ACCOUNTS - Final Accounts preparation

An analysis of turnover by class of business is as follows:

Registered number: 12808011

EVOLUTION FASTENERS (HOLDINGS) LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

EVOLUTION FASTENERS (HOLDINGS) LIMITED

COMPANY INFORMATION

Directors	M Keisner
	K Leung
	N Keisner (resigned 5 March 2026)


Company secretary	P Lee


Registered number	12808011


Registered office	One Oaks Court
	Warwick Road
	Borehamwood
	Hertfordshire
	WD6 1GS


Independent auditors	Xeinadin Audit Limited
	Chartered Accountants & Statutory Auditor
	Maple House
	149 Tottenham Court Road
	London
	W1T 7NF

EVOLUTION FASTENERS (HOLDINGS) LIMITED

CONTENTS

	Page
Group Strategic Report	1 - 2
Directors' Report	3 - 4
Independent Auditors' Report	5 - 9
Consolidated Statement of Comprehensive Income	10
Consolidated Statement of Financial Position	11 - 12
Company Statement of Financial Position	13
Consolidated Statement of Changes in Equity	14 - 15
Company Statement of Changes in Equity	16 - 17
Consolidated Statement of Cash Flows	18 - 19
Notes to the Financial Statements	20 - 42

EVOLUTION FASTENERS (HOLDINGS) LIMITED

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 MARCH 2026

Introduction

The Directors present their strategic review of the Group for the year ended 31st March 2026.

Principal Activities and Business Review

The principal activity of the business is the design, production and distribution of fasteners for the construction industry.

The results for the year ended 31st March 2026 and its financial position were satisfactory.

Sales at £16,217,869 and Gross Profit of £8,606,518 were acceptable given the depressed state of the market.

Expenses reflected increased costs arising from general inflation, expansion of our engineering team and facilities, together with the cost of additional warehouse space.

The Group’s operating profit increased from £3,122,760 to £4,440,647, whilst its Net Assets rose from £10,976,695 to £13,928,100, after dividends paid of £919,725 (2025: £527,093).

Key Performance Indicators

The Group's key operating parameters include turnover, operating profit and net assets. Financial performance is reviewed in many ways including overall margins. working capital efficiency and return on capital.


2026	2025	Movement	Movement
£	£	£	%

Turnover	16,217,869	14,641,531	1,576,338	11
Operating profit	4,440,647	3,122,760	1,317,887	42
Net assets	13,928,100	10,976,695	2,951,405	27

Employees

The welfare of the Group's employees is of the highest importance: we strive to be a responsible employer and continuously review pay and benefits and aim always to provide a safe working environment. There is a clearly stated whistle-blower policy in place with a dedicated confidential hotline, and employee policies are clearly set out in the Group Handbook. During the year we were pleased to achieve “Investors in People” certification.

Community and Environment

The Group aims to reduce the environmental impact of its operations by controlling all areas of its activities associated with the supply and distribution of its products. The Group is committed to reducing its carbon footprint through recyclable packaging, monitoring energy performance and considering the life cycle of its processes, products and services.

The Group made charitable donations of £71,810 during the year.

Page 1

EVOLUTION FASTENERS (HOLDINGS) LIMITED

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2026

Principal Risks and Uncertainties

The Group's operations expose it to some risks and uncertainties which the Directors believe could have an impact on the Group's financial performance. The principal risks and management's response to them are set out below.

Construction Sector

The group’s principal market is the construction sector and as such its results are heavily influenced by the health of that sector.

Financial risk management objectives and policies

The Group's activities expose it to foreign currency risk which is partially hedged by financial derivatives.

Credit Risk

The Group provides credit terms to many of its customers and there is an associate risk that customers do not pay outstanding balances as they fall due. The Group has implemented policies that require appropriate credit checks on potential customers before sales are made. The amount of exposure to any customer is subject to a limit which is reviewed on an ongoing basis.

Information Technology

Technology systems are important to the Group's operations. Loss of service of key IT systems could potentially affect the Group's ability to fulfil customer orders. IT risks are assessed by senior management with the appropriate expertise and action plans, including disaster recovery plans, are in place.

