REGISTERED NUMBER: 01338493

TREND TOOL TECHNOLOGY LTD

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Consolidated Statement of Comprehensive Income

9

Consolidated Balance Sheet

10

Company Balance Sheet

11

Consolidated Statement of Changes in Equity

12

Company Statement of Changes in Equity

13

Consolidated Cash Flow Statement

14

Notes to the Consolidated Cash Flow Statement

15

Notes to the Consolidated Financial Statements

17

DIRECTORS:

S J Phillips

N McMillan

C R Lamb

A Roberts

C J Carter

T M Simons

SECRETARY:

C R Lamb

REGISTERED OFFICE:

Unit 6, Odhams Trading Estate

St Albans Road

Watford

Hertfordshire

WD24 7TR

REGISTERED NUMBER:

01338493

AUDITORS:

Duncan & Toplis Audit Limited, Statutory Auditor

3 Castlegate

Grantham

Lincolnshire

NG31 6SF

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

Principle activity

In 2025 the company continued to focus on its principal activity of selling power and hand tools, and associated accessories. It has also continued to develop and strengthen its partnerships with its network of stockists throughout the UK, Europe & USA.

REVIEW OF BUSINESS

Sales have decreased to £30,543,608 (2025) from £30,738,502 (2024), nevertheless, pre-tax profit of £1,241,728 (2025) has increased from the previous year of £1,200,139 (2024).

During 2025 we identified the continuation of significantly weaker market demand in the UK construction industry and furthered our principal strategy to move the business away from low margin product categories, increase activities in merchant channels and concentrate on our core competencies. This resulted in a stabilisation of our GP%. 2025 demand remained steady, despite industry headwinds as customer insolvencies were at an industry all-time high, which led to the worst losses in our history for bad debt. Despite the deteriorating retailer environment, we sustained consistent profitability by remaining disciplined in execution and focused on our strategic priorities.

Looking ahead, we anticipate activity in the UK construction sector to make a measured recovery, albeit from a historically low base, so the directors are confident that the performance of the company will remain stable in 2026.

Financial key performance indicators

The company's financial performance is assessed primarily by Turnover, Gross Profit, GP as % Turnover, EBITDA and EBITDA % of Turnover for the financial year:

Turnover

Gross Profit

Gross Profit %

EBITDA

EBITDA %

2025

£30,543,608

£13,352,849

43.7%

£1,860,660

6.1%

2024

£30,738,502

£13,436,011

43.7%

£2,057,562

6.7%

2023

£33,468,176

£13,417,857

40.1%

£2,019,970

6.0%

2022

£33,202,431

£12,294,087

37.0%

£1,115,528

3.4%

2021

£35,548,890

£13,178,598

37.1%

£1,850,881

5.2%

2020

£28,805,778

£10,688,630

37.1%

£1,168,875

4.1%

2019

£22,419,763

£8,658,156

38.6%

£658,933

2.9%

CAGR%

+6%

+9%

+33%

PRINCIPAL RISKS AND UNCERTAINTIES

The key business risk and uncertainty relates to any potential downturn in the UK economy and in particular the construction and home improvement markets.

ON BEHALF OF THE BOARD:

C R Lamb - Director

16 July 2026

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

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2025 will be £248,800

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

S J Phillips

N McMillan

C R Lamb

A Roberts

C J Carter

T M Simons

CHARITABLE DONATIONS AND EXPENDITURE

Total charitable donation paid during the year amounted to £21,791.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Duncan & Toplis Audit Limited, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

C R Lamb - Director

16 July 2026

Opinion

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

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2025 and of the group's profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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

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

-	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

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

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

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

Responsibilities of directors

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

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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

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

We have identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with Directors and other management obtained as part of the work required by auditing standards. We have also discussed with the Directors and other management the policies and procedures relating to compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of non-compliance throughout the audit.

The potential impact of different laws and regulations varies considerably. Firstly, the company is subject to laws and regulations that directly impact the financial statements (for example financial reporting legislation) and we have assessed the extent of compliance with such laws as part of our financial statements audit. We evaluated management incentives and opportunities for fraudulent manipulation of the financial statements, (including risk of override of controls) and determined that the principal risks were related to management bias in accounting estimate and judgemental areas of the financial statements such as the methodology used to calculate inventory, as well as the risk of inappropriate journal entries to increase reported profitability. Audit procedures performed by the engagement team included the identification and testing of material and unusual journal entries and challenging management on key accounting estimates, assumptions and judgements made in preparation of the financial statements. We carried out detailed substantive tests on accounting estimates, including reviewing the methods used by management to make those estimates, re-performing the calculation, and reviewing the outcome of prior year estimates.

