Company registration number 02710372 (England and Wales)
STRAND EUROPE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
STRAND EUROPE LIMITED
COMPANY INFORMATION
Directors
Mrs A Suri
Ms N Whitall
Secretary
Ms N Whitall
Company number
02710372
Registered office
207 3rd Floor
Regent Street
London
W1B 3HH
Auditor
Alliotts LLP
3 London Square
Cross Lanes
Guildford
GU1 1UJ
STRAND EUROPE LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 5
Independent auditor's report
6 - 8
Income statement
9
Consolidated statement of comprehensive income
10
Consolidated statement of financial position
11
Company statement of financial position
12
Consolidated statement of changes in equity
13
Company statement of changes in equity
14
Consolidated statement of cash flows
15
Company statement of cash flows
16
Notes to the financial statements
17 - 35
STRAND EUROPE 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 and group continued to be that of the sales and marketing of Kodak branded batteries, flash lights and headphones.

Review of the business

Overview

Group continues to focus on the sales and marketing of Kodak-branded batteries and flashlights across international markets.

Business Performance

2025 represented a transitional year following strong performance in 2024. Revenue declined to £46.6m (2024: £53.1m) with operating profit of £2.05m (2024: £4.01m). Profit before tax was £3.14m and net profit remained stable at £2.50m. The decline reflects softer demand and increased cost pressures, although core battery sales continued to dominate revenue contribution.

Key Drivers

• Reduced consumer spending driven by cost-of-living pressures

• Increased competition across retail channels

• Factory cost inflation and FX impacts

• Continued investment in building out our sales structure

Financial Position

The Group maintains a strong balance sheet with net assets of £13.7m. Cash reduced to £7.1m due to weaker operating cash flow (£1.69m outflow), primarily driven by working capital movements and lower profitability.

Principal risks and uncertainties

• Inflation and reduced consumer demand

• Cost of good raw material cost increases

• Supply chain and geopolitical risks

• Foreign exchange volatility (USD/CNY exposure)

• Increasing price competition

Development and performance

Strategy & Outlook

The Group expects continued short-term pressure but remains focused on strengthening retail execution, expanding the core battery category, driving cost efficiencies and investing in key markets. The Directors remain confident in the long-term fundamentals supported by strong brand positioning and global distribution.

Stakeholder Focus

The Group continues to prioritise employees, maintain close supplier relationships and actively engage customers to support sustainable growth and long-term value creation.

Key performance indicators

The Board monitors the progress of the group by reference to the following points:

2025 2024

Revenue 4 6.6 m 5 3.1 m

Gross margin 22.8% 27.4%

Operating profit 2.1m 4.0m

Net profit 2.5m 2.5m

STRAND EUROPE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
Promoting the success of the company

Under s172 of the Companies Act 2006 directors of UK companies have a duty to promote the success of their company for the benefit of the members as a whole and, in doing so, have regard to:

- The likely consequences of any decision in the long term;

- The interests of the company’s employees:

- The need to foster the company’s business relationships with suppliers, customers and others;

- The impact of the company’s operations on the community and the environment;

- The desirability of the company maintaining a reputation for high standards of business conduct; and

- The need to act fairly as between members of the company.

The Directors of Strand Europe Limited consider the following areas to be of key importance in their fulfilment of this duty:

- Interest of company employees is of paramount importance. Staff at all levels are encouraged to express their concern and make recommendations to improve performance. We have away days to build team spirit.

- Hong Kong staff is in regular contact with all our suppliers to ensure prompt delivery and that the product is manufactured to our specification. Top management visit our suppliers regularly, although, recently this has not been possible due to Covid.

- Sales staff is in regular touch with all our customers and make sure they are encouraged and incentivised to sell our merchandise.

On behalf of the board

Ms N Whitall
Director
7 August 2026
STRAND EUROPE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -

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 £2,245,000. The directors do not recommend payment of a further dividend.

Directors

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

Mrs A Suri
Ms N Whitall
Financial instruments

The company’s operations expose it to a variety of financial risks, including credit risk, liquidity risk, and foreign currency risk. The company uses financial instruments to manage these exposures where appropriate.

