PXM HOLDINGS LTD

	Page
Strategic Report	1—2
Directors' Report	3—4
Independent Auditor's Report	5—8
Consolidated Profit and Loss Account	9
Consolidated Statement of Comprehensive Income	10
Consolidated Balance Sheet	11—12
Company Balance Sheet	13
Consolidated Statement of Changes in Equity	14
Company Statement of Changes in Equity	15
Consolidated Cash Flow Statement	16
Notes to the Consolidated Cash Flow Statement	17
Company Cash Flow Statement	18
Notes to the Company Cash Flow Statement	19
Notes to the Financial Statements	20—31

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

Review of the Business

The Directors present their strategic report after a solid and satisfactory year of trading, The business

continues to focus on the supply of BASEC and HAR approved premium quality cables to the UK market and

prioritises being well stocked to support its broad customer base on a rapid supply basis.

The main financial indicators during the year to 31 December 2025 were as follows:

Turnover at £52m is is an increase of 5% over the prior year.
Gross Profit Margin of 9.3% is improved on the prior year's 8.9%.
Operating profit for the year of £1,119,584 (2024 : £716,808).
Profit before tax of £399,973 (2023 : 274,910) flowed from operating profit.
Shareholders funds have increased from £13.4m to £13.6m as a result of trading profits.

Principal Risks and Uncertainties

To manage overall risk and uncertainty, the company monitors stocks, supply chain, sales order demand,foreign exchange rates and commodity pricing on a continual basis with long range forecasting for cash requirements as well as for trading, balance sheet and cash flows. It communicates regularly and in detail with all key stakeholder's.

The principal risks and uncertainties facing the company are as follows:

Economic risk

Economic risk continues to depend upon how the UK economy adapts to both domestic and global events.

Stock planning is central to minimising the exposure to Economic Risk, as any downturn in economic activity is

likely to slow demand for cable from construction and infrastructure, but having a related party manufacturer

assists with managing stock and its associated risks.

Price Risk

Copper is the most sensitive of the product components and is monitored daily due to its volatile nature,

exacerbated by the US introduction of Tariffs in April, to ensure exposure is limited.

Financial risk

Financial risk arises from fluctuations in foreign exchange rates. The business manages this risk by conducting

the majority of transactions in Sterling and continuing its policy of only otherwise transacting in Euro and US

Dollars, the latter being the base currency of copper, using foreign exchange banking facilities to enable a

policy of hedging currency risk not covered by trading.

Credit risk

Credit Risk is addressed by insuring customer debts, setting credit limits in accordance with insured limits and close monitoring with Director oversight. Whilst this does not necessarily guarantee that no loss will occur from customer default, any loss is limited as it was during the year.

...CONTINUED

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PXM HOLDINGS LTD

Strategic Report (continued)

For The Year Ended 31 December 2025

Review of the Business - continued

Liquidity risk

Liquidity risk, that of not being able to meet its financial obligations, is controlled by ongoing detailed

forecasting to ensure headroom in flexible facilities, which were renewed for a further three years during 2025,

is maintained at all times.

On behalf of the board

Dr P Tetnowski

Director

16 September 2026

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PXM HOLDINGS LTD

Company No. 02082279

Directors' Report For The Year Ended 31 December 2025

Directors' Report

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

Principal Activity

The group's principal activity continues to be that of trading of electric wires and cables.

Future Developments

The group is using its enhanced banking facilities to continually optimise stock holdings and mitigate against fluctuations in core material costs that can buffer demand working closely with its related parties to maximise opportunities in the Eurozone as well as in the UK.

Dividends

The value of dividends paid amounted to £NIL .

The directors recommended a final dividend of £NIL .

Directors

The directors who held office during the year were as follows:

Dr P Tetnowski

Mr R Tetnowski

Miss E Tetnowska

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', 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 the financial statements the directors are required to:

select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards, comprising FRS102, 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 and 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.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

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PXM HOLDINGS LTD

Directors' Report (continued)

For The Year Ended 31 December 2025

Statement of Disclosure of Information to Auditors

In the case of each director in office at the date the Directors' Report is approved:

so far as the director is aware, there is no relevant audit information of which the company and group's auditors are unaware; and
they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company and group's auditors are aware of that information.

