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REGISTERED NUMBER: 02988498 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

FOR

SEELE (UK) LIMITED

SEELE (UK) LIMITED (REGISTERED NUMBER: 02988498)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

Page |

Company Information | 1 |

Strategic Report | 2 |

Report of the Directors | 4 |

Report of the Independent Auditors | 5 |

Statement of Comprehensive Income | 8 |

Balance Sheet | 9 |

Statement of Changes in Equity | 10 |

Cash Flow Statement | 11 |

Notes to the Cash Flow Statement | 12 |

Notes to the Financial Statements | 13 |

SEELE (UK) LIMITED

COMPANY INFORMATION

FOR THE YEAR ENDED 31 MARCH 2026

| DIRECTORS: | T M Spitzer

| A Hafner

| M Seele

| SECRETARY: | A Zoch

| REGISTERED OFFICE: | c/o Stewart & Co Accountants LLP

| The Galleries

| Charters Road

| Sunningdale

| Berkshire

| SL5 9QJ

| REGISTERED NUMBER: | 02988498 (England and Wales)

| SENIOR STATUTORY AUDITOR: | Charlotte Ryan BSc FCA

| AUDITORS: | Stewart & Co Accountants LLP

| Chartered Accountants

| Statutory Auditors

| Knoll House

| Knoll Road

| Camberley

| Surrey

| GU15 3SY

| BANKERS: | Deutsche Bank AG

| Winchester House

| 1 Great Winchester Street

| London

| EC2N 2DB

SEELE (UK) LIMITED (REGISTERED NUMBER: 02988498)

STRATEGIC REPORT

FOR THE YEAR ENDED 31 MARCH 2026

The directors present their strategic report for the year ended 31 March 2026.

REVIEW OF BUSINESS

The seele group is one of the leaders in the world of façade and roof construction, providing solutions for building skins and innovative façades. From planning to installation, seele provides services to complete ambitious architectural one-offs true to their original designs.

The principal activity of the company in the year under review remained unchanged and was that of sales services in the construction industry.

The company's turnover has derived from construction projects in the hotel business, shopping centres, redevelopment of historic buildings, as well as from public projects.

The company's turnover for the year was £78,277,423 (2025 : £34,003,041) leading to profit before taxation of £1,222,678 (2025 : £111,701). The resultant increase in the reserves continues to support the positive balance sheet position and the result for the year was deemed satisfactory by the Board of Directors.

PRINCIPAL RISKS AND UNCERTAINTIES

There is only a limited risk for seele (UK) Limited, due to its operating model being based on a 3% commission.

Economic growth prospects will be highly dependent on the extent to which inflation across the global economy rises and the length of time that inflation persists at a high rate. Macroeconomic factors have noticeable impacts on activities in the construction industry. Supply chain disruptions brought on by conflicts in Eastern Europe influence ongoing projects as well as the sales activities of seele (UK) Limited. Due to the strong network of seele (UK) Limited in the market and the excellent reputation as a façade and glass specialist, there are still opportunities for the acquisition of new projects.

SECTION 172(1) STATEMENT

The directors continue to review at board level and during the ongoing management meetings the business decision making for both the long and short term good of the business this includes the review of the impact of its commercial decisions upon its stakeholders, suppliers and customers as well as the impact on the community and environment at large. The company continues to act at all times fairly and reputably with all its business dealings whilst continuing to promote the success of the business. In terms of our employees we see them as fundamental to the delivery of our plan and integral to our culture and we continue to be a responsible employer in our approach to the remuneration of employees and ensuring that their health and safety in the work place is paramount.

FUTURE DEVELOPMENTS

The company will continue to concentrate on delivering its existing contracted commitments. Developing long-term relationships with customers is a main objective of the company's business activities. Furthermore, the company is constantly seeking new opportunities in the market. It is the company's intention to maintain and improve its UK market position in both, the unitised facades and specialist steel-glass and all glass structures. Innovative developments in these areas, as well as high quality project work in the whole seele group, ensure that the company maintains its competitiveness.

