Company registration number 05333134 (England and Wales)
PIOVAN UK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
PIOVAN UK LIMITED
COMPANY INFORMATION
Directors
Mr N Piovan
Mr N J Fox
Mr A Blizzard
Mr D M Donnelly
Secretary
Mr A Blizzard
Company number
05333134
Registered office
Unit 12 Broad Ground Road
Lakeside Industrial Estate
Redditch
Worcestershire
United Kingdom
B98 8YP
Auditor
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
PIOVAN UK LIMITED
CONTENTS
Page
Directors' report
1 - 2
Independent auditor's report
3 - 5
Profit and loss account
6
Balance sheet
7
Statement of changes in equity
8
Notes to the financial statements
9 - 26
PIOVAN UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

The directors present their annual report and financial statements for the year ended 31 December 2025.

Principal activities

The principal activity of the company in the year under review was the distribution of industrial equipment.

Results and dividends

The results for the year are set out on page 6.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr N Piovan
Mr N J Fox
Mr A Blizzard
Mr D M Donnelly
Qualifying third party indemnity provisions

The company has put in place qualifying third party indemnity provisions for all of the directors of Piovan UK Limited.

Supplier payment policy

The company's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).

The company's current policy concerning the payment of trade creditors is to:

- settle the terms of payment with suppliers when agreeing the terms of each transaction;

- ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in contracts; and

- pay in accordance with the company's contractual and other legal obligations.

Trade creditors of the company at the year end were equivalent to 50 day's purchases, based on the average daily amount invoiced by suppliers during the year.

Financial risk management objectives and policies
Liquidity risk

The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.

Foreign currency risk

The company’s principal foreign currency exposures arise from trading with overseas companies. Company policy permits but does not demand that these exposures may be hedged in order to fix the cost in sterling.

Credit risk

Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade Debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

PIOVAN UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
Future developments

The directors aim to maintain the same management policies which have resulted in the company's performance to date.

Auditor

In accordance with the company's articles, a resolution proposing that Ormerod Rutter Limited be reappointed as auditor of the company will be put at a General Meeting.

Statement of directors' responsibilities

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;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Mr N Piovan
Director
1 April 2026
PIOVAN UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF PIOVAN UK LIMITED
- 3 -
Opinion

We have audited the financial statements of Piovan UK Limited (the 'company') for the year ended 31 December 2025 which comprise the profit and loss account, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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 101 Reduced Disclosure Framework (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 Auditor's 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 other information comprises the information included in the annual report other than the financial statements and our auditor's 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.

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the directors' report has been prepared in accordance with applicable legal requirements.

PIOVAN UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF PIOVAN UK LIMITED (CONTINUED)
- 4 -
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 identifie d material misstatements in the directors' r eport.

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' r esponsibilities s tatement, 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.

Auditor's 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 auditor's 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

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

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

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;

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

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

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

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and

- understanding the design of the company’s remuneration policies.

PIOVAN UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF PIOVAN UK LIMITED (CONTINUED)
- 5 -

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

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

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

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

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance; and

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

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, 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.

A further description of our responsibilities is available on the Financial Reporting Council's website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s member 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 member, those matters we are required to state to the member in an auditor's 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 member, for our audit work, for this report, or for the opinions we have formed.

William Jonathan Roberts FCCA (Senior Statutory Auditor)
For and on behalf of Ormerod Rutter Limited, Statutory Auditor
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
13 April 2026
PIOVAN UK LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 6 -
2025
2024
Notes
£
£
Turnover
3
7,733,452
6,742,251
Cost of sales
(4,987,272)
(4,121,742)
Gross profit
2,746,180
2,620,509
Administrative expenses
(2,505,641)
(2,325,044)
Operating profit
4
240,539
295,465
Interest receivable and similar income
7
49,545
53,772
Interest payable and similar expenses
8
(21,242)
(7,080)
Profit before taxation
268,842
342,157
Tax on profit
9
(108,113)
(81,766)
Profit and total comprehensive income for the year
22
160,729
260,391

The profit and loss account has been prepared on the basis that all operations are continuing operations.

