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REGISTERED NUMBER: 06000337 (England and Wales)

| STRATEGIC REPORT, |

| REPORT OF THE DIRECTORS AND |

| FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 30 JUNE 2026 |

| FOR |

| TGW LIMITED |

TGW LIMITED (REGISTERED NUMBER: 06000337)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2026

Page |

Company Information | 1 |

Strategic Report | 2 |

Report of the Directors | 7 |

Report of the Independent Auditors | 9 |

Income Statement | 13 |

Other Comprehensive Income | 14 |

Balance Sheet | 15 |

Statement of Changes in Equity | 16 |

Cash Flow Statement | 17 |

Notes to the Cash Flow Statement | 18 |

Notes to the Financial Statements | 19 |

TGW LIMITED

COMPANY INFORMATION

FOR THE YEAR ENDED 30 JUNE 2026

| DIRECTORS: | Mr N Goudie

| Mr D A Hibbett

| Mr S K Franklin

| Mr D Crimp

| Mr J Garbutt

| REGISTERED OFFICE: | Falcon Court

| Off Rockingham Road

| Market Harborough

| Leicestershire

| LE16 7FY

| REGISTERED NUMBER: | 06000337 (England and Wales)

| SENIOR STATUTORY AUDITOR: | Mark Harrison BA FCA

| AUDITORS: | Mark J Rees LLP Chartered Accountants

| and Statutory Auditors

| Granville Hall

| Granville Road

| Leicester

| LE1 7RU

TGW LIMITED (REGISTERED NUMBER: 06000337)

STRATEGIC REPORT

FOR THE YEAR ENDED 30 JUNE 2026

The directors present their strategic report for the year ended 30 June 2026.

TGW Limited are a leading supplier and systems integrator of highly dynamic, automated logistics solutions for warehousing, production, picking and distribution operations. The company designs, contracts, installs and services a complete range of solutions, from small conveyor applications to complex, fully automated storage & retrieval systems.

Web site address www.tgw-group.com/uk.

REVIEW OF BUSINESS

Revenues for the year ending 30 June 2026 have increased considerably during the year, as expected, as a result of increased order intake both last financial year and this year. Consequently, the company order backlog has increased further over the last year, by 88.5%, as we have seen a rise in order Intake of 150.1% compared to the previous year. The result of this means that the business again starts this new financial year in a strong position, with revenue already known for the new financial year and beyond. Much of the order book is for long term contracts and will return revenue over numerous years.

The company continues to maintain an engineering presence in its office in Kaunas, Lithuania to access system automation engineering resource in country. Further expansion over the last year has continued as other parts of the TGW group look to take advantage of the extended resource talent pool in the country to support the group's continued growth. This helps to maintain efficiency across the company's Northern Europe customer base.

PRINCIPAL RISKS AND UNCERTAINTIES

The business environment in which the company operates continues to be challenging. The company itself faces competition from other major international suppliers of automated systems, along with new technologies that are being introduced in the marketplace from smaller, niche suppliers.

Risk management forms a key part of all major business decisions, whereby the impact upon profit is assessed throughout the project and customer lifecycle, from our sales and solutions, through realisation to our lifetime service offerings. All major capital projects are assessed and categorised based upon their size, technical complexity and strategic importance to the business. Regular monthly project reporting follows a gated review process whereby risk is measured and assessed according to likeliness, following which the financial assessment is adjusted accordingly. Long term service contracts undergo a similar monthly risk assessment.

Our operations remain on a normalised level, however, we are exposed to world shock events, like the ongoing conflicts in Iran and the Middle East. The fluctuating price of oil is finding its way into our supply chain, and we will likely see inflationary pressures in the near term.

Currency fluctuation always remains a risk in the business and can have a considerable impact on both its turnover and gross margin. The majority of our project material costs are predominantly transacted in Euro's so wherever possible we aim to sign customer contracts in Euros. However, our service business and project labour and resource is GBP-denominated, so the company has entered a series of project-specific bank foreign exchange rate cash flow hedges to mitigate risk on these currency flows.

Looking ahead strategically, the company's 5-year plan analysed the potential future workload from the major customers and this has provided a good indication for the future growth and direction of the company, in line with the overall TGW Group strategy of becoming the number one project delivery company.

With these risks and uncertainties in mind, we are aware that any plans for the future development of the business may be subject to unforeseen events outside of our control.

TGW LIMITED (REGISTERED NUMBER: 06000337)

STRATEGIC REPORT

FOR THE YEAR ENDED 30 JUNE 2026

SECTION 172(1) STATEMENT

The board of directors have complied with their S172 Companies Act 2006 duties during the period by initially identifying the main types of stakeholders in the business. In doing this we have considered our impact on stakeholders including our position on the environment.

One of our primary stakeholder groups is our employees. The underlying company philosophy has always been to focus upon our employees and put them first in a way that no other company has done before. We emphasise the importance of this through the company's drive towards learning and development. Learning and development is key to ensuring an engaged workforce, and support with retention; one of our key non-financial performance indicators. All employees continue to have open access to our learning platform, MINDTastic, as well as opportunities to collaborate and grow with colleagues in the wider TGW Group through the TGW Academy.

