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REGISTERED NUMBER: 06428547 (England and Wales)

Strategic Report, Report of the Director and

Financial Statements for the Year Ended 31 December 2025

for

Stiebel Eltron UK Limited

| Stiebel Eltron UK Limited (Registered number: 06428547) |

Contents of the Financial Statements

for the Year Ended 31 December 2025

Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Report of the Director | 4 |

| Report of the Independent Auditors | 5 |

| Income Statement | 9 |

| Other Comprehensive Income | 10 |

| Statement of Financial Position | 11 |

| Statement of Changes in Equity | 12 |

| Statement of Cash Flows | 13 |

| Notes to the Statement of Cash Flows | 14 |

| Notes to the Financial Statements | 15 |

| Stiebel Eltron UK Limited |

Company Information

for the Year Ended 31 December 2025

| Director: | J B Felgate

| Secretary: | M R Corkish

| Registered office: | Unit 12 Stadium Court

| Stadium Road

| Bromborough

| Wirral

| CH62 3RP

| Registered number: | 06428547 (England and Wales)

| Senior statutory auditor: | Robert Ellis FCA

| Auditors: | Ellis & Co (Accountants & Business Advisers) Ltd

| Chartered Accountants

| and Statutory Auditors

| 114-120 Northgate Street

| Chester

| CH1 2HT

| Stiebel Eltron UK Limited (Registered number: 06428547) |

Strategic Report

for the Year Ended 31 December 2025

The director presents his strategic report for the year ended 31 December 2025.

Founded in 1924 by Dr Theodor Stiebel in Germany, the STIEBEL ELTRON Group has grown into a globally active, leading supplier of heating, ventilation and air conditioning products, specialising in the development and sale of water heaters and renewable energy technologies. With an international sales network comprising foreign subsidiaries and third party partners performing sales and service activities worldwide, the Group supplies its products primarily to installers, wholesalers and online retailers.

STIEBEL ELTRON UK (STE UK) is the British subsidiary of STIEBEL ELTRON International GmbH, based in Bromborough. As a local distribution company, our aim is to strengthen the Group's core business, drive growth in the UK market and build sustainable profitability. Our day to day operations focus on the sale of electric space heating, hot water, ventilation and renewable energy products.

Supported by innovative technologies, high quality and reliability, and a strong commitment to customer service, STIEBEL ELTRON UK differentiates itself within the competitive marketplace in pursuit of market and technological leadership. Despite this, the UK market remains highly competitive.

Review of business

The company continues to provide customers with service levels that exceed industry standards across our "Home Comforts" ranges of electric space heating and hot water products, as well as our "Renewable Energy" ventilation and heat pump technologies. Our customer base includes electrical wholesalers, plumbers' merchants and e commerce retailers for home comfort products and specialist installation companies for renewable energy products. We supply customers throughout the United Kingdom.

2025 has been a year of consolidation. We have focused on enhancing our existing operations, tightening processes, improving efficiency and reducing costs. As a result, turnover has increased and profitability is close to that achieved in the previous year. Operational efficiency in order processing and overall customer service have improved further following the launch of our online B2B shop. We have experienced a growing share of turnover from our renewable energy product lines compared with our traditional home comfort heating products. This is in line with expectations, as government initiatives, financial incentives and legislative changes continue to guide consumers and developers towards renewable energy solutions.

Principal risks and uncertainties

Market uncertainty stemming from delays to building regulations-particularly the Future Homes Standard and the yet to be defined mechanisms for demonstrating compliance-has led to hesitancy among decision makers and extended project timelines.

