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REGISTERED NUMBER: 00644141 (England and Wales)

Pitkin & Ruddock Limited

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

For The Year Ended

31st December 2025

Pitkin & Ruddock Limited (Registered number: 00644141)

Contents of the Consolidated Financial Statements

For The Year Ended 31st December 2025

| Page |

Company Information | 1 |

Group Strategic Report | 2 |  | to |  | 4

Report of the Directors | 5 |

Report of the Independent Auditors | 6 |  | to |  | 7

Consolidated Statement of Comprehensive Income | 8 |

Consolidated Balance Sheet | 9 |

Company Balance Sheet | 10 |

Consolidated Statement of Changes in Equity | 11 |

Company Statement of Changes in Equity | 12 |

Consolidated Cash Flow Statement | 13 |

Notes to the Consolidated Cash Flow Statement | 14 |

Notes to the Consolidated Financial Statements | 15 |  | to |  | 28

Pitkin & Ruddock Limited

Company Information

For The Year Ended 31st December 2025

| DIRECTORS: | Mrs S Ashford

| D W Clackett

| D Nunn

| Mrs A W Ruddock

| M J Cole

| SECRETARY: | Mrs A W Ruddock

| REGISTERED OFFICE: | Unit 1 Capital Estate

| Whapload Road

| Lowestoft

| Suffolk

| NR32 1TY

| REGISTERED NUMBER: | 00644141 (England and Wales)

| INDEPENDENT AUDITORS: | TC Group

| Statutory Auditor

| 1 Rushmills

| Northampton

| NN4 7YB

Pitkin & Ruddock Limited (Registered number: 00644141)

Group Strategic Report

For The Year Ended 31st December 2025

The directors present their strategic report of the company and the group for the year ended 31st December 2025.

The business was established in 1954 by 2 friends, Pat Pitkin and Derrick Ruddock, and was incorporated 5 years later. Now in its third generation of the Ruddock family, the company has grown significantly and is one of East Anglia's leading Refrigeration and Air Conditioning companies that has over 65 years of experience; delivering complete temperature-controlled solutions, service and planned maintenance.

In 2025 the group purchased Derek Austin Heating Ltd to add commercial heating and plumbing to their portfolio.

The group is based in East Anglia with over 90 employees serving customers throughout the UK from 4 key locations; Bury St Edmunds, Ipswich, Bishop's Stortford and Lowestoft.

The company's success has derived from ensuring people are at the heart of our decision making, they are our most important asset. Ambitious and challenging thinking whilst taking personal ownership to ensure our customers are served to the best of our capabilities; this is achieved by:

- investing in our employees to allow us to meet the challenges of an ever-changing world of technical and regulatory climate;

- establishing innovative and long-term supplier relationships;

- family friendly company ethos that has a dynamic and agile culture to ensure all our customers feel valued and supported. Our employees are specialists; their expert knowledge and insight help us better understand our customer needs so we can serve them better.

We support customers across a range of sectors, from hospitality to office, commercial and industrial environments, including the following specialist sectors; data centres, brewery refrigeration, sports and fitness venues, education, healthcare and veterinary practices as well as the marine sector. No matter the size of the customer or project, the same high standards of refrigeration and air conditioning engineering are consistently upheld, and the friendly personal attention of enthusiastic staff never varies.

REVIEW OF BUSINESS

The statement of comprehensive income discloses the full results.

The key financial performance indicators are noted below; these are used by the directors to monitor the progress of the company's performance. As such, the challenges within the UK economy in 2025 were monitored and tracked; this encouraged the company to flex its operating model to ensure revenue and gross margin were ahead of the previous year.

| 2025 |  | 2024 |

| £ |  | £ |

Revenue |  | 11,601 |  | 10,345 |

Gross Profit |  | 4,856 |  | 3,950 |

Gross Margin (%) |  | 42% |  | 38% |

Operating Profit |  | 1,333 |  | 906 |

Debtor days |  | 81.1 |  | 66.1 |

The increased revenue reflects the acquisition of Derek Austin Heating in the year, the acquisition contributed £482K alongside organic group growth, £774K (7.5% overall growth). Growth was sustained in both revenue class types; service & maintenance and installation. The organic growth and improved profit margins reflect the operating branches' focus on building and fostering long term relationships with colleagues, customers and suppliers. Each company has a deep understanding of their customer and supplier needs; this is one of the factors that distinguishes the group from our competitors.

Operating profit includes the sale of Mercers Road. Excluding the impact of this on the operating profit, the profit margin of the company increased from 8.7% to 10.81%. The increase reflects the strong performance of the subsidiaries with the enhanced group structure being able to assist and support when required. Whilst the group has increased its revenue and size, the family orientated culture remains at the heart of the group. The culture gives each of our employees the opportunity to perform to the best of their capabilities and solidifies good supplier and customer relationships.

Pitkin & Ruddock Limited (Registered number: 00644141)

Group Strategic Report

For The Year Ended 31st December 2025

PRINCIPAL RISKS AND UNCERTAINTIES

The more clearly we understand risk the better position we put ourselves in in terms of making well informed decisions that move the company forward. Risk management allows the company to pursue its growth strategy with a full and balanced picture of potential impacts rather than putting a brake on decision making.

Economic instability

The UK economy has faced large disturbances since 2019; the COVID pandemic caused huge economic disruptions, and energy prices surged following Russia's full-scale invasion of Ukraine in 2022. High inflation rates coupled with increased interest rates have influenced weak productivity growth within the UK economy. Demand for our products and services could be impacted by the general economic instability.

The macro-economic environment is discussed by the directors. The company has a diverse revenue portfolio that provides us with resilience to navigate through specific downturns. We have good visibility of revenues, and our annual maintenance portfolio supports the fluctuations in installation revenue. In addition, our strong balance sheet gives the company confidence that it can withstand any unexpected shocks.

Reliance on key partnerships

We work with a range of business partnerships but if a significant service provision were disrupted or failed it could affect the delivery of normal business activity.

All critical partnerships are actively monitored, and we have diversified any key relations, so we are not dependent upon any one customer or supplier. In addition, our strong liquidity ensures we are not reliant upon external funding.

Technology failure

Technology underpins our business operations. A prolonged loss of critical systems and networks could disrupt the delivery of our products and services, impacting revenues, customer experience and our reputation.

In 2025 we deployed cloud computing-based services that have built resilience and the capacity to scale. Risk of downtime is mitigated by outsourcing our IT to technology specialists, and we can work remotely if one of our branches were affected by a technology outage.

