Company registration number 04307123 (England and Wales)
TADANO UK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
TADANO UK LIMITED
COMPANY INFORMATION
Directors
T Motoyama
L Gee-Nyland
Company number
04307123
Registered office
14 Hikers Way
Long Credon Industrial Estate
Long Credon
Aylesbury
Buckinghamshire
England
HP189RW
Auditor
Rowland Hall
44-54 Orsett Road
Grays
Essex
RM17 5ED
Business address
14 Hikers Way
Long Credon Industrial Estate
Long Credon
Aylesbury
Buckinghamshire
England
HP189RW
TADANO UK LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 22
TADANO UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

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

Review of the business

The result for the year and the financial position of the company are shown in the financial statements.

Trading performance

Total turnover for the year was £13,811,870 compared with £11,689,664 in the previous year, a n in crease of £2,122,206.

The company achieved a gross profit of £1,643,468 compared with £2,234,604 in 2024 and reported pre-tax losses for the year of £1,319,209 compared with profits of £17,145 in 2024.

Principal risks and uncertainties

The directors recognise that the management of the business and the successful execution of the Company's strategy remain subject to a number of external and internal risks. The principal risks continue to include global economic uncertainty, inflationary pressures, fluctuations in customer demand, foreign exchange movements, supply chain disruption, the availability of customer finance, cash flow management and the recruitment and retention of suitably skilled employees.

Management accounts, cash flow forecasts and financial projections are prepared and reviewed regularly, enabling the directors to monitor financial performance and respond promptly to emerging risks. Credit risk is managed through robust customer due diligence, the receipt of customer deposits, settlement of balances prior to delivery of equipment where appropriate, and the ongoing review of customer accounts to minimise the risk of bad debts.

Development and performance

During 2025, several strategic developments across Tadano Europe had a positive impact on the UK business. The Group continued to broaden its market offering through the expansion of the Tadano Utilities aerial work platform product range. In addition, the acquisition of Manitex International by the Tadano Group further strengthened the Company's ability to offer a wider portfolio of lifting and access equipment, creating opportunities to diversify into complementary markets and better meet evolving customer requirements.

The manufacturing rationalisation programme, initiated during 2024, was completed during the year. Production is now aligned by product category, with two and three axle all-terrain cranes manufactured in Japan, four and five axle models produced in Lauf, Germany, and six axle and larger cranes manufactured in Zweibrücken, Germany. This consolidation has improved manufacturing efficiency, strengthened supply chain resilience, enhanced product quality and delivered cost efficiencies across the range.

In October 2025, Tadano Europe implemented a revised management structure to support the Group's evolving product portfolio and manufacturing footprint. The new structure is intended to strengthen regional sales and customer support while supporting the continued integration of recently acquired businesses.

Market conditions during 2025 remained competitive across the UK all-terrain crane sector. Demand remained resilient across the infrastructure, utilities, energy and industrial sectors, supported by a healthy pipeline of long-term investment projects. Competition within the market remained intense, placing continued pressure on pricing and margins. Against this backdrop, the Company's established service network, strengthened product offering and continued focus on customer support enabled it to maintain its market position and develop opportunities for future growth.

The Directors are pleased with the progress made during the year. Parts and service revenue performed in line with forecast; however, manufacturing delays at Tadano's facilities in Germany and Japan resulted in several planned crane deliveries being deferred into 2026. As a consequence, the associated revenue and profit recognition has also been delayed, while the Company's fixed cost base remained unchanged. This timing difference was the primary factor contributing to the loss reported for the 2025 financial year. However, the Company enters 2026 with a strong order book, an expanded product portfolio and an efficient operating structure.

Whilst macroeconomic uncertainty is expected to continue, the directors believe the business is well positioned to capitalise on future opportunities and deliver sustainable, profitable growth over the medium to long term.

TADANO UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
Key performance indicators

The directors use Key Performance Indicators (KPIs) to measure the company's performance in a number of different ways at various levels in the organization. The highest level KPIs are:

Turnover:

A n increase in the year of 18.2% primarily due to the increase i n units sold in the year, arising from prior year supply chain issues.

