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Registered number: 10075021 BOVA SPECIALS UK LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
BOVA SPECIALS UK LIMITED COMPANY INFORMATION
Directors | N P Bova
| M Kjellberg
| E Ohlen
Registered number | 10075021
Registered office | 7 Gorst Road
| Park Royal
| London
| NW10 6LA
Independent auditors | Nyman Libson Paul LLP
| 124 Finchley Road
| London
| NW3 5JS
BOVA SPECIALS UK LIMITED CONTENTS
| Page
Strategic Report | 1
Directors' Report | 2 - 3
Independent Auditors' Report | 4 - 7
Statement of Comprehensive Income | 8
Balance Sheet | 9
Statement of Changes in Equity | 10
Notes to the Financial Statements | 11 - 24
BOVA SPECIALS UK LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2025
Introduction
The directors presents the company's strategic report for the year ended 31 December 2025. The principal activity of the Company is that of the manufacture and sales of veterinary special medications.
Business review
The directors consider the results for the year to be in line with expectations. The results for the year were considered more than satisfactory by the directors who anticipate the company to display continued growth and profitability.
Principal risks and uncertainties
The key business risks and uncertainties affecting the company are considered to relate to the normal commercial risks involved in the manufacture and sales of veterinary special medications. The principal financial instruments of the company comprise bank balances, debtors and creditors. In respect of bank balances, liquidity risk is managed by actively monitoring balances and ensuring that funds are in place to meet liabilities as and when they fall due. Debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. Creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due. Currency risk is managed by monitoring movements in exchange rates in an effort to reduce any negative impact of those movements.
Financial key performance indicators
The directors consider the financial key performance indicators of the company to be sales growth, gross profit margin and debtor days. This report was approved by the board on 27 March 2026 and signed on its behalf.
N P Bova Director
Page 1
BOVA SPECIALS UK LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The directors present their report and the financial statements for the year ended 31 December 2025.
Directors' responsibilities statement
The directors are responsible for preparing the Strategic Report, the Directors' Report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 for the Company's financial statements and then apply them consistently; ∙make judgments 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 to 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.
Results and dividends
The profit for the year, after taxation, amounted to £6,075,401 (2024 - £5,832,917). The directors recommend the payment of a dividend of £4,000,000 (2024: £nil).
Going concern
The directors have reasonable expectation that the Company will continue in existence for the foreseeable future. The directors are satisfied that the Company having net assets, at the time of approving the financial statements, it is appropriate to adopt the going concern basis in preparing the financial statements on the basis that the parent company will continue to support the Company to meet maturing obligations for a period of at least 12 months following the approval of the financial statements. The Company's immediate parent, Nextmune Holding B.V, has confirmed its continuing financial support and therefore the Directors consider the Company is in a position to meet its liabilities as they fall due.
Directors
The directors who served during the year were:
N P Bova
M Kjellberg
E Ohlen
Page 2
BOVA SPECIALS UK LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Auditors
The auditors, Nyman Libson Paul LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board on 27 March 2026 and signed on its behalf.
N P Bova Director
Page 3
BOVA SPECIALS UK LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BOVA SPECIALS UK LIMITED
Opinion
We have audited the financial statements of Bova Specials UK Limited (the 'Company') for the year ended 31 December 2025, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, 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 United Kingdom, including the Financial Reporting Council'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. Page 4
BOVA SPECIALS UK LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BOVA SPECIALS UK LIMITED (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.
Opinion 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic Report and the Directors' Report 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 Directors' Report. We have nothing to report in respect of the following matters in relation to which 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 Directors' Responsibilities Statement set out on page 2, 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 is 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. Page 5
BOVA SPECIALS UK LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BOVA SPECIALS UK LIMITED (CONTINUED)
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 an Auditors' Report 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. 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 gained an understanding of the legal and regulatory framework applicable to the Company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. We focused on laws and regulations which could give rise to a material misstatement in the financial statements. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. 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 Auditors' Report. Page 6
BOVA SPECIALS UK LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BOVA SPECIALS UK LIMITED (CONTINUED)
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 an Auditors' Report 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. Hetal Mistry (Senior Statutory Auditor) for and on behalf of Nyman Libson Paul LLP 124 Finchley Road London NW3 5JS 7 April 2026 Page 7
BOVA SPECIALS UK LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 20,631,250 | 18,188,795
Cost of sales |  | (4,222,572) | (3,657,709)
Gross profit |  | 16,408,678 | 14,531,086
Administrative expenses |  | (8,461,801) | (7,490,706)
Operating profit | 6 | 7,946,877 | 7,040,380
Interest receivable and similar income | 7 | 100,618 | 51,952
Interest payable and similar expenses | 8 | (29,011) | (327)
Profit before tax |  | 8,018,484 | 7,092,005
Tax on profit | 11 | (1,943,083) | (1,259,088)
Profit for the financial year |  | 6,075,401 | 5,832,917
Total comprehensive income for the year |  | 6,075,401 | 5,832,917
The notes on pages 11 to 24 form part of these financial statements.