Secondly, the company is subject to other laws and regulations where the consequence for non-compliance could have a material effect on the amounts or disclosures in the financial statements. We identified the following areas as the most likely to have such an effect: Health and Safety Regulations, GDPR, Anti Money Laundering Regulations and Employment Laws.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management and inspection. This inspection included a review of the health and safety procedures and company's employment and health and safety controls. Through these procedures, if we became aware of any non-compliance, we considered the impact on the procedures performed on the related financial statement items.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. As with any audit, there is a greater risk of non-detection of irregularities as these may involve collusion, intentional omissions of the override of internal controls.

We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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

Use of our report

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

Hassan Behcet (Senior Statutory Auditor)

for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor

3 Castlegate

Grantham

Lincolnshire

NG31 6SF

16 July 2026

TURNOVER

3

30,543,608

30,738,502

Cost of sales

17,190,759

17,302,491

GROSS PROFIT

13,352,849

13,436,011

Distribution costs

1,356,373

1,665,523

Administrative expenses

10,434,190

10,073,924

11,790,563

11,739,447

OPERATING PROFIT

6

1,562,286

1,696,564

Interest receivable and similar income

2,150

1,096

1,564,436

1,697,660

Interest payable and similar expenses

8

322,708

497,521

PROFIT BEFORE TAXATION

1,241,728

1,200,139

Tax on profit

9

333,210

314,278

PROFIT FOR THE FINANCIAL YEAR

908,518

885,861

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

908,518

885,861

Profit attributable to:

Owners of the parent

908,518

885,861

Total comprehensive income attributable to:

Owners of the parent

908,518

885,861

FIXED ASSETS

Intangible assets

13

120,010

57,455

Tangible assets

14

495,913

579,108

Investments

15

-

-

615,923

636,563

CURRENT ASSETS

Stocks

16

9,488,427

12,032,068

Debtors

17

7,571,366

8,587,147

Cash at bank

201,716

70,400

17,261,509

20,689,615

CREDITORS

Amounts falling due within one year

18

8,829,397

12,935,706

NET CURRENT ASSETS

8,432,112

7,753,909

TOTAL ASSETS LESS CURRENT LIABILITIES

9,048,035

8,390,472

CREDITORS

Amounts falling due after more than one year

19

(393,140

)

(386,331

)

PROVISIONS FOR LIABILITIES

23

(90,986

)

(99,950

)

NET ASSETS

8,563,909

7,904,191

CAPITAL AND RESERVES

Called up share capital

24

8,000

8,000

Retained earnings

25

8,555,909

7,896,191

SHAREHOLDERS' FUNDS

8,563,909

7,904,191

The financial statements were approved by the Board of Directors and authorised for issue on 16 July 2026 and were signed on its behalf by:

C R Lamb - Director

A Roberts - Director

FIXED ASSETS

Intangible assets

13

120,010

57,455

Tangible assets

14

495,913

579,108

Investments

15

2,793

2,793

618,716

639,356

CURRENT ASSETS

Stocks

16

9,488,427

12,032,068

Debtors

17

7,571,366

8,587,147

Cash at bank

201,716

70,400

17,261,509

20,689,615

CREDITORS

Amounts falling due within one year

18

9,324,096

13,486,251

NET CURRENT ASSETS

7,937,413

7,203,364

TOTAL ASSETS LESS CURRENT LIABILITIES

8,556,129

7,842,720

CREDITORS

Amounts falling due after more than one year

19

(393,140

)

(386,331

)

PROVISIONS FOR LIABILITIES

23

(90,986

)

(99,950

)

NET ASSETS

8,072,003

7,356,439

CAPITAL AND RESERVES

Called up share capital

24

8,000

8,000

Retained earnings

25

8,064,003

7,348,439

SHAREHOLDERS' FUNDS

8,072,003

7,356,439

Company's profit for the financial year

964,364

808,286

The financial statements were approved by the Board of Directors and authorised for issue on 16 July 2026 and were signed on its behalf by:

C R Lamb - Director

A Roberts - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2024

8,000

7,250,730

7,258,730

Changes in equity

Dividends

-

(240,400

)

(240,400

)

Total comprehensive income

-

885,861

885,861

Balance at 31 December 2024

8,000

7,896,191

7,904,191

Changes in equity

Dividends

-

(248,800

)

(248,800

)