During the year, the business conducted an Employee Pulse Survey to gauge the overall satisfaction of working at TGW Limited - the results, as analysed independently, showed an overall satisfaction rating of 8.1 out of 10. When benchmarked against other company's that the research company undertook analysis for, TGW Limited was in the Top 10. Top themes arising out of the survey were the positive culture and work environment, alongside opportunities for growth both personally, professionally and as a company.

As shown on our website, we adopt a values-based corporate culture which underpins the way we treat each other; the way we work and the way we lead. The consistent implementation of our corporate culture and values is a form of securing our long term visions and future.

Company meetings at board and group level reflect the importance of this approach and consider the key stakeholder groups in all major decisions made. We encourage empowerment and a freedom from fear in our team to work with open minds whilst always having a responsible approach with utmost respect and appreciation.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS

In addition to its workforce, the Company's other key stakeholders are its customers and suppliers. Suppliers are a critical link in the overall supply chain, providing a source of value, consistency of quality and service, and an opportunity for innovation. Efficiency through supply chain optimisation and bundling across projects allows TGW Limited to remain competitive in our dynamically changing market.

Engagement with customers drives alignment with their values and priorities with strategic partnerships helping to ensure business sustainability and growth. There are regular review meetings to agree progress and develop relationships which will mutually benefit both parties.

As customer relationships grow and develop into key accounts, TGW Limited engages on a broader programme and account level. Emphasis isn't just upon service and project delivery; focus upon how TGW Limited can add real value to our customer's network supply chains becomes vitally important in delivering customer satisfaction.

TGW LIMITED (REGISTERED NUMBER: 06000337)

STRATEGIC REPORT

FOR THE YEAR ENDED 30 JUNE 2026

ENERGY AND EMISSIONS REPORT

TGW Limited is absolutely committed to reducing its impact on the environment from operations and in 2025/26 the Environmental, Health and Safety (EHS) policies were further bolstered with an increased awareness towards both physical and mental health. Additionally, TGW Limited commits to promoting a full 'life cycle thinking approach' where we aim to consider the environment within our projects, from initial concept, right through to end of life.

TGW Limited has again managed to improve our annual score within the EcoVadis framework, rising from the 68 to 69 out of 100, retaining the Bronze award. EcoVadis is the only global provider of business sustainability ratings, with over 100,000 companies taking part across multiple industries.

We continue to operate a flexible working system for all of our employees, whereby they are able to take advantage of our Hybrid working policy. This promotes a healthier work-life balance, whilst combining the advantage of reducing commuting and the harmful effects from emissions on the environment.

Four years ago the company introduced a salary sacrifice car ownership scheme to all UK-based employees, promoting electric vehicles. At last year end there were 51 vehicles that were under contract on the scheme. Over the last year, the number of vehicles taken by employees has now risen to 72. Additionally, our cycle to work scheme continues to prove popular, promoting an environmentally friendly way of commuting to and from the office.

| 2026 |  | 2025 |

UK energy use kWh |  | 304,053 |  | 290,513 |

Associated Greenhouse gas emissions |  |

Tonnes COB equivalent |  | 216 |  | 314 |

Intensity ratio |  |

Emissions per head |  | 0.4 |  | 0.7 |

UK energy use covers two offices in Market Harborough, plus a training facility, as well as personal car use by employees on company business.

Associated Greenhouse gases have been calculated using the Carbon Trust website (GHG Reporting Protocol - Corporate Standard).

TGW LIMITED (REGISTERED NUMBER: 06000337)

STRATEGIC REPORT

FOR THE YEAR ENDED 30 JUNE 2026

FINANCIAL KEY PERFORMANCE INDICATORS

We consider that our key financial performance indicators are those that communicate the financial performance and strength of the company as a whole, these being revenue, gross margin, net assets and order backlog.

Order intake, year on year, has increased by £252,094,387 (150.1%) to £420,000,992 with the booking of two significant repeat orders with existing customers.

Year on year, the order backlog continues to grow and has risen by a further 88.5% this year from £191,589,900 to £361,071,265, creating a firm and stable foundation for revenue generation into next year. This significant rise is borne out of the large step change in order Intake.

Revenue has increased year on year by 73.1% to £248,810,591 (2025: £143,709,377). Gross Margin, as a percentage of sales, has held steady at 9.4% (2025: 10.6%.) This is representative of the competitive operating environment, and risk mitigation for ongoing projects. Earnings before tax, as a percentage of sales, has marginally decreased from 4.3% to 4.0%.

The profit for the year before taxation was £9,847,795 (2025: £6,187,922).

The company's balance sheet position as at the year-end has strengthened by 40.28% compared to the previous year. The net assets at the year-end increased to £24,700,540 (2025: £17,608,301).

There wasn't a dividend payment made to the parent company in the year (2025: £1,125,000).

KPI |  | 2026 |  | 2025 |

| £ |  | £ |

Order intake |  | 420,001 |  | 167,907 |

Revenue |  | 248,811 |  | 143,709 |

Gross profit |  | 23,283 |  | 15,228 |

Gross profit % of sales |  | 9.4% |  | 10.6% |

EBT |  | 9,848 |  | 6,190 |

EBT % of sales |  | 4.0% |  | 4.3% |

Net assets |  | 24,700 |  | 17,608 |

Order backlog |  | 361,071 |  | 191,590 |

NON FINANCIAL KEY PERFORMANCE INDICATORS

The company considers that the retention of staff is an excellent KPI and is pleased with how this reflects one of its core values. During the current period our retention of staff improved to 93.7% (2025: 92.1%).