Cyber threats

Cyber threats are evolving and attacks are increasing. A cyber breach or loss could create losses for our stakeholders, affect our reputation and disrupt the business. In 2026 the group achieved the Cyber Essentials Accreditation.

We protect our data robustly and have a layered defence approach to protect the confidentiality, availability and integrity of our key systems.

Inability to attract and retain key talent

Our employees are crucial to serving our customers; the loss of key talent in critical functions and inadequate succession planning for senior managers could affect our growth and business success.

We put considerable time and investment into creating an engaging, inclusive and rewarding work environment. We incentivise key talent alongside establishing short and long term succession plans. We invest in developing talent from within, and review career opportunity programs alongside benefit programs.

Environmental and Refrigerant regulations

We are aware of the stricter environmental and refrigerant regulations; specifically, the move away from R-410A, and ensuring our maintenance and servicing of equipment are fully compliant with these regulations. Similarly, we are advising customers that use old refrigerants of the need to upgrade and look at more efficient equipment.

Health and safety incidents

We want our workplaces to be safe and secure environments for everyone. Incidents or mismanagement of this risk which could injure our employees, customers or the general public, could affect our reputation, and lead to fines and claims for damages.

We focus on preventing incidents by establishing good health and safety operating standards, and building awareness and personal accountability into our culture. We have a dedicated health and safety team that have documented standards and frameworks that are embedded into everyday work. We assess and audit compliance to these standards and monitor any actions that are required.

FUTURE DEVELOPMENTS

The group's strategy remains focused on expanding our operational footprint in the UK by ensuring strong trading growth in each of its key locations and consolidating the integration of the commercial heating and plumbing acquisition into our underlying revenue. The strong structural foundations that have been implemented into the company have underpinned our business and growth prospects for 2026 and our forecast growth is on track for 2026

FINANCIAL INSTRUMENTS

The group's financial instruments comprise cash and cash equivalents, trade and other debtors, trade and other creditors. These financial instruments arise directly from the group's operations and are managed in accordance with the group's treasury policies.

The main risks arising from the group's financial instruments are credit risk and liquidity risk. Credit risk is managed through regular monitoring of outstanding receivables and the assessment of customer creditworthiness. Liquidity risk is managed by maintaining adequate cash balances and monitoring forecast cash flows to ensure sufficient funds are available to meet liabilities as they fall due.

The group is not exposed to significant market risks and does not enter into derivative transactions or other complex financial instruments. The directors consider that the group's exposure to financial risk is appropriately managed and proportionate to the size and nature of its operations.

Pitkin & Ruddock Limited (Registered number: 00644141)

Group Strategic Report

For The Year Ended 31st December 2025

FURTHER INFORMATION

Information relating to matters required to be disclosed in the Directors' Report has not been duplicated in the Strategic Report where it is presented elsewhere in the Annual Report. The Strategic Report should be read in conjunction with the Directors' Report, which provides additional information on the governance and management of the Group.

ON BEHALF OF THE BOARD:

Mrs S Ashford - Director

17th July 2026

Pitkin & Ruddock Limited (Registered number: 00644141)

Report of the Directors

For The Year Ended 31st December 2025

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

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of installation, service and maintenance of industrial equipment.

DIVIDENDS

The total distribution of dividends for the year ended 31st December 2025 will be £ 101,622 .

DIRECTORS

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

Mrs S Ashford

D W Clackett

D Nunn

Mrs A W Ruddock

Other changes in directors holding office are as follows:

M J Cole - appointed 1st January 2025

POLITICAL DONATIONS AND EXPENDITURE

During the year the company made charitable donations totalling £2,261 (2024: £935). No political donations or expenditure were incurred during the year and in previous year..

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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.

- state whether applicable accounting standard have been followed, subject to any material departures

disclosed and explained in the financial statements.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, TC Group, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mrs S Ashford - Director

17th July 2026

Report of the Independent Auditors to the Members of

Pitkin & Ruddock Limited

Opinion

We have audited the financial statements of Pitkin & Ruddock Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st December 2025 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 31st December 2025 and of the group's 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 group 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 group's and the parent 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 Group 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 Group 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 Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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

- | the parent company 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' Responsibilities Statement set out on page five, 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of

Pitkin & Ruddock Limited

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

- We have performed our own assessment of the susceptibility of the financial statements to material misstatement, including how fraud might occur, and concentrated our audit work in these areas in order to detect any material misstatements which may exist.

- We have performed substantive testing of all material year end balances, and also performed substantive testing of a sample of other transactions during the year and of other year end balances.

- We have performed preliminary analytical procedures to identify any unusual or unexpected relationships that may indicate an increased risk of material misstatement as a result of fraud.

- We have selected a sample of journal entries made in the period for substantive testing, in order to address the risk of fraud due to management override of controls.

- We have made enquiries of management of any known instances of non-compliance or suspected non-compliance with laws and regulation.

- We performed walk-through tests of sales, purchases, payroll, VAT and bank systems to ensure that systems operated as documented.

- The engagement team was selected to ensure that they collectively had the appropriate competences and capabilities to identify and recognise non-compliance with laws and regulations. We have communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

- We have tested amounts recorded as owed to and receivable from other group companies and agreed these amounts to the corresponding accounting records of those other group companies.

Our audit did not identify any matters relating to the detection of irregularities including fraud.

However, 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 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.

Antonia Aldridge-Brown (Senior Statutory Auditor)

for and on behalf of TC Group

Statutory Auditor

1 Rushmills

Northampton

NN4 7YB

20th July 2027

Pitkin & Ruddock Limited (Registered number: 00644141)

Consolidated Statement of Comprehensive Income

For The Year Ended 31st December 2025

| 2025 |  | 2024

| Notes | £ | £ |

TURNOVER | 4 | 11,600,690 |  | 10,345,379 |  |

Cost of sales | 6,744,198 |  | 6,395,859 |  |

GROSS PROFIT | 4,856,492 |  | 3,949,520 |  |

Administrative expenses | 3,523,341 |  | 3,043,217 |  |

OPERATING PROFIT | 6 | 1,333,151 |  | 906,303 |  |

Interest receivable and similar income | 16,493 |  | 11,707 |  |

PROFIT BEFORE TAXATION | 1,349,644 |  | 918,010 |  |

Tax on profit | 7 | 355,920 |  | 205,321 |  |

PROFIT FOR THE FINANCIAL YEAR | 993,724 |  | 712,689 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 993,724 |  | 712,689 |  |

Profit attributable to:

Owners of the parent | 993,724 |  | 712,689 |  |

Total comprehensive income attributable to:

Owners of the parent | 993,724 |  | 712,689 |  |

Pitkin & Ruddock Limited (Registered number: 00644141)