Independent Auditors

The auditors, Hamilton Coopers, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.

On behalf of the board

Dr P Tetnowski

Director

16 September 2026

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Independent Auditor's Report

to the Members of

PXM HOLDINGS LTD

Independent Auditor's Report

Opinion

We have audited the financial statements of PXM HOLDINGS LTD (the "parent company") and its subsidiaries (the "group") for the year ended 31 December 2025 which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes of Equity, Company Statement of Changes of Equity, Consolidated Cash Flow Statement, Company Cash Flow Statement and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

In our opinion the financial statements:

give a true and fair view of the state of the group's and of the parent company's affairs as at 31 December 2025 and of the group's profit/(loss) 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's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group and parent company's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.

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

Other Information

The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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.

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Independent Auditor's Report (continued)

to the Members of

PXM HOLDINGS LTD

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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on Which We Are Required to Report by Exception

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

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept 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 or returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

Responsibilities of Directors

As explained more fully in the Directors' Responsibilities Statement set out on page 3—4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group and 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.

Auditor's Responsibilities for the Audit of the Financial Statements

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

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

Capability of the audit in detecting irregularities, including fraud

The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks.

...CONTINUED

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Independent Auditor's Report (continued)

to the Members of

PXM HOLDINGS LTD

Auditor's Responsibilities for the Audit of the Financial Statements - continued

Based on our understanding of the company and industry, and through discussion with the management (as required by auditing standards), we identified that the principal risks of non-compliance with laws and regulations related to their FCA permissions and requirements. 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 and taxation. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. 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 posting inappropriate journal entries to increase revenue or reduce expenditure and management bias in accounting estimates and judgmental areas of the financial statements such as accrued income.

Audit procedures performed by the engagement team included:

Discussions with management and assessment of known or suspected instances of non compliance with laws and regulations and fraud; and

Assessment of identified fraud risk factors; and

Challenging assumptions and judgements made by management in its significant accounting estimates; and

Performing analytical procedures to identify any unusual or unexpected relationships, including related party transactions, that may indicate risks of material misstatement due to fraud; and

Confirmation of related parties with management, and review of transactions throughout the period to identify any previously undisclosed transactions with related parties outside the normal course of business; and

Review of significant and unusual transactions and evaluation of the underlying financial rationale supporting the transactions; and

Identifying and testing journal entries, in particular any manual entries made at the year end for financial statement preparation.

There are inherent limitations in the audit procedures described above and the further removed non compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

-Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the company's internal control.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the members.

...CONTINUED

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Independent Auditor's Report (continued)

to the Members of

PXM HOLDINGS LTD

Auditor's Responsibilities for the Audit of the Financial Statements - continued

Conclude on the appropriateness of the members' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' report. However, future events or conditions may cause the company to cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in manner that achieves fair presentation."

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use Of Our Report

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

Asim Malik FCA DChA (Senior Statutory Auditor)

for and on behalf of Hamilton Coopers , Statutory Auditor

16 September 2026

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PXM HOLDINGS LTD

Consolidated Profit and Loss Account

For The Year Ended 31 December 2025

Consolidated Profit and Loss Account

		2025	2024
	Notes	£	£
TURNOVER	4	51,955,762	49,645,815
Cost of sales		(47,149,632 )	(45,203,950 )

GROSS PROFIT		4,806,130	4,441,865

Distribution costs		(1,009,938 )	(1,004,655 )
Administrative expenses		(2,676,608 )	(2,720,402 )

OPERATING PROFIT	5	1,119,584	716,808
Other interest receivable and similar income	10	6,829	4,028
Interest payable and similar charges	11	(726,440 )	(445,926 )

PROFIT BEFORE TAXATION		399,973	274,910
Tax on Profit	12	(121,465 )	(98,992 )

PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT		278,508	175,918

The notes on pages 17 to 31 form part of these financial statements.

