Silverfin false 11 June 2026 11 June 2026 Louise Smith CA Hall Morrice LLP 58,449 651,609 false true 31/12/2025 01/01/2025 31/12/2025 Kirk Anderson 17/01/2025 03/06/2016 Thomas Dietvorst 23/07/2025 03/02/2025 James Donoghue 18/03/2025 30/11/2021 Stefan Duller 23/04/2025 31/12/2020 Millar Kennedy 17/01/2025 03/06/2016 Richard Michael Smart 24/07/2025 Sarah Louise Spivey 23/04/2026 17/01/2025 Justin Whelan 23/07/2025 11 June 2026 The principal activity of the company continued to be that of the manufacture, hire, repair and calibration of load monitoring products. SC537145 2025-12-31 SC537145 bus:Director1 2025-12-31 SC537145 bus:Director2 2025-12-31 SC537145 bus:Director3 2025-12-31 SC537145 bus:Director4 2025-12-31 SC537145 bus:Director5 2025-12-31 SC537145 bus:Director6 2025-12-31 SC537145 bus:Director7 2025-12-31 SC537145 bus:Director8 2025-12-31 SC537145 2024-12-31 SC537145 core:CurrentFinancialInstruments 2025-12-31 SC537145 core:CurrentFinancialInstruments 2024-12-31 SC537145 core:Non-currentFinancialInstruments 2025-12-31 SC537145 core:Non-currentFinancialInstruments 2024-12-31 SC537145 core:ShareCapital 2025-12-31 SC537145 core:ShareCapital 2024-12-31 SC537145 core:SharePremium 2025-12-31 SC537145 core:SharePremium 2024-12-31 SC537145 core:RetainedEarningsAccumulatedLosses 2025-12-31 SC537145 core:RetainedEarningsAccumulatedLosses 2024-12-31 SC537145 core:Goodwill 2024-12-31 SC537145 core:OtherResidualIntangibleAssets 2024-12-31 SC537145 core:Goodwill 2025-12-31 SC537145 core:OtherResidualIntangibleAssets 2025-12-31 SC537145 core:LandBuildings 2024-12-31 SC537145 core:OtherPropertyPlantEquipment 2024-12-31 SC537145 core:LandBuildings 2025-12-31 SC537145 core:OtherPropertyPlantEquipment 2025-12-31 SC537145 core:CostValuation 2024-12-31 SC537145 core:AdditionsToInvestments 2025-12-31 SC537145 core:CostValuation 2025-12-31 SC537145 core:CurrentFinancialInstruments 10 2025-12-31 SC537145 core:CurrentFinancialInstruments 10 2024-12-31 SC537145 bus:OrdinaryShareClass1 2025-12-31 SC537145 2025-01-01 2025-12-31 SC537145 bus:FilletedAccounts 2025-01-01 2025-12-31 SC537145 bus:SmallEntities 2025-01-01 2025-12-31 SC537145 bus:Audited 2025-01-01 2025-12-31 SC537145 2024-01-01 2024-12-31 SC537145 bus:PrivateLimitedCompanyLtd 2025-01-01 2025-12-31 SC537145 bus:Director1 2025-01-01 2025-12-31 SC537145 bus:Director2 2025-01-01 2025-12-31 SC537145 bus:Director3 2025-01-01 2025-12-31 SC537145 bus:Director4 2025-01-01 2025-12-31 SC537145 bus:Director5 2025-01-01 2025-12-31 SC537145 bus:Director6 2025-01-01 2025-12-31 SC537145 bus:Director7 2025-01-01 2025-12-31 SC537145 bus:Director8 2025-01-01 2025-12-31 SC537145 core:Goodwill core:TopRangeValue 2025-01-01 2025-12-31 SC537145 core:OtherResidualIntangibleAssets core:TopRangeValue 2025-01-01 2025-12-31 SC537145 core:Goodwill 2025-01-01 2025-12-31 SC537145 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2025-01-01 2025-12-31 SC537145 core:OtherResidualIntangibleAssets 2025-01-01 2025-12-31 SC537145 core:LandBuildings core:TopRangeValue 2025-01-01 2025-12-31 SC537145 core:OtherPropertyPlantEquipment core:BottomRangeValue 2025-01-01 2025-12-31 SC537145 core:OtherPropertyPlantEquipment core:TopRangeValue 2025-01-01 2025-12-31 SC537145 core:LandBuildings 2025-01-01 2025-12-31 SC537145 core:OtherPropertyPlantEquipment 2025-01-01 2025-12-31 SC537145 core:Non-currentFinancialInstruments 2025-01-01 2025-12-31 SC537145 bus:OrdinaryShareClass1 2025-01-01 2025-12-31 SC537145 bus:OrdinaryShareClass1 2024-01-01 2024-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC537145 (Scotland)

