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REGISTERED NUMBER: 01253792 (England and Wales)

Strategic Report, Directors' Report and

Financial Statements for the Year Ended 31 December 2025

for

Arden Winch & Co Limited

| Arden Winch & Co Limited (Registered number: 01253792) |

Contents of the Financial Statements

for the Year Ended 31 December 2025

Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Directors' Report | 4 |

| Report of the Independent Auditors | 6 |

| Income Statement | 9 |

| Other Comprehensive Income | 10 |

| Balance Sheet | 11 |

| Statement of Changes in Equity | 12 |

| Cash Flow Statement | 14 |

| Notes to the Cash Flow Statement | 15 |

| Notes to the Financial Statements | 16 |

| Arden Winch & Co Limited |

Company Information

for the Year Ended 31 December 2025

| DIRECTORS: | Mr Adam Christopher Banks

| Mr Steven Barker

| Mrs Julie Edwina Davison

| Mr Richard Hastings Wetherill

| Mr Nicholas Arden Winch

| SECRETARY: | Mrs Julie Edwina Davison

| REGISTERED OFFICE: | 9 Acres Hill Lane

| Sheffield

| South Yorkshire

| S9 4LR

| REGISTERED NUMBER: | 01253792 (England and Wales)

| INDEPENDENT AUDITORS: | Landin Wilcock & Co

| Statutory Auditor

| 68 Queen Street

| Sheffield

| South Yorkshire

| S1 1WR

| BANKERS: | HSBC

| 37 High Street

| Meadowhall Shopping Centre

| Sheffield

| South Yorkshire

| S9 1EN

| Arden Winch & Co Limited (Registered number: 01253792) |

Strategic Report

for the Year Ended 31 December 2025

The directors present their strategic report for the year ended 31 December 2025.

REVIEW OF BUSINESS

The year ending December 2025 was a year where we went backwards slightly. The turnover dropped to £8.8million. We lost a key account at tender (£400,000) with a new buyer preferring Arco because she had used them in a previous company. The rest of the staff wanted to remain with Arden Winch, but her decision was final.

We introduced a New ERP system, Orderwise in June 2025. As with all New ERP systems this was very challenging and took us 3 months to get to a position of relative control.

We also progressed with the new website build and started transitioning current customer ordering portals over to the new web portal site.

The new website, web portal site and full integration with Orderwise is due to be completed in September 2026. It has been a tough 2 years pulling all this together, but I firmly believe it is 100% necessary. This will give the company the tools it needs to get back to growth and power forward.

Our drive for Carbon Neutrality continues at pace. We have put costed plans in place to slowly transition our fleet of delivery vans over to full electric. This will also include more solar panels, more batteries and more charging points. Once this is all complete it will take us to Carbon Neutral for Scope 1 and 2. A huge selling point to larger companies.

I would like to thank the staff for their hard work and patience, particularly after we went live on the Orderwise ERP system. As a team we are pivoting the business, so it has much improved and modern IT systems and website. This will put us ahead of all our smaller local competitors and at least on par with our larger national competitors.

PRINCIPAL RISKS AND UNCERTAINTIES

The main factors outside our control includes the actions of our competitors and government policy. Our senior management regularly review the competitive threats we face in order to identify the appropriate actions to be taken.

The main factors within our control is how we are organised internally, and the recruitment, retention and training of staff with the appropriate skills.

| Arden Winch & Co Limited (Registered number: 01253792) |

Strategic Report

for the Year Ended 31 December 2025

KEY PERFORMANCE INDICATORS

We rely on the below, together with other financial and non-financial key performance indicators to monitor the performance of the business. All indicators are reported and analysed regularly through the provision of management information and business reviews with senior personnel.

| unit |  | 2025 |  | 2024 |

Turnover |  | £ |  | 8,794,460 |  | 9,308,654 |

Turnover growth |  | % |  | (5.5) |  | (2) |

Gross profit margin |  | % |  | 31 |  | 31 |

Profit/(loss) before tax |  | £ |  | 441,448 |  | 427,998 |

ON BEHALF OF THE BOARD:

Director

25 August 2026

| Arden Winch & Co Limited (Registered number: 01253792) |

Directors' Report

for the Year Ended 31 December 2025

The directors present their report with the financial statements of the company for the year ended 31 December 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of an industrial merchant.

