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Registered number: 15713466 ASHTON BENTLEY TRADING LIMITED DIRECTOR'S REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD 10 MAY 2024 (DATE OF INCORPORATION) TO 31 MAY 2025
ASHTON BENTLEY TRADING LIMITED
COMPANY INFORMATION
Directors | Marc Lesnick (appointed 10 June 2024)
| Anthony Leedham (appointed 10 May 2024, resigned 10 June 2024)
| Roger McArdell (appointed 10 May 2024, resigned 10 June 2024)
Registered number | 15713466
Registered office | 23 Schooner Court,
| Crossways Business Park
| Dartford
| DA2 6NW
Independent auditors | Forvis Mazars
| Chartered Accountants & Statutory Auditors
| Mayoralty House
| Flood Street
| Galway
| Ireland
| H91 P8PR
ASHTON BENTLEY TRADING LIMITED
CONTENTS
| Page
Director's Report | 1 - 2
Independent Auditors' Report | 3 - 6
Statement of Comprehensive Income | 7
Statement of Financial Position | 8
Statement of Changes in Equity | 9
Notes to the Financial Statements | 10 - 20
ASHTON BENTLEY TRADING LIMITED
DIRECTOR'S REPORT FOR THE PERIOD 10 MAY (DATE OF INCORPORATION) TO 31 MAY 2025 The director presents his report and the financial statements for the period ended 31 May 2025.
Directors
The Directors who served during the period were:
Marc Lesnick (appointed 10 June 2024)
Anthony Leedham (appointed 10 May 2024, resigned 10 June 2024)
Roger McArdell (appointed 10 May 2024, resigned 10 June 2024)
Principal activity
The principal activity of the Company during the period was the manufacture and supply of electrical equipment and related workplace technology solutions.
Director's responsibilities statement
The director is responsible for preparing the Director's Report and the financial statements in accordance with applicable law and regulations. Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is 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 director is required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgments 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 director is 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 to enable him to ensure that the financial statements comply with the Companies Act 2006. He is 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.
Disclosure of information to auditors
The director at the time when this Director's Report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information. Page 1
ASHTON BENTLEY TRADING LIMITED
DIRECTOR'S REPORT (CONTINUED) FOR THE PERIOD 10 MAY (DATE OF INCORPORATION) TO 31 MAY 2025
Going concern
The director has assessed whether any conditions or events exist that, individually or collectively, may cast significant doubt over the Company's ability to continue as a going concern for a period of at least 12 months from the date of approval of these financial statements. The Company operates within the Kramer group structure which has a transfer pricing agreement in place under which the Company is entitled to earn a fixed margin on sales, providing a stable and predictable level of profitability. The Company and the wider Kramer Group are operationally and financially interdependent. Kramer Electronics Limited, as the parent company, has confirmed its ongoing financial support for the Company and its operations for a period of at least 12 months from the date of approval of these financial statements. Based on the Company's forecasts, cash flow projections and available financial resources, management believes that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the director considers it appropriate to prepare the financial statements on a going concern basis and have not included any adjustments that would be required if the Company were unable to continue as a going concern.
Auditors
Forvis Mazars were appointed as the Company's auditors during the period and will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
Small companies note
In preparing this report, the director has taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006. This report was approved by the board and signed on its behalf.
................................................ Marc Lesnick Director
Date: 4 August 2026
Page 2
ASHTON BENTLEY TRADING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASHTON BENTLEY TRADING LIMITED
Opinion
We have audited the financial statements of Ashton Bentley Trading Limited (the 'Company') for the period ended 31 May 2025, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, 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, except for the possible effects of the matter described in the Basis for Qualified Opinion section of our report, the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 31 May 2025 and of its profit for the period 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 Qualified Opinion
We were not appointed as auditor of the Company until after 31 May 2025 and thus did not observe the counting of physical inventories at the end of the period. We were unable to satisfy ourselves by alternative means concerning inventory quantities held at 31 May 2025. Inventory included in the Statement of Financial Position at that date amounted to £775,650. Consequently, we were unable to determine whether any adjustment to this amount was necessary. The possible effects, if any, of this matter could be material but not pervasive to the financial statements. We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 qualified 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 financial statements are authorised for issue. Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report. Page 3
ASHTON BENTLEY TRADING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASHTON BENTLEY TRADING LIMITED (CONTINUED)
Other information
The other information comprises the information included in the annual report other than the financial statements and our Auditors' Report thereon. The director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
Except for the possible effects of the matter described in the Basis for Qualified Opinion section of our report, in our opinion, based on the work undertaken in the course of the audit: •the information given in the Directors’ Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and • the Directors’ Report has 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Director's Report. Arising solely from the limitation on the scope of our work relating to inventory, referred to above: • we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and • we were unable to determine whether adequate accounting records had been kept. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: •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 • the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemption in preparing the Directors’ Report.