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PXM HOLDINGS LTD

Consolidated Statement of Comprehensive Income

For The Year Ended 31 December 2025

Consolidated Statement of Comprehensive Income

	2025	2024
	£	£
PROFIT FOR THE FINANCIAL YEAR	278,508	175,918
OTHER COMPREHENSIVE INCOME:
Loss on revaluation of property, plant and equipment	(35,000 )	-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT	243,508	175,918

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PXM HOLDINGS LTD

Consolidated Balance Sheet

As At 31 December 2025

Consolidated Balance Sheet

Registered number: 02082279

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	13		659,494		772,396
Tangible Assets	14		8,201,639		8,246,457

			8,861,133		9,018,853
CURRENT ASSETS
Stocks	16	13,438,605		12,513,194
Debtors	17	12,145,778		7,557,625
Cash at bank and in hand		1,300,779		1,299,787

		26,885,162		21,370,606
Creditors: Amounts Falling Due Within One Year	18	(19,578,286 )		(13,836,209 )

NET CURRENT ASSETS (LIABILITIES)			7,306,876		7,534,397

TOTAL ASSETS LESS CURRENT LIABILITIES			16,168,009		16,553,250

Creditors: Amounts Falling Due After More Than One Year	19		(1,492,542 )		(2,112,541 )

PROVISIONS FOR LIABILITIES
Deferred Taxation	21		(1,030,448 )		(1,039,198 )

NET ASSETS			13,645,019		13,401,511

CAPITAL AND RESERVES
Called up share capital	23		100,000		100,000
Revaluation reserve			3,420,174		3,446,424
Profit and Loss Account			10,124,845		9,855,087

SHAREHOLDERS' FUNDS			13,645,019		13,401,511

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PXM HOLDINGS LTD

Consolidated Balance Sheet (continued)

As At 31 December 2025

The financial statements were approved by the board of directors on 16 September 2026 and were signed on its behalf by:

Dr P Tetnowski

Director

The notes on pages 17 to 31 form part of these financial statements.

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PXM HOLDINGS LTD

Company Balance Sheet

As At 31 December 2025

Company Balance Sheet

Registered number: 02082279

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	14		1		1
Investments	15		4,142,444		4,142,444

			4,142,445		4,142,445
CURRENT ASSETS
Cash at bank and in hand		482		662

		482		662
Creditors: Amounts Falling Due Within One Year	18	(2,853,469 )		(2,853,469 )

NET CURRENT ASSETS (LIABILITIES)			(2,852,987 )		(2,852,807 )

TOTAL ASSETS LESS CURRENT LIABILITIES			1,289,458		1,289,638

NET ASSETS			1,289,458		1,289,638

CAPITAL AND RESERVES
Called up share capital	23		100,000		100,000
Profit and Loss Account			1,189,458		1,189,638

SHAREHOLDERS' FUNDS			1,289,458		1,289,638

In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's loss for the year was £(180 ) (2024: £(180 ) loss).

On behalf of the board

Dr P Tetnowski

Director

16 September 2026

The notes on pages 17 to 31 form part of these financial statements.

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PXM HOLDINGS LTD

Consolidated Statement of Changes in Equity

For The Year Ended 31 December 2025

Consolidated Statement of Changes in Equity

	Share Capital	Revaluation reserve	Profit and Loss Account	Total
	£	£	£	£
As at 1 January 2024	100,000	3,446,424	9,679,169	13,225,593
Profit for the year and total comprehensive income	-	-	175,918	175,918

As at 31 December 2024 and 1 January 2025	100,000	3,446,424	9,855,087	13,401,511


Profit for year	-	-	278,508	278,508

Deficit on revaluation	-	(35,000)	-	(35,000)

Other comprehensive income for the year	-	(35,000 )	-	(35,000 )

Total comprehensive income for the year	-	(35,000)	278,508	243,508

Transfer from revaluation reserve	-	-	(8,750)	(8,750)
Transfer to/from Profit & Loss Account	-	8,750	-	8,750

