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REGISTERED NUMBER: 02020160 (England and Wales)

| FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31 DECEMBER 2025 |

| FOR |

| MASTER LOCKSMITHS ASSOCIATION |

MASTER LOCKSMITHS ASSOCIATION (REGISTERED NUMBER: 02020160) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 4 |

| MASTER LOCKSMITHS ASSOCIATION |

COMPANY INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2025

| DIRECTORS: | P R A Byrne

| S C H George

| S Hales

| P D Horton

| D Mcallister

| T Mcavoy

| P I Romanov

| C Rose

| C Taylor

| C A Stone

| REGISTERED OFFICE: | 1 Prospect Park

| Valley Drive

| Rugby

| Warwickshire

| CV21 1TF

| REGISTERED NUMBER: | 02020160 (England and Wales)

| ACCOUNTANTS: | TGFP

| Chartered Accountants

| Fulford House

| Newbold Terrace

| Leamington Spa

| Warwickshire

| CV32 4EA

MASTER LOCKSMITHS ASSOCIATION (REGISTERED NUMBER: 02020160) |

BALANCE SHEET

31 DECEMBER 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 4 | - |  | - |  |

Tangible assets | 5 | 960,367 |  | 983,125 |  |

Investments | 6 | 4 |  | 4 |  |

960,371 |  | 983,129 |  |

CURRENT ASSETS

Stocks | 2,000 |  | 2,000 |  |

Debtors | 7 | 321,131 |  | 346,609 |  |

Cash at bank and in hand | 704,975 |  | 359,861 |  |

1,028,106 |  | 708,470 |  |

CREDITORS

Amounts falling due within one year | 8 | 339,945 |  | 306,068 |  |

NET CURRENT ASSETS | 688,161 |  | 402,402 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 1,648,532 |  | 1,385,531 |  |

RESERVES

Income and expenditure account | 1,648,532 |  | 1,385,531 |  |

1,648,532 |  | 1,385,531 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

MASTER LOCKSMITHS ASSOCIATION (REGISTERED NUMBER: 02020160) |

BALANCE SHEET - continued

31 DECEMBER 2025

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 July 2026 and were signed on its behalf by:

S C H George - Director

S Hales - Director

MASTER LOCKSMITHS ASSOCIATION (REGISTERED NUMBER: 02020160) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1. | STATUTORY INFORMATION

| Master Locksmiths Association is a private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address can be found on the Company 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| 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 five 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

| Plant and machinery | - | 33% on cost and 25% on reducing balance

| Stocks

| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

| Financial instruments

| Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

MASTER LOCKSMITHS ASSOCIATION (REGISTERED NUMBER: 02020160) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

2. | ACCOUNTING POLICIES - continued

| 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.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 7 (2024 - 7 ) .

4. | INTANGIBLE FIXED ASSETS

| Other

| intangible

| assets

£ |

| COST

| At 1 January 2025

| and 31 December 2025 | 22,300 |  |

| AMORTISATION

| At 1 January 2025

| and 31 December 2025 | 22,300 |  |

| NET BOOK VALUE

| At 31 December 2025 | - |  |

| At 31 December 2024 | - |  |

5. | TANGIBLE FIXED ASSETS

| Plant and |

| Land and |  | machinery |

| buildings |  | etc |  | Totals

£ | £ | £ |

| COST

| At 1 January 2025

| and 31 December 2025 | 1,124,856 |  | 270,595 |  | 1,395,451 |  |

| DEPRECIATION

| At 1 January 2025 | 142,778 |  | 269,548 |  | 412,326 |  |

| Charge for year | 22,497 |  | 261 |  | 22,758 |  |

| At 31 December 2025 | 165,275 |  | 269,809 |  | 435,084 |  |

| NET BOOK VALUE

| At 31 December 2025 | 959,581 |  | 786 |  | 960,367 |  |

| At 31 December 2024 | 982,078 |  | 1,047 |  | 983,125 |  |

MASTER LOCKSMITHS ASSOCIATION (REGISTERED NUMBER: 02020160) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

6. | FIXED ASSET INVESTMENTS

| Other

| investments

£ |

| COST

| At 1 January 2025

| and 31 December 2025 | 4 |  |

| NET BOOK VALUE

| At 31 December 2025 | 4 |  |

| At 31 December 2024 | 4 |  |

7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade debtors | 93,782 |  | 118,921 |  |

| Amounts owed by group undertakings | 200,000 |  | 200,000 |  |

| Other debtors | 27,349 |  | 27,688 |  |

321,131 |  | 346,609 |  |

8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade creditors | 47,918 |  | 20,947 |  |

| Taxation and social security | 7,410 |  | 35,118 |  |

| Other creditors | 284,617 |  | 250,003 |  |

339,945 |  | 306,068 |  |

9. | LEASING AGREEMENTS

| Minimum lease payments under non-cancellable operating leases fall due as follows:

2025 | 2024 |

£ | £ |

| Within one year | 506 |  | 3,336 |  |

| Between one and five years | 1,054 |  | 4,793 |  |

1,560 |  | 8,129 |  |