Responsibilities of directors
As explained more fully in the Director's Responsibilities Statement set out on page 1, the director is 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 director determines 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 director is responsible for assessing the Company's ability to continue Page 4
ASHTON BENTLEY TRADING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASHTON BENTLEY TRADING LIMITED (CONTINUED) as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
Auditors' responsibilities for the audit of the financial statements
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Based on our understanding of the Company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: anti-bribery, fraud and anti-money laundering regulation. To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to: •Inquiring of management and, where appropriate, those charged with governance, as to whether the Company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations; • Inspecting correspondence, if any, with relevant licensing or regulatory authorities; • Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and • Considering the risk of acts by the Company which were contrary to applicable laws and regulations, including fraud. We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation and the Companies Act 2006. In addition, we evaluated the Directors' and management's incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of override of controls, and determined that the principal risks were related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to revenue recognition (which we pinpointed to the cut-off assertion) and significant one-off or unusual transactions. Our audit procedures in relation to fraud included but were not limited to: • Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud; • Gaining an understanding of the internal controls established to mitigate risks related to fraud; • Discussing amongst the engagement team the risks of fraud; and • Addressing the risks of fraud through management override of controls by performing journal entry testing. There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Page 5
ASHTON BENTLEY TRADING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASHTON BENTLEY TRADING LIMITED (CONTINUED)
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 Auditors' 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. Austin Sammon (Senior Statutory Auditor) for and on behalf of Forvis Mazars Chartered Accountants & Statutory Auditors Mayoralty House Flood Street Galway Ireland H91 P8PR 4 August 2026 Page 6
ASHTON BENTLEY TRADING LIMITED
STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD 10 MAY (DATE OF INCORPORATION) TO 31 MAY 2025
| 2025
Note | £
Turnover |  | 3,079,811
Cost of sales |  | (1,670,469)
Gross profit |  | 1,409,342
Distribution costs |  | (788,311)
Administrative expenses |  | (587,397)
Other operating income |  | 343
Operating profit |  | 33,977
Interest payable and similar expenses |  | (3,638)
Profit before tax |  | 30,339
Tax on profit | 4 | (7,562)
Profit for the financial period |  | 22,777
There were no recognised gains and losses for period ended 31 May 2025 other than those included in the statement of comprehensive income. The Statement of Comprehensive Income has been prepared on the basis that all operations are continuing operations.
The notes on pages 10 to 20 form part of these financial statements.
Page 7
ASHTON BENTLEY TRADING LIMITED REGISTERED NUMBER:15713466
STATEMENT OF FINANCIAL POSITION AS AT 31 MAY 2025
|  | 2025
Note |  | £
Fixed assets |  |  |
Tangible assets | 5 |  | 19,390
|  |  | 19,390
Current assets |  |  |
Stocks | 6 | 775,650 |
Debtors: amounts falling due within one year | 7 | 243,269 |
Cash at bank and in hand | 8 | 110,348 |
|  | 1,129,267 |
Creditors: amounts falling due within one year | 9 | (1,121,031) |
Net current assets |  |  | 8,236
Total assets less current liabilities |  |  | 27,626
Provisions for liabilities |  |  |
Deferred tax | 10 | (4,848) |
|  |  | (4,848)
Net assets |  |  | 22,778
Capital and reserves |  |  |
Called up share capital | 11 |  | 1
Profit and loss account | 12 |  | 22,777
Total equity |  |  | 22,778
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................ Marc Lesnick
Director
Date: 4 August 2026
The notes on pages 10 to 20 form part of these financial statements. Page 8
ASHTON BENTLEY TRADING LIMITED
STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 31 MAY 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
Profit for the period | - | 22,777 | 22,777
Total comprehensive income for the period | - | 22,777 | 22,777
Contributions by and distributions to owners |  |  |
Shares issued during the period | 1 | - | 1
At 31 May 2025 | 1 | 22,777 | 22,778
| The notes on pages 10 to 20 form part of these financial statements.
