ACCOUNTS - Final Accounts

Operating (loss)/profit

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

Registered number: 01276974

TOWER MINT LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

TOWER MINT LIMITED

COMPANY INFORMATION

Directors	A G Barnes
	E C Dawson
	D P M Lewis
	R D Maklouf
	D A Mahony
	D Hazelhurst-Jeavons
	E R Lewis-Maklouf
	J Mould (appointed 1 January 2026)


Company secretary	A G Barnes


Registered number	01276974


Registered office	Tower Heritage Estate
	1-21 Carew Street
	London
	SE5 9DF


Independent auditors	Barnes Roffe Audit Limited
	Chartered Accountants & Statutory Auditor
	Charles Lake House
	Claire Causeway
	Crossways Business Park
	Dartford
	Kent
	DA2 6QA

TOWER MINT LIMITED

CONTENTS

	Page
Strategic report	1
Directors' report	2 - 3
Independent auditors' report	4 - 7
Statement of comprehensive income	8
Balance sheet	9 - 10
Statement of changes in equity	11
Notes to the financial statements	12 - 27

TOWER MINT LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

Introduction

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

Business review

Tower Mint Ltd (TML) continued to wholesale commemorative and currency coins to a range of UK and overseas based customers. The business also runs a chocolate coin, and a stamps division.

TML turnover was £20,320,214 (2024: £17,704,659) representing growth of 14.77% vs 2024. The company incurred a loss before tax for the year of £751,459 (2024: £1,095,412 profit before tax). The loss was wholly as a result of the recognition of a significant bad debt provision made in respect of a key customer. The bad debt provision totalled £1,406,471 and has been recognised as an exceptional expense within the Statement of comprehensive income. EBITDA for the year remained healthy at £1,099,845 (2024: £1,327,256).

Principal risks and uncertainties

1. The commemorative coin industry is inextricably linked with both FX rates and precious metal price fluctuations. This must be closely managed especially in times of greater (global) volatility.

2. TML key customers' business models are based on offering long term credit sales to its B2C customers whilst also holding significant volumes of stock which, when combined, results in a scarcity of cash availability.

3. The price of alloys including precious metal is steadily increasing year-on-year, coupled with lengthening supplier lead times means increasing demands on working capital resources.

Financial key performance indicators

TML primarily uses sales and profit before tax (net of unusual items) as a % of sales to measure business performance. GP Margin % is also used as an indicator of production efficiency from one period to another.

Royalty payments to the country of issue is also used as a performance measure year on year.

This report was approved by the board and signed on its behalf.

R D Maklouf

Director

Date: 21 September 2026

Page 1

TOWER MINT LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

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

Directors' responsibilities statement

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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the company's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The loss for the year, after taxation, amounted to £549,719 (2024 - profit £863,591).

Dividends paid during the year amounted to £228,180 (2024 - £168,670)

Directors

The directors who served during the year were:

A G Barnes

E C Dawson

D P M Lewis

R D Maklouf

D A Mahony

D Hazelhurst-Jeavons

E R Lewis-Maklouf

Page 2

TOWER MINT LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Auditors

The auditors, Barnes Roffe Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.

R D Maklouf

Director

Date: 21 September 2026

Page 3

TOWER MINT LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TOWER MINT LIMITED

Opinion

We have audited the financial statements of Tower Mint Limited (the 'company') for the year ended 31 December 2025, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity 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, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its 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 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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Page 4

TOWER MINT LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TOWER MINT LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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. 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 course of 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.

Opinion 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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Strategic report and the 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 company and its 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, or returns adequate for our audit have not been received from branches not visited by us; or

∙the financial statements are not in agreement with the accounting records and returns; or

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

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

Responsibilities of directors

As explained more fully in the Directors' responsibilities statement set out on page 2, 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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Page 5

TOWER MINT LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TOWER MINT LIMITED (CONTINUED)

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 an Auditors' 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.

