Company No: 14563309 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	G W Christiansen Iii (Resigned 17 December 2025)
	B A Christiansen (Resigned 17 December 2025)
	D G Da Pra
	D J Sowter

REGISTERED OFFICE	Eq
	4th Floor
	111 Victoria Street
	Bristol
	BS1 6AX
	United Kingdom

COMPANY NUMBER

14563309 (England and Wales)

AUDITOR	S&W Audit (a trading name of S&W Partners Audit Limited)
	Statutory Auditor
	103 Colmore Row
	Birmingham
	B3 3AG

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	103,333		133,006
		103,333		133,006
Current assets
Stocks		1,166,215		1,003,487
Debtors	4	12,566		160,884
Cash at bank and in hand		47,062		48,714
		1,225,843		1,213,085
Creditors: amounts falling due within one year	5	( 3,058,382)		( 2,533,521)
Net current liabilities		(1,832,539)		(1,320,436)
Total assets less current liabilities		(1,729,206)		(1,187,430)
Net liabilities		( 1,729,206)		( 1,187,430)
Capital and reserves
Called-up share capital		1		1
Profit and loss account		( 1,729,207 )		( 1,187,431 )
Total shareholder's deficit		( 1,729,206)		( 1,187,430)

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Racine Railroad Products UK Limited (registered number: 14563309) were approved and authorised for issue by the Board of Directors on 21 September 2026. They were signed on its behalf by:

D J Sowter Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Racine Railroad Products UK Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Eq, 4th Floor, 111 Victoria Street, Bristol, BS1 6AX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The functional currency of Racine Railroad Products UK Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

These financial statements are separate financial statements.

Going concern

The financial statements have been prepared on a going concern basis.

The directors have received confirmation from the immediate parent company, Racine Railroads Products Inc that it is their intention to continue to use the Company to service its markets in the UK for the period covering at least the next 12 months from the date of signing of these accounts.

The immediate parent company directors have prepared a group budget that demonstrates the group's ability to meet its liabilities as they fall due for a period of at least one year from the approval of these financial statements. The UK company is included within the budget, and the ultimate parent company directors have confirmed in writing that the ultimate parent company will provide financial support to enable the Company to continue as a going concern and meet its liabilities as they fall due for a period of at least one year from the date of approval of these financial statements.

In the event that the existing trading relationship in place with Racine Railroads Products Inc were to change, the Company may not remain a going concern. The directors do not believe this to be a likely scenario. On this basis, the directors of the Company has concluded that there are no material uncertainties that may cast doubt on the Company's ability to continue as a going concern.

On this basis, the directors consider it appropriate to prepare the accounts on the going concern basis.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise on monetary items.

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair
value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is
recognised:

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
* the Company has transferred the significant risks and rewards of ownership to the buyer;
* the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
* the amount of revenue can be measured reliably;
* it is probable that the Company will receive the consideration due under the transaction;
and
* the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements	20 % reducing balance
Plant and machinery	5 years straight line
Vehicles	20 % reducing balance
Computer equipment	5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Debtors

Debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	3		4

3. Tangible assets

	Leasehold improve- ments		Plant and machinery		Vehicles		Computer equipment		Total
	£		£		£		£		£
Cost
At 01 January 2025	34,532		84,744		63,954		2,238		185,468
Additions	0		0		0		1,846		1,846
At 31 December 2025	34,532		84,744		63,954		4,084		187,314
Accumulated depreciation
At 01 January 2025	10,129		23,098		18,981		254		52,462
Charge for the financial year	4,881		16,949		8,995		694		31,519
At 31 December 2025	15,010		40,047		27,976		948		83,981
Net book value
At 31 December 2025	19,522		44,697		35,978		3,136		103,333
At 31 December 2024	24,403		61,646		44,973		1,984		133,006

4. Debtors

	2025		2024
	£		£
Trade debtors	0		155,884
Prepayments	8,375		5,000
VAT recoverable	4,191		0
	12,566		160,884

5. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	16,338		16,266
Amounts owed to Group undertakings	2,973,538		2,457,305
Accruals	41,640		40,204
Other taxation and social security	5,185		17,991
Other creditors	21,681		1,755
	3,058,382		2,533,521

Amounts owed to group undertakings are interest free and repayable on demand.

6. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

	2025		2024
	£		£
Within one year	24,767		21,000
Between one and five years	35,533		60,300
	60,300		81,300

7. Related party transactions

The company has taken advantage of the exemption available under Section 33 of FRS 102 and has not disclosed details of transactions or balances with other wholly-owned group companies.

8. Audit Opinion

The auditor's report on the accounts for the financial year ended 31 December 2025 was unqualified.

In their report the auditors emphasised the following matter without qualifying their report: We draw attention to note 1 of the financial statements, which describes the company’s reliance on its immediate parent for financial and operational support in order for the company to continue to trade. Our opinion is not modified in respect of this matter.

The audit report was signed by Stephen Drew on behalf of S&W Audit (a trading name of S&W Partners Audit Limited).

9. Ultimate controlling party

The Company's parent company is Racine Railroad Products Inc., a company incorporated in USA.