ACCOUNTS - Final Accounts preparation

An analysis of turnover by class of business is as follows:

Company Registration Number: SC174922

HOUSTON BOTTLING & CO-PACK LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

HOUSTON BOTTLING & CO-PACK LIMITED

COMPANY INFORMATION

Directors	T K Craig
	W M Finlay
	P Yacoubian


Company secretary	W M Finlay


Registered number	SC174922


Registered office	95 Wright Street
	Renfrew
	Renfrewshire
	PA4 8AN


Independent auditors	Armstrong Watson Audit Limited
	89 Seaward St
	Kinning Park
	Glasgow
	G41 1HJ

HOUSTON BOTTLING & CO-PACK LIMITED

CONTENTS

	Page
Strategic Report	1 - 3
Directors' Report	4 - 5
Independent Auditors' Report	6 - 9
Statement of Comprehensive Income	10
Balance Sheet	11
Statement of Changes in Equity	12
Statement of Cash Flows	13
Analysis of Net Debt	14
Notes to the Financial Statements	15 - 29

HOUSTON BOTTLING & CO-PACK LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

The directors present their strategic report for the year ended 31 December 2025.

Business review

The results contained in the accompanying financial statements include the results of Houston Bottling & Co-Pack Limited for the year ended 31 December 2025.
Production at the company's two sites continue with its current services of bottling, co-packing, cask filling and warehousing. The directors' focus on efficiencies along with better production planning helped mitigate impact against ongoing challenges from global markets and supply chain. The business continues its strategy of delivering a high level of service and continues to build strong relationships with its new and long-standing customers.
The directors are satisfied with the company's trading performance during the year. Overall turnover has decreased by 22.05%, from £7.31m to £5.97m. This delivered a gross profit of £1.82m (2024: £2.86m).
The company's cash position remained strong with continued investment being made at both sites which has enabled continued growth in bottling, storage, and cask filling. Moving forward into the new financial year, the directors are optimistic of the company's prospects. Customer demand is being met through further investment in operational efficiencies and diversifying ancillary services in line with strategy. A key part of the strategy is to continue to grow and develop the customer portfolio with profits being reinvested at both sites.
Financial key performance indicators
The directors use the KPIs of revenue, gross profit percentage, working capital ratio, and net asset position to review the company's performance regularly throughout the year. These are monitored on weekly and monthly intervals against budget and forecasts.
2025 2024
Revenue -22.05% -19.96%
Gross Profit Percentage 32.02% 39.12%
Working Capital Ratio 6.86 4.23
Net Assets £7,854,458 £8,083,907

Page 1

HOUSTON BOTTLING & CO-PACK LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Principal risks and uncertainties

Financial Risk Management
The company's principal financial instruments comprise cash and borrowing.
The company has various other financial instruments such as trade debtors and creditors that arise directly from its trading operations.
The main risks arising from the company's financial instruments are with liquidity and credit. The company hascal3 clear policies for managing these risks as summarised below.
Liquidity Risk
Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. Investment levels and cash flows are carefully controlled, with authorisation limits operating at different levels up to company board level.
Credit Risk
Risk of financial loss due to a counterpart's failure to honour its obligations arises principally in relation to transactions where the company provides goods on deferred credit terms. Company policies are aimed at minimising such losses and require that deferred credit terms are granted only to customers who demonstrate an appropriate payment history and satisfy creditworthiness procedures.
Cash Flow Risk
The company finances on-going activities and capital expenditure through a combination of retained profits and bank borrowings. The company operates a strict regime of working capital management to mitigate cash flow risk. Detailed financial planning and regular monitoring of cash flow are used to manage the facilities and maintain the company's adherence with repayment schedules.
Competitive Risk Management
The company operates in a competitive environment; however, the directors consider that the company, through its continued investment in people, operating sites, equipment and technology, is well placed to serve new and existing customers.
Uncertainties and Prospects
Specific risks to the company include its relationships with key customers and the need to ensure productivity is
maintained and enhanced in a competitive market. The company continues to foster strong relationships with its
customers through an exceptionally high commitment to customer service and flexibility of operations to meet exacting requirement in both quality and lead times.
The directors have established controls throughout the business to allow continued operation and will continue to
monitor the situation closely. The directors intend to continue to grow the business and are exploring several projects to expand the business's service offering to customers.

Future developments

The directors intend to continue to grow the business and are exploring several projects to expand the business's service offering to customers.

