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REGISTERED NUMBER: 07055885 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

C W RESEARCH LIMITED

C W RESEARCH LIMITED (REGISTERED NUMBER: 07055885)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Page |

Company Information | 1 |

Strategic Report | 2 |

Report of the Directors | 3 |

Report of the Independent Auditors | 5 |

Income Statement | 9 |

Other Comprehensive Income | 10 |

Balance Sheet | 11 |

Statement of Changes in Equity | 12 |

Notes to the Financial Statements | 13 |

C W RESEARCH LIMITED

COMPANY INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2025

| DIRECTORS: | S Foxon

| P Schramme

| L H Marcelis

| REGISTERED OFFICE: | Kingsland House

| 39 Abbey Foregate

| Shrewsbury

| Shropshire

| SY2 6BL

| REGISTERED NUMBER: | 07055885 (England and Wales)

| AUDITORS: | D.R.E. & Co. (Audit) Limited

| Kingsland House

| 39 Abbey Foregate

| Shrewsbury

| Shropshire

| SY2 6BL

C W RESEARCH LIMITED (REGISTERED NUMBER: 07055885)

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

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

REVIEW OF BUSINESS

The Enhesa group operates an operations, product and chemical management group that focuses on companies globally becoming more sustainable. C W Research Limited is a 100% subsidiary of Enhesa NV.

The company currently operates as a global provider of independent intelligence and insight for product safety professionals managing chemicals.

2025 has proved to have been another profitable year and improving further on the results in the previous period of 2024.

In summary the directors are very pleased with the results in 2025 and are realistic about the performance expected in 2026 with the increasing interest and inflationary pressures.

Key performance indicators

| 2025 |  | 2024 |  | % change |  |

Turnover |  | £14,990,382 |  | £13,513,704 |  | 10.93% |  |

Operating margin |  | 20.72% |  | 17.78% |  | 2.94% |  |

Ongoing subscriptions |  | 1,315 |  | 1,302 |  | 1.00% |  |

PRINCIPAL RISKS AND UNCERTAINTIES

General economic circumstances

The higher than normal levels of inflation experienced in 2025 are expected to drop to a normal level in 2026 and the directors are optimistic there will continue to be strong demand for the services on offer.

Information systems

The company operates and is very reliant on its IT and computerised events and networking systems. The interruption of this could have an adverse effect on the company's ability to manage its business.

Competition

The chemical intelligence industry is a fairly niche sector with a low number of highly competitive entities, and as such the business is always at risk from aggressive competitors. However, the company believes that its superior customer service will help mitigate this risk.

Artificial intelligence

Artificial intelligence continues to create significant new opportunities across the chemical intelligence landscape. The company is well positioned to benefit from this wave, due to the wider Enhesa group having invested heavily in AI capabilities over several years. By combining leading in-house subject matter expertise with advanced AI-driven solutions, we further strengthen our ability to deliver high-quality, scalable, and efficient compliance solutions to our clients. This approach remains a core pillar of our strategy going forward.

ON BEHALF OF THE BOARD:

L H Marcelis - Director

30 March 2026

C W RESEARCH LIMITED (REGISTERED NUMBER: 07055885)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 DECEMBER 2025

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of online publishing.

DIVIDENDS

An interim dividend of £87,103.47 per share on the 'A' Class £1 shares was paid on 2 September 2025. The directors recommend that no final dividend be paid on these shares.

No interim dividend was paid on the 'B' Class £1 shares. The directors recommend that no final dividend be paid on these shares.

No interim dividend was paid on the 'D' Class £1 shares. The directors recommend that no final dividend be paid on these shares.

The total distribution of dividends for the year ended 31 December 2025 will be £ 7,490,899 .

DIRECTORS

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

S Foxon

P Schramme

L H Marcelis

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and 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.