PIOVAN UK LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2025
31 December 2025
- 7 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible fixed assets
10
1,096,552
335,269
Deferred tax asset
16
5,446
31,609
1,101,998
366,878
Current assets
Stocks
11
846,544
724,974
Debtors
12
3,088,360
3,316,331
Cash at bank and in hand
1,051,430
1,724,528
4,986,334
5,765,833
Creditors: amounts falling due within one year
13
(4,005,255)
(4,893,598)
Net current assets
981,079
872,235
Total assets less current liabilities
2,083,077
1,239,113
Creditors: amounts falling due after more than one year
13
(858,011)
(150,954)
Provisions for liabilities
Deferred tax liabilities
16
(20,178)
-
0
Other provisions
17
(6,000)
(50,000)
Net assets
1,198,888
1,038,159
Capital and reserves
Called up share capital
21
25,000
25,000
Profit and loss reserves
22
1,173,888
1,013,159
Total equity
1,198,888
1,038,159

These financial statements have been prepared 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 N Piovan
Director
Company registration number 05333134 (England and Wales)
PIOVAN UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2024
25,000
752,768
777,768
Year ended 31 December 2024:
Profit and total comprehensive income
-
260,391
260,391
Balance at 31 December 2024
25,000
1,013,159
1,038,159
Year ended 31 December 2025:
Profit and total comprehensive income
-
160,729
160,729
Balance at 31 December 2025
25,000
1,173,888
1,198,888
PIOVAN UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 9 -
1
Accounting policies
Company information

Piovan UK Limited is a private company limited by shares domiciled and incorporated in England and Wales. The registered office is Unit 12 Broad Ground Road, Lakeside Industrial Estate, Redditch, Worcestershire, United Kingdom, B98 8YP. The company's principal activities and nature of its operations are disclosed in the directors' report.

1.1
Basis of preparation

The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts 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.

As permitted by FRS 101, the company has taken advantage of the following disclosure exemptions from the requirements of IFRS:

- inclusion of an explicit and unreserved statement of compliance with IFRS;

- presentation of a statement of cash flows and related notes;

- disclosure of the objectives, policies and processes for managing capital;

- disclosure of key management personnel compensation;

- disclosure of the categories of financial instrument and the nature and extent of risks arising on these financial instruments;

- the effect of financial instruments on the statement of comprehensive income;

- comparative period reconciliations for the number of shares outstanding and the carrying amounts of property, plant and equipment, intangible assets, investment property and biological assets;

- disclosure of the future impact of new International Financial Reporting Standards in issue but not yet effective at the reporting date;

- related party disclosures for transactions with the parent or wholly owned members of the group.

Where required, equivalent disclosures are given in the group accounts of Piovan S.p.A. The group accounts of Piovan S.p.A. are available to the public and can be obtained as set out in note 27.

The company is a wholly owned subsidiary of Piovan S.p.A., which publishes consolidated financial statements in which the company is included. These accounts present information about the company on an individual basis.

1.2
Going concern

After making enquiries into future trading forecasts and cash requirements the directors have formed a judgement at the time of approving the financial statements that there is a reasonable expectation that the company has adequate resources to meet its obligations and continue in operational existence for the foreseeable future. For these reasons, the directors continue to adopt the going concern basis in preparing the directors report and accounts.true

1.3
Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

PIOVAN UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 10 -

In order to provide the qualitative disclosures required by IFRS 15, it should be noted that the company's revenue can be broken down into:

i. Revenue from the sale of automation systems for the storage, transport and processing of plastics ("Plastic Systems"), including:

- contracts in which performance obligations are met "at a point in time": this category includes sales of systems, plants and equipment. This category includes contracts that generally provide for a single performance obligation represented by the supply of the plant/equipment and others in which there are three performance obligations represented by (i) the design of machinery and engineering solutions and the production of plant and systems; (ii) installation and (iii) start-up and parameterization. In these types of contractual relationships, the company recognises Revenue when the customer obtains control of the asset, normally identified, according to the contractual conditions, on shipment or delivery of the plant/product to the customer, while for the other two performance obligations the revenue is recorded when the service is provided.

- contracts in which the performance obligations are met "over time": typically these are the sale of certain plants with a high degree of customisation required by customers and in which the contractual conditions provide that control of the asset is transferred to the customer either on testing or on installation. It is considered that the contractual performance obligation is unique and that it is fulfilled over time since the product system has no alternative use for the company, being very specific and customised, and since the company is entitled to receive a fee for what has been completed on the date in the event of cancellation of the order. Therefore, the company records the sales revenue of these plants in proportion to the progress on the performance obligation.