The company’s principal financial instruments comprise trade receivables, trade payables, cash and cash equivalents, and forward foreign exchange contracts. The main purpose of these financial instruments is to finance the company’s operations, manage working capital, and mitigate exposure to foreign exchange fluctuations.

Liquidity risk

Liquidity risk is managed by maintaining sufficient cash balances and access to financing facilities to meet liabilities as they fall due. The directors are satisfied that the company has adequate resources to continue in operational existence for the foreseeable future.

Foreign currency risk

The company is exposed to foreign currency risk as a result of purchasing goods from overseas suppliers, principally in US Dollars (USD) and Chinese Yuan (CNY). To mitigate this risk, the company enters into forward foreign exchange contracts to fix the cost of these purchases in Sterling. The directors monitor foreign currency exposures on an ongoing basis and believe that the use of forward contracts provides an effective means of managing this risk.

Credit risk

The company’s exposure to credit risk arises from its trade receivables. The directors monitor outstanding balances closely and believe that the company’s credit risk is appropriately managed.

STRAND EUROPE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -
Business relationships

The directors recognise that strong and sustainable relationships with suppliers, customers and other stakeholders are critical to the long-term success of the company.

Suppliers

The company sources a significant proportion of its products from overseas suppliers, particularly in China. The directors maintain regular dialogue with key suppliers to ensure continuity of supply, quality standards and fair trading practices. Forward foreign exchange contracts are used to mitigate currency volatility, providing certainty for both the company and its suppliers.

Customers

The company values its customers and seeks to build long-term relationships by providing reliable products and a responsive service. Regular communication with customers is maintained to understand their requirements and feedback, which informs product development and service improvements.

Other Stakeholders

The company engages with other business partners, including logistics providers, professional advisers and financial institutions, to support efficient and compliant operations.

The directors believe that ongoing engagement with suppliers, customers and others fosters trust, reduces risk, and supports the sustainable growth of the business.

Post reporting date events

The directors have considered events subsequent to the balance sheet date and confirm that there have been no events since the year end which would require adjustment to, or disclosure in, these financial statements.

Auditor

The auditor, Alliotts LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Energy and carbon report

As the group has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

Statement of directors' responsibilities

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

United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and parent company, and of the profit or loss of the group for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable U nited K ingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and parent company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent 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 group and parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STRAND EUROPE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 5 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Ms N Whitall
Director
7 August 2026
STRAND EUROPE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF STRAND EUROPE LIMITED
- 6 -
Opinion

We have audited the financial statements of Strand Europe Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the consolidated income statement, the consolidated statement of comprehensive income, the consolidated statement of financial position, the company statement of financial position, the consolidated statement of changes in equity, the company statement of changes in equity, the consolidated statement of cash flows, the company 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 United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the group's and the parent company's affairs as at 31 December 2025 and of the group's profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

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

Basis for opinion

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

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

Other information

The 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:

- T he information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

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

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

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

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

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

Responsibilities of directors

As explained more fully in the 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 group's and parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or parent 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations, and

- understanding the design of the company's remuneration policies.

STRAND EUROPE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF STRAND EUROPE LIMITED
- 8 -
Audit response to risks identified

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of the board of directors; and

- enquiring of management as to actual and potential litigation and claims.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

