Company registration number 02136997 (England and Wales)
WIRQUIN LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
PAGES FOR FILING WITH REGISTRAR
WIRQUIN LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 12
WIRQUIN LTD
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 1 -
2025
2024
Notes
£'000
£'000
£'000
£'000
Fixed assets
Intangible assets
4
-
0
-
0
Tangible assets
5
73
87
Current assets
Stocks
2,518
2,040
Debtors
6
1,914
2,089
Cash at bank and in hand
176
1,129
4,608
5,258
Creditors: amounts falling due within one year
7
(4,244)
(4,695)
Net current assets
364
563
Total assets less current liabilities
437
650
Net assets excluding pension liability
437
650
Defined benefit pension liability
8
-
0
-
0
Net assets
437
650
Capital and reserves
Called up share capital
9
8,400
8,400
Profit and loss reserves
(7,963)
(7,750)
Total equity
437
650

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 19 March 2026 and are signed on its behalf by:
Nicholas W V Richards
Jerome F M Duhirel
Director
Director
Company registration number 02136997 (England and Wales)
WIRQUIN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
1
Accounting policies
Company information

Wirquin Ltd is a private company, limited by shares and incorporated in England and Wales. The registered office is Unit 3 Alpha Court, Thorne, Doncaster, South Yorkshire, DN8 5TZ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £'000.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The directors have continued to prepare the financial statements on the going concern basis as they believe that the company will have access to the necessary funds to allow it to meet its liabilities as they fall due for a period of at least 12 months from the date of the approval of the financial statements. The directors have prepared future forecasts and, as with any forecasts, these are dependant on a number of estimates and assumptions. The key assumptions include the continued availability of the invoice discounting facility in place throughout the period and the parent company providing continued financial support should the company require funds to meet its operating liabilities. The directors are in receipt of such assurances from the parent company, and have assessed the ability of the parent company to make good on such assurances throughout the period covered by the forecasts and hence have concluded that no material uncertainty exists as to the basis of preparation of the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Commissions from group undertakings is recognised when the right to receive payment is established.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
33.3% straight line basis
WIRQUIN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 3 -
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
10% to 33.3% straight line basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. The cost formula applied to stocks is the average cost method.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

WIRQUIN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 4 -
1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

WIRQUIN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 5 -
1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method, and is based on actuarial advice.

The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as an expense in measuring profit or loss in the period in which they arise.

The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in profit or loss as other finance revenue or cost.

Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other comprehensive income in the period in which they occur and are not reclassified to profit and loss in subsequent periods.

The net defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.

1.14
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

WIRQUIN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 6 -
1.15
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.16
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

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

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

Management do not consider there to be any significant judgements relating to the company's financial statements.

Key sources of estimation uncertainty

Management do not consider there to be any sources of estimation uncertainty which have a significant risk of causing a material misstatements. However, listed below are some estimates and assumptions, which include some level of uncertainty due to their nature, and therefore may impact the carrying amount of assets and liabilities:

Stock provisions

When calculating the stock provision, management considers the nature and conditions of stock, applying assumptions around the future sales demand of goods. Generally, when goods are no longer being replenished the remaining stock on hand is fully provided, when goods sales are declining these are provided for at 50%.

Impairment of debtors

The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. Generally, debts due that are 6 months over the due date are provided for at 50%, this increases to 100% at 9 months overdue.

WIRQUIN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 7 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
32
33
4
Intangible fixed assets
Other
£'000
Cost
At 1 January 2025 and 31 December 2025
180
Amortisation and impairment
At 1 January 2025 and 31 December 2025
180
Carrying amount
At 31 December 2025
-
0
At 31 December 2024
-
0
5
Tangible fixed assets
Plant and machinery etc
£'000
Cost
At 1 January 2025 and 31 December 2025
949
Depreciation and impairment
At 1 January 2025
862
Depreciation charged in the year
14
At 31 December 2025
876
Carrying amount
At 31 December 2025
73
At 31 December 2024
87
WIRQUIN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -
6
Debtors
2025
2024
Amounts falling due within one year:
£'000
£'000
Trade debtors
1,549
1,627
Amounts owed by group undertakings
-
0
31
Other debtors
94
160
1,643
1,818
2025
2024
Amounts falling due after more than one year:
£'000
£'000
Other debtors
271
271
Total debtors
1,914
2,089

Trade debtors totalling £1,016k (2024 - £1,498k) were subject to invoice discounting arrangements.

Amounts owed by group undertakings are trade related balances, they are not secured and fall due within terms expected for trade related balances.

7
Creditors: amounts falling due within one year
2025
2024
£'000
£'000
Bank loans and overdrafts
298
1,020
Loans from group undertakings
-
0
41
Trade creditors
169
305
Amounts owed to group undertakings
3,169
2,707
Taxation and social security
365
326
Other creditors
38
8
Accruals and deferred income
205
288
4,244
4,695

Included within bank loans and overdrafts is £298k (2024 - £1,020k) for the invoice discounting facility. This is secured by fixed and floating charges over all assets and undertakings of the company.

Amounts owed to group undertakings are trade related balances, they are not secured and fall due within terms expected for trade related balances.

Loans from group undertakings are unsecured, subject to 0.3% interest and are repayable on demand.