TGW LIMITED (REGISTERED NUMBER: 06000337)

STRATEGIC REPORT

FOR THE YEAR ENDED 30 JUNE 2026

FUTURE ACTIVITIES

The company will continue to invest in its market and sales activities to broaden the customer base and develop global customer accounts.

ON BEHALF OF THE BOARD:

Mr S K Franklin - Director

21 July 2026

TGW LIMITED (REGISTERED NUMBER: 06000337)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 30 JUNE 2026

The directors present their report with the financial statements of the company for the year ended 30 June 2026.

DIVIDENDS

The total distribution of dividends for the year to 30 June 2026 will be £Nil (2025: £1,125,000)

DIRECTORS

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

Mr N Goudie

Mr D A Hibbett

Mr S K Franklin

Mr D Crimp

Mr J Garbutt

INDEMNITY INSURANCE

The company has an Indemnity Insurance policy in place for all of the directors.

OVERSEAS BRANCHES

The company has branches in Belgium, Netherlands and Lithuania.

DISABLED EMPLOYEES

The company gives full consideration to applications for employment from disabled persons where the candidate's

particular aptitudes and abilities are consistent with the requirements of the job. Opportunities are available to disabled employees for training, career development and promotion.

Where existing employees become disabled, it is the company's policy to provide continuing employment wherever

practicable in the same or an alternative position and to provide appropriate training to achieve this aim.

EMPLOYEE INVOLVEMENT

The company operates a framework for employee information and consultation which complies with the requirements of the Information and Consultation of Employees Regulations 2004.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- | select suitable accounting policies and then apply them consistently;

- | make judgements and accounting estimates that are reasonable and prudent;

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

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

TGW LIMITED (REGISTERED NUMBER: 06000337)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 30 JUNE 2026

STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Mark J Rees LLP Chartered Accountants, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr S K Franklin - Director

21 July 2026

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

TGW LIMITED

Opinion

We have audited the financial statements of TGW Limited (the 'company') for the year ended 30 June 2026 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- | give a true and fair view of the state of the company's affairs as at 30 June 2026 and of its profit for the year then ended;

- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

TGW LIMITED

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

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

- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- | the financial statements are not in agreement with the accounting records and returns; or

- | certain disclosures of directors' remuneration specified by law are not made; or

- | we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on pages seven and eight, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

TGW LIMITED

Auditors' responsibilities for the audit of the financial statements

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

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities outlined above, to detect material misstatements in respect of irregularities, including fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISA's (UK).

We obtained an understanding of the legal and regulatory frameworks applicable to the company and industry in which it operates through our general commercial experience. We determined that the following laws and regulations were most significant: FRS 102, Companies Act 2006 and the relevant tax compliance regulations in the UK. In addition, we concluded that there are certain laws and regulations that may have an effect in the determination of the amounts and disclosures in the financial statements such as health and safety and employee related matters.

We enquired of management concerning the company's policies and procedures relating to:

- the identification and compliance with laws and regulations

- the detection and response to the risks of fraud

- the internal controls inherent within the company to mitigate fraud risk and non-compliance to laws and regulations.

We enquired of management, whether they were aware of any instance of non-compliance with laws and regulations or whether they had any knowledge of actual, suspected or alleged fraud.

We communicated relevant laws and regulations and potential areas of fraud to all audit team members including the potential for fraud in revenue recognition through the manipulation of costs incurred on contracts. We remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

We have determined that the principal risk areas where material irregularities could occur were related to posting manual journal entries to manipulate financial performance, revenue recognition, valuation of amounts recoverable on contracts and significant one-off or unusual transactions.

Our audit procedures were designed to respond in particular to these identified risks (including non-compliance with laws and regulations and fraud).

Our audit procedures included but were not limited to:

- A review of a sample of contracts to ensure the carrying value at year end is appropriate and to identify any onerous contracts. On open contracts as at year end, a review of cut-off to ensure costs and income are correctly recognised in accordance with appropriate accounting standards.

- A review of laws and regulations the company is subject to, followed by compliance checks and discussion with management to ensure no instances of non-compliance.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

TGW LIMITED

- Identifying and testing journal entries, on a sample basis, to review for potential management bias or manipulation of revenue recognition.

We did not identify any matters during the course of our work that indicated non-compliance with laws and regulations or relating to fraud.

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.

