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Registration number: 09898822

Secheron Hasler (UK) Ltd
Annual Report and Financial Statements
for the Year Ended 31 December 2025

Secheron Hasler (UK) Ltd

Contents

Company Information | 1
Strategic Report | 2 to 3
Directors' Report | 4
Statement of Directors' Responsibilities | 5
Independent Auditor's Report | 6 to 9
Profit and Loss Account | 10
Statement of Comprehensive Income | 11
Balance Sheet | 12
Statement of Changes in Equity | 13
Statement of Cash Flows | 14
Notes to the Financial Statements | 15 to 27

Secheron Hasler (UK) Ltd

Company Information

Directors | Diego Carmine Politano Mr Markus Sauerbruch Mr Marco Scafi Mr Christophe Johnny Noirot Mr Daniel Joseph Poulton

Registered office | Unit A2 Brookside Business Park Greengate Middleton Manchester M24 1GS

Auditors | EKWilliams Accountants Limited 1 Pavilion Square Westhoughton Bolton BL5 3AJ

Secheron Hasler (UK) Ltd

Strategic Report for the Year Ended 31 December 2025

The directors present their strategic report for the year ended 31 December 2025.

Principal activity

The principal activity of the company is that of installation of industrial machinery and equipment.

Fair review of the business

During this financial year the company experienced a significant increase in revenue compared to the previous financial year. The revenue increase was driven by the increase in services and spare parts business and the increase in inter group orders. Majority of the sales were made to the group companies, and the business depends on the level of activity of those group companies. After this year’s significant increase in revenue, the level of production and revenue should remain for the foreseeing coming period. Cost controls remain in place, and the company has achieved a slightly better margin in 2025 than in the previous year. Cost controls and the raw material price changes result in an improvement in the performance of the company. This improvement is expected to continue in the next year. The level of inventory remains at a significant level, but it is planned to decrease within the next year.

The company's key financial and other performance indicators during the year were as follows:

Financial KPIs | Unit | 2025 | 2024
Turnover | £ '000 | 14,065 | 10,579
Gross Profit | £ '000 | 4,130 | 3,184
Net Profit/-loss | £ '000 | 362 | 317
Employee count |  | 48 | 49

Principal risks and uncertainties

The key risks to the business are liquidity and credit risks, given the company assets are made up of bank and cash assets, stocks and trade and other debtors. The credit risk is linked to the trade debtors and the recoverability of these assets, which directly impacts the cash flow of the business and therefore presents a risk to liquidity. Which is a risk to maintain sufficient funds to settle ongoing liabilities of the business and balancing the assets and liabilities of the company to support the long-term growth of the business. The business is fortunate to be a cost centre of the wider Secheron Hasler Group, and this affords the business some protection from the usual risks and uncertainties of a standalone company, with the group being exposed more to price risks and the wider effects of credit risks.

Secheron Hasler (UK) Ltd

Strategic Report for the Year Ended 31 December 2025

Approved and authorised by the Board on 31 July 2026 and signed on its behalf by:

......................................... Mr Christophe Johnny Noirot Director

Secheron Hasler (UK) Ltd

Directors' Report for the Year Ended 31 December 2025

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

Directors of the company

The directors who held office during the year were as follows:

Mr Joseph Murer (ceased 22 April 2025)

Diego Carmine Politano

Mr Markus Sauerbruch (appointed 22 April 2025)

Mr Marco Scafi

Mr Christophe Johnny Noirot

Mr Daniel Joseph Poulton

Information included in the Strategic Report

A review of the business and its principal risks and uncertainties is set out in the strategic report on page 2 of these financial statements.

Going concern

The company is reliant on its parent company for continued financial support. The company has received assurance from its parent company that it will continue to provide financial support to the company. The directors have prepared and assessed forecasts of future trading and cashflows and consider that it has adequate working capital and is able to meet its financial obligations for at least twelve months from the date of approval of the financial statements. On this basis the directors therefore consider it appropriate to prepare these financial statements on a going concern basis.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved and authorised by the Board on 31 July 2026 and signed on its behalf by:

......................................... Mr Christophe Johnny Noirot Director

Secheron Hasler (UK) Ltd

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities 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 apply them consistently;

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

• | state whether applicable United Kingdom 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.