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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with law and regulations, was as follows:

•The engagement partner ensured that the engagement team collectively had the appropriate

competence, capabilities and skills to identify or recognise non-compliance with applicable laws

and regulations;

•We identified the laws and regulations applicable to the company through discussion with directors and

other management, and from our commercial knowledge and experience of the relevant sector;

•The specific laws and regulations which we considered may have a direct material effect on the financial

statements or the operations of the company, are as follows;

o Companies Act 2006

o FRS102

o ISO standards

o Health and Safety legislation

o The Food Standards Agency

o Employment legislation

o Tax legislation

•We assessed the extent of compliance with the laws and regulations identified above through making

enquiries of management and reviewing board minutes;

•Laws and regulations were communicated within the audit team at the planning meeting, and during the

audit as any further laws and regulation were identified. The audit team remained alert to instances of

non-compliance throughout the audit; and

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:

•Making enquires of management as to where they consider there was susceptibility to fraud and their

knowledge of actual suspected and alleged fraud;

•Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and

regulations;

•Reviewing the financial statements and testing the disclosures against supporting documentation;

•Performing analytical procedures to identify any unusual or unexpected trends or anomalies;

•Inspecting and testing journal entries to identify unusual or unexpected transactions;

•Assessing whether judgement and assumptions made in determining significant accounting estimates,

including stock provisions, the useful economic life of tangible fixed assets and the recognition of forward

contracts, were indicative of management bias; and

•Investigating the rationale behind significant transactions, or transactions that are unusual or outside the

company’s usual course of business.

Page 6

TOWER MINT LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TOWER MINT LIMITED (CONTINUED)

The areas that we identified as being susceptible to misstatement through fraud were:

•Management bias in the estimates and judgements made;

•Management override of controls; and

•Posting of unusual journals or transactions.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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 Auditors' 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 we are required to state to them in an Auditors' 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.

Theresa Dance (Senior statutory auditor)

for and on behalf of

Barnes Roffe Audit Limited

Chartered Accountants

Statutory Auditor

Charles Lake House

Claire Causeway

Crossways Business Park

Dartford

Kent

DA2 6QA

Date: 22 September 2026

Page 7

TOWER MINT LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2025

	2025	2024
Note	£	£


Turnover	4	20,320,214	17,704,659
Cost of sales		(16,095,871)	(13,703,073)
Gross profit		4,224,343	4,001,586
Administrative expenses		(3,427,136)	(2,906,640)
Exceptional administrative expenses	13	(1,406,471)	-
Operating (loss)/profit	5	(609,264)	1,094,946
Interest receivable and similar income	9	27,074	53,115
Interest payable and similar expenses	10	(169,269)	(52,649)
(Loss)/profit before tax		(751,459)	1,095,412
Tax on (loss)/profit	11	201,740	(231,821)
(Loss)/profit for the financial year		(549,719)	863,591

There were no recognised gains and losses for 2025 or 2024 other than those included in the included in the Statement of comprehensive income.

There was no other comprehensive income for 2025 (2024:£NIL).

The notes on pages 12 to 27 form part of these financial statements.

Page 8

TOWER MINT LIMITED

REGISTERED NUMBER: 01276974

BALANCE SHEET

AS AT 31 DECEMBER 2025

		2025		2024
Note		£		£

Fixed assets
Intangible assets	14		31,226		17,920
Tangible assets	15		2,151,283		2,291,980
			2,182,509		2,309,900
Current assets
Stocks	16	6,153,124		5,697,002
Debtors: amounts falling due within one year	17	2,949,424		2,871,045
Cash at bank and in hand	18	874,952		729,439
		9,977,500		9,297,486
Creditors: amounts falling due within one year	19	(3,529,076)		(1,833,055)
Net current assets			6,448,424		7,464,431
Total assets less current liabilities			8,630,933		9,774,331
Creditors: amounts falling due after more than one year	20		(183,612)		(446,587)
Provisions for liabilities
Deferred tax	22	(387,164)		(489,688)
			(387,164)		(489,688)
Net assets			8,060,157		8,838,056

