48 |  |

| Statutory directors (non payroll) | 2 |  | 2 |  |

207 |  | 192 |  |

31.12.25 | 31.12.24 |

| £ | £

| Directors' remuneration | 428,720 |  | 136,929 |  |

| Information regarding the highest paid director for the year ended 31 December 2025 is as follows:

31.12.25 |  |

| £

| Emoluments etc | 386,988 |  |

6. | Operating profit

| The operating profit is stated after charging:

31.12.25 | 31.12.24 |

| £ | £

| Hire of plant and machinery | 102,611 |  | 77,417 |  |

| Depreciation - owned assets | 161,870 |  | 124,825 |  |

| Patents and licences amortisation | 31,966 |  | 13,319 |  |

| Foreign exchange differences | 3,313 |  | 18,136 |  |

7. | Auditors' remuneration

31.12.25 | 31.12.24 |

| £ | £

| Fees payable to the company's auditors and their associates for the audit of the company's financial statements | 23,850 |  | 20,100 |  |

8. | Interest payable and similar expenses |

31.12.25 | 31.12.24 |

| £ | £

| Other interest payable | 41 |  | - |  |

G.A.H. (Refrigeration) Limited (Registered number: 02778816)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

9. | Taxation

| Analysis of the tax charge

| The tax charge on the profit for the year was as follows:

31.12.25 | 31.12.24 |

| £ | £

| Current tax:

| UK corporation tax | 106,650 |  | 1,299,346 |  |

| Over provision in prior year | - |  | (3,574 | ) |

| Total current tax | 106,650 |  | 1,295,772 |  |

| Deferred tax | 5,220 |  | (27,014 | ) |

| Tax on profit | 111,870 |  | 1,268,758 |  |

| Reconciliation of total tax charge included in profit and loss

| The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.25 | 31.12.24 |

| £ | £

| Profit before tax | 4,298,303 |  | 8,124,254 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 1,074,576 |  | 2,031,064 |  |

| Effects of:

| Expenses not deductible for tax purposes | 6,167 |  | 5,806 |  |

| Adjustments to tax charge in respect of previous periods | - |  | (3,574 | ) |

| Adjustments to tax charge in respect of previous periods - deferred tax | - |  | 3,480 |  |

| Patent box additional deduction | (555,457 | ) | (768,018 | ) |

| Group relief losses utilised | (413,416 | ) | - |  |

| Total tax charge | 111,870 |  | 1,268,758 |  |

10. | Dividends

31.12.25 | 31.12.24 |

| £ | £

| Ordinary shares shares of £1 each

| Final | 10,000,000 |  | 3,900,000 |  |

G.A.H. (Refrigeration) Limited (Registered number: 02778816)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

11. | Intangible fixed assets

Patents and |

licences |

| £

| Cost

| At 1 January 2025

| and 31 December 2025 | 223,768 |  |

| Amortisation

| At 1 January 2025 | 45,286 |  |

| Amortisation for year | 31,966 |  |

| At 31 December 2025 | 77,252 |  |

| Net book value

| At 31 December 2025 | 146,516 |  |

| At 31 December 2024 | 178,482 |  |

12. | Tangible fixed assets

Leasehold |  |

property | Plant and | Motor | Office |  |

improvements | machinery | vehicles | equipment | Totals |

| £ | £ | £ | £ | £

| Cost

| At 1 January 2025 | 265,633 |  | 352,109 |  | 14,950 |  | 252,148 |  | 884,840 |  |

| Additions | 191,922 |  | 41,544 |  | 11,750 |  | 55,880 |  | 301,096 |  |

| At 31 December 2025 | 457,555 |  | 393,653 |  | 26,700 |  | 308,028 |  | 1,185,936 |  |

| Depreciation

| At 1 January 2025 | 138,788 |  | 217,471 |  | 3,027 |  | 192,326 |  | 551,612 |  |

| Charge for year | 74,049 |  | 50,541 |  | 5,675 |  | 31,605 |  | 161,870 |  |

| At 31 December 2025 | 212,837 |  | 268,012 |  | 8,702 |  | 223,931 |  | 713,482 |  |

| Net book value

| At 31 December 2025 | 244,718 |  | 125,641 |  | 17,998 |  | 84,097 |  | 472,454 |  |

| At 31 December 2024 | 126,845 |  | 134,638 |  | 11,923 |  | 59,822 |  | 333,228 |  |

G.A.H. (Refrigeration) Limited (Registered number: 02778816)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