Use of our report

This report is made solely to the parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Christopher Cairns BSc FCA (Senior Statutory Auditor)
For and on behalf of Alliotts LLP, Statutory Auditor
Chartered Accountants
3 London Square
Cross Lanes
Guildford
GU1 1UJ
7 August 2026
STRAND EUROPE LIMITED
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 9 -
2025
2024
Notes
£
£
Revenue
3
46,567,828
53,122,390
Cost of sales
(35,941,029)
(38,539,747)
Gross profit
10,626,799
14,582,643
Administrative expenses
(8,600,435)
(10,008,524)
Other operating income/(expenses)
26,951
(567,510)
Operating profit
4
2,053,315
4,006,609
Investment income
8
188,048
265,060
Finance costs
9
(29,785)
(31,221)
Other gains and losses
10
925,485
(844,067)
Profit before taxation
3,137,063
3,396,381
Tax on profit
11
(725,486)
(848,359)
Profit for the financial year
2,411,577
2,548,022
Profit for the financial year is all attributable to the owners of the parent company.
STRAND EUROPE LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 10 -
2025
2024
£
£
Profit for the year
2,411,577
2,548,022
Other comprehensive income
Currency translation gain/(loss) taken to retained earnings
42,066
(1,982)
Total comprehensive income for the year
2,453,643
2,546,040
Total comprehensive income for the year is all attributable to the owners of the parent company.
STRAND EUROPE LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2025
31 December 2025
- 11 -
2025
2024
Notes
£
£
£
£
Non-current assets
Investments
15
-
0
14,981
-
14,981
Current assets
Inventories
18
2,440,639
3,011,332
Trade and other receivables
19
16,438,242
15,888,947
Cash and cash equivalents
7,057,613
10,748,691
25,936,494
29,648,970
Current liabilities
20
(10,573,099)
(14,537,889)
Net current assets
15,363,395
15,111,081
Total assets less current liabilities
15,363,395
15,126,062
Non-current liabilities
21
(1,749,470)
(1,720,780)
Net assets
13,613,925
13,405,282
Equity
Called up share capital
24
898,000
898,000
Capital redemption reserve
202,000
202,000
Retained earnings
12,513,925
12,305,282
Total equity
13,613,925
13,405,282
The financial statements were approved by the board of directors and authorised for issue on 7 August 2026 and are signed on its behalf by:
07 August 2026
Ms N Whitall
Director
Company registration number 02710372 (England and Wales)
STRAND EUROPE LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
31 December 2025
- 12 -
2025
2024
Notes
£
£
£
£
Non-current assets
Investments
15
21,367
36,348
Current assets
Inventories
18
629,028
2,575,145
Trade and other receivables
19
17,414,249
16,477,976
Cash and cash equivalents
6,693,325
10,267,039
24,736,602
29,320,160
Current liabilities
20
(9,985,275)
(14,456,919)
Net current assets
14,751,327
14,863,241
Total assets less current liabilities
14,772,694
14,899,589
Non-current liabilities
21
(1,749,470)
(1,720,780)
Net assets
13,023,224
13,178,809
Equity
Called up share capital
24
898,000
898,000
Capital redemption reserve
202,000
202,000
Retained earnings
11,923,224
12,078,809
Total equity
13,023,224
13,178,809

As permitted by section 408 of the Companies Act 2006, the c ompany has not presented its own income statement and related notes. The c ompany’s profit for the year was £2,089,416 (2024 - £2,376,376 profit).

