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Registered number: 08812633 Qualtex Global Limited Annual Report and Consolidated Financial Statements For the Year Ended 31 December 2025
Qualtex Global Limited Company Information
Directors | P Hulme
| C Hulme
Registered number | 08812633
Registered office | Unit 1 Denton Hall Farm Road
| Denton
| Manchester
| M34 2SX
Independent auditors | Hurst Accountants Limited
| Chartered Accountants & Statutory Auditors
| 3 Stockport Exchange
| Stockport
| Cheshire
| SK1 3GG
Bankers | HSBC
| 4 Hardman Square
| Spinningfields
| Manchester
| M3 3EB
Qualtex Global Limited Contents
| Page
Group strategic report | 1 - 2
Directors' report | 3 - 4
Independent auditors' report | 5 - 8
Consolidated statement of comprehensive income | 9
Consolidated balance sheet | 10
Company balance sheet | 11
Consolidated statement of changes in equity | 12
Company statement of changes in equity | 13
Consolidated statement of cash flows | 14 - 15
Consolidated analysis of net debt | 15
Notes to the financial statements | 16 - 39
Qualtex Global Limited Group Strategic Report For the Year Ended 31 December 2025
Introduction
The directors present their Group Strategic Report and financial statements for the 12 months ended 31 December 2025. The principal activity of the Group is the provision of home appliance spare parts which are available for distribution worldwide.
Business review
Sales were down in the year to £25.9m (2024: £26.7m) due to difficult market conditions specifically within the ecommerce sector and the US market. Overall GP margin suffered, reducing to 17.5% (2024: 21.2%). Whilst underlying administration expenses remain consistent, there were additional IT costs of £100k and increased cost of staffing of £185k. Impairment of the JEGS Electrical Limited investment continued in 2025 of £102k (2024: £102k). These all impacted operating profit margin in the year, which fell to (0.5%) (2024: 4.7%). The US entity sales slowed in the year to $3.7m (2024 $3.8m) as market conditions continued to become more challenging across retail despite an increase in the trade. The Group has a robust balance sheet and has strong backing from our lender, HSBC. Notably, a revolving credit facility of £3 million which was renewed in 2025 and is now in place until June 2028.
Principal risks and uncertainties
The Group operates in a competitive marketplace, and maintains advantage through stock availability, customer service and product quality. Customer demands are typically met through next day delivery. The Group has a broad range of customers with whom it maintains strong relationships. The Group purchases a significant amount of stock, in line with customer demand. Stock is acquired usually with bank loan facilities and often in foreign currencies to alleviate currency movement on transactions with foreign suppliers. The Group uses various financial instruments. These include loans, cash and various items, such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the Group's operations. The existence of these financial instruments exposes the Group to a number of financial risks, which are described in more detail below. The main risks arising from the Group's financial instruments are market risk, currency risk, cash flow interest rate risk, credit risk and liquidity risk. The directors review and agree policies for managing each of these risks and they are summarised below. Market risk Market risk encompasses three types of risk, being currency risk, fair value interest rate risk and price risk. The Group's policies for managing fair value interest rate risk are considered along with those for managing cash flow interest rate risk and are set out in the subsection entitled "interest rate risk" below. Currency risk The Group is exposed to translation and transaction foreign exchange risk. In relation to translation risk, this is not considered material to the business. Transaction risk arises on the Group's sales and purchases. The Group operates a policy of "self-hedging" as it holds US$'s and €'s in separate bank accounts and pays suppliers from funds within these bank accounts to minimise the impact of exchange gains and losses arising on individual transactions. Interest rate risk The Group finances its operations through a mixture of retained profits, cash and external loans. The Group's exposure to interest rate fluctuations on its borrowings is not considered material. Page 1
Qualtex Global Limited Group Strategic Report (continued) For the Year Ended 31 December 2025 Liquidity risk The Group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs. Credit risk The Group's principal financial assets are cash and trade debtors. The credit risk associated with cash is limited as the counterparty is a UK clearing bank with a high credit rating. Credit risk associated with the Group's trade debtors is not considered material.
Financial key performance indicators
The directors consider the following KPIs to be the main focus for the Group: sales, gross profit margin and profit before tax. Sales: 2025: £25,895,380 2024: £26,739,009 Gross profit margin: 2025: 17.4% 2024: 21.2% Profit/(loss) before tax: 2025: (£465,808) 2024: £943,355 Future developments The Business will continue to develop new, high quality pattern parts, whilst continuing to supply a wide range of original equipment manufacture parts, to offer our customers the best products at competitive prices. The directors remain optimistic for the future of the US business following the signing of a significant contract with a major brand to be their exclusive reseller of genuine parts in the US retail marketplace. This should allow the US to move towards profitability in the near future. This report was approved by the board and signed on its behalf.
................................................ P Hulme Director
Date: 23 August 2026
Page 2
Qualtex Global Limited Directors' Report For the Year Ended 31 December 2025 The directors present their report and the financial statements for the year ended 31 December 2025.
Directors' responsibilities statement
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group 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 for the Group's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Results and dividends
The loss for the year, after taxation, amounted to £578,535 (2024 - profit £580,978). The dividends paid in the year amounted to £989,065 (2024: £1,748,008). The directors do not recommend the payment of a final dividend.