In order to determine progress, an input method is used, i.e. the cost-to-cost method, which provides for the proportion of contract costs incurred for work carried out up to the reporting date to the total estimated contract costs. Estimates are based on contract forecasting and reporting data and, where necessary, estimates of contract revenue and costs are revised. Any economic effects are recognised in the period in which the updates are made. Generally, the execution time required for these installations is not more than one year and payments on account are foreseen.

Contract work in progress is stated net of advances concerning the contract in course of execution. Given that the analysis is carried out contract by contract, the statement of financial position is as follows:

- when the costs incurred, increased by the related margins recorded, exceed the advances received from customers, the difference is recognised as contract asset within debtors,

- when the advances received from customers exceed the costs incurred, increased by the related margins recorded, the difference is recognised as a contract liability within creditors.

ii. Revenue from spare parts sales:

- revenue from the sale of spare parts is recogni s ed on the transfer of the goods. T his normally takes place when the goods are shipped or delivered.

iii. Revenue for technical assistance services:

- s ervice revenue is recogni s ed on completion and/or maturation.

PIOVAN UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 11 -
1.4
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 include 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.

Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Office equipment, furniture & fixtures
25% reducing balance, 50% straight line
Tools
25% reducing balance
Computer equipment
33% reducing balance
Right of use assets - buildings
straight-line over the lease term
Right of use assets - vehicles
straight-line over the lease term

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within 'Administrative Expenses' in the Profit and Loss Account.

1.5
Impairment of tangible and intangible assets

At each reporting 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.

Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
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 an average costing basis.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over their 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.

PIOVAN UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 12 -

Work in progress relates to stock items that have been despatched to customers but have not yet been installed. The sale of these items is recognised upon installation. The customer does not obtain control or the significant risks and rewards of ownership of these items before they are installed.

1.7
Cash at bank and in hand

Cash and cash equivalents 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.

1.8
Financial assets

Financial assets are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

Financial assets at fair value through profit or loss

When any of the above-mentioned conditions for classification of financial assets is not met, a financial asset is classified as measured at fair value through profit or loss. Financial assets measured at fair value through profit or loss are recognized initially at fair value and any transaction costs are recognised in profit or loss when incurred. A gain or loss on a financial asset measured at fair value through profit or loss is recognised in profit or loss, and is included within finance income or finance costs in the statement of income for the reporting period in which it arises.

Financial assets held at amortised cost

Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.

Financial assets at fair value through other comprehensive income

Debt instruments are classified as financial assets measured at fair value through other comprehensive income where the financial assets are held within the company’s business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

A debt instrument measured at fair value through other comprehensive income is recognised initially at fair value plus transaction costs directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognised through other comprehensive income are directly transferred to profit or loss when the debt instrument is derecognised.

PIOVAN UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 13 -

The company has made an irrevocable election to recognize changes in fair value of investments in equity instruments through other comprehensive income, not through profit or loss. A gain or loss from fair value changes will be shown in other comprehensive income and will not be reclassified subsequently to profit or loss. Equity instruments measured at fair value through other comprehensive income are recognized initially at fair value plus transaction cost directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognized through other comprehensive income are directly transferred to retained earnings when the equity instrument is derecognized or its fair value substantially decreased. Dividends are recognized as finance income in profit or loss.

Impairment of financial assets

Impairment provisions are recognised when there is objective evidence that a financial asset or group of financial assets is impaired. Objective evidence includes significant financial difficulties of the counterparty, default or significant delays in payment.

Impairment provisions represent the differences between the net carrying amount of a financial asset and the present value of the expected future cash receipts from that asset.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

1.9
Financial liabilities

The company recogni s es financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

Other financial liabilities

Other financial liabilities, including borrowings, t rade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue 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.

PIOVAN UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 14 -
Deferred tax

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary 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 made when an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charge to the provision carried in the Balance Sheet.

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 inventories 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

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in the Profit and Loss Account when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.

PIOVAN UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 15 -
1.15
Leases
As lessee

At inception, the company assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the company recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within tangible fixed assets, apart from those that meet the definition of investment property.

The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the commencement date plus any initial direct costs and an estimate of the cost of obligations to dismantle, remove, refurbish or restore the underlying asset and the site on which it is located, less any lease incentives received.