Secheron Hasler (UK) Ltd

Independent Auditor's Report to the Members of Secheron Hasler (UK) Ltd

Opinion

We have audited the financial statements of Secheron Hasler (UK) Ltd (the 'company') for the year ended 31 December 2025, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and 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 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 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 director's 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 original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Secheron Hasler (UK) Ltd

Independent Auditor's Report to the Members of Secheron Hasler (UK) Ltd

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

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

Matters on which we are required to report by exception

In the light of our 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 and the Directors' Report.

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 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 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.

Secheron Hasler (UK) Ltd

Independent Auditor's Report to the Members of Secheron Hasler (UK) Ltd

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

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. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
• The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.
• Enquiring of management whether they are aware of any non-compliance with laws and regulations.
• Enquiring of management whether they are aware of any actual, suspected or alleged fraud.
• Enquiring of management whether they had internal controls established to mitigate risk related to fraud or non-compliance with laws and regulations.
• Discussions amongst the engagement team on how and where fraud might occur in the financial statements and any potential indicators of fraud. As part of this discussion, we identified potential for fraud in the following areas; posting of unusual journals and fraudulent revenue recognition.
• Obtaining an understanding of the regulatory framework the company 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. The key laws and regulations that we considered in this context were health & safety legislation.
To address the risk of fraud through management override of controls, we:
• Tested journal entries to identify unusual transactions.
• Assessed whether judgements and assumptions made in determining the accounting estiamtes were indicative of potential bias.
To address the risk of fraud arising from fraudulent revenue recognition, we:
• Performed testing to confirm the completeness of income recognised in the accounts.
• Performed cut off testing on sales transactions occuring around the reporting date.
The test nature and other inherent limitations of an audit, together with the inherent limitations of any accounting and internal control system, mean that there is an unavoidable risk that even some material misstatements in respect of irregularities may remain undiscovered even though the audit is properly planned and performed in accordance with ISAs (UK). Furthermore, the more removed that laws and regulations are from financial transactions, the less likely that we would become aware of non-compliance.
Our audit should therefore not be relied upon to disclose all such material misstatements or frauds, errors or instances of non-compliance that might exist. The responsibility for the detection and prevention of fraud, error and non-compliance with laws or regulations rests with the directors.

Secheron Hasler (UK) Ltd

Independent Auditor's Report to the Members of Secheron Hasler (UK) Ltd

Irregularities and non-compliance with laws and regulations

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but are not limited to:
• Agreeing financial statement disclosures to underlying supporting documentation.
• Enquiring of management as to actual and potential litigation claims they are aware of.
• Reviewing legal costs nominals for evidence of potential litigation or claims.
• Reviewing correspondence with regulators for evidence of non-compliance with laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: 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.

......................................
Anna Heyes FCA (Senior Statutory Auditor)
For and on behalf of EKWilliams Accountants Limited, Statutory Auditor
1 Pavilion Square
Westhoughton
Bolton
BL5 3AJ

31 July 2026

Secheron Hasler (UK) Ltd

Profit and Loss Account for the Year Ended 31 December 2025

| Note | 2025 £ | 2024 £
Turnover | 3 | 14,065,001 | 10,578,932
Cost of sales |  | (9,935,094) | (7,394,657)
Gross profit |  | 4,129,907 | 3,184,275
Administrative expenses |  | (3,192,573) | (2,870,036)
Operating profit | 4 | 937,334 | 314,239
Interest payable and similar expenses | 5 | (464,816) | 147,141
Profit before tax |  | 472,518 | 461,380
Tax on profit | 9 | (110,247) | (144,327)
Profit for the financial year |  | 362,271 | 317,053

