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Registered number: 15742913 ALTANO UK LIMITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE PERIOD ENDED 31 DECEMBER 2024
ALTANO UK LIMITED REGISTERED NUMBER: 15742913 CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2024
|  | 2024
Note |  | £
Fixed assets |  |  |
Intangible assets | 4 |  | 15,222,108
Tangible assets | 5 |  | 485,089
|  |  | 15,707,197
Current assets |  |  |
Stocks | 7 | 309,555 |
Debtors: amounts falling due within one year | 8 | 3,815,744 |
Cash at bank and in hand | 9 | 1,384,016 |
|  | 5,509,315 |
Creditors: amounts falling due within one year | 10 | (9,885,314) |
Net current (liabilities)/assets |  |  | (4,375,999)
Total assets less current liabilities |  |  | 11,331,198
Provisions for liabilities |  |  |
Deferred tax |  | (16,590) |
Other provisions | 11 | (5,300,000) |
|  |  | (5,316,590)
Net assets |  |  | 6,014,608
Capital and reserves |  |  |
Called up share capital | 12 |  | 7,600,100
Profit and loss account |  |  | (1,585,492)
|  |  | 6,014,608
Page 1
ALTANO UK LIMITED REGISTERED NUMBER: 15742913 CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2024 The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the consolidated statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
Charlotte Crowley
Director
Date: 26 June 2025
The notes on pages 6 to 18 form part of these financial statements. Page 2
ALTANO UK LIMITED REGISTERED NUMBER: 15742913 COMPANY BALANCE SHEET AS AT 31 DECEMBER 2024
|  | 2024
Note |  | £
Fixed assets |  |  |
Investments | 6 |  | 21,022,129
|  |  | 21,022,129
Current assets |  |  |
Debtors: amounts falling due within one year | 8 | 406,978 |
|  | 406,978 |
Creditors: amounts falling due within one year | 10 | (9,776,141) |
Net current (liabilities)/assets |  |  | (9,369,163)
Total assets less current liabilities |  |  | 11,652,966
Provisions for liabilities |  |  |
Other provisions | 11 | (5,300,000) |
|  |  | (5,300,000)
Net assets |  |  | 6,352,966
Capital and reserves |  |  |
Called up share capital | 12 |  | 7,600,100
Profit and loss account carried forward |  |  | (1,247,134)
|  |  | 6,352,966
The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the consolidated statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
Charlotte Crowley
Director
Date: 26 June 2025
The notes on pages 6 to 18 form part of these financial statements. Page 3
ALTANO UK LIMITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 31 DECEMBER 2024
| Called up share capital | Profit and loss account | Equity attributable to owners of parent Company | Total equity
| £ | £ | £ | £
Comprehensive income for the period |  |  |  |
Loss for the period | - | (1,585,492) | (1,585,492) | (1,585,492)
Shares issued during the period | 7,600,100 | - | 7,600,100 | 7,600,100
At 31 December 2024 | 7,600,100 | (1,585,492) | 6,014,608 | 6,014,608
| The notes on pages 6 to 18 form part of these financial statements.
Page 4
ALTANO UK LIMITED COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 31 DECEMBER 2024
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
Comprehensive income for the period |  |  |
Loss for the period | - | (1,247,134) | (1,247,134)
Shares issued during the period | 7,600,100 | - | 7,600,100
At 31 December 2024 | 7,600,100 | (1,247,134) | 6,352,966
| The notes on pages 6 to 18 form part of these financial statements.
Page 5
ALTANO UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024
1. | General information
Altano UK Limited is a private company limited by share capital and incorporated in England and Wales (registration number 15742913). The address of its registered office and principal place of business is Hill House, 2 Falmouth Avenue, Newmarket, Suffolk, England, CB8 0NB. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The consolidated financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. 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. The following principal accounting policies have been applied:
| 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 Balance Sheet, 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.
| 2.3 | Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future. Although a loss of £1.6m has been made for the year ended 31 December 2024, most of these expenses are one off costs in 2024 in relation to the acquisition of the subsidiaries. In additon, the subsidiaries Baker McVeigh and Abbott Limited, Baker McVeigh and Clements Limited, Baker & McVeigh Lambourn Limited and VetPD Limited made a profit for the period ended 2024. At the balance sheet date the Group had net assets of £6m and made a loss for the year of £1.6m. The Directors have considered the appropriateness of the going concern basis of preparation of the financial statements taking into account: - The Group's financial performance and current financial position - Future trading prospects which are improved for 2025 - The continued support provided by the parent company Altano International GmbH The Directors have concluded that, they are confident that the Group has sufficient financial resources to continue operating as a going concern for the foreseeable future and, accordingly, have concluded that it remains appropriate to prepare the financial statements on a going concern basis. In reaching this conclusion, the Directors have considered a period of not less than 12 months from the date of approving these financial statements. Page 6
ALTANO UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.4 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the 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 7
ALTANO UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.5 | 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 Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Group has transferred the significant risks and rewards of ownership to the buyer; ∙the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Group will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Group will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.6 | 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.