DIVIDENDS

Interim dividends of £64,200 were distributed and paid during the year ended 31 December 2025.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

Mr Adam Christopher Banks

Mr Steven Barker

Mrs Julie Edwina Davison

Mr Richard Hastings Wetherill

Mr Nicholas Arden Winch

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), 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 and then apply them consistently;

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

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

The 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 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

| Arden Winch & Co Limited (Registered number: 01253792) |

Directors' Report

for the Year Ended 31 December 2025

AUDITORS

The auditors, Landin Wilcock & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mrs Julie Edwina Davison - Director

25 August 2026

Report of the Independent Auditors to the Members of

Arden Winch & Co Limited

Opinion

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

In our opinion the financial statements:

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

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Directors' Report, but does not include the financial statements and our Report of the Auditors thereon.

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

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

Report of the Independent Auditors to the Members of

Arden Winch & Co Limited

Opinions on other matters prescribed by the Companies Act 2006

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

- | the information given in the Strategic Report and the 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 where the Companies Act 2006 requires us to report to you if, in our opinion:

- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

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

- | certain disclosures of 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 Statement of Directors' Responsibilities set out on page four, 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 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.

Report of the Independent Auditors to the Members of

Arden Winch & Co Limited

Auditors' responsibilities for the audit of the financial statements

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

- minimal reliance was placed upon the operating effectiveness of internal controls in the design and performance of our substantive procedures;

- discussions were held with management considering known or suspected non-compliance with laws, regulations and fraud;

- journal entries were reviewed for any entries made outside the ordinary reporting process with particular emphasis on those with unusual account combinations, entries crediting revenue and those without specific descriptions;

- management assumptions in their significant accounting estimates were challenged and scrutinised.

There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one from 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 Report of the Auditors.

Use of our report

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

Tom Henshaw (Senior Statutory Auditor)

for and on behalf of Landin Wilcock & Co

Statutory Auditor

68 Queen Street

Sheffield

South Yorkshire

S1 1WR

26 August 2026

| Arden Winch & Co Limited (Registered number: 01253792) |

Income Statement

for the Year Ended 31 December 2025

| 2025 |  | 2024

| Notes | £ | £ |

TURNOVER | 3 | 8,794,460 |  | 9,308,654 |  |

Cost of sales | (6,072,281 | ) | (6,427,473 | ) |

GROSS PROFIT | 2,722,179 |  | 2,881,181 |  |

Administrative expenses | (2,612,150 | ) | (2,533,773 | ) |

110,029 |  | 347,408 |  |

Other operating income | 51,600 |  | 51,600 |  |

Gain/loss on revaluation of investment property | 255,000 |  | - |  |

OPERATING PROFIT | 5 | 416,629 |  | 399,008 |  |

Interest receivable and similar income | 25,665 |  | 30,452 |  |

442,294 |  | 429,460 |  |

Interest payable and similar expenses | 6 | (846 | ) | (1,462 | ) |

PROFIT BEFORE TAXATION | 441,448 |  | 427,998 |  |

Tax on profit | 7 | (139,932 | ) | (115,890 | ) |

PROFIT FOR THE FINANCIAL YEAR | 301,516 |  | 312,108 |  |

| Arden Winch & Co Limited (Registered number: 01253792) |

Other Comprehensive Income

for the Year Ended 31 December 2025

| 2025 |  | 2024

| Notes | £ | £ |

PROFIT FOR THE YEAR | 301,516 |  | 312,108 |  |

OTHER COMPREHENSIVE INCOME |

Surplus on property revaluation | 100,793 |  | 895 |  |

Income tax relating to other comprehensive income | - |  | - |  |

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX | 100,793 |  | 895 |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 402,309 |  | 313,003 |  |