The right-of-use asset is subsequently adjusted for remeasurements of the lease liability and applies the relevant cost model, fair value model or revaluation model as set out within the accounting policies for the applicable asset class. Where the cost model is applied, the asset is depreciated from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term, and is periodically reduced by impairment losses, if any.

The lease liability is initially measured at the present value of the lease payments that are unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the company's incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed payments, variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee, and the cost of any options that the company is reasonably certain to exercise, such as the exercise price under a purchase option, lease payments in an optional renewal period, or penalties for early termination of a lease.

The lease liability is measured at amortised cost using the effective interest method. It is re assessed at each financial period end to reflect lease modifications and any changes to the factors considered at initial measurement, as set out above. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

The company has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term in accordance with IFRS 16.6.

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.

PIOVAN UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 16 -
2
Critical accounting estimates and judgements

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, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

Key sources of estimation uncertainty
Tangible assets

Tangible fixed assets are depreciated 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 a 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.

Stocks

At each reporting date, inventories are assessed for impairment. If inventory is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Profit and Loss Account.

Trade debtors

At each reporting date, trade debtors are assessed for recoverability. If there is any evidence of impairment, the carrying amount of the debtor is reduced to its recoverable amount. The impairment loss is recognised immediately in the Profit and Loss Account.

PIOVAN UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 17 -
3
Turnover

An analysis of the company's turnover is as follows:

2025
2024
£
£
Turnover analysed by class of business
Plastic systems
6,969,740
5,900,368
Service and spare parts
763,712
841,883
7,733,452
6,742,251
2025
2024
£
£
Other significant revenue
Interest income
49,545
53,772
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
6,941,106
5,679,959
European Union
792,346
1,062,292
7,733,452
6,742,251
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains)
11,079
(1,428)
Depreciation of property, plant and equipment
242,653
160,453
Loss on disposal of tangible fixed assets
6,943
8,198
Cost of inventories recognised as an expense
4,978,406
4,113,773
5
Employees

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

2025
2024
Number
Number
Total employees
27
26
PIOVAN UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
5
Employees
(Continued)
- 18 -

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
1,359,213
1,366,677
Social security costs
185,140
170,198
Pension costs
107,157
95,382
1,651,510
1,632,257
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
276,428
372,468
Amounts receivable under long term incentive schemes
-
0
66,882
Company pension contributions to defined contribution schemes
49,785
59,224
326,213
498,574

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2024 - 3).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
99,692
177,189
Long term incentive schemes
50,404
54,693
Company pension contributions to defined contribution schemes
23,146
35,278

The l ong term incentive scheme payments disclosed above relate to awards that vested in prior financial periods. The associated cost was fully recognised over the vesting period and no charge was recognised in the current year. Amounts paid in the year represent settlement of previously accrued liabilities.

7
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
12,586
18,562
Interest receivable from group companies
36,959
35,210
Total income
49,545
53,772
PIOVAN UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
7
Interest receivable and similar income
(Continued)
- 19 -

Total interest income for financial assets that are not held at fair value through profit or loss is £49,545 (2024: £53,772).

8
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on other loans
21,242
7,080
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
70,000
89,202
Adjustments in respect of prior periods
(8,228)
-
Total UK current tax
61,772
89,202
Deferred tax
Origination and reversal of temporary differences
46,341
(7,436)
Total tax charge
108,113
81,766

The charge for the year can be reconciled to the profit per the profit and loss account as follows:

2025
2024
£
£
Profit before taxation
268,842
342,157
Expected tax charge based on a corporation tax rate of 25.00% (2024: 25.00%)
67,211
85,539
Effect of expenses not deductible in determining taxable profit
14,773
8,556
Income not taxable
(24,577)
(13,443)
Utilisation of tax losses not previously recognised
(12,386)
-
0
Adjustment in respect of prior years
(8,228)
-
0
Permanent capital allowances in excess of depreciation
7,709
833
Other permanent differences
37,448
-
Other timing differences
26,163
281
Taxation charge for the year
108,113
81,766
PIOVAN UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 20 -
10
Tangible fixed assets
Tools
Office equipment, furniture & fixtures
Computer equipment
Right of use assets - buildings
Right of use assets - vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2025
36,402
35,195
51,059
162,696
422,959
708,311
Additions
35,916
21,748
29,559
783,274
141,594
1,012,091
Disposals
(2,373)
(28,911)
(13,913)
(162,696)
(44,858)
(252,751)
At 31 December 2025
69,945
28,032
66,705
783,274
519,695
1,467,651
Accumulated depreciation and impairment
At 1 January 2025
26,991
27,476
25,867
142,855
149,853
373,042
Charge for the year
11,541
7,367
20,253
65,154
138,338
242,653
Eliminated on disposal
(1,889)
(25,256)
(11,110)
(162,696)
(43,645)
(244,596)
At 31 December 2025
36,643
9,587
35,010
45,313
244,546
371,099
Carrying amount
At 31 December 2025
33,302
18,445
31,695
737,961
275,149
1,096,552
At 31 December 2024
9,411
7,719
25,192
19,841
273,106
335,269

