Knoell Animal Health Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—8

1. General Information

Knoell Animal Health Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03537475 . The registered office is 22 Cathedral Road, Cardiff, CF11 9LJ.

2. Accounting Policies

2.1. 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 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Going Concern Disclosure

The directors have prepared detailed profit and loss forecasts and cash flow projections covering a period of at least twelve months from the date of approval of these financial statements.

The forecasts take into account recent trading performance and expected future activity, together with ongoing management of costs and resources. Based on these forecasts, the Company is expected to operate within available resources over the forecast period.

The Company is part of the knoell group and is financially supported by the wider group. The directors have received a formal letter of support from the ultimate parent undertaking, knoell Germany GmbH, confirming that it will provide financial assistance as required to enable the Company to meet its liabilities as they fall due for a period of at least twelve months from the date of signing of the audit report.

The directors have considered the financial position of the ultimate parent undertaking and its ability to provide such support.

Having considered the forecasts and the availability of group support, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future.

Accordingly, the financial statements have been prepared on a going concern basis.

2.3. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added tax. Turnover primarily comprises income from the rendering of consultancy and regulatory services. Where applicable, turnover may also include income from the recharge of goods or third-party costs incurred on behalf of customers. Turnover is reduced for estimated customer rebates, credits, and other similar allowances where relevant.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract at the reporting date. The stage of completion is measured by comparing costs incurred for work performed to date with the total estimated contract costs. Where the outcome of a contract cannot be estimated reliably, turnover is recognised only to the extent of recoverable costs incurred.

Sale of goods and recharges

Where turnover arises from the sale of goods or the recharge of third-party costs, revenue is recognised when the significant risks and rewards of ownership or responsibility have transferred to the customer. This is generally when the customer has received and accepted the goods or services to which the recharge relates.

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Knoell Animal Health Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Fixtures & Fittings	25% reducing balance
Computer Equipment	33% straight line

2.5. Leasing and Hire Purchase Contracts

Rentals payable under operating leases, where substantially all of the risks and rewards of ownership remain with the lessor, are charged to the profit and loss account on a straight-line basis over the lease term, unless another systematic basis is more representative of the pattern of benefit derived from the leased asset.

2.6. Financial Instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans to and from group undertakings, and cash and cash equivalents.

Basic financial assets and liabilities are initially recognised at transaction price, unless the arrangement constitutes a financing transaction. Where a financing transaction exists, the financial asset or liability is measured at the present value of the future cash flows discounted at a market rate of interest for a similar instrument.

Financial assets and liabilities are subsequently measured at amortised cost using the effective interest method.

Trade debtors and creditors that are payable or receivable within one year are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets and liabilities are offset and the net amount presented in the Balance Sheet only 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.

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.7. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

Functional and presentation currency

The Company's functional and presentation currency is GBP.

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Knoell Animal Health Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.8. 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.

2.9. Investments in subsidiaries

Investments in subsidiaries are measured at cost less accumulated impairment.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 28 (2024: 28)

4. Tangible Assets

	Fixtures & Fittings	Computer Equipment	Total
	£	£	£
Cost
As at 1 January 2025	1,285	30,590	31,875
Additions	-	2,723	2,723

As at 31 December 2025	1,285	33,313	34,598

...CONTINUED

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Knoell Animal Health Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

Depreciation
As at 1 January 2025	321	11,507	11,828
Provided during the period	241	10,110	10,351

As at 31 December 2025	562	21,617	22,179

Net Book Value
As at 31 December 2025	723	11,696	12,419

As at 1 January 2025	964	19,083	20,047

5. Investments

	Subsidiaries
	£
Cost or Valuation
As at 1 January 2025	21,878
Disposals	(21,878 )

As at 31 December 2025	-

Provision
As at 1 January 2025	-

As at 31 December 2025	-

Net Book Value
As at 31 December 2025	-

As at 1 January 2025	21,878

During the year, the Company disposed of its investment in a subsidiary undertaking to its ultimate parent undertaking in Germany as part of a group reorganisation, for consideration of €300,000. The resulting gain on disposal has been recognised as an exceptional item and is disclosed separately in note 16.

6. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	701,789	268,181
Prepayments and accrued income	123,241	378,123
Other debtors	3,890	4,216
Deferred tax current asset	-	74
VAT	-	18,601
Amounts owed by group undertakings	303,514	132,729

	1,132,434	801,924

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Knoell Animal Health Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

7. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	72,377	39,632
Other loans	-	15,187
Corporation tax	-	2,187
Other taxes and social security	50,735	29,266
VAT	3,637	-
Other creditors	3,132	45,473
Accruals and deferred income	913,994	517,947
Amounts owed to group undertakings	797,996	207,684

	1,841,871	857,376

Included within amounts owed to group undertakings is £73,912 (2024: £157,247) representing a loan from the Company’s parent undertaking, Knoell UK Holdings Limited. Interest is charged on the balance and interest of £3,526 (2024: £6,861) was recognised within finance costs during the year.

8. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Amounts owed to group undertakings	-	142,059

9. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	100	100

The above share capital represents 100 ordinary shares of £1 each.

10. Other Commitments

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

	2025	2024
	£	£
Not later than one year	10,000	10,000
Later than one year and not later than five years	7,500	17,500

	17,500	27,500

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Knoell Animal Health Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

11. Pension Commitments

The company operates defined contribution pension schemes. The assets of the schemes are held separately from those of the company in an independently administered fund. At the balance sheet date contributions of £595 (2024: £20,342) were payable to the schemes in respect of the final payroll period of the year and were settled shortly after the year end. These amounts are included within other creditors.

12. Dividends

	2025	2024
	£	£
On equity shares:
Interim dividend paid	8,100	21,600

13. Exceptional Items

On 31 December 2025, Knoell Animal Health Limited disposed of its subsidiary undertaking, Cyton AH Biosciences GmbH, to knoell Germany GmbH as part of a wider group reorganisation. The consideration for the disposal was €300,000.

The consideration was translated into sterling at the exchange rate prevailing at the date of disposal. The transaction resulted in a gain on disposal of £237,212, which has been recognised within the profit and loss account and presented as an exceptional item.

The gain has been classified as exceptional due to its size and nature, arising from a one-off group reorganisation rather than the company’s ordinary trading activities.

14. FRC's Ethical Standard - Provision Available for Small Entities

In common with other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

15. Ultimate Parent Undertaking and Controlling Party

The company is a 100% subsidiary of Knoell UK Holdings Limited, a company incorporated in England and Wales. The company's registered office is 22 Cathedral Road, Cardiff, CF11 9LJ.

knoell Germany GmbH, a company incorporated in Germany, is the parent company of the group for which consolidated financial statements are drawn up of which the company is a member. The parent company's registered office is Eastsite XII, Konrad-Zuse-Ring 25, 68163 Mannheim, Germany.

16. Audit Information

The auditor's report dated 7 May 2026 on the accounts of Knoell Animal Health Limited for the year ended 31 December 2025 was unqualified.

The auditor's report was signed by James Tucker ACA FCCA , Statutory Auditor.

JMT (Cowbridge) Ltd

Chartered Accountants & Statutory Auditors

39 Geraints Way

Cowbridge

CF71 7AY

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		12,419		20,047
Investments	5		-		21,878

			12,419		41,925
CURRENT ASSETS
Debtors	6	1,132,434		801,924
Cash at bank and in hand		942,379		422,315

		2,074,813		1,224,239
Creditors: Amounts Falling Due Within One Year	7	(1,841,871 )		(857,376 )

NET CURRENT ASSETS (LIABILITIES)			232,942		366,863

TOTAL ASSETS LESS CURRENT LIABILITIES			245,361		408,788

Creditors: Amounts Falling Due After More Than One Year	8		-		(142,059 )

NET ASSETS			245,361		266,729

CAPITAL AND RESERVES
Called up share capital	9		100		100
Profit and Loss Account			245,261		266,629

SHAREHOLDERS' FUNDS			245,361		266,729