The financial statements were approved by the board of directors and authorised for issue on 7 August 2026 and are signed on its behalf by:
07 August 2026
Ms N Whitall
Director
Company registration number 02710372 (England and Wales)
STRAND EUROPE LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 13 -
Share capital
Capital redemption reserve
Retained earnings
Total
Notes
£
£
£
£
Balance at 1 January 2024
898,000
202,000
12,453,242
13,553,242
Year ended 31 December 2024:
Profit for the year
-
-
2,548,022
2,548,022
Other comprehensive income:
Currency translation differences
-
-
(1,982)
(1,982)
Total comprehensive income
-
-
2,546,040
2,546,040
Dividends
12
-
-
(2,694,000)
(2,694,000)
Balance at 31 December 2024
898,000
202,000
12,305,282
13,405,282
Year ended 31 December 2025:
Profit for the year
-
-
2,411,577
2,411,577
Other comprehensive income:
Currency translation differences
-
-
42,066
42,066
Total comprehensive income
-
-
2,453,643
2,453,643
Dividends
12
-
-
(2,245,000)
(2,245,000)
Balance at 31 December 2025
898,000
202,000
12,513,925
13,613,925
STRAND EUROPE LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 14 -
Share capital
Capital redemption reserve
Retained earnings
Total
Notes
£
£
£
£
Balance at 1 January 2024
898,000
202,000
12,396,433
13,496,433
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
-
2,376,376
2,376,376
Dividends
12
-
-
(2,694,000)
(2,694,000)
Balance at 31 December 2024
898,000
202,000
12,078,809
13,178,809
Year ended 31 December 2025:
Profit and total comprehensive income
-
-
2,089,415
2,089,415
Dividends
12
-
-
(2,245,000)
(2,245,000)
Balance at 31 December 2025
898,000
202,000
11,923,224
13,023,224
STRAND EUROPE LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 15 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
27
(287,276)
5,974,768
Interest paid
(29,785)
(31,221)
Income taxes paid
(1,374,112)
(983,927)
Net cash (outflow)/inflow from operating activities
(1,691,173)
4,959,620
Investing activities
Proceeds from disposal of property, plant and equipment
-
25,760
Proceeds from disposal of associates
14,981
-
Repayment of loans
-
600,000
Interest received
188,048
265,060
Net cash generated from investing activities
203,029
890,820
Financing activities
Dividends paid to equity shareholders
(2,245,000)
(2,694,000)
Net cash used in financing activities
(2,245,000)
(2,694,000)
Net (decrease)/increase in cash and cash equivalents
(3,733,144)
3,156,440
Cash and cash equivalents at beginning of year
10,748,691
7,594,233
Effect of foreign exchange rates
42,066
(1,982)
Cash and cash equivalents at end of year
7,057,613
10,748,691
STRAND EUROPE LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 16 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
28
(123,516)
5,719,309
Interest paid
(29,785)
(31,221)
Income taxes paid
(1,378,442)
(983,656)
Net cash (outflow)/inflow from operating activities
(1,531,743)
4,704,432
Investing activities
Proceeds from disposal of property, plant and equipment
-
0
25,760
Proceeds from disposal of associates
14,981
-
0
Repayment of loans
-
0
600,000
Interest received
188,048
265,060
Net cash generated from investing activities
203,029
890,820
Financing activities
Dividends paid to equity shareholders
(2,245,000)
(2,694,000)
Net cash used in financing activities
(2,245,000)
(2,694,000)
Net (decrease)/increase in cash and cash equivalents
(3,573,714)
2,901,252
Cash and cash equivalents at beginning of year
10,267,039
7,365,787
Cash and cash equivalents at end of year
6,693,325
10,267,039
STRAND EUROPE LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 17 -
1
Accounting policies
Company information

Strand Europe Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 207 3rd Floor, Regent Street, London, W1B 3HH.

The group consists of Strand Europe Limited and all of its subsidiaries.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Strand Europe Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates, unless they are immaterial.

All financial statements are made up to 31 December 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

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

Investments in joint ventures and associates are carried in the group statement of financial position at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

A t the time of approving the financial statements, t he directors have a reasonable expectation that the group and parent company ha ve 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.

1.5
Revenue

Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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 dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

For "free on board" (FOB) sales, revenue is recognised on delivery of goods to the customer's freight forwarder, otherwise, this is on delivery of goods to the customer.

1.6
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:

Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

1.7
Non-current investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

STRAND EUROPE LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 19 -

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the g roup’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

In the parent c ompany financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.8
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.

Inventories held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and 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.

1.10
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables 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 m ethod 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.

STRAND EUROPE LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 20 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is 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 are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of 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 group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

STRAND EUROPE LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 21 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.11
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.12
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

Valuation methodology

The fair value of forward foreign exchange contracts is determined using forward exchange rates at the reporting date, taking into account the contractual amount and remaining term of the contract.

The fair value of options or exotic derivates are determined using a suitable option pricing model (e.g., Black-Scholes, Monte Carlo simulation, or other appropriate models) which take into account market variables such as underlying price, volatility, interest rates, and time to maturity.

1.13
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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

STRAND EUROPE LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 22 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing 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.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15
Retirement benefits

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

1.16
Leases
As lessee

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

1.17
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.

