Company registration number 11309884 (England and Wales)
CONMACH LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
CONMACH LIMITED
COMPANY INFORMATION
Directors
Mrs I Gibbor
M A Gibbor
A J Schreier
C Dudley-Scales
Secretary
E Lewis
Company number
11309884
Registered office
CP House
Otterspool Way
Watford
Hertfordshire
WD25 8JJ
Auditor
RSM UK Audit LLP, Statutory Auditor
Chartered Accountants
25 Farringdon Street
London
EC4A 4AB
CONMACH LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5
Directors' responsibilities statement
6
Independent auditor's report
7 - 9
Profit and loss account
10
Balance sheet
11
Statement of changes in equity
12
Notes to the financial statements
13 - 18
CONMACH LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

Introduction

The directors present their strategic report of Conmach Limited (“the company”) for the year ended 31 December 2025.

The principal activity of the company during the year continued to be that of an investment holding company. The Board does not use key performance indicators to monitor the performance of the business given this activity.

Business Review

Streamlines Energy Carbon Reporting disclosures are included in the financial statements of the parent entity, CP Holdings Limited.

A dividend of £0.74m (2024:£1.623m) was declared to the parent company CP Holdings Limited in 2025.

Principal risks and uncertainties

The company’s principal financial risk is the recoverability of its investments. The directors review the carrying value of the company’s investments and provisions are made where considered necessary.

Subsequent to the year end there has been significant military activity in Iran that has caused geo-political shocks around the world. The key financial risks to the company resulting from this are considered to be higher inflation and interest rates as well as the potential for supply chain shortages, all of which may impact the profitability of the company’s investments.

Conmach Strategic Report - S172(1) Statement

The CP Holdings Group (the “group”) consisting of CP Holdings Limited, and its key operating subsidiaries including Conmach Limited recognises the importance of delivering effective corporate governance in supporting the long-term success and sustainability of its business and operates under high standards of corporate governance.

The directors are collectively responsible for ensuring that they operate in a manner that best promotes the interests of the group with consideration to its wider group of stakeholders. Underlying this responsibility is an appropriate Corporate Governance framework. The group has decided not to follow a specific code and has implemented its own corporate governance framework (the “framework”), which is continually reviewed and enhanced to meet evolving legal and regulatory requirements. This Framework ensures that robust corporate governance procedures are in place to regulate the behaviour and activities of the boards and supports the application of Section 172(1) throughout the group.

CONMACH LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -

Governance Policies and Process

Group-wide governance policies and processes are designed to complement and promote the group strategy. Policies are reviewed on an annual basis and updated as appropriate by the group board, all company directors are informed of any amendments. This is an iterative process, allowing for the policies to be adapted as the business grows and changes.

Principal Decisions

Principal decisions, are those decisions taken by the board directly, which should not be delegated to management and which may have a potential material impact on the Companies strategy, stakeholder or long term value creation of the Company. These decisions can be grouped into the following categories:

- Strategy review

- Review of matters reserved for the board

- Material funding and treasury matters

- Acquisition or disposal of shares

- Capital allocation (approval of subsidiary investments and recommendations of dividend payments)

Examples of principal decisions that took stakeholders views into account include :

- Eltrak Group approved capital expenditure to renovate their head office in Kifisia, Greece and the extension of the warehouse facility in Sofia, Bulgaria.

- Huntraco installed PV on a number of their branches.

- Huntraco has approved the implementation of a new ERP, this will take 18 months to install.

Engagement of Stakeholders

The company is proud to be part of a private, family-owned group, which is fully committed to maintaining its values and its relationships with its investments and shareholders. The company works with its stakeholders in an honest, respectful and responsible way and seeks to work with others who share the company’s commitments to safety, ethics and compliance.

The directors consider that the table below lays out the relationships with the key stakeholders :-