| Arden Winch & Co Limited (Registered number: 01253792) |

Balance Sheet

31 December 2025

| 2025 |  | 2024

| Notes | £ | £ |

FIXED ASSETS

Intangible assets | 9 | 368,554 |  | 218,190 |  |

Tangible assets | 10 | 2,484,654 |  | 2,074,160 |  |

Investments | 11 | 1 |  | 1 |  |

Investment property | 12 | 1,000,000 |  | 745,000 |  |

3,853,209 |  | 3,037,351 |  |

CURRENT ASSETS

Stocks | 13 | 1,081,091 |  | 845,756 |  |

Debtors | 14 | 1,219,628 |  | 1,364,993 |  |

Cash at bank and in hand | 1,042,691 |  | 1,369,434 |  |

3,343,410 |  | 3,580,183 |  |

CREDITORS

Amounts falling due within one year | 15 | (1,612,074 | ) | (1,489,542 | ) |

NET CURRENT ASSETS | 1,731,336 |  | 2,090,641 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 5,584,545 |  | 5,127,992 |  |

CREDITORS

Amounts falling due after more than one year | 16 | - |  | (17,218 | ) |

PROVISIONS FOR LIABILITIES | 19 | (330,844 | ) | (195,182 | ) |

NET ASSETS | 5,253,701 |  | 4,915,592 |  |

CAPITAL AND RESERVES

Called up share capital | 20 | 90,415 |  | 90,415 |  |

Share premium | 21 | 8,243 |  | 8,243 |  |

Revaluation reserve | 21 | 479,228 |  | 408,690 |  |

Capital redemption reserve | 21 | 3,510 |  | 3,510 |  |

Retained earnings | 21 | 4,672,305 |  | 4,404,734 |  |

SHAREHOLDERS' FUNDS | 5,253,701 |  | 4,915,592 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 25 August 2026 and were signed on its behalf by:

Mr Steven Barker - Director

| Arden Winch & Co Limited (Registered number: 01253792) |

Statement of Changes in Equity

for the Year Ended 31 December 2025

| Called up |

| share |  | Retained |  | Share

| capital |  | earnings |  | premium

£ | £ | £ |

Balance at 1 January 2024 | 90,415 |  | 4,171,990 |  | 8,243 |  |

Changes in equity

Profit for the year | - |  | 312,108 |  | - |  |

Other comprehensive income | - |  | 1,914 |  | - |  |

Total comprehensive income | - |  | 314,022 |  | - |  |

Dividends | - |  | (81,278 | ) | - |  |

Total transactions with owners, recognised directly in equity | - |  | (81,278 | ) | - |  |

Balance at 31 December 2024 | 90,415 |  | 4,404,734 |  | 8,243 |  |

Changes in equity

Profit for the year | - |  | 301,516 |  | - |  |

Other comprehensive income | - |  | 30,255 |  | - |  |

Total comprehensive income | - |  | 331,771 |  | - |  |

Dividends | - |  | (64,200 | ) | - |  |

Total transactions with owners, recognised directly in equity | - |  | (64,200 | ) | - |  |

Balance at 31 December 2025 | 90,415 |  | 4,672,305 |  | 8,243 |  |

| Arden Winch & Co Limited (Registered number: 01253792) |

Statement of Changes in Equity - continued

for the Year Ended 31 December 2025

| Capital |

| Revaluation |  | redemption |  | Total

| reserve |  | reserve |  | equity

£ | £ | £ |

Balance at 1 January 2024 | 409,709 |  | 3,510 |  | 4,683,867 |  |

Changes in equity

Profit for the year | - |  | - |  | 312,108 |  |

Other comprehensive income | (1,019 | ) | - |  | 895 |  |

Total comprehensive income | (1,019 | ) | - |  | 313,003 |  |

Dividends | - |  | - |  | (81,278 | ) |

Total transactions with owners, recognised directly in equity | - |  | - |  | (81,278 | ) |