It is likely the ECO4 scheme - which subsidises the lower end of the market - is going to be extended to December 2026. Whilst we welcome this as a good method of stimulating the heat pump market is does not play into our hands as a premium brand. The risk to the business is that the limited Installer capacity within the UK is fully engaged with ECO4 work.

| Stiebel Eltron UK Limited (Registered number: 06428547) |

Strategic Report

for the Year Ended 31 December 2025

Strategic objectives

As in 2025, the company aims to expand its customer base further and to train, educate and support additional installer partners as they transition from fossil fuel technologies to heat pump systems. We will place increased emphasis on end consumer marketing and demand generation in the B2C sector, helping our new installer partners win additional business and stimulating pull through demand for our products.

Key Performance Indicators

Progress against the company's strategic objectives is monitored monthly using the following key performance indicators:

| 2024 |  | 2025 |  |

Order intake levels |  | £14,130,000 |  | £14,243,232 |  |

Number of new customer accounts |  | 107 |  | 105 |  |

Turnover |  | £11,984,339 |  | £12,547,463 |  |

Cash at bank |  | £647,058 |  | £608,648 |  |

Operating profit margin |  | 4.1% |  | 3.2% |  |

Gross profit margin |  | 41.1% |  | 35.3% |  |

Future prospects

The UK government remains committed to making the transition away from fossil fuels to heat pump technology. This transition will be enabled by the publishing of the new Future Homes Standard under the overarching Warm Homes Plan which targets 450,000 heat pump installation by 2023.

As a renewable energy product manufacturer, we are well placed to take full advantage of this in 2026 and we aim to increase our market share by 0.5%. To facilitate this growth we will increase our sales power by adding two further people to our internal sales team in Bromborough.

On behalf of the board:

J B Felgate - Director

18 February 2026

| Stiebel Eltron UK Limited (Registered number: 06428547) |

Report of the Director

for the Year Ended 31 December 2025

The director presents his report with the financial statements of the company for the year ended 31 December 2025.

Dividends

No dividends will be distributed for the year ended 31 December 2025.

Directors

The directors who have held office during the period from 1 January 2025 to the date of this report are as follows:

M McManus - resigned 18 April 2025

J B Felgate - appointed 16 April 2025

Director's responsibilities statement

The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

- | select suitable accounting policies and then apply them consistently;

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

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

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement as to disclosure of information to auditors

So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

On behalf of the board:

J B Felgate - Director

18 February 2026

Report of the Independent Auditors to the Members of

Stiebel Eltron UK Limited

Opinion

We have audited the financial statements of Stiebel Eltron UK Limited (the 'company') for the year ended 31 December 2025 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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 director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Report of the Independent Auditors to the Members of

Stiebel Eltron UK Limited

Opinions on other matters prescribed by the Companies Act 2006

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

- | the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

- | adequate accounting records have not been kept, 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 director's remuneration specified by law are not made; or

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

Responsibilities of director

As explained more fully in the Director's Responsibilities Statement set out on page four, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Report of the Independent Auditors to the Members of

Stiebel Eltron UK Limited

Auditors' responsibilities for the audit of the financial statements

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

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

We identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, and then design and perform audit procedures in response to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

- |  | the nature of the industry and sector, control environment and business performance including the design of remuneration policies, key drivers for Director's remuneration, bonus levels and performance targets |

- |  | results of our enquiries of management about their own identification and assessment of the risks of irregularities |

- |  | any matters we identified having obtained and reviewed documentation of policies and procedures relating to: |

| - |  | identifying, evaluating and complying with laws and regulations and whether management were aware of any instances of non-compliance |

| - |  | detecting and responding to the risks of fraud and whether management have knowledge of any actual, suspected or alleged fraud |

| - |  | the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations |

- |  | the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud |

- |  | the amount of the provision made for warranty claims and against old / slow moving stock |

- |  | the need for journals to be tested throughout the whole year and post year end |

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the completeness of revenue. In common with all audits under ISA (UK), we are also required to perform specific procedures to respond to the risk of management override.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of