Directors
The directors who served during the year were:
P Hulme
C Hulme
C Gibbons (resigned 1 April 2026)
Future developments
The future developments of the Group are disclosed in the Strategic Report. Page 3
Qualtex Global Limited Directors' Report (continued) For the Year Ended 31 December 2025
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.
Post balance sheet events
There have been no significant events affecting the Group since the year end.
Auditors
The auditors, Hurst Accountants Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
................................................ P Hulme Director
Date: 23 August 2026
Page 4
Qualtex Global Limited Independent Auditors' Report to the Members of Qualtex Global Limited
Opinion
We have audited the financial statements of Qualtex Global Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2025, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Analysis of Net Debt, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the Group's and of the Parent Company's affairs as at 31 December 2025 and of the Group's loss 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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 or the 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. Page 5
Qualtex Global Limited Independent Auditors' Report to the Members of Qualtex Global Limited (continued)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The 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.
Opinion 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 Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Group Strategic Report and the Directors' Report 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 Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report. 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' Responsibilities Statement set out on page 3, 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 the 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 the Parent Company or to cease operations, or have no realistic alternative but to do so. Page 6
Qualtex Global Limited Independent Auditors' Report to the Members of Qualtex Global Limited (continued)
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 an Auditors' 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 Group financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Identifying and assessing potential risks related to irregularities In identifying and assessing the 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 in which the Group operates; the control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets. • The outcome of enquiries of local management and Parent Company management, including whether management was aware of any instances of non-compliance with laws and regulations, and whether management had knowledge of any actual, suspected, or alleged fraud. • Supporting documentation relating to the Company's policies and procedures for: - Identifying, evaluating, and complying with laws and regulations. - Detecting and responding to the risks of fraud. • The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations. • The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. •The legal and regulatory framework in which the Group operates, particularly those laws and regulations which have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or which had a fundamental effect on the operations of the Group, including General Data Protection requirements , and Antibribery and Corruption. Audit response to risks identified Our procedures to respond to the risks identified included the following: • Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the provisions of those relevant laws and regulations which have a direct effect on the financial statements. • Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud. • Evaluation of management’s controls designed to prevent and detect irregularities. • Enquiring of management about any actual and potential litigation and claims. • Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatement due to fraud. Page 7
Qualtex Global Limited Independent Auditors' Report to the Members of Qualtex Global Limited (continued) We have also considered the risk of fraud through management override of controls by: • Testing the appropriateness of journal entries and other adjustments. We have used data analytics software to identify accounting transactions which may pose a heightened risk of material misstatement, whether due to fraud or error. • Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and: • Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of them. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. 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 Auditors' Report.
Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed. John Glover (senior statutory auditor) for and on behalf of Hurst Accountants Limited Chartered Accountants & Statutory Auditors 3 Stockport Exchange Stockport Cheshire SK1 3GG 24 August 2026 Page 8
Qualtex Global Limited Consolidated Statement of Comprehensive Income For the Year Ended 31 December 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 25,895,380 | 26,739,009
Cost of sales |  | (21,379,729) | (21,069,646)
Gross profit |  | 4,515,651 | 5,669,363
Administrative expenses |  | (4,661,409) | (4,435,007)
Exceptional administrative expenses | 14 | (67,701) | (41,844)
Other operating income | 5 | 59,161 | 61,040
Operating (loss)/profit | 6 | (154,298) | 1,253,552
Interest receivable and similar income | 10 | - | 932
Interest payable and similar expenses | 11 | (311,510) | (311,129)
(Loss)/profit before taxation |  | (465,808) | 943,355
Tax on (loss)/profit | 12 | (112,727) | (362,377)
(Loss)/profit for the financial year |  | (578,535) | 580,978
Currency translation differences |  | 5,992 | (8,143)
Total comprehensive income for the year |  | (572,543) | 572,835
(Loss)/profit for the year attributable to: |  |  |
Owners of the parent Company |  | (578,535) | 580,978
The notes on pages 16 to 39 form part of these financial statements.