Balance at 31 December 2024 | 408,690 |  | 3,510 |  | 4,915,592 |  |

Changes in equity

Profit for the year | - |  | - |  | 301,516 |  |

Other comprehensive income | 70,538 |  | - |  | 100,793 |  |

Total comprehensive income | 70,538 |  | - |  | 402,309 |  |

Dividends | - |  | - |  | (64,200 | ) |

Total transactions with owners, recognised directly in equity | - |  | - |  | (64,200 | ) |

Balance at 31 December 2025 | 479,228 |  | 3,510 |  | 5,253,701 |  |

| Arden Winch & Co Limited (Registered number: 01253792) |

Cash Flow Statement

for the Year Ended 31 December 2025

| 2025 |  | 2024

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 374,250 |  | 476,332 |  |

Interest element of hire purchase payments paid | (846 | ) | (1,462 | ) |

Tax paid | (82,009 | ) | (63,921 | ) |

Net cash from operating activities | 291,395 |  | 410,949 |  |

Cash flows from investing activities

Purchase of intangible fixed assets | (155,364 | ) | - |  |

Purchase of tangible fixed assets | (420,021 | ) | (208,510 | ) |

Interest received | 25,665 |  | 30,452 |  |

Net cash from investing activities | (549,720 | ) | (178,058 | ) |

Cash flows from financing activities

Capital repayments in year | (4,218 | ) | (3,604 | ) |

Equity dividends paid | (64,200 | ) | (81,278 | ) |

Net cash from financing activities | (68,418 | ) | (84,882 | ) |

(Decrease)/increase in cash and cash equivalents | (326,743 | ) | 148,009 |  |

Cash and cash equivalents at beginning of year | 2 | 1,369,434 |  | 1,221,425 |  |

Cash and cash equivalents at end of year | 2 | 1,042,691 |  | 1,369,434 |  |

| Arden Winch & Co Limited (Registered number: 01253792) |

Notes to the Cash Flow Statement

for the Year Ended 31 December 2025

1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 2025 |  | 2024

£ | £ |

| Profit before taxation | 441,448 |  | 427,998 |  |

| Depreciation charges | 115,312 |  | 112,772 |  |

| Gain on revaluation of fixed assets | (255,000 | ) | - |  |

| Finance costs | 846 |  | 1,462 |  |

| Finance income | (25,665 | ) | (30,452 | ) |

276,941 |  | 511,780 |  |

| (Increase)/decrease in stocks | (235,335 | ) | 68,969 |  |

| Decrease in trade and other debtors | 145,365 |  | 36,478 |  |

| Increase/(decrease) in trade and other creditors | 187,279 |  | (140,895 | ) |

| Cash generated from operations | 374,250 |  | 476,332 |  |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

| Year ended 31 December 2025

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

£ | £ |

| Cash and cash equivalents | 1,042,691 |  | 1,369,434 |  |

| Year ended 31 December 2024

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

£ | £ |

| Cash and cash equivalents | 1,369,434 |  | 1,221,425 |  |

3. | ANALYSIS OF CHANGES IN NET FUNDS

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

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 1,369,434 |  | (326,743 | ) | 1,042,691 |  |

1,369,434 |  | (326,743 | ) | 1,042,691 |  |

| Debt

| Finance leases | (21,437 | ) | 4,218 |  | (17,219 | ) |

(21,437 | ) | 4,218 |  | (17,219 | ) |

| Total | 1,347,997 |  | (322,525 | ) | 1,025,472 |  |

| Arden Winch & Co Limited (Registered number: 01253792) |

Notes to the Financial Statements

for the Year Ended 31 December 2025

1. | STATUTORY INFORMATION

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

| The presentation currency of the financial statements is the Pound Sterling (£).