Capital and reserves
Called up share capital	23	53,126	53,126
Share premium account		101,667	101,667
Capital redemption reserve		4,307	4,307
Profit and loss account		7,901,057	8,678,956
		8,060,157	8,838,056

Page 9

TOWER MINT LIMITED

REGISTERED NUMBER: 01276974

BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2025

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

R D Maklouf

Director

Date: 21 September 2026

The notes on pages 12 to 27 form part of these financial statements.

Page 10

TOWER MINT LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025

	Called up share capital	Share premium account	Capital redemption reserve	Profit and loss account	Total equity
	£	£	£	£	£
At 1 January 2025	53,126	101,667	4,307	8,678,956	8,838,056

Loss for the year	-	-	-	(549,719)	(549,719)
Dividends	-	-	-	(228,180)	(228,180)
At 31 December 2025	53,126	101,667	4,307	7,901,057	8,060,157

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Share premium account	Capital redemption reserve	Profit and loss account	Total equity
	£	£	£	£	£
At 1 January 2024	53,126	101,667	4,307	7,984,035	8,143,135

Profit for the year	-	-	-	863,591	863,591
Dividends	-	-	-	(168,670)	(168,670)
At 31 December 2024	53,126	101,667	4,307	8,678,956	8,838,056

The notes on pages 12 to 27 form part of these financial statements.

Page 11

TOWER MINT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1.	General information

Tower Mint Limited is a private company limited by shares and incorporated in England and Wales. The registered office of the company is Tower Heritage Estate, 1-21 Carew street, London, SE5 9DF. The company's principal activity is that of the wholesale of commemorative and currency coins.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

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

∙the requirements of Section 7 Statement of Cash Flows;

∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);

∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Tower Mint Holdings Limited as at 31 December 2025 and these financial statements may be obtained from Companies House.

2.3

Going concern

The company incurred a loss before tax for the year of £751,459 (2024: £1,095,412 profit before tax). The loss was wholly as a result of the recognition of a significant bad debt provision made in respect of a key customer. Despite the loss in the year, the company maintain a strong balance sheet and have acheived a positive EBITDA. The directors have performed an in-depth review of the company following the customer loss during the period, the review considered the company's cash position and cash forecasts, forecast sales, current assets and debt level. The directors are confident in the company’s ability to meet its liabilities as they fall due and to continue to trade profitably over the forthcoming 12-months, and beyond. The accounts have therefore been prepared on a going concern basis.

Page 12

TOWER MINT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.4

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

2.5

Revenue

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:

Sale of goods

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.

2.6

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 13

TOWER MINT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.10

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 14

TOWER MINT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.12

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the company but are presented separately due to their size or incidence.

2.13

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

2.14

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following bases:

Short-term leasehold property	-	over the life of the lease
Plant and machinery	-	10% straight line
Other fixed assets	-	20% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.15

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.16

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 15

TOWER MINT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.17

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.18

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.19

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.

Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.20

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's Balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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.

2.21

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 16

TOWER MINT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company's accounting policies, which are described in Note 2, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis.

The areas in the financial statements where these judgements and estimates have been made include the following:

1. The company utilises forward rate foreign currency contracts. The directors believe that any gains or losses arising when fulfilling these obligations cannot be measured reliably at the year end due to the volatile nature of the foreign exchange market and therefore this has not been recognised in the Statement of comprehensive income. The underlying assets and liabilities in respect of these contracts have not been separately recognised in these financial statements as the directors believe that they will be settled simultaneously. As at the year ended 31 December 2025, there were no forward rate foreign currency contracts in place.

2. The company makes key assumptions regarding the useful economic life of tangible fixed assets and this is further described in note 2.14 of accounting policies.

3. Stock valuation at the year end; the basis of this estimate is outlined and discussed within note 2.15.

There were no other key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements.