CONMACH LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -

Who ? Stakeholder group | Why? Why is it important to engage | How ? How management and / or directors engaged | What ? What were the key topics engagement | Outcomes and actions What was the impact of the engagement including any actions taken
Regulators | Compliance with regulatory requirements, such as health and safety and TCFD/CSRD, is essential for the long- term benefit of the group | Being open and transparent in any dealings with regulators Generation of Carbon risk registers and energy usage collation by local company representatives | Compliance record Carbon reporting and energy utilisation | Improvements to processes and procedures
Shareholders | Engagement is essential for the owners to understand the state of the business and to ratify principal decisions | Provision of information for CP monthly board meetings | Monthly accounts, budget, cashflows, ESG and risk registers | Monthly rolling cashflows and quarterly review of budgets and forecasts Proposals for large capital developments Annual review of risk registers
Suppliers | Ensuring that the suppliers are capable of meeting the requirements of our customers | Directors have regular monthly alignment meetings with key suppliers Engagement with suppliers to discuss the development of energy efficient products; rental stock; expansion of brands and marketing strategy | Coverage, participation and closure of the opportunities and stock availability issues. Ability to deliver machines compliant with EU customer emission targets | Improved partnership by sharing customer requirements with suppliers and aligning common objectives
Investments | To understand how the investments are performing and the key decisions that they are making To ensure that we are proactively considering opportunities to reduce our cost of capital | Discussions with the Boards of Directors of the investments | Trading conditions and funding Opportunities available in the local markets for hedging, government/EU backed loans or other third party finance offers | Assessment of working capital requirement, bank facilities and capital expenditure

CONMACH LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -

Conmach engages with its stakeholders on material issues relating to their business, taking into consideration current and future events, including its principal decisions. The engagement supports the directors to understand the impact of their decisions and identify any material issues. This aligns with the company’s purpose and strategy.

On behalf of the board

C Dudley-Scales
Director
17 July 2026
CONMACH LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 5 -

The directors present their annual report and financial statements for the year ended 31 December 2025.

Principal activities

The principal activity of the company continued to be that of an investment holding company.

Results and dividends

The results for the year are set out on page 10.

Ordinary dividends were paid amounting to £740,171 (2024: £1,623,681). The directors do not recommend payment of a final dividend (2024: £nil)

Directors

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

Mrs I Gibbor
M A Gibbor
A J Schreier
C Dudley-Scales
Energy and carbon report

As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
C Dudley-Scales
Director
17 July 2026
CONMACH LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 6 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

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

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

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

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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

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

CONMACH LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CONMACH LIMITED
- 7 -
Opinion

We have audited the financial statements of Conmach Limited (the 'company') for the year ended 31 December 2025 which comprise the profit and loss account, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the U nited K ingdom, including the F inancial R eporting C ouncil’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

CONMACH LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CONMACH LIMITED (CONTINUED)
- 8 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report and the directors' r eport.

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 directors' r esponsibilities s tatement,on page 5 the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

The extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.

CONMACH LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CONMACH LIMITED (CONTINUED)
- 9 -

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

- obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company is complying with the legal and regulatory framework;

- inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;

- discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.

As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, the Companies Act 2006 and tax compliance regulations. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing financial statement disclosures and inspecting tax computations.

The audit engagement team identified the risk of management override of controls as the area where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing a sample of journal entries and evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities This description forms part of our auditor’s report.

Use of our report

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

David Hough (Senior Statutory Auditor)
For and on behalf of RSM UK Audit LLP, Statutory Auditor
Chartered Accountants
25 Farringdon Street
London
EC4A 4AB
17 July 2026
CONMACH LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 10 -
2025
2024
Notes
£
£
Turnover
-
-
Administrative expenses
2,224
(41,958)
Operating profit/(loss)
2,224
(41,958)
Income from shares in group undertakings
4
737,927
804,457
Profit before taxation
740,151
762,499
Tax on profit
6
-
0
-
0
Profit for the financial year
740,151
762,499

There are no items of comprehensive income for either the year or the prior year other than the profit for the year. Accordingly, no statement of other comprehensive income has been presented.

CONMACH LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 11 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
8
12,500,200
12,500,200
Current assets
Cash at bank and in hand
409
429
Creditors: amounts falling due within one year
10
(100)
(100)
Net current assets
309
329
Net assets
12,500,509
12,500,529
Capital and reserves
Called up share capital
11
12,500,100
12,500,100
Profit and loss reserves
409
429
Total equity
12,500,509
12,500,529

The notes on pages 13 to 18 form part of these financial statements.

The financial statements were approved by the board of directors and authorised for issue on 17 July 2026 and are signed on its behalf by:
C Dudley-Scales
Director
Company registration number 11309884 (England and Wales)
CONMACH LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2024
12,500,100
861,611
13,361,711
Year ended 31 December 2024:
Profit and total comprehensive income
-
762,499
762,499
Dividends
7
-
(1,623,681)
(1,623,681)
Balance at 31 December 2024
12,500,100
429
12,500,529
Year ended 31 December 2025:
Profit and total comprehensive income
-
740,151
740,151
Dividends
7
-
(740,171)
(740,171)
Balance at 31 December 2025
12,500,100
409
12,500,509
CONMACH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 13 -
1
Accounting policies
Company information

Conmach Limited is a private company limited by shares incorporated in England and Wales. The registered office is CP House, Otterspool Way, Watford, Hertfordshire, WD25 8JJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statement are rounded to the nearest £.