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

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

| Preparation of consolidated financial statements

| The financial statements contain information about Arden Winch & Co Limited as an individual

| company and do not contain consolidated financial information as the parent of a group.

| Under FRS 102 section 9.9A a subsidiary may be excluded from consolidation when its inclusion is not material for the purpose of giving a true and fair view. The subsidiary continues to be a dormant company.

| Related party exemption

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

| Significant judgements and estimates

| The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and evaluated and are based upon historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

| Stock provisioning

| The company is engaged in the sale and distribution of personal protective equipment, and as a result, it is necessary to consider the recoverability of the cost of inventory and the associated provisions required. When calculating the inventory provision, management considers the nature and condition of the inventory, as well as applying assumptions around anticipated saleability.

| Impairment of debtors

| The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of the debtor and historical experience.

| Arden Winch & Co Limited (Registered number: 01253792) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| Turnover

| Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers. Revenue is recognised when the services are rendered, goods are delivered or work is complete.

| Revenue from these services are recognised when:

| - the company has transferred to a buyer the significant risks and rewards of ownership of the goods and services;

| - the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control of the goods and services sold;

| - the amount of revenue can be measured reliably;

| - it is probable that the economic benefits associated with the transaction will flow to the company;

| - the costs to be incurred in respect of the transaction can be measured reliably; and

| - the stage of completion of the transaction at the balance sheet date can be measured reliably.

| Any amounts received in advance are recorded as accrued liabilities until services are rendered to customers or goods are delivered.

| Goodwill

| Goodwill, being the amount paid in connection with the acquisition of a business in 2022, is being amortised evenly over its estimated useful life of five years.

| Computer software

| No amortisation has been charged in the accounting year, as the assets are not yet in use.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

| Freehold property | - | 1% on cost/revaluation

| Short leasehold | - | 1% on cost/revaluation

| Fixtures and fittings | - | 33% on cost and 10% on reducing balance

| Motor vehicles | - | 25% on reducing balance

| Tangible fixed assets are initially measured at cost. Subsequently, they are measured at cost less accumulated depreciation and impairment losses.

| Investments in subsidiaries

| Investments in subsidiary undertakings are recognised at cost.

| Investment property

| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

| Stocks

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

| Arden Winch & Co Limited (Registered number: 01253792) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| Financial instruments

| Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 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 deducting all of its liabilities.

| Taxation

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

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

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

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Foreign currencies

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

| Hire purchase and leasing commitments

| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

| Pension costs and other post-retirement benefits

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

| Arden Winch & Co Limited (Registered number: 01253792) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| Going concern

| The directors have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

3. | TURNOVER

| The turnover and profit before taxation are attributable to the one principal activity of the company.

4. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 1,572,531 |  | 1,560,551 |  |

| Social security costs | 170,772 |  | 146,588 |  |

| Other pension costs | 62,460 |  | 57,022 |  |

1,805,763 |  | 1,764,161 |  |

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

| 2025 |  | 2024

| Directors | 3 |  | 3 |  |

| Office & administration | 3 |  | 16 |  |

| Sales | 16 |  | 6 |  |

| Warehouse & distribution | 32 |  | 31 |  |

54 |  | 56 |  |

| 2025 |  | 2024

£ | £ |

| Directors' remuneration | 231,452 |  | 257,130 |  |

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

| Money purchase schemes | 2 |  | 2 |  |

| Information regarding the highest paid director is as follows:

| 2025 |  | 2024

£ | £ |

| Emoluments etc | 83,389 |  | 94,365 |  |

| Arden Winch & Co Limited (Registered number: 01253792) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