Mark Harrison BA FCA (Senior Statutory Auditor)

for and on behalf of Mark J Rees LLP Chartered Accountants

and Statutory Auditors

Granville Hall

Granville Road

Leicester

LE1 7RU

22 July 2026

TGW LIMITED (REGISTERED NUMBER: 06000337)

INCOME STATEMENT

FOR THE YEAR ENDED 30 JUNE 2026

| 2026 |  | 2025

| Notes | £ | £ |

TURNOVER | 4 | 248,810,591 |  | 143,709,377 |  |

Cost of sales | 225,527,553 |  | 128,481,165 |  |

GROSS PROFIT | 23,283,038 |  | 15,228,212 |  |

Administrative expenses | 14,005,595 |  | 9,930,812 |  |

OPERATING PROFIT | 6 | 9,277,443 |  | 5,297,400 |  |

Interest receivable and similar income | 571,150 |  | 892,815 |  |

9,848,593 |  | 6,190,215 |  |

Interest payable and similar expenses | 7 | 798 |  | 2,293 |  |

PROFIT BEFORE TAXATION | 9,847,795 |  | 6,187,922 |  |

Tax on profit | 8 | 3,123,624 |  | 1,955,841 |  |

PROFIT FOR THE FINANCIAL YEAR | 6,724,171 |  | 4,232,081 |  |

TGW LIMITED (REGISTERED NUMBER: 06000337)

OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 30 JUNE 2026

| 2026 |  | 2025

| Notes | £ | £ |

PROFIT FOR THE YEAR | 6,724,171 |  | 4,232,081 |  |

OTHER COMPREHENSIVE INCOME |

Movement in cash flow hedge | 577,424 |  | (32,038 | ) |

Income tax relating to other comprehensive income | (144,356 | ) | 6,408 |  |

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX | 433,068 |  | (25,630 | ) |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 7,157,239 |  | 4,206,451 |  |

TGW LIMITED (REGISTERED NUMBER: 06000337)

BALANCE SHEET

30 JUNE 2026

| 2026 | 2025 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 10 | 1,307 |  | 2,745 |  |

Tangible assets | 11 | 4,669,384 |  | 3,533,944 |  |

4,670,691 |  | 3,536,689 |  |

CURRENT ASSETS

Debtors | 12 | 66,723,220 |  | 64,488,453 |  |

Cash at bank and in hand | 15,387,724 |  | 11,735,899 |  |

82,110,944 |  | 76,224,352 |  |

CREDITORS

Amounts falling due within one year | 13 | 56,383,413 |  | 57,351,997 |  |

NET CURRENT ASSETS | 25,727,531 |  | 18,872,355 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 30,398,222 |  | 22,409,044 |  |

CREDITORS

Amounts falling due after more than one year | 14 | (4,004,960 | ) | (4,140,034 | ) |

PROVISIONS FOR LIABILITIES | 17 | (1,627,722 | ) | (660,709 | ) |

NET ASSETS | 24,765,540 |  | 17,608,301 |  |

CAPITAL AND RESERVES

Called up share capital | 18 | 100,000 |  | 100,000 |  |

Share premium | 19 | 135,000 |  | 135,000 |  |

Fair value reserve | 19 | 144,565 |  | (288,503 | ) |

Retained earnings | 19 | 24,385,975 |  | 17,661,804 |  |

SHAREHOLDERS' FUNDS | 24,765,540 |  | 17,608,301 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 21 July 2026 and were signed on its behalf by:

Mr S K Franklin - Director

TGW LIMITED (REGISTERED NUMBER: 06000337)

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 JUNE 2026

| Called up |  | Fair |

| share |  | Retained |  | Share |  | value |  | Total

| capital |  | earnings |  | premium |  | reserve |  | equity

£ | £ | £ | £ | £ |

Balance at 1 July 2024 | 100,000 |  | 14,554,723 |  | 135,000 |  | (262,873 | ) | 14,526,850 |  |

Changes in equity

Profit for the year | - |  | 4,232,081 |  | - |  | - |  | 4,232,081 |  |

Other comprehensive income | - |  | - |  | - |  | (25,630 | ) | (25,630 | ) |

Total comprehensive income | - |  | 4,232,081 |  | - |  | (25,630 | ) | 4,206,451 |  |

Dividends | - |  | (1,125,000 | ) | - |  | - |  | (1,125,000 | ) |

Balance at 30 June 2025 | 100,000 |  | 17,661,804 |  | 135,000 |  | (288,503 | ) | 17,608,301 |  |

Changes in equity

Profit for the year | - |  | 6,724,171 |  | - |  | - |  | 6,724,171 |  |

Other comprehensive income | - |  | - |  | - |  | 433,068 |  | 433,068 |  |

Total comprehensive income | - |  | 6,724,171 |  | - |  | 433,068 |  | 7,157,239 |  |

Balance at 30 June 2026 | 100,000 |  | 24,385,975 |  | 135,000 |  | 144,565 |  | 24,765,540 |  |

TGW LIMITED (REGISTERED NUMBER: 06000337)

CASH FLOW STATEMENT

FOR THE YEAR ENDED 30 JUNE 2026

| 2026 |  | 2025

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 6,567,107 |  | (6,580,733 | ) |

Interest paid | (798 | ) | (2,293 | ) |

Tax paid | (1,832,162 | ) | (2,051,747 | ) |

Net cash from operating activities | 4,734,147 |  | (8,634,773 | ) |

Cash flows from investing activities

Purchase of tangible fixed assets | (1,655,664 | ) | (869,289 | ) |

Sale of tangible fixed assets | 2,192 |  | - |  |

Interest received | 571,150 |  | 892,815 |  |

Net cash from investing activities | (1,082,322 | ) | 23,526 |  |

Cash flows from financing activities

Equity dividends paid | - |  | (1,125,000 | ) |

Net cash from financing activities | - |  | (1,125,000 | ) |

Increase/(decrease) in cash and cash equivalents | 3,651,825 |  | (9,736,247 | ) |

