REGISTERED NUMBER: 01129505

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

PING EUROPE LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

8

Consolidated Income Statement

12

Consolidated Other Comprehensive Income

13

Consolidated Balance Sheet

14

Company Balance Sheet

15

Consolidated Statement of Changes in Equity

16

Company Statement of Changes in Equity

17

Consolidated Cash Flow Statement

18

Notes to the Consolidated Cash Flow Statement

19

Notes to the Consolidated Financial Statements

20

DIRECTORS:

J J Clark

J A Solheim

A D Solheim

L Lovatt

REGISTERED OFFICE:

Corringham Road

Gainsborough

Lincolnshire

DN21 1XZ

REGISTERED NUMBER:

01129505

AUDITORS:

Harold Sharp Limited

Statutory Auditors and Chartered Accountants

5 Brooklands Place

Brooklands Road

Sale

Cheshire

M33 3SD

The directors present their strategic report of the Company and the Group for the year ended 31 December 2025.

The results for the year and financial position of the Group are as shown in the annexed financial statements.

REVIEW OF BUSINESS

The Group had another excellent trading year, which saw the launch of the G440 family of golf equipment. This was particularly well received by our customers and the end consumer, winning several of the product of the year awards. Our Apparel brand increased market share in a market that continued to face some challenges.

The Group also continued to invest in renewing the facilities and golf courses at Thonock Park, whose results are included in these financial statements.The warmer weather in the UK during 2025 helped the performance of the golf club and had a wider improvement in the participation levels of golfers.

There was an ownership change during the year, and Ping Europe Limited became a fully owned subsidiary of Ping Inc. This further strengthens the connection between the Ping Group of global companies.

2025 became our record sales year for the Group. The Directors were very happy with the overall Group performance and the Group had another profitable trading year, leading to posting an operating profit of £10,242,389 (2024: £3,994,480).

PRINCIPAL RISKS AND UNCERTAINTIES

The Directors consider the principal risks that the Group faces are:

Sales and Profit Growth - in the competitive environment in which the Group operates, marketplace consolidation and increased competition could adversely affect the Group's sales and profit.

Design, technology and efficiency of bringing product to the market are key to the past and future success of the business. The Group has confidence that its suppliers have focussed on the necessary investment to fulfil these criteria and mitigate the risk. The focus continues to be on developing the PING brand in a way that maintains our individual identity from competitors and promotes the significant benefits of custom fitting.

The Group continues to strengthen relationships with its customers in order to build long-term future growth of the PING brand throughout Europe, UAE and South Africa.

Financial Risk - the Group is exposed to certain financial risks that could ultimately affect trading results. These include:

Foreign Currency Exchange Rate Movements - against which the Group believes it has an appropriate hedging strategy against adverse movements.

Debtor Risk - the Group has a broad customer base that mitigates this, to the extent that the loss of any single large customer would not jeopardise the long-term future of the Group.

People - in order to meet its objectives, it is essential that the Group recruits, trains and retains a high calibre of people throughout the organisation.

Brand Reputation - PING has built a strong worldwide brand reputation over many years. It is essential that the Group maintains robust environmental ethics, social standards and product safety to mitigate any potential risk of damage to the brand reputation arising from any detraction from the high standards required.

Component Supplies - interruption to supplies of components could adversely impact the Group's ability to fulfil customer orders and ultimately could lead to a decline in demand for PING products and loss of profit. The Group adopts a purchase forecasting and stockholding strategy to minimise this impact and to facilitate a high level of customer service. Whilst the Group does not insure against all potential risks, it does insure to what is an adequate level to mitigate those risks that are deemed to be material.

SECTION 172(1) STATEMENT

The board of directors of Ping Europe Limited consider, both individually and together, that they have acted in good faith and in a way that would most likely promote the success of the company for the benefit of its members (having regard to the stakeholders and matters set out in s172(1)(a-f below) of the Companies Act 2006) in the decisions taken during the year ended 31 December 2025.

a. The likely consequences of any decision in the long term

b. The interests of the Group's employees.

c. The need to foster the Group's business relationships with suppliers, customers and others.

d. The impact of the Group's operations on the community and the environment.

e. The desirability of the Group maintaining a reputation for high standards of business conduct, and

f. The need to act fairly as between members of the Group.

The directors of Ping Europe Limited make decisions with the long-term success of the Group and brand at the heart. The directors have a considered and balanced approach to its stakeholders and to the environment in which the Group operates. Some of these factors are considered in this report.

ENGAGEMENT WITH EMPLOYEES

The Group continues to seek to recruit high-quality staff and to adopt progressive policies of internal and external training to maximise their performance.