Supply Chain Risk

The Group purchases most of its product from various overseas suppliers with multiple sources for each product group. The risk of supply distribution is further mitigated through holding substantial levels of stock in its warehouses.

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

K Leung

Director

Date: 22 October 2026

Page 2

EVOLUTION FASTENERS (HOLDINGS) LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 MARCH 2026

The directors present their report and the financial statements for the year ended 31 March 2026.

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 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 for the Group's financial statements and then apply them consistently;

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

∙state whether applicable UK Accounting Standards 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 Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £3,639,198 (2025 - £2,400,454).

During the year Dividends of £919,725 (2025: £527,093) were paid.

Directors

The directors who served during the year were:

M Keisner

K Leung

N Keisner (resigned 5 March 2026)

Page 3

EVOLUTION FASTENERS (HOLDINGS) LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2026

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 and the Group'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 and the Group's auditors are aware of that information.

Post balance sheet events

In April 2026, the Group disposed of its shareholding in Evolution Fasteners (HK) Limited at net book value.

In April 2026, the Company also redeemed in full its £115,000 redeemable preference shares at par.

Auditors

The auditors, Xeinadin 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.

K Leung

Director

Date: 22 October 2026

Page 4

EVOLUTION FASTENERS (HOLDINGS) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EVOLUTION FASTENERS (HOLDINGS) LIMITED

Opinion

We have audited the financial statements of Evolution Fasteners (Holdings) Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2026, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company 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 Group's and of the Parent Company's affairs as at 31 March 2026 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 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 Group's or 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.

Page 5

EVOLUTION FASTENERS (HOLDINGS) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EVOLUTION FASTENERS (HOLDINGS) 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 Group 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 Group 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 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 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 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.

Page 6

EVOLUTION FASTENERS (HOLDINGS) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EVOLUTION FASTENERS (HOLDINGS) LIMITED (CONTINUED)

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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'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.

Page 7

EVOLUTION FASTENERS (HOLDINGS) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EVOLUTION FASTENERS (HOLDINGS) 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 Group 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:

∙Enquiry of management and those charged with governance around actual and potential litigation and
claims to identify any instances of non-compliance with laws and regulations;

∙Reviewing minutes of meetings of meetings of those charged with governance;

∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance
with applicable laws and regulations

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

∙Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business
activities within the Group to express an opinion on the consolidated financial statements. We are
responsible for the direction, supervision and performance of the Group audit. We remain solely responsible
for our audit opinion.

Firstly, the Group is subject to laws and regulations that directly affect the financial statements including financial reporting legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Secondly, the Group is subject to many other laws and regulations where the consequence of non compliance could have a material effect on amounts or disclosures in the financial statements. 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 of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.

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.

Page 8

EVOLUTION FASTENERS (HOLDINGS) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EVOLUTION FASTENERS (HOLDINGS) LIMITED (CONTINUED)

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.

Alexander Wall BA ACA (Senior Statutory Auditor)

for and on behalf of

Xeinadin Audit Limited

Chartered Accountants

Statutory Auditor

Maple House

149 Tottenham Court Road

London

W1T 7NF

22 October 2026

Page 9

EVOLUTION FASTENERS (HOLDINGS) LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 MARCH 2026

	2026	2025
Note	£	£


Turnover	4	16,217,869	14,641,531
Cost of sales		(7,611,351)	(8,170,024)
Gross profit		8,606,518	6,471,507
Administrative expenses		(4,165,871)	(3,362,129)
Other operating income	5	-	13,382
Operating profit	6	4,440,647	3,122,760
Interest receivable and similar income	10	75,040	45,268
Interest payable and similar expenses	11	(7)	(11,081)
Profit before taxation		4,515,680	3,156,947
Tax on profit	12	(876,482)	(756,493)
Profit for the financial year		3,639,198	2,400,454


Currency translation differences	81,932	(43,942)
Other comprehensive income for the year	81,932	(43,942)
Total comprehensive income for the year	3,721,130	2,356,512

Profit for the year attributable to:
Owners of the Parent Company	3,639,198	2,400,454
	3,639,198	2,400,454

Total comprehensive income for the year attributable to:
Owners of the Parent Company	3,721,130	2,356,512
	3,721,130	2,356,512

There were no recognised gains and losses for 2026 or 2025 other than those included in the consolidated statement of comprehensive income.