Stiebel Eltron UK Limited

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Robert Ellis FCA (Senior Statutory Auditor)

for and on behalf of Ellis & Co (Accountants & Business Advisers) Ltd

Chartered Accountants

and Statutory Auditors

114-120 Northgate Street

Chester

CH1 2HT

19 February 2026

| Stiebel Eltron UK Limited (Registered number: 06428547) |

Income Statement

for the Year Ended 31 December 2025

| 31/12/25 |  | 31/12/24

| Notes | £ | £ |

Turnover | 4 | 12,547,463 |  | 11,984,339 |  |

Cost of sales | 8,117,843 |  | 7,057,320 |  |

Gross profit | 4,429,620 |  | 4,927,019 |  |

Administrative expenses | 4,209,937 |  | 4,474,476 |  |

219,683 |  | 452,543 |  |

Other operating income | 182,517 |  | 37,264 |  |

Operating profit | 6 | 402,200 |  | 489,807 |  |

Interest payable and similar expenses | 7 | 18,963 |  | 70,698 |  |

Profit before taxation | 383,237 |  | 419,109 |  |

Tax on profit | 8 | 113,447 |  | 123,429 |  |

Profit for the financial year | 269,790 |  | 295,680 |  |

| Stiebel Eltron UK Limited (Registered number: 06428547) |

Other Comprehensive Income

for the Year Ended 31 December 2025

| 31/12/25 |  | 31/12/24

| Notes | £ | £ |

Profit for the year | 269,790 |  | 295,680 |  |

Other comprehensive income | - |  | - |  |

Total comprehensive income for the year | 269,790 |  | 295,680 |  |

| Stiebel Eltron UK Limited (Registered number: 06428547) |

Statement of Financial Position

31 December 2025

| 31/12/25 | 31/12/24 |

| Notes | £ | £ | £ | £ |

Fixed assets

Tangible assets | 9 | 197,081 |  | 316,967 |  |

Current assets

Stocks | 10 | 2,215,268 |  | 2,763,055 |  |

Debtors | 11 | 2,906,154 |  | 2,390,460 |  |

Cash at bank | 608,648 |  | 647,058 |  |

5,730,070 |  | 5,800,573 |  |

Creditors

Amounts falling due within one year | 12 | 1,386,728 |  | 1,837,873 |  |

Net current assets | 4,343,342 |  | 3,962,700 |  |

Total assets less current liabilities | 4,540,423 |  | 4,279,667 |  |

Provisions for liabilities | 14 | 317,101 |  | 326,135 |  |

Net assets | 4,223,322 |  | 3,953,532 |  |

Capital and reserves

Called up share capital | 15 | 250,000 |  | 250,000 |  |

Other reserves | 16 | 2,151,278 |  | 2,151,278 |  |

Retained earnings | 16 | 1,822,044 |  | 1,552,254 |  |

Shareholders' funds | 4,223,322 |  | 3,953,532 |  |

The financial statements were approved by the director and authorised for issue on 18 February 2026 and were signed by:

J B Felgate - Director

| Stiebel Eltron UK Limited (Registered number: 06428547) |

Statement of Changes in Equity

for the Year Ended 31 December 2025

| Called up |

| share |  | Retained |  | Other |  | Total

| capital |  | earnings |  | reserves |  | equity

£ | £ | £ | £ |

Balance at 1 January 2024 | 250,000 |  | 1,256,574 |  | 2,151,278 |  | 3,657,852 |  |

Changes in equity

Total comprehensive income | - |  | 295,680 |  | - |  | 295,680 |  |

Balance at 31 December 2024 | 250,000 |  | 1,552,254 |  | 2,151,278 |  | 3,953,532 |  |