Page 9
Qualtex Global Limited Registered number: 08812633 Consolidated Balance Sheet As at 31 December 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 15 |  | 369,406 |  | 301,734
Tangible assets | 16 |  | 11,950,099 |  | 12,273,810
Investments | 17 |  | 10 |  | 10
|  |  | 12,319,515 |  | 12,575,554
Current assets |  |  |  |  |
Stocks | 18 | 6,702,143 |  | 8,362,873 |
Debtors: amounts falling due within one year | 19 | 2,518,446 |  | 2,985,264 |
Cash at bank and in hand | 20 | 277,077 |  | 1,398,236 |
|  | 9,497,666 |  | 12,746,373 |
Creditors: amounts falling due within one year | 21 | (11,918,854) |  | (14,082,466) |
Net current liabilities |  |  | (2,421,188) |  | (1,336,093)
Total assets less current liabilities |  |  | 9,898,327 |  | 11,239,461
Creditors: amounts falling due after more than one year | 22 |  | (349,451) |  | (221,626)
Provisions for liabilities |  |  |  |  |
Deferred taxation | 24 |  | (2,403,306) |  | (2,310,657)
Net assets |  |  | 7,145,570 |  | 8,707,178
Capital and reserves |  |  |  |  |
Called up share capital | 25 |  | 100 |  | 100
Revaluation reserve | 26 |  | 6,039,767 |  | 6,200,021
Capital redemption reserve | 26 |  | 2,006,960 |  | 2,006,960
Foreign exchange reserve | 26 |  | 21,973 |  | 15,981
Profit and loss account | 26 |  | (923,230) |  | 484,116
|  |  | 7,145,570 |  | 8,707,178
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................ P Hulme
Director
Date: 23 August 2026
The notes on pages 16 to 39 form part of these financial statements. Page 10
Qualtex Global Limited Registered number: 08812633 Company Balance Sheet As at 31 December 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 16 |  | 10,835,095 |  | 11,131,372
Investments | 17 |  | 4,133,567 |  | 4,133,567
|  |  | 14,968,662 |  | 15,264,939
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 19 | 4,230,319 |  | 4,261,358 |
Cash at bank and in hand | 20 | 525 |  | 935 |
|  | 4,230,844 |  | 4,262,293 |
Creditors: amounts falling due within one year | 21 | (8,366,096) |  | (8,466,129) |
Net current liabilities |  |  | (4,135,252) |  | (4,203,836)
Total assets less current liabilities |  |  | 10,833,410 |  | 11,061,103
Provisions for liabilities |  |  |  |  |
Deferred taxation | 24 |  | (2,200,122) |  | (2,201,150)
Net assets |  |  | 8,633,288 |  | 8,859,953
Capital and reserves |  |  |  |  |
Called up share capital | 25 |  | 100 |  | 100
Revaluation reserve | 26 |  | 5,929,392 |  | 6,089,646
Capital redemption reserve | 26 |  | 2,006,960 |  | 2,006,960
Profit and loss account brought forward |  | 763,247 |  | 827,600 |
Profit for the year |  | 762,399 |  | 1,523,401 |
Other changes in the profit and loss account |  | (828,810) |  | (1,587,754) |
Profit and loss account carried forward |  |  | 696,836 |  | 763,247
|  |  | 8,633,288 |  | 8,859,953
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................ P Hulme
Director
Date: 23 August 2026
The notes on pages 16 to 39 form part of these financial statements. Page 11

|  | Qualtex Global Limited |
Consolidated Statement of Changes in Equity For the Year Ended 31 December 2025
|  | Called up share capital | Capital redemption reserve | Revaluation reserve | Foreign exchange reserve | Profit and loss account | Total equity
|  | £ | £ | £ | £ | £ | £
| At 1 January 2024 | 100 | 2,006,960 | 6,360,275 | 24,124 | 1,490,892 | 9,882,351
| Profit for the year | - | - | - | - | 580,978 | 580,978
| Currency translation differences | - | - | - | (8,143) | - | (8,143)
| Dividends: Equity capital | - | - | - | - | (1,748,008) | (1,748,008)
| Revaluation reserve transfer | - | - | (160,254) | - | 160,254 | -
| At 1 January 2025 | 100 | 2,006,960 | 6,200,021 | 15,981 | 484,116 | 8,707,178
| Loss for the year | - | - | - | - | (578,535) | (578,535)
| Currency translation differences | - | - | - | 5,992 | - | 5,992
| Dividends: Equity capital | - | - | - | - | (989,065) | (989,065)
| Revaluation reserve transfer | - | - | (160,254) | - | 160,254 | -
| At 31 December 2025 | 100 | 2,006,960 | 6,039,767 | 21,973 | (923,230) | 7,145,570
| The notes on pages 16 to 39 form part of these financial statements.
Page 12

Qualtex Global Limited Company Statement of Changes in Equity For the Year Ended 31 December 2025
| Called up share capital | Capital redemption reserve | Revaluation reserve | Profit and loss account | Total equity
| £ | £ | £ | £ | £
At 1 January 2024 | 100 | 2,006,960 | 6,249,900 | 827,600 | 9,084,560
Profit for the year | - | - | - | 1,523,401 | 1,523,401
Dividends: Equity capital | - | - | - | (1,748,008) | (1,748,008)
Revaluation reserve transfer | - | - | (160,254) | 160,254 | -
At 1 January 2025 | 100 | 2,006,960 | 6,089,646 | 763,247 | 8,859,953
Profit for the year | - | - | - | 762,399 | 762,399
Dividends: Equity capital | - | - | - | (989,064) | (989,064)
Revaluation reserve transfer | - | - | (160,254) | 160,254 | -
At 31 December 2025 | 100 | 2,006,960 | 5,929,392 | 696,836 | 8,633,288
| The notes on pages 16 to 39 form part of these financial statements.