The notes on pages 20 to 42 form part of these financial statements.

Page 10

EVOLUTION FASTENERS (HOLDINGS) LIMITED

REGISTERED NUMBER: 12808011

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2026

		2026		2025
Note		£		£

Fixed assets
Intangible assets	14		80,219		100,967
Tangible assets	15		409,101		358,582
Fixed asset investments			-		100
			489,320		459,649
Current assets
Stocks	17	7,322,589		6,891,445
Debtors: amounts falling due within one year	18	3,294,095		3,399,796
Cash at bank and in hand	19	4,262,132		1,592,604
		14,878,816		11,883,845
Creditors: amounts falling due within one year	20	(1,378,283)		(1,311,042)
Net current assets			13,500,533		10,572,803
Total assets less current liabilities			13,989,853		11,032,452
Provisions for liabilities
Deferred taxation	21	(61,753)		(55,757)
			(61,753)		(55,757)
Net assets			13,928,100		10,976,695

Page 11

EVOLUTION FASTENERS (HOLDINGS) LIMITED

REGISTERED NUMBER: 12808011

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 MARCH 2026

		2026		2025
Note		£		£

Capital and reserves
Called up share capital	22	154,500	153,500
Share premium account	23	174,500	25,500
Capital redemption reserve	23	1,500	1,500
Foreign exchange reserve	23	(74,179)	(156,111)
Other reserves	23	765,822	765,822
Profit and loss account	23	12,905,957	10,186,484
Equity attributable to owners of the Parent Company		13,928,100	10,976,695
		13,928,100	10,976,695

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

K Leung

Director

Date: 22 October 2026

The notes on pages 20 to 42 form part of these financial statements.

Page 12

EVOLUTION FASTENERS (HOLDINGS) LIMITED

REGISTERED NUMBER: 12808011

COMPANY STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2026

		2026		2025
Note		£		£

Fixed assets
Investments	16		166,000		166,000
			166,000		166,000
Current assets
Debtors: amounts falling due within one year	18	169,016		24,457
Cash at bank and in hand	19	6,174		1,977
		175,190		26,434
Total assets less current liabilities			341,190		192,434


Net assets			341,190		192,434

Capital and reserves
Called up share capital	22	154,500	153,500
Share premium account	23	174,500	25,500
Capital redemption reserve	23	1,500	1,500
Profit and loss account	23	10,690	11,934
		341,190	192,434

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

K Leung

Director

Date: 22 October 2026

The notes on pages 20 to 42 form part of these financial statements.

Page 13


		EVOLUTION FASTENERS (HOLDINGS) LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2026

	Called up share capital	Share premium account	Capital redemption reserve	Foreign exchange reserve	Other reserves	Profit and loss account	Equity attributable to owners of Parent Company	Total equity
	£	£	£	£	£	£	£	£
At 1 April 2025	153,500	25,500	1,500	(156,111)	765,822	10,186,484	10,976,695	10,976,695
Comprehensive income for the year
Profit for the year	-	-	-	-	-	3,639,198	3,639,198	3,639,198
Currency translation differences	-	-	-	81,932	-	-	81,932	81,932
Total comprehensive income for the year	-	-	-	81,932	-	3,639,198	3,721,130	3,721,130
Contributions by and distributions to owners
Dividends: Equity capital	-	-	-	-	-	(919,725)	(919,725)	(919,725)
Shares issued during the year	1,000	149,000	-	-	-	-	150,000	150,000
Total transactions with owners	1,000	149,000	-	-	-	(919,725)	(769,725)	(769,725)
At 31 March 2026	154,500	174,500	1,500	(74,179)	765,822	12,905,957	13,928,100	13,928,100

The notes on pages 20 to 42 form part of these financial statements.