Consolidated Balance Sheet

31st December 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 10 | 182,877 |  | - |  |

Tangible assets | 11 | 2,742,342 |  | 2,820,129 |  |

Investments | 12 | - |  | - |  |

2,925,219 |  | 2,820,129 |  |

CURRENT ASSETS

Stocks | 13 | 144,025 |  | 286,888 |  |

Debtors | 14 | 3,273,758 |  | 2,192,037 |  |

Cash at bank and in hand | 1,508,916 |  | 1,489,490 |  |

4,926,699 |  | 3,968,415 |  |

CREDITORS

Amounts falling due within one year | 15 | 1,958,964 |  | 1,838,319 |  |

NET CURRENT ASSETS | 2,967,735 |  | 2,130,096 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 5,892,954 |  | 4,950,225 |  |

CREDITORS

Amounts falling due after more than one year | 16 | (6,271 | ) | - |  |

PROVISIONS FOR LIABILITIES | 18 | (236,844 | ) | (192,488 | ) |

NET ASSETS | 5,649,839 |  | 4,757,737 |  |

CAPITAL AND RESERVES

Called up share capital | 19 | 1,070 |  | 1,070 |  |

Revaluation reserve | 20 | 97,477 |  | 166,841 |  |

Retained earnings | 20 | 5,551,292 |  | 4,589,826 |  |

SHAREHOLDERS' FUNDS | 5,649,839 |  | 4,757,737 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 17th July 2026 and were signed on its behalf by:

Mrs S Ashford - Director

Pitkin & Ruddock Limited (Registered number: 00644141)

Company Balance Sheet

31st December 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 10 | - |  | - |  |

Tangible assets | 11 | 1,910,743 |  | 2,130,087 |  |

Investments | 12 | 434,837 |  | 69,469 |  |

2,345,580 |  | 2,199,556 |  |

CURRENT ASSETS

Debtors | 14 | 73,656 |  | 21,807 |  |

Cash at bank and in hand | 1,387,493 |  | 1,489,456 |  |

1,461,149 |  | 1,511,263 |  |

CREDITORS

Amounts falling due within one year | 15 | 1,990,844 |  | 1,950,274 |  |

NET CURRENT LIABILITIES | (529,695 | ) | (439,011 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 1,815,885 |  | 1,760,545 |  |

PROVISIONS FOR LIABILITIES | 18 | 41,535 |  | 34,230 |  |

NET ASSETS | 1,774,350 |  | 1,726,315 |  |

CAPITAL AND RESERVES

Called up share capital | 19 | 1,070 |  | 1,070 |  |

Revaluation reserve | 97,477 |  | 166,841 |  |

Retained earnings | 1,675,803 |  | 1,558,404 |  |

SHAREHOLDERS' FUNDS | 1,774,350 |  | 1,726,315 |  |

Company's profit for the financial year | 149,657 |  | 437,355 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 17th July 2026 and were signed on its behalf by:

Mrs S Ashford - Director

Pitkin & Ruddock Limited (Registered number: 00644141)

Consolidated Statement of Changes in Equity

For The Year Ended 31st December 2025

| Called up |

| share |  | Retained |  | Revaluation |  | Total

| capital |  | earnings |  | reserve |  | equity

£ | £ | £ | £ |

Balance at 1st January 2024 | 1,070 |  | 3,998,436 |  | 166,841 |  | 4,166,347 |  |

Changes in equity

Dividends | - |  | (121,299 | ) | - |  | (121,299 | ) |

Total comprehensive income | - |  | 712,689 |  | - |  | 712,689 |  |

Balance at 31st December 2024 | 1,070 |  | 4,589,826 |  | 166,841 |  | 4,757,737 |  |

Changes in equity

Dividends | - |  | (101,622 | ) | - |  | (101,622 | ) |

Total comprehensive income | - |  | 993,724 |  | - |  | 993,724 |  |

Revaluation reserve transfer | - |  | 69,364 |  | (69,364 | ) | - |  |

Balance at 31st December 2025 | 1,070 |  | 5,551,292 |  | 97,477 |  | 5,649,839 |  |

Pitkin & Ruddock Limited (Registered number: 00644141)

Company Statement of Changes in Equity

For The Year Ended 31st December 2025

| Called up |

| share |  | Retained |  | Revaluation |  | Total

| capital |  | earnings |  | reserve |  | equity

£ | £ | £ | £ |

Balance at 1st January 2024 | 1,070 |  | 1,242,348 |  | 166,841 |  | 1,410,259 |  |

Changes in equity

Dividends | - |  | (121,299 | ) | - |  | (121,299 | ) |

Total comprehensive income | - |  | 437,355 |  | - |  | 437,355 |  |

Balance at 31st December 2024 | 1,070 |  | 1,558,404 |  | 166,841 |  | 1,726,315 |  |

Changes in equity

Dividends | - |  | (101,622 | ) | - |  | (101,622 | ) |

Total comprehensive income | - |  | 149,657 |  | - |  | 149,657 |  |

Revaluation reserve transfer | - |  | 69,364 |  | (69,364 | ) | - |  |

Balance at 31st December 2025 | 1,070 |  | 1,675,803 |  | 97,477 |  | 1,774,350 |  |

Pitkin & Ruddock Limited (Registered number: 00644141)

Consolidated Cash Flow Statement

For The Year Ended 31st December 2025

| 2025 |  | 2024

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 735,786 |  | 1,987,116 |  |

Tax paid | (269,259 | ) | (185,229 | ) |

Net cash from operating activities | 466,527 |  | 1,801,887 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (436,247 | ) | (1,026,751 | ) |

Sale of tangible fixed assets | 396,437 |  | 19,125 |  |

Acquisition of subsidiary | (236,269 | ) | - |  |

Interest received | 16,493 |  | 11,707 |  |

Net cash from investing activities | (259,586 | ) | (995,919 | ) |

Cash flows from financing activities

Capital repayments in year | (7,279 | ) | - |  |

Repayment of director's loan account | (78,614 | ) | - |  |

Equity dividends paid | (101,622 | ) | (121,299 | ) |

Net cash from financing activities | (187,515 | ) | (121,299 | ) |

Increase in cash and cash equivalents | 19,426 |  | 684,669 |  |

Cash and cash equivalents at beginning of year | 2 | 1,489,490 |  | 804,821 |  |

Cash and cash equivalents at end of year | 2 | 1,508,916 |  | 1,489,490 |  |

Pitkin & Ruddock Limited (Registered number: 00644141)