Tangible fixed assets includes right-of-use assets, as follows:

Right-of-use assets
2025
2024
£
£
Net values at the year end
Right of use assets - buildings
737,961
19,841
Right of use assets - vehicles
275,150
273,106
1,013,111
292,947
Total additions in the year
924,868
198,815
Depreciation charge for the year
Right of use assets - buildings
65,154
23,809
Right of use assets - vehicles
138,338
115,159
203,492
138,968
PIOVAN UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
10
Tangible fixed assets
(Continued)
- 21 -

The company leases one property which has a remaining lease term of 9 year.

The company leases 20 vehicles which have remaining lease terms of 0-4 years.

Details of the lease liabilities are given in note 16.

Amounts recognised in the Profit and Loss Account

- depreciation expense on right-of-use assets totalled £203,492

- interest expense on lease liabilities totalled £21,242

11
Stocks
2025
2024
£
£
Raw materials
846,544
724,974

There is no material difference between the replacement cost of stocks and the amounts stated above.

The cost of inventories expensed in the year and included in cost of sales was £5,286,816 (2024: £4,144,429).

An impairment provision of £191,317 (2024: £187,507) is included in stock.

Stock impairment costs recognised in the year totalled £3,810 (2024: £42,098).

12
Debtors
2025
2024
£
£
Trade debtors
1,210,264
1,061,007
Provision for bad and doubtful debts
(15,785)
(40,156)
1,194,479
1,020,851
Amounts owed by fellow group undertakings
1,669,699
1,744,617
Other debtors
113,594
473,582
Prepayments and accrued income
110,588
77,281
3,088,360
3,316,331
Deferred tax asset (note 16)
5,446
31,609
3,093,806
3,347,940

The year end provision was £15,785 (2024: £40,156).

Trade debtors, amounts owed by fellow group undertakings and other debtors disclosed above are classified as loans and receivables and are therefore measured at amortised cost.

PIOVAN UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 22 -
13
Creditors
Due within one year
Due after one year
2025
2024
2025
2024
Notes
£
£
£
£
Creditors
14
1,828,003
1,394,786
-
0
-
0
Corporation tax
19,837
44,304
-
-
Other taxation and social security
368,477
506,544
-
-
Lease liabilities
15
195,701
129,373
858,011
150,954
Deferred income
18
1,593,237
2,818,591
-
0
-
0
4,005,255
4,893,598
858,011
150,954
14
Creditors
2025
2024
£
£
Trade creditors
513,456
970,595
Amounts owed to fellow group undertakings
1,014,245
93,699
Accruals and deferred income
248,552
197,901
Other creditors
51,750
132,591
1,828,003
1,394,786

Trade creditors, amounts owed to fellow group undertakings, and other creditors are classified as creditors and are therefore measured at amortised cost.

Other creditors due within one year includes £51,750 (2024: £132,591) in respect of amounts owed under group long-term incentive schemes.

15
Lease liabilities
2025
2024
Net amounts due
£
£
Within one year
195,701
129,373
After more than one year
858,011
150,954
1,053,712
280,327
2025
2024
Maturity analysis of future lease payments
£
£
Within one year
195,701
129,373
In two to five years
858,011
150,954
Total undiscounted liabilities
1,053,712
280,327

The fair value of the company's lease obligations is approximately equal to their carrying amount.

PIOVAN UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
15
Lease liabilities
(Continued)
- 23 -
Other leasing information is included in note 23.
16
Deferred taxation
Liabilities
Assets
2025
2024
2025
2024
£
£
£
£
Deferred tax balances
20,178
-
0
5,446
31,609
Deferred tax assets are expected to be recovered within one year.

