REGISTERED NUMBER: 06925689 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

SWITCH ELECTRICAL WHOLESALE LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditor

5

Statement of Income and Retained Earnings

9

Balance Sheet

10

Notes to the Financial Statements

11

DIRECTORS:

J Sadler

G Jones

REGISTERED OFFICE:

Newark Road

Peterborough

Cambridgeshire

PE1 5YD

REGISTERED NUMBER:

06925689 (England and Wales)

SENIOR STATUTORY AUDITOR:

Christopher Bond BA (Hons) BFP FCA

AUDITOR:

SBCA Statutory Auditor

17 Moor Park Avenue

Preston

Lancashire

PR1 6AS

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

REVIEW OF BUSINESS

The results of the company show sales from the distribution of electrical products of £12,501,888 (2024: £13,481,877) and a pre-tax profit of £410,729 (2024: £239,882). At the year-end the company had shareholders' funds of £1,263,397 (2024: £1,479,194). The directors therefore consider the company's position to be satisfactory.

The company has continued to grow with branches now operating across the country. The directors' believe that the quality of their products and service will help to see continued growth and satisfactory trading results in the coming year.

PRINCIPAL RISKS AND UNCERTAINTIES

In terms of financial risk management the company considers that it has limited exposure to the various aspects of financial risk. All of the company's revenue is invoiced in sterling and all of its operations and costs arise within the UK. In addition to general risks and uncertainties, the directors are of the opinion that the following are the principal risks facing the company.

Liquidity risk

The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense.

Credit risk

The company monitors credit risk closely and considers that its current credit checking policy meets its objectives of mitigating risk in this area as well as insuring its core debt with a third party provider.

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are reviewed on a regular basis and provision is made for doubtful debts when necessary.

FINANCIAL KEY PERFORMANCE INDICATORS

The directors use the following key performance indicators to assess the company's activity

2025

2024

% change

Turnover (£   )

12,502

13,482

(7.3)

Gross profit margin (%)

23.6

22.9

0.7

Profit before tax (£   )

411

239

72.0

Net current assets (£   )

1,167

1,274

(8.4)

Net Assets (£   )

1,263

1,479

(14.6)

ON BEHALF OF THE BOARD:

J Sadler - Director

1 September 2026

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

DIVIDENDS

Interim dividends per share were paid as follows:

200,000

- 31 January 2025

320,000

- 22 December 2025

520,000

The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 December 2025 will be £ 520,000 .

DIRECTORS

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

J Sadler

G Jones

STRATEGIC REPORT

The company has chosen in accordance with Companies Act 2006.s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch.7 to be considered in the directors' report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors 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). 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 auditor is unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information.

AUDITOR

The auditors, SBCA Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

J Sadler - Director

1 September 2026

Opinion

We have audited the financial statements of Switch Electrical Wholesale Limited (the 'company') for the year ended 31 December 2025 which comprise the Statement of Income and Retained Earnings, Balance Sheet and 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 Auditor 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 Report of the Directors, but does not include the financial statements and our Report of the Auditor 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.

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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 three, 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.

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

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

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.

Based on our understanding of the company and sector, we identified that the principal risks of non-compliance with laws and regulations related to, but were not limited to, the Companies Act 2006, UK tax, employment, pension and health and safety legislation and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates and judgements and fraudulent income recognition.

Our procedures to respond to risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct impact on the financial statements;

- enquiring of management about actual and potential litigation and claims, their policies and procedures to prevent and detect fraud as well as whether they have knowledge of any actual, suspected or alleged fraud;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- obtaining an understanding of provisions and holding discussions with management to understand the basis of recognition or non-recognition of tax provisions; and

- in addressing the risk of fraud through management override of controls: testing the appropriateness of journal entries; assessing whether the accounting estimates, judgements and decisions made by management 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 our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities 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 Auditor.

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 Auditor 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.

Christopher Bond BA (Hons) BFP FCA (Senior Statutory Auditor)

for and on behalf of SBCA Statutory Auditor

17 Moor Park Avenue

Preston

Lancashire

PR1 6AS

1 September 2026

TURNOVER

4

12,501,888

13,481,877

Cost of sales

9,545,929

10,400,423

GROSS PROFIT

2,955,959

3,081,454

Administrative expenses

2,526,637

2,825,901

OPERATING PROFIT

6

429,322

255,553

Interest receivable and similar income

50

-

429,372

255,553

Interest payable and similar expenses

7

18,643

15,671

PROFIT BEFORE TAXATION

410,729

239,882

Tax on profit

8

106,526

88,795

PROFIT FOR THE FINANCIAL YEAR

304,203

151,087

Retained earnings at beginning of year

1,429,194

1,578,107

Dividends

9

(520,000

)

(300,000

)

RETAINED EARNINGS AT END OF YEAR

1,213,397

1,429,194

FIXED ASSETS

Tangible assets

10

127,858

272,189

CURRENT ASSETS

Stocks

11

1,151,513

1,050,434

Debtors

12

1,756,083

2,603,917

Cash at bank

73,000

322,235

2,980,596

3,976,586

CREDITORS

Amounts falling due within one year

13

1,813,683

2,702,223

NET CURRENT ASSETS

1,166,913

1,274,363

TOTAL ASSETS LESS CURRENT LIABILITIES

1,294,771

1,546,552

PROVISIONS FOR LIABILITIES

14

31,374

67,358

NET ASSETS

1,263,397

1,479,194

CAPITAL AND RESERVES

Called up share capital

15

50,000

50,000

Retained earnings

16

1,213,397

1,429,194

SHAREHOLDERS' FUNDS

1,263,397

1,479,194

The financial statements were approved by the Board of Directors and authorised for issue on 1 September 2026 and were signed on its behalf by:

J Sadler - Director

1.	STATUTORY INFORMATION

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting

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

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended give a true and fair view of assets, liabilities, financial position and profit and loss of the group. The company has therefore taken advantage of the exemptions from the following disclosure requirements:

- Section 4 'Statement of Financial Position' - Reconciliation of the opening and closing number of shares;

- Section 7 'Statement of Cash Flows' - Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues' - Interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 33 'Related Party Disclosures': Compensation for key management personnel.