Page 14


		EVOLUTION FASTENERS (HOLDINGS) LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2025

	Called up share capital	Share premium account	Capital redemption reserve	Foreign exchange reserve	Other reserves	Profit and loss account	Equity attributable to owners of Parent Company	Total equity
	£	£	£	£	£	£	£	£
At 1 April 2024	155,000	25,500	(12,500)	(112,169)	765,822	8,546,733	9,368,386	9,368,386
Comprehensive income for the year
Profit for the year	-	-	-	-	-	2,400,454	2,400,454	2,400,454
Currency translation differences	-	-	-	(43,942)	-	-	(43,942)	(43,942)
Total comprehensive income for the year	-	-	-	(43,942)	-	2,400,454	2,356,512	2,356,512
Contributions by and distributions to owners
Dividends: Equity capital	-	-	-	-	-	(527,093)	(527,093)	(527,093)
Purchase of own shares	-	-	1,500	-	-	(221,110)	(219,610)	(219,610)
Shares cancelled during the year	(1,500)	-	-	-	-	-	(1,500)	(1,500)
Transfer to/from profit and loss account	-	-	12,500	-	-	(12,500)	-	-
Total transactions with owners	(1,500)	-	14,000	-	-	(760,703)	(748,203)	(748,203)
At 31 March 2025	153,500	25,500	1,500	(156,111)	765,822	10,186,484	10,976,695	10,976,695

The notes on pages 20 to 42 form part of these financial statements.

Page 15


		EVOLUTION FASTENERS (HOLDINGS) LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2026

	Called up share capital	Share premium account	Capital redemption reserve	Profit and loss account	Total equity
	£	£	£	£	£
At 1 April 2025	153,500	25,500	1,500	11,934	192,434
Comprehensive income for the year
Profit for the year	-	-	-	918,481	918,481
Total comprehensive income for the year	-	-	-	918,481	918,481
Contributions by and distributions to owners
Dividends: Equity capital	-	-	-	(919,725)	(919,725)
Shares issued during the year	1,000	149,000	-	-	150,000
Total transactions with owners	1,000	149,000	-	(919,725)	(769,725)
At 31 March 2026	154,500	174,500	1,500	10,690	341,190

The notes on pages 20 to 42 form part of these financial statements.

Page 16


		EVOLUTION FASTENERS (HOLDINGS) LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2025

	Called up share capital	Share premium account	Capital redemption reserve	Profit and loss account	Total equity
	£	£	£	£	£
At 1 April 2024	155,000	25,500	(12,500)	(722,227)	(554,227)
Comprehensive income for the year
Profit for the year	-	-	-	1,494,864	1,494,864
Total comprehensive income for the year	-	-	-	1,494,864	1,494,864
Contributions by and distributions to owners
Dividends: Equity capital	-	-	-	(527,093)	(527,093)
Purchase of own shares	-	-	1,500	(221,110)	(219,610)
Shares cancelled during the year	(1,500)	-	-	-	(1,500)
Transfer to/from profit and loss account	-	-	12,500	(12,500)	-
Total transactions with owners	(1,500)	-	14,000	(760,703)	(748,203)
At 31 March 2025	153,500	25,500	1,500	11,934	192,434

The notes on pages 20 to 42 form part of these financial statements.

Page 17

EVOLUTION FASTENERS (HOLDINGS) LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2026

			2026	2025
			£	£

Cash flows from operating activities
Profit for the financial year	3,639,198	2,400,454
Adjustments for:
Amortisation of intangible assets	21,693	22,058
Depreciation of tangible assets	88,020	70,730
Loss on disposal of tangible assets	(8,491)	-
Interest paid	7	11,081
Interest receivable	(75,040)	(45,268)
Taxation charge	876,482	756,493
(Increase)/decrease in stocks	(431,144)	541,613
Decrease/(increase) in debtors	43,398	(281,699)
Decrease/(increase) in amounts owed by groups	800	(800)
(Decrease) in creditors	(97,720)	(926,527)
Corporation tax (paid)	(565,960)	(837,296)
Foreign exchange	(908)	(13,423)
Net cash generated from operating activities	3,490,335	1,697,416