Operating profit to sales ratio:

(9.55%) in the year, compared to 0.15% in the previous year.

On behalf of the board

L Gee-Nyland
Director
9 July 2026
TADANO UK 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.

Principal activities

The principal activities of the company in the year under review were those of retailing and repairing cranes and supplying spare parts. The company is the sole authorised distributor in the UK and Ireland of Tadano Faun products.

Results and dividends

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

Ordinary dividends were paid amounting to £1,270,000. The directors do not recommend payment of a further dividend.

Directors

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

T Motoyama
L Gee-Nyland
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.

On behalf of the board
L Gee-Nyland
Director
9 July 2026
TADANO UK LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -

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.

TADANO UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TADANO UK LIMITED
- 5 -
Opinion

We have audited the financial statements of Tadano UK 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 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 loss 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.

TADANO UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TADANO UK 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 or the directors' r eport.

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

- adequate accounting records have not been kept, 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 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 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 specific procedures for this engagement and the extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

- Obtaining an understanding of the legal and regulatory frameworks applicable to the entity including, but not limited to, the Companies Act 2006, The Financial Reporting Standard 102 and UK Tax Legislation and considering the culture and control environment of the organisation.

- Enquiry of management and those charged with governance around actual and potential litigation and claims..

- Review of legal costs to ascertain the nature of the costs and possible related non-compliance.

- Performing audit work over the risk of management override of controls, including testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities 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.

TADANO UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TADANO UK LIMITED (CONTINUED)
- 7 -

Use of our report

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

Wayne Smith FCCA (Senior Statutory Auditor)
For and on behalf of Rowland Hall, Statutory Auditor
Chartered Certified Accountants
44-54 Orsett Road
Grays
Essex
RM17 5ED
9 July 2026
TADANO UK LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -
2025
2024
Notes
£
£
Turnover
3
13,811,871
11,689,664
Cost of sales
(12,168,403)
(9,455,060)
Gross profit
1,643,468
2,234,604
Administrative expenses
(2,962,677)
(2,217,459)
(Loss)/profit before taxation
(1,319,209)
17,145
Tax on (loss)/profit
7
(1,083,050)
(6,209)
(Loss)/profit for the financial year
(2,402,259)
10,936

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

TADANO UK LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
9
45,665
22,541
Current assets
Stocks
10
2,673,807
1,983,110
Debtors
11
917,369
2,752,485
Cash at bank and in hand
2,199,936
5,925,647
5,791,112
10,661,242
Creditors: amounts falling due within one year
12
(3,420,159)
(4,594,906)
Net current assets
2,370,953
6,066,336
Net assets
2,416,618
6,088,877
Capital and reserves
Called up share capital
15
2,001
2,001
Share premium account
-
0
4,347,999
Profit and loss reserves
2,414,617
1,738,877
Total equity
2,416,618
6,088,877

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 9 July 2026 and are signed on its behalf by:
L Gee-Nyland
Director
Company registration number 04307123 (England and Wales)
TADANO UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 10 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2024
2,001
4,347,999
1,727,941
6,077,941
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
10,936
10,936
Balance at 31 December 2024
2,001
4,347,999
1,738,877
6,088,877
Year ended 31 December 2025:
Loss and total comprehensive income
-
-
(2,402,259)
(2,402,259)
Dividends
8
-
-
(1,270,000)
(1,270,000)
Cancellation of share premium
-
(4,347,999)
4,347,999
-
Balance at 31 December 2025
2,001
-
0
2,414,617
2,416,618
TADANO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
1
Accounting policies
Company information

Tadano UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is 14 Hikers Way, Long Credon Industrial Estate, Long Credon, Aylesbury, Buckinghamshire, England, HP189RW.

1.1
Basis of preparation

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.

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

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

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

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

The financial statements of the company are consolidated in the financial statements of Tadano Ltd. These consolidated financial statements are available from www.tadano.com.

