Company registration number 02505376 (England and Wales)
JAGA HEATING PRODUCTS (UK) LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
PAGES FOR FILING WITH REGISTRAR
JAGA HEATING PRODUCTS (UK) LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 10
JAGA HEATING PRODUCTS (UK) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 1 -
31 December
31 March
2025
2025
Notes
£
£
£
£
Fixed assets
Tangible assets
5
3,566,455
3,236,547
Current assets
Stocks
576,323
638,044
Debtors
6
516,029
882,059
Cash at bank and in hand
2,615,907
2,273,267
3,708,259
3,793,370
Creditors: amounts falling due within one year
7
(500,635)
(782,042)
Net current assets
3,207,624
3,011,328
Total assets less current liabilities
6,774,079
6,247,875
Provisions for liabilities
8
(513,518)
(396,578)
Net assets
6,260,561
5,851,297
Capital and reserves
Called up share capital
35,000
35,000
Revaluation reserve
376,866
-
0
Profit and loss reserves
5,848,695
5,816,297
Total equity
6,260,561
5,851,297

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

These financial statements have been prepared and delivered 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 1 April 2026 and are signed on its behalf by:
Mr P T Mangnall
Director
Company Registration No. 02505376
JAGA HEATING PRODUCTS (UK) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2025
- 2 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 April 2024
35,000
-
0
5,546,439
5,581,439
Year ended 31 March 2025:
Profit and total comprehensive income for the year
-
-
269,858
269,858
Balance at 31 March 2025
35,000
-
0
5,816,297
5,851,297
Period ended 31 December 2025:
Profit and total comprehensive income for the period
-
-
32,398
32,398
Revaluation of tangible fixed assets
-
376,866
-
376,866
Balance at 31 December 2025
35,000
376,866
5,848,695
6,260,561
JAGA HEATING PRODUCTS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
- 3 -
1
Accounting policies
Company information

Jaga Heating Products (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Kriekels House, Lower Road Trading Estate, Ledbury, Herefordshire, United Kingdom, HR8 2DJ.

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 £.

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

1.2
Going concern

At the time of approving the financial statements, the directors are confident about the ongoing viability of the company. The company’s vision is to rejuvenate our planet through eco-design. The company remains focused on core markets, but innovative new products have recently been launched that are aligned to the growing renewable energy sector. Its mission is to be the go-to company for heating and cooling convectors that optimise renewable energy. Thus true t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Reporting period

The accounting period of the company has been changed from 31 March to 31 December so as to be coterminous with the year end of its parent company. Accordingly, the current financial statements are prepared for 9 months from 1 April 2025 to 31 December 2025.

Comparative amounts presented in the financial statements (including the related notes), are therefore not entirely comparable.

1.4
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.

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 not charged on assets under construction until a time that they are complete and bought into use.

JAGA HEATING PRODUCTS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 4 -

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:

Freehold land and buildings
5% on cost
Plant and machinery etc
15-33% on cost

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 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.

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.

1.9
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.

JAGA HEATING PRODUCTS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 5 -
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.

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.

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.

JAGA HEATING PRODUCTS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 6 -
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.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i s measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.13
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.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

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.

1.14
Retirement benefits

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

1.15
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to income 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 asset are consumed.

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.

JAGA HEATING PRODUCTS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
- 7 -
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.

We have nothing to note in this regard.

3
Employees

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

Period
Year
ended
ended
31 December
31 March
2025
2025
Number
Number
Total
27
28
4
Taxation
Period
Year
ended
ended
31 December
31 March
2025
2025
£
£
Current tax
UK corporation tax on profits for the current period
24,508
90,623
Adjustments in respect of prior periods
(4,477)
(9,083)
Total current tax
20,031
81,540
Deferred tax
Origination and reversal of timing differences
116,940
18,314
Total tax charge
136,971
99,854
JAGA HEATING PRODUCTS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
- 8 -
5
Tangible fixed assets
Freehold land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 April 2025
3,003,438
477,903
3,481,341
Additions
-
0
19,216
19,216
Disposals
-
0
(33,267)
(33,267)
Revaluation
376,866
-
0
376,866
At 31 December 2025
3,380,304
463,852
3,844,156
Depreciation and impairment
At 1 April 2025
22,835
221,959
244,794
Depreciation charged in the period
23,004
43,170
66,174
Eliminated in respect of disposals
-
0
(33,267)
(33,267)
At 31 December 2025
45,839
231,862
277,701
Carrying amount
At 31 December 2025
3,334,465
231,990
3,566,455
At 31 March 2025
2,980,603
255,944
3,236,547

Land and buildings were valued during the period by Sanderson Weatherall RICS, professional buildings insurance valuers not connected to the company. The valuation of £3,330,000 conforms to International Valuation Standards and was based on an inspection of the site. The assessment date was 22 October 2025. The directors used this valuation to form the basis of the revaluation in the period ended 31 December 2025.

A t the balance sheet date, the directors have reviewed the carrying amounts of the company's tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. It has been concluded that no such indication exists and therefore no impairment loss needs to be recognised.

If freehold property had not been revalued it would have been included at historical cost of £3,003,438 with aggregate depreciation of £45,839.

6
Debtors
31 December
31 March
2025
2025
Amounts falling due within one year:
£
£
Trade debtors
400,600
709,348
Other debtors
115,429
172,711
516,029
882,059
JAGA HEATING PRODUCTS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
- 9 -
7
Creditors: amounts falling due within one year
31 December
31 March
2025
2025
£
£
Trade creditors
67,806
128,528
Amounts owed to group undertakings
4,502
153,286
Taxation and social security
184,814
259,233
Other creditors
243,513
240,995
500,635
782,042
8
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
31 December
31 March
2025
2025
Balances:
£
£
Accelerated capital allowances
286,416
193,955
Revaluations
231,016
231,016
Short term timing differences
(3,914)
(28,393)
513,518
396,578
2025
Movements in the period:
£
Liability at 1 April 2025
396,578
Charge to profit or loss
116,940
Liability at 31 December 2025
513,518

The deferred tax liability set out above is not expected to reverse within 12 months, as it relates to conditions which will only arise on the future sale of land and buildings.

9
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:

JAGA HEATING PRODUCTS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
9
Audit report information
(Continued)
- 10 -
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 profit for the period 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:
Claire Clift
Statutory Auditor:
Azets Audit Services
10
Financial commitments, guarantees and contingent liabilities

As at 31 December 2025 the company had total operating lease commitments of £264,424 (31 March 2025: £266,167).

The company had no other commitments, guarantees or contingencies (31 March 2025: £Nil).

11
Events after the reporting date

On 13 February 2026 the Company entered into an intercompany loan agreement with Jaga NV for £1,000,000. The loan was agreed after the reporting date and therefore is classified as a non‑adjusting event.

No adjustment has been made to the financial statements as at 31 December 2025.

12
Directors' transactions

During the period, the company made a short‑term loan to a director. A loan of £1,369,856 was advanced on 13 May 2025 and was repaid in full the following day, meaning it was outstanding for only one day.

The loan was unsecured, carried nil interest, and was repayable on demand. The full amount of £1,369,856 was repaid during the period, and no balance remained outstanding at the period end.

13
Parent company

The company is a wholly‑owned subsidiary of Climate Designers For Net Zero (CDNZ), a company incorporated in Belgium.

The consolidated financial statements of Climate Designers For Net Zero (CDNZ) include the results of the company.

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