Changes in equity

Total comprehensive income | - |  | 269,790 |  | - |  | 269,790 |  |

Balance at 31 December 2025 | 250,000 |  | 1,822,044 |  | 2,151,278 |  | 4,223,322 |  |

| Stiebel Eltron UK Limited (Registered number: 06428547) |

Statement of Cash Flows

for the Year Ended 31 December 2025

| 31/12/25 |  | 31/12/24

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 188,119 |  | 156,707 |  |

Interest paid | (18,963 | ) | (70,698 | ) |

Tax paid | (197,973 | ) | (119,452 | ) |

Net cash from operating activities | (28,817 | ) | (33,443 | ) |

Cash flows from investing activities

Purchase of tangible fixed assets | (9,593 | ) | (12,541 | ) |

Net cash from investing activities | (9,593 | ) | (12,541 | ) |

Decrease in cash and cash equivalents | (38,410 | ) | (45,984 | ) |

Cash and cash equivalents at beginning of year | 2 | 647,058 |  | 693,042 |  |

Cash and cash equivalents at end of year | 2 | 608,648 |  | 647,058 |  |

| Stiebel Eltron UK Limited (Registered number: 06428547) |

Notes to the Statement of Cash Flows

for the Year Ended 31 December 2025

1. | Reconciliation of profit before taxation to cash generated from operations

| 31/12/25 |  | 31/12/24

£ | £ |

| Profit before taxation | 383,237 |  | 419,109 |  |

| Depreciation charges | 129,479 |  | 130,371 |  |

| Finance costs | 18,963 |  | 70,698 |  |

531,679 |  | 620,178 |  |

| Decrease in stocks | 547,787 |  | 733,732 |  |

| Increase in trade and other debtors | (515,694 | ) | (150,979 | ) |

| Decrease in trade and other creditors | (375,653 | ) | (1,046,224 | ) |

| Cash generated from operations | 188,119 |  | 156,707 |  |

2. | Cash and cash equivalents

| The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

| Year ended 31 December 2025

| 31/12/25 |  | 1/1/25

£ | £ |

| Cash and cash equivalents | 608,648 |  | 647,058 |  |

| Year ended 31 December 2024

| 31/12/24 |  | 1/1/24

£ | £ |

| Cash and cash equivalents | 647,058 |  | 693,042 |  |

3. | Analysis of changes in net funds

| At 1/1/25 | Cash flow | At 31/12/25

£ | £ | £ |

| Net cash |

| Cash at bank | 647,058 |  | (38,410 | ) | 608,648 |  |

647,058 |  | (38,410 | ) | 608,648 |  |

| Total | 647,058 |  | (38,410 | ) | 608,648 |  |

| Stiebel Eltron UK Limited (Registered number: 06428547) |

Notes to the Financial Statements

for the Year Ended 31 December 2025

1. | Statutory information

| Stiebel Eltron UK Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. | Accounting policies

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| Turnover

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

| Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

| Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

| Tangible fixed assets

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

| Leasehold improvements | - | 20% on cost

| Plant and machinery | - | 20% on cost

| Fixtures, fittings & equipment | - | 20% on cost

| Tangible fixed assets are initially recorded at cost, then subsequently at cost net of depreciation and any impairment losses.

| Stocks

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

| Cost is determined on the weighted average method. Cost includes the purchase price, including taxes and duties and transport and handling directly attributable to bringing stock to its present location and position.

| Stiebel Eltron UK Limited (Registered number: 06428547) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

2. | Accounting policies - continued

| Financial instruments

| A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

| Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

| Debt instruments are subsequently measured at amortised cost.

| Taxation

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

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

| Operating leases

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

| Pension costs and other post-retirement benefits

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

| Foreign currencies

| Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

| Stiebel Eltron UK Limited (Registered number: 06428547) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

3. | Critical accounting judgements and key sources of estimation uncertainty

| In the application of the company’s accounting policies, the director is 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.

| In the opinion of the director, there are no critical judgements other than those involving estimates.

| The director makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

| i. Warranty costs provision

| The director has used his judgement and historical data to estimate the warranty costs provision at 31 December 2025. Sales of new products for which there is little historical data may impact on the accuracy of this estimate.

4. | Turnover

| Turnover is derived from the sale of goods to customers.