Cash and cash equivalents at beginning of year | 2 | 11,735,899 |  | 21,472,146 |  |

Cash and cash equivalents at end of year | 2 | 15,387,724 |  | 11,735,899 |  |

TGW LIMITED (REGISTERED NUMBER: 06000337)

NOTES TO THE CASH FLOW STATEMENT

FOR THE YEAR ENDED 30 JUNE 2026

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

| 2026 |  | 2025

£ | £ |

| Profit before taxation | 9,847,795 |  | 6,187,922 |  |

| Depreciation charges | 508,386 |  | 381,790 |  |

| Loss on disposal of fixed assets | 11,086 |  | 3,628 |  |

| Finance costs | 798 |  | 2,293 |  |

| Finance income | (571,150 | ) | (892,815 | ) |

9,796,915 |  | 5,682,818 |  |

| Increase in trade and other debtors | (3,009,713 | ) | (12,195,132 | ) |

| Decrease in trade and other creditors | (220,095 | ) | (68,419 | ) |

| Cash generated from operations | 6,567,107 |  | (6,580,733 | ) |

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 30 June 2026

| 30.6.26 |  | 1.7.25

£ | £ |

| Cash and cash equivalents | 15,387,724 |  | 11,735,899 |  |

| Year ended 30 June 2025

| 30.6.25 |  | 1.7.24

£ | £ |

| Cash and cash equivalents | 11,735,899 |  | 21,472,146 |  |

3. | ANALYSIS OF CHANGES IN NET FUNDS

| At 1.7.25 | Cash flow | At 30.6.26

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 11,735,899 |  | 3,651,825 |  | 15,387,724 |  |

11,735,899 |  | 3,651,825 |  | 15,387,724 |  |

| Total | 11,735,899 |  | 3,651,825 |  | 15,387,724 |  |

TGW LIMITED (REGISTERED NUMBER: 06000337)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2026

1. | COMPANY INFORMATION

| The principal activity of TGW Limited is the installation and maintenance of automated warehousing systems.

| The company is a private limited company (registered number 06000337), limited by shares, registerd in England and wales, incorporated and domiciled in the UK. The address of the registered office is Falcon Court, Market Harborough, Leicestershire, LE16 7FQ.

2. | STATEMENT OF COMPLIANCE

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

3. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

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

| The financial statements are presented in Sterling (£).

| Related party exemption

| 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.

| Significant judgements and estimates

| There were no areas in which the preparation of the financial statements required management to make significant judgements or estimates aside from those dealt with separately below.

| Turnover

| Turnover comprises the fair value for the sale and installation of automated warehousing systems and the maintenance of the completed systems, excluding value added tax and represents net invoice value less rebates, returns and settlement discounts adjusted in accordance with the policy on long term contracts if applicable. The long-term contracts policy is relevant for the sale and installation of the automated warehouse systems.

| Turnover on uncompleted long-term contracts is determined on the basis of the stage of completion of each contract and this is calculated by multiplying the total of the costs incurred to date as a proportion of total costs anticipated by the estimated profit percentage for that contract.

| 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.

| Computer software is being amortised evenly over its estimated useful life of four years.

| Tangible fixed assets

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

| Freehold property | - | 2% on cost of buildings

| Short leasehold | - | equal instalments over the lease period

| Fixtures and fittings | - | 25% on cost, 20% on cost and 10% on cost

| Motor vehicles | - | 20% on cost

TGW LIMITED (REGISTERED NUMBER: 06000337)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2026

3. | ACCOUNTING POLICIES - continued

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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

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

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

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

| Foreign currencies

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

| 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.

| Pension costs and other post-retirement benefits

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

TGW LIMITED (REGISTERED NUMBER: 06000337)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2026

3. | ACCOUNTING POLICIES - continued

| Financial instruments

| Derivative financial instruments are recognised at fair value using a valuation technique with material movements being reported in a fair value reserve account on the basis of the hedges being highly effective. Any ineffective part of the hedge is immediately recognised in the profit and loss in the relevant period. Outstanding material derivatives at reporting date are included under the appropriate format heading in debtors or creditors depending on the nature of the derivative.

| The company designates certain derivatives as hedging instruments in cash flow hedges. At the inception of the hedge relationship, the entity documents the economic relationship between the hedging instrument and the hedged item, along with the risk management objectives and clear identification of the risk in the hedged item that is being hedged by the hedging instrument. Furthermore, at the inception of the hedge the company determines and documents causes for hedge ineffectiveness.

| The company has a risk management strategy in place and the foreign exchange risk arising from sales contracts in foreign currencies is hedged. As the critical terms of the forward contracts perfectly match the critical terms of the sales contract the hedges are deemed highly effective.

| Hedge accounting is discontinued when the company revokes the hedging relationship, the hedging instrument expires or is sold, terminated or exercised, or no longer qualifies for hedge accounting. Any gain or loss accumulated in equity at that time is reclassified to profit or loss when the hedged item is recognised in profit or loss. When a forecast transaction is no longer expected to occur, any gain or loss that was recognised within other comprehensive income is immediately reclassified to profit or loss.