Page 9
ASHTON BENTLEY TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD 10 MAY (DATE OF INCORPORATION) TO 31 MAY 2025
1. | General information
Ashton Bentley Trading Limited is a private company limited by shares incorporated in England and wales. The address of its registered office is 23 Schooner Court, Crossways Business Park, Dartford, United Kingdom, DA2 6NW. The Company was incorporated on 10 May 2024, and commenced trading thereafter. The principal activity of the Company during the period was the manufacture and supply of electrical equipment and related workplace technology solutions. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared on a going concern basis under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The disclosure requirements of Section 1A of FRS102 have been applied. The following principal accounting policies have been applied:
| 2.2 | Going concern
The director has assessed whether any conditions or events exist that, individually or collectively, may cast significant doubt over the Company's ability to continue as a going concern for a period of at least 12 months from the date of approval of these financial statements. The Company operates within the Kramer group structure which has a transfer pricing agreement in place under which the Company is entitled to earn a fixed margin on sales, providing a stable and predictable level of profitability. The Company and the wider Kramer Group are operationally and financially interdependent. Kramer Electronics Limited, as the parent company, has confirmed its ongoing financial support for the Company and its operations for a period of at least 12 months from the date of approval of these financial statements. Based on the Company's forecasts, cash flow projections and available financial resources, management believes that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the director considers it appropriate to prepare the financial statements on a going concern basis and have not included any adjustments that would be required if the Company were unable to continue as a going concern. Page 10
ASHTON BENTLEY TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD 10 MAY (DATE OF INCORPORATION) TO 31 MAY 2025 2.Accounting policies (continued)
| 2.3 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances 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. Non-monetary 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 profit or loss.
| 2.4 | Revenue
Turnover is recognised when (or as) the Company satisfies a performance obligation by transferring control of goods or services to a customer. Turnover is measured at the amount of consideration to which the Company expects to be entitled in exchange for those goods or services, excluding discounts, rebates, value added tax and other sales taxes. Revenue is recognised only when it is probable that the economic benefits associated with the transaction will flow to the Company and the amount can be measured reliably. Sale of goods Revenue from the sale of goods is recognised when control of the goods passes to the customer. This is generally determined by reference to the contractual terms of sale and when all of the following conditions are satisfied: ∙the customer has an obligation to pay for the goods; ∙legal title to the goods has transferred to the customer; ∙physical possession of the goods has transferred to the customer; ∙the significant risks and rewards of ownership have transferred to the customer; and ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold.
| 2.5 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Page 11
ASHTON BENTLEY TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD 10 MAY (DATE OF INCORPORATION) TO 31 MAY 2025 2.Accounting policies (continued)
| 2.6 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.7 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
| 2.8 | Current and deferred taxation
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. 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 income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
| 2.9 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Page 12
ASHTON BENTLEY TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD 10 MAY (DATE OF INCORPORATION) TO 31 MAY 2025 2.Accounting policies (continued)
| 2.9 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Computer equipment | - | 33% |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.10 | 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 weighted average basis. Work in progress and finished goods include labour and attributable overheads. At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its net realisable value which is the selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.11 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.12 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.13 | Financial instruments
Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Page 13
ASHTON BENTLEY TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD 10 MAY (DATE OF INCORPORATION) TO 31 MAY 2025 2.Accounting policies (continued)
| 2.13 | Financial instruments (continued)
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Basic financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Page 14
ASHTON BENTLEY TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD 10 MAY (DATE OF INCORPORATION) TO 31 MAY 2025 2.Accounting policies (continued)
| 2.13 | Financial instruments (continued)
Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
3. | Employees
| The average monthly number of employees, including the director, during the period was 14.
