Aetna (UK) Limited

Contents
	Page
Strategic Report	1—2
Director's Report	3—4
Independent Auditor's Report	5—7
Profit and Loss Account	8
Balance Sheet	9
Statement of Changes in Equity	10
Statement of Cash Flows	11
Notes to the Statement of Cash Flows	12
Notes to the Financial Statements	13—20

The director presents his strategic report for the year ended 31 December 2025.

Principal Activity

The principal activity of the company is the production and sale of end of line packaging products.

Review of the Business

The director recognises the below Key Performance Indicators represent the current economic climate and they are confident they have the policies and procedures in place to ensure that the results in the forthcoming year are maintained should the economic climate remain similar.

Turnover for the year amounted to £15.4m (2024: £15.9m). Although revenue remained broadly in line with the prior year, operating profit decreased to £370k (2024: £976k), driven primarily by increases in administrative expenses including higher staff costs, rental charges, and other operational overheads. Gross margin remained stable at 37.5% (2024: 37.9%).

The company continues to operate in a competitive UK market but benefits from strong customer relationships and a stable market share. During the year, the business experienced a significant increase in trade debtors, in the last month of the year a significant number of invoices was raised, driving to a significant but temporary increase in trade debtors.

The company’s KPIs for the year are set out below:

	2025	2024
Turnover (GBP£'000)	15,416	15,945
Gross profit %	37.48	37.92
Net profit %	1.86	4.48

The decrease in net margin reflects the combined effect of reduced turnover and increased operational costs, including rent, and staff-related expenses.

The company’s existing leased premises expire in September 2026, and the company has entered into a new lease for alternative premises, with capital commitments of £848,500 relating to required leasehold improvements and fit-out works. This investment supports future operational needs and is expected to enhance efficiency once completed.

Overall, the company remains financially stable, although management continues to monitor cost inflation, working‑capital requirements, and liquidity closely.

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Aetna (UK) Limited

Strategic Report (continued)

For The Year Ended 31 December 2025

Principal Risks and Uncertainties

The principal risks and uncertainties facing Aetna (UK) Limited are exchange rate risk, credit risk, liquidity risk, market risk, Russia and Ukraine conflict risk and Brexit risk. The board reviews and agrees policies for managing each of these risks and they are summarised below.

Exchange rate risk: The company has some exposure to exchange rate fluctuations due to purchasing of goods in foreign currencies, however the majority of the companies purchases are from the parent company which invoices the company in pounds sterling.

Credit risk: The company's principal financial assets are bank and cash balances and trade and other receivables. The company's credit risk is attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. The company has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers. Appropriate trade terms and negotiated with suppliers and customers and management reviews these terms and their relationship with suppliers and customers and manages any exposure on normal trade terms.

Liquidity risk: Liquidity and Working Capital Risk The company experienced an increase in working capital requirements during the year due to higher debtor balances. Cashflow is monitored closely, and the company maintains adequate banking facilities.

Market risk: The company operates in a highly competitive market which is a continuing risk to the company and could result in losing revenue to its key competitors. The company manages this risk by providing value added services to its customers, responding promptly to customer requests and by maintaining strong relationships with its customers.

Conflict risk: The Russia Ukraine conflict has brought tragic loss of life and destruction across Ukraine. The crisis is also causing political and economic disruptions across the world, with businesses navigating conflict related risks to their people, assets, operations, and supply chains in the region and globally. The company is not reliant on supply chains within this region, so the global impact on operations is minimal.

More recently, the conflict in the Middle East has created significant uncertainty, particularly in relation to increased inflationary and supply chain risks. The director continues to monitor these risks carefully.

Brexit risk: Post‑Brexit customs and regulatory changes continue to affect trade with EU suppliers and customers. Ongoing updates to UK and EU customs procedures, documentation requirements, and import/export rules may impact lead times, compliance costs, and supply‑chain operations. Management will continue to monitors these developments and adapt processes accordingly.

