REGISTERED NUMBER: 10757306 (England and Wales)

AMERICAN PAN INTERNATIONAL HOLDINGS

LIMITED

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Consolidated Income Statement

8

Consolidated Other Comprehensive Income

9

Consolidated Balance Sheet

10

Company Balance Sheet

11

Consolidated Statement of Changes in Equity

12

Company Statement of Changes in Equity

13

Consolidated Cash Flow Statement

14

Notes to the Consolidated Cash Flow Statement

15

Notes to the Consolidated Financial Statements

16

DIRECTORS:

G L Bundy

R A Bundy

W D Bundy

SECRETARY:

Dentons UKMEA LLP

REGISTERED OFFICE:

Fryern House

125 Winchester Road

Chandlers Ford

Hampshire

SO53 2DR

REGISTERED NUMBER:

10757306 (England and Wales)

AUDITORS:

Rothmans Audit LLP

Statutory Auditors

Chartered Accountants

Fryern House

125 Winchester Road

Chandlers Ford

Eastleigh

Hampshire

SO53 2DR

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

REVIEW OF BUSINESS

The business environment continued to be challenging in 2025 from a geopolitical perspective, and also due to inflationary pressures. Continued focus on operational performance has again contributed towards the improved performance.

The Group delivered a positive financial performance in 2025. Revenue reduced to £15.3m compared to £16.8 million, a decrease of 8.9% compared with 2024. The New Pan business declined versus 2024 which is in line with expectations. The gross profit margin improved, despite the reduced turnover, to 16% compared to 14% in 2024. The mix of sales contributed to this and was in line with expected results. The Group achieved a net profit of £1,439k compared to £1,241k in 2024. In general, costs were higher due to inflation but a continued focus on cost control helped to minimise the impact. The Group also implemented some price increases to the customer base.

Our customer base remained loyal, and some new markets were established during the year. The Group's approach to relationship management and being a business partner has proven successful alongside our quality promise and high service levels. The UK market remains strong. Business development initiatives in Ireland and some other European countries will see further growth in this business.

Cash in hand at the year end was in excess of £2 million, compared with an excess of £1 million in 2024. The increased cash balance was predominantly driven by a reduction in debtors at the year end.

The management team are confident that the strategic direction the Group is on is the right one, and will deliver on revenue and profitability growth in the next year. Supporting this approach are the ultimate shareholders who have committed to continue providing the necessary resources to the business.

PRINCIPAL RISKS AND UNCERTAINTIES

The geopolitical landscape will continue to be a risk, but the Group has put in place the appropriate policies to mitigate the said risk.

Environmental and sustainability requirements vary across the jurisdictions the Group trades in, but the Group are at the forefront of research and development to minimise this risk and stay abreast of legislative changes in the jurisdictions they sell into.

KEY PERFORMANCE INDICATORS

The Group's key performance indicators are considered to be revenue, gross profit margin and net profit. The analysis of these indicators has been considered within the Review of Business above.

ON BEHALF OF THE BOARD:

W D Bundy - Director

28 July 2026

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

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2025.

RESEARCH AND DEVELOPMENT

The Group continues to invest in R&D having its own internal team based in Europe, and being affiliated to its USA partners. The research and development work spans both its coating activities where substantial investment in the next generation of coating products are being tested. The Group also works closely with the leading manufacturers of cooking ovens, designing pan solutions to deliver more sustainable product ranges.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

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

G L Bundy

R A Bundy

W D Bundy

Other changes in directors holding office are as follows:

R T Bundy Jr ceased to be a director after 31 December 2025 but prior to the date of this report.

FINANCIAL INSTRUMENTS RISKS

Price risk

The Group manages price risk through buying strategies that include a mix of price hedging and leveraging group buying power. The Group works very strategically with its suppliers of core materials across Europe and in the USA. With the continuing unrest in Ukraine and Gaza coupled with the political situation in the USA, the Group is monitoring commodity pricing very closely.

Credit and cash flow risk

Credit management, be it offering or taking, is managed by the finance function. Robust control policies are in place to ensure debt is managed in a timely manner and risk is minimised.

Liquidity risk

Credit and cash flow management coupled with shareholders support ensure there is no liquidity risk. Payment terms with customers are set at levels that minimise any risk.

FUTURE DEVELOPMENTS

The Group continues to invest in research and development and works closely with manufacturers to ensure they are abreast of market trends and future concepts. The Group is also developing new markets through its networks of sales teams across Europe, and attending necessary trade shows.

THIRD PARTY INDEMNITIES

Qualifying third party indemnity provisions for the benefit of the directors were in force during the year under review and remain in force as at the date of approval of the financial statements.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Rothmans Audit LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

W D Bundy - Director

28 July 2026

Opinion

We have audited the financial statements of American Pan International Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2025 and of the group's profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

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

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

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.