2
Judgements and key sources of estimation uncertainty

In the application of the group’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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

STRAND EUROPE LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
2
Judgements and key sources of estimation uncertainty
(Continued)
- 23 -
Key sources of estimation uncertainty

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

Provisions for rebates

The company provides marketing support rebates and volume discounts under agreements with certain customers. Management is required to determine the amounts due under these agreements and this is considered a critical estimate because it needs to take into account differing rates agreed with customers and may be based on customers provisional sales figures.

3
Revenue
2025
2024
£
£
Revenue analysed by class of business
Battery sales
44,493,160
50,449,961
Lighting sales
1,280,000
1,309,035
Other licensed sales
794,668
1,363,394
46,567,828
53,122,390
2025
2024
£
£
Revenue analysed by geographical market
UK
15,277,695
19,642,816
Rest of Europe
18,941,990
18,182,392
Rest of World
12,348,143
15,297,182
46,567,828
53,122,390
2025
2024
£
£
Other revenue
Interest income
188,048
265,060
4
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange (gains)/losses
(1,442)
649,305
Depreciation of property, plant and equipment
-
14,392
(Profit)/loss on disposal of property, plant and equipment
-
11,326
Inventories impairment losses recognised or reversed
-
0
(272,338)
Operating lease charges
852
19,850
STRAND EUROPE LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 24 -
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
30,250
26,415
For other services
Taxation compliance services
3,100
2,940
All other non-audit services
1,632
-
4,732
2,940
6
Employees

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

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Administrative
16
21
15
21
Management
6
3
6
3
Distribution
2
1
2
1
Total
24
25
23
25

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
1,235,732
1,378,838
1,199,868
1,378,838
Social security costs
123,684
111,649
108,356
111,649
Pension costs
61,799
47,082
61,799
47,082
1,421,215
1,537,569
1,370,023
1,537,569
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
205,590
208,260
Company pension contributions to defined contribution schemes
9,257
7,718
214,847
215,978
STRAND EUROPE LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
7
Directors' remuneration
(Continued)
- 25 -

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2024 - 2).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
133,165
136,957
Company pension contributions to defined contribution schemes
4,637
3,098

Directors' remuneration includes the value of any non-cash benefits provided to the directors, such as cars and medical insurance.

8
Investment income
2025
2024
£
£
Interest income
Interest on bank deposits
188,048
265,060
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
188,048
265,060
9
Finance costs
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
200
-
Other finance costs:
Other interest
29,585
31,221
Total finance costs
29,785
31,221
10
Other gains and losses
2025
2024
£
£
Fair value gains/(losses) on financial instruments
Gain/(loss) on financial assets held at fair value through profit or loss
925,485
(844,067)
STRAND EUROPE LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 26 -
11
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
724,471
854,732
Adjustments in respect of prior periods
-
0
20,564
Total UK current tax
724,471
875,296
Foreign current tax on profits for the current period
(4,330)
4,304
Total current tax
720,141
879,600
Deferred tax
Origination and reversal of timing differences
5,345
(31,241)
Total tax charge
725,486
848,359

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
3,137,063
3,396,381
Expected tax charge based on the standard rate of corporation tax in the UK of 25% (2024: 25%)
784,266
849,095
Effects of:
Expenses that are not deductible in determining taxable profit
25,008
18,383
Adjustments in respect of prior years
-
0
20,564
Overseas tax rates
24,792
(2,402)
Foreign exchange differences
(8,883)
(37,281)
Other differences
(99,697)
-
0
Taxation charge in the financial statements
725,486
848,359
12
Dividends
2025
2024
Recognised as distributions to equity holders:
£
£
Interim paid
2,245,000
2,694,000
STRAND EUROPE LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 27 -
13
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2025
2024
Notes
£
£
In respect of:
Inventories
18
-
(272,338)
Recognised in:
Cost of sales
-
(272,338)

The impairment losses in respect of financial assets are recognised in other gains and losses in the income statement.

