Company registration number 02257199 (England and Wales)
NAZDAR LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 3 JANUARY 2026
NAZDAR LIMITED
COMPANY INFORMATION
Directors
Mr M C Steimley
Mr J Thrall
Secretary
Mr D G Austin
Company number
02257199
Registered office
Nazdar House
Battersea Road
Heaton Mersey Industrial Estate
Stockport
SK4 3EA
Auditor
MHA
Richard House
9 Winckley Square
Preston
PR1 3HP
NAZDAR LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 25
NAZDAR LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 3 JANUARY 2026
- 1 -

The directors present the strategic report for the period ended 3 January 2026.

Fair review of the business

The company delivered a resilient performance in 2025, with revenue increasing by 2.4% to £10.8m (2024: £10.5m). This growth reflects continued demand across key product categories and geographies, despite ongoing cost and currency pressures.

Growth was primarily driven by OEM Narrow Web Label, OEM Graphics in India, and OEM DTG Textile, supported by strong customer relationships and targeted market focus.

As shown in the company's profit and loss account on page 10, the company made a profit before taxation of £774,066 (28.12.2024: £1,089,404). The profit for the period after taxation amounted to £591,205 (28.12.2024: £868,926).

Gross profit rose to 47.2% (2024: 42.96%), driven by management’s sustained focus on cost control, targeted pricing actions and operational efficiencies, enabling the business to protect margins while continuing to invest in future growth.

Working capital continues to be managed as effectively as possible. Inventory levels increased by 2 4.9% versus the prior period, primarily due to bulk purchasing from our Chinese supply chain and higher stock holdings to support OEM customer demand. Trade debtor balances aged over 90 days represent 8.3% of the total receivables balance, while cash on hand has increased by 8.2% compared to 2024.

The business has bank balances of £3,134,292 on 3 January 2026.

To continue to improve in 2026, we will continue to network with our parent’s strong capabilities in manufacturing, R&D, and supply chain.

Principal risks and uncertainties

The company's operations expose it to a variety of financial risks including the effects of foreign currency exchange rates. The company's principal financial instruments comprise of amounts due to the parent undertaking, together with trade debtors and trade creditors that arise directly from its operations. The main risks arising from the company’s financial instruments can be analysed as follows:

Price risk

The company is exposed to fluctuations in raw material prices. This risk is mitigated through regular pricing reviews, supplier management, and customer pricing structures designed to recover cost increases where possible

Foreign currency risk

The company operates internationally and is exposed to foreign exchange risk, primarily in US Dollars and Euros. Management continues to monitor currency exposure and assess appropriate mitigation strategies.

Liquidity risk

The company manages liquidity risk by maintaining access to funding from its parent undertaking, ensuring it can meet obligations as they fall due.

Key performance indicators

Turnover (£'000) - £10,800 (28.12.2024: £10,547)

Gross profit (£'000) - £5,093 (28.12.2024: £4,531)

Gross profit margin (%) 47.2% (28.12.2024: 42.96%)

Net assets (£’000) – £5,759 (28.12.2024: £6,144)

NAZDAR LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 3 JANUARY 2026
- 2 -
Future developments

Nazdar Limited is part of the wider Nazdar Company group, headquartered in Kansas, USA. The EMEA region remains a strategic growth priority for the group, and the parent undertaking continues to provide financial support to enable expansion and investment.

Future development will focus on selective geographic expansion, new product development, operational efficiency improvements, and potential strategic acquisitions. Continued investment in R&D and supply chain capability will support sustainable long‑term growth.

On behalf of the board

Mr M C Steimley
Director
26 March 2026
NAZDAR LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 3 JANUARY 2026
- 3 -

The directors present their annual report and financial statements for the period ended 3 January 2026.

Principal activities

The principal activity of the company continued to be that of the supply of specialist fluids for the packaging, hygiene and print finishing industries.

Results and dividends

The results for the period are set out on page 9.

Ordinary dividends were paid amounting to £976,625. The directors do not recommend payment of a further dividend.