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. It is considered that the company has adequate reserves along with the financial support of the group, if required. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

TADANO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 12 -
1.3
Revenue

Turnover is recognised to the extent that the company obtains the right to consideration in exchange for its performance. Turnover represents the amounts derived from the provision of goods and services which fall within the company's ordinary activities stated net of VAT.

The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have been passed to the buyer. In respect of crane sales the revenue is recognised when the crane has been delivered and accepted by the customer. In respect of spare parts the sale is recognised on despatch.

Rendering of services

Revenue from the provision of repair and servicing is recognised based on the stage of completion at the year end reporting date. The stage of completion is determined by comparing the costs incurred for work performed to date to the total estimated contract costs. Revenue is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

Hire of equipment

Revenue from the hire of equipment is recognised in the accounting period in which the hire occurs.

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

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:

Leasehold land and buildings
over the duration of the lease.
Plant and equipment
between 3 and 5 years
Fixtures and fittings
33% on cost

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.

1.5
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.

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. 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.

TADANO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 13 -

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.

1.6
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.

1.7
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.

1.8
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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

TADANO UK 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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

TADANO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 15 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Derivatives

The company uses forward foreign currency contracts to reduce exposure to foreign exchange rates. These derivative financial instruments are recognised at quoted market prices with any gains or losses being reported in profit and loss. Outstanding derivatives at the reporting date are included under the appropriate format heading depending on the nature of the derivative.

1.10
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.

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.

1.11
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.

1.12
Retirement benefits

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

TADANO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 16 -
1.13
Foreign exchange

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction, or at an average rate where this rate approximates the actual rate at the date of the transaction. Exchange differences are recognised in the income statement in the period in which they arise.

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.

Deferred Tax Asset Recoverability

The company evaluates the recoverability of deferred tax assets at each balance sheet date based on whether it is probable that taxable profits will be available against which underlying temporary differences can be utilised. Following a review of recent trading performance and updated financial forecasts, management has concluded that the generation of future taxable profits is no longer sufficiently certain.

Consequently, management has exercised judgment to derecognise the asset in full. The assessment of future taxable profits requires significant estimation, and changes in economic conditions could impact this evaluation in future reporting periods.

3
Turnover
2025
2024
£
£
Turnover analysed by class of business
Crane sales
10,142,017
6,931,818
Parts sales
2,267,141
3,451,849
Servicing and repairs
1,402,713
1,305,997
13,811,871
11,689,664
TADANO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
3
Turnover
(Continued)
- 17 -
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
9,797,201
10,139,147
Other EC
3,912,274
692,023
Outside EC
102,396
858,494
13,811,871
11,689,664
4
Operating (loss)/profit
2025
2024
Operating (loss)/profit for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains)
115,216
(72,435)
Fees payable to the company's auditor for the audit of the company's financial statements
15,775
16,000
Depreciation of tangible fixed assets
8,501
14,276
Operating lease charges
599,263
549,934
5
Employees

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

2025
2024
Number
Number
Parts, service and repairs
16
15
Sales
4
4
Management and administration
2
2
Total
22
21

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
1,463,071
1,481,923
Social security costs
195,465
187,358
Pension costs
172,685
189,585
1,831,221
1,858,866
TADANO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 18 -
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
139,777
131,516
Company pension contributions to defined contribution schemes
14,392
11,619
154,169
143,135

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

7
Taxation
2025
2024
£
£
Deferred tax
Origination and reversal of timing differences
1,083,050
6,209

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

2025
2024
£
£
(Loss)/profit before taxation
(1,319,209)
17,145
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25% (2024: 25%)
(329,802)
4,286
Effects of:
Expenses that are not deductible in determining taxable profit
4,588
1,923
Change in unrecognised deferred tax assets
325,214
-
0
Derecognition of previously recognised deferred tax asset
1,083,050
-
0
Taxation charge in the financial statements
1,083,050
6,209

The tax charge for the year is higher than the standard rate of corporation tax primarily due to the full derecognition of a previously recognised deferred tax asset of £1,083,050. Following an updated assessment of future trading conditions, management concluded that it is no longer probable that sufficient taxable profits will be generated to utilise the underlying tax losses and decelerated capital allowances. Additionally, £325,214 of deferred tax assets arising on current year losses and timing differences have not been recognised, bringing the total unrecognised deferred tax asset to £1,408,264.