Page 8
BOVA SPECIALS UK LIMITED REGISTERED NUMBER: 10075021 BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible fixed assets |  |  | 2,383,827 |  | 2,082,990
Tangible fixed assets |  |  | 1,225,908 |  | 1,206,573
|  |  | 3,609,735 |  | 3,289,563
Current assets |  |  |  |  |
Stocks | 14 | 2,156,407 |  | 1,982,550 |
Debtors: amounts falling due after more than one year | 15 | 92,776 |  | 92,776 |
Debtors: amounts falling due within one year | 15 | 3,132,363 |  | 1,563,901 |
Cash at bank and in hand | 17 | 3,642,708 |  | 2,508,204 |
|  | 9,024,254 |  | 6,147,431 |
Creditors: amounts falling due within one year | 16 | (2,096,665) |  | (1,136,188) |
Net current assets |  |  | 6,927,589 |  | 5,011,243
Total assets less current liabilities |  |  | 10,537,324 |  | 8,300,806
Provisions for liabilities |  |  |  |  |
Deferred tax |  | (239,461) |  | (78,344) |
|  |  | (239,461) |  | (78,344)
Net assets |  |  | 10,297,863 |  | 8,222,462
Capital and reserves |  |  |  |  |
Called up share capital | 20 |  | 3 |  | 3
Profit and loss account |  |  | 10,297,860 |  | 8,222,459
|  |  | 10,297,863 |  | 8,222,462
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 March 2026.
N P Bova
Director
The notes on pages 11 to 24 form part of these financial statements. Page 9
BOVA SPECIALS UK LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 January 2024 | 3 | 2,389,542 | 2,389,545
Profit for the year | - | 5,832,917 | 5,832,917
At 1 January 2025 | 3 | 8,222,459 | 8,222,462
Profit for the year | - | 6,075,401 | 6,075,401
Contributions by and distributions to owners |  |  |
Dividends: Equity capital | - | (4,000,000) | (4,000,000)
At 31 December 2025 | 3 | 10,297,860 | 10,297,863
| The notes on pages 11 to 24 form part of these financial statements.
Page 10
BOVA SPECIALS UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
Bova Specials UK Limited ('the company') is a private company limited by shares and is incorporated in England. The Company's registered office address is 7 Gorst Road, Park Royal, London, United Kingdom, NW10 6LA. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Financial Reporting Standard 102 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 7 Statement of Cash Flows; ∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); ∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); ∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; ∙the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of Vimian Group AB (publ) as at 31 December 2024 and these financial statements may be obtained from the registered address of the group or via the groups website.
| 2.3 | Going concern
The directors have reasonable expectation that the Company will continue in existence for the foreseeable future. The directors are satisfied that the Company having net assets, at the time of approving the financial statements, it is appropriate to adopt the going concern basis in preparing the financial statements on the basis that the parent company will continue to support the Company to meet maturing obligations for a period of at least 12 months following the approval of the financial statements. The Company's immediate parent, Nextmune Holding B.V, has confirmed its continuing financial support and therefore the Directors consider the Company is in a position to meet its liabilities as they fall due. Page 11
BOVA SPECIALS UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.4 | Financial instruments
| 2.5 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.6 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.7 | Revenue
Revenue is measured at the fair value of the consideration received or receiveable, excluding discounts, rebates, value added tax and other sales taxes.