The Group is committed to providing equal opportunities to all employees, irrespective of their gender, sexual orientation, marital status, race, nationality, ethnic origin, disability, age, or religion.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS

The Group's suppliers continue to invest in research and development in order to facilitate our delivery of cutting-edge products within the premium brand golf market. This remains the basis on which the Group's future strategy is founded.

STATEMENT OF CORPORATE GOVERNANCE ARRANGEMENTS

See Section 172(1) Statement above.

KEY PERFORMANCE INDICATORS

Financial Key Performance Indicators

2025

2024

Turnover

£113,420,711

£97,039,957

Gross Profit

£46,646,291

£40,492,489

Gross Profit %age

41.1%

41.7%

Operating Profit

£10,242,519

£3,994,480

Net Profit/ (Loss) Before Tax

£10,481,799

£4,023,085

Cash at Bank and In Hand

£22,074,097

£7,949,755

Net Current Assets

£28,262,911

£19,446,269

Net Assets

£35,703,622

£27,653,185

Non-Financial Key Performance Indicators

The Group has an ongoing commitment to health and safety, quality and environmental standards. The Group is fully committed to a continuous improvement culture and providing a safe workplace.

Employee satisfaction is measured through an employee engagement survey, which is carried out every three years, to establish whether the goal of continuous improvement is being achieved and the Group are meeting employees' expectations.

LIQUIDITY

The Directors and senior management control and monitor the Group's cash flow on a regular basis.

ON BEHALF OF THE BOARD:

Director

24 April 2026

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

PRINCIPAL ACTIVITIES

The principal activities of the group in the year under review was that of assembly and distribution of golfing equipment, apparel and accessories, and the running of a golf and leisure complex.

DIVIDENDS

The total dividends for the year ended 31 December 2025 are £nil (2024: £4,594,819).

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 J Clark

J A Solheim

A D Solheim

L Lovatt

POLITICAL DONATIONS AND EXPENDITURE

During the year, the group made charitable donations of £18,550 (2024: £19,808). No donations were paid to political parties.

EMPLOYMENT OF DISABLED PERSONS

The Company is committed to a policy of recruitment and promotion on the basis of aptitude and ability without discrimination of any kind. Management actively support the continued employment and retraining of employees who become disabled whilst employed by the Company. Attention is given to the training and career development of disabled employees with a view to encouraging them to play an active role in the development of the Company.

STREAMLINED ENERGY AND CARBON REPORTING

Streamlined Energy and Carbon Reporting

Streamlined Energy and Carbon Reporting (SECR) is a government initiative that requires large businesses, subject to financial or "people" criteria, in the United Kingdom to annually report on their energy consumption, certain greenhouse gas emissions and implementation of energy efficiency measures.

The policy was implemented on 1 April 2019, when the Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 came into force.

Ping Europe Limited (Company registration number 01129505) recognises the urgent need to address climate change and minimize our environmental footprint in supporting the transition to a low carbon economy.

This report covers our sixth reporting period, and reviews our fiscal year from 1st January to 31st December 2025; the report details energy consumption, calculated emissions, and steps we are taking to reduce them in the following categories:

Scope 1

Purchased natural gas and fuel associated with company owned or controlled vehicles.

Scope 2

Purchased electricity consumption.

Methodology

Ping Europe Limited have reported all emission sources under the Companies Act 2006 (Strategic Report and Director's Reports) Regulations 2013 as legally required. Reporting of calculated emissions is in line with the GHG Protocol Corporate Accounting and Reporting Standard and emission factors from the UK Government's published GHG Conversion Factors for Company Reporting 2024.

The boundaries of the GHG inventory are defined using the operational control approach. In general, the emissions reported are the same as those which would be reported based on a financial control boundary.

Ping Europe Limited have chosen to calculate their purchased electricity using the market-based method. This means that as electricity contracts have been procured with 100% renewable energy from 1st April 2024, for the factory and golf club, zero emissions are recorded for Scope 2 purchased electricity for these buildings from that month onwards.

Energy emissions

Recorded energy consumption for the financial year 2025, was 2,525,100 kWhs which includes 241,830 kWhs of solar consumption and energy emissions were 367.064 tCO2e.

A summary of our emissions for this financial year compared to the previous year can be seen in the below table.

SCOPE

TOTALS - tCO2e

FY 2025

FY 2024

DIFFERENCE

% DIFFERENCE

SCOPE 1

Purchased Natural Gas

125.950

122.928

3.022

2.46%

SCOPE 1

Company Vehicles

228.121

246.595

-18.474

-7.49%

SCOPE2

Purchased Electricity

12.993

48.710

-35.717

-73.33%

TOTAL

367.064

418.233

-51.169

-12.23%

Intensity Ratios

Ping Europe Limited has chosen to report on two intensity ratios; consumption and emissions divided by turnover. These are further broken down to show the intensity ratios at a local level of the golf club and factory.