Cost Inflation Risk: Increases in rent, labour, and operational overheads present a risk to margins. Management continues to negotiate with suppliers and implement efficiency improvements.

On behalf of the board

Mr Stefano Pascucci

Director

23/04/2026

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Aetna (UK) Limited

Company No. 02522111

Director's Report For The Year Ended 31 December 2025

Director's Report

The director presents his report and the financial statements for the year ended 31 December 2025.

Future Developments

The director expects growth in the present level of turnover and profit for the foreseeable future.

Dividends

Ordinary dividends of £500,000 were paid during the year. The director does not recommend payment of a final dividend.

Directors

The director who held office during the year were as follows:

Mr Stefano Pascucci

Matters covered in the Strategic Report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors report.

Statement of Director's Responsibilities

The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the director 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 the financial statements the director is required to:

select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is 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. He is 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.

The director is responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement of Disclosure of Information to Auditors

The director has taken steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. The director confirms that there is no relevant information of which the auditors are unaware.

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Aetna (UK) Limited

Director's Report (continued)

For The Year Ended 31 December 2025

Independent Auditors

The auditors RBCA Limited are deemed to be reappointed under section 487(2) of the Companies Act 2006.

On behalf of the board

Mr Stefano Pascucci

Director

23/04/2026

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Independent Auditor's Report

to the Members of

Aetna (UK) Limited

Independent Auditor's Report

Opinion

We have audited the financial statements of Aetna (UK) Limited for the year ended 31 December 2025 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes of Equity, Cash Flow Statement and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

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 director's 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 entity's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director 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 director is 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. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on Other Matters Prescribed by the Companies Act 2006

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

the information given in the Strategic Report and Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements.

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Independent Auditor's Report (continued)

to the Members of

Aetna (UK) Limited

Matters on Which We Are Required to Report by Exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic and Directors Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records or returns; or
certain disclosures of director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the director report.

Responsibilities of Directors

As explained more fully in the Director's Responsibilities Statement set out on page 3—4, the director is 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 director 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 director is 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:

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience through discussion with the Director and other management (as required by auditing standards).
We had regard to laws and regulations in areas that directly affect the financial statements including financial reporting (including related trade union legislation) and taxation legislation. We considered that extent of compliance with those laws and regulations as part of our procedures on the related financial statement items.
With the exception of any known or possible non-compliance, and as required by auditing standards, our work in respect of these was limited to enquiry of the Director.
We communicated applicable laws and regulations throughout our audit team and remained alert to any indications of non-compliance throughout the audit.
We addressed the risk of fraud through management override of controls, by testing the appropriateness of journal entries, and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential basis; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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Independent Auditor's Report (continued)

to the Members of

Aetna (UK) Limited

Use Of Our Report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters that 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.

Brian Stewart (Senior Statutory Auditor)

for and on behalf of RBCA Limited , Statutory Auditor

23/04/2026

RBCA Limited

Linenhall Exchange

26 Linenhall Street

Belfast

BT2 8BG

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Aetna (UK) Limited

Profit and Loss Account

For The Year Ended 31 December 2025

Profit and Loss Account

		2025	2024
	Notes	£	£
TURNOVER	2	15,417,206	15,944,939
Cost of sales		(9,636,805 )	(9,897,907 )

GROSS PROFIT		5,780,401	6,047,032

Distribution costs		(557,618 )	(477,798 )
Administrative expenses		(4,794,173 )	(4,593,473 )

OPERATING PROFIT	3	428,610	975,761
Loss on disposal of fixed assets		(17,306 )	(7,333 )
Other interest receivable and similar income	7	20,955	24,425
Interest payable and similar charges	8	337	(4,525 )

PROFIT BEFORE TAXATION		432,596	988,328
Tax on Profit	9	(58,394 )	(274,387 )

PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR		374,202	713,941

The notes on pages 12 to 20 form part of these financial statements.