Cash flows from investing activities
Purchase of intangible fixed assets	(945)	(61,601)
Purchase of tangible fixed assets	(144,157)	(162,894)
Sale of tangible fixed assets	18,987	-
Purchase of fixed asset investments	-	(100)
Interest received	75,040	45,268
Net cash from investing activities	(51,075)	(179,327)
Cash flows from financing activities
Issue of ordinary shares	150,000	-
Dividends paid	(919,725)	(527,093)
Interest paid	(7)	(11,081)
Share buyback	-	(220,000)
Net cash used in financing activities	(769,732)	(758,174)
Net increase in cash and cash equivalents	2,669,528	759,915
Cash and cash equivalents at beginning of year	1,592,604	832,689
Cash and cash equivalents at the end of year	4,262,132	1,592,604

Cash and cash equivalents at the end of year comprise:

Page 18

EVOLUTION FASTENERS (HOLDINGS) LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2026

		2026	2025
		£	£

Cash at bank and in hand	4,262,132	1,592,604
	4,262,132	1,592,604

The notes on pages 20 to 42 form part of these financial statements.

Page 19

EVOLUTION FASTENERS (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

1.	General information

Evolution Fasteners (Holdings) Limited is a private Company, limited by shares incorporated in England and Wales, United Kingdom. The Company's registration number is 12808011 and address of registered office 1 Oaks Court, Warwick Road, Borehamwood, Hertfordshire, WD6 1GS.

The principal activity of the Company is the parent holding company of its subsidiaries.

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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 20

EVOLUTION FASTENERS (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

2.3

Foreign currency translation

Functional and presentation currency

The Group'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 Consolidated 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'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

Page 21

EVOLUTION FASTENERS (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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 - Manufactured Fasteners

Revenue from the sale of premium quality, high-performance fasteners is recognised when all the following conditions are met:

∙The goods have been manufactured and are ready for delivery;

∙Delivery has occurred in accordance with the terms of sale;

∙The significant risks and rewards of ownership have transferred to the customer;

∙The Company retains neither continuing managerial involvement to the degree usually associated with ownership not effective control over the goods sold;

∙The amount of revenue can be reliably measured;

∙It is probable that the economic benefits associated with the transaction will flow to the Company;

∙The costs incurred or to be incurred in respect of the transaction can be measured reliably.

This occurs on delivery of the goods.

Shipping and Handling

Amounts charged to customers for shipping are included in revenue when the related goods are delivered. Corresponding costs are recognised in cost of sales.

2.5

Operating leases: the Group 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.

2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.

Grants of a revenue nature are recognised in the Consolidated Statement of Comprehensive Income in the same period as the related expenditure.

2.7

Interest income

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

Page 22

EVOLUTION FASTENERS (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

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

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.

2.10

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.

The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Group keeping the scheme open or the employee maintaining any contributions required by the scheme).

Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.

Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

Page 23

EVOLUTION FASTENERS (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

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 reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting 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;

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

∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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 reporting date.

Page 24

EVOLUTION FASTENERS (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

2.12

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.

The estimated useful lives range as follows:

				Research and Development	-		Reducing balance over 5 years
				Trademarks	-		10% straight line method

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and
the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of
the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost
less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a
straight line basis to the consolidated statement of comprehensive income over its useful economic
life.

2.13

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, using the following methods.

Depreciation is provided on the following basis:

Long-term leasehold property	-	10% straight line method
Plant and machinery	-	10-25% straight line method
Motor vehicles	-	20% reducing balance
Testing Laboratory	-	12.5% straight line method

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.

2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 25

EVOLUTION FASTENERS (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

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 first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

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.

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.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

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

Financial instruments

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

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes

Page 26

EVOLUTION FASTENERS (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

2.19

Financial instruments (continued)

in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

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

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic financial liabilities

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 Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are

Page 27

EVOLUTION FASTENERS (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

2.19

Financial instruments (continued)

subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

2.20

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 28

EVOLUTION FASTENERS (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

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

In the application of the group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are recognised to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.

