REGISTERED NUMBER: 01838700 (England and Wales)

Report of the Directors and

Financial Statements for the Year Ended 31 December 2024

for

AQ Wiring Systems Rockford Ltd

Previously known as

Rockford Components Limited

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

4

Statement of Income and Retained Earnings

7

Statement of Financial Position

8

Notes to the Financial Statements

9

DIRECTORS:

P A Lion

A C Bjork

E Mattsson

N Olsauskas

REGISTERED OFFICE:

Rockford House

Acer Road

Rendlesham

Woodbridge

Suffolk

IP12 2GJ

REGISTERED NUMBER:

01838700 (England and Wales)

AUDITORS:

Knights Lowe Limited

Eldo House

Kempson Way

Suffolk Business Park

Bury St Edmunds

Suffolk

IP32 7AR

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

CHANGE OF NAME

On 10 July 2024 the company was acquired by the Swedish listed company AQ Group AB and consequently passed a special resolution to change its name from Rockford Components Limited to AQ Wiring Systems Rockford Ltd. The company is now part of AQ's Wiring Systems business area, which offers wiring harness systems and electromechanical modules to demanding customers around the world.

PRINCIPAL ACTIVITIES

The principal activities of the company in the year under review were those of design, manufacture, installation and the supply of cable assemblies, wiring harnesses, electromechanical sub-assemblies and systems solutions for the Defence, Aerospace, Marine, Automotive and Industrial sectors.

DIRECTORS

P A Lion has held office during the whole of the period from 1 January 2024 to the date of this report.

Other changes in directors holding office are as follows:

Mrs P A Marks - resigned 10 July 2024

L A Betts - resigned 10 July 2024

A C Bjork - appointed 10 July 2024

E Mattsson - appointed 10 July 2024

N Olsauskas - appointed 10 July 2024

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing 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). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 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 company'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 company's auditors are aware of that information.

AUDITORS

The auditors, Knights Lowe Limited, are deemed to be reappointed under section 487(2) of the Companies Act 2006.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

A C Bjork - Director

11 November 2025

Qualified opinion

We have audited the financial statements of AQ Wiring Systems Rockford Ltd (the 'company') for the year ended 31 December 2024 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position and 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, except for the possible effects of the matters described in the basis for qualified opinion section of our report, the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its 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 qualified opinion

In respect of the prior year, the directors took advantage of audit exemption under Section 477 of the Companies Act 2006 and hence we did not observe the counting of physical stocks on 31 December 2023. Furthermore, we were unable to satisfy ourselves by alternative means the quantities of stock held on 31 December 2023 or the adequacy of the related stock obsolescence provision. Since opening stocks affect the determination of the results of operations, we were unable to ascertain whether any adjustments to the results and opening retained earnings might be necessary for 2024.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 qualified opinion.

Conclusions relating to going concern

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

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

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

Other information

The directors are responsible for the other information. The other information comprises the information in 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Directors has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or

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

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

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

-	the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Other matter - Prior year financial statements not audited

In the prior year the directors took advantage of audit exemption under Section 477 of the Companies Act 2006. Therefore the prior year financial statements were not subject to audit.

Responsibilities of directors

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

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 gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and through discussions with directors and management identified laws and regulations that could reasonably be expected to have a material effect on the financial statements. The outcomes of these discussions were shared with the audit team and consideration given as to where and how fraud may occur in the company.

The laws and regulations considered as being significant to the company included UK company law and financial reporting standards, ISO9001-2015, AS9100, IPC620 and Cyber Essentials standards and certifications.

We undertook audit procedures in response to the potential risks relating to irregularities which include risks of fraud and non-compliance with laws and regulations. These procedures comprised of enquiry of management concerning any actual or potential claims or litigation, review of board minutes and relevant legal documentation, review and testing of both journal and other entries in the nominal ledger and review of transactions around the end of the accounting period, together with undertaking analytical procedures to assist in identifying any unexpected amounts and variances within the financial statements that may be an indication of fraud.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements. There are however inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. The risk of not detecting irregularities resulting from fraud is higher than the risk of not detecting irregularities resulting from an error, as fraud may involve deliberate concealment. There is therefore an unavoidable risk that material misstatements may not be detected, even though the audit has been undertaken in accordance with applicable auditing standards.