Notes to the Consolidated Cash Flow Statement

For The Year Ended 31st December 2025

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

| 2025 |  | 2024

£ | £ |

| Profit before taxation | 1,349,644 |  | 918,010 |  |

| Depreciation charges | 343,221 |  | 218,652 |  |

| (Profit)/loss on disposal of fixed assets | (147,519 | ) | 5,621 |  |

| Dilapidation provision | 2,000 |  | 15,000 |  |

| Warranty provision | (3,287 | ) | 12,387 |  |

| Finance income | (16,493 | ) | (11,707 | ) |

1,527,566 |  | 1,157,963 |  |

| Decrease/(increase) in stocks | 142,863 |  | (80,775 | ) |

| (Increase)/decrease in trade and other debtors | (972,367 | ) | 203,805 |  |

| Increase in trade and other creditors | 37,724 |  | 706,123 |  |

| Cash generated from operations | 735,786 |  | 1,987,116 |  |

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 31st December 2025

| 31/12/25 |  | 1/1/25

£ | £ |

| Cash and cash equivalents | 1,508,916 |  | 1,489,490 |  |

| Year ended 31st December 2024

| 31/12/24 |  | 1/1/24

£ | £ |

| Cash and cash equivalents | 1,489,490 |  | 804,821 |  |

3. | ANALYSIS OF CHANGES IN NET FUNDS

| At 1/1/25 | Cash flow | At 31/12/25

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 1,489,490 |  | 19,426 |  | 1,508,916 |  |

1,489,490 |  | 19,426 |  | 1,508,916 |  |

| Debt

| Finance leases | - |  | (35,655 | ) | (35,655 | ) |

- |  | (35,655 | ) | (35,655 | ) |

| Total | 1,489,490 |  | (16,229 | ) | 1,473,261 |  |

4. | ACQUISITION OF BUSINESS

| During the year, the Group acquired 100% of the share capital of Derek Austin Heating Limited and Icebox Air Conditioning Limited. The total cost of acquisition, including directly attributable legal and professional fees of £12,368, was £365,368. The fair value of the net assets acquired was £157,163, resulting in goodwill of £197,705.

| After deducting non-cash settlement items of £10,500, the cash consideration paid was £354,868.

| The net cash outflow arising on acquisition was:

| Total |  |

| £ |  |

| Cash consideration paid |  | 354,868 |  |

| Less: cash and cash equivalents acquired |  | (118,599 | ) |

| Net cash outflow on acquisition |  | 236,269 |  |

Pitkin & Ruddock Limited (Registered number: 00644141)

Notes to the Consolidated Financial Statements

For The Year Ended 31st December 2025

1. | TRADING ADDRESSES

| The group also trades from the following addresses:

| Bob Ruddock Centre, Kempson Way, Bury St Edmunds IP32 7AR

| Ground Floor, 27 Olympus Close, Ipswich IP1 5LJ

| Hadham Industrial Estate, Church End, Ware SG11 2DY

| 3 Woodside Business Park, Thetford Road, Ingham, IP31 1NR

2. | STATUTORY INFORMATION

| Pitkin & Ruddock 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 General Information page.

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

3. | 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.

| There were no material departures from that standard.

| Going concern

| The accounts have been prepared on the going concern basis, on the basis that the directors consider that the group will have sufficient cashflow and available resources to continue to operate for at least 12 months from the approval date of these financial statements.

| Basis of consolidation

| The group's accounts have been consolidated using the acquisition method, line by line of combining the financial statements of the parent and subsidiaries eliminating any intragroup balances and transactions.

| The Purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the Group. The cost of a business combination is measured as the fair value of the assets given and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirers interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

| The group companies have coterminous year ends and the parent exempt from publishing its results by virtue of 408 of the Companies Act 2006.

Pitkin & Ruddock Limited (Registered number: 00644141)

Notes to the Consolidated Financial Statements - continued

For The Year Ended 31st December 2025

3. | ACCOUNTING POLICIES - continued

| Critical accounting judgements and key sources of estimation uncertainty

| In the application of the group's accounting policies, which are described above, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

| The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.

| Valuation of freehold land and buildings

| As described in the notes below, land and buildings as originally acquired are stated at the valuation in 2013 elected as deemed cost under FRS102 transition exemption. The valuation was performed by an independent professional value, with relevant ex perience in the location and category of property valued. The valuer used observable market prices adjusted as necessary for any differe nce in the future, location or condition of the specific asset.

| Long term contracts

| Turnover

| Contract turnover includes the value of work completed during the financial year after reference to the total sales value and stage completion of the project.

| Profits or Losses

| Profits on long-term contracts are calculated in accordance with industry standard accounting practice and do not directly relate to turnover. Profit on current contracts is only taken at the stage near enough to completion for that profit to be reasonably certain. Provision is made for all losses incurred to the accounting date together with any further losses that are foreseen in bringing contracts to completion.

| Costs

| Costs for this purpose include valuation of all work done on projects and all overheads other that those relating to the general administration. For any contracts where receipts exceed the book value of the work done, the excess is included in creditors as payments on account.

| Goodwill

| The Group reviews the carrying value of goodwill for impairment where indicators of impairment exist in accordance with FRS 102. The assessment of recoverability requires management to estimate the future cash flows expected to arise from the related cash-generating units and to determine appropriate discount rates and long-term growth assumptions.

| Management has estimated the useful economic life of goodwill to be 10 years. This estimate is based on the expected period over which the acquired business will generate economic benefits. Actual results may differ from these estimates and could result in changes to future amortisation charges.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| Revenue from the sale of goods is recognised when the goods are delivered and the legal title is passed.

| Turnover consists of sale, installation and maintenance of refrigeration and air conditioning equipment.

| Interest receivable is recognised on an accruals basis.

| Goodwill

| Goodwill, being the amount paid in connection with the acquisition of a business in 2025, is being amortised evenly over its estimated useful life of ten years, beginning 1 January 2026.

| Intangible assets

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

Pitkin & Ruddock Limited (Registered number: 00644141)

Notes to the Consolidated Financial Statements - continued

For The Year Ended 31st December 2025

3. | ACCOUNTING POLICIES - continued

| Tangible fixed assets

| Tangible fixed assets, other than land and buildings, are stated at historic cost less accumulated depreciation and any accumulated impairment losses. Historic cost includes all expenditure directly attributable in getting the asset to its current location and condition necessary to be capable of being operated as intended.