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Aetna (UK) Limited

Balance Sheet

As At 31 December 2025

Balance Sheet

Registered number: 02522111

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	10		26,785		55,894

			26,785		55,894
CURRENT ASSETS
Stocks	11	638,987		792,474
Debtors	12	4,698,982		3,210,159
Cash at bank and in hand		2,366,989		2,092,504

		7,704,958		6,095,137
Creditors: Amounts Falling Due Within One Year	13	(5,549,435 )		(3,811,319 )

NET CURRENT ASSETS (LIABILITIES)			2,155,523		2,283,818

TOTAL ASSETS LESS CURRENT LIABILITIES			2,182,308		2,339,712

PROVISIONS FOR LIABILITIES
Provisions For Charges	14		(333,761 )		(360,106 )
Deferred Taxation			(3,858 )		(9,119 )

NET ASSETS			1,844,689		1,970,487

CAPITAL AND RESERVES
Called up share capital	15		100,000		100,000
Profit and Loss Account			1,744,689		1,870,487

SHAREHOLDERS' FUNDS			1,844,689		1,970,487

On behalf of the board

Mr Stefano Pascucci

Director

23/06/2026

The notes on pages 12 to 20 form part of these financial statements.

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Aetna (UK) Limited

Statement of Changes in Equity

For The Year Ended 31 December 2025

Statement of Changes in Equity

	Share Capital	Profit and Loss Account	Total
	£	£	£
As at 1 January 2024	100,000	1,856,546	1,956,546
Profit for the year and total comprehensive income	-	713,941	713,941

Dividends paid	-	(700,000)	(700,000)

As at 31 December 2024 and 1 January 2025	100,000	1,870,487	1,970,487


Profit for the year and total comprehensive income	-	374,202	374,202

Dividends paid	-	(500,000)	(500,000)

As at 31 December 2025	100,000	1,744,689	1,844,689

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Aetna (UK) Limited

Statement of Cash Flows

For The Year Ended 31 December 2025

Statement of Cash Flows

		2025	2024
	Notes	£	£
Cash flows from operating activities
Net cash generated from operations	1	937,414	1,434,332
Tax paid		(174,393 )	(331,951 )

Net cash generated from operating activities		763,021	1,102,381

Cash flows from investing activities
Purchase of tangible assets		(15,250 )	(16,083 )
Proceeds from disposal of tangible assets		5,759	300,400
Interest received		20,955	24,425

Net cash generated from investing activities		11,464	308,742

Cash flows from financing activities
Equity dividends paid		(500,000 )	(700,000 )



Increase in cash and cash equivalents		274,485	711,123
Cash and cash equivalents at beginning of year	2	2,092,504	1,381,381

Cash and cash equivalents at end of year	2	2,366,989	2,092,504

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Aetna (UK) Limited

Notes to the Statement of Cash Flows

For The Year Ended 31 December 2025

Notes to the Statement of Cash Flows

1. Reconciliation of profit for the financial year to cash generated from operations

	2025	2024
	£	£
Profit for the financial year	374,202	713,941
Adjustments for:
Tax on profit	58,394	274,387
Interest income	(20,955 )	(24,425 )
Depreciation of tangible assets	21,294	24,648
Loss on disposal of tangible assets	17,306	7,333
Movements in working capital:
Decrease/(increase) in stocks	153,487	(43,332 )
(Increase)/decrease in trade and other debtors	(1,488,823 )	119,260
Increase in trade and other creditors	1,822,509	265,935
Increase in provisions	-	96,585

Net cash generated from operations	937,414	1,434,332

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	2025	2024
	£	£
Cash at bank and in hand	2,366,989	2,092,504

3. Analysis of changes in net funds

	As at 1 January 2025	Cash flows	As at 31 December 2025
	£	£	£
Cash at bank and in hand	2,092,504	274,485	2,366,989

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Aetna (UK) Limited

Notes to the Financial Statements

For The Year Ended 31 December 2025

Notes to the Financial Statements

1. Accounting Policies

1.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.