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

We obtained an understanding of the legal and regulatory framework that the Group operates in, focusing on those laws and regulations that had a direct effect on the Financial Statements or that had a fundamental effect on the operations of the Group. The key laws and regulations we considered in this context included the UK Companies Act and Health and Safety regulations.

Discussions were held within the engagement team regarding how and where fraud might occur in the Financial Statements and any potential indicators of fraud. As part of this discussion, we identified potential risk areas such as the completeness of revenue. Audit procedures were designed to ensure all of the risks were addressed.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- enquiring of management as to actual and potential litigation and claims; and

- reviewing any correspondence with regulators and the Group's legal advisors.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships; and

- tested journal entries to identify unusual transactions and bias.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

Kevin Richards ACA FCCA (Senior Statutory Auditor)

for and on behalf of Rothmans Audit LLP

Statutory Auditors

Chartered Accountants

Fryern House

125 Winchester Road

Chandlers Ford

Eastleigh

Hampshire

SO53 2DR

29 July 2026

TURNOVER

3

15,314,950

16,813,195

Cost of sales

12,888,104

14,532,859

GROSS PROFIT

2,426,846

2,280,336

Administrative expenses

1,609,402

1,746,858

OPERATING PROFIT

5

817,444

533,478

Income from interest in associated undertakings

757,937

808,302

Interest receivable and similar income

76,277

78,451

834,214

886,753

1,651,658

1,420,231

Interest payable and similar expenses

7

213,076

178,645

PROFIT BEFORE TAXATION

1,438,582

1,241,586

Tax on profit

8

-

-

PROFIT FOR THE FINANCIAL YEAR

1,438,582

1,241,586

Profit attributable to:

Owners of the parent

1,438,582

1,241,586

PROFIT FOR THE YEAR

1,438,582

1,241,586

OTHER COMPREHENSIVE INCOME

Foreign exchange

37,392

(3,881

)

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

37,392

(3,881

)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,475,974

1,237,705

Total comprehensive income attributable to:

Owners of the parent

1,475,974

1,237,705

FIXED ASSETS

Intangible assets

10

-

-

Tangible assets

11

1,030,570

1,213,548

Investments

12

Interest in associate

3,463,216

2,705,279

4,493,786

3,918,827

CURRENT ASSETS

Stocks

13

617,015

433,045

Debtors: amounts falling due within one year

14

4,547,451

5,111,628

Cash at bank

2,093,138

1,069,450

7,257,604

6,614,123

CREDITORS

Amounts falling due within one year

15

10,211,008

10,067,402

NET CURRENT LIABILITIES

(2,953,404

)

(3,453,279

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,540,382

465,548

CREDITORS

Amounts falling due after more than one year

16

731,060

1,132,200

NET ASSETS/(LIABILITIES)

809,322

(666,652

)

CAPITAL AND RESERVES

Called up share capital

19

100

100

Capital contribution reserve

20

2,299,168

2,299,168

Retained earnings

20

(1,489,946

)

(2,965,920

)

SHAREHOLDERS' FUNDS

809,322

(666,652

)

The financial statements were approved by the Board of Directors and authorised for issue on 28 July 2026 and were signed on its behalf by:

W D Bundy - Director

FIXED ASSETS

Intangible assets

10

-

-

Tangible assets

11

-

-

Investments

12

2,187,782

2,187,782

2,187,782

2,187,782

CURRENT ASSETS

Debtors: amounts falling due within one year

14

6,203,141

6,091,021

Cash at bank

1,041

435

6,204,182

6,091,456

CREDITORS

Amounts falling due within one year

15

7,472,735

7,479,372

NET CURRENT LIABILITIES

(1,268,553

)

(1,387,916

)

TOTAL ASSETS LESS CURRENT LIABILITIES

919,229

799,866

CAPITAL AND RESERVES

Called up share capital

19

100

100

Capital contribution reserve

20

2,299,168

2,299,168

Retained earnings

20

(1,380,039

)

(1,499,402

)

SHAREHOLDERS' FUNDS

919,229

799,866

Company's profit for the financial year

81,971

56,706

The financial statements were approved by the Board of Directors and authorised for issue on 28 July 2026 and were signed on its behalf by:

W D Bundy - Director

Called up

Capital

share

Retained

contribution

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 January 2024

100

(4,203,625

)

2,299,168

(1,904,357

)

Changes in equity

Total comprehensive income

-

1,237,705

-

1,237,705

Balance at 31 December 2024

100

(2,965,920

)

2,299,168

(666,652

)

Changes in equity

Total comprehensive income

-

1,475,974

-

1,475,974

Balance at 31 December 2025

100

(1,489,946

)

2,299,168

809,322

Called up

Capital

share

Retained

contribution

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 January 2024

100

(1,552,227

)

2,299,168

747,041

Changes in equity

Total comprehensive income

-

52,825

-

52,825

Balance at 31 December 2024

100

(1,499,402

)

2,299,168

799,866

Changes in equity

Total comprehensive income

-

119,363

-

119,363

Balance at 31 December 2025

100

(1,380,039

)