| 2.7 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.8 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. Page 8
ALTANO UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 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 Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.
| 2.10 | Current and deferred taxation
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company 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 balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; ∙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 balance sheet date. Page 9
ALTANO UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.11 | Intangible assets
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. Other intangible assets Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
| 2.12 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance and straight-line basis.. Depreciation is provided on the following basis:
|  |  |  | Long-term leasehold property | - | 10% | Straight-line
|  |  |  | Plant and machinery | - | 25% | Reducing balance
|  |  |  | Motor vehicles | - | 25% | Reducing balance
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.
| 2.13 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.14 | 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. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss. Page 10
ALTANO UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.15 | 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.
| 2.16 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.17 | 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.
| 2.18 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
3. | Employees
| The average monthly number of employees, including directors, during the period was 18.
Page 11
ALTANO UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024
4. | Intangible assets
| Group
|  | Patents | Computer software | Goodwill | Total
|  | £ | £ | £ | £
| Cost |  |  |  |
| Additions | 829 | - | 15,573,827 | 15,574,656
| On acquisition of subsidiaries | 16,807 | 3,772 | - | 20,579
| At 31 December 2024 | 17,636 | 3,772 | 15,573,827 | 15,595,235
| Amortisation |  |  |  |
| Charge for the period | 962 | 2,604 | 369,561 | 373,127
| At 31 December 2024 | 962 | 2,604 | 369,561 | 373,127
| Net book value |  |  |  |
| At 31 December 2024 | 16,674 | 1,168 | 15,204,266 | 15,222,108
Page 12
ALTANO UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024
5. | Tangible fixed assets
| Group
|  | Long-term leasehold property | Plant and machinery | Motor vehicles | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| Additions | - | 14,472 | - | 14,472
| Acquisition of subsidiary | 10,452 | 454,234 | 32,029 | 496,715
| At 31 December 2024 | 10,452 | 468,706 | 32,029 | 511,187
| Depreciation |  |  |  |
| Charge for the period | 159 | 22,619 | 3,320 | 26,098
| At 31 December 2024 | 159 | 22,619 | 3,320 | 26,098
| Net book value |  |  |  |
| At 31 December 2024 | 10,293 | 446,087 | 28,709 | 485,089
Page 13
ALTANO UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024
6. | Fixed asset investments
| Company
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| Additions | 21,022,129
| At 31 December 2024 | 21,022,129
| Acquisition of undertakings: During the period, Altano UK Limited acquired the following four entities: VetPD Limited, Baker McVeigh and Clements Limited, Baker & McVeigh Lambourn Limited and Baker McVeigh and Abbott Limited. All of the above acquisitions were accounted for under the acquisition method. The dates of the acquisitions are detailed below: ∙VetPD was acquired on the 26th June 2024, ∙Baker McVeigh and Clements Limited was acquired on the 24th October 2024, ∙Baker & McVeigh Lambourn Limited was acquired on the 24th October 2024, and ∙Baker McVeigh and Abbott Limited was acquired on the 24th October 2024.
| Subsidiary undertakings
| The following were direct subsidiary undertakings of the Company:
| Name | Registered office | Class of shares | Holding
| VetPD Limited | Candlemas, Seer Green Lane, Jordans, Buckinghamshire, England, HP9 2ST | Ordinary | 100%
| Baker McVeigh and Clements Limited | Hill House, 2 Falmouth Avenue, Newmarket, Suffolk, CB8 0NB | Ordinary | 100%
| Baker & McVeigh Lambourn Limited | Upshire Farm Greenways, Lambourn, Hungerford, England, RG17 7LE | Ordinary | 100%
| Baker McVeigh and Abbott Limited | 6 York Road, Malton, Yorkshire, YO17 6AX | Ordinary | 100%
Page 14
ALTANO UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024
| The following companies are exempt from the requirements under Companies Act 2006 relating to the audit of financial statements under Section 479A of the Companies Act 2006:
| Name | Registered number |
| VetPD Limited | 07962955 |
| Baker McVeigh and Clements Limited | 05865842 |
| Baker & McVeigh Lambourn Limited | 10011777 |
| Baker McVeigh and Abbott Limited | 08844841 |
7. | Stocks
|  | Group
|  | 2024
|  | £
| Goods for resale | 309,555
|  | 309,555
| The difference between purchase price or production cost of stocks and their replacement cost is not material.