Page 13
Qualtex Global Limited Consolidated Statement of Cash Flows For the Year Ended 31 December 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
(Loss)/profit for the financial year | (578,535) | 580,978
Adjustments for: |  |
Amortisation of intangible assets | 79,552 | 60,869
Depreciation of tangible assets | 561,607 | 564,626
Interest paid | 311,510 | 311,129
Interest received | - | (932)
Taxation charge | 112,727 | 362,377
Decrease in stocks | 1,718,736 | 691,605
Decrease in debtors | 1,140,145 | 433,233
(Increase)/decrease in amounts owed by associated undertakings | (142,809) | 61,350
(Decrease)/increase in creditors | (1,337,484) | 1,128,241
Corporation tax (paid) | (318,960) | (274,369)
Foreign exchange movements | 18,558 | (8,143)
Net cash generated from operating activities | 1,565,047 | 3,910,964
Cash flows from investing activities |  |
Purchase of intangible fixed assets | (2,093) | (39,034)
Purchase of tangible fixed assets | (408,305) | (400,803)
Sale of tangible fixed assets | 12,712 | -
Interest received | - | 932
HP interest paid | (36,019) | (9,271)
Net cash from investing activities | (433,705) | (448,176)
Cash flows from financing activities |  |
Drawdown of bank loan | 311,303 | 523,797
Repayment of bank loan | (835,100) | -
Repayment of debenture loans | - | (1,000,000)
Repayment of finance leases | (100,864) | (92,187)
Repayment of shares treated as debt | (100,000) | -
Dividends paid | (989,065) | (1,748,008)
Interest paid | (275,491) | (301,858)
Invoice discounting net advances/(repayments) | (531,531) | 29,538
New HP leases | 261,445 | -
Net cash used in financing activities | (2,259,303) | (2,588,718)
Net (decrease)/increase in cash and cash equivalents | (1,127,961) | 874,070
Cash and cash equivalents at beginning of year | 1,385,694 | 511,624
Cash and cash equivalents at the end of year | 257,733 | 1,385,694
Page 14
Qualtex Global Limited Consolidated Statement of Cash Flows (continued) For the Year Ended 31 December 2025
|  | 2025 | 2024
|  | £ | £
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 277,077 | 1,398,236
Bank overdrafts | (19,344) | (12,542)
| 257,733 | 1,385,694
Consolidated Analysis of Net Debt For the Year Ended 31 December 2025
| At 1 January 2025 | Cash flows | New finance leases | At 31 December 2025
| £ | £ | £ | £
Cash at bank and in hand | 1,398,236 | (1,121,159) | - | 277,077
Bank overdrafts | (12,542) | (6,802) | - | (19,344)
Debt due within 1 year | (10,431,638) | 623,797 | - | (9,807,841)
Finance leases | (284,557) | 100,864 | (261,445) | (445,138)
Invoice discounting facility | (80,340) | 531,531 | - | 451,191
| (9,410,841) | 128,231 | (261,445) | (9,544,055)
The notes on pages 16 to 39 form part of these financial statements.
Page 15
Qualtex Global Limited Notes to the Financial Statements For the Year Ended 31 December 2025
1. | General information
Qualtex Global Limited is a private company limited by shares, incorporated in England and Wales and its registered office is Unit 1, Denton Hall Farm Road, Denton, Manchester M34 2SX. The principal activity of the group is the provision of home appliance spare parts which are distributed worldwide. The principal activity of the company is that of a holding company which also holds the property from which the Group trades. The company's registered number is 08812633. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3). The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
| 2.2 | Basis of consolidation
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases. The following principal accounting policies have been applied:
| 2.3 | Financial reporting standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": - The requirement of Section 7 Statement of Cash Flows; - The requirement of Section 3 Financial Statement Presentation paragraph 3.17 (d). The company's information is included in the consolidated financial statements. Page 16
Qualtex Global Limited Notes to the Financial Statements For the Year Ended 31 December 2025 2.Accounting policies (continued)
| 2.4 | Going concern
The financial statements have been prepared on a going concern basis. The following paragraphs set out the basis on which the directors have reached their conclusion. At 31 December 2025 the Group has net current liabilities of £2,402,832 (2024: £1,336,093), this is due to a liability of £8,307,841 (2024: £8,407,841) related to share capital treated as debt being included within creditors due within 1 year. These are redeemable at the Group's discretion and therefore this is not considered to cause a significant going concern issue. The directors have prepared forecasts which show that the Group is expected to continue to be profitable and be able to meet its day-to-day working capital requirements from positive operating cash flows. The directors believe it is appropriate, therefore, to prepare the financial statements to 31 December 2025 on a going concern basis.
| 2.5 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income. Page 17
Qualtex Global Limited Notes to the Financial Statements For the Year Ended 31 December 2025 2.Accounting policies (continued)
| 2.6 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Group has transferred the significant risks and rewards of ownership to the buyer; ∙the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Group will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. Revenue is recognised upon despatch of goods.
| 2.7 | Operating leases: the Group as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.8 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.9 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.10 | Pensions
Defined contribution pension plan The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds. Page 18
Qualtex Global Limited Notes to the Financial Statements For the Year Ended 31 December 2025 2.Accounting policies (continued)
| 2.11 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and ∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.12 | Exceptional items
Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.