2,299,168

919,229

Cash flows from operating activities

Cash generated from operations

1

1,431,677

(536,295

)

Net cash from operating activities

1,431,677

(536,295

)

Cash flows from investing activities

Purchase of tangible fixed assets

(61,059

)

(189,595

)

Interest received

2,324

2,837

Net cash from investing activities

(58,735

)

(186,758

)

Cash flows from financing activities

New loans in year

18,386

17,127

Capital repayments in year

(367,640

)

(382,220

)

Net cash from financing activities

(349,254

)

(365,093

)

Increase/(decrease) in cash and cash equivalents

1,023,688

(1,088,146

)

Cash and cash equivalents at beginning of year

2

1,069,450

2,157,596

Cash and cash equivalents at end of year

2

2,093,138

1,069,450

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

2025

2024

£

£

Profit before taxation

1,438,582

1,241,586

Depreciation charges

244,037

221,074

Loss on disposal of fixed assets

-

22,955

Foreign exchange

(169,672

)

44,699

Finance costs

213,076

178,645

Finance income

(834,214

)

(886,753

)

891,809

822,206

(Increase)/decrease in stocks

(183,970

)

158,655

Decrease/(increase) in trade and other debtors

638,130

(1,166,840

)

Increase/(decrease) in trade and other creditors

85,708

(350,316

)

Cash generated from operations

1,431,677

(536,295

)

2.	CASH AND CASH EQUIVALENTS

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

Year ended 31 December 2025

31/12/25

1/1/25

£

£

Cash and cash equivalents

2,093,138

1,069,450

Year ended 31 December 2024

31/12/24

1/1/24

£

£

Cash and cash equivalents

1,069,450

2,157,596

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1/1/25

Cash flow

Non-cash

At 31/12/25

£

£

£

£

Net cash

Cash at bank

1,069,450

1,023,688

-

2,093,138

1,069,450

1,023,688

-

2,093,138

Debt

Debts falling due

within 1 year

(8,465,360

)

349,254

(455,839

)

(8,571,945

)

Debts falling due

after 1 year

(1,132,200

)

-

401,140

(731,060

)

(9,597,560

)

349,254

(54,699

)

(9,303,005

)

Total

(8,528,110

)

1,372,942

(54,699

)

(7,209,867

)

1.	COMPANY INFORMATION

American Pan International Holdings Limited was incorporated on 5 May 2017 under the Companies Act 2006, as a private limited company and is registered in England and Wales. The principal activity of the group is the sale and refurbishment of industrial bakeware. The address of its registered office is Fryern House, 125 Winchester Road, Chandlers Ford, Hampshire, SO53 2DR. The address of the principal place of business is Excalibur Way, Irlam, Manchester, M44 5DL.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

The functional currency of the parent company is US Dollars. The presentation currency of the parent company, subsidiary company and Group is £ Sterling.

Going concern

The Group is reliant on the continued support from its parent and the wider group. The ultimate parent company has confirmed their continued support, and the financial statements have therefore been prepared on a going concern basis.

Financial Reporting Standard 102 - reduced disclosure exemptions

The parent company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

o the requirement of paragraph 3.17(d);

o the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

o the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;

o the requirement of paragraph 33.7.

Basis of consolidation

The group financial statements consolidate the financial statements of American Pan International Holdings Limited and all its subsidiary undertakings. These financial statements are made up to 31 December 2025.

Unless otherwise stated, the acquisition method of accounting has been adopted. Under this method the results of the subsidiary companies acquired or disposed of in the year are included in the Consolidated Income Statement from the date of acquisition or up to the date of disposal.

Investments in associate undertakings are recognised using the equity accounting method. The difference between the cost of the investment and its share of the fair value of the net identifiable assets is initially recognised as goodwill, which is included in the carrying amount of the investment (as part of the transaction price). After initial recognition, the share of profit or loss, other comprehensive income, goodwill amortisation and possible impairment losses will account for an increase/decrease in the net book value of the investment. Goodwill is considered to have a useful economic life of 10 years.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date, and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

1) Impairment of investments

Management use their judgement to assess when the carrying value of an investment is considered to be impaired.

Other key sources of estimation uncertainty;

1) Tangible fixed assets

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. Residual value assessments consider issues such as market conditions, the remaining life of the asset and projected disposal values.

Turnover

Turnover represents net sales during the year (excluding value added tax) adjusted for accrued and deferred income where applicable.

Turnover from the sale of goods is recognised on despatch.

Turnover relating to commissions is recognised on a monthly basis as the right to the commission is earned.

Intangible fixed assets

Goodwill which represents the excess of cost of acquisitions of businesses over the value attributed to their net assets and other intangible assets, is amortised through the Income Statement by equal instalments over its estimated useful economic life.

Other 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.

Amortisation is calculated so as to write off the cost of an intangible asset, less its estimated residual value, evenly over the useful economic life of that asset as follows;

Goodwill

- 10 years

Patents

- 5 years