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

| Freehold property |  | - |  | 2% straight line |  |

| Long leasehold |  | - |  | 2% straight line |  |

| Improvements to property |  | - |  | 10% straight line |  |

| Plant and machinery |  | - |  | 33% reducing balance and 25% reducing balance |  |

| Fixtures and fittings |  | - |  | 33% reducing balance |  |

| Motor vehicles |  | - |  | 20% reducing balance and 25% reducing balance |  |

| Computer equipment |  | - |  | 25% reducing balance |  |

| Land and buildings are stated in the statement of financial position at their revalued amounts. The revalued amounts equate to the fair value at the date of revaluation. The group has elected to treat the revalued amounts as deemed cost under the transition exemption of FRS 102, section 35.10.

| Stocks

| Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is determined using the first-in, first-out (FIFO) method and comprises purchase cost, including import duties and transport costs, less attributable trade discounts and rebates. . Provision is made for damaged, obsolete and slow-moving stock where appropriate.

| Financial instruments

| The group 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

| The group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.

| Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Income statement.

| Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

| Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligations, rather than the financial instrument's legal form.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed.

| 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.

| Hire purchase and leasing commitments

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

Pitkin & Ruddock Limited (Registered number: 00644141)

Notes to the Consolidated Financial Statements - continued

For The Year Ended 31st December 2025

3. | ACCOUNTING POLICIES - continued

| Pension costs and other post-retirement benefits

| The Group operations a defined contribution scheme for the benefit of the employees and directors. The assets of the scheme are administrated by an independent pensions provider. Pension payments recognised as an expense during the year amount to £332,344 (2024: £234,223)

| Third party costs with regards director services amount to £nil (2024: £2,523)

| Cash and cash equivalents

| Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short term highly liquid investments with original maturities of three months or less, deposits maturing within one year and bank overdrafts. In the statement of the financial position, bank overdrafts are shown within current liabilities.

| Investments in subsidiaries

| Investment in subsidiaries are at cost less any impairment.

| Provisions

| Provisions are recognised when the group has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase of the provision due to passage of time is recognised as an interest expense.

4. | TURNOVER

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

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

| 2025 |  | 2024

£ | £ |

| Service & maintenance | 4,673,171 |  | 3,827,083 |  |

| Installations | 6,927,519 |  | 6,518,296 |  |

11,600,690 |  | 10,345,379 |  |

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

| 2025 |  | 2024

£ | £ |

| United Kingdom | 11,600,690 |  | 10,345,379 |  |

11,600,690 |  | 10,345,379 |  |

5. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 3,901,525 |  | 3,363,171 |  |

| Social security costs | 445,677 |  | 355,717 |  |

| Other pension costs | 332,344 |  | 257,294 |  |

4,679,546 |  | 3,976,182 |  |

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

| 2025 |  | 2024

| Management & Administration | 22 |  | 20 |  |

| Technical Specialists | 65 |  | 61 |  |

87 |  | 81 |  |

| The remuneration of key management personnel inclusive of the directors amounted to £983,527 ((2024 - £575,494).

| The increase is due to more employees being considered key in 2025.

Pitkin & Ruddock Limited (Registered number: 00644141)

Notes to the Consolidated Financial Statements - continued

For The Year Ended 31st December 2025

5. | EMPLOYEES AND DIRECTORS - continued

| 2025 |  | 2024

£ | £ |

| Directors' remuneration | 564,414 |  | 252,175 |  |

| Directors' pension contributions to money purchase schemes | 123,579 |  | 65,221 |  |

| The number of directors to whom retirement benefits were accruing was as follows:

| Money purchase schemes | 5 |  | 5 |  |

| Information regarding the highest paid director is as follows:

| 2025 |  | 2024

£ | £ |

| Emoluments etc | 170,356 |  | 105,555 |  |

| Pension contributions to money purchase schemes | 25,576 |  | 18,057 |  |

6. | OPERATING PROFIT

| The operating profit is stated after charging/(crediting):

| 2025 |  | 2024

£ | £ |

| Other operating leases | 26,568 |  | 16,912 |  |

| Depreciation - owned assets | 329,136 |  | 318,378 |  |

| (Profit)/loss on disposal of fixed assets | (147,519 | ) | 5,621 |  |

| Goodwill amortisation | 14,828 |  | - |  |

| Non-audit fees paid to the auditor in respect of other compliance services | 10,000 |  | 12,200 |  |

| Auditors fees | 25,000 |  | 26,000 |  |

| Operating leases | 80,340 |  | 31,769 |  |

| Other operating leases represent rent.

7. | TAXATION

| Analysis of the tax charge

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

| 2025 |  | 2024

£ | £ |

| Current tax:

| UK corporation tax | 324,514 |  | 223,736 |  |

| Deferred tax | 31,406 |  | (18,415 | ) |

| Tax on profit | 355,920 |  | 205,321 |  |

| UK corporation tax has been charged at 25 % .

Pitkin & Ruddock Limited (Registered number: 00644141)

Notes to the Consolidated Financial Statements - continued

For The Year Ended 31st December 2025

7. | TAXATION - continued

| Reconciliation of total tax charge included in profit and loss

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

| 2025 |  | 2024

£ | £ |

| Profit before tax | 1,349,644 |  | 918,010 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2024 - 25 %) | 337,411 |  | 229,503 |  |

| Effects of:

| Expenses not deductible for tax purposes | 11,438 |  | 5,772 |  |

| Capital allowances in excess of depreciation | (30,361 | ) | (11,539 | ) |

| Utilisation of tax losses | (1,841 | ) | - |  |

| Deferred tax | 31,406 |  | (18,415 | ) |

| Tax on chargeable gains | 6,335 |  | - |  |

| Effects of tax rate differences | 1,532 |  | - |  |

| Total tax charge | 355,920 |  | 205,321 |  |

| From 1st April 2023 the corporation tax main rate increased from 19% to 25% for companies with profits over £250,000. The small company rate remains at 19% for taxable profits under £50,000. For profits falling between £50,000 and £250,000 marginal relief is applied. Any deferred tax has therefore been calculated at 25%.

8. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.

9. | DIVIDENDS

| 2025 |  | 2024

£ | £ |

| Ordinary shares of £1 each |

| Interim | 101,622 |  | 121,299 |  |

10. | INTANGIBLE FIXED ASSETS

| Group

| Goodwill

£ |

| COST

| Additions | 197,705 |  |

| At 31st December 2025 | 197,705 |  |

| AMORTISATION

| Amortisation for year | 14,828 |  |

| At 31st December 2025 | 14,828 |  |

| NET BOOK VALUE

| At 31st December 2025 | 182,877 |  |

| On 1 April 2025, the Group acquired 100% of the issued share capital of Derek Austin Heating Limited and Icebox Air Conditioning Limited for consideration of £354,868. The acquisition has been accounted for as a business combination using the acquisition method in accordance with FRS 102.

| The results of Derek Austin Heating Limited and Icebox Air Conditioning Limited have been consolidated in the Group financial statements from the date of acquisition.

| The fair value of the identifiable net assets acquired was £157,163 resulting in goodwill of £197,705. The goodwill is being amortised over ten years.