Sales enquiries are steady and the outlook is satisfactory with the company actively following up several new projects and as of 31 March 2026 the company has an order book from ongoing projects of £96,303,077. The large majority of which are contractually secured services.

SEELE (UK) LIMITED (REGISTERED NUMBER: 02988498)

STRATEGIC REPORT

FOR THE YEAR ENDED 31 MARCH 2026

GOING CONCERN

The company monitors its exposure to liquidity risk through the preparation of forecasts covering a period of not less than one year forward from the date of preparation. The company's strategy to managing liquidity risk is to ensure that it has sufficient funds to meet all its potential liabilities as they fall due for payment. Based on the most recent forecasts and other relevant management information, the company is confident that the going concern basis remains appropriate.

ON BEHALF OF THE BOARD:

T M Spitzer - Director

6 July 2026

SEELE (UK) LIMITED (REGISTERED NUMBER: 02988498)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 MARCH 2026

The directors present their report with the financial statements of the company for the year ended 31 March 2026.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of contractors for glazed structures and curtain walling on behalf of group companies.

DIVIDENDS

No dividends will be distributed for the year ended 31 March 2026.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2025 to the date of this report.

T M Spitzer

A Hafner

M Seele

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

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

STATEMENT 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.

ON BEHALF OF THE BOARD:

T M Spitzer - Director

6 July 2026

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

SEELE (UK) LIMITED

Opinion

We have audited the financial statements of seele (UK) Limited (the 'company') for the year ended 31 March 2026 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 March 2026 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 Report of the Directors, 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.

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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

SEELE (UK) LIMITED

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 Report of the Directors.

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 page four, 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.

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:

As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also identify and assess potential risks and in doing so have reviewed the nature of the industry, the control environment, the relevant laws and regulations including any ongoing considerations from the Covid-19 pandemic.

Specific audit procedures performed by the engagement team included :

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct impact on the financial statements;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risk of material misstatements due to fraud;

- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business;

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

SEELE (UK) LIMITED

- review and challenge with regards to assumptions and judgments made by management in respect of accounting estimates, including recoverability of debtors and operation of bad debt provision mechanism and completeness of accruals including verification of accrued income and review of cut off position;

- discussions with the Board of Directors and management, including consideration of known or suspected instances of non-compliance with laws and regulation fraud;

- a formal request to review copies of minutes maintained of Board of Directors ard and management meetings.

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.

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.

Charlotte Ryan BSc FCA (Senior Statutory Auditor)

for and on behalf of Stewart & Co Accountants LLP

Chartered Accountants

Statutory Auditors

Knoll House

Knoll Road

Camberley

Surrey

GU15 3SY

9 July 2026

SEELE (UK) LIMITED (REGISTERED NUMBER: 02988498)

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 MARCH 2026

| 2026 |  | 2025

| Notes | £ | £ |

TURNOVER | 3 | 78,277,423 |  | 34,003,041 |  |

Cost of sales | 74,941,415 |  | 32,068,373 |  |

GROSS PROFIT | 3,336,008 |  | 1,934,668 |  |

Administrative expenses | 2,171,617 |  | 1,828,892 |  |

OPERATING PROFIT | 5 | 1,164,391 |  | 105,776 |  |

Interest receivable and similar income | 58,287 |  | 5,925 |  |

PROFIT BEFORE TAXATION | 1,222,678 |  | 111,701 |  |

Tax on profit | 7 | 297,656 |  | 31,001 |  |

PROFIT FOR THE FINANCIAL YEAR | 925,022 |  | 80,700 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 925,022 |  | 80,700 |  |

SEELE (UK) LIMITED (REGISTERED NUMBER: 02988498)

BALANCE SHEET

31 MARCH 2026

| 2026 | 2025 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 8 | 49,439 |  | 8,681 |  |

