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REGISTERED NUMBER: 02822550 (England and Wales)

| Strategic Report, Report of the Directors and |

| Financial Statements |

| for the Year Ended 31 December 2025 |

| for |

| Anest Iwata (UK) Limited |

Anest Iwata (UK) Limited (Registered number: 02822550)

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 | 4 |

| Statement of Comprehensive Income | 7 |

| Statement of Financial Position | 8 |

| Statement of Changes in Equity | 9 |

| Statement of Cash Flows | 10 |

| Notes to the Statement of Cash Flows | 11 |

| Notes to the Financial Statements | 12 |

Anest Iwata (UK) Limited

Company Information

for the Year Ended 31 December 2025

| DIRECTORS: | A J Robson

| T Matsumoto

| M Daimaru

| SECRETARY: | J E Westerman

| REGISTERED OFFICE: | 7 Chester Road

| Colmworth Business Park

| Eaton Socon

| St Neots

| Cambridgeshire

| PE19 8YT

| REGISTERED NUMBER: | 02822550 (England and Wales)

| AUDITORS: | GREGORY WILDMAN

| Chartered Accountants

| Statutory Auditors

| The Granary

| Crowhill Farm

| Ravensden Road

| Wilden

| Bedfordshire

| MK44 2QS

Anest Iwata (UK) Limited (Registered number: 02822550)

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

As shown in the company's profit and loss account there has been a 22% decrease in turnover over over the prior year which has resulted in a gross profit of £1,217,413 (2024 - £1,296,318) and a profit on ordinary activities before tax of £161,765 (2024 - £287,981).

The business had a profitable year despite the loss of one of the company's largest selling products and the restructuring to the sales team. The company's cash flow stayed stable and the margins improved due to better control of its pricing policies.

PRINCIPAL RISKS AND UNCERTAINTIES

The company's financial management policies and guidelines are summarised below:

Credit risk

The company has implemented policies that require appropriate credit checks on potential customers before sales are made. Some of the directors have a personal involvement in building and maintaining relationships with key customers and the company also uses the services of a debt collection agency in order to minimise credit risk.

Foreign exchange risk

The directors believe that the main risk to the company is from fluctuations in the value of the Euro, particularly as most stock purchases are from European group companies. The directors mitigate this risk by managing stock levels to ensure orders are placed at favourable exchange rates wherever possible, as well as use of derivatives where deemed appropriate.

Use of derivatives

The company uses forward foreign currency contracts to reduce exposure to the variability of foreign exchange rates by fixing the rate of any material payments in a foreign currency. Hedge accounting is used when certain criteria is met, as explained in the accounting policy note on page 15.

Interest rate risk

The company has no exposure to movements in market interest rates, other than the deposits placed with financial institutions and loan facilities provided by the ultimate parent undertaking.

Liquidity and cashflow risk

Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. The company, together with its ultimate parent undertaking, ensure that there are adequate funds available to meet its operational requirements.

Cash flow risk is the risk of exposure to variability in cash flows that is attributable to a particular risk associated with a recognised asset or liability, the group manages this risk, where significant, by use of derivatives as explained above.

ON BEHALF OF THE BOARD:

A J Robson - Director

25 March 2026

Anest Iwata (UK) Limited (Registered number: 02822550)

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 the importation and selling of spray equipment.

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2025 will be £ 202,000 .

FUTURE DEVELOPMENTS

The Company will invest in its people in 2026 with a new dynamic sales force that can explore new markets and opportunities. The company will also continue to improve its way to market through a streamlined dealer network which in turn will improve our end users experience.

DIRECTORS

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

A J Robson

T Matsumoto

Other changes in directors holding office are as follows:

K Osawa - resigned 1 June 2025

M Daimaru - appointed 1 June 2025

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 and in accordance with UK GAAP.

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.