| Debtors

| Short term debtors are measured at transaction price, less any impairment.

| Loans receivable and long term debtors are measured initially at fair value, net of transaction costs, and are measured subsequently, where material, at amortised cost using the effective interest method, less any impairment.

| Creditors

| Short term creditors are measured at transaction price, less any impairment.

| Other financial liabilities, including bank loans are measured initially at fair value, net of transaction costs, and are measured subsequently, where material, at amortised cost using the effective interest method, less any impairment.

| Going concern

| After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

TGW LIMITED (REGISTERED NUMBER: 06000337)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2026

4. | TURNOVER

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

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

| 2026 |  | 2025

£ | £ |

| United Kingdom | 222,150,358 |  | 98,895,649 |  |

| Europe | 19,778,774 |  | 41,415,935 |  |

| Rest of the World | 6,881,459 |  | 3,397,793 |  |

248,810,591 |  | 143,709,377 |  |

5. | EMPLOYEES AND DIRECTORS

| 2026 |  | 2025

£ | £ |

| Wages and salaries | 33,849,519 |  | 28,165,911 |  |

| Social security costs | 4,220,611 |  | 3,679,778 |  |

| Other pension costs | 1,844,026 |  | 1,544,272 |  |

39,914,156 |  | 33,389,961 |  |

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

| 2026 |  | 2025

| Productive | 428 |  | 382 |  |

| Administrative | 79 |  | 69 |  |

507 |  | 451 |  |

| Total remuneration in relation to Key Management Personnel (excluding directors), included within the figures above, amounts to £151,361 (2025: £131,576).

| 2026 |  | 2025

£ | £ |

| Directors' remuneration | 1,291,441 |  | 999,859 |  |

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

| Money purchase schemes | 5 |  | 5 |  |

TGW LIMITED (REGISTERED NUMBER: 06000337)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2026

5. | EMPLOYEES AND DIRECTORS - continued

| Information regarding the highest paid director is as follows:

| 2026 |  | 2025

£ | £ |

| Emoluments etc | 367,637 |  | 285,420 |  |

6. | OPERATING PROFIT

| The operating profit is stated after charging:

| 2026 |  | 2025

£ | £ |

| Other operating leases | 479,913 |  | 386,765 |  |

| Depreciation - owned assets | 506,946 |  | 377,367 |  |

| Loss on disposal of fixed assets | 11,086 |  | 3,628 |  |

| Computer software amortisation | 1,438 |  | 4,424 |  |

| Auditors remuneration | 12,455 |  | 11,750 |  |

| Other non- audit services | 41,075 |  | 38,750 |  |

| Foreign exchange differences | 35,969 |  | 151,727 |  |

7. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2026 |  | 2025

£ | £ |

| Bank interest | 798 |  | 2,293 |  |

8. | TAXATION

| Analysis of the tax charge

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

| 2026 |  | 2025

£ | £ |

| Current tax:

| UK corporation tax | 2,191,211 |  | 1,196,787 |  |

| Prior year

| UK corporation tax | 407,340 |  | 646,519 |  |

| Total current tax | 2,598,551 |  | 1,843,306 |  |

| Deferred taxation | 525,073 |  | 112,535 |  |

| Tax on profit | 3,123,624 |  | 1,955,841 |  |

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

TGW LIMITED (REGISTERED NUMBER: 06000337)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2026

8. | 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:

| 2026 |  | 2025

£ | £ |

| Profit before tax | 9,847,795 |  | 6,187,922 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2025 - 25%) | 2,461,949 |  | 1,546,981 |  |

| Effects of:

| Expenses not deductible for tax purposes | 3,887 |  | 46,114 |  |

| Income not taxable for tax purposes | - |  | (28,821 | ) |

| Depreciation in excess of capital allowances | 641,444 |  | 411,599 |  |

| Overseas taxation | (17,425 | ) | 70,616 |  |

| Long Term Incentive Plan | 33,769 |  | (90,648 | ) |

| Total tax charge | 3,123,624 |  | 1,955,841 |  |

| Tax effects relating to effects of other comprehensive income |

| 2026 |

| Gross |  | Tax |  | Net |

£ | £ | £ |

| Movement in cash flow hedge | 577,424 |  | (144,356 | ) | 433,068 |  |

| 2025 |

| Gross |  | Tax |  | Net |

£ | £ | £ |

| Movement in cash flow hedge | (32,038 | ) | 6,408 |  | (25,630 | ) |

9. | DIVIDENDS

| 2026 |  | 2025

£ | £ |

| Interim | - |  | 1,125,000 |  |

TGW LIMITED (REGISTERED NUMBER: 06000337)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2026