5. | Employees and directors

| 31/12/25 |  | 31/12/24

£ | £ |

| Wages and salaries | 1,848,614 |  | 2,131,167 |  |

| Social security costs | 233,866 |  | 244,759 |  |

| Other pension costs | 127,443 |  | 112,914 |  |

2,209,923 |  | 2,488,840 |  |

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

| 31/12/25 |  | 31/12/24

| Directors | 1 |  | 1 |  |

| Management | 2 |  | 2 |  |

| Sales | 15 |  | 17 |  |

| Technical | 14 |  | 17 |  |

| Warehouse | 2 |  | 3 |  |

| Marketing | 2 |  | 2 |  |

36 |  | 42 |  |

| Stiebel Eltron UK Limited (Registered number: 06428547) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

5. | Employees and directors - continued

| 31/12/25 |  | 31/12/24

£ | £ |

| Directors' remuneration | 119,632 |  | 132,604 |  |

| Directors' pension contributions to money purchase schemes | 12,185 |  | 13,741 |  |

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

| Money purchase schemes | 2 |  | 1 |  |

6. | Operating profit

| The operating profit is stated after charging:

| 31/12/25 |  | 31/12/24

£ | £ |

| Hire of plant and machinery | 11,553 |  | 9,714 |  |

| Other operating leases | 253,800 |  | 253,842 |  |

| Depreciation - owned assets | 129,479 |  | 130,371 |  |

| Auditors' remuneration | 9,430 |  | 8,985 |  |

| Foreign exchange differences | 13,351 |  | 11,080 |  |

7. | Interest payable and similar expenses |

| 31/12/25 |  | 31/12/24

£ | £ |

| Loans from group undertakings | 8,511 |  | 70,698 |  |

| Interest on overdue tax | 10,452 |  | - |  |

18,963 |  | 70,698 |  |

8. | Taxation

| Analysis of the tax charge

| The tax charge on the profit for the year was as follows:

| 31/12/25 |  | 31/12/24

£ | £ |

| Current tax:

| UK corporation tax | 128,156 |  | 138,424 |  |

| Adjustment relating to

| previous period | 521 |  | - |  |

| Total current tax | 128,677 |  | 138,424 |  |

| Deferred tax | (15,230 | ) | (14,995 | ) |

| Tax on profit | 113,447 |  | 123,429 |  |

| Stiebel Eltron UK Limited (Registered number: 06428547) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

8. | Taxation - continued

| Reconciliation of total tax charge included in profit and loss

| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

| 31/12/25 |  | 31/12/24

£ | £ |

| Profit before tax | 383,237 |  | 419,109 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 95,809 |  | 104,777 |  |

| Effects of:

| Expenses not deductible for tax purposes | 17,638 |  | 18,652 |  |

| Total tax charge | 113,447 |  | 123,429 |  |

| As the company will continue to invest in fixed assets it is considered unlikely that there will be a significant reversal of the deferred tax provision in the next financial year.

9. | Tangible fixed assets

| Fixtures, |

| Leasehold |  | Plant and |  | fittings |

| improvements |  | machinery |  | & equipment |  | Totals

£ | £ | £ | £ |

| Cost

| At 1 January 2025 | 379,621 |  | 16,150 |  | 380,758 |  | 776,529 |  |

| Additions | - |  | - |  | 9,593 |  | 9,593 |  |

| At 31 December 2025 | 379,621 |  | 16,150 |  | 390,351 |  | 786,122 |  |

| Depreciation

| At 1 January 2025 | 195,705 |  | 16,150 |  | 247,707 |  | 459,562 |  |

| Charge for year | 74,602 |  | - |  | 54,877 |  | 129,479 |  |

| At 31 December 2025 | 270,307 |  | 16,150 |  | 302,584 |  | 589,041 |  |

| Net book value

| At 31 December 2025 | 109,314 |  | - |  | 87,767 |  | 197,081 |  |

| At 31 December 2024 | 183,916 |  | - |  | 133,051 |  | 316,967 |  |

10. | Stocks

| 31/12/25 |  | 31/12/24

£ | £ |

| Finished goods | 2,215,268 |  | 2,763,055 |  |

| Stiebel Eltron UK Limited (Registered number: 06428547) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