Pitkin & Ruddock Limited (Registered number: 00644141)

Notes to the Consolidated Financial Statements - continued

For The Year Ended 31st December 2025

11. | TANGIBLE FIXED ASSETS

| Group

| Improvements |

| Freehold |  | Long |  | to |  | Plant and

| property |  | leasehold |  | property |  | machinery

£ | £ | £ | £ |

| COST

| At 1st January 2025 | 1,544,685 |  | 433,407 |  | 198,698 |  | 54,748 |  |

| Additions | 2,812 |  | - |  | 4,680 |  | 3,027 |  |

| Disposals | (145,736 | ) | - |  | - |  | - |  |

| Reclassification/transfer | - |  | - |  | - |  | - |  |

| At 31st December 2025 | 1,401,761 |  | 433,407 |  | 203,378 |  | 57,775 |  |

| DEPRECIATION

| At 1st January 2025 | 69,802 |  | 108,186 |  | 43,183 |  | 43,431 |  |

| Charge for year | 28,506 |  | 8,668 |  | 23,410 |  | 3,543 |  |

| Eliminated on disposal | (15,059 | ) | - |  | - |  | - |  |

| At 31st December 2025 | 83,249 |  | 116,854 |  | 66,593 |  | 46,974 |  |

| NET BOOK VALUE

| At 31st December 2025 | 1,318,512 |  | 316,553 |  | 136,785 |  | 10,801 |  |

| At 31st December 2024 | 1,474,883 |  | 325,221 |  | 155,515 |  | 11,317 |  |

| Fixtures |

| and |  | Motor |  | Computer |

| fittings |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ |

| COST

| At 1st January 2025 | 525,237 |  | 1,344,955 |  | 1,000 |  | 4,102,730 |  |

| Additions | 41,700 |  | 494,993 |  | - |  | 547,212 |  |

| Disposals | (7,931 | ) | (500,941 | ) | - |  | (654,608 | ) |

| Reclassification/transfer | 8,231 |  | 48,753 |  | - |  | 56,984 |  |

| At 31st December 2025 | 567,237 |  | 1,387,760 |  | 1,000 |  | 4,052,318 |  |

| DEPRECIATION

| At 1st January 2025 | 401,662 |  | 615,337 |  | 1,000 |  | 1,282,601 |  |

| Charge for year | 56,029 |  | 208,980 |  | - |  | 329,136 |  |

| Eliminated on disposal | (2,249 | ) | (284,453 | ) | - |  | (301,761 | ) |

| At 31st December 2025 | 455,442 |  | 539,864 |  | 1,000 |  | 1,309,976 |  |

| NET BOOK VALUE

| At 31st December 2025 | 111,795 |  | 847,896 |  | - |  | 2,742,342 |  |

| At 31st December 2024 | 123,575 |  | 729,618 |  | - |  | 2,820,129 |  |

| On 25th March 2025, following the completion of our new premises at Kempson Way in Bury St Edmunds, the company sold its freehold premises in Mercers Road for £285,000.

| Included in fixed assets are the assets acquired with the acquisition on 1 April 2025 of 100% shareholding in Derek Austin Heating Ltd. At 1 April 2025, the new subsidiary had fixtures and fittings with net book value of £8,231 (31 December 2025 - £4,229) and motor vehicles of £48,753 (31December 2025 - £75,129). These amounts have been disclosed above separately as transfers.

Pitkin & Ruddock Limited (Registered number: 00644141)

Notes to the Consolidated Financial Statements - continued

For The Year Ended 31st December 2025

11. | TANGIBLE FIXED ASSETS - continued

| Company

| Improvements

| Freehold |  | Long |  | to

| property |  | leasehold |  | property

£ | £ | £ |

| COST OR VALUATION

| At 1st January 2025 | 1,544,685 |  | 433,407 |  | 198,698 |  |

| Additions | 2,812 |  | - |  | 4,680 |  |

| Disposals | (145,736 | ) | - |  | - |  |

| At 31st December 2025 | 1,401,761 |  | 433,407 |  | 203,378 |  |

| DEPRECIATION

| At 1st January 2025 | 69,802 |  | 108,186 |  | 43,183 |  |

| Charge for year | 28,506 |  | 8,668 |  | 23,410 |  |

| Eliminated on disposal | (15,059 | ) | - |  | - |  |

| At 31st December 2025 | 83,249 |  | 116,854 |  | 66,593 |  |

| NET BOOK VALUE

| At 31st December 2025 | 1,318,512 |  | 316,553 |  | 136,785 |  |

| At 31st December 2024 | 1,474,883 |  | 325,221 |  | 155,515 |  |

| Fixtures |

| and |  | Motor |

| fittings |  | vehicles |  | Totals

£ | £ | £ |

| COST OR VALUATION

| At 1st January 2025 | 310,697 |  | 123,035 |  | 2,610,522 |  |

| Additions | 18,066 |  | - |  | 25,558 |  |

| Disposals | - |  | - |  | (145,736 | ) |

| At 31st December 2025 | 328,763 |  | 123,035 |  | 2,490,344 |  |

| DEPRECIATION

| At 1st January 2025 | 225,441 |  | 33,823 |  | 480,435 |  |

| Charge for year | 35,799 |  | 17,842 |  | 114,225 |  |

| Eliminated on disposal | - |  | - |  | (15,059 | ) |

| At 31st December 2025 | 261,240 |  | 51,665 |  | 579,601 |  |

| NET BOOK VALUE

| At 31st December 2025 | 67,523 |  | 71,370 |  | 1,910,743 |  |

| At 31st December 2024 | 85,256 |  | 89,212 |  | 2,130,087 |  |

| Freehold property at Mercers Road (disposed in 2025 ) and Long leasehold property were revalued on transition to FRS102.

| Cost or valuation at 31st December 2025 is represented by:

| Improvements

| Freehold |  | Long |  | to

| property |  | leasehold |  | property

£ | £ | £ |

| Valuation in 2014 | 40,556 |  | 54,134 |  | - |  |

| Cost | 1,361,205 |  | 379,273 |  | 203,378 |  |

1,401,761 |  | 433,407 |  | 203,378 |  |

Pitkin & Ruddock Limited (Registered number: 00644141)