Page 17

TOWER MINT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Turnover

The whole of the turnover is attributable to the company's principal activity.

A geographical analysis of turnover has not been provided as permitted by the Companies Act 2006.

Pension contributions	31,497	29,035
Exchange differences	33,150	90,931
Other operating lease rentals	120,937	121,273
Depreciation	302,637	232,310

Fees payable to the company's auditors for the audit of the company's financial statements

16,375

15,595

Page 18

TOWER MINT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Wages and salaries	2,733,528	2,367,548
Social security costs	339,113	257,331
Cost of defined contribution scheme	31,497	29,035
	3,104,138	2,653,914

The average monthly number of employees, including the directors, during the year was as follows:

	2025	2024
	No.	No.

Directors & key management	8	8
Mint Production	22	20
Dies	5	4
Chocolate	4	4
Sales and marketing	6	7
Administration	4	4

	49	47

8.	Directors' remuneration
		2025	2024
		£	£

Directors' emoluments	1,086,030	881,918
Company contributions to defined contribution pension schemes	3,103	2,752
	1,089,133	884,670

	During the year retirement benefits were accruing to 3 directors (2024 - 2) in respect of defined contribution pension schemes.
	The highest paid director received remuneration of £558,989 (2024 - £462,052).
	The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £1,321 (2024 - £1,321).

Page 19

TOWER MINT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

9.	Interest receivable
		2025	2024
		£	£

	Other interest receivable	27,074	53,115
		27,074	53,115

10.	Interest payable and similar expenses
		2025	2024
		£	£

Bank interest payable	112,281	25,756
Interest on finance leases and hire purchase contracts	56,988	26,893
	169,269	52,649


Current tax on profits for the year	-	99,216
Adjustments in respect of previous periods	(99,216)	-

Total current tax	(99,216)	99,216

Deferred tax
Origination and reversal of timing differences	(102,524)	132,605
Total deferred tax	(102,524)	132,605


	Tax on (loss)/profit	(201,740)	231,821

Page 20

TOWER MINT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

11.Taxation (continued)

(Loss)/profit on ordinary activities before tax

(751,459)

1,095,412

(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	(187,865)	273,853
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	5,633	8,646
Capital allowances for year lower than / (in excess of depreciation)	32,118	(160,658)
Deferred tax movement	(102,524)	132,605
Tax deduction arising from exercise of employee options	(14,652)	(22,625)
Unrelieved tax losses carried forward	65,550	-
Total tax charge for the year	(201,740)	231,821

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

12.	Dividends
		2025	2024
		£	£

	Dividends paid	228,180	168,670
		228,180	168,670

Page 21

TOWER MINT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

13.	Exceptional items
		2025	2024
		£	£

	Exceptional items - bad debt provision	1,406,471	-
		1,406,471	-

The company recognised a bad debt provision in the year in relation to one of its customers.

14.	Intangible assets

		Computer software
		£
	Cost
	At 1 January 2025	17,920
	Additions - internal	21,049
	At 31 December 2025	38,969
	Amortisation
	Charge for the year on owned assets	7,743
	At 31 December 2025	7,743
	Net book value
	At 31 December 2025	31,226
	At 31 December 2024	17,920

Page 22

TOWER MINT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

15.	Tangible fixed assets

	Short-term leasehold property	Plant and machinery	Total
	£	£	£
Cost or valuation
At 1 January 2025	621,709	3,586,672	4,208,381
Additions	86,950	67,248	154,198
At 31 December 2025	708,659	3,653,920	4,362,579
Depreciation
At 1 January 2025	131,715	1,784,686	1,916,401
Charge for the year	70,329	224,566	294,895
At 31 December 2025	202,044	2,009,252	2,211,296
Net book value
At 31 December 2025	506,615	1,644,668	2,151,283
At 31 December 2024	489,994	1,801,986	2,291,980

The net book value of assets held under finance leases or hire purchase contracts, included above, is as follows:
	2025	2024
	£	£


Plant and machinery	1,293,379	1,437,088
	1,293,379	1,437,088

16.	Stocks
		2025	2024
		£	£

Raw material, finished goods and goods for resale	6,153,124	5,697,002
	6,153,124	5,697,002

Page 23

TOWER MINT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

17.