As at 31 December 2025	100,000	3,420,174	10,124,845	13,645,019

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PXM HOLDINGS LTD

Company Statement of Changes in Equity

For The Year Ended 31 December 2025

Company Statement of Changes in Equity

	Share Capital	Profit and Loss Account	Total
	£	£	£
As at 1 January 2024	100,000	1,189,818	1,289,818
Loss for the year and total comprehensive income	-	(180 )	(180)

As at 31 December 2024 and 1 January 2025	100,000	1,189,638	1,289,638


Loss for the year and total comprehensive income	-	(180 )	(180)

As at 31 December 2025	100,000	1,189,458	1,289,458

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PXM HOLDINGS LTD

Consolidated Cash Flow Statement

For The Year Ended 31 December 2025

Consolidated Cash Flow Statement

		2025	2024
	Notes	£	£
Cash flows from operating activities
Net cash (used in)/generated from operations	1	(2,144,159 )	966,087
Interest paid		(726,440 )	(445,926 )
Tax paid		(32,531 )	-

Net cash (used in)/generated from operating activities		(2,903,130 )	520,161

Cash flows from investing activities
Purchase of tangible assets		-	(5,031 )
Interest received		6,829	4,028

Net cash generated from/(used in) investing activities		6,829	(1,003 )

Cash flows from financing activities
Proceeds from new bank borrowings		2,973,828	-
Repayment of bank borrowings		-	(620,000 )

Net cash generated from/(used in) financing activities		2,973,828	(620,000 )



Increase/(decrease) in cash and cash equivalents		77,527	(100,842 )
Cash and cash equivalents at beginning of year	2	1,299,787	1,426,558
Foreign exchange losses on cash and cash equivalents		(76,535 )	(25,929 )

Cash and cash equivalents at end of year	2	1,300,779	1,299,787

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PXM HOLDINGS LTD

Notes to the Consolidated Cash Flow Statement

For The Year Ended 31 December 2025

Notes to the Consolidated Cash Flow Statement

1. Reconciliation of profit for the financial year to cash (used in)/generated from operations

	2025	2024
	£	£
Profit for the financial year	278,508	175,918
Adjustments for:
Tax on profit	121,465	98,992
Interest expense	726,440	445,926
Interest income	(6,829 )	(4,028 )
Amortisation of intangible assets	112,902	112,902
Depreciation of tangible assets	9,818	15,463
Foreign exchange losses	76,535	25,929
Movements in working capital:
Increase in stocks	(925,411 )	(3,103,566 )
Increase in trade and other debtors	(4,588,153 )	(2,604,691 )
Increase in trade and other creditors	2,050,566	5,803,242

Net cash (used in)/generated from operations	(2,144,159 )	966,087

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	2025	2024
	£	£
Cash at bank and in hand	1,300,779	1,299,787

3. Analysis of changes in net debt

	As at 1 January 2025	Cash flows	As at 31 December 2025
	£	£	£
Cash at bank and in hand	1,299,787	992	1,300,779
Debts falling due within one year	(620,000 )	(3,593,827)	(4,213,827 )
Debts falling due after more than one year	(2,112,541)	619,999	(1,492,542)

	(1,432,754)	(2,972,836)	(4,405,590)

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PXM HOLDINGS LTD

Company Cash Flow Statement

For The Year Ended 31 December 2025

Company Cash Flow Statement

		2025	2024
	Notes	£	£
Cash flows from operating activities
Net cash used in operations	1	(180 )	(180 )

Net cash used in operating activities		(180 )	(180 )



Decrease in cash and cash equivalents		(180 )	(180 )
Cash and cash equivalents at beginning of year	2	662	842

Cash and cash equivalents at end of year	2	482	662

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PXM HOLDINGS LTD

Notes to the Company Cash Flow Statement

For The Year Ended 31 December 2025

Notes to the Company Cash Flow Statement

1. Reconciliation of loss for the financial year to cash used in operations

	2025	2024
	£	£
Loss for the financial year	(180 )	(180 )

Net cash used in operations	(180 )	(180 )

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	2025	2024
	£	£
Cash at bank and in hand	482	662

3. Analysis of changes in net funds

	As at 1 January 2025	Cash flows	As at 31 December 2025
	£	£	£
Cash at bank and in hand	662	(180)	482

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PXM HOLDINGS LTD

Notes to the Financial Statements

For The Year Ended 31 December 2025

Notes to the Financial Statements

1. General Information

PXM HOLDINGS LTD is a private company, limited by shares, incorporated in England & Wales, registered number 02082279 . The registered office is 40 Thorby Avenue, March, Cambridgeshire, PE15 0AZ.