Going concern

It is expected that the market for Houston Bottling and Co-Pack Limited's services will remain competitive and challenging, but the directors are satisfied that the business continues to navigate its way successfully through the changing global market and supply chain challenges. The directors' review of the company's order book and forecasts support their view that Houston Bottling and Co-Pack limited is a going concern and that accounts have been appropriately prepared on this basis.

Page 2

HOUSTON BOTTLING & CO-PACK LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

This report was approved by the board and signed on its behalf.

T K Craig

Director

Date: 15 May 2026

Page 3

HOUSTON BOTTLING & CO-PACK LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

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

Principal activity
The principal activity of the company in the year under review was that of bonded co-packing, bottling and warehousing. The company provided these services to its customers, mainly in the Scottish Whisky industry from its sites in Renfrew and Dumbarton in Scotland.
The principal activity of the subsidiary company, Houston Warehousing Limited, was that of a dormant company.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

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

∙select suitable accounting policies for the Company's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

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

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

Results and dividends

The loss for the year, after taxation, amounted to £31,126 (2024 - profit £734,580).

During the year, the company paid dividends of £198,323 for the year ended 31 December 2024. There was no proposed dividends for the year ended 31 December 2025.

Directors

The directors who served during the year were:

T K Craig

W M Finlay

P Yacoubian

Financial instruments
The directors do not believe that the company is exposed to any risks that are sufficient to require the use of financial instruments, other than cash and current borrowing.

Page 4

HOUSTON BOTTLING & CO-PACK LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Disclosure of information to auditors

The company has chosen in accordance with s.414C(11) Companies Act 2006 to set out in the company's strategic report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the director's report. It has done so in respect of future developments and financial risk management objectives and polices.

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

Under section 487(2) of the Companies Act 2006, Armstrong Watson Audit Limited will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board and signed on its behalf.

T K Craig

Director

Date: 15 May 2026

Page 5

HOUSTON BOTTLING & CO-PACK LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HOUSTON BOTTLING & CO-PACK LIMITED

Opinion

We have audited the financial statements of Houston Bottling & Co-pack Limited (the 'Company') for the year ended 31 December 2025, which comprise the Statement of Comprehensive Income, the Analysis of Net Debt, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Company's affairs as at 31 December 2025 and of its profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Page 6

HOUSTON BOTTLING & CO-PACK LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HOUSTON BOTTLING & CO-PACK LIMITED (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006

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

∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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

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

∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

∙the financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of directors' remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Page 7

HOUSTON BOTTLING & CO-PACK LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HOUSTON BOTTLING & CO-PACK LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

∙We obtained an understanding of laws and regulations that affect the company, focusing on those that had a
direct effect on the financial statements or a fundamental effect on its operations. Key laws and regulations that we identified included the UK Companies Act, tax legislation and occupational health and employment
legislation.

∙We enquired of the directors, reviewed correspondence with HMRC and reviewed directors meeting minutes
for evidence of non-compliance with relevant laws and regulations. We also reviewed controls the directors have in place to ensure compliance.

∙We gained an understanding of the controls that the directors have in place to prevent and detect fraud. We
enquired of the directors about any incidences of fraud that had taken place during the accounting period.

∙The risk of fraud and non-compliance with laws and regulations and fraud was discussed within the audit team and tests were planned and performed to address these risks. We identified the potential for fraud in the following areas: revenue recognition and management override of controls.

∙We reviewed financial statements disclosures and tested to supporting documentation to assess compliance
with relevant laws and regulations discussed above.

∙We enquired of the directors and third-party advisors about actual and potential litigation and claims.

∙We performed analytical procedures to identify any unusual or unexpected relationships that might indicate
risks of material misstatement due to fraud.

∙In addressing the risk of fraud due to management override of intemal controls we tested the appropriateness of journal entries and assessed whether the judgements made in making accounting estimates were indicative of a potential bias.