C W RESEARCH LIMITED (REGISTERED NUMBER: 07055885)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 DECEMBER 2025

AUDITORS

The auditors, D.R.E. & Co. (Audit) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

L H Marcelis - Director

30 March 2026

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

C W RESEARCH LIMITED

Opinion

We have audited the financial statements of C W Research Limited (the 'company') for the year ended 31 December 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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 the financial statements:

- | give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its 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 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 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 Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

C W RESEARCH LIMITED

Matters on which we are required to report by exception

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

Responsibilities of directors

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

In preparing the financial statements, the directors are responsible for assessing the 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

C W RESEARCH LIMITED

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:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, employment, health and safety legislation. We also consider regulations such as General Data Protection Regulations and Anti money laundering throughout the audit.

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

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

- making enquiries of management as to their knowledge of actual, suspected and alleged fraud; and

- reviewing the client's system notes and internal controls.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- review of the cashbook to identify any large or unusual transactions that appear to have no commercial basis.

- assessed whether judgements and assumptions made in determining the accounting estimates set out in note 3 were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

C W RESEARCH LIMITED

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

Francis Nock F.C.C.A. (Senior Statutory Auditor)

for and on behalf of D.R.E. & Co. (Audit) Limited

Kingsland House

39 Abbey Foregate

Shrewsbury

Shropshire

SY2 6BL

30 March 2026

C W RESEARCH LIMITED (REGISTERED NUMBER: 07055885)

INCOME STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2025

| 31.12.25 |  | 31.12.24

| Notes | £ | £ |

TURNOVER | 4 | 14,990,382 |  | 13,513,704 |  |

Administrative expenses | (11,955,379 | ) | (11,188,267 | ) |

3,035,003 |  | 2,325,437 |  |

Other operating income | 71,341 |  | 77,566 |  |

OPERATING PROFIT and |

PROFIT BEFORE TAXATION | 3,106,344 |  | 2,403,003 |  |

Tax on profit | 7 | 4,837 |  | 879,954 |  |

PROFIT FOR THE FINANCIAL YEAR | 3,111,181 |  | 3,282,957 |  |

C W RESEARCH LIMITED (REGISTERED NUMBER: 07055885)

OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2025

| 31.12.25 |  | 31.12.24

| Notes | £ | £ |

PROFIT FOR THE YEAR | 3,111,181 |  | 3,282,957 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 3,111,181 |  | 3,282,957 |  |

C W RESEARCH LIMITED (REGISTERED NUMBER: 07055885)

BALANCE SHEET

31 DECEMBER 2025

| 31.12.25 | 31.12.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 9 | 346,627 |  | 581,709 |  |

Tangible assets | 10 | 30,606 |  | 49,954 |  |

377,233 |  | 631,663 |  |

CURRENT ASSETS

Debtors | 11 | 13,242,490 |  | 18,747,333 |  |

Cash at bank and in hand | 430,885 |  | 231,625 |  |

13,673,375 |  | 18,978,958 |  |

CREDITORS

Amounts falling due within one year | 12 | 9,677,563 |  | 10,797,968 |  |

NET CURRENT ASSETS | 3,995,812 |  | 8,180,990 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 4,373,045 |  | 8,812,653 |  |

CREDITORS

Amounts falling due after more than one year | 13 | (84,774 | ) | (139,827 | ) |

PROVISIONS FOR LIABILITIES | 15 | (7,652 | ) | (12,489 | ) |

NET ASSETS | 4,280,619 |  | 8,660,337 |  |

CAPITAL AND RESERVES

Called up share capital | 16 | 200 |  | 200 |  |

Retained earnings | 17 | 4,280,419 |  | 8,660,137 |  |

SHAREHOLDERS' FUNDS | 4,280,619 |  | 8,660,337 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 30 March 2026 and were signed on its behalf by:

L H Marcelis - Director

C W RESEARCH LIMITED (REGISTERED NUMBER: 07055885)

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1 January 2024 | 200 |  | 5,377,180 |  | 5,377,380 |  |

Changes in equity

Total comprehensive income | - |  | 3,282,957 |  | 3,282,957 |  |

Balance at 31 December 2024 | 200 |  | 8,660,137 |  | 8,660,337 |  |

Changes in equity

Dividends | - |  | (7,490,899 | ) | (7,490,899 | ) |

Total comprehensive income | - |  | 3,111,181 |  | 3,111,181 |  |

Balance at 31 December 2025 | 200 |  | 4,280,419 |  | 4,280,619 |  |

C W RESEARCH LIMITED (REGISTERED NUMBER: 07055885)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1. | STATUTORY INFORMATION

| C W Research Limited 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.

| There is no principal place of business as all staff work remotely.