Notes to the Consolidated Financial Statements - continued

For The Year Ended 31st December 2025

11. | TANGIBLE FIXED ASSETS - continued

| Company

| Fixtures |

| and |  | Motor |

| fittings |  | vehicles |  | Totals

£ | £ | £ |

| Valuation in 2014 | - |  | - |  | 94,690 |  |

| Cost | 328,763 |  | 123,035 |  | 2,395,654 |  |

328,763 |  | 123,035 |  | 2,490,344 |  |

12. | FIXED ASSET INVESTMENTS

| Company

| Shares in

| group

| undertakings

£ |

| COST

| At 1st January 2025 | 69,469 |  |

| Additions | 365,368 |  |

| At 31st December 2025 | 434,837 |  |

| NET BOOK VALUE

| At 31st December 2025 | 434,837 |  |

| At 31st December 2024 | 69,469 |  |

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

| Subsidiaries

| Pitkin & Ruddock (Bury St Edmunds) Ltd

| Registered office: Unit 1, Capital Estate, Whapload Road, Lowestoft, NR32 1TY

| Nature of business: Refrigeration and air conditioning

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

2025 | 2024 |

£ | £ |

| Aggregate capital and reserves | 1,097,266 |  | 739,236 |  |

| Profit for the year | 483,030 |  | 148,768 |  |

| Pitkin & Ruddock (Ipswich) Ltd

| Registered office: Unit 1, Capital Estate, Whapload Road, Lowestoft, NR32 1TY

| Nature of business: Air conditioning and refrigeration

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

2025 | 2024 |

£ | £ |

| Aggregate capital and reserves | 1,654,145 |  | 1,268,425 |  |

| Profit for the year | 717,720 |  | 525,363 |  |

Pitkin & Ruddock Limited (Registered number: 00644141)

Notes to the Consolidated Financial Statements - continued

For The Year Ended 31st December 2025

12. | FIXED ASSET INVESTMENTS - continued

| Pitkin & Ruddock (Lowestoft) Ltd

| Registered office: Unit 1, Capital Estate, Whapload Road, Lowestoft, NR32 1TY

| Nature of business: Refrigeration and air conditioning

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

2025 | 2024 |

£ | £ |

| Aggregate capital and reserves | 990,194 |  | 983,063 |  |

| Profit for the year | 294,131 |  | 409,406 |  |

| Pitkin & Ruddock (Bishop Stortford) Ltd

| Registered office: Unit 1, Capital Estate, Whapload Road, Lowestoft, NR32 1TY

| Nature of business: Refrigeration & air conditioning

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

2025 | 2024 |

£ | £ |

| Aggregate capital and reserves | 252,047 |  | 110,170 |  |

| Profit for the year | 159,877 |  | 41,800 |  |

| Derek Austin Heating Limited

| Registered office: Unit 1 Capital Estate, Whapload Road, Lowestoft, NR32 1TY

| Nature of business: Heating and Plumbing

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

2025 |  |

£ |  |

| Aggregate capital and reserves | 89,292 |  |

| Loss for the year | (26,573 | ) |

| During the year, the company acquired the entire issued share capital of Derek Austin Heating Limited and Icebox Air Conditioning Limited for consideration of £354,868. At 31 December 2025, the company held 100% of the ordinary share capital of Derek Austin Heating Limited. The investment is held at cost less any provision for impairment.

| Icebox Air Conditioning Limited

| Registered office: Unit 1 Capital Estate, Whapload Road, Lowestoft, England, NR32 1TY

| Nature of business: Air conditioning

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

2025 |  |

£ |  |

| Aggregate capital and reserves | 51,065 |  |

| Loss for the year | (1,476 | ) |

| During the year, the company acquired the entire issued share capital of Derek Austin Heating Limited and Icebox Air Conditioning Limited for consideration of £354,868. At 31 December 2025, the company held 100% of the ordinary share capital of Ice Box Air Conditioning Limited. The investment is held at cost less any provision for impairment.

| All the subsidiaries are exempt from the requirements of an audit in accordance with section 479A of the Companies Act 2006.

| The company has guaranteed the liabilities of its wholly owned subsidiary companies in order that they qualify for the exemption to audit under section 479A of the Companies Act 2006. The guarantee is over all outstanding liabilities to which the subsidiary companies are subject to at 31 December 2025 until they are satisfied in full.

Pitkin & Ruddock Limited (Registered number: 00644141)

Notes to the Consolidated Financial Statements - continued

For The Year Ended 31st December 2025

13. | STOCKS

| Group |

2025 | 2024 |

£ | £ |

| Stocks | 144,025 |  | 286,888 |  |

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

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Trade debtors | 2,577,315 |  | 1,872,412 |  | 10,725 |  | 9,383 |  |

| Amounts recoverable on contract | 82,939 |  | 99,726 |  | - |  | - |  |

| Other debtors | 73,292 |  | 1,912 |  | 24,882 |  | 425 |  |

| Prepayments and accrued income | 416,041 |  | 151,414 |  | - |  | - |  |

| Prepayments | 124,171 |  | 66,573 |  | 38,049 |  | 11,999 |  |

3,273,758 |  | 2,192,037 |  | 73,656 |  | 21,807 |  |

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

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Hire purchase contracts (see note 17) | 29,384 |  | - |  | - |  | - |  |

| Trade creditors | 414,917 |  | 362,947 |  | 19,340 |  | 5,637 |  |

| Amounts owed to group undertakings | - |  | - |  | 1,426,803 |  | 1,535,632 |  |

| Corporation tax | 278,991 |  | 223,736 |  | - |  | - |  |

| Social security and other taxes | 127,115 |  | 99,519 |  | 30,191 |  | 20,143 |  |

| VAT | 321,552 |  | 247,946 |  | 321,552 |  | 249,648 |  |

| Other creditors | 60,227 |  | 13,758 |  | 21,864 |  | 3,250 |  |

| Directors' current accounts | - |  | 78,614 |  | - |  | 78,614 |  |

| Accruals and deferred income | 286,663 |  | 534,119 |  | - |  | - |  |

| Accrued expenses | 440,115 |  | 277,680 |  | 171,094 |  | 57,350 |  |

1,958,964 |  | 1,838,319 |  | 1,990,844 |  | 1,950,274 |  |

16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

| Group |

2025 | 2024 |

£ | £ |

| Hire purchase contracts (see note 17) | 6,271 |  | - |  |

17. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Group

| Hire purchase |

| contracts |

2025 | 2024 |

£ | £ |

| Net obligations repayable:

| Within one year | 29,384 |  | - |  |

| Between one and five years | 6,271 |  | - |  |

35,655 |  | - |  |

Pitkin & Ruddock Limited (Registered number: 00644141)

