REGISTERED NUMBER: 08758722 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 27 DECEMBER 2025

FOR

MASTER LOCK UK SALES LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Director

3

to

4

Report of the Independent Auditors

5

to

7

Statement of Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Cash Flow Statement

11

Notes to the Cash Flow Statement

12

Notes to the Financial Statements

13

to

18

DIRECTOR:

J Moreau

SECRETARY:

A M Pla

REGISTERED OFFICE:

M11 Business Link

Unit 26

Parsonage Lane

Stansted

Essex

CM24 8GF

REGISTERED NUMBER:

08758722 (England and Wales)

AUDITORS:

TC Group, Statutory Auditor

1 Rushmills

Bedford Road

Northampton

Northamptonshire

NN4 7YB

The director presents his strategic report for the year ended 27 December 2025.

REVIEW OF BUSINESS

The results and financial position at the year end were considered good by the directors. The company has continued to sell security products achieving a turnover of £13,980,193 in the current year from £16,160,141 as declared within the 2024 financial statements.

PRINCIPAL RISKS AND UNCERTAINTIES

The company's financial risk management objectives and policies centre around maintaining healthy cash flow and minimising credit risk.

Liquidity risk

The company makes efforts to manage financial risk by the monitoring of cash-flow to meet operational and investment requirements.

Credit risk

In order to manage credit risk the directors carry out credit checks on new customers and set limits for customers based on a combination of payment history and credit references. These credit limits are regularly reviewed by the directors and trading positions relative to these are acted upon.

Price risk

Due to the company having a pricing agreement in place there is limited exposure to price risk.

Economic risk

The directors believe they have taken all reasonable steps to mitigate factors arising, including the consideration of employment sustainability, sourcing of supplies and customer base retention. Such factors are considered by the directors to represent ongoing inherent risk to the business that they will continue to seek to manage including any risks to cashflow, revenue sustainability and continued access to supply.

The directors have adopted a policy of retaining a proportion of the annual profits to enable the accumulation of a stable net asset base.

FINANCIAL KEY PERFORMANCE INDICATORS

The company's key performance indicators are turnover, gross profit margin and liquidity ratio.

Turnover has decreased this year by 13.49% compared to 2024. This was in line with expectations given the challenging market conditions.

The gross profit margin was 18.68% this year compared to 19.09% in 2024. This was in line with expectations.

The liquidity ratio was 250% this year. Over the past 5 years the liquidity ratio has ranged from 151% lowest to 250% being the highest.

FUTURE DEVELOPMENTS

With an active sales and marketing strategy in place it is expected the company will continue to achieve controlled growth in the short to medium term.

ON BEHALF OF THE BOARD:

J Moreau - Director

8 September 2026

The director presents his report with the financial statements of the company for the year ended 27 December 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of security product sales.

DIVIDENDS

No dividends will be distributed for the year ended 27 December 2025.

DIRECTORS

The directors shown below have held office during the whole of the period from 28 December 2024 to the date of this report.

J Moreau

Other changes in directors holding office are as follows:

D Patton - resigned 22 December 2025

J Williams - resigned 1 May 2025

FINANCIAL INSTRUMENTS

The company utilises various financial instruments including cash and various items such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these is to raise finance for the company's operations. The existence of these financial instruments exposes the company to a number of financial risks, which are described in more detail in the Strategic Report.

DISCLOSURE IN THE STRATEGIC REPORT

As permitted by Paragraph 1A of schedule 7 to the Large and Medium-sized Companies and Groups (Accounts and reports) Regulations 2008 certain matters which are required to be disclosed in the directors' report have been omitted as they are included in the strategic report instead. These matters relate to Business review, Principal risks and uncertainties and Key performance indicators.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 director is 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 he 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 auditors are aware of that information.

AUDITORS

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

ON BEHALF OF THE BOARD:

J Moreau - Director

8 September 2026

Opinion

We have audited the financial statements of Master Lock UK Sales Limited (the 'company') for the year ended 27 December 2025 which comprise the Statement of 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 27 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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, 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 Strategic Report and the Report of the Director 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 Director 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 Director.

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 director's remuneration specified by law are not made; or

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

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has 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.