Critical judgements

Obsolete stock - The products that the Group stores are not prone to be perishable and tend to have a long shelf life. The Group reviews stock on a regular basis for any indication of obsolete items and where any are found a necessary provision is made.

The directors are of the view that there are no further critical judgements (apart from those involving estimates) in applying their accounting policies that have had a significant effect on amounts recognised in the financial statements.

Key sources of estimation uncertainty

The directors are of the view that there are no estimates or assumptions that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities.

Manufacture and distribution of fasteners	16,217,869	14,641,531
	16,217,869	14,641,531

Analysis of turnover by country of destination:

					2026	2025
					£	£

United Kingdom	12,716,444	12,350,484
Rest of Europe	3,346,520	2,219,995
Rest of the World	154,905	71,052
	16,217,869	14,641,531

Page 29

EVOLUTION FASTENERS (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

5.	Other operating income
		2026	2025
		£	£

Government grants receivable	-	11,382
Development grant	-	2,000
	-	13,382

Exchange differences	88,020	70,730
Other operating lease rentals	495,896	417,722
Share-based payment	21,693	22,058


Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements	22,625	20,250
Fees payable to the Company's auditors for non audit services	7,375	6,750
	30,000	27,000

Page 30

EVOLUTION FASTENERS (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

8.	Employees
	Staff costs, including directors' remuneration, were as follows:

		Group	Group
		2026	2025
		£	£


Wages and salaries	2,426,025	1,947,304
Cost of defined contribution scheme	86,609	70,757
	2,512,634	2,018,061

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

	2026	2025
	No.	No.

Employees	42	35

The Company has no employees other than the directors, who did not receive any remuneration (2025 - £NIL)

9.	Directors' remuneration
		2026	2025
		£	£

Directors' emoluments	479,084	466,805
Group contributions to defined contribution pension schemes	14,121	10,311
	493,205	477,116

	During the year retirement benefits were accruing to 3 directors (2025 - 3) in respect of defined contribution pension schemes.
	The highest paid director received remuneration of £157,921 (2025 - £123,924).
	The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £6,336 (2025 - £NIL).

Page 31

EVOLUTION FASTENERS (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

10.	Interest receivable
		2026	2025
		£	£

	Other interest receivable	75,040	45,268
		75,040	45,268

11.	Interest payable and similar expenses
		2026	2025
		£	£

	Bank interest payable	7	11,081
		7	11,081

Corporation tax
Current tax on profits for the year	870,486	737,958
Adjustments in respect of previous periods	-	(157)
	870,486	737,801

Total current tax	870,486	737,801

Deferred tax
Origination and reversal of timing differences	5,996	18,692
Total deferred tax	5,996	18,692


	Tax on profit	876,482	756,493

Page 32

EVOLUTION FASTENERS (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

12.Taxation (continued)

Profit on ordinary activities before tax

4,515,680

3,156,947

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2025 - 25%)	852,889	743,573
Effects of:
Fixed asset timing differences	5,996	5,515
Expenses not deductible for tax purposes	-	1,710
Exempt ABGH distributions	17,536	-
Group relief surrendered	61	-
Foreign taxation	-	5,852
Adjustments to tax charge in respect of previous periods	-	(157)
Total tax charge for the year	876,482	756,493

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

13.	Dividends
		2026	2025
		£	£

	Dividends	919,725	527,093
		919,725	527,093

Page 33

EVOLUTION FASTENERS (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

14.	Intangible assets
	Group

	Research and Development	Trademarks	Total
	£	£	£
Cost
At 1 April 2025	224,300	20,674	244,974
Additions - internal	-	945	945
At 31 March 2026	224,300	21,619	245,919
Amortisation
At 1 April 2025	126,210	17,797	144,007
Charge for the year on owned assets	19,618	2,075	21,693
At 31 March 2026	145,828	19,872	165,700
Net book value
At 31 March 2026	78,472	1,747	80,219
At 31 March 2025	98,090	2,877	100,967