Directors

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

Mr M C Steimley
Mr J Thrall
Qualifying third party indemnity provisions

The company has made qualifying third party indemnity provisions for the benefit of its directors during the period. These provisions remain in force at the reporting date.

Financial instruments
Treasury operation and financial instruments

The company maintains a balanced portfolio of customers and continues to focus on the quality of its products. The principal risks facing the company, as considered by the directors, include exposure to foreign currency exchange rate movements.

The company’s principal financial instruments comprise amounts due from the parent undertaking, together with trade debtors and trade creditors that arise directly from its operations.

Future developments

The company expects the business to continue to develop through new product development, expansion of activities, and ongoing operational improvements. The core activities of the company are expected to remain unchanged.

Auditor

In accordance with the company's articles, a resolution proposing that MHA be reappointed as auditor of the company will be proposed.

Strategic Report

In accordance with section 414C(11) of the Companies Act 2006, the company has chosen to include within the Strategic Report the information otherwise required to be disclosed in the Directors’ Report under Schedule 7 of the Large and Medium‑sized Companies and Groups (Accounts and Reports) Regulations 2008.

This includes a fair review of the business, principal risks and uncertainties, and future developments.

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.

NAZDAR LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 3 JANUARY 2026
- 4 -
On behalf of the board
Mr M C Steimley
Director
26 March 2026
NAZDAR LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 3 JANUARY 2026
- 5 -

The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent; and

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

NAZDAR LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF NAZDAR LIMITED
- 6 -
Opinion

We have audited the financial statements of Nazdar Limited (the 'company') for the period ended 3 January 2026 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including material 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 3 January 2026 and of its profit for the period then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

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 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 ethical responsibilities in accordance with those 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.

NAZDAR LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF NAZDAR LIMITED (CONTINUED)
- 7 -

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 strategic report and the directors' r eport for the financial period 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.

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 strategic report or the directors' r eport.

Matters on which we are required to report by exception

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 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.

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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud, is detailed below:

- Enquiries with management about any known or suspected instances of non-compliance with laws and regulations;

- Enquires with management about any known or suspected instances of fraud;

- Examination of journal entries and other adjustments to test for appropriateness and identify any instances of management override of controls;

- Review of legal and professional expenditure to identify any evidence of ongoing litigation or enquiries;

- Auditing the risk of fraud in revenue by testing a sample of transactions throughout the period, to ensure they have been recorded within the accounts and by testing transactions around the period end to ensure correct cut off procedures have been applied

- Performing a physical verification of key assets and stock items; and

- Obtaining third party confirmations of bank balances.

NAZDAR LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF NAZDAR LIMITED (CONTINUED)
- 8 -

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

A further description of our responsibilities 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 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 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 members as a body, for our audit work, for this report, or for the opinions we have formed.

Virginia Cooper FCA
Senior Statutory Auditor
For and on behalf of MHA, Statutory Auditor
Preston, United Kingdom
27 March 2026
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542)
NAZDAR LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 3 JANUARY 2026
- 9 -
Period
Period
ended
ended
03 January
28 December
2026
2024
Notes
£
£
Turnover
3
10,799,946
10,547,038
Cost of sales
(5,706,915)
(6,016,133)
Gross profit
5,093,031
4,530,905
Administrative expenses
(4,454,090)
(3,548,110)
Other operating income
74,837
48,438
Operating profit
4
713,778
1,031,233
Interest receivable and similar income
6
60,288
58,171
Profit before taxation
774,066
1,089,404
Tax on profit
7
(182,861)
(220,478)
Profit for the financial period
591,205
868,926