The company is a wholly owned subsidiary and the financial statements of the company are consolidated in the financial statements of Switch Holdings Limited. These consolidated financial statements are available from Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows.

Turnover

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

Tangible fixed assets

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

Short leasehold

-

10% on cost

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

33% on cost

Motor vehicles

-

30% on reducing balance

Computer equipment

-

33% on cost

Stocks

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

Financial instruments

Basic financial assets:

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future cash flows discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities:

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities:

Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future cash flows discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

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

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.

Hire purchase and leasing commitments

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.

Cash and cash equivalents

Cash is represented by cash in hand and deposits held with financial institutions, repayable without penalty on notice.

3.	CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCER

In the application of the company's accounting policies, which are described in note 2, the director's are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recongnised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision effects both current and future periods. The critical estimates made by the directors in preparing these financial statements relate to the useful economic life of tangible fixed assets, of which depreciation rates are disclosed in note 2.

The critical estimates made by the directors in presenting these financial statements relate to the assessment of the useful economic lives of the company's tangible fixed assets when determining the appropriate depreciation policies, as well as their assessment of the required level of stock and debtor provisions to ensure the company's assets are included at the correct carrying amounts at the balance sheet date.

4.

TURNOVER

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

An analysis of turnover by class of business is given below:

2025

2024

£

£

Sale of electrical products

12,501,888

13,481,877

12,501,888

13,481,877

An analysis of turnover by geographical market is given below:

2025

2024

£

£

United Kingdom

12,501,888

13,481,877

12,501,888

13,481,877

5.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

1,191,925

1,446,019

Social security costs

117,931

124,882

Other pension costs

26,710

30,634

1,336,566

1,601,535

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

2025

2024

Directors

2

2

Administrative

39

53

41

55

2025

2024

£

£

Directors' remuneration

25,140

25,140

6.	OPERATING PROFIT

The operating profit is stated after charging:

2025

2024

£

£

Hire of plant and machinery

17,713

23,694

Other operating leases

372,747

351,744

Depreciation - owned assets

102,647

86,820

Loss on disposal of fixed assets

30,423

2,103

Auditors' remuneration

13,868

10,700

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Bank loan interest

-

13,697

Corporation tax interest

-

1,149

Other interest paid

18,643

-

Hire purchase

-

825

18,643

15,671

8.

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

142,510

86,103

Deferred tax

(35,984

)

2,692

Tax on profit

106,526

88,795

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

410,729

239,882

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

102,682

59,971

Effects of:

Expenses not deductible for tax purposes

3,745

4,337

Depreciation in excess of capital allowances

99

24,487

credit

Total tax charge

106,526

88,795

9.

DIVIDENDS

2025

2024

£

£

Ordinary shares of £1 each

Interim

520,000

300,000

10.	TANGIBLE FIXED ASSETS

Fixtures

Short

Plant and

and

leasehold

machinery

fittings

£

£

£

COST

At 1 January 2025

3,938

19,688

181,246

Additions

-

-

-

Disposals

-

-

-

At 31 December 2025

3,938

19,688

181,246

DEPRECIATION

At 1 January 2025

1,182

4,520

107,372

Charge for year

394

3,793

55,489

Eliminated on disposal

-

-

-

At 31 December 2025

1,576

8,313

162,861

NET BOOK VALUE

At 31 December 2025

2,362

11,375

18,385

At 31 December 2024

2,756

15,168

73,874

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2025

334,910

15,382

555,164

Additions

-

2,904

2,904

Disposals

(111,551

)

(4,849

)

(116,400

)

At 31 December 2025

223,359

13,437

441,668

DEPRECIATION

At 1 January 2025

158,215

11,686

282,975

Charge for year

39,786

3,185

102,647

Eliminated on disposal

(67,474

)

(4,338

)

(71,812

)

At 31 December 2025

130,527

10,533

313,810

NET BOOK VALUE

At 31 December 2025

92,832

2,904

127,858

At 31 December 2024

176,695

3,696

272,189

11.

STOCKS

2025

2024

£

£

Stocks

1,151,513

1,050,434

12.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

1,472,522

1,793,318

Other debtors

171,388

691,527

Prepayments

112,173

119,072

1,756,083

2,603,917

13.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

1,404,881

2,358,052

Tax

142,510

86,103

Social security and other taxes

28,192

27,903

VAT

90,274

100,550

Other creditors

62,820

74,965

Directors' loan accounts

50,922

38,282

Accrued expenses

34,084

16,368

1,813,683

2,702,223

14.	PROVISIONS FOR LIABILITIES

2025

2024

£

£

Deferred tax

31,374

67,358

Deferred

tax

£

Balance at 1 January 2025

67,358

Movement

(35,984

)

Balance at 31 December 2025

31,374

15.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

50,000

Ordinary

£1

50,000

50,000

16.

RESERVES

Retained

earnings

£

At 1 January 2025

1,429,194

Profit for the year

304,203

Dividends

(520,000

)

At 31 December 2025

1,213,397