4. | Taxation
|  |  |  |  | 31 May
|  |  |  |  | 2025
|  |  |  |  | £
| Corporation tax |
| Current tax on profits for the year | 2,714
| Total current tax | 2,714
| Deferred tax |
| Origination and reversal of timing differences | 4,848
| Total deferred tax | 4,848
| Tax on profit | 7,562
Page 15
ASHTON BENTLEY TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD 10 MAY (DATE OF INCORPORATION) TO 31 MAY 2025 4.Taxation (continued)
| Factors affecting tax charge for the period
| The tax assessed for the period is lower than the standard rate of corporation tax in the UK of 25%. The differences are explained below:
|  |  |  |  | 31 May
|  |  |  |  | 2025
|  |  |  |  | £
| Profit on ordinary activities before tax | 30,339
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% | 7,585
| Effects of: |
| Capital allowances for period in excess of depreciation | (4,848)
| Other differences leading to an increase (decrease) in the tax charge | 4,848
| Marginal relief | (23)
| Total tax charge for the period | 7,562
5. | Tangible fixed assets
|  | Computer equipment
|  | £
| Cost |
| Additions | 25,862
| At 31 May 2025 | 25,862
| Depreciation |
| Charge for the period | 6,472
| At 31 May 2025 | 6,472
| Net book value |
| At 31 May 2025 | 19,390
Page 16
ASHTON BENTLEY TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD 10 MAY (DATE OF INCORPORATION) TO 31 MAY 2025
6. | Stocks
|  |  |  |  | 2025
|  |  |  |  | £
| Raw materials and consumables | 76,652
| Finished goods and goods for resale | 698,998
|  | 775,650
7. | Debtors
|  |  |  |  | 2025
|  |  |  |  | £
| Trade debtors | 14,969
| Amounts owed by group undertakings | 3,373
| Tax recoverable | 160,087
| Prepayments | 64,840
|  | 243,269
| No provision for impairment of trade debtors has been recognised during the period. Amounts owed by group undertakings are interest free, have no fixed repayment date and are repayable on demand.
8. | Cash and cash equivalents
|  |  |  |  | 2025
|  |  |  |  | £
| Cash at bank | 110,348
|  | 110,348
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ASHTON BENTLEY TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD 10 MAY (DATE OF INCORPORATION) TO 31 MAY 2025
9. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025
|  |  |  |  | £
| Trade creditors | 622,415
| Amounts owed to group undertakings | 425,261
| Corporation tax | 2,714
| Other taxation and social security | 23,839
| Other creditors | 12,055
| Accruals | 34,747
|  | 1,121,031
| Amounts owed to group undertakings are interest free, have no fixed repayment date and are repayable on demand.
10. | Deferred taxation
|  | 2025
|  | £
| Charged to profit or loss | 4,848
| At end of year | 4,848
| The deferred taxation balance is made up as follows:
|  |  |  |  | 2025
|  |  |  |  | £
| Accelerated capital allowances | 4,848
|  | 4,848
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ASHTON BENTLEY TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD 10 MAY (DATE OF INCORPORATION) TO 31 MAY 2025
11. | Share capital
|  |  |  |  | 2025
|  |  |  |  | £
|  | Authorised, allotted, called up and fully paid |
|  | 1 Ordinary share of £1.00 | 1
The Company was incorporated during the period, at which time 1 ordinary share of £1 each was issued and fully paid. The ordinary share carries one vote per share and ranks equally for dividends and distributions on a winding up.
12. | Reserves
Profit and loss account The profit and loss account includes all current period retained profits and losses.
13. | Commitments under operating leases
| At 31 May 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025
|  |  |  |  | £
| Not later than 1 year | 90,000
| Later than 1 year and not later than 5 years | 166,192
|  | 256,192
14. | Related party transactions
| The Company has taken advantage of the exemption under FRS 102 Section 33.1A not to disclose related party transactions with other wholly owned members of the group.
15. | Post balance sheet events
There have been no significant events affecting the Company after the reporting period. Page 19
ASHTON BENTLEY TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD 10 MAY (DATE OF INCORPORATION) TO 31 MAY 2025
16. | Controlling party
During the period the Company was acquired by Kramer Electronics Ltd. As at 31 May 2025, the Company's immediate parent undertaking is Kramer Electronics Ltd, a company incorporated in Israel whose address is: 2 Negev Street, Airport City, Israel. The ultimate controlling party is Kramer Electronics Holdings Ltd.
17. | Period of financial statements
The financial statements are for the period from incorporation on 10 May 2024 to 31 May 2025.
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