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" 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.

| These financial statements are for the individual entity only.

| The financial statements are presented in Sterling (£), rounded to the nearest £1.

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

| • | the requirements of Section 7 Statement of Cash Flows;

| • | the requirement of paragraph 3.17(d);

| • | the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

| • | the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;

| • | the requirements of paragraphs 26.18(b), 26.19 to 26.21 and 26.23;

| • | the requirements of paragraphs 29.28(b) and 29.29;

| • | the requirement of paragraph 33.7;

| • | the requirements of paragraph 24(b) of IFRS 6.

| Turnover

| Turnover represents net invoiced goods and services, excluding value added tax. Subscription revenue is recognised evenly over the term of the subscription. Event revenue is recognised at the point at which the event takes place.

| Goodwill and development costs

| Goodwill is being amortised evenly over its estimated useful life of three years, five years, six years and ten years.

| Development costs are capitalised on the basis that the software and database are in use by the company to carry on its trade. Development costs are written off evenly over their estimated useful life of three years and fifteen years.

| Intangible assets

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

C W RESEARCH LIMITED (REGISTERED NUMBER: 07055885)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

3. | ACCOUNTING POLICIES - continued

| Tangible fixed assets

| Tangible fixed assets are stated at historic cost less accumulated depreciation. Costs include original purchase price of the asset.

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful economic life:

| Plant and machinery |  | - 25% on cost |  |

| Computer equipment |  | - 25% and 33.33% on cost |  |

| Fixtures and fittings |  | - 20% on cost |  |

| Financial instruments

| The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

| (i) Financial assets

| Basic financial assets, including trade and other receivables, amounts due from group companies and cash and bank balances, are initially recognised at transaction price and subsequently carried at amortised cost with an assessment for objective evidence of impairment. Any impairment is recognised in profit or loss.

| Financial assets are derecognised when

| (a) the contractual rights to the cash flows from the asset expire or are settled, or

| (b) substantially all the risks and rewards or control of the ownership of the asset are transferred to another party.

| (ii) Financial liabilities

| Basic financial liabilities, including trade and other payables and amounts due to group companies, are initially recognised at transaction price and subsequently carried at amortised cost.

| Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

| Foreign currencies

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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.

C W RESEARCH LIMITED (REGISTERED NUMBER: 07055885)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

3. | ACCOUNTING POLICIES - continued

| Hire purchase and leasing commitments

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

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. | TURNOVER

| The turnover and profit before taxation are attributable to the one principal activity of the company.

| An analysis of turnover by geographical market is given below:

| 31.12.25 |  | 31.12.24

£ | £ |

| United Kingdom | 1,615,007 |  | 1,782,804 |  |

| Europe | 7,101,163 |  | 5,929,738 |  |

| Rest of world | 6,274,212 |  | 5,801,162 |  |

14,990,382 |  | 13,513,704 |  |

5. | EMPLOYEES AND DIRECTORS

| 31.12.25 |  | 31.12.24

£ | £ |

| Wages and salaries | 6,189,500 |  | 6,095,763 |  |

| Social security costs | 831,030 |  | 701,724 |  |

| Other pension costs | 572,339 |  | 504,155 |  |

7,592,869 |  | 7,301,642 |  |

| The average number of employees during the year was as follows:

| 31.12.25 |  | 31.12.24

| Administration | 106 |  | 106 |  |

| 31.12.25 |  | 31.12.24

£ | £ |

| Directors' remuneration | 103,699 |  | 96,615 |  |

| Directors' pension contributions to money purchase schemes | 12,727 |  | 12,478 |  |

| The number of directors to whom retirement benefits were accruing was as follows:

| Money purchase schemes | 1 |  | 1 |  |

C W RESEARCH LIMITED (REGISTERED NUMBER: 07055885)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