2. Statement of Compliance

The 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.

3. Accounting Policies

3.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention.

3.2. Basis Of Consolidation

The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the group’s share of the results of associates made up to 31 December 2025.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity, it accounts for that entity as a subsidiary.

Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group’s accounting policies when preparing the consolidated financial statements.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the group holds a long-term interest and where the group has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. The results of associates are accounted for using the equity method of accounting.

Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively.

Where control of a subsidiary is lost, the gain or loss is recognised in the consolidated income statement. The cumulative amounts of any exchange differences on translation, recognised in equity, are not included in the gain or loss on disposal and are transferred to retained earnings. The gain or loss also includes amounts included in other comprehensive income that are required to be reclassified to profit or loss but excludes those amounts that are not required to be reclassified.

Where control of a subsidiary is achieved in stages, the initial acquisition that gave the group control is accounted for as a business combination. Thereafter where the group increases its controlling interest in the subsidiary the transaction is treated as a transaction between equity holders. Any difference between the fair value of the consideration paid and the carrying amount of the non-controlling interest acquired is recognised directly in equity. No changes are made to the carrying value of assets, liabilities or provisions for contingent liabilities.

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PXM HOLDINGS LTD

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

3.3. Business Combinations

Business combinations are accounted for by applying the purchase method.

The cost of a business combination is the fair value of the consideration given, liabilities incurred or assumed and of equity instruments issued plus the costs directly attributable to the business combination. Where control is achieved in stages the cost is the consideration at the date of each transaction.

Contingent consideration is initially recognised at estimated amount where the consideration is probable and can be measured reliably. Where (i) the contingent consideration is not considered probable or cannot be reliably measured but subsequently becomes probable and measurable or (ii) contingent consideration previously measured is adjusted, the amounts are recognised as an adjustment to the cost of the business combination.

On acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent liabilities unless the fair value cannot be measured reliably, in which case the value is incorporated in goodwill. Intangible assets are only recognised separately from goodwill where they are separable and arise from contractual or other legal rights. Where the fair value of contingent liabilities cannot be reliably measured they are disclosed on the same basis as other contingent liabilities.

3.4. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

3.5. Intangible Fixed Assets and Amortisation - Goodwill

Goodwill represents the excess of the cost of a business combination over the fair value of the group’s share of the identifiable net assets, liabilities and contingent liabilities acquired.

Goodwill arising on the acquisition of subsidiaries is included in Intangible Assets. Goodwill arising on the acquisition of associates and joint ventures is included in the related equity accounted investment value.

Goodwill is amortised over its expected useful life which is estimated to be 15 years.

Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the profit and loss account. No reversals of impairment are recognised.

3.6. Intangible Fixed Assets and Amortisation - Other Intangible

Other intangible assets are .... It is amortised to profit and loss account over its estimated economic life of 10 years.

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PXM HOLDINGS LTD

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

3.7. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold	Not depreciated
Plant & Machinery	10% reducing balance
Fixtures & Fittings	20% reducing balance and stright line on equipment

Land and Building

Land and buildings are included in the balance sheet at open market value based on external valuation dated 25 July 2026. Depreciation is not provided. This treatment is a departure from the requirement of the Companies Act 2006. The

directors intend to continue the policy of obtaining professional valuations at least once every 3 years to support

carrying values and believe that the accounting policy adopted does give a true and fair view.

3.8. Stocks and Work in Progress

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell.

Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks

to their present location and condition.

3.9. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

3.10. Financial Instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Where investments in non-convertible preference shares and non-puttable ordinary shares orpreference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss.