5. | OPERATING PROFIT

| The operating profit is stated after charging:

| 2025 |  | 2024

£ | £ |

| Other operating leases | 82,570 |  | 82,280 |  |

| Depreciation - owned assets | 106,369 |  | 102,504 |  |

| Depreciation - assets on hire purchase contracts | 3,951 |  | 5,268 |  |

| Goodwill amortisation | 5,000 |  | 5,000 |  |

| Auditors' remuneration | 13,300 |  | 12,600 |  |

6. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£ | £ |

| Hire purchase | 846 |  | 1,462 |  |

7. | TAXATION

| Analysis of the tax charge

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

| 2025 |  | 2024

£ | £ |

| Current tax:

| UK corporation tax | 4,270 |  | 82,009 |  |

| Deferred tax | 135,662 |  | 33,881 |  |

| Tax on profit | 139,932 |  | 115,890 |  |

| Reconciliation of total tax charge included in profit and loss

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

| 2025 |  | 2024

£ | £ |

| Profit before tax | 441,448 |  | 427,998 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 110,362 |  | 107,000 |  |

| Effects of:

| Expenses not deductible for tax purposes | 4,268 |  | 1,551 |  |

| Income not taxable for tax purposes | (63,750 | ) | - |  |

| Capital allowances in excess of depreciation | (46,610 | ) | (26,542 | ) |

| Deferred tax | 135,662 |  | 33,881 |  |

| Total tax charge | 139,932 |  | 115,890 |  |

| Arden Winch & Co Limited (Registered number: 01253792) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

7. | TAXATION - continued

| Tax effects relating to effects of other comprehensive income |

| 2025 |

| Gross |  | Tax |  | Net |

£ | £ | £ |

| Surplus on property revaluation | 100,793 |  | - |  | 100,793 |  |

| 2024 |

| Gross |  | Tax |  | Net |

£ | £ | £ |

| Surplus on property revaluation | 895 |  | - |  | 895 |  |

8. | DIVIDENDS

| 2025 |  | 2024

£ | £ |

| Ordinary shares of £1 each

| Interim | 58,689 |  | 6,926 |  |

| Ordinary A shares of £1 each

| Interim | 5,511 |  | 74,352 |  |

64,200 |  | 81,278 |  |

9. | INTANGIBLE FIXED ASSETS

| Computer |

| Goodwill |  | software |  | Totals

£ | £ | £ |

| COST

| At 1 January 2025 | 25,000 |  | 204,023 |  | 229,023 |  |

| Additions | - |  | 155,364 |  | 155,364 |  |

| At 31 December 2025 | 25,000 |  | 359,387 |  | 384,387 |  |

| AMORTISATION

| At 1 January 2025 | 10,833 |  | - |  | 10,833 |  |

| Amortisation for year | 5,000 |  | - |  | 5,000 |  |

| At 31 December 2025 | 15,833 |  | - |  | 15,833 |  |

| NET BOOK VALUE

| At 31 December 2025 | 9,167 |  | 359,387 |  | 368,554 |  |

| At 31 December 2024 | 14,167 |  | 204,023 |  | 218,190 |  |

| Arden Winch & Co Limited (Registered number: 01253792) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

10. | TANGIBLE FIXED ASSETS

| Fixtures |

| Freehold |  | Short |  | and |  | Motor |

| property |  | leasehold |  | fittings |  | vehicles |  | Totals

£ | £ | £ | £ | £ |

| COST OR VALUATION

| At 1 January 2025 | 1,215,653 |  | 450,000 |  | 947,851 |  | 146,078 |  | 2,759,582 |  |

| Additions | 343,367 |  | - |  | 76,654 |  | - |  | 420,021 |  |

| Revaluations | (59,020 | ) | 100,000 |  | - |  | - |  | 40,980 |  |

| At 31 December 2025 | 1,500,000 |  | 550,000 |  | 1,024,505 |  | 146,078 |  | 3,220,583 |  |

| DEPRECIATION

| At 1 January 2025 | 29,657 |  | 13,500 |  | 588,980 |  | 53,285 |  | 685,422 |  |

| Charge for year | 12,156 |  | 4,500 |  | 70,466 |  | 23,198 |  | 110,320 |  |

| Revaluation adjustments | (41,813 | ) | (18,000 | ) | - |  | - |  | (59,813 | ) |