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.

Michael Mortimer FCA FCCA (Senior Statutory Auditor)

for and on behalf of Knights Lowe Limited

Eldo House

Kempson Way

Suffolk Business Park

Bury St Edmunds

Suffolk

IP32 7AR

12 November 2025

TURNOVER

10,393,466

7,649,207

Cost of sales

7,300,987

5,161,428

GROSS PROFIT

3,092,479

2,487,779

Administrative expenses

2,734,832

2,090,916

357,647

396,863

Other operating income

4,759

-

OPERATING PROFIT

362,406

396,863

Interest receivable and similar income

87

157

Interest payable and similar expenses

(289,514

)

(133,679

)

PROFIT BEFORE TAXATION

72,979

263,341

Tax on profit

5

(21,483

)

-

PROFIT FOR THE FINANCIAL YEAR

94,462

263,341

Retained earnings at beginning of year

30,067

(233,274

)

RETAINED EARNINGS AT END OF YEAR

124,529

30,067

FIXED ASSETS

Intangible assets

6

-

-

Tangible assets

7

565,870

667,905

565,870

667,905

CURRENT ASSETS

Stocks

8

3,112,569

2,284,159

Debtors

9

3,350,176

1,326,975

Cash at bank and in hand

855,572

50,764

7,318,317

3,661,898

CREDITORS

Amounts falling due within one year

10

3,672,923

4,067,660

NET CURRENT ASSETS/(LIABILITIES)

3,645,394

(405,762

)

TOTAL ASSETS LESS CURRENT LIABILITIES

4,211,264

262,143

CREDITORS

Amounts falling due after more than one year

11

2,551,508

231,976

NET ASSETS

1,659,756

30,167

CAPITAL AND RESERVES

Called up share capital

14

1,535,227

100

Retained earnings

15

124,529

30,067

SHAREHOLDERS' FUNDS

1,659,756

30,167

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 11 November 2025 and were signed on its behalf by:

A C Bjork - Director

1.	STATUTORY INFORMATION

AQ Wiring Systems Rockford Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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

2.	STATEMENT OF COMPLIANCE

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Comparative figures

The comparative figures for the year ended 31 December 2023 were not audited as the company was exempt from audit under Section 477 of the Companies Act 2006.

Going concern

The company has reported a profit and a significant increase in sales for the year ended 31 December 2024 compared to the previous year. The outlook for future demand remains positive, supported by favourable conditions in the industry sectors served by the company. Management is actively implementing measures to improve productivity and cash management, factors which are expected to have a positive impact on future financial results and the company's financial position.

The company is now part of AQ Group AB, a global manufacturer of components and systems for demanding industrial customers and listed on the Nasdaq Stockholm main market. The AQ Group comprises mainly operating companies, each developing specialised capabilities while collaborating to deliver cost-effective solutions in close cooperation with customers. The AQ owners maintain a very active role, providing a global network of customers and suppliers, as well as financing for subsidiaries.

The AQ Group is headquartered in Västerås, Sweden and, as of 31 December 2024, employed 8,000 people in Bulgaria, Poland, Lithuania, Sweden, China, Estonia, Hungary, Mexico, Finland, India, Canada, USA, Germany, Italy, Brazil, and Great Britain. For the financial year 2024, AQ Group had net sales of SEK 9 billion and since its founding in 1994 has reported a profit in every quarter. AQ Group maintains a strong balance sheet, net cash position and an equity ratio exceeding 60%.

The recent change in ownership marks a significant milestone for the company, bringing a long-term, financially strong partner to support future growth and stability.

Based on the above, and after assessing relevant factors, the directors hold a reasonable expectation that the company has adequate resources to maintain operational existence for the foreseeable future. Accordingly, the directors continue to apply the going concern basis of accounting for the preparation of the financial statements.