10. | INTANGIBLE FIXED ASSETS

| Computer

| software

£ |

| COST

| At 1 July 2025

| and 30 June 2026 | 146,034 |  |

| AMORTISATION

| At 1 July 2025 | 143,289 |  |

| Amortisation for year | 1,438 |  |

| At 30 June 2026 | 144,727 |  |

| NET BOOK VALUE

| At 30 June 2026 | 1,307 |  |

| At 30 June 2025 | 2,745 |  |

11. | TANGIBLE FIXED ASSETS

| Fixtures |

| Freehold |  | Short |  | and |  | Motor |

| property |  | leasehold |  | fittings |  | vehicles |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 1 July 2025 | 3,003,233 |  | 248,913 |  | 2,892,732 |  | 26,486 |  | 6,171,364 |  |

| Additions | 766,379 |  | - |  | 889,285 |  | - |  | 1,655,664 |  |

| Disposals | - |  | - |  | (156,688 | ) | - |  | (156,688 | ) |

| At 30 June 2026 | 3,769,612 |  | 248,913 |  | 3,625,329 |  | 26,486 |  | 7,670,340 |  |

| DEPRECIATION

| At 1 July 2025 | 609,783 |  | 154,879 |  | 1,851,314 |  | 21,444 |  | 2,637,420 |  |

| Charge for year | 71,214 |  | 16,594 |  | 414,817 |  | 4,321 |  | 506,946 |  |

| Eliminated on disposal | - |  | - |  | (143,410 | ) | - |  | (143,410 | ) |

| At 30 June 2026 | 680,997 |  | 171,473 |  | 2,122,721 |  | 25,765 |  | 3,000,956 |  |

| NET BOOK VALUE

| At 30 June 2026 | 3,088,615 |  | 77,440 |  | 1,502,608 |  | 721 |  | 4,669,384 |  |

| At 30 June 2025 | 2,393,450 |  | 94,034 |  | 1,041,418 |  | 5,042 |  | 3,533,944 |  |

| Included in cost of land and buildings is freehold land of £ 1,044,587 (2025 - £ 612,765 ) which is not depreciated.

TGW LIMITED (REGISTERED NUMBER: 06000337)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2026

12. | DEBTORS

2026 | 2025 |

£ | £ |

| Amounts falling due within one year:

| Trade debtors | 25,228,591 |  | 15,562,721 |  |

| Amounts owed by group undertakings | 3,646,511 |  | 4,360,716 |  |

| Amounts recoverable on contract | 32,512,201 |  | 38,257,579 |  |

| Other debtors | 1,502,124 |  | 1,879,525 |  |

| Fair value derivative | 296,098 |  | 356,292 |  |

| Taxation | - |  | 189,677 |  |

| VAT | 2,681,090 |  | 2,705,022 |  |

| Deferred tax asset | 139,358 |  | - |  |

| Prepayments and accrued income | 420,693 |  | 435,432 |  |

66,426,666 |  | 63,746,964 |  |

| Amounts falling due after more than one year:

| Deferred tax asset | 296,554 |  | 741,489 |  |

| Aggregate amounts | 66,723,220 |  | 64,488,453 |  |

| Deferred tax asset

2026 | 2025 |

£ | £ |

| Accelerated capital allowances | (529,187 | ) | (365,647 | ) |

| Short term timing differences | (36,142 | ) | 72,126 |  |

| Long term incentive scheme | 1,001,241 |  | 1,035,010 |  |

435,912 |  | 741,489 |  |

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

2026 | 2025 |

£ | £ |

| Trade creditors | 14,036,353 |  | 3,957,417 |  |

| Invoiced in advance | 34,440,878 |  | 48,329,833 |  |

| Taxation | 576,712 |  | - |  |

| Other creditors | 1,920 |  | - |  |

| Wages creditor | 53,000 |  | 165,000 |  |

| Derivative liability | 151,532 |  | 644,794 |  |

| Accruals and deferred income | 7,123,018 |  | 4,254,953 |  |

56,383,413 |  | 57,351,997 |  |

TGW LIMITED (REGISTERED NUMBER: 06000337)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2026

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

2026 | 2025 |

£ | £ |

| Accruals and deferred income | 4,004,960 |  | 4,140,034 |  |

15. | LEASING AGREEMENTS

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

2026 | 2025 |

£ | £ |

| Within one year | 362,475 |  | 372,527 |  |

| Between one and five years | 802,104 |  | 887,128 |  |

| In more than five years | - |  | 96,982 |  |

1,164,579 |  | 1,356,637 |  |

| During the year, operating lease commitments amounting to £479,912 (2025: £386,765) were recognised as an expense.

TGW LIMITED (REGISTERED NUMBER: 06000337)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2026

16. | FINANCIAL INSTRUMENTS

| The carrying value of the company's financial assets and liabilities are summarised by category below:

|  | 2026 |  |  | 2025 |

| Financial assets |  | £ |  |  | £ |

| Measured at fair value and designated in an effective hedging relationship |  | 296,098 |  |  | 356,291 |

|  | 296,098 |  |  | 356,291 |

|  | 2026 |  |  | 2025 |

| Financial liabilities |  | £ |  |  | £ |

| Measured at fair value and designated in an effective hedging relationship |  | 151,532 |  |  | 664,794 |

|  | 151,532 |  | 664,794 |  |

| The company's gains and losses in respect of financial instruments are summarised below:

|  | 2026 |  |  | 2025 |

| Fair value gains and (losses) |  | £ |  |  | £ |

| On derivative financial liabilities designed in an effective hedging relationship |  | 577,424 |  |  | (32,038 | )

|  | Current |  |  | Non-Current |  |

| 2026 | 2025 |  | 2026 | 2025 |  |

|  | £ |  | £ |  | £ |  | £ |  |

| Derivatives that are designated and effective as |  |

| hedging instruments carried at fair value |  |

| Assets |  |

| Forward foreign currency contracts |  |  | 296 |  | 356 |  |  | - |  | - |  |

| Liabilities |  |

| Forward foreign currency contracts |  |  | (152 | ) | (665 | ) |  | - |  | - |  |

| Forward foreign currency contracts are valued using quoted forward exchange rates and yield curves derived from quoted interest rates matching maturities of the contracts.