TOTAL

FY 2025

FY 2024

Difference

% Difference

Intensity Metric

Overall Turnover

113,420,711

97,039,957

16,380,754

16.88%

Intensity Ratio - Emissions

kgCO2e/turnover

0.00324

0.00431

-0.00107

-24.91%

Intensity Ratio - Consumption

kWh/turnover

0.02440

0.02803

-0.00364

-12.98%

GOLF CLUB

FY 2025

FY 2024

Difference

% Difference

Intensity Metric

Overall Turnover

3,103,317

2,666,350

436,967

16.39%

Intensity Ratio - Emissions

kgCO2e/turnover

0.02302

0.03540

-0.01237

-34.95%

Intensity Ratio - Consumption

Wh/turnover

0.29386

0.38695

-0.09309

-24.06%

FACTORY & VEHICLES

FY 2025

FY 2024

Difference

% Difference

Intensity Metric

Overall Turnover

110,317,394

94,373,607

15,943,787

16.89%

Intensity Ratio - Emissions

kgCO2e/turnover

0.00268

0.00343

-0.00075

-21.91%

Intensity Ratio - Consumption

Wh/turnover

0.01681

0.01789

-0.00108

-6.03%

Overall, Ping Europe Limited can report a good year in terms of energy/emissions related matters. Purchasing 100% renewable electricity contracts from 1st April 2024 and an increase in solar PV generation has resulted in overall emissions decreasing by 51.169 tCO2e which equates to a reduction of 12.23%.

Efficiency measures taken

During 2025 we completed all of the objectives that we committed to in last year's report:

- Installation of EV Charging points at Thonock Park Golf Club.

- Installation of Solar panels at Thonock Park Golf Club reducing the reliance of purchased electricity from the grid.

- Conversion of lighting across to LED and ensured PIRs are all operational.

- Continual analysis of energy data ensuring anomalies are investigated immediately.

- Introduced a sustainability policy.

Objectives for the next Year

During 2026 we aim to complete the below:

- Investigate the feasibility of moving to an all-electric fleet of company vehicles.

Continue to analyse energy data for anomalies and act where necessary.

- Continue with training and education of employees in energy savings initiatives should lead to a greater awareness and behavioural change in the business.

Ping Europe Limited will report on progress of these objectives in our next financial accounts.

DISCLOSURE IN THE STRATEGIC REPORT

The directors have included the following disclosures in the strategic report: Review of business, Principal risks and uncertainties, Key performance indicators, Liquidity, Employees, Ongoing developments and future strategy.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group 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 the Group and of the profit or loss of the Group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

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

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

-	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 and the Group's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group 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 the Group 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 Group'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 Group's auditors are aware of that information.

AUDITORS

The auditors, Harold Sharp Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

L Lovatt - Director

24 April 2026

Opinion

We have audited the financial statements of Ping Europe Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 Group's and of the Parent Company affairs as at 31 December 2025 and of the Group's 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 Group 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 group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, 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.

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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

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

-	certain disclosures of directors' remuneration specified by law are not made; or

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page seven, 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 group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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

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

As part of our planning process:

- We enquired of management the systems and controls the company has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud.

- We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: FRS 102, Companies Act 2006, health and safety, liquor licensing laws and employment law.

- We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.

- Using our knowledge of the company, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

- Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual.

- Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.

- Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates, in particular in relation to bad debt and stock provisioning.

- Assessing the extent of compliance, or lack of, with the relevant laws and regulations in particular those that are central to the entities ability to continue in operation.

- Testing key revenue lines, in particular cut-off, for evidence of management bias.

- Performing a physical verification of key assets , including stock.

- Obtaining third-party confirmation of material bank balances.

- Documenting and verifying all significant related party and consolidated balances and transactions.

- Reviewing documentation such as the company board minutes, correspondence with solicitors, for discussions of irregularities including fraud.

- Testing all material consolidation adjustments.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors and management.

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.

Frederick Norman (Senior Statutory Auditor)

for and on behalf of Harold Sharp Limited

Statutory Auditors and Chartered Accountants

5 Brooklands Place

Brooklands Road

Sale

Cheshire

M33 3SD

28 April 2026

TURNOVER

3

113,420,711

97,039,957

Cost of sales

(66,774,420

)

(56,547,468

)

GROSS PROFIT

46,646,291

40,492,489

Administrative expenses

(36,742,133

)

(36,757,838

)

9,904,158

3,734,651

Other operating income

338,361

259,829

OPERATING PROFIT

5

10,242,519

3,994,480

Interest receivable and similar income

239,280

28,605

PROFIT BEFORE TAXATION

10,481,799

4,023,085

Tax on profit

6

(2,496,934

)

(1,359,016

)

PROFIT FOR THE FINANCIAL YEAR

7,984,865

2,664,069

Profit attributable to:

Owners of the parent

7,984,865

2,664,069

PROFIT FOR THE YEAR

7,984,865

2,664,069

OTHER COMPREHENSIVE INCOME

Cumulative translation reserve movement

65,572

-

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

65,572

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

8,050,437

2,664,069

Total comprehensive income attributable to:

Owners of the parent

8,050,437

2,664,069

FIXED ASSETS

Tangible assets

10

8,220,313

8,935,470

Investments

11

-

-

8,220,313

8,935,470

CURRENT ASSETS

Stocks

12

19,993,185

22,788,125

Debtors

13

9,104,907

7,631,519

Cash at bank and in hand

22,074,097

7,949,755

51,172,189

38,369,399

CREDITORS

Amounts falling due within one year

14

(22,909,278

)

(18,923,130

)

NET CURRENT ASSETS

28,262,911

19,446,269

TOTAL ASSETS LESS CURRENT LIABILITIES

36,483,224

28,381,739

PROVISIONS FOR LIABILITIES

17

(779,602

)

(728,554

)

NET ASSETS

35,703,622

27,653,185

CAPITAL AND RESERVES

Called up share capital

18

516

516

Capital redemption reserve

19

584

584

Cumulative translation reserve

19

65,572

-

Retained earnings

19

35,636,950

27,652,085

SHAREHOLDERS' FUNDS

35,703,622

27,653,185

The financial statements were approved by the Board of Directors and authorised for issue on 24 April 2026 and were signed on its behalf by:

L Lovatt - Director

FIXED ASSETS

Tangible assets

10

8,112,185

8,786,233

Investments

11

81,399

81,399

8,193,584

8,867,632

CURRENT ASSETS

Stocks

12

19,993,185

22,788,125

Debtors

13

9,053,559

7,619,839

Cash at bank and in hand

21,278,904

7,417,798

50,325,648

37,825,762

CREDITORS

Amounts falling due within one year

14

(22,744,387

)

(18,819,767

)

NET CURRENT ASSETS

27,581,261

19,005,995

TOTAL ASSETS LESS CURRENT LIABILITIES

35,774,845

27,873,627

PROVISIONS FOR LIABILITIES

17

(516,016

)

(514,243

)

NET ASSETS

35,258,829

27,359,384

CAPITAL AND RESERVES

Called up share capital

18

516

516

Capital redemption reserve

19

584

584

Retained earnings

19

35,257,729

27,358,284

SHAREHOLDERS' FUNDS

35,258,829

27,359,384

Company's profit for the financial year

7,899,445

3,109,610

The financial statements were approved by the Board of Directors and authorised for issue on 24 April 2026 and were signed on its behalf by:

L Lovatt - Director

Called up

Capital

Cumulative

share

Retained

redemption

translation

Total

capital

earnings

reserve

reserve

equity

£

£

£

£

£

Balance at 1 January 2024

516

29,582,835

584

-

29,583,935

Changes in equity

Profit for the year

-

2,664,069

-

-

2,664,069

Total comprehensive income

-

2,664,069

-

-

2,664,069

Dividends

-

(4,594,819

)

-

-

(4,594,819

)

Balance at 31 December 2024

516

27,652,085

584

-

27,653,185

Changes in equity

Profit for the year

-

7,984,865

-

-

7,984,865

Total comprehensive income

-

7,984,865

-

-

7,984,865

CTR movement

-

-

-

65,572

65,572

Balance at 31 December 2025

516

35,636,950

584

65,572

35,703,622

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 January 2024

516

28,843,493

584

28,844,593

Changes in equity

Dividends

-

(4,594,819

)

-

(4,594,819

)

Total comprehensive income

-

3,109,610

-

3,109,610

Balance at 31 December 2024

516

27,358,284

584

27,359,384

Changes in equity

Total comprehensive income

-

7,899,445

-

7,899,445

Balance at 31 December 2025

516

35,257,729

584

35,258,829

Cash flows from operating activities

Cash generated from operations

1

16,338,755

5,466,703

Tax paid

(1,659,535

)

(2,288,793

)

Net cash from operating activities

14,679,220

3,177,910

Cash flows from investing activities

Purchase of tangible fixed assets

(860,617

)

(1,682,048

)

Sale of tangible fixed assets

66,459

289,658

Interest received

239,280

28,605

Net cash from investing activities

(554,878

)

(1,363,785

)

Cash flows from financing activities

Equity dividends paid

-

(4,594,819

)

Net cash from financing activities

-

(4,594,819

)

Increase/(decrease) in cash and cash equivalents

14,124,342

(2,780,694

)

Cash and cash equivalents at beginning of year

2

7,949,755

10,730,449

Cash and cash equivalents at end of year

2

22,074,097

7,949,755