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:

- We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant frameworks which are directly relevant so specific assertions in the financial statements are those that relate to the reporting framework (UK GAAP and the Companies Act 2006) and the relevant tax compliance regulations in the UK.

- We understood how the company is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures. We corroborated our enquiries through review of board minutes and discussions with those charged with governance.

- We assess the susceptibility of the company's financial statements to material misstatement, including how fraud might occur, by discussion with management from various parts of the business to understand where they considered there was a susceptibility to fraud. We considered the procedures and controls that the company has established to prevent and detect fraud, and how these are monitored by management, and also any enhanced risk factors such as performance targets.

- Based on our understanding, we designed our audit procedures to identify any non-compliance with laws and regulations identified in the paragraphs above.

- We also performed audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

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.

Antonia Aldridge-Brown FCCA (Senior Statutory Auditor)

for and on behalf of TC Group, Statutory Auditor

1 Rushmills

Bedford Road

Northampton

Northamptonshire

NN4 7YB

8 September 2026

TURNOVER

3

13,980,193

16,160,141

Cost of sales

11,368,592

13,075,868

GROSS PROFIT

2,611,601

3,084,273

Administrative expenses

1,927,224

2,354,709

OPERATING PROFIT

5

684,377

729,564

Interest receivable and similar income

3,020

4,396

687,397

733,960

Interest payable and similar expenses

6

17,617

-

PROFIT BEFORE TAXATION

669,780

733,960

Tax on profit

7

91,345

62,886

PROFIT FOR THE FINANCIAL YEAR

578,435

671,074

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

578,435

671,074

FIXED ASSETS

Tangible assets

8

11,850

17,210

CURRENT ASSETS

Debtors

9

2,640,484

2,515,764

Cash at bank

4,304,469

3,881,205

6,944,953

6,396,969

CREDITORS

Amounts falling due within one year

10

2,761,588

2,797,399

NET CURRENT ASSETS

4,183,365

3,599,570

TOTAL ASSETS LESS CURRENT LIABILITIES

4,195,215

3,616,780

CAPITAL AND RESERVES

Called up share capital

14

1

1

Retained earnings

4,195,214

3,616,779

SHAREHOLDERS' FUNDS

4,195,215

3,616,780

The financial statements were approved by the director and authorised for issue on 8 September 2026 and were signed by:

J Moreau - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 28 December 2023

1

2,945,705

2,945,706

Changes in equity

Total comprehensive income

-

671,074

671,074

Balance at 27 December 2024

1

3,616,779

3,616,780

Changes in equity

Total comprehensive income

-

578,435

578,435

Balance at 27 December 2025

1

4,195,214

4,195,215

Cash flows from operating activities

Cash generated from operations

1

393,683

698,122

Interest paid

(17,617

)

-

Tax paid

47,063

(126,408

)

Net cash from operating activities

423,129

571,714

Cash flows from investing activities

Purchase of tangible fixed assets

(2,800

)

(11,536

)

Interest received

3,020

4,396

Net cash from investing activities

220

(7,140

)

Increase in cash and cash equivalents

423,349

564,574

Cash and cash equivalents at beginning of year

2

3,881,120

3,316,546

Cash and cash equivalents at end of year

2

4,304,469

3,881,120

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

2025

2024

£

£

Profit before taxation

669,780

733,960

Depreciation charges

8,160

10,439

Finance costs

17,617

-

Finance income

(3,020

)

(4,396

)

692,537

740,003

Increase in trade and other debtors

(124,720

)

(408,255

)

(Decrease)/increase in trade and other creditors

(174,134

)

366,374

Cash generated from operations

393,683

698,122

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 27 December 2025

27.12.25

28.12.24

£

£

Cash and cash equivalents

4,304,469

3,881,205

Bank overdrafts

-

(85

)

4,304,469

3,881,120

Year ended 27 December 2024

27.12.24

28.12.23

£

£

Cash and cash equivalents

3,881,205

3,316,735

Bank overdrafts

(85

)

(189

)

3,881,120

3,316,546

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 28.12.24

Cash flow

At 27.12.25

£

£

£

Net cash

Cash at bank

3,881,205

423,264

4,304,469

Bank overdrafts

(85

)

85

-

3,881,120

423,349

4,304,469

Total

3,881,120

423,349

4,304,469

1.	STATUTORY INFORMATION

Master Lock UK Sales 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 company's place of business is Unit 26, M11 Business Link, Parsonage Lane, Stansted, Essex, CM24 8TY.