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

Secheron Hasler (UK) Ltd

Statement of Comprehensive Income for the Year Ended 31 December 2025

| 2025 £ | 2024 £
Profit for the year | 362,271 | 317,053
Total comprehensive income for the year | 362,271 | 317,053

Secheron Hasler (UK) Ltd

(Registration number: 09898822)
Balance Sheet as at 31 December 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets | 10 | 335,524 | 388,220
Current assets |  |  |
Stocks | 11 | 4,627,485 | 4,380,418
Debtors | 12 | 575,624 | 735,085
Cash at bank and in hand |  | 604,805 | 486,600
|  | 5,807,914 | 5,602,103
Creditors: Amounts falling due within one year | 14 | (1,207,514) | (363,213)
Net current assets |  | 4,600,400 | 5,238,890
Total assets less current liabilities |  | 4,935,924 | 5,627,110
Creditors: Amounts falling due after more than one year | 14 | (4,435,497) | (5,460,516)
Provisions for liabilities | 15 | (68,617) | (97,055)
Net assets |  | 431,810 | 69,539
Capital and reserves |  |  |
Called up share capital |  | 80,000 | 80,000
Retained earnings |  | 351,810 | (10,461)
Shareholders' funds |  | 431,810 | 69,539

Approved and authorised by the Board on 31 July 2026 and signed on its behalf by:

......................................... Mr Christophe Johnny Noirot Director

Secheron Hasler (UK) Ltd

Statement of Changes in Equity for the Year Ended 31 December 2025

| Share capital £ | Retained earnings £ | Total £
At 1 January 2025 | 80,000 | (10,461) | 69,539
Profit for the year | - | 362,271 | 362,271
At 31 December 2025 | 80,000 | 351,810 | 431,810

| Share capital £ | Retained earnings £ | Total £
At 1 January 2024 | 80,000 | (327,514) | (247,514)
Profit for the year | - | 317,053 | 317,053
At 31 December 2024 | 80,000 | (10,461) | 69,539

Secheron Hasler (UK) Ltd

Statement of Cash Flows for the Year Ended 31 December 2025

| Note | 2025 £ | 2024 £
Cash flows from operating activities
Profit for the year |  | 362,271 | 317,053
Adjustments to cash flows from non-cash items |  |  |
Depreciation and amortisation | 4 | 68,668 | 69,549
Loss on disposal of tangible assets |  | - | 13,855
Finance costs | 5 | 111,294 | 122,914
Income tax expense | 9 | 110,247 | 144,327
|  | 652,480 | 667,698
Working capital adjustments |  |  |
Increase in stocks | 11 | (247,067) | (155,344)
Decrease/(increase) in trade debtors | 12 | 159,461 | (17,604)
Increase/(decrease) in trade creditors | 14 | 774,708 | (268,194)
Cash generated from operations |  | 1,339,582 | 226,556
Income taxes (paid)/received | 9 | (69,114) | 66,196
Net cash flow from operating activities |  | 1,270,468 | 292,752
Cash flows from investing activities |  |  |
Acquisitions of tangible assets |  | (15,972) | (53,424)
Cash flows from financing activities |  |  |
Interest paid | 5 | (111,294) | (122,914)
Repayment of other borrowing |  | (1,024,997) | (266,602)
Net cash flows from financing activities |  | (1,136,291) | (389,516)
Net increase/(decrease) in cash and cash equivalents |  | 118,205 | (150,188)
Cash and cash equivalents at 1 January |  | 486,600 | 636,788
Cash and cash equivalents at 31 December |  | 604,805 | 486,600

Secheron Hasler (UK) Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025

1 | General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Unit A2 Brookside Business Park
Greengate
Middleton
Manchester
M24 1GS
England

These financial statements were authorised for issue by the Board on 31 July 2026.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Secheron Hasler (UK) Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviwed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Key sources of estimation uncertainty

Accounting estimates and assumptions are made concerning the future and by their nature will rarely equal the actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:
The provision for slow-moving inventory is a source of estimation uncertainty. Management have determined the provision based on inventory turnover rates, planned demand and ageing profiles. Management applies percentages to inventory based on the duration held and turnover rate. These estimates are sensitive to changes in demand and technological obsolescence and are assessed by experienced management, using their product knowledge and industry specific background. The carrying amount is £1,112,681 (2024 -£1,728,075).