CURRENT ASSETS

Debtors | 9 | 46,080,112 |  | 12,405,386 |  |

Cash at bank and in hand | 3,702,560 |  | 2,510,463 |  |

49,782,672 |  | 14,915,849 |  |

CREDITORS

Amounts falling due within one year | 10 | 46,498,318 |  | 12,515,758 |  |

NET CURRENT ASSETS | 3,284,354 |  | 2,400,091 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 3,333,793 |  | 2,408,772 |  |

CAPITAL AND RESERVES

Called up share capital | 12 | 50,000 |  | 50,000 |  |

Retained earnings | 13 | 3,283,793 |  | 2,358,772 |  |

SHAREHOLDERS' FUNDS | 3,333,793 |  | 2,408,772 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 6 July 2026 and were signed on its behalf by:

T M Spitzer - Director

SEELE (UK) LIMITED (REGISTERED NUMBER: 02988498)

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2026

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1 April 2024 | 50,000 |  | 2,278,072 |  | 2,328,072 |  |

Changes in equity

Total comprehensive income | - |  | 80,700 |  | 80,700 |  |

Balance at 31 March 2025 | 50,000 |  | 2,358,772 |  | 2,408,772 |  |

Changes in equity

Total comprehensive income | - |  | 925,022 |  | 925,022 |  |

Balance at 31 March 2026 | 50,000 |  | 3,283,794 |  | 3,333,794 |  |

SEELE (UK) LIMITED (REGISTERED NUMBER: 02988498)

CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 MARCH 2026

| 2026 |  | 2025

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 1,408,403 |  | 571,579 |  |

Tax paid | (216,863 | ) | (28,110 | ) |

Net cash from operating activities | 1,191,540 |  | 543,469 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (57,730 | ) | (1,248 | ) |

Interest received | 58,287 |  | 5,925 |  |

Net cash from investing activities | 557 |  | 4,677 |  |

Increase in cash and cash equivalents | 1,192,097 |  | 548,146 |  |

Cash and cash equivalents at beginning of year | 2 | 2,510,463 |  | 1,962,317 |  |

Cash and cash equivalents at end of year | 2 | 3,702,560 |  | 2,510,463 |  |

SEELE (UK) LIMITED (REGISTERED NUMBER: 02988498)

NOTES TO THE CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 MARCH 2026

1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 2026 |  | 2025

£ | £ |

| Profit before taxation | 1,222,678 |  | 111,701 |  |

| Depreciation charges | 16,972 |  | 6,271 |  |

| Finance income | (58,287 | ) | (5,925 | ) |

1,181,363 |  | 112,047 |  |

| Increase in trade and other debtors | (33,674,726 | ) | (1,548,112 | ) |

| Increase in trade and other creditors | 33,901,766 |  | 2,007,644 |  |

| Cash generated from operations | 1,408,403 |  | 571,579 |  |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

| Year ended 31 March 2026

| 31.3.26 |  | 1.4.25

£ | £ |

| Cash and cash equivalents | 3,702,560 |  | 2,510,463 |  |

| Year ended 31 March 2025

| 31.3.25 |  | 1.4.24

£ | £ |

| Cash and cash equivalents | 2,510,463 |  | 1,962,317 |  |

3. | ANALYSIS OF CHANGES IN NET FUNDS

| At 1.4.25 | Cash flow | At 31.3.26

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 2,510,463 |  | 1,192,097 |  | 3,702,560 |  |

2,510,463 |  | 1,192,097 |  | 3,702,560 |  |

| Total | 2,510,463 |  | 1,192,097 |  | 3,702,560 |  |

SEELE (UK) LIMITED (REGISTERED NUMBER: 02988498)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

1. | STATUTORY INFORMATION

| seele (UK) 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. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

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

| Going concern

| The directors have a reasonable expectation that the company has adequate resources to continue its operational existence for the foreseeable future. This is supported by forecasts and budgets covering the next 12 months as well as the ongoing group support. For this reason, they continue to adopt the going concern basis in preparing the accounts.