| 2.8 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
| 2.9 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Page 12
BOVA SPECIALS UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.9 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided at varying annual rates from 10% to 33% in order to write off each asset over its estimated usfeul life. The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.10 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP rounded to nearest pound Transactions and balances Transactions in foreign currencies are translated to the Company's functional currency rate ruling at the date of transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are retranslated to the functional currency at the foreign exchange rate ruling at that date. Page 13
BOVA SPECIALS UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.11 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.12 | Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
| 2.13 | Interest
Interest income and interest payable are recognised in profit or loss as they accrue, using the effective interest method.
| 2.14 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. Page 14
BOVA SPECIALS UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.15 | Research and development
Expenditure on research activities is recognised in the profit and loss account as an expense as incurred. Expenditure on development activities may be capitalised if the product or process is techincally and commercially feasible and the Company intends, and has the technical ability and sufficient resources, to complete devlopment, future economic benefits are probable and if the Company can measure reliably the expenditure attributable to the intangible asset during its development. Development activities involve design for, construction or testing of the production of new or substantially improved products or processes. The expenditure capitalised includes the cost of materials, direct labour and an appropriate proportion of overheads and capitalised borrowing costs.Other development expenditure is recognised in the profit and loss account as an expense as incurred. Capitalised development expenditure is stated at cost less accumulated amortisation and less accumulated impairment losses.
| 2.16 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.17 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.18 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.19 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Page 15
BOVA SPECIALS UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the reporting date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following are the company's key sources of estimation uncertainty: Tangible and Intangible assets Assets are depreciated / amortised over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on the number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values. Impairment of debtors Management makes an estimate of the recoverable value of trade and other debtors. When assessing impairment, the management considers factors including the current credit rating of the debtor, the ageing profile and historical experience. Accruals Management makes an estimate of accruals at the year end based on invoices received after the year end and work undertaken which has not been invoiced based on quotations or estimates of amounts that may be due for payment.
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Sale of pharmaceutical products | 19,352,279 | 17,541,472
| Royalty income | 1,278,971 | 647,323
|  | 20,631,250 | 18,188,795
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BOVA SPECIALS UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
5. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 4,324,796 | 3,675,476
| The average monthly number of employees during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Employees | 93 | 94
| The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was: 2025 2024 No. No. In the band £80,001 - £90,000 1 1 Total employment benefits for key management personnel were £88,760 (2024: £122,440).
6. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Auditors' remuneration | 25,000 | 23,000
| Exchange differences | 6,263 | 399,122
| Other operating lease rentals | 59,164 | 458,624
7. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 100,618 | 51,952
|  | 100,618 | 51,952
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BOVA SPECIALS UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
8. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other loan interest payable | 245 | 327
| Other interest payable | 28,766 | -
|  | 29,011 | 327
9. | Auditors' remuneration
| During the year, the Company obtained the following services from the Company's auditors:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 25,000 | 23,000
| Fees payable for the preparation of the statutory accounts | 4,500 | 4,500
10. | Directors' remuneration
The director received emoluments of £88,760 (2024: £122,440) in respect of their services to the company for the year ended 31 December 2025. Page 18
BOVA SPECIALS UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
11. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 2,029,488 | 1,732,544
| Adjustments in respect of previous periods | (247,522) | (425,131)
|  | 1,781,966 | 1,307,413
| Total current tax | 1,781,966 | 1,307,413
| Deferred tax |  |
| Origination and reversal of timing differences | 161,117 | (48,325)
| Total deferred tax | 161,117 | (48,325)
| Tax on profit | 1,943,083 | 1,259,088
| Factors affecting tax charge for the year
| The tax assessed for the year is the same as (2024 - the same as) the standard rate of corporation tax in the UK of 25% (2024 - 25%) as set out below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 8,018,484 | 7,092,005
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 2,004,621 | 1,773,001
| Effects of: |  |
| Fixed asset differences | 11,327 | (59,117)
| Expenses not deductible for tax purposes | 14,426 | 14,518
| Adjustments to tax charge in respect of prior periods | (247,522) | (425,131)
| Remeasurement of deferred tax | 161,117 | (48,325)
| Other differences leading to an increase (decrease) in the tax charge | (886) | 4,142
| Total tax charge for the year | 1,943,083 | 1,259,088
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BOVA SPECIALS UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 11.Taxation (continued)
| Factors that may affect future tax charges
There were no factors that may affect future tax charges.