All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment

for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of

impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

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PXM HOLDINGS LTD

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

3.11. Foreign Currencies

Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

3.12. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The group's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

3.13. Pensions

The group operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

3.14. Revenue recognition

Revenue recognition

Revenue is measured at the fair vale of the consideration received, excluding discounts, rebates, VAT, and other sales taxes or duty.

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PXM HOLDINGS LTD

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

4. Turnover

Analysis of turnover by class of business is as follows:

	2025	2024
	£	£
Sale of goods	51,955,762	49,645,815

Analysis of turnover by geographical market is as follows:

	2025	2024
	£	£
United Kingdom	51,955,762	49,645,815

	51,955,762	49,645,815

5. Operating Profit

The operating profit is stated after charging:

	2025	2024
	£	£
Bad debts	16,485	689
Operating lease rentals	19,055	18,789
Exchange differences	76,535	25,929
Depreciation of tangible fixed assets	9,818	15,463
Amortisation of intangible fixed assets	112,902	112,902

6. Auditor's Remuneration

Remuneration received by the group's auditors and their associates during the year was as follows:

	2025	2024
	£	£
Audit Services
Audit of the group and company's financial statements	21,000	20,700


Other Services
Auditing accounts of associates	7,500	7,000

Page 24

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PXM HOLDINGS LTD

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

7. Staff Costs

Staff costs, including directors' remuneration, were as follows:

	2025	2024
	£	£
Wages and salaries	1,324,849	1,547,197
Social security costs	149,028	147,099
Other pension costs	20,905	23,478

	1,494,782	1,717,774

8. Average Number of Employees

Group

Average number of employees, including directors, during the year was as follows:

	2025	2024
Office and administration	14	15
Manufacturing	19	20

	33	35

Company

Average number of employees, including directors, during the year was: NIL (2024: NIL)

9. Directors' remuneration

	2025	2024
	£	£
Emoluments	214,751	263,484

Information regarding the highest paid director was as follows:

R Tetnowski

	2025	2024
	£	£
Emoluments	135,167	-

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PXM HOLDINGS LTD

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

10. Interest Receivable and Similar Income

	2025	2024
	£	£
Bank interest receivable	6,682	4,028
Other interest receivable type A	147	-

	6,829	4,028

11. Interest Payable and Similar Charges

	2025	2024
	£	£
Bank loans and overdrafts	257,218	228,372
Factoring charges	469,222	217,554

	726,440	445,926

12. Tax on Profit

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

	Tax Rate		2025	2024
	2025	2024	£	£
Current tax
UK Corporation Tax	25.0%	25.0%	130,215	98,992
Deferred Tax
Deferred taxation			(8,750 )	-


Total tax charge for the period			121,465	98,992

The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:

	2025	2024
	£	£
Profit before tax	399,973	274,910

Tax on profit at 25% (UK standard rate)	99,993	68,728
Expenses not deductible for tax purposes	30,222	30,264
Short term timing differences	(8,750 )	-

Total tax charge for the period	121,465	98,992

Page 26

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PXM HOLDINGS LTD

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

13. Intangible Assets

Group

	Goodwill	Other	Total
	£	£	£
Cost
As at 1 January 2025	962,366	487,442	1,449,808

As at 31 December 2025	962,366	487,442	1,449,808

Amortisation
As at 1 January 2025	384,948	292,464	677,412
Provided during the period	64,158	48,744	112,902

As at 31 December 2025	449,106	341,208	790,314

Net Book Value
As at 31 December 2025	513,260	146,234	659,494

As at 1 January 2025	577,418	194,978	772,396

Company

The company had no intangible fixed assets as at 31 December 2025 or 31 December 2024.

14. Tangible Assets

Group

	Land & Property
	Freehold	Plant & Machinery	Fixtures & Fittings	Total
	£	£	£	£
Cost or Valuation
As at 1 January 2025	8,150,000	453,020	76,355	8,679,375
Revaluation	(35,000 )	-	-	(35,000 )

As at 31 December 2025	8,115,000	453,020	76,355	8,644,375

Depreciation
As at 1 January 2025	-	357,718	75,200	432,918
Provided during the period	-	9,530	288	9,818

As at 31 December 2025	-	367,248	75,488	442,736

Net Book Value
As at 31 December 2025	8,115,000	85,772	867	8,201,639

As at 1 January 2025	8,150,000	95,302	1,155	8,246,457

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PXM HOLDINGS LTD

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

The freehold Building is charged to HSBC Bank Plc in order to secure group borrowings.