| 2.13 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. The estimated useful lives range as follows:
|  |  |  | Software | - |  | Up to 10 years or the term of the licence
|  |  |  | Negative goodwill | - |  | Straight line over the life of the assets
|  |  |  | Goodwill and other intangibles | - |  | 3-5 years
|  |  |  | Trademarks | - |  | 5 years
Page 19
Qualtex Global Limited Notes to the Financial Statements For the Year Ended 31 December 2025 2.Accounting policies (continued)
| 2.14 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. The group values its freehold property at a valuation based on the latest revalued amount, less any depreciation and accumulated impairment losses. The property is owned by the parent company and rented to another group entity. Under the provisions of FRS 102, such a property should be accounted for either as an investment property or under the cost model in the company accounts. Management have elected to adopt a true and fair over-ride and have not transferred the property to investment property, instead adopting the same approach as that applied by the group, which is felt is a fairer reflection of the fair value of the property and more accurately reflects its usage as an operating base for the group's principal activity. If the property were to be transferred to investment property, no depreciation would be charged, which would increase the net assets of the company by £1,165,852 (2024: £874,389). There is no impact on the net assets as reported in the consolidated balance sheet in either the current or prior year. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Freehold property | - | 50 years
|  |  |  | Plant and machinery | - | 3-5 years
|  |  |  | Motor vehicles | - | 5 years
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. Assets under construction are only subject to depreciation at the point that they are brought into use. The carrying value is reviewed periodically and if any assets are unlikely to generate future economic benefit they are subject to impairment accordingly.
| 2.15 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment. Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the consolidated statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment. Page 20
Qualtex Global Limited Notes to the Financial Statements For the Year Ended 31 December 2025 2.Accounting policies (continued)
| 2.16 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.17 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.18 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.
| 2.19 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.20 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.21 | Financial instruments
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes Page 21
Qualtex Global Limited Notes to the Financial Statements For the Year Ended 31 December 2025 2.Accounting policies (continued)
| 2.21 | Financial instruments (continued)
a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Basic financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will Page 22
Qualtex Global Limited Notes to the Financial Statements For the Year Ended 31 December 2025 2.Accounting policies (continued)
| 2.21 | Financial instruments (continued)
continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.
| 2.22 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported revenues and expenses during the year. However, the nature of estimation means that the actual outcomes could differ from those estimates. The following judgement has had the most significant effect on amounts recognised in the financial statements: Measurement of provision for obsolete stock The stock provision is determined by ageing the stock in conjunction with management's knowledge and experience of stock movements. The provision applied reduces the carrying value to its selling price less costs to sell. Accordingly, provision for impairment is made where the net realisable value is less than the cost based on best estimates by management. The value of stock held at the year end totalled £6,702,143 (2024: £8,362,873), which included impairments of £707,593 (2024: £662,184). Measurement of impairment of fixed asset investments The carrying value of investments in subsidiary undertakings is reviewed annually for indicators of impairment. Where the recoverable amount is estimated to be lower than carrying value, an impairment provision is recognised based on management's assessment of the subsidiary's financial performance and future prospects. At 31 December 2025, the carrying value of investments for the company was £4,133,567 (2024: £4,133,567). No impairment provisions have been recognised. Page 23
Qualtex Global Limited Notes to the Financial Statements For the Year Ended 31 December 2025
4. | Turnover
The whole of the turnover is attributable to the distribution of home appliance spare parts. Analysis of turnover by country of destination:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| United Kingdom | 21,939,562 | 21,838,767
| Rest of Europe | 984,523 | 983,271
| Rest of the world | 2,971,295 | 3,916,971
|  | 25,895,380 | 26,739,009
5. | Other operating income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Net rents receivable | 59,161 | 61,040
6. | Operating (loss)/profit
| The operating profit is stated after charging/(crediting):
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Exchange differences | 158,845 | (38,488)
| Other operating lease rentals | 269,804 | 264,674
7. | Auditors' remuneration
| During the year, the Group obtained the following services from the Company's auditors:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements | 7,950 | 7,950
Page 24
Qualtex Global Limited Notes to the Financial Statements For the Year Ended 31 December 2025
| Fees payable to the Company's auditors in respect of: |  |
| The auditing of accounts of associates of the Group pursuant to legislation | 23,500 | 23,500
| Taxation compliance services | 3,700 | 3,700
| Other non-audit services not included above | 5,915 | 5,200
|  | 33,115 | 32,400
8. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Wages and salaries | 1,858,076 | 1,716,640
| Social security costs | 169,092 | 129,019
| Cost of defined contribution scheme | 30,906 | 35,763
|  | 2,058,074 | 1,881,422
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Office and management | 27 | 28
|  | Other | 30 | 31
|  |  | 57 | 59
| The Company has no employees other than the director, who did not receive any remuneration (2024: £Nil). The directors are remunerated through the subsidiary company as shown in note 9.
Page 25
Qualtex Global Limited Notes to the Financial Statements For the Year Ended 31 December 2025
9. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 121,700 | 121,600
| Group contributions to defined contribution pension schemes | 5,724 | 5,724
|  | 127,424 | 127,324
| During the year retirement benefits were accruing to 1 director (2024 - 1) in respect of defined contribution pension schemes.
| Key Management Personnel Key management personnel are defined as the directors and the senior management team of the Group. Directors remuneration is disclosed above. The total emoluments of key management personnel were £261,339 (2024: £276,23 3).
10. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest receivable | - | 932
11. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | 136,682 | 167,113
| Preference share dividends | 121,998 | 122,039
| Finance leases and hire purchase contracts | 36,019 | 9,271
| Other interest payable | 16,811 | 12,706
|  | 311,510 | 311,129
Page 26
Qualtex Global Limited Notes to the Financial Statements For the Year Ended 31 December 2025
12. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 38,625 | 318,227
| Adjustments in respect of previous periods | (18,547) | -
|  | 20,078 | 318,227
| Total current tax | 20,078 | 318,227
| Deferred tax |  |
| Origination and reversal of timing differences | 92,649 | 44,150
| Total deferred tax | 92,649 | 44,150
| Tax on (loss)/profit | 112,727 | 362,377
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| (Loss)/profit on ordinary activities before tax | (465,808) | 943,355
| (Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | (116,452) | 235,839
| Effects of: |  |
| Fixed asset differences | (31,704) | 72,169
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 135,892 | 30,510
| Losses incurred by overseas sub not part of deferred tax calc | 150,181 | 23,859
| Short term timing difference leading to an increase (decrease) in taxation | (25,174) | -
| Adjustment to tax charge related to prior year adjustment | (16) | -
| Total tax charge for the year | 112,727 | 362,377
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. Page 27
Qualtex Global Limited Notes to the Financial Statements For the Year Ended 31 December 2025
13. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Dividends paid on equity capital | 989,065 | 1,748,008
| Preference share dividends | 121,998 | 122,039
|  | 1,111,063 | 1,870,047
| Preference share dividend amounts are included in interest payable (note 11).
14. | Exceptional items
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Restructuring costs | 67,701 | 41,844
| Restructuring costs comprise business reorganisation and restructuring undertaken by management during the period.
Page 28
Qualtex Global Limited Notes to the Financial Statements For the Year Ended 31 December 2025
15. | Intangible assets
| Group
|  | Trademarks | Computer software | Goodwill | Negative goodwill | Total
|  | £ | £ | £ | £ | £
| Cost |  |  |  |  |
| At 1 January 2025 | 119,264 | 512,683 | 683,108 | (863,344) | 451,711
| Additions | - | 2,093 | - | - | 2,093
| Transfers between classes | - | 145,132 | - | - | 145,132
| At 31 December 2025 | 119,264 | 659,908 | 683,108 | (863,344) | 598,936
| Amortisation |  |  |  |  |
| At 1 January 2025 | 119,264 | 210,950 | 683,108 | (863,344) | 149,978
| Charge for the year | - | 79,552 | - | - | 79,552
| At 31 December 2025 | 119,264 | 290,502 | 683,108 | (863,344) | 229,530
| Net book value |  |  |  |  |
| At 31 December 2025 | - | 369,406 | - | - | 369,406
| At 31 December 2024 | - | 301,733 | - | - | 301,733
Page 29
Qualtex Global Limited Notes to the Financial Statements For the Year Ended 31 December 2025
16. | Tangible fixed assets
| Group
|  | Freehold property | Plant and machinery | Motor vehicles | Assets under construction | Total
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 1 January 2025 | 11,950,000 | 3,773,320 | 245,931 | 406,198 | 16,375,449
| Additions | - | 143,110 | 261,445 | 3,750 | 408,305
| Transfers intra group | - | - | - | (145,132) | (145,132)
| Disposals | - | (12,712) | - | - | (12,712)
| Transfers between classes | - | 261,066 | - | (261,066) | -
| Exchange adjustments | - | (13,095) | - | - | (13,095)
| At 31 December 2025 | 11,950,000 | 4,151,689 | 507,376 | 3,750 | 16,612,815
| Depreciation |  |  |  |  |
| At 1 January 2025 | 874,389 | 3,106,562 | 120,688 | - | 4,101,639
| Charge for the year | 291,463 | 182,783 | 87,361 | - | 561,607
| Exchange adjustments | - | (530) | - | - | (530)
| At 31 December 2025 | 1,165,852 | 3,288,815 | 208,049 | - | 4,662,716
| Net book value |  |  |  |  |
| At 31 December 2025 | 10,784,148 | 862,874 | 299,327 | 3,750 | 11,950,099
| At 31 December 2024 | 11,075,611 | 666,758 | 125,243 | 406,198 | 12,273,810
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Motor vehicles | 245,865 | 42,444
| Plant and machinery | 250,354 | 276,587
|  | 496,219 | 319,031
Page 30
Qualtex Global Limited Notes to the Financial Statements For the Year Ended 31 December 2025 The property valuation was carried out at 27 April 2022 by Impey & Company. Cost or valuation of freehold property at 31 December 2025 is as follows:
|  |  | Land and buildings
|  |  | £
|  | At cost | 6,500,000
|  | At valuation: |
|  | Market value on existing use as valued on 27 April 2022 | 5,450,000
|  |  | 11,950,000
| If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Group |  |
| Cost | 6,500,000 | 6,500,000
| Accumulated depreciation | (910,000) | (780,000)
| Net book value | 5,590,000 | 5,720,000
| Company
|  | Freehold property | Office equipment | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 January 2025 | 11,950,000 | 96,279 | 12,046,279
| At 31 December 2025 | 11,950,000 | 96,279 | 12,046,279
| Depreciation |  |  |
| At 1 January 2025 | 874,389 | 40,518 | 914,907
| Charge for the year on owned assets | 291,463 | 4,814 | 296,277
| At 31 December 2025 | 1,165,852 | 45,332 | 1,211,184
| Net book value |  |  |
| At 31 December 2025 | 10,784,148 | 50,947 | 10,835,095
| At 31 December 2024 | 11,075,611 | 55,761 | 11,131,372
Page 31
Qualtex Global Limited Notes to the Financial Statements For the Year Ended 31 December 2025 16.Tangible fixed assets (continued)
| The property valuation was carried out at 27 April 2022 by Impey & Company. The cost or valuation of freehold property at 31 December 2025 is consistent with that of the Group as seen above.