14
Property, plant and equipment
Group
Motor vehicles
£
Cost
At 1 January 2025 and 31 December 2025
16,999
Depreciation and impairment
At 1 January 2025 and 31 December 2025
16,999
Carrying amount
At 31 December 2025
-
0
Company
Motor vehicles
£
Cost
At 1 January 2025 and 31 December 2025
16,999
Depreciation and impairment
At 1 January 2025 and 31 December 2025
16,999
Carrying amount
At 31 December 2025
-
0
STRAND EUROPE LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 28 -
15
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
16
-
0
-
0
21,367
21,367
Investments in associates
-
0
14,981
-
0
14,981
-
0
14,981
21,367
36,348
Movements in non-current investments
Group
Shares in associates
£
Cost or valuation
At 1 January 2025
14,981
Disposals
(14,981)
At 31 December 2025
-
Carrying amount
At 31 December 2025
-
At 31 December 2024
14,981
Movements in non-current investments
Company
Shares in subsidiaries and associates
£
Cost or valuation
At 1 January 2025
36,348
Disposals
(14,981)
At 31 December 2025
21,367
Carrying amount
At 31 December 2025
21,367
At 31 December 2024
36,348
16
Subsidiaries

Details of the company's subsidiaries at 31 December 2025 are as follows:

STRAND EUROPE LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
16
Subsidiaries
(Continued)
- 29 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Strand USA, Inc.
USA
Common stock
100.00
Strand International GmbH
Germany
Basic share capital
100.00

The results of Strand International GmbH are consolidated in these financial statements.

The results of Strand USA Inc. are excluded from the consolidated financial statements because they are immaterial to the group.

17
Financial instruments
Group
Company
2025
2024
2025
2024
£
£
£
£
Carrying amount of financial liabilities include:
Measured at fair value through profit or loss
- Other financial liabilities
259,160
1,184,645
259,160
1,184,645
18
Inventories
Group
Company
2025
2024
2025
2024
£
£
£
£
Finished goods and goods for resale
2,440,639
3,011,332
629,028
2,575,145
STRAND EUROPE LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 30 -
19
Trade and other receivables
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade receivables
11,003,783
10,587,233
10,811,717
10,212,251
Corporation tax recoverable
173,548
-
0
173,548
-
0
Amounts owed by group undertakings
-
0
-
0
1,192,242
1,051,526
Other receivables
446,862
96,945
422,693
10,000
Prepayments and accrued income
1,050,872
608,194
1,050,872
607,624
12,675,065
11,292,372
13,651,072
11,881,401
Amounts falling due after more than one year:
Prepayments and accrued income
3,644,484
4,472,537
3,644,484
4,472,537
Deferred tax asset (note 22)
118,693
124,038
118,693
124,038
3,763,177
4,596,575
3,763,177
4,596,575
Total debtors
16,438,242
15,888,947
17,414,249
16,477,976
20
Current liabilities
Group
Company
2025
2024
2025
2024
£
£
£
£
Trade payables
8,135,947
9,442,174
8,071,608
9,377,474
Amounts owed to group undertakings
-
0
-
0
110,844
-
0
Corporation tax payable
90,665
541,504
90,665
541,504
Other taxation and social security
129,587
198,930
129,407
198,930
Derivative financial instruments
259,160
1,184,645
259,160
1,184,645
Other payables
4,689
10,459
-
0
-
0
Accruals and deferred income
1,953,051
3,160,177
1,323,591
3,154,366
10,573,099
14,537,889
9,985,275
14,456,919
21
Non-current liabilities
Group
Company
2025
2024
2025
2024
£
£
£
£
Accruals and deferred income
1,749,470
1,720,780
1,749,470
1,720,780

Creditors due after one year represents payments to be made under the Kodak license agreement, which are not payable until 2028.

