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Registered number: 00708974 Qualtex UK Limited Annual Report and Financial Statements For the Year Ended 31 December 2025
Qualtex UK Limited Company Information
Directors | C Hulme
| P Hulme
Company secretary | C Hulme
Registered number | 00708974
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 Bank plc
| 4 Hardman Square
| Spinningfields
| Manchester
| M3 3EB
Qualtex UK Limited Contents
| Page
Strategic Report | 1 - 3
Directors' Report | 4 - 5
Independent Auditors' Report | 6 - 9
Statement of Comprehensive Income | 10
Balance Sheet | 11
Statement of Changes in Equity | 12
Notes to the Financial Statements | 13 - 31
Qualtex UK Limited Strategic Report For the Year Ended 31 December 2025
Introduction
The directors present their Strategic Report and financial statements for the 12 months ended 31 December 2025. The principal activity of the Company is the provision of home appliance spare parts which are available for distribution worldwide.
Business review
Sales were down in the year to £23.5m (2024: £24.3m) due to difficult market conditions specifically within the ecommerce sector. Trade sales also dropped off, resulting in reduced overall GP margin of 18.7% (2024: 20.9%). Whilst underlying administration expenses remain consistent, there were increases to staffing costs of £204k, which were not seen last year. Impairment of the JEGS Electrical Limited investment continued in 2025 of £102k (2024: £102k). These both impacted operating profit margin in the year, which fell to 2.1% (2024: 5.7%) The Company 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. Page 1
Qualtex UK Limited Strategic Report (continued) For the Year Ended 31 December 2025
Principal risks and uncertainties
The Company 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 Company has a broad range of customers with whom it maintains strong relationships. The Company purchases significant amounts 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 Company 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 Company's operations. The existence of these financial instruments exposes the Company to a number of financial risks, which are described in more detail below. The main risks arising from the Company'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. In this instance price risk has been ignored as it is not considered a material risk to the business. The Company'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 Company 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 Company's sales and purchases. The Company 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 Company finances its operations through a mixture of retained profits, cash and external loans. The Company's exposure to interest rate fluctuations on its borrowings is not considered material. Liquidity risk The Company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs. Credit risk The Company'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 Company's trade debtors is not considered material. Page 2
Qualtex UK Limited Strategic Report (continued) For the Year Ended 31 December 2025
Financial key performance indicators
The directors consider the following KPIs to be the main focus for the Company: sales, gross profit margin and profit before tax. Sales: 2025: £23,544,008 2024: £24,256,508 Gross profit margin: 2025: 18.7% 2024: 20.9% Profit before tax: 2025: £297,649 2024: £1,205,018 Future developments The Company 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. This report was approved by the board and signed on its behalf.
................................................ P Hulme Director
Date: 23 August 2026
Page 3
Qualtex UK 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 Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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 of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Company'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 Company 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Results and dividends
The profit for the year, after taxation, amounted to £222,503 (2024 - £878,722). The dividend for the year is £1,069,065 (2024: £1,828,008). The directors do not recommend the payment of a final dividend.
Directors
The directors who served during the year were:
C Hulme
P Hulme
Chris Gibbons (resigned 31 March 2026)
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'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's auditors are aware of that information. Page 4
Qualtex UK Limited Directors' Report (continued) For the Year Ended 31 December 2025
Post balance sheet events
There have been no significant events affecting the Company 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 5
Qualtex UK Limited Independent Auditors' Report to the Members of Qualtex UK Limited
Opinion
We have audited the financial statements of Qualtex UK Limited (the 'Company') for the year ended 31 December 2025, which comprise the Statement of Comprehensive Income, the Balance Sheet, the 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 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 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 Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our 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. Page 6
Qualtex UK Limited Independent Auditors' Report to the Members of Qualtex UK Limited (continued)
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 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 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Page 7
Qualtex UK Limited Independent Auditors' Report to the Members of Qualtex UK 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 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 company 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 Company 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 Company, 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 8
Qualtex UK Limited Independent Auditors' Report to the Members of Qualtex UK 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 9
Qualtex UK Limited Statement of Comprehensive Income For the Year Ended 31 December 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 23,544,008 | 24,256,508
Cost of sales |  | (19,134,106) | (19,183,182)
Gross profit |  | 4,409,902 | 5,073,326
Administrative expenses |  | (3,898,123) | (3,680,150)
Exceptional administrative expenses |  | (26,580) | -
Operating profit | 5 | 485,199 | 1,393,176
Interest receivable and similar income | 9 | - | 932
Interest payable and similar expenses | 10 | (187,550) | (189,090)
Profit before tax |  | 297,649 | 1,205,018
Tax on profit | 11 | (75,146) | (326,296)
Profit for the financial year |  | 222,503 | 878,722
There was no other comprehensive income for 2025 (2024:£NIL).