17. | Fixed asset investments
| Group
|  | Investments in subsidiary companies | Investment in joint ventures | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 January 2025 | 10 | 68,549 | 68,559
| At 31 December 2025 | 10 | 68,549 | 68,559
| Impairment |  |  |
| At 1 January 2025 | - | 68,549 | 68,549
| At 31 December 2025 | - | 68,549 | 68,549
| Net book value |  |  |
| At 31 December 2025 | 10 | - | 10
| At 31 December 2024 | 10 | - | 10
Page 32
Qualtex Global Limited Notes to the Financial Statements For the Year Ended 31 December 2025
| Company
|  | Investments in subsidiary companies
|  | £
| Cost |
| At 1 January 2025 | 4,133,567
| At 31 December 2025 | 4,133,567
| Net book value |
| At 31 December 2025 | 4,133,567
| At 31 December 2024 | 4,133,567
| Direct subsidiary undertaking
| The following was a direct subsidiary undertaking of the Company:
| Name | Registered office | Principal activity | Class of shares | Holding
| Qualtex UK Limited | Unit 1, Denton Hall Farm Road, Denton, Manchester, M34 2SX | World wide distribution of home appliance spare parts | Ordinary | 100%
| Indirect subsidiary undertakings
| The following were indirect subsidiary undertakings of the Company:
| Name | Registered office | Principal activity | Class of shares | Holding
| Qualtex USA Inc | Suites B, C and D, 5275 Westgate Drive SW, Atlanta, GA 30336 | World wide distribution of home appliance spare parts | Ordinary | 100%
| JEGS Electrical Limited | Unit 1, Denton Hall Farm Road, Denton, Manchester, M34 2SX | Dormant | Ordinary | 100%
Page 33
Qualtex Global Limited Notes to the Financial Statements For the Year Ended 31 December 2025
18. | Stocks
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Finished goods and goods for resale | 6,702,143 | 8,362,873
| The difference between purchase price or production cost of stocks and their replacement cost is not material.
| The carrying value of stocks are stated net of impairment losses totalling £707,593 (2024 - £662,184). Impairment losses totalling £45,409 (2024 - £143,978) were recognised in profit and loss.
19. | Debtors
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Trade debtors | 1,343,929 | 1,882,835 | - | -
| Invoice discount facility | 451,191 | - | - | -
| Amounts owed by group undertakings | - | - | 4,230,319 | 4,261,358
| Amounts owed by associated undertakings | 77,989 | 11,841 | - | -
| Other debtors | 345,717 | 685,986 | - | -
| Prepayments and accrued income | 299,620 | 404,602 | - | -
|  | 2,518,446 | 2,985,264 | 4,230,319 | 4,261,358
20. | Cash and cash equivalents
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Cash at bank and in hand | 277,077 | 1,398,236 | 525 | 935
| Less: bank overdrafts | (19,344) | (12,542) | - | -
|  | 257,733 | 1,385,694 | 525 | 935
Page 34
Qualtex Global Limited Notes to the Financial Statements For the Year Ended 31 December 2025
21. | Creditors: Amounts falling due within one year
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Revolving credit facility | 1,500,000 | 1,500,000 | - | -
| Bank overdrafts | 19,344 | 12,542 | - | -
| Bank loans | - | 523,797 | - | -
| Trade creditors | 1,110,396 | 2,482,925 | - | -
| Amounts owed to other participating interests | 60,446 | 137,107 | - | -
| Corporation tax | 37,275 | 317,626 | 37,275 | 37,267
| Other taxation and social security | 424,334 | 280,823 | - | -
| Obligations under finance lease and hire purchase contracts | 95,687 | 62,931 | - | -
| Invoice discounting facility | - | 80,340 | - | -
| Other creditors | - | 6,605 | - | -
| Accruals and deferred income | 363,531 | 269,929 | 20,980 | 21,021
| Share capital treated as debt | 8,307,841 | 8,407,841 | 8,307,841 | 8,407,841
|  | 11,918,854 | 14,082,466 | 8,366,096 | 8,466,129
| Disclosure of the terms and conditions attached to the non-equity shares is made in note 25. Bank loans are repayable within one year, and are secured against the current assets to which they relate. Interest is due at a fixed rate. Invoice financing facilities are secured on the debtor balance of Qualtex UK Limited. The bank overdraft and the revolving credit facility ("RCF") are secured by way of a debenture including a fixed and floating charge over the Group's assets. The RCF, a £3million facility, attracts interest based on SONIA plus a margin of 2.1% per annum when utilised. Net obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.