Debtors

					2025	2024
					£	£


Trade debtors	2,168,975	2,472,972
Amounts owed by group undertakings	134,037	-
Other debtors	206,089	235,106
Prepayments and accrued income	440,323	162,967
	2,949,424	2,871,045

18.	Cash and cash equivalents
		2025	2024
		£	£

Cash at bank and in hand	874,952	729,439
	874,952	729,439

19.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Trade financing	1,314,621	-
Trade creditors	405,186	414,525
Amounts owed to group undertakings	56,976	28,488
Corporation tax	-	98,684
Other taxation and social security	409,588	76,566
Obligations under finance lease and hire purchase contracts	263,353	284,650
Other creditors	259,072	345,150
Accruals and deferred income	820,280	584,992
	3,529,076	1,833,055

Page 24

TOWER MINT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

20.	Creditors: Amounts falling due after more than one year
		2025	2024
		£	£

Net obligations under finance leases and hire purchase contracts	183,612	446,587
	183,612	446,587

Amounts due in relation to finance leases and hire purchase contracts amounting to £446,965 (2024: £731,237) are secured against the assets to which they relate.

Trade financing due within one year relates to trade finance loans outstanding at the year end and amounts to £1,314,621 (2024: £nil) and is secured against the assets to which it relates.

Within one year	263,353	284,650
Between 1-5 years	183,612	446,587
	446,965	731,237

Page 25

TOWER MINT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

22.	Deferred taxation

	2025	2024
	£	£

At beginning of year	(489,688)	(357,083)
(Credited)/charged to profit or loss	102,524	(132,605)
At end of year	(387,164)	(489,688)

The provision for deferred taxation is made up as follows:
	2025	2024
	£	£

Accelerated capital allowances	(452,715)	(489,688)
Tax losses carried forward	65,551	-
	(387,164)	(489,688)

23.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

1,062,517 (2024 - 1,062,517) Ordinary Shares shares of £0.05 each	53,126	53,126

24.	Contingent liabilities

The company enters into forward rate foreign currency contracts. At the year end the company had the obligation to draw down €Nil (2024: €2,500,000). At 31 December 2025 there was a potential unrealised profit of £Nil (2024: loss of £42,146).

The directors believe that any gains or losses arising when fulfilling these obligations cannot be measured reliably at the year end due to the volatile nature of the foreign exchange market and therefore this has not been recognised in the Statement of comprehensive income. Any loss or gain will be realised within the Statement of comprehensive income upon completion of the contract.

The underlying assets and liabilities have not been recognised in these financial statements on the basis that they will be settled simultaneously.

Page 26

TOWER MINT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

25.	Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £31,497 (2024 - £29,035).

Not later than 1 year	120,000	120,000
Later than 1 year and not later than 5 years	90,000	210,000
	210,000	330,000

27.

Related party transactions

The company rents property from M Maklouf a shareholder and close family member of two directors.
The annual rent paid during the year was £120,000 (2024: £120,000).

At the year end E Dawson owed the company £52,444 (2024: 50,732) and A Barnes owed the company £24,305 (2024: 23,512). E Dawson and A Barnes are company directors. These loans are being repaid over 3 years, interest is currently being charged on these loans at a rate of 3.75%.

The company has taken exemption under the terms of FRS102 Section 33.1a, not to disclose related party transactions between wholly owned members of the group.

28.	Parent Company and Controlling party

The parent company is Tower Mint Holdings Ltd, a company registered in England and Wales. The ultimate controlling party is the Maklouf family.

Page 27