REGISTERED NUMBER: 08833004 (England and Wales)

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

TRIDENT 2020 LIMITED

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:

Mrs AE Ippaso

Mr P Ippaso

REGISTERED OFFICE:

Unit 5 Gelders Hall Road

Shepshed

Leicestershire

LE12 9NH

REGISTERED NUMBER:

08833004 (England and Wales)

SENIOR STATUTORY AUDITOR:

Mr A Turner FCA FMAAT

AUDITORS:

Mark J Rees LLP Chartered Accountants

and Statutory Auditors

Granville Hall

Granville Road

Leicester

LE1 7RU

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

The principal activity of the company during the year was that of a holding company.

The principal activity of the group is the sale of air compressors, welding equipment, generators and machine tools.

REVIEW OF BUSINESS

The group continues to perform in-line with management's expectations, and the Directors at Trident 2020 are satisfied with the way in which the year was managed.

Despite increasingly challenging trading conditions, the group is on a strong footing and expectations for 2026 remain positive.

During 2025 Administrative expenses have been high due to high energy prices and spiralling labour costs as well as continued investment in the business in order to retain skilled people, develop new products, introduce improved models in current ranges, win new customers, develop new trading channels and invest in IT, internet and enhanced customer facing technology.

The Directors continually monitor the Group's performance internally and externally and consider the level of turnover, gross profit and overheads for the year satisfactory in the given circumstances.

Our commitment is to continue to provide our customers with a varied stock range, high standard of customer service and high level of stock availability and continue to invest in the development of Group's employees, in purchasing stock, warehouse, marketing and business systems and expectation of improved turnover, profit and efficiencies in future years.

SIP Group continues to show a very strong balance sheet; the business is not carrying any undesirable debt and continues with an investment strategy for the future.

PRINCIPAL RISKS AND UNCERTAINTIES

The management of the business and the execution of the group's strategies are subject to several risks. The key ones continue, as they have been for the last few years, to be competition, currency exchange rates and the threat of recession.

FINANCIAL KEY PERFORMANCE INDICATORS

2025

2024

2023

Turnover

£17.2m

£17.1m

£17.2m

Profit/(Loss) after tax

£1,429k

£717k

£613k

Given the nature of the business, the directors are of the opinion that the analysis using KPI's, other than turnover and profit referred to above, are not necessary for an understanding of the development, performance and position of the group.

ON BEHALF OF THE BOARD:

Mr P Ippaso - Director

9 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

An interim dividend of 21.59p per share was paid on 31 May 2025. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 December 2025 will be £ 108,000 .

DIRECTORS

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

Mrs AE Ippaso

Mr P Ippaso

RESULTS

The profit for the year, after taxation, amounted to £1,429,398 (2024: £716,843).

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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

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

ON BEHALF OF THE BOARD:

Mr P Ippaso - Director

9 July 2026

Opinion

We have audited the financial statements of Trident 2020 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 three, 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 have determined that the principal risk areas where material irregularities could occur were related to posting manual journal entries to manipulate financial performance, revenue recognition, significant one-off or unusual transaction and going concern.

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

Our audit procedures included but were not limited to:

- A review of a sample of sales using the sales list reports in the year to ensure these were correctly recorded in revenue and detailed cut off testing around the year end to ensure revenue is correctly recognised.

- A review of laws and regulations the company is subject to and discussion with management to ensure no instances of non compliance within the year.

- Addressing the risks of fraud through management override of controls by performing journal entry testing.

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.