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon during the current and prior reporting period.

Accelerated capital allowances
Share based payments
Short term timing differences
Total
£
£
£
£
Asset at 1 January 2024
9,189
(24,288)
(9,074)
(24,173)
Deferred tax movements in prior year
Charge/(credit) to profit or loss
(523)
(975)
(5,938)
(7,436)
Asset at 1 January 2025
8,666
(25,263)
(15,012)
(31,609)
Deferred tax movements in current year
Charge/(credit) to profit or loss
11,512
25,263
9,566
46,341
Liability at 31 December 2025
20,178
-
-
20,178
Asset at 31 December 2025
-
0
-
0
(5,446)
(5,446)
17
Provisions for liabilities
2025
2024
£
£
Dilapidation provision
6,000
50,000
Movements on provisions:
Dilapidation provision
£
Additional provisions in the year
6,000
PIOVAN UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 24 -
18
Deferred revenue
2025
2024
£
£
Arising from deposits and contract liabilities
1,593,237
2,818,591
19
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
107,157
95,382

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. There were no outstanding or prepaid contributions at either the beginning or end of the financial year.

20
Share-based payments

The parent company Piovan S.p.A. operated a long-term incentive scheme under which it granted rights to certain employees to receive cash payments based on the value of Piovan S.p.A.'s shares, and conditional on the achievement of certain performance targets. The rights to payments vested from 2022-2024 and all associated costs were recognised in that period. Amounts still owed under this scheme are presented with other creditors.

The costs of any such cash payments due to employees of Piovan UK Limited are borne by Piovan UK Limited.

PIOVAN UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 25 -
21
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Authorised
Ordinary of £1 each
25,000
25,000
25,000
25,000
Issued and fully paid
Ordinary of £1 each
25,000
25,000
25,000
25,000

The profits of the company are available for distribution in respect of each accounting period. In the event of a winding-up, surplus assets and retained profits of the company after payment of its liabilities are available for distribution among the members. All shares carry voting rights of one vote per share.

22
Profit and loss reserves

Profit and loss reserves represent accumulated realised profits less accumulated realised losses and dividends paid.

23
Other leasing information
As lessee

The below relates to leases for low value assets not capitalised as right of use assets and instead expensed on a straight line basis over the lease term, as allowed by IFRS 16 paragraph 6.

2025
2024
Amounts recognised in profit or loss:
£
£
Expense relating to leases of low-value assets
4,784
3,987

Set out below are the future cash outflows to which the lessee is potentially exposed that are not reflected in the measurement of lease liabilities:

2025
2024
Operating leases apart from land and buildings
£
£
Within one year
4,784
3,987
Between two and five years
3,588
-
8,372
3,987
Information relating to lease liabilities is included in note 15.
PIOVAN UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 26 -
24
Capital commitments
2025
2024
£
£

At 31 December 2025 the company had capital commitments as follows:

Contracted for but not provided in the financial statements:
Acquisition of tangible fixed assets
-
0
27,368
25
Related party transactions

During the year, purchases of £475 (2024 - £475) were made by Piovan UK Limited to The Polymer Machinery Manufacturing and Distributors Association Limited which is a related party of N J Fox. At 31 December 2025 £Nil (2024 - £Nil) was owed by Piovan UK Limited.

26
Directors' transactions

During the year amounts repaid by directors were £21,150 (2024: £2,169). At the year end amounts owed by directors to the company were £nil (2024: £21,150).

During the year, one director was entitled to receive payments under a long-term incentive scheme operated by the parent company, Piovan S.p.A. The amount owed to the director in respect of these arrangements at the year end was £51,750 (2024: £132,591) and is presented within other creditors due within one year.

27
Controlling party

The company's parent undertaking is Piovan S.p.A., a company incorporated in Italy. The address of the parent company's registered office is Via delle Industrie 16 –30036 S. Maria di Sala (Venice) Italy.

The results of the company are included in the consolidated financial statements of Piovan S.p.A. which are available from the company's website at https://ir.piovangroup.com/en/financial-statements/

The ultimate controlling party and ultimate parent undertaking is Automation Systems S.p.A by virtue of its 64.82% interest in Piovan S.p.A.

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