AUDITORS

The auditors, GREGORY WILDMAN, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

A J Robson - Director

25 March 2026

Report of the Independent Auditors to the Members of

Anest Iwata (UK) Limited

Opinion

We have audited the financial statements of Anest Iwata (UK) Limited (the 'company') for the year ended 31 December 2025 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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.

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.

Report of the Independent Auditors to the Members of

Anest Iwata (UK) Limited

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.

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:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks within which the company operates focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations in this context were the Companies Act 2006. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statements.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements and the financial report (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate entries including journals to overstate revenue or understate expenditure and management bias in accounting estimates.

Our audit procedures to respond to these risks, performed by the engagement team, included:

- Enquiries of management, and the Directors about their own identification and assessment of the risks of the irregularities,reviewing accounting estimates for biases and reviewing regulatory correspondence;

- Performing audit work over the risk of management override of controls. including test of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;

- Reviewing financial statement disclosures and testing to supporting documentation to access compliance with applicable laws and regulations;

- We have confirmed the income recognition basis is appropriate, tested a sample of income transactions to confirm completeness, tested a sample of journals to confirm they were appropriate and reviewed areas of judgment for indicators of management bias to address these risks.

Owing to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation, even though we have properly planned and performed our audit in accordance with auditing standards. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

Report of the Independent Auditors to the Members of

Anest Iwata (UK) Limited

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.

Helen Jones FCA (Senior Statutory Auditor)

for and on behalf of GREGORY WILDMAN

Chartered Accountants

Statutory Auditors

The Granary

Crowhill Farm

Ravensden Road

Wilden

Bedfordshire

MK44 2QS

27 March 2026

Anest Iwata (UK) Limited (Registered number: 02822550)

Statement of Comprehensive

Income

for the Year Ended 31 December 2025

| 31.12.25 |  | 31.12.24

| Notes | £ | £ |

TURNOVER | 4 | 2,910,310 |  | 3,752,830 |  |

Cost of sales | 1,692,897 |  | 2,456,512 |  |

GROSS PROFIT | 1,217,413 |  | 1,296,318 |  |

Administrative expenses | 1,183,316 |  | 1,128,464 |  |

34,097 |  | 167,854 |  |

Other operating income | 117,246 |  | 105,133 |  |

OPERATING PROFIT | 6 | 151,343 |  | 272,987 |  |

Interest receivable and similar income | 11,709 |  | 14,994 |  |

163,052 |  | 287,981 |  |

Interest payable and similar expenses | 8 | 1,287 |  | - |  |

PROFIT BEFORE TAXATION | 161,765 |  | 287,981 |  |

Tax on profit | 9 | 36,378 |  | 75,380 |  |

PROFIT FOR THE FINANCIAL YEAR | 125,387 |  | 212,601 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 125,387 |  | 212,601 |  |

Anest Iwata (UK) Limited (Registered number: 02822550)

Statement of Financial Position

31 December 2025

| 31.12.25 | 31.12.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 11 | 158,255 |  | 109,784 |  |

CURRENT ASSETS

Stocks | 12 | 534,834 |  | 644,680 |  |

Debtors | 13 | 506,104 |  | 580,263 |  |

Cash at bank and in hand | 1,010,599 |  | 1,081,307 |  |

2,051,537 |  | 2,306,250 |  |

CREDITORS

Amounts falling due within one year | 14 | 245,142 |  | 382,892 |  |

NET CURRENT ASSETS | 1,806,395 |  | 1,923,358 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 1,964,650 |  | 2,033,142 |  |

PROVISIONS FOR LIABILITIES | 17 | 36,805 |  | 28,684 |  |

NET ASSETS | 1,927,845 |  | 2,004,458 |  |

CAPITAL AND RESERVES

Called up share capital | 18 | 1,677,778 |  | 1,677,778 |  |

Retained earnings | 19 | 250,067 |  | 326,680 |  |

SHAREHOLDERS' FUNDS | 1,927,845 |  | 2,004,458 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 25 March 2026 and were signed on its behalf by:

A J Robson - Director

Anest Iwata (UK) Limited (Registered number: 02822550)

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 | 1,677,778 |  | 184,079 |  | 1,861,857 |  |

Changes in equity

Dividends | - |  | (70,000 | ) | (70,000 | ) |

Total comprehensive income | - |  | 212,601 |  | 212,601 |  |

Balance at 31 December 2024 | 1,677,778 |  | 326,680 |  | 2,004,458 |  |

Changes in equity

Dividends | - |  | (202,000 | ) | (202,000 | ) |

Total comprehensive income | - |  | 125,387 |  | 125,387 |  |

Balance at 31 December 2025 | 1,677,778 |  | 250,067 |  | 1,927,845 |  |

Anest Iwata (UK) Limited (Registered number: 02822550)

Statement of Cash Flows

for the Year Ended 31 December 2025

| 31.12.25 |  | 31.12.24

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 283,799 |  | 520,635 |  |

Interest paid | (1,287 | ) | - |  |

Tax paid | (52,487 | ) | (52,574 | ) |

Net cash from operating activities | 230,025 |  | 468,061 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (112,047 | ) | (66,004 | ) |

Sale of tangible fixed assets | 17,802 |  | 4,202 |  |

Interest received | 11,709 |  | 14,994 |  |

Net cash from investing activities | (82,536 | ) | (46,808 | ) |

Cash flows from financing activities

Associated business transactions | (16,197 | ) | - |  |

Equity dividends paid | (202,000 | ) | (70,000 | ) |

Net cash from financing activities | (218,197 | ) | (70,000 | ) |

(Decrease)/increase in cash and cash equivalents | (70,708 | ) | 351,253 |  |

Cash and cash equivalents at beginning of year | 2 | 1,081,307 |  | 730,054 |  |

Cash and cash equivalents at end of year | 2 | 1,010,599 |  | 1,081,307 |  |

Anest Iwata (UK) Limited (Registered number: 02822550)

Notes to the Statement of Cash Flows

for the Year Ended 31 December 2025

1. | RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM OPERATIONS

| 31.12.25 |  | 31.12.24

£ | £ |

| Profit for the financial year | 125,387 |  | 212,601 |  |

| Depreciation charges | 61,971 |  | 50,622 |  |

| Finance costs | 1,287 |  | - |  |

| Finance income | (11,709 | ) | (14,994 | ) |

| Taxation | 36,378 |  | 75,380 |  |

213,314 |  | 323,609 |  |

| Decrease in stocks | 109,846 |  | 254,719 |  |

| Decrease/(increase) in trade and other debtors | 74,159 |  | (82,614 | ) |

| (Decrease)/increase in trade and other creditors | (113,520 | ) | 24,921 |  |

| Cash generated from operations | 283,799 |  | 520,635 |  |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

| Year ended 31 December 2025

| 31.12.25 |  | 1.1.25

£ | £ |

| Cash and cash equivalents | 1,010,599 |  | 1,081,307 |  |

| Year ended 31 December 2024

| 31.12.24 |  | 1.1.24

£ | £ |

| Cash and cash equivalents | 1,081,307 |  | 730,054 |  |

3. | ANALYSIS OF CHANGES IN NET FUNDS

| At 1.1.25 | Cash flow | At 31.12.25

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 1,081,307 |  | (70,708 | ) | 1,010,599 |  |

1,081,307 |  | (70,708 | ) | 1,010,599 |  |

| Total | 1,081,307 |  | (70,708 | ) | 1,010,599 |  |

Anest Iwata (UK) Limited (Registered number: 02822550)

Notes to the Financial Statements

for the Year Ended 31 December 2025

1. | COMPANY INFORMATION

| The principal activity of the company in the year under review was that of importing and selling of spray equipment.

2. | STATUTORY INFORMATION

| Anest Iwata (UK) 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.