None of the Group's intangible fixed assets are held in the Parent Company

Page 34

EVOLUTION FASTENERS (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

15.	Tangible fixed assets
	Group

	Long-term leasehold property	Plant and machinery	Motor vehicles	Testing Laboratory	Total
	£	£	£	£	£
Cost or valuation
At 1 April 2025	101,202	484,882	84,722	454,162	1,124,968
Additions	12,512	77,655	22,149	31,841	144,157
Disposals	(797)	(5,863)	(12,741)	-	(19,401)
Exchange adjustments	438	4,364	-	-	4,802
At 31 March 2026	113,355	561,038	94,130	486,003	1,254,526
Depreciation
At 1 April 2025	59,300	336,391	19,251	351,444	766,386
Charge for the year on owned assets	6,968	40,640	13,761	26,651	88,020
Disposals	(797)	(586)	(7,522)	-	(8,905)
Exchange adjustments	(76)	-	-	-	(76)
At 31 March 2026	65,395	376,445	25,490	378,095	845,425
Net book value
At 31 March 2026	47,960	184,593	68,640	107,908	409,101
At 31 March 2025	41,902	148,491	65,471	102,718	358,582

None of the Group's tangible fixed assets are held in the Parent Company

Page 35

EVOLUTION FASTENERS (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

16.	Fixed asset investments
	Group

	Company

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 April 2025	166,000
	At 31 March 2026	166,000

Page 36

EVOLUTION FASTENERS (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

Subsidiary undertakings
The following were subsidiary undertakings of the Company:
Name	Registered office	Principal activity	Class of shares	Holding

Evolution Fasteners (UK) Limited	1 Oaks Court, WarwickRoad, Borehamwood,Hertfordshire, WD6 1GS	Manufacture and distribution of premium quality, high performance fasteners	Ordinary	100%
Evolution Fasteners (IE) Limited *	Unit 11, FinglasBusiness Centre,Jamestown Road,Finglas, Dublin 11,Dublin	Manufacture and distribution of premium quality, high performance fasteners	Ordinary	100%
Evolution Fasteners (NL) BV *	Pastoorslaan 57 Hillegom 2182 BW Netherlands	Manufacture and distribution of premium quality, high performance fasteners	Ordinary	100%
Evolution Fasteners (HK) Limited *	Unit 2212, 22/F, CC WuBuilding, 302-308Hennessy Road,Wanchai, Hong Kong	Manufacture and distribution of premium quality, high performance fasteners	Ordinary	100%
Evolution Fasteners (N.I.) Ltd *	16 Mount Charles, Belfast, United Kingdom, BT7 1NZ	Manufacture and distribution of premium quality, high performance fasteners	Ordinary	100%
Enterprise Building System Ltd *	1 Oaks Court, WarwickRoad, Borehamwood,Hertfordshire, WD6 1GS	Manufacture and distribution of premium quality, high performance fasteners and development of building projects	Ordinary	100%

* held indirectly

17.	Stocks
		Group	Group
		2026	2025
		£	£

Finished goods and materials	7,322,589	6,891,445
	7,322,589	6,891,445

Page 37

EVOLUTION FASTENERS (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

18.

Debtors

Group	Group	Company	Company
2026	2025	2026	2025
£	£	£	£


Trade debtors	3,056,042	3,198,469	-	-
Amounts owed by group undertakings	-	800	168,813	24,457
Other debtors	21,311	55,070	203	-
Prepayments and accrued income	216,742	145,457	-	-
	3,294,095	3,399,796	169,016	24,457

19.	Cash and cash equivalents
		Group	Group	Company	Company
		2026	2025	2026	2025
		£	£	£	£

Cash at bank and in hand	4,262,132	1,592,604	6,174	1,977
	4,262,132	1,592,604	6,174	1,977

20.	Creditors: Amounts falling due within one year
		Group	Group
		2026	2025
		£	£

Trade creditors	242,655	363,990
Corporation tax	362,960	197,999
Other taxation and social security	546,441	510,180
Other creditors	26,719	54,067
Accruals and deferred income	199,508	184,806
	1,378,283	1,311,042