WIRQUIN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 9 -
8
Retirement benefit schemes
2025
2024
Defined contribution schemes
£'000
£'000
Charge to profit or loss in respect of defined contribution schemes
45
44

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions totalling £9,000 (2024 - £8,000) were payable to the fund at the year end and are included in creditors falling due within one year.

Defined benefit schemes

The company operates a defined benefit scheme for qualifying employees (Celmac Pension Plan). Under the scheme the employees are entitled to retirement benefits varying between 2.1% and 4.3% of final salary on attainment of a retirement age of 65. No other post retirement benefits are provided. The assets of the scheme are held in a sperate fund administered by independent trustees.

The most recent actuarial valuations of plan assets and the present value of the defined benefit obligation were carried out at 31 December 2025 by Andrew Pugh FIA. The present value of the defined benefit obligation, the related current service cost and past service cost were measured using the projected unit credit method.

2025
2024
Key assumptions
%
%
Discount rate
5.6
5.5
Expected rate of increase of pensions in payment
2.00-2.80
2.00-3.00
Expected rate of salary increases
4.2
4.4
RPI inflation
3.2
3.4
CPI inflation
2.95
3.1
Mortality assumptions
2025
2024

Assumed life expectations on retirement at age 65:

Years
Years
Retiring today
- Males
19.5
19.5
- Females
22.2
22.5
Retiring in 20 years
- Males
20.9
20.9
- Females
23.8
24.0
Amounts recognised in the profit and loss account
2025
2024
Costs/(income):
£'000
£'000
Net interest on net defined benefit liability/(asset)
(4)
(119)
Restriction on net interest income credited to the income statement
9
122
Other costs and income
208
164
Total costs
213
167
WIRQUIN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
8
Retirement benefit schemes
(Continued)
- 10 -
Amounts recognised in other comprehensive income
2025
2024
Costs/(income):
£'000
£'000
Actual return on scheme assets
(255)
2,524
Less: calculated interest element
332
437
Return on scheme assets excluding interest income
77
2,961
Restriction on net interest income credited to the income statement
(9)
(122)
Actuarial changes related to obligations
(195)
(634)
Effect of changes in the amount of surplus that is not recoverable
(86)
(2,372)
Total costs/(income)
(213)
(167)

The amounts included in the balance sheet arising from the company's obligations in respect of defined benefit plans are as follows:

2025
2024
Liabilities/(assets):
£'000
£'000
Present value of defined benefit obligations
5,939
6,127
Fair value of plan assets
(6,016)
(6,290)
Surplus in scheme
(77)
(163)
Restriction on scheme assets
77
163
Total liability recognised
-
-

At the year end date the defined benefit scheme was in a surplus position. The directors at that date did not consider the defined benefit scheme's surplus to be recoverable either through reduced contributions in the future or through refunds from the scheme. As a result no surplus has been recognised in the financial statements.

2025
Movements in the present value of defined benefit obligations
£'000
Liabilities at 1 January 2025
6,127
Benefits paid
(321)
Actuarial gains and losses
(195)
Interest cost
328
At 31 December 2025
5,939
WIRQUIN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
8
Retirement benefit schemes
(Continued)
- 11 -
2025
Movements in the fair value of plan assets
£'000
Fair value of assets at 1 January 2025
6,290
Interest income
332
Return on plan assets (excluding amounts included in net interest)
(77)
Benefits paid
(321)
Administrative expenses
(208)
At 31 December 2025
6,016

The actual return on plan assets was £255k gain (2024 - £2,524k loss).

2025
2024
Fair value of plan assets
£'000
£'000
Cash and cash equivalents
45
253
Annuity insurance contract
5,971
6,037
6,016
6,290
9
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£'000
£'000
Issued and fully paid
Ordinary shares of £1 each
8,400,000
8,400,000
8,400
8,400
10
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

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 loss 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.

Senior Statutory Auditor:
Adam Shield
Statutory Auditor:
Hart Shaw LLP
Date of audit report:
31 March 2026
WIRQUIN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 12 -
11
Financial commitments, guarantees and contingent liabilities

The company has provided a guarantee in favour of HM Revenue & Customs for a total amount of £260,000 (2024 - £310,000).

The company has an invoice financing arrangement which is also used by other group companies. The arrangement includes a cross guarantee with other group companies, as a result the company has pledged a guarantee account of £113,000 (2024 - £166,000) as security for amounts borrowed by other group companies.

12
Operating lease commitments
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2025
2024
£'000
£'000
Total commitments
1,888
1,834
13
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Sales
Sales
Purchases
Purchases
2025
2024
2025
2024
£'000
£'000
£'000
£'000
Other group companies
2
6
3,827
3,983
2025
2024
Amounts due to related parties
£'000
£'000
Other group companies
976
930
Other information

Transactions with group companies who are wholly owned have not been disclosed under the exemption FRS102, para 33.1a.

14
Parent company

The directors consider the immediate and ultimate parent undertaking to be Force 5 SAS, a company incorporated in France. Force 5 SAS is the smallest and largest company for which consolidated financial statements including Wirquin Ltd are prepared. The consolidated financial statements are available from 11, rue de Château de Bel Air, 44470, Carquefou, France.

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