The notes on pages 13 to 31 form part of these financial statements.
Page 10
Qualtex UK Limited Registered number: 00708974 Balance Sheet As at 31 December 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 14 |  | 369,406 |  | 301,733
Tangible assets | 15 |  | 1,082,390 |  | 1,088,629
Investments | 16 |  | 818,711 |  | 921,011
|  |  | 2,270,507 |  | 2,311,373
Current assets |  |  |  |  |
Stocks | 17 | 6,371,801 |  | 7,168,609 |
Debtors: amounts falling due within one year | 18 | 3,750,527 |  | 4,657,446 |
Cash at bank and in hand | 19 | 213,666 |  | 1,289,706 |
|  | 10,335,994 |  | 13,115,761 |
Creditors: amounts falling due within one year | 20 | (7,185,521) |  | (9,390,849) |
Net current assets |  |  | 3,150,473 |  | 3,724,912
Total assets less current liabilities |  |  | 5,420,980 |  | 6,036,285
Creditors: amounts falling due after more than one year | 21 |  | (333,950) |  | (196,370)
Provisions for liabilities |  |  |  |  |
Deferred tax | 23 |  | (203,184) |  | (109,507)
Net assets |  |  | 4,883,846 |  | 5,730,408
Capital and reserves |  |  |  |  |
Called up share capital | 24 |  | 1,500 |  | 1,500
Revaluation reserve | 25 |  | 110,375 |  | 110,375
Other reserves | 25 |  | 641,765 |  | 641,765
Profit and loss account | 25 |  | 4,130,206 |  | 4,976,768
|  |  | 4,883,846 |  | 5,730,408
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 13 to 31 form part of these financial statements. Page 11
Qualtex UK Limited Statement of Changes in Equity For the Year Ended 31 December 2025
| Called up share capital | Revaluation reserve | Other reserves | Profit and loss account | Total equity
| £ | £ | £ | £ | £
At 1 January 2024 | 1,500 | 110,375 | 641,765 | 5,926,054 | 6,679,694
Comprehensive income for the year |  |  |  |  |
Profit for the year | - | - | - | 878,722 | 878,722
Dividends: Equity capital | - | - | - | (1,828,008) | (1,828,008)
At 1 January 2025 | 1,500 | 110,375 | 641,765 | 4,976,768 | 5,730,408
Comprehensive income for the year |  |  |  |  |
Profit for the year | - | - | - | 222,503 | 222,503
Dividends: Equity capital | - | - | - | (1,069,065) | (1,069,065)
At 31 December 2025 | 1,500 | 110,375 | 641,765 | 4,130,206 | 4,883,846
| The notes on pages 13 to 31 form part of these financial statements.
Page 12
Qualtex UK Limited Notes to the Financial Statements For the Year Ended 31 December 2025
1. | General information
Qualtex UK 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 company's registered number is 00708974. The principal activity of the Company is the provision of home appliance spare parts which are distributed worldwide. 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 following principal accounting policies have been applied:
| 2.2 | 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 the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 7 Statement of Cash Flows; ∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); ∙the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of Qualtex Global Limited as at 31 December 2025 and these financial statements may be obtained from Companies House.
| 2.3 | Exemption from preparing consolidated financial statements
The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006. Page 13
Qualtex UK Limited Notes to the Financial Statements For the Year Ended 31 December 2025 2.Accounting policies (continued)
| 2.4 | 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. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
| 2.5 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company 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 Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company 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 Company 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.