Revenue recognition

Turnover is recognised to the extent that it is probable that economic benefits will flow to the Company and the revenue can be measured reliably. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Revenue from sale of goods is recognised on the despatch of goods to the customer, this is when the signiificant risks and rewards of ownership are transferred to the buyer.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
The company's functional currency is sterling.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Secheron Hasler (UK) Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Plant & Machinery | 15% reducing balance
Fixtures, fittings and equipment | 15% reducing balance
Motor Vehicles | 25% reducing balance
Leasehold land and buildings | over the lease term of the property

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Secheron Hasler (UK) Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Secheron Hasler (UK) Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025

3 | Turnover

The analysis of the company's revenue for the year from continuing operations is as follows:

| 2025 £ | 2024 £
Sale of goods | 14,065,001 | 10,578,932

The analysis of the company's turnover for the year by market is as follows:

| 2025 £ | 2024 £
UK | 2,613,670 | 1,921,377
Europe | 11,451,331 | 8,657,555
| 14,065,001 | 10,578,932

4 | Operating profit

Arrived at after charging/(crediting)

| 2025 £ | 2024 £
Depreciation expense | 68,668 | 69,549
Loss on disposal of property, plant and equipment | - | 13,855

5 | Interest payable and similar expenses

| 2025 £ | 2024 £
Interest expense on other finance liabilities | 111,294 | 122,914
Foreign exchange gains/losses | 353,522 | (270,055)
| 464,816 | (147,141)

6 | Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

| 2025 £ | 2024 £
Wages and salaries | 2,139,781 | 1,877,574
Social security costs | 242,080 | 197,384
Pension costs, defined contribution scheme | 99,938 | 92,346
Other employee expense | 1,064 | 7,328
| 2,482,863 | 2,174,632

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

Secheron Hasler (UK) Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025

| 2025 No. | 2024 No.
Administration and support | 48 | 49
| 48 | 49

7 | Directors' remuneration

The directors' remuneration for the year was as follows:

| 2025 £ | 2024 £
Remuneration | 113,372 | 103,356
Contributions paid to money purchase schemes | 5,668 | 5,167
| 119,040 | 108,523

During the year the number of directors who were receiving benefits and share incentives was as follows:

| 2025 No. | 2024 No.
Accruing benefits under money purchase pension scheme | 1 | 1

8 | Auditors' remuneration

| 2025 £ | 2024 £
Audit of the financial statements | 13,500 | 12,000

Secheron Hasler (UK) Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025

9 | Taxation

Tax charged/(credited) in the income statement

| 2025 £ | 2024 £
Current taxation |  |
UK corporation tax | 138,707 | 69,114
Deferred taxation |  |
Arising from origination and reversal of timing differences | (28,460) | 75,213
Tax expense in the income statement | 110,247 | 144,327

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2024 - higher than the standard rate of corporation tax in the UK) of 25% (2024 - 25%).
The differences are reconciled below:

| 2025 £ | 2024 £
Profit before tax | 472,518 | 461,380
Corporation tax at standard rate | 118,130 | 115,345
Tax (decrease)/increase from effect of capital allowances and depreciation | (15,287) | 82,715
Effect of expense not deductible in determining taxable profit (tax loss) | 7,404 | 3,869
Effect of tax losses | - | (57,602)
Total tax charge | 110,247 | 144,327

Secheron Hasler (UK) Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025

Deferred tax

Secheron Hasler (UK) Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025

Deferred tax assets and liabilities

2024 | Asset £ | Liability £
Accelerated capital allowances | - | 97,055
| - | 97,055