Mr A Turner FCA FMAAT (Senior Statutory Auditor)

for and on behalf of Mark J Rees LLP Chartered Accountants

and Statutory Auditors

Granville Hall

Granville Road

Leicester

LE1 7RU

28 July 2026

TURNOVER

3

17,240,579

17,139,256

Cost of sales

10,267,521

10,890,357

GROSS PROFIT

6,973,058

6,248,899

Administrative expenses

5,264,392

5,473,860

OPERATING PROFIT

5

1,708,666

775,039

Interest receivable and similar income

36,373

29,459

PROFIT BEFORE TAXATION

1,745,039

804,498

Tax on profit

6

315,641

87,655

PROFIT FOR THE FINANCIAL YEAR

1,429,398

716,843

Profit attributable to:

Owners of the parent

1,429,398

716,843

PROFIT FOR THE YEAR

1,429,398

716,843

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,429,398

716,843

Total comprehensive income attributable to:

Owners of the parent

1,429,398

716,843

FIXED ASSETS

Intangible assets

9

6,253

7,898

Tangible assets

10

2,291,883

2,371,883

Investments

11

-

-

2,298,136

2,379,781

CURRENT ASSETS

Stocks

12

4,680,312

5,474,181

Debtors

13

4,393,426

4,466,012

Cash at bank and in hand

3,712,670

1,277,463

12,786,408

11,217,656

CREDITORS

Amounts falling due within one year

14

4,285,207

4,103,548

NET CURRENT ASSETS

8,501,201

7,114,108

TOTAL ASSETS LESS CURRENT LIABILITIES

10,799,337

9,493,889

PROVISIONS FOR LIABILITIES

16

120,716

136,666

NET ASSETS

10,678,621

9,357,223

CAPITAL AND RESERVES

Called up share capital

17

5,001

5,001

Revaluation reserve

18

2,130,450

2,130,450

Retained earnings

18

8,543,170

7,221,772

SHAREHOLDERS' FUNDS

10,678,621

9,357,223

The financial statements were approved by the Board of Directors and authorised for issue on 9 July 2026 and were signed on its behalf by:

Mr P Ippaso - Director

FIXED ASSETS

Intangible assets

9

-

-

Tangible assets

10

2,231,997

2,276,664

Investments

11

4,879,796

4,879,796

7,111,793

7,156,460

CURRENT ASSETS

Debtors

13

302,246

116,762

Cash at bank

15,783

19,120

318,029

135,882

CREDITORS

Amounts falling due within one year

14

121,740

537,749

NET CURRENT ASSETS/(LIABILITIES)

196,289

(401,867

)

TOTAL ASSETS LESS CURRENT LIABILITIES

7,308,082

6,754,593

PROVISIONS FOR LIABILITIES

16

115,645

126,811

NET ASSETS

7,192,437

6,627,782

CAPITAL AND RESERVES

Called up share capital

17

5,001

5,001

Revaluation reserve

4,125,046

4,125,046

Retained earnings

3,062,390

2,497,735

SHAREHOLDERS' FUNDS

7,192,437

6,627,782

Company's profit for the financial year

672,655

348,402

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 9 July 2026 and were signed on its behalf by:

Mr P Ippaso - Director

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 January 2024

5,001

6,612,929

2,130,450

8,748,380

Changes in equity

Dividends

-

(108,000

)

-

(108,000

)

Total comprehensive income

-

716,843

-

716,843

Balance at 31 December 2024

5,001

7,221,772

2,130,450

9,357,223

Changes in equity

Dividends

-

(108,000

)

-

(108,000

)

Total comprehensive income

-

1,429,398

-

1,429,398

Balance at 31 December 2025

5,001

8,543,170

2,130,450

10,678,621

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 January 2024

5,001

2,257,333

4,125,046

6,387,380

Changes in equity

Dividends

-

(108,000

)

-

(108,000

)

Total comprehensive income

-

348,402

-

348,402

Balance at 31 December 2024

5,001

2,497,735

4,125,046

6,627,782

Changes in equity

Dividends

-

(108,000

)

-

(108,000

)

Total comprehensive income

-

672,655

-

672,655

Balance at 31 December 2025

5,001

3,062,390

4,125,046

7,192,437

Cash flows from operating activities

Cash generated from operations

1

2,731,045

(554,727

)