Total comprehensive income

-

908,518

908,518

Balance at 31 December 2025

8,000

8,555,909

8,563,909

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2024

8,000

6,780,553

6,788,553

Changes in equity

Dividends

-

(240,400

)

(240,400

)

Total comprehensive income

-

808,286

808,286

Balance at 31 December 2024

8,000

7,348,439

7,356,439

Changes in equity

Dividends

-

(248,800

)

(248,800

)

Total comprehensive income

-

964,364

964,364

Balance at 31 December 2025

8,000

8,064,003

8,072,003

Cash flows from operating activities

Cash generated from operations

1

5,589,785

(835,498

)

Interest paid

(321,279

)

(495,561

)

Interest element of hire purchase payments paid

(1,429

)

(1,960

)

Tax paid

(313,614

)

(506,771

)

Net cash from operating activities

4,953,463

(1,839,790

)

Cash flows from investing activities

Purchase of intangible fixed assets

(75,417

)

(45,057

)

Purchase of tangible fixed assets

(215,034

)

(164,863

)

Sale of tangible fixed assets

24,563

5,380

Interest received

2,150

1,096

Net cash from investing activities

(263,738

)

(203,444

)

Cash flows from financing activities

Amount introduced by directors

189,701

512,492

Amount withdrawn by directors

(387,101

)

(463,320

)

Hire purchase capital repayments in year

(9,350

)

(16,170

)

Equity dividends paid

(149,156

)

(96,220

)

Net cash from financing activities

(355,906

)

(63,218

)

Increase/(decrease) in cash and cash equivalents

4,333,819

(2,106,452

)

Cash and cash equivalents at beginning of year

2

(6,918,588

)

(4,812,136

)

Cash and cash equivalents at end of year

2

(2,584,769

)

(6,918,588

)

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

2025

2024

£

£

Profit before taxation

1,241,728

1,200,139

Depreciation charges

298,373

360,998

Profit on disposal of fixed assets

(11,846

)

(3,500

)

Finance costs

322,708

497,521

Finance income

(2,150

)

(1,096

)

1,848,813

2,054,062

Decrease/(increase) in stocks

2,543,641

(793,200

)

Decrease/(increase) in trade and other debtors

1,047,491

(778,683

)

Increase/(decrease) in trade and other creditors

149,840

(1,317,677

)

Cash generated from operations

5,589,785

(835,498

)

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2025

31.12.25

1.1.25

£

£

Cash and cash equivalents

201,716

70,400

Bank overdrafts

(2,786,485

)

(6,988,988

)

(2,584,769

)

(6,918,588

)

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

70,400

102,322

Bank overdrafts

(6,988,988

)

(4,914,458

)

(6,918,588

)

(4,812,136

)

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.1.25

Cash flow

At 31.12.25

£

£

£

Net cash

Cash at bank

70,400

131,316

201,716

Bank overdrafts

(6,988,988

)

4,202,503

(2,786,485

)

(6,918,588

)

4,333,819

(2,584,769

)

Debt

Finance leases

(22,490

)

9,350

(13,140

)

(22,490

)

9,350

(13,140

)

Total

(6,941,078

)

4,343,169

(2,597,909

)

1.	STATUTORY INFORMATION

Trend Tool Technology Ltd is a private company, limited by shares, domiciled in England and Wales, registration number 01338493.

The presentation currency of the financial statement is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

Key source of estimation, uncertainty and judgement

The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets.

There is estimation uncertainty in calculating deferred tax. A full line by line review of deferred tax is carried out by management regularly. Whilst every attempt is made to ensure that the deferred tax is as accurate as possible, there remains a risk that the provisions do not match the actual tax liability when asset is disposed of.

There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be uncollectable.

There is estimation uncertainty in calculating stock provisions. A review of stock is carried out at the year end. Whilst every attempt is made to ensure that the stock provision is as accurate as possible, there remains a risk that the provision does not match the level of stock which ultimately prove to be obsolete.

There is estimation uncertainty in calculating the sales rebates payable accrual. Whilst every attempt is made to ensure that the accrual is as accurate as possible, there remains a risk that the accrual does not match the level of sales rebates that ultimately prove to be payable.

There is estimation uncertainty in calculating the supplier rebates receivable provision. Whilst every attempt is made to ensure that the provision is as accurate as possible, there remains a risk that the accrual does not match the level of supplier rebates that ultimately prove to be receivable.

There is estimation uncertainty in calculating amortisation. A full line by line review of intangible assets is carried out by management regularly. Whilst every attempt is made to ensure that the amortisation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.