8
Dividends
2025
2024
£
£
Final paid
1,270,000
-
0
TADANO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 19 -
9
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 January 2025
33,811
31,741
9,078
74,630
Additions
-
0
31,625
-
0
31,625
At 31 December 2025
33,811
63,366
9,078
106,255
Depreciation and impairment
At 1 January 2025
11,270
31,741
9,078
52,089
Depreciation charged in the year
3,757
4,744
-
0
8,501
At 31 December 2025
15,027
36,485
9,078
60,590
Carrying amount
At 31 December 2025
18,784
26,881
-
0
45,665
At 31 December 2024
22,541
-
0
-
0
22,541
10
Stocks
2025
2024
£
£
Finished goods and goods for resale
656,762
863,398
Crane stock
2,017,045
1,119,712
2,673,807
1,983,110
11
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
245,334
1,320,849
Gross amounts owed by contract customers
172,783
145,745
Amounts owed by group undertakings
10,857
46,775
Other debtors
338,871
658
Prepayments and accrued income
149,524
155,408
917,369
1,669,435
TADANO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
11
Debtors
(Continued)
- 20 -
2025
2024
Amounts falling due after more than one year:
£
£
Deferred tax asset (note 13)
-
0
1,083,050
Total debtors
917,369
2,752,485
12
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
2,358,456
2,600,679
Amounts owed to group undertakings
560,444
1,187,619
Taxation and social security
54,926
349,780
Other creditors
210,465
222,928
Accruals and deferred income
235,868
233,900
3,420,159
4,594,906
13
Deferred taxation

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

Assets
Assets
2025
2024
Balances:
£
£
Deccelerated capital allowances
-
14,295
Tax losses
-
1,068,755
-
1,083,050
2025
Movements in the year:
£
Asset at 1 January 2025
(1,083,050)
Charge to profit or loss
1,083,050
Liability at 31 December 2025
-

TADANO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
13
Deferred taxation
(Continued)
- 21 -

The company has an unrecognised deferred tax asset of £1,408,264 (2025: £0) at the balance sheet date. This asset is comprised of £1,083,050 relating to previously recognised deferred tax assets that have been derecognised in the current year, and £325,214 relating to tax losses and decelerated capital allowances arising in the current financial period.

No deferred tax asset has been recognised on the balance sheet because it is not considered probable that sufficient taxable profits will be available in the foreseeable future to utilise these timing differences. There is no expiry date attaching to these unrecognised tax attributes under current UK tax legislation.

14
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
172,685
189,585

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.

15
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
ordinary shares of £1 each
2,001
2,001
2,001
2,001

Called up share capital - represents the nominal value of shares that have been issued.

There is a single class of ordinary shares ranking pari passu. There are no restrictions on the distribution of dividends or the repayment of capital.

16
Operating lease commitments
As lessee

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 1 year
504,911
528,663
Years 2-5
1,469,497
1,803,955
After 5 years
4,080
422,040
1,978,488
2,754,658
17
Related party transactions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

TADANO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 22 -
18
Ultimate controlling party

The controlling party is Tadano Faun GmbH, a company incorporated in Germany.

The ultimate controlling party is Tadano Ltd, a company incorporated in Japan.

The parent undertaking of the smallest group for which consolidated financial statements are prepared is Tadano Faun GmbH. The registered office of Tadano Faun GmbH is Faunberg 2, 91207, Lauf a.d. Pegnitz, Germany.

The parent undertaking of the largest group for which consolidated financial statements are prepared is Tadano Ltd, the group's financial statements are available to the public at www.tadano.com. The registered office of Tadano Ltd is Ko-34, Shinden-cho, TAKAMATSU-SHI 761-0185, Japan.

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