Page 38

EVOLUTION FASTENERS (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

21.	Deferred taxation
	Group

		2026
		£

	At beginning of year	(55,757)
	Charged to profit or loss	(5,996)
	At end of year	(61,753)

The provision for deferred taxation is made up as follows:
	Group	Group
	2026	2025
	£	£

Fixed asset timing differences	(65,745)	(59,749)
Short term timing differences	3,992	3,992
	(61,753)	(55,757)

Page 39

EVOLUTION FASTENERS (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

22.	Share capital
		2026	2025
		£	£

Allotted, called up and fully paid

395,000 (2025 - 385,000) Ordinary shares of £0.10 each	39,500	38,500
115,000 (2025 - 115,000) Redeemable Preference shares of £1.00 each	115,000	115,000

	154,500	153,500

During the year the Company allotted 10,000 ordinary shares of £0.10 each pursuant to the exercise of Enterprise Management Incentive share options. The shares were issued at a premium of £14.90 per share.

The ordinary shares confer upon the holders full rights in all respects, including the right to receive notice of, attend and vote at general meetings of the company. Holders of ordinary shares are entitled to receive dividends and participate in the distribution of surplus assets on a winding up of the company. Ordinary shares do not carry any rights of redemption.

The cumulative redeemable preference shares do not entitle the holders to receive notice of, or attend or vote at, general meetings of the company except where preferential dividends are in arrears. These shares carry the right to receive a fixed cumulative dividend of 8% per annum in priority to any dividend on the ordinary shares. They carry a preferential right to repayment of capital and arrears of dividend in the event of a winding up, but do not carry any right to participate in the distribution of surplus assets. The shares are redeemable at the option of the company.

23.

Reserves

Share premium account

Share premium includes any premium received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

Capital redemption reserve

Capital redemption reserve records the nominal value of shares repurchased by the company.

Foreign exchange reserve

Foreign exchange reserve records the difference between translated values of assets and liabilities of foreign operations into the entity's functional currency.

Other reserves

Other reserves includes initial investment advanced into subsidiary's companies prior to the restructure of the group.

Profit and loss account

Profit and loss includes all current and prior periods retained profit.

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EVOLUTION FASTENERS (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

24.	Share-based payments
	The Company operates an Enterprise Management Incentive ("EMI") share option scheme for eligible employees of companies within the group. During the year employees of group undertakings exercised options over 10,000 ordinary shares in the Company. The options were granted in 2024 with an exercise price of £15 per share and were exercised on 25 March 2026. The directors have concluded that any share-based payment expense arising from the scheme is not material to the financial statements and accordingly no material change has been recognised.

25.	Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £86,609 (2025: £70,757). Contributions totalling £13,243 (2025: £9,505) were payable to the fund at the balance sheet date and are included in creditors.

26.	Commitments under operating leases
	At 31 March 2026 the Group had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
		Group	Group
		2026	2025
		£	£

Not later than 1 year	484,661	440,878
Later than 1 year and not later than 5 years	1,485,051	1,497,763
Later than 5 years	589,895	907,496
	2,559,607	2,846,137

The Company had no commitments under non-cancellable operating leases at the balance sheet date.

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EVOLUTION FASTENERS (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

27.

Related party transactions

During the year the Group had a loan account with the directors. Advances totalled £206,678 (2025: £103,775) and credits totalled £161,164 (2025: £96,018). At the year end the directors were owed by the Group £952 (2025: £44,562). The amount owed to the directors was fully repaid after the year end.

These balances arose in the normal course of business and are expected to be settled in the foreseeable future. No guarantees have been given or received in respect of these balances.

The directors consider that the fair value of these balances is not materially different from their carrying amount.

The Group has taken the exemption available to not disclose transactions within the year, between wholly owned subsidiaries, within the Group.

28.	Post balance sheet events

29.	Controlling party

The ultimate controlling party is M Keisner by virtue of his shareholding.

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