Company registration number 02319033 (England and Wales)
SHIMANO UK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
SHIMANO UK LIMITED
COMPANY INFORMATION
Directors
Mr I Latham
Mr W J Bassett
Mr R G Maude
(Appointed 1 January 2026)
Secretary
Mr C Lahouste
Company number
02319033
Registered office
Unit 2 Elm Court
Copse Drive
Coventry
United Kingdom
CV5 9RG
Auditor
Azets Audit Services
St Davids Court
Union Street
Wolverhampton
West Midlands
United Kingdom
WV1 3JE
SHIMANO UK LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Income statement
9
Statement of financial position
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 25
SHIMANO UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

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

Principal activities

The principal activity of the company continued to be that of selling and distribution of fishing and bicycle equipment.

Review of the business

2025 2024

£'000 £'000

Revenue 6,014 5,151

Gross Profit 2,014 1,967

Gross Profit as % of Revenue 33.5% 38.2%

Operating profit 189 146

Profit for the year 163 133

Shareholders equity 1,803 2,244

Average number of employees 16 17

2025 shows an improvement of 16.7% in revenue compared to 2024. With the primary challenges of 2024 largely dealt with, there was a clear improvement in the 2 nd half of 2025 regarding shipping speeds and customs clearances meaning additional daily business was once again established.

However, the demand for product still outstripped the ability to supply on time and in full due to factory capacity not coping with the volume of orders received.

During the year new product launches were successful in boosting sales to new and existing customers and encouraged more consumer activity, primarily on reels and rods. The market throughout 2025 showed that key accounts continued to be the strongest factor in the sales growth when compared with 2024.

The directors are pleased at the positive result for the period and the strong management of the debt levels, clearly representing a good performance for the year

SHIMANO UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
Principal risks and uncertainties

The principal risks and uncertainties facing the company are liquidity risk, interest rate risk, market risk, credit risk and foreign currency risk. The directors review and agree policies for managing each of these risks and they are summarised below:

Financial instruments

The company uses various financial instruments which include bank balances and various items such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the company's operations. The main risks arising from the company's financial instruments are liquidity risk, credit risk and foreign currency risk. The directors review and agree policies for managing each of these risks and they are summarised below.

Liquidity risk

The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitability.

The company finances its investments in tangible fixed assets primarily through cash balances held. Trade debtors are managed in respect of credit and cash flow risk by policies in place concerning the credit offered to customers and regular monitoring of amounts outstanding for both time and credit limits.

Development and performance

Managed by ensuring payment terms are managed to aid cashflow where necessary.

Interest rate risk

The company finances its operations through a combination of retained profits and cash reserves and therefore does not have any interest rate risk.

Market risk

Trading conditions are challenging due to aggressive discounting by some larger brands. The consumer has less disposable income available for luxury items.

Credit risk

The company's principal financial assets are cash and trade debtors. The principal credit risk arises from its trade debtors. In order to manage credit risk the directors set limits for customers based on a combination of payment history and third party credit references. Credit limits are reviewed by the credit controller on a regular basis in conjunction with debt ageing and collection history.

SHIMANO UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -
Key performance indicators

Foreign currency risk

The company is exposed to currency risk on sales and purchases that are denominated in a currency other than the functional currency of the company (GBP). The currencies in which these transactions are primarily denominated are EUR. The company is exposed to currency risk on sales and purchases that are denominated in a currency other than the functional currency of the company, Pound Sterling (GBP). The currencies in which these transactions are primarily denominated are the Euro (EUR). There is a risk to the company as purchases are made primarily in EUR whereas sales in EUR represent a small proportion of revenue.

The company manages this risk through natural hedging arrangements, in addition to utilising group companies for purchase of goods as far as possible allowing fluctuation in currency to be managed.

Foreign exchange risk arises from various currency exposures, primarily with respect to movements between the Euro (EUR) and Pound Sterling (GBP). The company manages this risk through natural hedging arrangements.

Capital management

The company's objectives when managing capital are to safeguard the company's ability to continue as going concern, so that it can continue to provide returns for shareholders and benefits for other stakeholders.

The company sets the amount of capital in proportion to risk. The company manages the capital structure and adjusts it in the light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the company may adjust the number of dividends paid to shareholders, return capital, or issue new shares.

On behalf of the board

Mr R G Maude
Director
23 April 2026
SHIMANO UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -

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

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £604,331 (2024 £Nil). T he directors do not recommend payment of a final dividend.