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

3. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

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

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.

| The Company operates within five main geographical markets; the United Kingdom, Australia, Europe, Middle East and Asia.

| Revenue recognition

| Revenue is recognised to the extent that the company obtains the right to consideration in exchange for its performance. The following criteria must be met before revenue is recognised:

| 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.

| Tangible fixed assets

| Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the asset capable of operating as intended.

| Depreciation is provided on all property, plant and equipment, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

| Improvements to property - straight line over 10 years

| Plant and machinery - straight line over 10 years and straight line over 5 years

| Fixtures and fittings - straight line over 3 years and straight line over 5 years

| Demonstration equipment - straight line over 3 years

| The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

| Stocks

| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Net realisable value is based on the estimated selling price less any further costs expected to be incurred to completion and disposal.

| Taxation

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

| Current or deferred taxation assets and liabilities are not discounted.

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

Anest Iwata (UK) Limited (Registered number: 02822550)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

3. | ACCOUNTING POLICIES - continued

| Deferred tax

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

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

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

| Foreign currencies

| Transactions in foreign currencies are initially recorded in the company's functional currency by applying the spot exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account.

| Derivative instruments

| The company uses forward foreign currency contracts to reduce exposure to foreign exchange rates. Derivative financial instruments are initially measured at fair value on the date on which a derivative contract is entered into and are subsequently measured at fair value through profit or loss. Derivatives are carried as assets when the fair value is positive and as liabilities when the fair value is negative.

| The fair value of the forward currency contracts is calculated by reference to current forward exchange contracts with similar maturity profiles.

| 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. Lease incentives are recognised over the lease term on a straight line basis.

| Pension costs and other post-retirement benefits

| The company operated a defined contribution pension scheme for the benefits of its employees. The pension cost charged for the period represents contributions payable by the company to the scheme and amounts to £65,221 (2024 - £59,094).

| At the balance sheet date the company had unpaid pension liabilities of £6,196 (2024 - £6,330).

| Judgements and key sources of estimation uncertainty

| Management estimation is required to determine the amount of deferred tax assets that can be recognised, based upon likely timing and level of future taxable profits together with an assessment of the effect of future tax planning strategies. Further details are contained in note 17.

| Impairment of non-financial assets

| Where there are indicators of impairment of individual assets the company performs impairment tests based on fair value less costs to sell. The fair value less costs to sell calculation is based on observable market prices less incremental costs for disposing of the asset. If the fair value less costs to sell is less that its carrying amount, the carrying amount of the asset is impaired and it is reduced to its recoverable amount through an impairment in profit and loss.

| An impairment loss recognised for all assets is reversed in a subsequent period if and only if the reasons for the impairment loss have ceased to apply.

| Cash and cash equivalents

| Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less. For the purpose of the cash flow, cash and cash equivalents consist of cash and cash equivalents as defined above, net of outstanding bank overdrafts.

| Short-term debtors and creditors

| Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from the impairment are recognised in the income statement in other operating expenses.

Anest Iwata (UK) Limited (Registered number: 02822550)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

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 | 2,667,485 |  | 3,300,044 |  |

| Europe | 139,142 |  | 300,636 |  |

| Rest of the world | 103,683 |  | 152,150 |  |

2,910,310 |  | 3,752,830 |  |

5. | EMPLOYEES AND DIRECTORS

| 31.12.25 |  | 31.12.24

£ | £ |

| Wages and salaries | 604,871 |  | 600,138 |  |

| Social security costs | 76,166 |  | 69,960 |  |

| Other pension costs | 65,221 |  | 59,094 |  |

746,258 |  | 729,192 |  |

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

| 31.12.25 |  | 31.12.24

| Sales and administration | 10 |  | 10 |  |

| 31.12.25 |  | 31.12.24

£ | £ |

| Directors' remuneration | 212,200 |  | 215,418 |  |

| Directors' pension contributions to money purchase schemes | 34,000 |  | 29,502 |  |