8. | Debtors
|  | Group | Company
|  | 2024 | 2024
|  | £ | £
| Trade debtors | 2,621,733 | -
| Amounts owed by group undertakings | 100 | 200,100
| Other debtors | 1,073,919 | 126,182
| Prepayments and accrued income | 119,992 | -
| Deferred taxation | - | 80,696
|  | 3,815,744 | 406,978
9. | Cash and cash equivalents
|  | Group | Company
|  | 2024 | 2024
|  | £ | £
| Cash at bank and in hand | 1,384,016 | -
|  | 1,384,016 | -
Page 15
ALTANO UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024
10. | Creditors: Amounts falling due within one year
|  | Group | Company
|  | 2024 | 2024
|  | £ | £
| Trade creditors | 199,937 | 11,127
| Amounts owed to group undertakings | 8,936,297 | 9,663,764
| Corporation tax | 122,715 | -
| Other taxation and social security | 91,411 | -
| Other creditors | 3,802 | -
| Accruals and deferred income | 531,152 | 101,250
|  | 9,885,314 | 9,776,141
11. | Provisions
| Group
|  | Deferred Earn-out
|  | £
| Arising on business combinations | 5,300,000
| At 31 December 2024 | 5,300,000
| Company
|  | Deferred Earn-out | Total
|  | £ | £
| Arising on business combinations | 5,300,000 | 5,300,000
| At 31 December 2024 | 5,300,000 | 5,300,000
Page 16
ALTANO UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024
12. | Share capital
|  |  |  |  | 2024
|  |  |  |  | £
|  | Allotted, called up and fully paid |
|  | 7,600,100 Ordinary shares of £1.00 each | 7,600,100
At incorporation, 100 Ordinary shares were alloted at the nominal value of £1 to the company's parent, Altano International GmbH. On 20 December 2024, a further 7,600,000 shares were allotted upon the capitalisation of a loan owed to the company's parent. This was also conducted at the nominal value of £1.
13. | Pension commitments
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge for the year is £8,331 and contributions payable by the Company to the fund at the year end amounted to £5,371.
14. | Commitments under operating leases
| At 31 December 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  | Group
|  | 2024
|  | £
| Not later than 1 year | 188,578
| Later than 1 year and not later than 5 years | 724,133
| Later than 5 years | 765,600
|  | 1,678,311
15. | Related party transactions
The company is exempt under paragraph 33.1A of FRS 102 from disclosing related party transactions with entities that are wholly owned within the Group, headed by Altano UK Limited. At the end of the period, there is a £1,025,581 debtor balance owed by Hoyos Largos Ltd to Baker McVeigh and Clements Limited. Hoyos Largos Ltd is related to Altano UK Limited by virtue of common directorship. Purchases totalling £51,891 and sales totalling £37,681 were made with entities associated with Altano UK Limited by virtue of common directorship within the group. Amounts due from these entites totalled £52,108 and amounts due to these entities totalled £11,602 at the period end.
16. | Controlling party
The ultimate controlling party is Altano International GmbH, a company incorporated in Germany. Registered address: Weddern 16c, 48249 Dülmen, Germany. Page 17
ALTANO UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024
17. | Auditors' information
The auditors' report on the financial statements for the period ended 31 December 2024 was qualified. The qualification in the audit report was as follows: We were not appointed as auditor of the company until after the date of acquisition of subsidiaries and thus did not observe the counting of physical inventories at the date of acquisition. The subsidiaries within the group did perform an annual stock count at their previous year-end of 28 February 2024, though these were unaudited as the entities did not require an audit, and at the adjusted period end of 31 December 2024. However, a stock count was not performed at the acquisition date of 24 October 2024 for Baker McVeigh and Abbott Limited, Baker McVeigh and Clements Limited or Baker & McVeigh Lambourn Limited, which as a result has meant that during our audit work we were unable to obtain sufficient and appropriate audit evidence in respect of the opening stock balances at date of acquisition. The stock count at the individual subsidiaries prior period year end are not audited. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at date of acquisition, which are included in the balance sheet at £240,548, by using other audit procedures. Consequently, we were unable to determine whether any adjustment to this amount was necessary. 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 Auditor’s 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. The audit report was signed on 26 June 2025 by Fiona Hawkins BSc (Hons) MSc FCA (Senior Statutory Auditor) on behalf of James Cowper Kreston Audit.
Page 18