10 | Tangible assets

| Land and buildings £ | Furniture, fittings and equipment £ | Motor vehicles £ | Plant and machinery £
Cost or valuation
At 1 January 2025 | 233,215 | 112,266 | 10,600 | 431,645
Additions | 7,400 | 8,572 | - | -
At 31 December 2025 | 240,615 | 120,838 | 10,600 | 431,645
Depreciation
At 1 January 2025 | 150,543 | 43,725 | 9,185 | 196,053
Charge for the year | 21,741 | 11,235 | 353 | 35,339
At 31 December 2025 | 172,284 | 54,960 | 9,538 | 231,392
Carrying amount
At 31 December 2025 | 68,331 | 65,878 | 1,062 | 200,253
At 31 December 2024 | 82,672 | 68,541 | 1,415 | 235,592

| Total £
Cost or valuation
At 1 January 2025 | 787,726
Additions | 15,972
At 31 December 2025 | 803,698
Depreciation
At 1 January 2025 | 399,506
Charge for the year | 68,668
At 31 December 2025 | 468,174
Carrying amount
At 31 December 2025 | 335,524
At 31 December 2024 | 388,220

Secheron Hasler (UK) Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025

Included within the net book value of land and buildings above is £68,331 (2024 - £82,672) in respect of long leasehold land and buildings.

Secheron Hasler (UK) Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025

11 | Stocks

| 2025 £ | 2024 £
Raw materials and consumables | 2,606,211 | 2,477,875
Work in progress | 5,473 | 105,560
Finished goods and goods for resale | 2,015,801 | 1,796,983
| 4,627,485 | 4,380,418

12 | Debtors

Current | Note | 2025 £ | 2024 £
Trade debtors |  | 235,433 | 329,710
Amounts owed by group companies |  | - | 230,854
Other debtors |  | 20,475 | 18,159
Prepayments |  | 319,716 | 156,362
|  | 575,624 | 735,085

13 | Cash and cash equivalents

| 2025 £ | 2024 £
Cash at bank | 604,805 | 486,600

14 | Creditors

| Note | 2025 £ | 2024 £
Due within one year |  |  |
Trade creditors |  | 476,749 | 180,905
Amounts due to group companies |  | 329,274 | -
Accrued expenses |  | 262,784 | 113,194
Income tax liability | 9 | 138,707 | 69,114
|  | 1,207,514 | 363,213
Due after one year |  |  |
Loans and borrowings | 18 | 4,435,497 | 5,460,516

15 | Provisions for liabilities

Secheron Hasler (UK) Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025

| Deferred tax £ | Total £
At 1 January 2025 | 97,055 | 97,055
Increase (decrease) in existing provisions | (28,438) | (28,438)
At 31 December 2025 | 68,617 | 68,617

16 | Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £99,938 (2024 - £92,346).

17 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary of £800 each | 100 | 80,000 | 100 | 80,000

18 | Loans and borrowings

| 2025 £ | 2024 £
Non-current loans and borrowings
Other borrowings | 4,435,497 | 5,460,516

Other borrowings

Group loan is denominated in EUR & CHF with a nominal interest rate of 1%, and the final instalment is due on 31 December 2030. The carrying amount at year end is £4,435,497 (2024 - £5,460,516).

The loan is provided by the parent company Secheron Traction Power SA,

Secheron Hasler (UK) Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025

19 | Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

| 2025 £ | 2024 £
Not later than one year | 139,700 | 139,700
Later than one year and not later than five years | 334,192 | 473,892
| 473,892 | 613,592

The amount of non-cancellable operating lease payments recognised as an expense during the year was £126,289 (2024 - £124,572).

20 | Parent and ultimate parent undertaking

The company's immediate parent is Secheron Traction Power Sa, incorporated in Switzerland.
The ultimate parent is Sécheron Hasler Group SA, incorporated in Switzerland.
The most senior parent entity producing publicly available financial statements is Sécheron Hasler Group SA. These financial statements are available upon request from Spielhof 14a, 8750 Glarus, Switzerland.
The ultimate controlling party is Sécheron Hasler Group SA.