Significant judgements and estimates

In preparing these financial statements the directors have made the following significant judgements and estimates:

Tangible fixed assets

Tangible fixed assets are depreciated over their estimated useful economic lives taking into account, where relevant, their estimated residual values. Useful economic lives and residual values are re-assessed annually and amended as considered necessary to reflect economic utilisation and physical condition of the assets.

Stocks

The allowance made by the company for obsolete stock items is determined by taking into account a number of factors such as technical obsolescence, traceability issues and likelihood of future use in production.

Turnover

Turnover represents sales of goods and services, derived from ordinary activities, net of VAT and trade discounts. Turnover is recognised either on delivery or, when appropriate, where there is a right to consideration based on contract performance.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Freehold land

-

not provided

Freehold property

-

over 50 years

Long leasehold land

-

not provided

Improvements to property

-

10% on cost

Plant and machinery

-

25% on reducing balance,

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on cost

Stocks and work in progress

Stocks relate to materials, components and consumables which have not been utilised in the manufacture of product as at the statement of financial position date. Work in progress includes the cost of materials, direct labour, and a proportion of production overheads incurred in bringing the items to their present location and condition. Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete items.

The directors determine the allowance for obsolete stock items by way of a three stage process. The first stage is to identify obsolete stock items relating to specific contracts. The second stage involves the identification of stock items which are not commonly used across current contracts. Obsolete stock items identified at stages one and two are written down to nil.

The third stage of the process relates to the stocks not considered at stages one and two. In respect of these stocks, an obsolescence provision is calculated using time based formulas, since historically usage in production reduces over time.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, bank facilities and loans with related parties.

Debt instruments that are payable or receivable within one year, such as trade payables or receivables, are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. Debt instruments that are repayable or receivable after one year are initially measured at the present value of the future cash flows and subsequently at amortised cost using the effective interest method.

Financial assets that are measured at cost and amortised cost are assessed at the end of each financial year for evidence of impairment. If objective evidence of impairment is found an impairment loss is recognised in the Income Statement.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Amounts recoverable on contracts

Amounts recoverable on contracts relate to part complete contracts where the company has gained a right to consideration based on contract performance. The value attributed to amounts recoverable on contracts includes the cost of materials, labour, and an appropriate allocation of overheads.

Impairment of non-financial assets

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each statement of financial position date. If such indication exists, the recoverable amount of the asset is compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the Income Statement.

Pension costs and other post-retirement benefits

The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 120 (2023 - 112 ) .

5.

TAXATION

Analysis of the tax credit

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

2024

2023

(Unaudited)

£

£

Current tax:

Adjustment in respect of

earlier years (R & D claim)

(21,483

)

-

Tax on profit

(21,483

)

-

The company has trading losses carried forward of £3.8m however no deferred tax asset has been recognised in respect of these losses due to the uncertainty as to the timing of their utilisation.

6.	INTANGIBLE FIXED ASSETS

Know how

£

COST

At 1 January 2024

and 31 December 2024

95,000

AMORTISATION

At 1 January 2024

and 31 December 2024

95,000

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

-

7.	TANGIBLE FIXED ASSETS

Long

Improvements

Freehold

leasehold

to

property

land

property

£

£

£

COST

At 1 January 2024

683,790

65,000

229,366

Additions

-

-

-

Disposals

-

(65,000

)

(4,170

)

At 31 December 2024

683,790

-

225,196

DEPRECIATION

At 1 January 2024

191,403

-

197,937

Charge for year

12,475

-

6,541

Eliminated on disposal

-

-

(4,170

)

Reversal of impairments

(20,088

)

-

-

At 31 December 2024

183,790

-

200,308

NET BOOK VALUE

At 31 December 2024

500,000

-

24,888

At 31 December 2023

492,387

65,000

31,429

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 January 2024

845,290

14,100

182,464

2,020,010

Additions

3,250

-

-

3,250

Disposals

(589,857

)

-

-

(659,027

)