Directors

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

Mr I Latham
Mr W J Bassett
Mr J C M Van Rooij
(Resigned 9 December 2025)
Mr R G Maude
(Appointed 1 January 2026)
Statement of disclosure to auditor

Each director in office at the date of approval of this annual report confirms that:

- so far as the director is aware, there is no relevant audit information of which the company's auditor is unaware, and

- the director has taken all the 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 auditor is aware of that information.

This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.

On behalf of the board
Mr R G Maude
Director
23 April 2026
SHIMANO UK LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 5 -

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom. 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, International Accounting Standard 1 requires that directors:

- properly select and apply accounting policies;

- present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information;

- provide additional disclosures when compliance with the specific requirements in IFRSs are insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity's financial position and financial performance; and

- make an assessment of the company's ability to continue as a going concern.

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.

SHIMANO UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SHIMANO UK LIMITED
- 6 -
Opinion

We have audited the financial statements of Shimano UK Limited (the 'company') for the year ended 31 December 2025 which comprise the income statement, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and UK adopted international accounting standards.

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 UK adopted international accounting standards; and

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the directors' r eport for the financial year 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.

SHIMANO UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SHIMANO UK LIMITED (CONTINUED)
- 7 -
Matters on which we are required to report by exception

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

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:

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

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

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

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

Responsibilities of directors

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

Auditor's responsibilities for the audit of the financial statements

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

A further description of our responsibilities is available on the Financial Reporting Council's website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

SHIMANO UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SHIMANO UK LIMITED (CONTINUED)
- 8 -

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 and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;

- Reviewing minutes of meetings of those charged with governance;

- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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.

Lee Meredith BFP ACA (Senior Statutory Auditor)
For and on behalf of Azets Audit Services, Statutory Auditor
Chartered Accountants
St Davids Court
Union Street
Wolverhampton
West Midlands
WV1 3JE
24 April 2026
SHIMANO UK LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 9 -
2025
2024
Notes
£
£
Revenue
3
6,014,467
5,151,518
Cost of sales
(4,000,506)
(3,184,359)
Gross profit
2,013,961
1,967,159
Administrative expenses
(1,824,862)
(1,820,301)
Operating profit
4
189,099
146,858
Investment revenues
7
37,590
39,128
Finance costs
8
(7,848)
(8,454)
Profit before taxation
218,841
177,532
Income tax expense
9
(55,960)
(43,984)
Profit and total comprehensive income for the year
162,881
133,548
SHIMANO UK LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2025
31 December 2025
- 10 -
2025
2024
Notes
£
£
Non-current assets
Property, plant and equipment
11
182,447
202,768
Deferred tax asset
16
-
0
537
182,447
203,305
Current assets
Inventories
12
42,815
62,818
Trade and other receivables
13
329,993
533,174
Cash and cash equivalents
2,430,352
2,347,177
2,803,160
2,943,169
Current liabilities
Trade and other payables
14
867,694
571,511
Current tax liabilities
11,410
17,635
Lease liabilities
15
68,342
63,743
Provisions
17
102,586
84,938
1,050,032
737,827
Net current assets
1,753,128
2,205,342
Non-current liabilities
Lease liabilities
15
132,388
164,437
Deferred tax liabilities
16
427
-
0
132,815
164,437
Net assets
1,802,760
2,244,210
Equity
Called up share capital
19
1,000,000
1,000,000
Retained earnings
802,760
1,244,210
Total equity
1,802,760
2,244,210
The financial statements were approved by the board of directors and authorised for issue on 23 April 2026 and are signed on its behalf by:
Mr R G Maude
Director
Company registration number 02319033 (England and Wales)
SHIMANO UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
Share capital
Retained earnings
Total
Notes
£
£
£
Balance at 1 January 2024
1,000,000
1,110,662
2,110,662
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
133,548
133,548
Balance at 31 December 2024
1,000,000
1,244,210
2,244,210
Year ended 31 December 2025:
Profit and total comprehensive income for the year
-
162,881
162,881
Transactions with owners in their capacity as owners:
Dividends
10
-
(604,331)
(604,331)
Balance at 31 December 2025
1,000,000
802,760
1,802,760
SHIMANO UK LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 12 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
22
798,970
433,437
Interest paid
(7,848)
(8,454)
Income taxes paid
(61,221)
(99,355)
Net cash inflow from operating activities
729,901
325,628
Investing activities
Purchase of property, plant and equipment
(54,851)
(52,900)
Proceeds from disposal of property, plant and equipment
2,316
-
0
Interest received
37,590
39,128
Net cash used in investing activities
(14,945)
(13,772)
Financing activities
Payment of lease liabilities
(27,450)
(2,508)
Dividends paid
(604,331)
-
0
Net cash used in financing activities
(631,781)
(2,508)
Net increase in cash and cash equivalents
83,175
309,348
Cash and cash equivalents at beginning of year
2,347,177
2,037,829
Cash and cash equivalents at end of year
2,430,352
2,347,177
SHIMANO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 13 -
1
Accounting policies
Company information

Shimano UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 2 Elm Court, Copse Drive, Coventry, United Kingdom, CV5 9RG. The company's principal activities and nature of its operations are disclosed in the directors' report.