| 2.6 | Operating leases: the Company 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. Page 14
Qualtex UK Limited Notes to the Financial Statements For the Year Ended 31 December 2025 2.Accounting policies (continued)
| 2.7 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.8 | 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.
| 2.9 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Company in independently administered funds.
| 2.10 | 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 operates and generates 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; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. 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.
| 2.11 | Exceptional items
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence. Page 15
Qualtex UK Limited Notes to the Financial Statements For the Year Ended 31 December 2025 2.Accounting policies (continued)
| 2.12 | 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:
|  |  |  | Goodwill | - |  | 3-5 years
|  |  |  | Software | - |  | Up to 10 years or term of the licence
| 2.13 | 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. 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:
|  |  |  | Plant and machinery | - | 5 years
|  |  |  | Motor vehicles | - | 5 years
|  |  |  | Fixtures, fittings and office equipment | - | 3-5 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.
| 2.14 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment. Page 16
Qualtex UK Limited Notes to the Financial Statements For the Year Ended 31 December 2025 2.Accounting policies (continued)
| 2.15 | 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.
| 2.16 | 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.
| 2.17 | 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.
| 2.18 | 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.
| 2.19 | 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.
| 2.20 | Financial instruments
The Company 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 a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Page 17
Qualtex UK Limited Notes to the Financial Statements For the Year Ended 31 December 2025 2.Accounting policies (continued)
| 2.20 | Financial instruments (continued)
Discounting is omitted where the effect of discounting is immaterial. The Company'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 Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans 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 Company 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 Company will continue to recognise the value of the portion of the risks and rewards retained. Page 18
Qualtex UK Limited Notes to the Financial Statements For the Year Ended 31 December 2025 2.Accounting policies (continued)
| 2.20 | Financial instruments (continued)
Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
| 2.21 | 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.
3. | Judgements 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 judgements have 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 £6,371,801 (2024: £7,168,609), which included impairments of £633,249 (2024: £574,210). 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 was £818,711 (2024: £921,011), after cumulative impairment provisions of £204,600 (2024: £102,300). Page 19
Qualtex UK 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 | 22,050,665 | 22,301,076
| Rest of Europe | 984,523 | 983,271
| Rest of the world | 508,820 | 972,161
|  | 23,544,008 | 24,256,508
5. | Operating profit
| The operating profit is stated after charging/(crediting):
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Exchange differences | 25,849 | 3,419
| Other operating lease rentals | 150,000 | 151,487
6. | Auditors' remuneration
| During the year, the Company obtained the following services from the Company's auditors:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 23,500 | 23,500
| The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.
Page 20
Qualtex UK Limited Notes to the Financial Statements For the Year Ended 31 December 2025
7. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 1,614,811 | 1,446,025
| Social security costs | 169,092 | 129,019
| Cost of defined contribution scheme | 30,906 | 35,763
|  | 1,814,809 | 1,610,807
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Office and management | 25 | 26
|  | Other | 26 | 27
|  |  | 51 | 53
8. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 121,700 | 121,600
| Company 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 Company. Directors remuneration is disclosed above. The total emoluments of key management personnel were £265,746 (2024: £276,233).
9. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | - | 932
Page 21
Qualtex UK Limited Notes to the Financial Statements For the Year Ended 31 December 2025
10. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | 136,682 | 167,113
| Finance leases and hire purchase contracts | 36,019 | 9,271
| Other interest payable | 14,849 | 12,706
|  | 187,550 | 189,090
11. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | - | 280,989
| Adjustments in respect of previous periods | (18,531) | -
| Total current tax | (18,531) | 280,989
| Deferred tax |  |
| Origination and reversal of timing differences | 93,677 | 45,307
| Total deferred tax | 93,677 | 45,307
| Tax on profit | 75,146 | 326,296
Page 22
Qualtex UK Limited Notes to the Financial Statements For the Year Ended 31 December 2025 11.Taxation (continued)
| 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
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 297,649 | 1,205,018
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 74,412 | 301,255
| Effects of: |  |
| Fixed asset differences | 192 | 6,076
| Expenses not deductible for tax purposes | 1,712 | 25,575
| Adjustments to tax charge in respect of previous periods - deferred tax | - | (6,610)
| Other differences | 17,361 | -
| Loss relief utilised | (18,531) | -
| Total tax charge for the year | 75,146 | 326,296
| Factors that may affect future tax charges
There were no factors that may affect future tax charges.
12. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Dividends paid on ordinary shares | 1,069,065 | 1,828,008
13. | Exceptional items
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Redundancy costs | 26,580 | -
| Restructuring costs comprised business reorganisation and restructuring undertaken by management during the period.
Page 23
Qualtex UK Limited Notes to the Financial Statements For the Year Ended 31 December 2025
14. | Intangible assets
|  | Computer software | Goodwill | Total
|  | £ | £ | £
| Cost |  |  |
| At 1 January 2025 | 512,683 | 68,346 | 581,029
| Additions | 2,093 | - | 2,093
| Additions - internal | 145,132 | - | 145,132
| At 31 December 2025 | 659,908 | 68,346 | 728,254
| Amortisation |  |  |
| At 1 January 2025 | 210,950 | 68,346 | 279,296
| Charge for the year | 79,552 | - | 79,552
| At 31 December 2025 | 290,502 | 68,346 | 358,848
| Net book value |  |  |
| At 31 December 2025 | 369,406 | - | 369,406
| At 31 December 2024 | 301,733 | - | 301,733
Page 24
Qualtex UK Limited Notes to the Financial Statements For the Year Ended 31 December 2025
15. | Tangible fixed assets
|  | Plant and machinery | Motor vehicles | Office equipment | Assets under construction | Total
|  | £ | £ | £ | £ | £
| Cost |  |  |  |  |
| At 1 January 2025 | 1,451,792 | 245,931 | 2,034,016 | 406,198 | 4,137,937
| Additions | 87,051 | 261,445 | 56,059 | 3,750 | 408,305
| Transfers to intangible assets | - | - | - | (145,132) | (145,132)
| Disposals | - | - | (12,712) | - | (12,712)
| Transfers between classes | 261,066 | - | - | (261,066) | -
| At 31 December 2025 | 1,799,909 | 507,376 | 2,077,363 | 3,750 | 4,388,398
| Depreciation |  |  |  |  |
| At 1 January 2025 | 1,301,054 | 120,688 | 1,627,566 | - | 3,049,308
| Charge for the year | 90,277 | 87,361 | 79,062 | - | 256,700
| At 31 December 2025 | 1,391,331 | 208,049 | 1,706,628 | - | 3,306,008
| Net book value |  |  |  |  |
| At 31 December 2025 | 408,578 | 299,327 | 370,735 | 3,750 | 1,082,390
| At 31 December 2024 | 150,738 | 125,243 | 406,450 | 406,198 | 1,088,629
| 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
| Office equipment | 250,354 | 276,587
|  | 496,219 | 319,031
Page 25
Qualtex UK Limited Notes to the Financial Statements For the Year Ended 31 December 2025
16. | Fixed asset investments
|  | Investments in subsidiary companies | Investment in joint ventures | Total
|  | £ | £ | £
| Cost |  |  |
| At 1 January 2025 | 1,023,311 | 68,549 | 1,091,860
| At 31 December 2025 | 1,023,311 | 68,549 | 1,091,860
| Impairment |  |  |
| At 1 January 2025 | 102,300 | 68,549 | 170,849
| Charge for the period | 102,300 | - | 102,300
| At 31 December 2025 | 204,600 | 68,549 | 273,149
| Net book value |  |  |
| At 31 December 2025 | 818,711 | - | 818,711
| At 31 December 2024 | 921,011 | - | 921,011
| Subsidiary undertakings
| The following were 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 26
Qualtex UK Limited Notes to the Financial Statements For the Year Ended 31 December 2025
17. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Finished goods and goods for resale | 6,371,801 | 7,168,609
| The carrying value of inventories is stated net of an impairment provision of £633,249 (2024: credit of £574,210). During the year, an additional inventory impairment charge of £59,039 was recognised in the profit and loss account (2024: credit of £88,940).
18. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 1,257,623 | 1,793,806
| Invoice discount facility | 451,191 | -
| Amounts owed by group undertakings | 1,405,412 | 1,933,996
| Amounts owed by joint ventures and associated undertakings | 77,989 | 11,841
| Other debtors | 268,284 | 556,184
| Prepayments and accrued income | 290,028 | 361,619
|  | 3,750,527 | 4,657,446
19. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 213,666 | 1,289,706
| Less: bank overdrafts | (19,344) | (12,542)
|  | 194,322 | 1,277,164
Page 27
Qualtex UK Limited Notes to the Financial Statements For the Year Ended 31 December 2025
20. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Revolving credit facility | 1,500,000 | 1,500,000
| Bank overdrafts | 19,344 | 12,542
| Bank loans | - | 523,797
| Invoice discount facility | - | 80,340
| Trade creditors | 967,221 | 2,410,900
| Amounts owed to group undertakings | 3,808,456 | 3,839,495
| Amounts owed to associated undertakings | 60,446 | 137,107
| Corporation tax | - | 280,359
| Other taxation and social security | 424,334 | 280,823
| Obligations under finance lease and hire purchase contracts | 95,687 | 62,934
| Accruals and deferred income | 310,033 | 262,552
|  | 7,185,521 | 9,390,849
| Invoice financing facilities are secured on the Company debtor balance. The bank overdraft and the revolving credit facility ("RCF") are secured by way of a debenture including a fixed and floating charge over the Company's assets and those of its parent company Qualtex Global Limited. Bank loans are secured on the current assets to which they relate and are due for repayment within one year. Interest is charged at a fixed rate. The RCF, a £3 million facility, attracts interest based on SONIA plus a margin of 2.1% per annum when utilised. Obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.
21. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Net obligations under finance leases and hire purchase contracts | 333,950 | 196,370
| Obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.
Page 28
Qualtex UK Limited Notes to the Financial Statements For the Year Ended 31 December 2025
22. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Within one year | 129,971 | 62,934
| Between 1-5 years | 368,818 | 195,784
|  | 498,789 | 258,718
23. | Deferred taxation
|  | 2025 | 2024
|  | £ | £
| Liability at beginning of year | 109,507 | 64,200
| Charged / (Credited) to profit or loss | 93,677 | 45,307
| Liability at end of year | 203,184 | 109,507
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | 213,784 | 145,280
| Other timing differences | (10,600) | (35,773)
24. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 1,500 (2024 - 1,500) Ordinary shares shares of £1.00 each | 1,500 | 1,500
Page 29
Qualtex UK Limited Notes to the Financial Statements For the Year Ended 31 December 2025
25. | Reserves
Revaluation reserve The revaluation reserve represents the surplus created on the revaluation of certain categories of fixed assets. Other reserves The other reserves represent the reserve created on fair valuing the intra-group loan payable to Qualtex Global Limited on transition to FRS 102. This comprises the difference between the amount payable and the fair value of the loan. Profit and loss account The profit and loss account includes all current and prior period retained profits and losses, net of dividends paid.
26. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £25,182 (2024: £30,039). Contributions totaling £6,791 (2024: £11,043) were payable to the fund at the balance sheet date and are included in creditors.
27. | Commitments under operating leases
| At 31 December 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 150,000 | 150,000
| Later than 1 year and not later than 5 years | 307,808 | 457,808
|  | 457,808 | 607,808
Page 30
Qualtex UK Limited Notes to the Financial Statements For the Year Ended 31 December 2025
28. | 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 £115,892 (2024: £504,363). The balance is unsecured, interest-free and repayable on demand. The maximum amount outstanding during the year was £649,070 (2024: £2,308,384). Related company - commissions, recharges and loans The company 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 company owed £47,042 (2024: £84,672) to that company in respect of all of these transactions. Related company - sales transactions The company 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 company £57,023 (2024: £43,255).
29. | Controlling party
The immediate and ultimate parent Company is Qualtex Global Limited (registered number: 08812633), a company registered in the United Kingdom, in which P Hulme is the controlling shareholder. The largest and smallest group within which the results of the company are consolidated is headed by Qualtex Global Limited. The address of Qualtex Global Limited is Unit 1, Denton Hall Farm Road, Denton, Manchester M34 2SX.
Page 31