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

NAZDAR LIMITED
BALANCE SHEET
AS AT
3 JANUARY 2026
03 January 2026
- 10 -
03 January 2026
28 December 2024
Notes
£
£
£
£
Fixed assets
Tangible assets
9
224,782
243,525
Current assets
Stocks
10
2,535,528
2,029,543
Debtors
11
1,399,576
2,086,441
Cash at bank and in hand
3,134,292
2,896,611
7,069,396
7,012,595
Creditors: amounts falling due within one year
12
(1,145,183)
(748,843)
Net current assets
5,924,213
6,263,752
Total assets less current liabilities
6,148,995
6,507,277
Provisions for liabilities
Provisions
13
390,159
363,021
(390,159)
(363,021)
Net assets
5,758,836
6,144,256
Capital and reserves
Called up share capital
15
2,594,021
2,594,021
Capital redemption reserve
20,000
20,000
Profit and loss reserves
3,144,815
3,530,235
Total equity
5,758,836
6,144,256

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 26 March 2026 and are signed on its behalf by:
Mr M C Steimley
Director
Company registration number 02257199 (England and Wales)
NAZDAR LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 3 JANUARY 2026
- 11 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 31 December 2023
2,594,021
20,000
2,661,309
5,275,330
Period ended 28 December 2024:
Profit and total comprehensive income
-
-
868,926
868,926
Balance at 28 December 2024
2,594,021
20,000
3,530,235
6,144,256
Period ended 3 January 2026:
Profit and total comprehensive income
-
-
591,205
591,205
Dividends
8
-
-
(976,625)
(976,625)
Balance at 3 January 2026
2,594,021
20,000
3,144,815
5,758,836
NAZDAR LIMITED
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 3 JANUARY 2026
- 12 -
2026
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
20
1,402,736
893,592
Income taxes paid
(165,144)
(175,004)
Net cash inflow from operating activities
1,237,592
718,588
Investing activities
Purchase of tangible fixed assets
(83,574)
(136,858)
Interest received
60,288
58,171
Net cash used in investing activities
(23,286)
(78,687)
Financing activities
Dividends paid
(976,625)
-
0
Net cash used in financing activities
(976,625)
-
Net increase in cash and cash equivalents
237,681
639,901
Cash and cash equivalents at beginning of period
2,896,611
2,256,710
Cash and cash equivalents at end of period
3,134,292
2,896,611
NAZDAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 3 JANUARY 2026
- 13 -
1
Accounting policies
Company information

Nazdar Limited is a private company limited by shares incorporated in England and Wales. The registered office is Nazdar House, Battersea Road, Heaton Mersey Industrial Estate, Stockport, SK4 3EA.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

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

1.2
Going concern

The directors have prepared forecasts for the company for the period to May 2027 which demonstrate that the company can continue to operate within its available financial resources. The company is fortunate that it has significant cash reserves, together with a strong balance sheet, and cash flow continues to be monitored daily.true

On this basis and at the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the near future. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Revenue

Turnover is recognised at the fair value of the consideration received or receivable for goods and services to external customers in the ordinary nature of business. Turnover is recognised when substantially all of the risks and rewards have been transferred which management considered to be at the point of despatch from the entity or its third-party despatcher, unless specific terms are agreed between the entity and the customer. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. Turnover is shown net of Value Added Tax.

1.4
Tangible fixed assets

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

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

Leasehold improvements
shorter of 25 years or expected lease period
Plant and equipment
1 to 15 years straight line
NAZDAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 3 JANUARY 2026
1
Accounting policies
(Continued)
- 14 -

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

Residual value is calculated on prices prevailing at the reporting date, after estimated costs of disposal, for the asset as if it were at the age and in the condition expected at the end of its useful life.

Subsequent costs, including replacement parts and major inspections, are capitalised only when it is probable that such costs will generate future economic benefits. Any replaced parts or remaining carrying amounts of previous inspections are then derecognised. All other costs of repairs and maintenance are charged to profit or loss as incurred.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. These circumstances include consideration of the ability of the assets to be operates as planned and thereby provide the expected revenue streams associates with that asset. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

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

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

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the weighted average cost basis and for finished goods and work in progress, includes direct labour costs and overheads appropriate to the stage of manufacture.