1.1
Accounting convention

The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS, except as otherwise stated.

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

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

1.2
Going concern

The directors have at the time of approving the financial statements, a reasonable expectation that the true company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

The directors have prepared cash flow forecasts for a period of 12 months from the date of approval of these financial statements which indicate that, taking into account of reasonably plausible downsides, the Company will have sufficient funds to meet its liabilities as they fall due for that period. In particular, the directors have taken into consideration cashflow projections from potential stress scenarios including a 30% reduction in revenue from customers whilst the associated costs remain in line with current levels.

Consequently, the directors believe the Company has more than sufficient liquidity to manage through a range of different cashflow scenarios over the foreseeable future. Therefore, the Board has a reasonable expectation that the Company has adequate resources to continue in operational existence for a period of not less than 12 months from the date of this report. For this reason, the Company continues to adopt the going concern basis of accounting in preparation of these financial statements.

1.3
Revenue

Revenue is recognised to the extent that it is probably that the economic benefits will flow to the Company and the revenue can be reliably measured, regardless of when the payment is being made.

Revenue is measured at the fair value of the consideration received or receivable, taking into account contractually defined terms of payment and excluding taxes or duty.

The company acts as principal in revenue transactions as they both control the transactions and bear the overall risks and rewards of the transactions. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, usually on receipt of the goods by the customer.

SHIMANO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 14 -
1.4
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
between 3 and 7 years
Plant and equipment
3 years
Right of Use Asset
over the lease term
1.5
Impairment of tangible and intangible assets

At each reporting end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Inventories

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost 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.

1.7
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

SHIMANO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 15 -
1.8
Financial assets

Trade receivables and debt securities issued are initially recongised when they are originated. All other finanicial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs. A trade receivable withou a significant financing component is initially measured at the transaction price.

Financial assets at fair value through profit or loss

When any of the above-mentioned conditions for classification of financial assets is not met, a financial asset is classified as measured at fair value through profit or loss. Financial assets measured at fair value through profit or loss are recognized initially at fair value and any transaction costs are recognised in profit or loss when incurred. A gain or loss on a financial asset measured at fair value through profit or loss is recognised in profit or loss, and is included within finance income or finance costs in the statement of income for the reporting period in which it arises.

Financial assets held at amortised cost

Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.

Financial assets at fair value through other comprehensive income

Debt instruments are classified as financial assets measured at fair value through other comprehensive income where the financial assets are held within the company’s business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

A debt instrument measured at fair value through other comprehensive income is recognised initially at fair value plus transaction costs directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognised through other comprehensive income are directly transferred to profit or loss when the debt instrument is derecognised.

The company has made an irrevocable election to recognize changes in fair value of investments in equity instruments through other comprehensive income, not through profit or loss. A gain or loss from fair value changes will be shown in other comprehensive income and will not be reclassified subsequently to profit or loss. Equity instruments measured at fair value through other comprehensive income are recognized initially at fair value plus transaction cost directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognized through other comprehensive income are directly transferred to retained earnings when the equity instrument is derecognized or its fair value substantially decreased. Dividends are recognized as finance income in profit or loss.

SHIMANO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 16 -
Impairment of financial assets

Financial assets carried at amortised cost and FVOCI are assessed for indicators of impairment at each reporting end date.

The expected credit losses associated with these assets are estimated on a forward-looking basis. A broad range of information is considered when assessing credit risk and measuring expected credit losses, including past events, current conditions, and reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.

When determing whether the credit risk of a financial asset has increased significantly since intial recognition and when estimating expected credit losses, the company considers reasonable and supportable information tat is relevant and aveliable without undue effort and cost. This includes both quantitiave and qualitative information and analysis based on the company's historical experience and informed credit assessment and including forward looking information.

Lifetime expected creditor lossses are the expected credit losses that result from all possible default events over the expected life of a financial instrument.