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

| Money purchase schemes | 1 |  | 1 |  |

| Information regarding the highest paid director is as follows:

| 31.12.25 |  | 31.12.24

£ | £ |

| Emoluments etc | 212,200 |  | 215,418 |  |

| Pension contributions to money purchase schemes | 34,000 |  | 29,502 |  |

6. | OPERATING PROFIT

| The operating profit is stated after charging:

| 31.12.25 |  | 31.12.24

£ | £ |

| Other operating leases | 172,723 |  | 136,551 |  |

| Depreciation - owned assets | 45,774 |  | 50,622 |  |

Anest Iwata (UK) Limited (Registered number: 02822550)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

7. | AUDITORS' REMUNERATION

| 31.12.25 |  | 31.12.24

£ | £ |

| Fees payable to the company's auditors for the audit of the company's financial statements | 11,530 |  | 9,141 |  |

| Auditors' remuneration for non audit work | 2,474 |  | 4,376 |  |

8. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 31.12.25 |  | 31.12.24

£ | £ |

| Interest on tax | 1,287 |  | - |  |

9. | TAXATION

| Analysis of the tax charge

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Current tax:

| UK corporation tax | 28,257 |  | 69,366 |  |

| Deferred tax | 8,121 |  | 6,014 |  |

| Tax on profit | 36,378 |  | 75,380 |  |

| UK corporation tax was charged at 25%) in 2024.

| Reconciliation of total tax charge 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 | 161,765 |  | 287,981 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 40,441 |  | 71,995 |  |

| Effects of:

| Expenses not deductible for tax purposes | 738 |  | 1,707 |  |

| Capital allowances in excess of depreciation | (4,801 | ) | - |  |

| Depreciation in excess of capital allowances | - |  | 1,678 |  |

| Total tax charge | 36,378 |  | 75,380 |  |

10. | DIVIDENDS

| 31.12.25 |  | 31.12.24

£ | £ |

| Interim | 202,000 |  | 70,000 |  |

Anest Iwata (UK) Limited (Registered number: 02822550)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

11. | TANGIBLE FIXED ASSETS

| Improvements |  | Fixtures |

| to |  | Plant and |  | and |  | Demonstration |

| property |  | machinery |  | fittings |  | equipment |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 1 January 2025 | 112,470 |  | 47,825 |  | 204,255 |  | 111,649 |  | 476,199 |  |

| Additions | - |  | - |  | 96,932 |  | 15,115 |  | 112,047 |  |

| Disposals | - |  | - |  | (16,196 | ) | (2,983 | ) | (19,179 | ) |

| At 31 December 2025 | 112,470 |  | 47,825 |  | 284,991 |  | 123,781 |  | 569,067 |  |

| DEPRECIATION

| At 1 January 2025 | 95,958 |  | 40,640 |  | 170,633 |  | 59,184 |  | 366,415 |  |

| Charge for year | 4,274 |  | 2,807 |  | 12,633 |  | 26,060 |  | 45,774 |  |

| Eliminated on disposal | - |  | - |  | - |  | (1,377 | ) | (1,377 | ) |

| At 31 December 2025 | 100,232 |  | 43,447 |  | 183,266 |  | 83,867 |  | 410,812 |  |

| NET BOOK VALUE

| At 31 December 2025 | 12,238 |  | 4,378 |  | 101,725 |  | 39,914 |  | 158,255 |  |

| At 31 December 2024 | 16,512 |  | 7,185 |  | 33,622 |  | 52,465 |  | 109,784 |  |