Notes to the Consolidated Financial Statements - continued

For The Year Ended 31st December 2025

17. | LEASING AGREEMENTS - continued

| Group

| Non-cancellable |

| operating leases |

2025 | 2024 |

£ | £ |

| Within one year | 83,961 |  | 58,478 |  |

| Between one and five years | 77,014 |  | 53,972 |  |

160,975 |  | 112,450 |  |

| Company

| Non-cancellable |

| operating leases |

2025 | 2024 |

£ | £ |

| Within one year | 22,787 |  | 6,383 |  |

| Between one and five years | 37,058 |  | 1,620 |  |

59,845 |  | 8,003 |  |

18. | PROVISIONS FOR LIABILITIES

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Deferred tax | 210,744 |  | 165,101 |  | 41,535 |  | 34,230 |  |

| Other provisions | 26,100 |  | 27,387 |  | - |  | - |  |

| Aggregate amounts | 236,844 |  | 192,488 |  | 41,535 |  | 34,230 |  |

| Group

| Deferred |  | Other |

| tax |  | provisions |

£ | £ |

| Balance at 1st January 2025 | 165,101 |  | 27,387 |  |

| Utilised during year | 31,406 |  | - |  |

| Accelerated capital allowances | 14,237 |  | - |  |

| Dilapidations | - |  | (13,000 | ) |

| Warranty | - |  | 9,100 |  |

| Balance at 31st December 2025 | 210,744 |  | 23,487 |  |

| Company

| Deferred |

| tax |

£ |

| Balance at 1st January 2025 | 34,230 |  |

| Accelerated capital allowance | 7,305 |  |

| Balance at 31st December 2025 | 41,535 |  |

Pitkin & Ruddock Limited (Registered number: 00644141)

Notes to the Consolidated Financial Statements - continued

For The Year Ended 31st December 2025

18. | PROVISIONS FOR LIABILITIES - continued

| Warranty provision

| The warranty provision is recognised as a consequence of the Group's policy to cover the cost of repair and/or replacement of defective products. Installations are typically sold with a one year warranty period. The provision is calculated based on historical data and is expected to be utilised over the next year.

| Dilapidation provision

| The dilapidation provision relates to the estimated costs of rectification that the Group is liable under the terms of the leases of its branch offices. The provision includes both costs of removing leasehold improvements and costs of rectifying wear and tear. The element relating to the costs of removing leasehold improvements is recognised when the leasehold improvements are installed and the element relating to rectification of wear and tear is recognised as incurred. The amount recognised is the best estimate of the cost to return the offices back to their original condition.

| Costs relating the removal of the leasehold improvements are included in the cost of the asset whilst costs relating to wear and tear are included in profit or loss.

| Dilapidation provision are expected to be utilised over the next 3 years.

19. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| NIL | Ordinary | £1 | - |  | 1,000 |  |

| 499 | Ordinary A | £1 | 499 |  | - |  |

| 35 | Ordinary B | £1 | 35 |  | 35 |  |

| 35 | Ordinary C | £1 | 35 |  | 35 |  |

| 55 | Ordinary D | £1 | 55 |  | - |  |

| 446 | Ordinary E | £1 | 446 |  | - |  |

1,070 |  | 1,070 |  |

20. | RESERVES

| Group

| Retained |  | Revaluation |

| earnings |  | reserve |  | Totals

£ | £ | £ |

| At 1st January 2025 | 4,589,826 |  | 166,841 |  | 4,756,667 |  |

| Profit for the year | 993,724 |  | 993,724 |  |

| Dividends | (101,622 | ) | (101,622 | ) |

| Revaluation reserve transfer | 69,364 |  | (69,364 | ) | - |  |

| At 31st December 2025 | 5,551,292 |  | 97,477 |  | 5,648,769 |  |

| Company

| Retained |  | Revaluation |

| earnings |  | reserve |  | Totals

£ | £ | £ |

| At 1st January 2025 | 1,558,404 |  | 166,841 |  | 1,725,245 |  |

| Profit for the year | 149,657 |  | 149,657 |  |

| Dividends | (101,622 | ) | (101,622 | ) |

| Revaluation reserve transfer | 69,364 |  | (69,364 | ) | - |  |

| At 31st December 2025 | 1,675,803 |  | 97,477 |  | 1,773,280 |  |

| Retained earnings

| The Profit and Loss Account represents cumulative profits and losses net of dividends and other adjustments

| Revaluation reserve

| The Revaluations Reserves represent adjustments relating to the revaluation of the property. During the year, following the disposal of a revalued property, an amount of £69,364 was transferred from the revaluation reserve to retained earnings in respect of the realised gain on disposal.

21. | CONTINGENT LIABILITIES

| The parent company will file at Companies House a parental guarantee over the liabilities of its 100% subsidiaries.

Pitkin & Ruddock Limited (Registered number: 00644141)

Notes to the Consolidated Financial Statements - continued

For The Year Ended 31st December 2025

22. | CAPITAL COMMITMENTS

2025 | 2024 |

£ | £ |

| Contracted but not provided for in the

| financial statements | 94,914 |  | 120,262 |  |

| As at 31 December 2025, the group was committed to the purchase of four vans for £94,914 (2024 - £120,262).

23. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

| In 2024, one of the directors purchased a vehicle from the company for £9,000 (NBV amounting to £11,236.). No transactions in 2025.

24. | 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.

| Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

25. | ULTIMATE CONTROLLING PARTY

| The company is controlled by Mrs Ann Ruddock, the R Ruddock Trust, Mrs Sarah-Jane Ashford and Ms Ann-Marie Matthews.

26. | BUSINESS COMBINATIONS

| On 1 April 2025, the company acquired the entire share capital and voting right of Derek Austin Heating Limited and Icebox Refrigeration Ltd, companies under common control established in England.

| Details of the total purchase consideration, the net assets acquired and goodwill are as follows:

| Property, plant & equipment |  | £ 56,984 |  |

| Cash and cash equivalents |  | £118,599 |  |

| Debtors |  | £135,919 |  |

| Stock |  | £ 750 |  |

| Creditors |  | £106,158 |  |

| Deferred tax |  | £ 14,237 |  |

| Fair value of net assets acquired |  | £157,163 |  |

| Total purchase consideration |  | £354,868 |  |

| Goodwill |  | £197,705 |  |

| The acquired businesses contributed Revenue of £550,514 and losses of £25,525 in the period from the date of acquisition to 31 December 2025 for the Group.