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.

There were no material departures from that standard.

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and have also been consistently applied within the same accounts.

Functional and presentational currency

The Company's functional and presentational currency is GBP

Significant judgements and estimates

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The directors do not consider that there are any estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

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.

Improvements to property

-

10% on cost

Fixtures and fittings

-

33% on cost

Computer equipment

-

33% on cost

Tangible fixed assets are initially recorded at cost and subsequently carried at cost less accumulated depreciation and accumulated impairment losses.

Financial instruments

Basic financial assets, including trade and other receivables and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where thetransaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carryingamount and the present value of the estimated cash flows discounted at the asset’s original effective interestrate. The impairment loss is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Basic financial liabilities, including trade and other payables, and loans from fellow Group companies, a reinitially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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

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.

Going concern

As at the point of authorising the accounts, and for the foreseeable future, the directors consider the going concern assumption to still be appropriate. The directors acknowledge that given the currently changing business and social environment, there are likely to be significant unknown factors which may present themselves. Such factors are considered by the directors to represent a general inherent level of risk in relation to the going concern assumption albeit not quantifiable at this time.

3.

TURNOVER

All activities are relating to the principal activity and have arose in the UK.

4.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

381,474

351,751

Social security costs

44,848

43,653

Other pension costs

35,340

39,366

461,662

434,770

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

2025

2024

Administration and Operative

8

7

2025

2024

£

£

Directors' remuneration

-

-

5.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2025

2024

£

£

Other operating leases

96,043

91,363

Depreciation - owned assets

8,160

10,439

Auditors' remuneration

22,500

20,750

(Profit)/loss on foreign exchange

(28,183

)

19,510

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Interest on tax

13,702

-

HMRC penalties

3,915

-

17,617

-

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

169,387

170,254

Tax adjustment re prior year

(78,042

)

(121,562

)

Total current tax

91,345

48,692

Deferred tax

-

14,194

Tax on profit

91,345

62,886

Reconciliation of total tax charge included in profit and loss

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

2025

2024

£

£

Profit before tax

669,780

733,960

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

167,445

183,490

Effects of:

Expenses not deductible for tax purposes

882

128

Depreciation in excess of capital allowances

226

830

Adjustments to tax charge in respect of previous periods

(77,208

)

(121,562

)

Total tax charge

91,345

62,886

The Corporation Tax main rate has changed from 19% to 25% for companies with profits over £250,000. There is a small company rate of 19% for taxable profits under £50,000 and marginal relief available for profits falling between £50,000 - £250,000 with effect from 1 April 2023. Deferred tax has therefore been calculated at the rate of 25%.

The reconciliation of total tax charge has been calculated at 25%.

The company has trading losses of £166,729 (2024: £179,797) available for carry forward against future trading profits.

8.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

and

Computer

property

fittings

equipment

Totals

£

£

£

£

COST

At 28 December 2024

38,508

10,634

15,409

64,551

Additions

-

-

2,800

2,800

At 27 December 2025

38,508

10,634

18,209

67,351

DEPRECIATION

At 28 December 2024

31,635

3,107

12,599

47,341

Charge for year

2,746

3,115

2,299

8,160

At 27 December 2025

34,381

6,222

14,898

55,501

NET BOOK VALUE

At 27 December 2025

4,127

4,412

3,311

11,850

At 27 December 2024

6,873

7,527

2,810

17,210

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

2,554,695

2,418,251

Other debtors

20,205

20,205

Deferred tax asset

41,526

41,526

Prepayments and accrued income

24,058

35,782

2,640,484

2,515,764

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts (see note 11)

-

85

Trade creditors

56,860

24,610

Amounts owed to group undertakings

848,475

899,464

Corporation tax

183,088

44,680

Other creditors including

taxation and social security

9,059

6,763

VAT

301,168

341,829

Accrued expenses

1,362,938

1,479,968

2,761,588

2,797,399

11.

LOANS

An analysis of the maturity of loans is given below:

2025

2024

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

-

85