12. | STOCKS

| 31.12.25 |  | 31.12.24

£ | £ |

| Finished goods | 534,834 |  | 644,680 |  |

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Trade debtors | 434,744 |  | 434,837 |  |

| Other debtors | 926 |  | 238 |  |

| Due from group companies | 12,530 |  | 84,988 |  |

| Prepayment and deferred income | 57,904 |  | 60,200 |  |

506,104 |  | 580,263 |  |

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Trade creditors | 29,531 |  | 123,432 |  |

| Tax | 11,438 |  | 35,668 |  |

| Social security and other taxes | 25,008 |  | 23,223 |  |

| VAT | 99,316 |  | 56,668 |  |

| Other creditors | 34,324 |  | 30,377 |  |

| Due to group companies | 17,926 |  | 89,656 |  |

| Accrued expenses | 27,599 |  | 23,868 |  |

245,142 |  | 382,892 |  |

Anest Iwata (UK) Limited (Registered number: 02822550)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

15. | LEASING AGREEMENTS

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Within one year | 104,479 |  | 124,618 |  |

| Between one and five years | 131,232 |  | 235,710 |  |

235,711 |  | 360,328 |  |

| Operating leases recognised in profit and loss account during the year as an expense was £140,042 (2024 - £117,295).

16. | FINANCIAL INSTRUMENTS

| The company uses forward foreign exchange contracts to hedge currency exposure on firm future commitments. The fair value of the assets and liabilities held at fair value through profit and loss at the balance sheet date are determined using current forward exchange contracts with similar maturity contracts.

17. | PROVISIONS FOR LIABILITIES

| 31.12.25 |  | 31.12.24

£ | £ |

| Deferred tax | 36,805 |  | 28,684 |  |

| Deferred |

| tax |

£ |

| Balance at 1 January 2025 | 28,684 |  |

| Accelerated capital allowances | 8,121 |  |

| Balance at 31 December 2025 | 36,805 |  |

18. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

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

| value: | £ | £ |

| 1,677,778 | Ordinary | 1 | 1,677,778 |  | 1,677,778 |  |

| Each share is entitled to one vote in any circumstances. Each share has equal rights to dividends. Each share is entitled to participate in a distribution arising from a winding up of the company. The shares are not redeemable.

19. | RESERVES

| Retained

| earnings

£ |

| At 1 January 2025 | 326,680 |  |

| Profit for the year | 125,387 |  |

| Dividends | (202,000 | ) |

| At 31 December 2025 | 250,067 |  |

| Called up share capital - represents the nominal value of shares that have been issued.

| Retained earnings - includes all current and prior retained profits and losses.

Anest Iwata (UK) Limited (Registered number: 02822550)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

20. | ULTIMATE PARENT COMPANY

| Anest Iwata Corporation (incorporated in Japan ) is regarded by the directors as being the company's ultimate parent company.

| The directors consider that the ultimate controlling party is Anest Iwata Corporation, a company registered in Japan.

| The consolidated financial statements of Anest Iwata Corporation are publicly available and can obtained from:

| Anest Iwata Corporation

| 3176 Shinyoshida-Cho

| Kohoku-Ku

| Yokohama

| 223-8501

| Japan

21. | RELATED PARTY DISCLOSURES

| In accordance with FRS 102, the company claims exemption from disclosing transactions with other group entities, where the company is a fully-owned subsidiary.

| The company sold and purchased goods from Anest Iwata Australia PTY Limited of £92,763 and £17,587 respectively.The amount due from this company at the year end was £Nil (2024 - £50,748)

| The company purchased goods from Anest Iwata - Medea INC of £198,618, and sold goods to Anest Iwata Motherson Coating Equipment Ltd of £3,346.The amount due to Anest Iwata - Medea INC at the year end was £Nil (2024 - £42,872) and due from Anest Iwata Motherson Coating Equipment Ltd was £2,620 (2024 - £1,966)

22. | KEY MANAGEMENT PERSONNEL

| All directors who have authority and responsibility for planning, directing and controlling the activities of the company are considered to be key management personnel. Total salary in respect of these individuals is £212,200 (2024 - £215,418), total remuneration in respect of these individuals is £246,200 (2024 - £244,920).