22. | Creditors: Amounts falling due after more than one year
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Net obligations under finance leases and hire purchase contracts | 349,451 | 221,626
Net obligations under finance leases and hire purchase contracts are secured on the assets to which they relate. Page 35
Qualtex Global Limited Notes to the Financial Statements For the Year Ended 31 December 2025
23. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Within one year | 129,971 | 62,934
| Between 1-5 years | 368,818 | 221,626
|  | 498,789 | 284,560
24. | Deferred taxation
| Group
|  | 2025 | 2024
|  | £ | £
| Liability at beginning of year | 2,310,657 | 2,266,507
| Charged / (Credited) to profit or loss | 92,649 | 44,150
| Liability at end of year | 2,403,306 | 2,310,657
| Company
|  | 2025 | 2024
|  | £ | £
| Liability beginning of year | 2,201,150 | 2,202,307
| Credited to profit or loss | (1,028) | (1,157)
| Liability at end of year | 2,200,122 | 2,201,150
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Accelerated capital allowances | 213,171 | 120,522 | 9,987 | 11,015
| On revaluations | 2,190,135 | 2,190,135 | 2,190,135 | 2,190,135
|  | 2,403,306 | 2,310,657 | 2,200,122 | 2,201,150
Page 36
Qualtex Global Limited Notes to the Financial Statements For the Year Ended 31 December 2025
25. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Shares classified as equity
|  | Allotted, called up and fully paid |  |
|  | 90 (2024 - 90) Ordinary shares of £1.00 each | 90 | 90
|  | 5 (2024 - 5) Ordinary A shares of £1.00 each | 5 | 5
|  | 5 (2024 - 5) Ordinary B shares of £1.00 each | 5 | 5
|  |  | 100 | 100
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Shares classified as debt
|  | Allotted, called up and fully paid |  |
|  | 6,967,840 (2024 - 7,067,840) Preference A shares of £1.00 each | 6,967,840 | 7,067,840
|  | 1,340,000 (2024 - 1,340,000) Preference B shares of £1.00 each | 1,340,000 | 1,340,000
|  | 1 (2024 - 1) Preference C share of £1.00 | 1 | 1
|  |  | 8,307,841 | 8,407,841
| The A ordinary and B ordinary shares carry one vote per share and rank pari passu. Dividends are declared at the discretion of the directors. The redemption of preference shares shall be solely at the discretion of the Company acting by the directors and the holders of the preference shares shall have no right to require redemption at any time, other than in the event of a change in ownership. No premium is payable on redemption. The preference shares carry no voting rights. The dividend rights are as follows: - A preference - a dividend of 0.5% per annum, accruing daily and payable on 30 June annually. - B preference - as with A preference shares, but after A regarding distribution. - C preference - a discretionary dividend of £80,000 per annum, accruing daily and payable on 31 March annually. Cumulative if unpaid.
Page 37
Qualtex Global Limited Notes to the Financial Statements For the Year Ended 31 December 2025
26. | Reserves
Revaluation reserve The revaluation reserve represents the surplus created on the revaluation of certain categories of fixed assets during the year. Capital redemption reserve The capital redemption reserve relates to preference share buy backs. Foreign exchange reserve The foreign exchange reserve relates to retranslation gains or losses on the consolidation of foreign subsidiaries. Profit and loss account The profit and loss account includes all current and prior period retained profits and losses.
27. | Pension commitments
The Group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £30,906 (2024: £35,763). Contributions totaling £6,791 (2024: £11,043) were payable to the fund at the balance sheet date and are included in creditors.
28. | Commitments under operating leases
| At 31 December 2025 the Group had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Not later than 1 year | 214,279 | 217,192
| Later than 1 year and not later than 5 years | 375,326 | 541,160
|  | 589,605 | 758,352
Page 38
Qualtex Global Limited Notes to the Financial Statements For the Year Ended 31 December 2025
29. | Related party transactions
| The company has taken advantage of the exemption in FRS 102 not to disclose transactions entered into between two or more members of a group whereby the subsidiary that is a party to the transaction is wholly owned by a member. Directors' advances Included within other debtors is a balance due from directors of the Company, amounting to £116,407 (2024: £583,466). The balance is unsecured, interest-free and repayable on demand. The maximum amount outstanding during the year was £723,476 (2024: £2,502,784). Related company - commissions, recharges and loans The group was charged commissions, net of recharges of costs, of £813,224 (2024: £700,109) from a company under common control by virtue of common controlling shareholders. At the year end, the group was owed £17,543 (2024: owed £84,672) to that company in respect of all of these transactions. Related company - sales transactions The group made sales of £412,384 (2024: £618,234) to a company under common control by virtue of common controlling shareholders. At the year end, that company owed the group £57,023 (2024: £43,255).
30. | Controlling party
The Group is controlled by P Hulme by virtue of his majority ordinary share holding in Qualtex Global Limited.
Page 39