| Significant judgements and estimates

| The preparation of the financial statements requires the use of judgments, estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period.

| Based on its well-established business model the company makes judgments, estimates and assumptions concerning the future. These estimates and judgments are continually evaluated, and turnover forecast is based on the company's order pipeline and project negotiations.

| The resulting accounting estimates may differ from actual results as they depend on fluctuations in turnover. The directors affirm that the only judgments, estimates and assumptions applied in the preparation of these financial statements to be those relating to the calculation of the accrued income in connection with ongoing contract project work.

| Revenue recognition

| Revenue represents amounts receivable for services rendered during the year, net of VAT.

| Revenue is measured and recognised with regard to formally agreed stage payments and is directly correlated with the services carried out by its sub-contractors.

| Tangible fixed assets

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

| Fixtures and fittings - at 8-10 years on cost

| Computer equipment - at 33% on cost

SEELE (UK) LIMITED (REGISTERED NUMBER: 02988498)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2026

2. | ACCOUNTING POLICIES - continued

| Financial instruments

| Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provision of the instrument.

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

| Financial assets

| The company has financial assets primarily in the form of trade and other receivables and cash and cash equivalents. These assets are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market.

| Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are initially recognised in the balance sheet on settlement date at fair value plus directly related transaction costs.

| Cash and cash equivalents

| Cash and cash equivalents comprise cash balances and call deposits with maturities of three months or less from the acquisition date that are subject to an insignificant risk of changes in their fair value.

| Financial liabilities

| The company has financial liabilities primarily in the form of trade and other payables. These liabilities are non-derivative financial liabilities with fixed or determinable payments that are not quoted in an active market.

| Basic financial liabilities including trade payables and loans from fellow group companies that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes as financing transaction.

| Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts 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 payables are recognised initially at transaction price and subsequently measured at amortised cost.

| Equity instruments

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

| 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.

SEELE (UK) LIMITED (REGISTERED NUMBER: 02988498)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2026

2. | 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.

| Foreign currencies

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

| Pension costs and other post-retirement benefits

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

| Short term debtors and creditors

| Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

| Operating leases

| Operating lease payments are recognised as an expense on a straight-line basis over the lease term, except if another systematic basis is more representative of the time pattern in which economic benefits will flow to the Company.

3. | 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:

| 2026 |  | 2025

£ | £ |

| Glazed structures | 78,277,423 |  | 34,003,041 |  |

78,277,423 |  | 34,003,041 |  |

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

| 2026 |  | 2025

£ | £ |

| United Kingdom | 78,277,423 |  | 34,003,041 |  |

78,277,423 |  | 34,003,041 |  |

SEELE (UK) LIMITED (REGISTERED NUMBER: 02988498)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2026

4. | EMPLOYEES AND DIRECTORS

| 2026 |  | 2025

£ | £ |

| Wages and salaries | 1,263,354 |  | 1,187,002 |  |

| Social security costs | 168,002 |  | 144,108 |  |

| Other pension costs | 45,689 |  | 52,693 |  |

1,477,045 |  | 1,383,803 |  |

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

| 2026 |  | 2025

| Sales and direct employees | 12 |  | 13 |  |

| 2026 |  | 2025

£ | £ |

| Directors' remuneration | - |  | - |  |

5. | OPERATING PROFIT

| The operating profit is stated after charging:

| 2026 |  | 2025

£ | £ |

| Depreciation - owned assets | 16,972 |  | 6,271 |  |

| Foreign exchange differences | 105,826 |  | 16,917 |  |

6. | AUDITORS' REMUNERATION

| 2026 |  | 2025

£ | £ |

| Fees payable to the company's auditors for the audit of the company's financial statements | 10,500 |  | 9,125 |  |

| Auditors' remuneration for non audit work | 7,139 |  | 6,954 |  |

7. | TAXATION

| Analysis of the tax charge

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

| 2026 |  | 2025

£ | £ |

| Current tax:

| UK corporation tax | 297,656 |  | 31,001 |  |

| Tax on profit | 297,656 |  | 31,001 |  |

| UK corporation tax has been charged at 25% (2025 - 25%).