| At 31 December 2025 | - |  | - |  | 659,446 |  | 76,483 |  | 735,929 |  |

| NET BOOK VALUE

| At 31 December 2025 | 1,500,000 |  | 550,000 |  | 365,059 |  | 69,595 |  | 2,484,654 |  |

| At 31 December 2024 | 1,185,996 |  | 436,500 |  | 358,871 |  | 92,793 |  | 2,074,160 |  |

| Cost or valuation at 31 December 2025 is represented by:

| Fixtures |

| Freehold |  | Short |  | and |  | Motor |

| property |  | leasehold |  | fittings |  | vehicles |  | Totals

£ | £ | £ | £ | £ |

| Valuation in 2020 | (32,391 | ) | 77,253 |  | - |  | - |  | 44,862 |  |

| Valuation in 2021 | 79,546 |  | 40,909 |  | - |  | - |  | 120,455 |  |

| Valuation in 2025 | (59,020 | ) | 100,000 |  | - |  | - |  | 40,980 |  |

| Cost | 1,511,865 |  | 331,838 |  | 1,024,505 |  | 146,078 |  | 3,014,286 |  |

1,500,000 |  | 550,000 |  | 1,024,505 |  | 146,078 |  | 3,220,583 |  |

| If the properties had not been revalued they would have been included at the following historical cost:

2025 | 2024 |

£ | £ |

| Cost | 1,474,264 |  | 1,474,264 |  |

| Aggregate depreciation | 265,755 |  | 265,755 |  |

| The properties were valued on an open market basis on 12 March 2026 by BTG Eddisons .

| The directors consider that the 2026 valuation is representative of the estimated current open market value.

| Arden Winch & Co Limited (Registered number: 01253792) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

10. | TANGIBLE FIXED ASSETS - continued

| Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

| Motor

| vehicles

£ |

| COST OR VALUATION

| At 1 January 2025

| and 31 December 2025 | 29,968 |  |

| DEPRECIATION

| At 1 January 2025 | 14,164 |  |

| Charge for year | 3,951 |  |

| At 31 December 2025 | 18,115 |  |

| NET BOOK VALUE

| At 31 December 2025 | 11,853 |  |

| At 31 December 2024 | 15,804 |  |

11. | FIXED ASSET INVESTMENTS

| Shares in

| group

| undertakings

£ |

| COST

| At 1 January 2025

| and 31 December 2025 | 1 |  |

| NET BOOK VALUE

| At 31 December 2025 | 1 |  |

| At 31 December 2024 | 1 |  |

| The company's investments at the Balance Sheet date in the share capital of companies include the following:

| Sheaf Valley Supplies Ltd

| Registered office: 9 Acres Hill Lane, Sheffield, South Yorkshire, S9 4LR

| Nature of business: Dormant

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

2025 |  | 30.11.24

£ | £ |

| Aggregate capital and reserves | 1 |  | 1 |  |

| Profit for the year | 1 |  | 1 |  |

| Arden Winch & Co Limited (Registered number: 01253792) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

12. | INVESTMENT PROPERTY

| Total

£ |

| FAIR VALUE

| At 1 January 2025 | 745,000 |  |

| Revaluations | 255,000 |  |

| At 31 December 2025 | 1,000,000 |  |

| NET BOOK VALUE

| At 31 December 2025 | 1,000,000 |  |

| At 31 December 2024 | 745,000 |  |

| Fair value at 31 December 2025 is represented by:

£ |

| Valuation in 2020 | 195,973 |  |

| Valuation in 2021 | 67,728 |  |

| Valuation in 2025 | 255,000 |  |

| Cost | 481,299 |  |

1,000,000 |  |

| If the investment property had not been revalued it would have been included at the following historical cost:

2025 | 2024 |

£ | £ |

| Cost | 481,299 |  | 481,299 |  |

| The investment property was valued on an open market basis on 16 June 2026 by BTG Eddisons .

| The directors consider that the 2026 valuation is representative of the estimated current open market value.