12. | Intangible assets
|  | Development expenditure | Computer software | Total
|  | £ | £ | £
| Cost |  |  |
| At 1 January 2025 | 2,497,824 | 235,928 | 2,733,752
| Additions | 811,963 | 25,000 | 836,963
| Additions - internal | - | 44,000 | 44,000
| At 31 December 2025 | 3,309,787 | 304,928 | 3,614,715
| Amortisation |  |  |
| At 1 January 2025 | 569,319 | 81,443 | 650,762
| Charge for the year on owned assets | 561,906 | 18,220 | 580,126
| At 31 December 2025 | 1,131,225 | 99,663 | 1,230,888
| Net book value |  |  |
| At 31 December 2025 | 2,178,562 | 205,265 | 2,383,827
| At 31 December 2024 | 1,928,505 | 154,485 | 2,082,990
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BOVA SPECIALS UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
13. | Tangible fixed assets
|  | Long-term leasehold property | Plant and machinery | Motor vehicles | Other fixed assets | Total
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 1 January 2025 | 1,283,086 | 1,351,867 | 39,561 | 518,159 | 3,192,673
| Additions | - | 284,361 | - | 106,218 | 390,579
| Disposals | (17,952) | (43,499) | (11,999) | (34,448) | (107,898)
| At 31 December 2025 | 1,265,134 | 1,592,729 | 27,562 | 589,929 | 3,475,354
| Depreciation |  |  |  |  |
| At 1 January 2025 | 603,289 | 986,664 | 39,561 | 356,586 | 1,986,100
| Charge for the year on owned assets | 134,766 | 147,644 | - | 88,174 | 370,584
| Disposals | (17,954) | (43,500) | (11,999) | (33,785) | (107,238)
| At 31 December 2025 | 720,101 | 1,090,808 | 27,562 | 410,975 | 2,249,446
| Net book value |  |  |  |  |
| At 31 December 2025 | 545,033 | 501,921 | - | 178,954 | 1,225,908
| At 31 December 2024 | 679,797 | 365,203 | - | 161,573 | 1,206,573
14. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Raw materials | 1,228,339 | 1,190,180
| Work in progress | 322,154 | 280,864
| Finished goods | 605,914 | 511,506
|  | 2,156,407 | 1,982,550
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BOVA SPECIALS UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
15. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Due after more than one year |  |
| Other debtors | 92,776 | 92,776
|  | 92,776 | 92,776
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Due within one year |  |
| Trade debtors | 2,769,078 | 1,839,163
| Amounts owed by group undertakings | - | 2,000
| Other debtors | 35,440 | (771,858)
| Prepayments and accrued income | 327,845 | 494,596
|  | 3,132,363 | 1,563,901
16. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 1,027,560 | 369,509
| Corporation tax | (73,195) | -
| Other taxation and social security | 761,989 | 453,972
| Other creditors | 141,295 | 35,201
| Accruals and deferred income | 239,016 | 277,506
|  | 2,096,665 | 1,136,188
17. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 3,642,708 | 2,508,204
|  | 3,642,708 | 2,508,204
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BOVA SPECIALS UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
18. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | (78,344)
| Charged to profit or loss | (161,117)
| At end of year | (239,461)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fixed asset timing differences | (239,461) | (78,344)
|  | (239,461) | (78,344)
19. | Commitments under operating leases
| At 31 December 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 261,500 | 368,305
| Later than 1 year and not later than 5 years | 72,240 | 282,225
|  | 333,740 | 650,530
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BOVA SPECIALS UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
20. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 3 (2024 - 3) Ordinary Shares shares of £1.00 each | 3 | 3
21. | Related party transactions
| The Company has taken advantage of the exemption available under The Small Companies and Groups Regulations 2008, Schedule 1 paragraph 66(4) from disclosing details of any transactions entered into between two or more members of a group where they are wholly owned members of this group. Disclosures of transactions between members of the group are being disclosed within the Consolidated accounts at the group level.
22. | Controlling party
The ultimate parent undertaking and controlling party is Vimian Group AB (publ), a company incorporated in Sweden. Copies of the financial statements of Vimian Group AB (publ) may be obtained from the registered address of the group or via the groups website: Riddargatan 19 SE-114 57 Stockholm Sweden
23. | Post balance sheet events
There have been no significant events affecting the Company since the year end.
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