At 31 December 2024

258,683

14,100

182,464

1,364,233

DEPRECIATION

At 1 January 2024

772,074

12,218

178,473

1,352,105

Charge for year

37,727

1,882

1,748

60,373

Eliminated on disposal

(589,857

)

-

-

(594,027

)

Reversal of impairments

-

-

-

(20,088

)

At 31 December 2024

219,944

14,100

180,221

798,363

NET BOOK VALUE

At 31 December 2024

38,739

-

2,243

565,870

At 31 December 2023

73,216

1,882

3,991

667,905

Included in the cost of freehold property is land of £60,000 (2023 - £60,000) which is not depreciated.

8.

STOCKS

2024

2023

(Unaudited)

£

£

Materials, components and consumables

2,696,526

2,025,514

Work-in-progress

416,043

258,645

3,112,569

2,284,159

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

(Unaudited)

£

£

Trade debtors

2,657,686

1,077,182

Amounts recoverable on contracts

115,284

45,415

Other debtors

577,206

204,378

3,350,176

1,326,975

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

(Unaudited)

£

£

Bank loans and overdrafts

10,000

10,000

Property loan facilities

-

107,143

Invoice discounting facilities

-

865,053

Payments on account

139,543

-

Trade creditors

979,917

1,045,456

Amounts owed to group undertakings

1,908,063

-

Social security and other taxes

89,919

87,373

VAT

341,426

212,827

Other creditors

23,942

16,655

Directors' current accounts

-

1,658,637

Accruals

180,113

64,516

3,672,923

4,067,660

Amounts owed to group undertakings consist of unsecured loans. Interest is charged on the loans at market rates.

11.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

(Unaudited)

£

£

Bank loans

4,167

14,167

Property loan facilities

-

217,809

Amounts owed to group undertakings

2,547,341

-

2,551,508

231,976

Amounts owed to group undertakings consist of unsecured loans. Interest is charged on the loans at market rates.

12.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

(Unaudited)

£

£

Property loan facilities

-

324,952

Invoice discounting facilities

-

865,053

-

1,190,005

Following the acquisition of the company by AQ Group AB during the year, both the property loan and the invoice discounting facilities have been repaid in full. These facilities were previously secured by fixed and floating charges over the company’s assets, as well as by assets owned personally by the former controlling shareholder.

13.	PROVISIONS FOR LIABILITIES

Deferred

tax

£

Accelerated capital allowances

22,030

Relievable trading losses

(22,030

)

Balance at 31 December 2024

-

Deferred tax is provided for at a rate of 25% (2023 - 19%).

14.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

1,535,227

Ordinary

£1

1,535,227

100

The shares issued during the year were in settlement of a former director’s loan account and in advance of the subsequent acquisition of the company by the AQ Group AB on 10 July 2024.

15.

RESERVES

Retained

earnings

£

At 1 January 2024

30,067

Profit for the year

94,462

At 31 December 2024

124,529

16.	OFF-BALANCE SHEET ARRANGEMENTS

The company leases two premises owned by the previous owners of the company. Both lease agreements state that no rent is payable until the first rent reviews in 2028 and 2029 at the earliest. The leases include mutual break clauses effective 10 July 2027, with the first tenant only break clauses being effective 10 July 2028.

17.	RELATED PARTY DISCLOSURES

Included in creditors due within one year is £Nil (2023 - £1,658,637) owed to a former director. As part of a restructuring and the company's acquisition by AQ Group AB during the year, the balance outstanding was converted into share capital.

During the year the company operated partly from two sites owned personally by the former controlling shareholder. No rent was charged to the company.

18.	CONTROLLING PARTY

The immediate and ultimate parent undertaking is AQ Group AB, a company registered in Sweden.

The smallest and largest group in which the results of the company are included is that headed by AQ Group AB. Consolidated financial statements of AQ Group AB are publicly available from Regattagatan 29, SE-723 48, Vasteras, Sweden. Please also refer to our webpage for more information: www.aqgroup.com (https://www.aqgroup.com/en/investor/financial-information).