13. | STOCKS

2025 | 2024 |

£ | £ |

| Stocks | 1,081,091 |  | 845,756 |  |

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

2025 | 2024 |

£ | £ |

| Trade debtors | 1,063,777 |  | 1,121,799 |  |

| Other debtors | 58,395 |  | 73,546 |  |

| Prepayments | 97,456 |  | 169,648 |  |

1,219,628 |  | 1,364,993 |  |

| Arden Winch & Co Limited (Registered number: 01253792) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

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

2025 | 2024 |

£ | £ |

| Hire purchase contracts (see note 17) | 17,219 |  | 4,219 |  |

| Trade creditors | 1,291,048 |  | 1,016,959 |  |

| Amounts owed to group undertakings | 1 |  | 1 |  |

| Tax | 4,270 |  | 82,009 |  |

| Social security and other taxes | 35,633 |  | 28,479 |  |

| VAT | 149,331 |  | 150,919 |  |

| Accrued expenses | 114,572 |  | 206,956 |  |

1,612,074 |  | 1,489,542 |  |

16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2025 | 2024 |

£ | £ |

| Hire purchase contracts (see note 17) | - |  | 17,218 |  |

17. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Hire purchase |

| contracts |

2025 | 2024 |

£ | £ |

| Net obligations repayable:

| Within one year | 17,219 |  | 4,219 |  |

| Between one and five years | - |  | 17,218 |  |

17,219 |  | 21,437 |  |

| Non-cancellable |

| operating leases |

2025 | 2024 |

£ | £ |

| Within one year | 33,065 |  | 75,389 |  |

| Between one and five years | 28,880 |  | 30,102 |  |

61,945 |  | 105,491 |  |

| Arden Winch & Co Limited (Registered number: 01253792) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

18. | SECURED DEBTS

| The following secured debts are included within creditors:

2025 | 2024 |

£ | £ |

| Hire purchase contracts | 17,219 |  | 21,437 |  |

| Hire purchase liabilities are secured against the related assets.

19. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

£ | £ |

| Deferred tax

| Accelerated capital allowances | 330,844 |  | 195,182 |  |

| Deferred |

| tax |

£ |

| Balance at 1 January 2025 | 195,182 |  |

| Provided during year | 135,662 |  |

| Balance at 31 December 2025 | 330,844 |  |

20. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 7,705 | Ordinary | £1 | 7,705 |  | 7,705 |  |

| 82,710 | Ordinary A | £1 | 82,710 |  | 82,710 |  |

90,415 |  | 90,415 |  |

| Ordinary shares - Each share has full rights in the company with respect to voting, dividends and distributions

| A ordinary shares - Each share has full rights in the company with respect to voting, dividends and distributions

| Arden Winch & Co Limited (Registered number: 01253792) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

21. | RESERVES

| Capital |

| Retained |  | Share |  | Revaluation |  | redemption |

| earnings |  | premium |  | reserve |  | reserve |  | Totals

£ | £ | £ | £ | £ |

| At 1 January 2025 | 4,404,734 |  | 8,243 |  | 408,690 |  | 3,510 |  | 4,825,177 |  |

| Profit for the year | 301,516 |  | 301,516 |  |

| Dividends | (64,200 | ) | (64,200 | ) |

| Other movements | 30,255 |  | - |  | 70,538 |  | - |  | 100,793 |  |

| At 31 December 2025 | 4,672,305 |  | 8,243 |  | 479,228 |  | 3,510 |  | 5,163,286 |  |

| Retained earnings

| This represents all current and prior periods retained profit and losses, after dividends have been paid and transfers have been made.

| Share premium reserve

| This represents the premium paid above nominal value on share issues.

| Revaluation reserve

| This represents the effect of the cumulative revaluation of freehold land and buildings net of deferred taxation.

| Capital redemption reserve

| A non-distributable reserve created on the redemption or purchase of the company's own shares from distributable profits.