The preparation of financial statements in compliance with FRS102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

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

- Section 3 Financial Presentation paragraph 3.17(d) (inclusion of cashflows);

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

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

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

The financial statements of the company are consolidated in the financial statements of CP Holdings Limited. These consolidated financial statements are available from Companies House, Crown Way, Cardiff, CF14 3UZ.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.true

1.3
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

CONMACH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 14 -
1.4
Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty or notice of not more than 24 hours.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

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

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Financial assets classified as receivable within one year are not amortised. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for objective indicators of impairment at each reporting end date. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.

For f inancial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. The impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Derecognition of financial liabilities

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

CONMACH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 15 -
1.6
Share Capital

Ordinary shares are classified as equity.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8

Dividend

Dividends are recognised when they become legally payable. Interim dividends are recognised when paid. Final dividends are recognised when the shareholders approve a resolution at a board meeting.

1.9

Investment income

Investment income is recognised when dividends become legally receivable.

CONMACH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 16 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following is the critical judgement and estimation that the directors have made in the process of applying the company's accounting policies and that have the most significant affect on the amounts recognised in the financial statements.

Impairment of investment

In preparing these financial statements, the directors have exercised judgement in the determining whether there are indicators of impairment of the company's investments. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the investments.

3
Auditor's remuneration

The auditors renumeration is borne by the parent company.

4
Interest receivable and similar income
2025
2024
£
£
Income from fixed asset investments
Income from shares in group undertakings
737,927
804,457
Disclosed on the profit and loss account as follows:
Income from shares in group undertakings
737,927
804,457
5
Employees

The company has no employees other than the directors, who are remunerated by the parent company, CP Holdings Limited.

CONMACH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 17 -
6
Taxation

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

2025
2024
£
£
Profit before taxation
740,151
762,499
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
185,038
190,625
Tax effect of expenses that are not deductible in determining taxable profit
-
0
10,057
Unutilised tax losses carried forward
-
0
433
Group relief
5
-
0
Non-taxable income
(185,043)
(201,115)
Taxation charge for the year
-
-
7
Dividends
2025
2024
2025
2024
Per share
Per share
Total
Total
£
£
£
£
Ordinary shares
Interim paid
0.06
0.13
740,171
1,623,681
8
Fixed asset investments
2025
2024
Notes
£
£
Investments in subsidiaries
9
12,500,200
12,500,200
9
Subsidiaries

Details of the company's subsidiaries at 31 December 2025 are as follows:

Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Eltrak CP Limited
1
Holding company
Ordinary
100.00
Huntraco Zrt.
2
Machinery
Ordinary
100.00
MP Motor kft.
2
Machinery
Ordinary
100.00
Eltrak SA
3
Machinery
Ordinary
88.00
Elastrak AS
3
Machinery
Ordinary
88.00
Eltrack Bulgaria EOOD
4
Machinery
Ordinary
88.00
Chryssafis SA
3
Under Liquidation
Ordinary
88.00
Irbid CP Limited
1
Holding company
Ordinary
100.00
-
CONMACH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
9
Subsidiaries
(Continued)
- 18 -

Registered office addresses

1
CP House, Otterspool Way, Watford, Hertfordshire, WD25 8JJ
2
Budaörs, Kamaraerdei út 3, 2040, Hungary
3
Thivaidos 15 & Korniliou Street, N Kifisia, Athens, Greece
4
439 Europa Noulevard 1331, Sofia, Bulgaria

The company has an indirect interest in the issued share capital of 100% in MP Motors kft; 88% in Eltak SA, Elastrak AS; Eltrak Bulgaria EOOD and Chryssafis SA. Only Eltrak CP Limited, Irbid CP Limited and Huntraco Zrt. are direct holdings.

10
Creditors: amounts falling due within one year
2025
2024
£
£
Amounts owed to group undertakings
100
100
11
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
12,500,100
12,500,100
12,500,100
12,500,100

There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital.

12
Ultimate controlling party

As at the balance sheet date the ultimate parent company was CP Holdings Limited a company incorporated in England and Wales. Subsequent to the year end the ultimate parent company has changed and has become Greystone Holdings Ltd a company incorporated in the Isle of Man but managed and controlled in the UK. Despite this change, and in the opinion of the directors the ultimate controlling party continues to be the Gibbor and Schreier families.

13
Related party transactions

The company has taken advantage of the exemption contained in FRS 102 Section 33 'Related Party Disclosures' from disclosing transactions with entities which are a wholly owned part of the group.

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