6. | OPERATING PROFIT

| The operating profit is stated after charging:

| 31.12.25 |  | 31.12.24

£ | £ |

| Other operating leases | 71,337 |  | 101,336 |  |

| Depreciation - owned assets | 26,873 |  | 33,446 |  |

| Loss on disposal of fixed assets | 9,058 |  | - |  |

| Goodwill amortisation | 8,001 |  | 8,000 |  |

| Development costs amortisation | 227,081 |  | 297,721 |  |

| Auditors' remuneration | 17,130 |  | 14,300 |  |

| Auditors' remuneration for non audit work | 2,185 |  | 2,650 |  |

| Foreign exchange variance | 158,805 |  | 127,100 |  |

7. | TAXATION

| Analysis of the tax credit

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Current tax:

| Under / (over) provision in prior years | - |  | (880,986 | ) |

| Deferred tax | (4,837 | ) | 1,032 |  |

| Tax on profit | (4,837 | ) | (879,954 | ) |

| Reconciliation of total tax credit included in profit and loss

| The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

| 31.12.25 |  | 31.12.24

£ | £ |

| Profit before tax | 3,106,344 |  | 2,403,003 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 776,586 |  | 600,751 |  |

| Effects of:

| Expenses not deductible for tax purposes | (2,685 | ) | 6,354 |  |

| Depreciation in excess of capital allowances | 63,607 |  | 10,804 |  |

| Utilisation of tax losses | (837,508 | ) | (617,909 | ) |

| Adjustments to tax charge in respect of previous periods | - |  | (880,986 | ) |

| Deferred tax | (4,837 | ) | 1,032 |  |

| Total tax credit | (4,837 | ) | (879,954 | ) |

| Amounts included in the over provision from prior year of £880,986 relates to a claim of group relief from the parent company which were received and processed after the prior year financial statements were finalised.

C W RESEARCH LIMITED (REGISTERED NUMBER: 07055885)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

8. | DIVIDENDS

| 31.12.25 |  | 31.12.24

£ | £ |

| 'A' Class shares of £1 each

| Interim | 7,490,899 |  | - |  |

9. | INTANGIBLE FIXED ASSETS

| Development |

| Goodwill |  | costs |  | Totals

£ | £ | £ |

| COST

| At 1 January 2025 | 801,404 |  | 1,829,601 |  | 2,631,005 |  |

| Disposals | - |  | (21,638 | ) | (21,638 | ) |

| At 31 December 2025 | 801,404 |  | 1,807,963 |  | 2,609,367 |  |

| AMORTISATION

| At 1 January 2025 | 781,405 |  | 1,267,891 |  | 2,049,296 |  |

| Amortisation for year | 8,001 |  | 227,081 |  | 235,082 |  |

| Eliminated on disposal | - |  | (21,638 | ) | (21,638 | ) |

| At 31 December 2025 | 789,406 |  | 1,473,334 |  | 2,262,740 |  |

| NET BOOK VALUE

| At 31 December 2025 | 11,998 |  | 334,629 |  | 346,627 |  |

| At 31 December 2024 | 19,999 |  | 561,710 |  | 581,709 |  |

10. | TANGIBLE FIXED ASSETS

| Fixtures |

| Plant and |  | and |  | Computer |

| machinery |  | fittings |  | equipment |  | Totals

£ | £ | £ | £ |

| COST

| At 1 January 2025 | 1,162 |  | 18,303 |  | 284,518 |  | 303,983 |  |

| Additions | - |  | - |  | 16,583 |  | 16,583 |  |

| Disposals | (438 | ) | (18,303 | ) | (724 | ) | (19,465 | ) |

| At 31 December 2025 | 724 |  | - |  | 300,377 |  | 301,101 |  |

| DEPRECIATION

| At 1 January 2025 | 956 |  | 7,669 |  | 245,404 |  | 254,029 |  |

| Charge for year | 10 |  | 1,525 |  | 25,338 |  | 26,873 |  |

| Eliminated on disposal | (438 | ) | (9,245 | ) | (724 | ) | (10,407 | ) |

| At 31 December 2025 | 528 |  | (51 | ) | 270,018 |  | 270,495 |  |

| NET BOOK VALUE

| At 31 December 2025 | 196 |  | 51 |  | 30,359 |  | 30,606 |  |

| At 31 December 2024 | 206 |  | 10,634 |  | 39,114 |  | 49,954 |  |

C W RESEARCH LIMITED (REGISTERED NUMBER: 07055885)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.12.25 |  | 31.12.24