# PEWAG LEVO UK LIMITED

### Financial Statements
For the financial year ended 31 December 2025
Pages for filing with the registrar

PEWAG LEVO UK LIMITED

## Financial Statements

For the financial year ended 31 December 2025

Contents

PEWAG LEVO UK LIMITED

## BALANCE SHEET

As at 31 December 2025
PEWAG LEVO UK LIMITED

## BALANCE SHEET (continued)

As at 31 December 2025

| Note | 2025 |  | 2024
|  | £ |  | £
Fixed assets |  |  |  |
Intangible assets | 3 | 778,828 |  | 56,593
Tangible assets | 4 | 1,063,931 |  | 978,922
Investments | 5 | 25,220 |  | 2
|  | 1,867,979 |  | 1,035,517
Current assets |  |  |  |
Stocks |  | 1,001,934 |  | 948,778
Debtors | 6 | 1,201,584 |  | 626,954
Cash at bank and in hand |  | 269,296 |  | 1,086,100
|  | 2,472,814 |  | 2,661,832
Creditors: amounts falling due within one year | 7 | ( 1,164,234) |  | ( 595,995)
Net current assets |  | 1,308,580 |  | 2,065,837
Total assets less current liabilities |  | 3,176,559 |  | 3,101,354
Creditors: amounts falling due after more than one year | 8 | ( 1,230,000) |  | ( 111,111)
Provision for liabilities |  | ( 244,909) |  | ( 230,144)
Net assets |  | 1,701,650 |  | 2,760,099
Capital and reserves |  |  |  |
Called-up share capital | 9 | 125 |  | 125
Share premium account |  | 19,975 |  | 19,975
Profit and loss account |  | 1,681,550 |  | 2,739,999
Total shareholder's funds |  | 1,701,650 |  | 2,760,099

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Pewag Levo UK Limited (registered number: SC537145) were approved and authorised for issue by the Board of Directors on 11 June 2026. They were signed on its behalf by:

Richard Michael Smart Director |

PEWAG LEVO UK LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2025
PEWAG LEVO UK LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2025

##### 1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

##### General information and basis of accounting

Pewag Levo UK Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the company's registered office is Lms House Claymore Drive, Aberdeen Science And Energy Park, Bridge Of Don, AB23 8GD, Scotland, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The company has taken advantage of the following disclosure exemptions:
- From the financial instrument disclosures, required under FRS 102 Section 11 Basic Financial Instruments paragraphs 11.39 to 11.48A and Section 12 Other Financial Instruments paragraphs 12.26 to 12.29;
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
Pewag Levo UK Limited is a 100% subsidiary of Pewag International GmbH and the results of Pewag Levo UK Limited are included in the consolidated financial statements of Pewag International GmbH which are available from the address given in the Parent company note to the accounts.

##### 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 at least twelve months from the date of signing the financial statements. This is in conjunction with a letter of support from the provider of the related party loan confirming that they will only request repayments within the financial capabilities of the company. Thus the directors have continued to adopt the going concern basis of accounting in preparing the financial statements.

##### Foreign currency

Transactions in currencies other than pound 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.

##### Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

##### Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

##### Taxation

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.

##### Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill | 10 years straight line
Other intangible assets | 12 years straight line

###### Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is 10 years.

###### Research and development

Research expenditure is written off as incurred. Development expenditure is also written off, except where the directors are satisfied as to the technical, commercial and financial viability of individual projects. In such cases, the identifiable expenditure is capitalised as an intangible asset and amortised over the period during which the company is expected to benefit. This period is between three and five years. Provision is made for any impairment.

###### Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. This has been determined as 12 years.

##### Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings | 10 years straight line
Plant and machinery etc. | 3 - 10 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.
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.

##### Leases

The company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

##### Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews 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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its 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.
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. 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.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

##### Fixed asset investments

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.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

##### Stocks

Stocks are stated at the lower of cost and net realisable value. Cost includes raw materials and direct labour, with stock valuation based on the estimated cost of individual components and production inputs.
At each reporting date, stock is assessed for impairment. If the carrying amount exceeds its estimated selling price less costs to complete and sell, an impairment loss is recognised in the profit and loss account. Reversals of impairment losses are recognised where appropriate.

##### 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 creditors: amounts falling due within one year.

##### Financial instruments

Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the company intends either 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.

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 payments 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. Amounts 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.

Equity instruments
Equity instruments issued by the company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

##### Provisions

Provisions are recognised when the company has a present obligation (legal or constructive) 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 Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

#### 2. Employees

| 2025 |  | 2024
| Number |  | Number
Monthly average number of persons employed by the company during the year, including directors | 37 |  | 24

#### 3. Intangible assets

| Goodwill |  | Other intangible assets |  | Total
| £ |  | £ |  | £
Cost |  |  |  |  |
At 01 January 2025 | 73,813 |  | 0 |  | 73,813
Additions | 0 |  | 735,061 |  | 735,061
At 31 December 2025 | 73,813 |  | 735,061 |  | 808,874
Accumulated amortisation |  |  |  |  |
At 01 January 2025 | 17,220 |  | 0 |  | 17,220
Charge for the financial year | 7,381 |  | 5,445 |  | 12,826
At 31 December 2025 | 24,601 |  | 5,445 |  | 30,046
Net book value |  |  |  |  |
At 31 December 2025 | 49,212 |  | 729,616 |  | 778,828
At 31 December 2024 | 56,593 |  | 0 |  | 56,593