11. | Debtors: amounts falling due within one year |

| 31/12/25 |  | 31/12/24

£ | £ |

| Trade debtors | 2,300,497 |  | 1,889,369 |  |

| Other debtors | 159,226 |  | 13,009 |  |

| Prepayments and accrued income | 446,431 |  | 488,082 |  |

2,906,154 |  | 2,390,460 |  |

12. | Creditors: amounts falling due within one year |

| 31/12/25 |  | 31/12/24

£ | £ |

| Trade creditors | 115,394 |  | 142,964 |  |

| Amounts owed to group undertakings | 457,577 |  | 900,395 |  |

| Tax | 69,128 |  | 138,424 |  |

| Social security and other taxes | 65,488 |  | 65,202 |  |

| VAT | 390,751 |  | 382,121 |  |

| Accruals and deferred income | 288,390 |  | 208,767 |  |

1,386,728 |  | 1,837,873 |  |

13. | Leasing agreements

| At 31 December 2025 total commitments over the remaining term of existing operating leases totalled £746,002 (2024: £892,139), of which £423,165 (2024: £421,472) was due within one year.

14. | Provisions for liabilities

| 31/12/25 |  | 31/12/24

£ | £ |

| Deferred tax

| Accelerated capital allowances | 28,651 |  | 43,881 |  |

| Other provisions | 288,450 |  | 282,254 |  |

317,101 |  | 326,135 |  |

| Warranty |

| Deferred |  | costs |

| tax |  | provision |

£ | £ |

| Balance at 1 January 2025 | 43,881 |  | 282,254 |  |

| (Credit)/charge to Income Statement during year | (15,230 | ) | 6,196 |  |

| Balance at 31 December 2025 | 28,651 |  | 288,450 |  |

| Stiebel Eltron UK Limited (Registered number: 06428547) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

15. | Called up share capital

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 31/12/25 |  | 31/12/24

| value: | £ | £ |

| 250,000 | Ordinary | £1 | 250,000 |  | 250,000 |  |

| There is a single class of Ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital.

16. | Reserves

| Retained |  | Other |

| earnings |  | reserves |  | Totals

£ | £ | £ |

| At 1 January 2025 | 1,552,254 |  | 2,151,278 |  | 3,703,532 |  |

| Profit for the year | 269,790 |  | 269,790 |  |

| At 31 December 2025 | 1,822,044 |  | 2,151,278 |  | 3,973,322 |  |

| On 12 December 2011 the parent company, Stiebel Eltron International GmbH, transferred €2.5m to the Company for credit to a special reserve.

17. | Related party disclosures

| Stiebel Eltron International GmbH, a company incorporated in Germany, is the parent company of the smallest group for which group accounts are prepared and of which Stiebel Eltron UK Limited is a member. The registered office of Stiebel Eltron International GmbH is Dr.-Stiebel-Str. 33, Holzminde n, 37603, Germany. Stiebel Eltron International GmbH is the Company's immediate parent com pany.

| Dr. Theodor Stiebel Werke GmbH & Co. KG, a company incorporated in Germany, is the parent company of the largest group for which group accounts are prepared and of which Stiebel Eltron UK Limited is a member. The registered office of Dr. Theodor Stiebel Werke GmbH & Co. KG is Dr.-Stiebel-Str. 33, Holzminden, 37603, Germany. Dr. Theodor Stiebel Werke GmbH & Co. KG is the Company's ultimate parent entity.

| Group accounts are available at https://www.unternehmensregister.de/

| Key management personnel comprise the director of the Company. Key management personnel compensation is identical with director's remuneration, which is disclosed in Note 4.