£ | £ |

| Trade debtors | 2,364,139 |  | 3,649,708 |  |

| Amounts owed by group undertakings | 8,874,353 |  | 13,516,751 |  |

| Other debtors | 122,478 |  | 64,234 |  |

| Tax | 1,767,837 |  | 1,412,183 |  |

| Prepayments | 113,683 |  | 104,457 |  |

13,242,490 |  | 18,747,333 |  |

12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.12.25 |  | 31.12.24

£ | £ |

| Trade creditors | 160,696 |  | 100,320 |  |

| Amounts owed to group undertakings | 2,144,013 |  | 2,872,219 |  |

| Social security and other taxes | 165,354 |  | 172,219 |  |

| VAT | 34,915 |  | 65,118 |  |

| Other creditors | 55,639 |  | 53,230 |  |

| Accruals and deferred income | 7,116,946 |  | 7,534,862 |  |

9,677,563 |  | 10,797,968 |  |

13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

| 31.12.25 |  | 31.12.24

£ | £ |

| Accruals and deferred income | 84,774 |  | 139,827 |  |

14. | LEASING AGREEMENTS

| Minimum lease payments under non-cancellable operating leases fall due as follows:

| 31.12.25 |  | 31.12.24

£ | £ |

| Within one year | - |  | 32,375 |  |

15. | PROVISIONS FOR LIABILITIES

| 31.12.25 |  | 31.12.24

£ | £ |

| Deferred tax

| Accelerated capital allowances | 7,652 |  | 12,489 |  |

| Deferred |

| tax |

£ |

| Balance at 1 January 2025 | 12,489 |  |

| Utilised during year | (4,837 | ) |

| Balance at 31 December 2025 | 7,652 |  |

C W RESEARCH LIMITED (REGISTERED NUMBER: 07055885)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

16. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 31.12.25 |  | 31.12.24

| value: | £ | £ |

| 86 | 'A' Class | £1 | 86 |  | 86 |  |

| 38 | 'B' Class | £1 | 38 |  | 38 |  |

| 76 | 'D' Class | £1 | 76 |  | 76 |  |

200 |  | 200 |  |

| All class of shares are equally entitled to full voting rights, dividends and distribution rights.

17. | RESERVES

| Retained

| earnings

£ |

| At 1 January 2025 | 8,660,137 |  |

| Profit for the year | 3,111,181 |  |

| Dividends | (7,490,899 | ) |

| At 31 December 2025 | 4,280,419 |  |

| Reserves contain the accumulated profit and losses.

18. | CONTINGENT LIABILITIES

| The company has provided an all assets debenture to provide security over other group companies borrowings. The value of this security is disclosed in the Enhesa group accounts.

19. | RELATED PARTY DISCLOSURES

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

| The immediate parent company is Enhesa NV. Enhesa NV is the parent of the smallest group for which consolidated financial statements are pre pared, which include C W Research Ltd. The registered office of the immediate parent company is Avenue Louise 287, 1050 Brussels, Belgium.

| Magic Midco BV is the parent of the largest group for which consolidated financial statements are prepared, which include C W Research Ltd. The registered office is Avenue Louise 287, 1050 Brussels, Belgium.

20. | ULTIMATE CONTROLLING PARTY

| The ultimate parent entity is CGE Partners LP, the registered office is 15 Esplanade, St Helier, Jersey, JE1 1RB.

| No one person is deemed to have control of the company due to the diverse shareholdings in the wider group.