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

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

1.8
Financial instruments

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

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

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

NAZDAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 3 JANUARY 2026
1
Accounting policies
(Continued)
- 15 -
Basic financial assets

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

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

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

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

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

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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

NAZDAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 3 JANUARY 2026
1
Accounting policies
(Continued)
- 16 -
Basic financial liabilities

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

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

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

Other financial liabilities

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

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

1.10
Taxation

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

Current tax

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

Deferred tax

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

NAZDAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 3 JANUARY 2026
1
Accounting policies
(Continued)
- 17 -

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.

1.11
Provisions

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

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

1.12
Employee benefits

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

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.

1.13
Retirement benefits

The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year. The amounts outstanding at the end of the year are included in accruals.

1.14
Leases
As lessee

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease.

NAZDAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 3 JANUARY 2026
- 18 -
2
Judgements and key sources of estimation uncertainty

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

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

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Bad debt provision

The company makes an estimate of the recoverable value of certain trade debtors. When assessing impairment of these debtors, management consider factors including the ageing profile of debtors and historical expenditure.

Dilapidations

The company makes an estimate of of contractual dilapidation obligations in relation to specific lease agreements. When assessing the level of provision required, management have assessed using independent experts and historical experience as to the probable cashflow required to meet the terms and conditions stipulated within the underlying lease agreements.

Stock Provision

The company makes an estimate of the net realisable value of stock. When assessing the level of provision required, management assess the ageing profile of the stock as it is perishable and deteriorates over time.

These estimates require judgement to be applied and may change each reporting date.

3
Turnover and other revenue
2026
2024
£
£
Turnover analysed by class of business
Sale of goods
10,799,946
10,547,038
2026
2024
£
£
Turnover analysed by geographical market
United Kingdom
3,741,596
2,623,254
EU
3,788,510
3,487,669
Rest of the world
3,269,840
4,436,115
10,799,946
10,547,038
NAZDAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 3 JANUARY 2026
3
Turnover and other revenue
(Continued)
- 19 -
2026
2024
£
£
Other revenue
Interest income
60,288
58,171
4
Operating profit
2026
2024
Operating profit for the period is stated after charging/(crediting):
£
£
Exchange losses/(gains)
383,852
(125,562)
Research and development costs
408,668
348,630
Fees payable to the company's auditor for the audit of the company's financial statements
29,925
29,070
Depreciation of tangible fixed assets
102,317
88,441
Operating lease charges
195,980
194,571
5
Employees

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

2026
2024
Number
Number
Production staff
26
25
Sales and marketing staff
7
6
Administrative staff
19
16
Total
52
47

Their aggregate remuneration comprised:

2026
2024
£
£
Wages and salaries
2,147,827
1,791,377
Social security costs
248,042
181,351
Pension costs
100,399
91,261
2,496,268
2,063,989

The directors are all based in the USA and receive no remuneration from Nazdar Limited either in the current or any prior years.

NAZDAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 3 JANUARY 2026
- 20 -
6
Interest receivable and similar income
2026
2024
£
£
Interest income
Interest on bank deposits
57,216
58,171
Other interest income
3,072
-
0
Total income
60,288
58,171
2026
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
57,216
58,171
7
Taxation
2026
2024
£
£
Current tax
UK corporation tax on profits for the current period
165,587
206,773
Adjustments in respect of prior periods
17,274
12,237
Total current tax
182,861
219,010
Deferred tax
Origination and reversal of timing differences
-
0
917
Adjustment in respect of prior periods
-
0
551
Total deferred tax
-
0
1,468
Total tax charge
182,861
220,478
NAZDAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 3 JANUARY 2026
7
Taxation
(Continued)
- 21 -

The actual charge for the period can be reconciled to the expected charge for the period based on the profit or loss and the standard rate of tax as follows:

2026
2024
£
£
Profit before taxation
774,066
1,089,404
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
193,517
272,351
Tax effect of expenses that are not deductible in determining taxable profit
4,846
1,302
Adjustments in respect of prior years
4,319
12,237
Deferred tax adjustments in respect of prior years
-
0
551
Tax effect of non-taxable income
(17,566)
47
Impact of Deferred tax asset not recognised
(2,255)
(64,385)
Land remediation expenditure
-
0
(1,625)
Taxation charge for the period
182,861
220,478
8
Dividends
2026
2024
£
£
Final paid
976,625
-
0
9
Tangible fixed assets
Leasehold improvements
Plant and equipment
Total
£
£
£
Cost
At 29 December 2024
185,000
1,163,643
1,348,643
Additions
-
0
83,574
83,574
At 3 January 2026
185,000
1,247,217
1,432,217
Depreciation and impairment
At 29 December 2024
185,000
920,118
1,105,118
Depreciation charged in the period
-
0
102,317
102,317
At 3 January 2026
185,000
1,022,435
1,207,435
Carrying amount
At 3 January 2026
-
0
224,782
224,782
At 28 December 2024
-
0
243,525
243,525
NAZDAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 3 JANUARY 2026
- 22 -
10
Stocks
2026
2024
£
£
Raw materials and consumables
999,136
661,823
Work in progress
456,026
251,572
Finished goods and goods for resale
1,080,366
1,116,148
2,535,528
2,029,543
11
Debtors
2026
2024
Amounts falling due within one year:
£
£
Trade debtors
1,021,557
1,759,513
Amounts owed by group undertakings
112,685
-
0
Other debtors
18,602
94,674
Prepayments and accrued income
246,732
232,254
1,399,576
2,086,441
12
Creditors: amounts falling due within one year
2026
2024
£
£
Trade creditors
127,765
189,643
Amounts owed to group undertakings
353,722
105,209
Corporation tax
30,889
13,172
Other taxation and social security
106,327
57,236
Accruals and deferred income
526,480
383,583
1,145,183
748,843
13
Provisions for liabilities
2026
2024
£
£
Dilapidation provision
390,159
363,021
NAZDAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 3 JANUARY 2026
13
Provisions for liabilities
(Continued)
- 23 -
Movements on provisions:
Dilapidation provision
£
At 29 December 2024
363,021
Additional provisions in the year
27,138
At 3 January 2026
390,159

Provisions are in relation to contractual dilapidation obligations which management assessed using independent experts in 2024 and reassessed by the directors as at 31 December 2025. The related contracts expire at various dates through to 2028. The actual amounts payable are subject to negotiation as part of the exit or renewal of those contracts.

14
Retirement benefit schemes
2026
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
100,399
91,261

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

15
Share capital
2026
2024
2026
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary 'A' shares of £1 each
2,594,021
2,594,021
2,594,021
2,594,021

The holders of the Ordinary 'A' shares are entitled to attend and vote at any general meeting of the company. They are eligible for any dividends declared or paid.

16
Financial commitments, guarantees and contingent liabilities

There is a bank guarantee in favour of HM Revenue and Customs for £160,000.

NAZDAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 3 JANUARY 2026
- 24 -
17
Operating lease commitments
As lessee

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

2026
2024
£
£
Within 1 year
179,525
196,704
Years 2-5
134,232
310,936
313,757
507,640
18
Related party transactions

The company has taken advantage of the exemption permitted by section 33.1A of FRS102 not to disclose transactions with its parent undertaking, Nazdar Company Inc. as the latter has a 100% shareholding in the company.

19
Ultimate controlling party

The ultimate parent company was Thrall Enterprises Inc. which is incorporated in the USA and is the smallest and largest company for which the consolidated accounts including Nazdar Limited are prepared. Copies of the consolidated financial statements can be requested from Chicago, IL 60601-6710, United States of America.

The immediate parent company Nazdar Company Inc. is also incorporated in the USA.