Tax paid

(65,668

)

(131,968

)

Net cash from operating activities

2,665,377

(686,695

)

Cash flows from investing activities

Purchase of intangible fixed assets

(2,394

)

-

Purchase of tangible fixed assets

(10,685

)

(3,581

)

Interest received

36,373

29,459

Net cash from investing activities

23,294

25,878

Cash flows from financing activities

Amount withdrawn by directors

(145,464

)

(45,319

)

Equity dividends paid

(108,000

)

(108,000

)

Net cash from financing activities

(253,464

)

(153,319

)

Increase/(decrease) in cash and cash equivalents

2,435,207

(814,136

)

Cash and cash equivalents at beginning of year

2

1,277,463

2,091,599

Cash and cash equivalents at end of year

2

3,712,670

1,277,463

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

2025

2024

£

£

Profit before taxation

1,745,039

804,498

Depreciation charges

94,724

101,476

Finance income

(36,373

)

(29,459

)

1,803,390

876,515

Decrease/(increase) in stocks

793,869

(1,455,309

)

Decrease in trade and other debtors

12,179

548,312

Increase/(decrease) in trade and other creditors

121,607

(524,245

)

Cash generated from operations

2,731,045

(554,727

)

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

3,712,670

1,277,463

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

1,277,463

2,091,599

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.25

Cash flow

At 31.12.25

£

£

£

Net cash

Cash at bank and in hand

1,277,463

2,435,207

3,712,670

1,277,463

2,435,207

3,712,670

Total

1,277,463

2,435,207

3,712,670

1.	STATUTORY INFORMATION

Trident 2020 Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

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

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.

Basis of consolidation

The consolidated financial statements present the results of the company and its own subsidiaries ('the group') as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

The consolidated financial statements incorporate the results of business combinations using the purchase method. In the balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated profit and loss account from the date on which control is obtained. They are deconsolidated from the date control ceases.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates

There were no areas in which the preparation of the financial statements required to make significant judgements or estimates.

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the group and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:

- the group has transferred the significant risks and rewards of ownership to the buyer;

- the group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

- the amount of turnover can be measured reliably;

- it is probable that the group will receive the consideration due under the transaction; and

- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Intangible assets

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

Patents and licences are being amortised evenly over their estimated useful life of ten years.

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

Tangible fixed assets

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

Freehold property

-

2% on cost

Long leasehold

-

25% on cost

Fixtures and fittings

-

25% on cost

Motor vehicles

-

25% on cost

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the consolidated profit and loss account.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

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

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

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

Foreign currencies

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Nonmonetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the profit and loss account.

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

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

Going concern

The financial statements show the group had net current assets of £8,501,201 and net assets of £10,678,621 at the balance sheet date.

The directors have considered the going concern position, and are satisfied that the group will continue to trade for a period of at least 12 months from the date of signing these accounts. The financial forecasts prepared by the directors show that the group will be able to comfortably operate within the facilities available.

On that basis, the directors have prepared these financial statements on a going concern basis.

3.

TURNOVER

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

An analysis of turnover by geographical market is given below:

2025

2024

£

£

United Kingdom

14,921,156

15,020,399

Europe

2,238,171

2,052,233

Rest of the World

81,252

66,624

17,240,579

17,139,256

The whole of the turnover is attributable to the sale of air compressors, welding equipment, generators and machine tools.

4.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

3,177,169

3,141,313

Social security costs

412,109

336,149

Other pension costs

328,356

176,214

3,917,634

3,653,676

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

2025

2024

Administration

43

41

Distribution

14

14

Sales

20

19

77

74

The average number of employees by undertakings that were proportionately consolidated during the year was 77 (2024 - 74 ) .

2025

2024

£

£

Directors' remuneration

162,956

218,924

Directors' pension contributions to money purchase schemes

236,000

91,500

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

Money purchase schemes

2

2