Tangible assets held at valuation

On 25 July 2025 the freehold property was revalued by Lambert Smith Hampton Group Ltd. In valuing

the freehold property the comparable valuation method has been used. The freehold property has been valued at £8.115 million at open market value based on vacant procession.

Company

	Fixtures & Fittings
	£
Cost
As at 1 January 2025	300

As at 31 December 2025	300

Depreciation
As at 1 January 2025	299

As at 31 December 2025	299

Net Book Value
As at 31 December 2025	1

As at 1 January 2025	1

15. Investments

Company

	Unlisted
	£
Cost or Valuation
As at 1 January 2025	4,142,444

As at 31 December 2025	4,142,444

Provision
As at 1 January 2025	-

As at 31 December 2025	-

Net Book Value
As at 31 December 2025	4,142,444

As at 1 January 2025	4,142,444

Page 28

Page 29

PXM HOLDINGS LTD

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

16. Stocks

	2025	2024
	£	£
Stock	13,438,605	12,513,194

Finished goods consist of cable stocks comprised of copper and oil based insulation materials

17. Debtors

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Due within one year
Trade debtors	11,213,389	6,792,084	-	-
Amounts owed by participating interests	608,532	583,232	-	-
Other debtors	323,857	182,309	-	-

	12,145,778	7,557,625	-	-

18. Creditors: Amounts Falling Due Within One Year

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Trade creditors	4,314,833	5,901,955	-	-
Bank loans and overdrafts	4,213,827	620,000	-	-
Amounts owed to group undertakings	-	-	2,851,944	2,851,944
Other creditors	8,831,112	5,399,429	1,525	1,525
Corporation tax	130,215	32,531	-	-
Taxation and social security	1,781,764	1,513,900	-	-
Accruals and deferred income	306,535	368,394	-	-

	19,578,286	13,836,209	2,853,469	2,853,469

Included in bank loans and overdrafts are amounts in the sum of £4,213,827 ( Dec 2024 : £620,000) in respect of secured bank loans due within one year.

Included in other creditors are amounts in the sum of £8,822,757 ( Dec 2024 : £5,395,747) in respect of invoice financing.

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PXM HOLDINGS LTD

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

19. Creditors: Amounts Falling Due After More Than One Year

	Group
	2025	2024
	£	£
Bank loans	1,492,542	2,112,541

HSBC has a legal charge on the freehold property in order to secure group borrowing's.

20. Loans

An analysis of the maturity of loans is given below:

	Group
	2025	2024
	£	£
Amounts falling due within one year or on demand:
Bank loans	4,213,827	620,000

	Group
	2025	2024
	£	£
Amounts falling due between one and five years:
Bank loans	1,492,542	2,112,541

21. Deferred Taxation

The provision for deferred tax is made up as follows:

	2025	2024
	£	£
Other timing differences	1,030,448	1,039,198

22. Provisions for Liabilities

Group
	Deferred Tax	Total
	£	£
As at 1 January 2025	1,039,198	1,039,198
Reversals	(8,750 )	(8,750)

Balance at 31 December 2025	1,030,448	1,030,448

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PXM HOLDINGS LTD

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

23. Share Capital

	2025	2024
Allotted, called up and fully paid	£	£
100,000 Ordinary Shares of £ 1.00 each	100,000	100,000

24. Pension Commitments

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund.

During the year the charge to the profit and loss account in respect of defined contribution schemes was £20,905 (2024: £23,478).

At the balance sheet date contributions of £NIL were due to the fund and are included in creditors.

25. Controlling Parties

The company's ultimate controlling party is Tetnowski Family by virtue of their interest in the share capital of the company.

Page 31