SEELE (UK) LIMITED (REGISTERED NUMBER: 02988498)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2026

7. | TAXATION - continued

| 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:

| 2026 |  | 2025

£ | £ |

| Profit before tax | 1,222,678 |  | 111,701 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2025 - 25%) | 305,670 |  | 27,925 |  |

| Effects of:

| Expenses not deductible for tax purposes | 2,176 |  | 1,820 |  |

| Capital allowances in excess of depreciation | (10,190 | ) | - |  |

| Depreciation in excess of capital allowances | - |  | 1,256 |  |

| Total tax charge | 297,656 |  | 31,001 |  |

8. | TANGIBLE FIXED ASSETS

| Fixtures |

| and |  | Motor |  | Computer |

| fittings |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ |

| COST

| At 1 April 2025 | 15,979 |  | - |  | 57,413 |  | 73,392 |  |

| Additions | - |  | 55,773 |  | 1,957 |  | 57,730 |  |

| At 31 March 2026 | 15,979 |  | 55,773 |  | 59,370 |  | 131,122 |  |

| DEPRECIATION

| At 1 April 2025 | 14,046 |  | - |  | 50,665 |  | 64,711 |  |

| Charge for year | 393 |  | 11,227 |  | 5,352 |  | 16,972 |  |

| At 31 March 2026 | 14,439 |  | 11,227 |  | 56,017 |  | 81,683 |  |

| NET BOOK VALUE

| At 31 March 2026 | 1,540 |  | 44,546 |  | 3,353 |  | 49,439 |  |

| At 31 March 2025 | 1,933 |  | - |  | 6,748 |  | 8,681 |  |

SEELE (UK) LIMITED (REGISTERED NUMBER: 02988498)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2026

9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2026 | 2025 |

£ | £ |

| Trade debtors | 11,454,561 |  | 4,795,429 |  |

| Other debtors | 19,444,230 |  | 36,331 |  |

| Accrued income | 15,116,994 |  | 7,549,322 |  |

| Prepayments | 64,327 |  | 24,304 |  |

46,080,112 |  | 12,405,386 |  |

10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2026 | 2025 |

£ | £ |

| Trade creditors | 30,602 |  | 8,094 |  |

| Amounts owed to group undertakings | 26,018,813 |  | 12,125,132 |  |

| Corporation Tax | 105,351 |  | 24,558 |  |

| Social security and other taxes | 58,296 |  | 39,083 |  |

| VAT | 198,044 |  | 227,099 |  |

| Other creditors | 20,000,000 |  | - |  |

| Accruals | 87,212 |  | 91,792 |  |

46,498,318 |  | 12,515,758 |  |

11. | LEASING AGREEMENTS

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

2026 | 2025 |

£ | £ |

| Within one year | 118,174 |  | 87,820 |  |

| Between one and five years | 103,475 |  | 99,850 |  |

221,649 |  | 187,670 |  |

12. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2026 | 2025 |

| value: | £ | £ |

| 50,000 | Ordinary | £1 | 50,000 |  | 50,000 |  |

SEELE (UK) LIMITED (REGISTERED NUMBER: 02988498)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2026

13. | RESERVES

| Retained

| earnings

£ |

| At 1 April 2025 | 2,358,771 |  |

| Profit for the year | 925,022 |  |

| At 31 March 2026 | 3,283,793 |  |

14. | RELATED PARTY DISCLOSURES

| 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.

15. | CONTROL

| The controlling party is seele GmbH based in Gersthofen, Germany.

| The ultimate controlling party is seele group GmbH based in Gersthofen, Germany.