13. | Fixed asset investments

Shares in |

group |

undertakings |

| £

| Cost

| At 1 January 2025

| and 31 December 2025 | 23,899 |  |

| Net book value

| At 31 December 2025 | 23,899 |  |

| At 31 December 2024 | 23,899 |  |

| The company's investments at the Balance Sheet date in the share capital of companies include the following:

| G.A.H. (REFRIGERATION PRODUCTS) LIMITED

| Registered office: England and Wales

| Nature of business: Dormant

% |

| Class of shares: | holding |

| Ordinary | 100.00 |

| G.A.H. Europe GmbH

| Registered office: Germany

| Nature of business: Sale of refrigeration systems

% |

| Class of shares: | holding |

| Ordinary | 100.00 |

14. | Stocks

31.12.25 | 31.12.24 |

| £ | £

| Raw materials | 4,746,249 |  | 4,927,924 |  |

| Finished goods | 1,141,309 |  | 1,269,579 |  |

5,887,558 |  | 6,197,503 |  |

| Stocks are stated after provision for impairment for 2025 of £457,105 (2024: £490,631).

15. | Debtors: amounts falling due within one year |

31.12.25 | 31.12.24 |

| £ | £

| Trade debtors | 7,260,255 |  | 10,588,730 |  |

| Other debtors | 3,580 |  | - |  |

| Tax | 427,294 |  | 268,553 |  |

| Prepayments and accrued income | 554,526 |  | 333,330 |  |

8,245,655 |  | 11,190,613 |  |

G.A.H. (Refrigeration) Limited (Registered number: 02778816)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

15. | Debtors: amounts falling due within one year - continued

| Impairment recognised in the profit and loss for the year ended 31 December 2025 in respect of bad and doubtful trade debtors amounted to £35,274 (2024 -£43,037).

| Trade debtors are stated after provisions for impairment of £65,325 for the year ended 31 December 2025 (2024: £11,752).

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

31.12.25 | 31.12.24 |

| £ | £

| Trade creditors | 2,102,051 |  | 2,758,386 |  |

| Amounts owed to group undertakings | 35,487 |  | 24,602 |  |

| Social security and other taxes | 293,678 |  | 258,206 |  |

| VAT | 383,953 |  | 1,140,823 |  |

| Other creditors | 55,246 |  | 55,561 |  |

| Accruals and deferred income | 1,956,513 |  | 4,732,057 |  |

4,826,928 |  | 8,969,635 |  |

| Amounts owed to group undertakings are unsecured, interest free and are payable on demand.

17. | Leasing agreements

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

31.12.25 | 31.12.24 |

| £ | £

| Within one year | 1,140,159 |  | 240,999 |  |

| Between one and five years | 1,767,361 |  | 156,267 |  |

2,907,520 |  | 397,266 |  |

18. | Provisions for liabilities

31.12.25 | 31.12.24 |

| £ | £

| Deferred tax | 11,327 |  | 6,107 |  |

| Other provisions

| Warranty provision | 230,245 |  | 284,367 |  |

| Other provisions | 100,000 |  | 100,000 |  |

330,245 |  | 384,367 |  |

| Aggregate amounts | 341,572 |  | 390,474 |  |

G.A.H. (Refrigeration) Limited (Registered number: 02778816)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

18. | Provisions for liabilities - continued

Deferred | Other |

tax | provisions |

| £ | £

| Balance at 1 January 2025 | 6,107 |  | 384,367 |  |

| Provided during year | 5,220 |  | (54,122 | ) |

| Balance at 31 December 2025 | 11,327 |  | 330,245 |  |

| The warranty provision has been recognised to reflect the estimated cost of repairing faults on units sold during the financial year. Goods are sold inclusive of a 12 month warranty, therefore these costs are expected to occur over the next 12 months.

| The dilapidation provision has been recognised to reflect the estimated cost of returning leased premises back to their original condition as per the lease agreement. These costs are expected to occur on the termination of the lease.

19. | Called up share capital

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 31.12.25 | 31.12.24 |

value: |  | £ | £

| 1,122 | Ordinary shares | £1 | 1,122 |  | 1,122 |  |

20. | Reserves

Capital |

Retained | redemption |

earnings | reserve | Totals |

| £ | £ | £

| At 1 January 2025 | 21,578,417 |  | 180 |  | 21,578,597 |  |

| Profit for the year | 4,186,433 |  | 4,186,433 |  |

| Dividends | (10,000,000 | ) | (10,000,000 | ) |

| At 31 December 2025 | 15,764,850 |  | 180 |  | 15,765,030 |  |

| Profit and loss account - This reserve records distributable retained earnings and accumulated losses.

21. | Pension commitments

| 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.