#### 4. Tangible assets

| Land and buildings |  | Plant and machinery etc. |  | Total
| £ |  | £ |  | £
Cost |  |  |  |  |
At 01 January 2025 | 73,209 |  | 1,352,881 |  | 1,426,090
Additions | 0 |  | 251,614 |  | 251,614
Disposals | 0 |  | ( 6,159) |  | ( 6,159)
At 31 December 2025 | 73,209 |  | 1,598,336 |  | 1,671,545
Accumulated depreciation |  |  |  |  |
At 01 January 2025 | 22,395 |  | 424,773 |  | 447,168
Charge for the financial year | 7,325 |  | 154,242 |  | 161,567
Disposals | 0 |  | ( 1,121) |  | ( 1,121)
At 31 December 2025 | 29,720 |  | 577,894 |  | 607,614
Net book value |  |  |  |  |
At 31 December 2025 | 43,489 |  | 1,020,442 |  | 1,063,931
At 31 December 2024 | 50,814 |  | 928,108 |  | 978,922

#### 5. Fixed asset investments

| 2025 |  | 2024
| £ |  | £
Subsidiary undertakings | 25,220 |  | 2

Investments in subsidiaries

| 2025
| £
Cost |
At 01 January 2025 | 2
Additions | 25,218
At 31 December 2025 | 25,220
Carrying value at 31 December 2025 | 25,220
Carrying value at 31 December 2024 | 2

#### 6. Debtors

| 2025 |  | 2024
| £ |  | £
Trade debtors | 933,039 |  | 473,579
Amounts owed by group undertakings | 95,163 |  | 102,400
Other taxation and social security | 27,037 |  | 0
Other debtors | 146,345 |  | 50,975
| 1,201,584 |  | 626,954

#### 7. Creditors: amounts falling due within one year

| 2025 |  | 2024
| £ |  | £
Bank loans | 0 |  | 41,667
Trade creditors | 983,088 |  | 274,583
Amounts owed to group undertakings | 2,648 |  | 6,473
Corporation tax | 0 |  | 198,115
Other taxation and social security | 40,116 |  | 43,111
Other creditors | 138,382 |  | 32,046
| 1,164,234 |  | 595,995

The bank holds a bond and floating charge over the assets of the company.

#### 8. Creditors: amounts falling due after more than one year

| 2025 |  | 2024
| £ |  | £
Bank loans | 0 |  | 111,111
Amounts owed to group undertakings | 1,230,000 |  | 0
| 1,230,000 |  | 111,111

The bank loan is repayable in monthly instalments with interest being charged at a rate of 3.21% plus base rate. The bank loan was fully repaid in the year.

#### 9. Called-up share capital

| 2025 |  | 2024
| £ |  | £
Allotted, called-up and fully-paid |  |  |
12,500 Ordinary shares of £ 0.01 each | 125 |  | 125

#### 10. Financial commitments

Commitments

Other financial commitments

| 2025 |  | 2024
| £ |  | £
Total future minimum lease payments under non-cancellable operating lease | 48,000 |  | 97,296

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as above.

#### 11. Related party transactions

Other related party transactions

| 2025 |  | 2024
| £ |  | £
Amounts due from related parties - Entities with control, joint control or significant influence over the company. | 95,163 |  | 102,400
Amounts due to related parties - Entities with control, joint control or significant influence over the company. | 1,345,852 |  | 6,473

During the year, the company invoiced sales and recharged expenses of £933,061 (2024 - £507,850) and invoiced management charges to related parties of £600 (2024- £7,500).
During the year the company was advanced a loan from a related party totalling £1,230,000 (2024 - £nil). Interest was charged on this loan during the year at a rate of 6.5% pa and this totalled £55,336 (2024 - £nil).
As a result of the hive up of Aberdeen Web Limited there was a dividend declared to the company of £601,129.
Also during the year, the company was invoiced rent expenses of £48,000 (2024 - £48,000) and was invoiced other expenses of £12,290 (2024 - £19,324).

#### 12. Parent company

The company is under the control of its parent company Pewag International GmbH, a company registered in Austria.
The largest group in which the results of the company are consolidated is that headed by Pewag International GmbH incorporated in Austria. No other group financial statements include the results of the company. The consolidated accounts for Pewag International GmbH are available to the public and a copy may be obtained from Schleppe-Platz 8, 9020, Klagenfurt, Austria.

#### 13. Audit Opinion

The auditor's report on the accounts for the financial year ended 31 December 2025 was unqualified.

The audit report was signed by Louise Smith CA on behalf of Hall Morrice LLP.