12 month expected credit losses are the portion of expected credit losses that result from default events that are possible within 12 months after the reporting date (or a shorter period if the expected liste of the instrument is less than 12 months)

The maximum period considered when estimating expected credit losses is the maximum contractual period over which the compamny is exposed to credit risk

Credit impaired financial assets

At each reporting date, the company assess whether financial assets carried at amortised cost and debt securitivate at FVOCI are credit impaired. A financial asset is "credit-impaired" when one of more events that have a detrimental impact on tthe estimated future cash flows of the finacnial assets have occured.

Write offs

The gross carrying amount of a financial asset is written off (either partially or in full) to the extent that ther eis no realistic prospect of recovery

Subsequent measurement and gains and losses

Financial assets at FVPL - these assets (other than derivatives designied as hedging instruments) are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

1.9
Financial liabilities

The company recogni s es financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

Other financial liabilities

Other financial liabilities, including borrowings, t rade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

SHIMANO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 17 -
Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

1.10
Taxation

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

Current tax

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

Deferred tax

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.11
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event and it is probable that the company will be required to settle that obligation, and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows.

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

A provision is reconigsed in the balance sheet when the Company has a present legal or constructive obligation as a result of a past event, that can be be reliably measured and it is probably that an outflow of economic benefits will be required to settle the obligation. Provisions are detmined by discounintg the expected future cash flows at a pre-tax rate that reflects risks specific to the liability

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

At inception, the company assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the company recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within property, plant and equipment, apart from those that meet the definition of investment property.

SHIMANO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 18 -

The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the commencement date plus any initial direct costs and an estimate of the cost of obligations to dismantle, remove, refurbish or restore the underlying asset and the site on which it is located, less any lease incentives received.

The right-of-use asset is subsequently adjusted for remeasurements of the lease liability and applies the relevant cost model, fair value model or revaluation model as set out within the accounting policies for the applicable asset class. Where the cost model is applied, the asset is depreciated from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term, and is periodically reduced by impairment losses, if any.

The lease liability is initially measured at the present value of the lease payments that are unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the company's incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed payments, variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee, and the cost of any options that the company is reasonably certain to exercise, such as the exercise price under a purchase option, lease payments in an optional renewal period, or penalties for early termination of a lease.

The lease liability is measured at amortised cost using the effective interest method. It is re assessed at each financial period end to reflect lease modifications and any changes to the factors considered at initial measurement, as set out above. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

The company has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Non-montary assets and liabilities denominated in foreign currencies that are stated at fair value are retranslated to the functional currency at foreign exchange rate ruling at the dates the fair value was determined.

2
Critical accounting estimates and judgements

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

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

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

SHIMANO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 19 -
3
Revenue
2025
2024
£
£
Revenue analysed by class of business
Sale of goods
6,014,467
5,151,518
2025
2024
£
£
Revenue analysed by geographical market
United Kingdom
5,846,688
4,996,695
Ireland
167,779
154,823
6,014,467
5,151,518
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses
49,921
11,457
Depreciation of property, plant and equipment
72,856
104,928
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Management
4
4
Administration
7
6
Sales
5
7
Total
16
17

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
747,802
698,068
Social security costs
76,705
54,914
Pension costs
27,916
29,185
852,423
782,167
SHIMANO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 20 -
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
110,113
113,593
7
Investment income
2025
2024
£
£
Interest income
Financial instruments measured at amortised cost:
Bank deposits
37,590
39,128
Income above relates to assets held at amortised cost, unless stated otherwise.
8
Finance costs
2025
2024
£
£
Interest on bank overdrafts and loans
7,848
8,454
9
Income tax expense
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
54,531
56,458
Adjustments in respect of prior periods
465
-
0
Total UK current tax
54,996
56,458
Deferred tax
Origination and reversal of temporary differences
964
(12,474)
Total tax charge
55,960
43,984
SHIMANO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
9
Income tax expense
(Continued)
- 21 -

The charge for the year can be reconciled to the profit per the income statement as follows:

2025
2024
£
£
Profit before taxation
218,841
177,532
Expected tax charge based on a corporation tax rate of 25.00% (2024: 25.00%)
54,710
44,384
Effect of expenses not deductible in determining taxable profit
2,023
-
0
Income not taxable
(2,720)
-
0
Adjustment in respect of prior years
125
-
0
Other non taxable items
1,822
(400)
Taxation charge for the year
55,960
43,984
10
Dividends
2025
2024
2025
2024
Amounts recognised as distributions:
per share
per share
Total
Total
£
£
£
£
Ordinary Shares
Final dividend paid
0.60
-
604,331
-
0
11
Property, plant and equipment
Plant and equipment
Fixtures and fittings
Right of Use Asset
Total
£
£
£
£
Cost
At 1 January 2024
156,467
521,000
576,699
1,254,166
Additions
900
-
0
52,000
52,900
At 31 December 2024
157,367
521,000
628,699
1,307,066
Additions
7,643
1,080
46,128
54,851
Disposals
(115,054)
(482,557)
-
0
(597,611)
At 31 December 2025
49,956
39,523
674,827
764,306
Accumulated depreciation and impairment
At 1 January 2024
143,145
488,000
368,225
999,370
Charge for the year
4,882
30,751
69,295
104,928
At 31 December 2024
148,027
518,751
437,520
1,104,298
Charge for the year
2,265
1,013
69,578
72,856
Eliminated on disposal
(115,054)
(480,241)
-
0
(595,295)
At 31 December 2025
35,238
39,523
507,098
581,859
SHIMANO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
11
Property, plant and equipment
Plant and equipment
Fixtures and fittings
Right of Use Asset
Total
£
£
£
£
(Continued)
- 22 -
Carrying amount
At 31 December 2025
14,718
-
167,729
182,447
At 31 December 2024
9,340
2,249
191,179
202,768
12
Inventories
2025
2024
£
£
Finished goods
42,815
62,818
13
Trade and other receivables
2025
2024
£
£
Trade receivables
270,700
291,070
Amounts owed by fellow group undertakings
18,701
205,077
Other receivables
832
3,099
Prepayments
39,760
33,928
329,993
533,174

All amounts owed to group undertakings are due on demand and are non-interest bearing

14
Trade and other payables
2025
2024
£
£
Trade payables
14,985
9,811
Amounts owed to fellow group undertakings
458,617
204,774
Accruals
158,140
147,020
Social security and other taxation
235,952
209,906
867,694
571,511
SHIMANO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 23 -
15
Lease liabilities
2025
2024
Maturity analysis of lease payments
£
£
Within one year
68,342
63,743
In two to five years
132,388
164,437
Total undiscounted liabilities
200,730
228,180

Lease liabilities are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:

2025
2024
£
£
Current liabilities
68,342
63,743
Non-current liabilities
132,388
164,437
200,730
228,180
16
Deferred taxation
Liabilities
Assets
2025
2024
2025
2024
£
£
£
£
Deferred tax balances
427
-
0
-
0
537

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon during the current and prior reporting period.

Fixed asset timing differences
£
Liability at 1 January 2024
6,772
Deferred tax movements in prior year
Charge/(credit) to profit or loss
(7,309)
Asset at 1 January 2025
(537)
Deferred tax movements in current year
Charge/(credit) to profit or loss
964
Liability at 31 December 2025
427
SHIMANO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 24 -
17
Provisions for liabilities
2025
2024
£
£
102,586
84,938
All provisions are expected to be settled within 12 months from the reporting date.
Movements on provisions:
£
At 1 January 2025
84,938
Additional provisions in the year
17,648
At 31 December 2025
102,586
18
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
27,916
29,185

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

19
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
1,000,000
1,000,000
1,000,000
1,000,000
20
Capital risk management

The company is not subject to any externally imposed capital requirements.

21
Controlling party

The Company is a subsidiary undertaking of Shimano Inc which is the ultimate parent company incorporated in Japan. The ultimate controlling party are the shareholders of Shimano Inc.

The largest group in which the results of the Company are consolidated is that headed by Shimano Inc, whose registered office is 3-77 Oimatsu-cho, Sakai-ku, Osaka 590-8577, Japan. No other group financial statements include the results of the company. The consolidated financial statements of this group is available to the public and may be obtained from its registered office.

SHIMANO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 25 -
22
Cash generated from operations
2025
2024
£
£
Profit for the year before taxation
218,841
177,532
Adjustments for:
Finance costs
7,848
8,454
Investment income
(37,590)
(39,128)
Depreciation and impairment of property, plant and equipment
72,856
104,928
Increase in provisions
17,648
84,938
Movements in working capital:
Decrease in inventories
20,003
748
Decrease/(increase) in trade and other receivables
203,181
(39,099)
Increase in trade and other payables
296,183
135,064
Cash generated from operations
798,970
433,437
23
Analysis of changes in net funds
1 January 2025
Cash flows
31 December 2025
£
£
£
Cash at bank and in hand
2,347,177
83,175
2,430,352
Lease liabilities
(228,180)
27,450
(200,730)
2,118,997
110,625
2,229,622
1 January 2024
Cash flows
31 December 2024
Prior year:
£
£
£
Cash at bank and in hand
2,037,829
309,348
2,347,177
Lease liabilities
(230,688)
2,508
(228,180)
1,807,141
311,856
2,118,997
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