1.2. Going Concern Disclosure

At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3. Significant judgements and estimations

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

1.4. Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.5. Tangible Fixed Assets and Depreciation

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

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.

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Freehold	2% straight line
Leasehold	Over the term of the lease
Plant & Machinery	20% straight line (50% reduction in first year)
Fixtures & Fittings	22.5% straight line (50% reduction in first year)
Computer Equipment	20% straight line

Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

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

...CONTINUED

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Aetna (UK) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

1.5. Tangible Fixed Assets and Depreciation - continued

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.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. 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. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

1.7. Stocks and Work in Progress

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

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

1.8. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9. Financial Instruments

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.

Basic financial assets

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

Classification of financial liabilities

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

Basic financial liabilities

...CONTINUED

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Aetna (UK) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

1.9. Financial Instruments - continued

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments 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. Amounts 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.

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. Foreign Currencies

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.

1.11. Taxation

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing 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. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

1.12. Provisions and Contingencies

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 is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.13. Pensions

Retirement benefits

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

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Aetna (UK) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

1.14. Judgements and key sources of estimation uncertainty

Estimates and judgements made in the process of preparing the association financial statements are continually evaluated and are based on historical expenses and other factors, including expectations of future events that believed to be reasonable under the circumstances.

(a) Critical judgement in applying the entity's accounting policies

There are no critical judgements in applying the company's accounting policies.

(b) Critical accounting estimates and assumptions

The Director makes estimates and assumptions concerning the future in the process of preparing the company financial statements. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

(i) Bad debt provisions

Recoverability of trade debtors is part of the company's credit control process to regularly monitor the recoverability of trade debtors, and make adequate provisions for any doubtful amounts. Bad debt provisions are calculated both on a specific and general basis, using all information available to the company at the time.

(ii) Accruals

Estimates for accruals are made based on committed operational expenditure with reference to invoices or purchase orders.

(iii) Stock provisions

Stock provisions require management to exercise judgement and estimation in predicting future inventory values. By considering selling prices, costs of completion, inventory obsolescence, and market fluctuations, management aims to reflect the most accurate estimate of stock provision.

(iv) Warranty provisions

Warranty provisions reflect management's judgement regarding the future costs associated with fulfilling warranties on products or services sold. These provisions are measured at the best estimate of the amount required to settle the present obligation, taking into account relevant factors such as historical warranty claim experience, product performance data, and anticipated future costs.

There are no other critical accounting estimates and assumptions.

2. Turnover by Geographic Analysis

Analysis of turnover by geographical market is as follows:

	2025	2024
	£	£
United Kingdom	15,417,206	15,944,939

	15,417,206	15,944,939

3. Operating Profit

The operating profit is stated after charging:

	2025	2024
	£	£
Bad debts	27,450	(25,581)
Depreciation of tangible fixed assets	21,294	24,648

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Aetna (UK) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

4. Auditor's Remuneration

Remuneration received by the company's auditors and their associates during the year was as follows:

	2025	2024
	£	£
Audit Services
Audit of the company's financial statements	13,985	18,225

5. Staff Costs

Staff costs, including directors' remuneration, were as follows:

	2025	2024
	£	£
Wages and salaries	2,882,197	2,532,914
Other pension costs	244,669	230,080

	3,126,866	2,762,994

6. Average Number of Employees

Average number of employees, including director, during the year was: 55 (2024: 50)

7. Interest Receivable and Similar Income

	2025	2024
	£	£
Other interest receivable	20,955	24,425

	20,955	24,425

8. Interest Payable

	2025		2024
	£		£

9. Tax on Profit


	£	£
UK Corporation Tax	63,655	278,407
Total Current Tax Charge	63,655	278,407
Deferred taxation - Origination and reversal of timing differences	(5,261 )	(4,020 )

Total tax charge for the period	58,394	274,387


	2025	2024
	£	£
Profit before tax	432,596	988,328

Breakdown of tax charge is:
Tax on profit at 25% (UK standard rate)	108,149	247,082

...CONTINUED

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Aetna (UK) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