TGW LIMITED (REGISTERED NUMBER: 06000337)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2026

| The following table details the forward foreign currency contracts outstanding as at the year end:

| Outstanding contracts |  | Average contractual exchange rate |  |  | Notional Value |  |  | Fair Value |

|  | 2026 |  | 2025 |  |  | 2026 |  | 2025 |  |  | 2026 |  | 2025 |

|  | rate |  | rate |  | £ |  | £ |  |  | £ |  | £ |  |

| Buy EUR |  |

| Less than 3 months |  | 1.16 |  | 1.15 |  |  | 11,618,654 |  | 28,720,626 |  |  | 47,470 |  | 111,150 |

| 3 to 6 months |  | 1.14 |  | 1.17 |  |  | 10,331,223 |  | 31,635,938 |  |  | (42,810 | ) | (142,898 | )

| 6 to 9 months |  | 1.14 |  | 1.16 |  |  | 9,865,513 |  | 12,439,761 |  |  | 84,008 |  | (99,155 | )

| Over 9 months |  | 1.13 |  | 1.15 |  |  | 28,597,800 |  | 53,774,275 |  |  | (208,019 | ) | (84,278 | )

|  | (119,351 | ) | (215,181 | )

| Buy SEK |  |

| Less than 3 months |  | 11.0 |  | 11.2 |  |  | 1,131,771 |  | 2,586,239 |  |  | (840 | ) | (107,669 | )

| 3 to 6 months |  | 11.0 |  | 11.0 |  |  | 1,057,700 |  | 1,320,662 |  |  | (3,219 | ) | (20,669 | )

| 6 to 9 months |  | 11.0 |  | 11.3 |  |  | - |  | 3,711,068 |  |  | - |  | (77,772 | )

| Over 9 months |  | 10.9 |  | 11.0 |  |  | 8,403,879 |  | 1,699,261 |  |  | (21,156 | ) | (22,756 | )

|  | (25,215 | ) | (228,866 | )

| Buy USD |  |

| Less than 3 months |  | - |  | - |  |  | - |  | - |  |  | - |  | - |

| 3 to 6 months |  | - |  | - |  |  | - |  | - |  |  | - |  | - |

| 6 to 9 months |  | - |  | - |  |  | - |  | - |  |  | - |  | - |

| Over 9 months |  | - |  | - |  |  | - |  | - |  |  | - |  | - |

|  | - |  | - |

|  | (144,566 | ) | (444,047 | ) |

| The company has entered into forward foreign currency contracts to hedge the exchange rate risk arising from anticipated future transactions, which are designated as cash flow hedges. The majority of the hedged cash flows are expected to occur and to affect the profit or loss within the next financial year.

| Financial instruments gain of £577,424 (2025: loss of £32,038) were recognised in other comprehensive income for the year.

TGW LIMITED (REGISTERED NUMBER: 06000337)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2026

17. | PROVISIONS FOR LIABILITIES

2026 | 2025 |

£ | £ |

| Other provisions

| Losses on long-term contracts | 1,627,722 |  | 660,709 |  |

| Deferred |

| tax |

£ |

| Balance at 1 July 2025 | (741,489 | ) |

| Movement in ACA | 163,541 |  |

| Movement - short term timing | 33,769 |  |

| Movement - long term incentive | 108,267 |  |

| Balance at 30 June 2026 | (435,912 | ) |

18. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

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

| value: | £ | £ |

| 100,000 | Ordinary | £1 | 100,000 |  | 100,000 |  |

19. | RESERVES

| Fair |

| Retained |  | Share |  | value |

| earnings |  | premium |  | reserve |  | Totals

£ | £ | £ | £ |

| At 1 July 2025 | 17,661,804 |  | 135,000 |  | (288,503 | ) | 17,508,301 |  |

| Profit for the year | 6,724,171 |  | 6,724,171 |  |

| Cash flow hedge reserve | - |  | - |  | 433,068 |  | 433,068 |  |

| At 30 June 2026 | 24,385,975 |  | 135,000 |  | 144,565 |  | 24,665,540 |  |

20. | PENSION COMMITMENTS

| The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company within an independently administered fund. The charge for the year was £1,844,026 (2025: £1,544,272). Contributions of £Nil (2025: £Nil) were unpaid at the year end.

TGW LIMITED (REGISTERED NUMBER: 06000337)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2026

21. | ULTIMATE PARENT COMPANY

| The company's parent company and controlling party is TGW Holding GmbH of Ludwig Szinicz Straße 3, 4614 Marchtrenk, Austria. TGW Holding GmbH owns 100% of the shares in TGW Limited. The ultimate controlling party of the group is TGW-Future a trust founded in Austria. This owns 100% of the shares in TGW Holding GmbH.

| The group accounts can be found at the Landes- und Handelsgericht Wels (Commercial court Wels) in Austria.