STRAND EUROPE LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 31 -
22
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company:

Assets
Assets
2025
2024
Group
£
£
Decelerated capital allowances
81,096
84,042
Other timing differences
37,597
39,996
118,693
124,038
Assets
Assets
2025
2024
Company
£
£
Decelerated capital allowances
81,096
84,042
Other timing differences
37,597
39,996
118,693
124,038
Group
Company
2025
2025
Movements in the year:
£
£
Asset at 1 January 2025
(124,038)
(124,038)
Charge to profit or loss
5,345
5,345
Asset at 31 December 2025
(118,693)
(118,693)

T he deferred tax asset set out above is expected to reverse within 12 months and relates to de celerated capital allowances that are expected to mature within the same period.

23
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
61,799
47,082

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

STRAND EUROPE LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 32 -
24
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
898,000
898,000
898,000
898,000

All shares rank pari passu with regard to voting rights and rights of distribution.

25
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2025
2024
£
£
Aggregate compensation
214,817
215,978
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Purchases
Purchases
2025
2024
£
£
Group
Other related parties
3,793,372
3,384,197
Company
Other related parties
3,793,372
3,384,197

During the year a member of a directors close family was employed by the company and received total remuneration of £20,582 (202 4: £20,754), the amount is included above in purchases from other related parties.

During the year a member of a directors close family was employed by the company and received total remuneration of £25,449 (202 4: £25,449), the amount is included above in purchases from other related parties.

During the year the company paid management fees and commission of £3,732,077 (202 4: £3,222,055) to a company controlled by a shareholder of the company with significant influence.

STRAND EUROPE LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
25
Related party transactions
(Continued)
- 33 -

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2025
2024
£
£
Group
Other related parties
744,580
830,821
Company
Other related parties
855,424
839,131

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2025
2024
Balance
Balance
£
£
Group
Other related parties
-
73,041
Company
Entities over which the company has control, joint control or significant influence
1,213,609
1,091,411
Other related parties
-
10,000
Other information

There is an unlimited cross-guarantee in place with Barclays Bank for Strand Europe Limited by Strand Estates Limited.

26
Controlling party

The ultimate controlling party is considered to be the Suri family by virtue of their majority shareholding.

STRAND EUROPE LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 34 -
27
Cash (absorbed by)/generated from group operations
2025
2024
£
£
Profit after taxation
2,411,577
2,548,022
Adjustments for:
Taxation charged
725,486
848,359
Finance costs
29,785
31,221
Investment income
(188,048)
(265,060)
(Gain)/loss on disposal of property, plant and equipment
-
11,326
Depreciation and impairment of property, plant and equipment
-
14,392
Other gains and losses
(925,485)
844,067
Movements in working capital:
Decrease/(increase) in inventories
570,693
(764,751)
Increase in trade and other receivables
(381,092)
(2,333,655)
(Decrease)/increase in trade and other payables
(2,530,192)
5,309,567
Decrease in deferred income
-
(268,720)
Cash (absorbed by)/generated from operations
(287,276)
5,974,768
28
Cash (absorbed by)/generated from operations - company
2025
2024
£
£
Profit after taxation
2,089,415
2,376,376
Adjustments for:
Taxation charged
729,816
844,055
Finance costs
29,785
31,221
Investment income
(188,048)
(265,060)
(Gain)/loss on disposal of property, plant and equipment
-
11,326
Depreciation and impairment of property, plant and equipment
-
14,392
Other gains and losses
(925,485)
844,067
Movements in working capital:
Decrease/(increase) in inventories
1,946,117
(641,942)
Increase in trade and other receivables
(768,070)
(2,529,332)
(Decrease)/increase in trade and other payables
(3,037,046)
5,302,926
Decrease in deferred income
-
(268,720)
Cash (absorbed by)/generated from operations
(123,516)
5,719,309
STRAND EUROPE LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 35 -
29
Analysis of changes in net funds - group
1 January 2025
Cash flows
Exchange rate movements
31 December 2025
£
£
£
£
Cash at bank and in hand
10,748,691
(3,733,144)
42,066
7,057,613
30
Analysis of changes in net funds - company
1 January 2025
Cash flows
31 December 2025
£
£
£
Cash at bank and in hand
10,267,039
(3,573,714)
6,693,325
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