Expenses not deductible for tax purposes	(44,494 )	29,103
Short term timing differences	(5,261 )	(793 )
Deferred tax from unrecognised timing difference from a prior period	-	(1,005 )

Total tax charge for the period	58,394	274,387

10. Tangible Assets

	Land & Property
	Leasehold	Plant & Machinery	Fixtures & Fittings	Computer Equipment	Total
	£	£	£	£	£
Cost
As at 1 January 2025	97,928	65,082	208,867	10,162	382,039
Additions	-	2,136	13,114	-	15,250
Disposals	-	(43,990 )	-	-	(43,990 )

As at 31 December 2025	97,928	23,228	221,981	10,162	353,299

Depreciation
As at 1 January 2025	97,928	34,817	184,258	9,142	326,145
Provided during the period	-	5,596	14,678	1,020	21,294
Disposals	-	(20,925 )	-	-	(20,925 )

As at 31 December 2025	97,928	19,488	198,936	10,162	326,514

Net Book Value
As at 31 December 2025	-	3,740	23,045	-	26,785

As at 1 January 2025	-	30,265	24,609	1,020	55,894

11. Stocks

	2025	2024
	£	£
Stock	638,987	792,474

12. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	3,905,605	2,964,877
Prepayments and accrued income	793,377	245,282

	4,698,982	3,210,159

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Aetna (UK) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

13. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	249,561	377,293
Corporation tax	65,447	176,185
Other taxes and social security	824,070	622,826
Accruals and deferred income	2,389,534	1,063,887
Amounts owed to group undertakings	2,020,823	1,571,128

	5,549,435	3,811,319

14. Provisions for Liabilities

	Deferred Tax
	£
As at 1 January 2025	9,119
Utilised	(5,261 )

Balance at 31 December 2025	3,858

Warranty provisions are estimated based on expected warranty costs on sales made by the company. The company generally operates a two year warranty period.

Dilapidations provisions are estimated based on external advice and the specific characteristics of the property they relate to.

15. Share Capital

	2025	2024
Allotted, called up but not fully paid	£	£
70,000 Ordinary A shares of £ 1.00 each	70,000	70,000
30,000 Ordinary B shares of £ 1.00 each	30,000	30,000

	100,000	100,000

16. Capital Commitments

At 31 December 2025, the company had committed to capital expenditure totalling £848,500 (2024: £nil) in relation to a new leased property which the company expects to occupy upon commencement of a replacement lease in 2026.

The commitment relates to leasehold improvements and fit‑out works.

As at the reporting date, the related assets had not been received or brought into use, and therefore no amounts have been recognised in these financial statements. The expenditure will be funded from existing cash reserves, future operating cashflows and group funding as required.

17. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as following:

	Land and buildings
	2025	2024
	£	£
Within 1 year	21,543	41,498
Between 1 and 5 years	161,639	218,516

	183,182	260,014

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Aetna (UK) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

18. Pension Commitments

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.

During the year the charge to the profit and loss account in respect of defined contribution schemes was £244,669 (2024: £230,080).

At the balance sheet date contributions of £NIL were due to the fund and are included in creditors.

19. Dividends

	2025	2024
	£	£
On equity shares:
Interim dividend paid	500,000	700,000

	500,000	700,000

20. Related Party Disclosures

The company has taken advantage of the exemption to subsidiary undertakings not to disclose transactions and balances with other group companies as the parent undertaking prepares consolidated accounts. The company is a wholly owned subsidiary of the parent undertaking.

21. Controlling Parties

The company's ultimate parent undertaking is Aetna Group Holding Spa. Consolidated accounts for the group of Aetna Group Holding Spa can be obtained from the following address:

Aetna Group Holding Spa,

S PMarechchia, 59,

47826 Villa Verucchio (RN)

Italy

22. General Information

Aetna (UK) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02522111 . The registered office is Packaging Heights, Highfield Parc Highfield Road, Oakley, Bedfordshire, MK43 7TA.

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