20
Cash generated from operations
2026
2024
£
£
Profit after taxation
591,205
868,926
Adjustments for:
Taxation charged
182,861
220,478
Investment income
(60,288)
(58,171)
Depreciation and impairment of tangible fixed assets
102,317
88,441
Increase in provisions
27,138
13,200
Movements in working capital:
(Increase)/decrease in stocks
(505,985)
100,379
Decrease/(increase) in debtors
686,865
(341,081)
Increase in creditors
378,623
1,420
Cash generated from operations
1,402,736
893,592
NAZDAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 3 JANUARY 2026
- 25 -
21
Analysis of changes in net funds
29 December 2024
Cash flows
3 January 2026
£
£
£
Cash at bank and in hand
2,896,611
237,681
3,134,292
2026-01-03 2024-12-29 false false false CCH Software CCH Accounts Production 2025.300 Mr M C Steimley Mr J Thrall Mr D G Austin 02257199 2024-12-29 2026-01-03 02257199 bus:Director1 2024-12-29 2026-01-03 02257199 bus:Director2 2024-12-29 2026-01-03 02257199 bus:CompanySecretary1 2024-12-29 2026-01-03 02257199 bus:RegisteredOffice 2024-12-29 2026-01-03 02257199 2026-01-03 02257199 2023-12-31 2024-12-28 02257199 core:RetainedEarningsAccumulatedLosses 2023-12-31 2024-12-28 02257199 core:RetainedEarningsAccumulatedLosses 2024-12-29 2026-01-03 02257199 2024-12-28 02257199 core:LeaseholdImprovements 2026-01-03 02257199 core:PlantMachinery 2026-01-03 02257199 core:LeaseholdImprovements 2024-12-28 02257199 core:PlantMachinery 2024-12-28 02257199 core:CurrentFinancialInstruments 2026-01-03 02257199 core:CurrentFinancialInstruments 2024-12-28 02257199 core:ShareCapital 2026-01-03 02257199 core:ShareCapital 2024-12-28 02257199 core:CapitalRedemptionReserve 2026-01-03 02257199 core:CapitalRedemptionReserve 2024-12-28 02257199 core:RetainedEarningsAccumulatedLosses 2026-01-03 02257199 core:RetainedEarningsAccumulatedLosses 2024-12-28 02257199 core:ShareCapital 2023-12-30 02257199 core:CapitalRedemptionReserve 2023-12-30 02257199 core:RetainedEarningsAccumulatedLosses 2023-12-30 02257199 core:ShareCapitalOrdinaryShareClass1 2026-01-03 02257199 core:ShareCapitalOrdinaryShareClass1 2024-12-28 02257199 2024-12-28 02257199 2023-12-30 02257199 core:LeaseholdImprovements 2024-12-29 2026-01-03 02257199 core:PlantMachinery 2024-12-29 2026-01-03 02257199 core:UKTax 2024-12-29 2026-01-03 02257199 core:UKTax 2023-12-31 2024-12-28 02257199 1 2024-12-29 2026-01-03 02257199 1 2023-12-31 2024-12-28 02257199 2 2024-12-29 2026-01-03 02257199 2 2023-12-31 2024-12-28 02257199 3 2024-12-29 2026-01-03 02257199 3 2023-12-31 2024-12-28 02257199 core:LeaseholdImprovements 2024-12-28 02257199 core:PlantMachinery 2024-12-28 02257199 bus:OrdinaryShareClass1 2024-12-29 2026-01-03 02257199 bus:OrdinaryShareClass1 2026-01-03 02257199 bus:OrdinaryShareClass1 2024-12-28 02257199 core:WithinOneYear 2026-01-03 02257199 core:WithinOneYear 2024-12-28 02257199 core:BetweenTwoFiveYears 2026-01-03 02257199 core:BetweenTwoFiveYears 2024-12-28 02257199 bus:PrivateLimitedCompanyLtd 2024-12-29 2026-01-03 02257199 bus:FRS102 2024-12-29 2026-01-03 02257199 bus:Audited 2024-12-29 2026-01-03 02257199 bus:FullAccounts 2024-12-29 2026-01-03 xbrli:pure xbrli:shares iso4217:GBP