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 for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Page 8

HOUSTON BOTTLING & CO-PACK LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HOUSTON BOTTLING & CO-PACK LIMITED (CONTINUED)

Use of our report

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Duncan MacCaig (Senior Statutory Auditor)

for and on behalf of

Armstrong Watson Audit Limited

Chartered Accountants & Statutory Auditors

Glasgow

20 May 2026

Page 9

HOUSTON BOTTLING & CO-PACK LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2025

	2025	2024
Note	£	£


Turnover	4	5,696,313	7,307,990
Cost of sales		(3,872,421)	(4,449,163)
Gross profit		1,823,892	2,858,827
Administrative expenses		(1,825,973)	(1,840,753)
Other operating income	5	6,482	10,000
Operating profit	6	4,401	1,028,074
Interest receivable and similar income	10	18,421	15,691
Interest payable and similar expenses	11	(1,514)	(14,851)
Profit before tax		21,308	1,028,914
Tax on profit	12	(52,434)	(294,334)
(Loss)/profit for the financial year		(31,126)	734,580

Other comprehensive income for the year
Revalued heritable property	-	304,797
Other comprehensive income for the year	-	304,797
Total comprehensive income for the year	(31,126)	1,039,377

The notes on pages 15 to 29 form part of these financial statements.

Page 10

HOUSTON BOTTLING & CO-PACK LIMITED

REGISTERED NUMBER: SC174922

BALANCE SHEET

AS AT 31 DECEMBER 2025

		2025		2024
Note		£		£

Fixed assets
Tangible assets	14		5,157,629		5,457,223
Investments	15		2		2
			5,157,631		5,457,225
Current assets
Stocks	16	119,306		157,437
Debtors: amounts falling due within one year	17	1,269,044		1,008,291
Cash at bank and in hand	18	2,258,112		2,881,267
		3,646,462		4,046,995
Creditors: amounts falling due within one year	19	(531,655)		(957,696)
Net current assets			3,114,807		3,089,299
Total assets less current liabilities			8,272,438		8,546,524
Provisions for liabilities
Deferred tax	22	(417,980)		(462,617)
			(417,980)		(462,617)
Net assets			7,854,458		8,083,907

Capital and reserves
Called up share capital	23	27,913	27,913
Share premium account	24	292,018	292,018
Revaluation reserve	24	1,442,012	1,508,065
Capital redemption reserve	24	56,450	56,450
Other reserves	24	49,700	49,700
Profit and loss account	24	5,986,365	6,149,761
Total equity		7,854,458	8,083,907

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

T K Craig

Director

Date: 15 May 2026

The notes on pages 15 to 29 form part of these financial statements.

Page 11


		HOUSTON BOTTLING & CO-PACK LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025

	Called up share capital	Share premium account	Capital redemption reserve	Revaluation reserve	Share option reserves	Profit and loss account	Total equity
	£	£	£	£	£	£	£
At 1 January 2024	27,913	292,018	56,450	1,050,363	49,700	5,735,285	7,211,729

Profit for the year	-	-	-	-	-	734,580	734,580
Other comprehensive income for the year	-	-	-	-	-	304,797	304,797
Dividends: Equity capital	-	-	-	-	-	(167,199)	(167,199)
Revaluation reserve transfer	-	-	-	304,797	-	(304,797)	-
Retained earnings transfer	-	-	-	152,905	-	(152,905)	-

At 1 January 2025	27,913	292,018	56,450	1,508,065	49,700	6,149,761	8,083,907

Loss for the year	-	-	-	-	-	(31,126)	(31,126)
Dividends: Equity capital	-	-	-	-	-	(198,323)	(198,323)
Revaluation reserve transfer	-	-	-	(66,053)	-	66,053	-
At 31 December 2025	27,913	292,018	56,450	1,442,012	49,700	5,986,365	7,854,458

The notes on pages 15 to 29 form part of these financial statements.

Page 12

HOUSTON BOTTLING & CO-PACK LIMITED

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2025

			2025	2024
			£	£

Cash flows from operating activities
Profit before tax	21,309	1,028,914
Adjustments for:
Depreciation of tangible assets	469,245	476,453
Interest received	(18,421)	(15,691)
Decrease in stocks	38,131	51,898
(Increase)/decrease in debtors	(260,753)	1,108,625
(Decrease) in creditors	(155,086)	(188,847)
Corporation tax (paid)	(299,299)	(204,186)
Net cash generated from operating activities	(204,874)	2,257,166

Cash flows from investing activities
Purchase of intangible fixed assets	(169,572)	(426,173)
Interest received	18,421	15,691
Net cash used in investing activities	(151,151)	(410,482)
Cash flows from financing activities
Dividends paid	(198,323)	(167,199)
Loan repayments in year	(68,807)	(246,100)
Net cash used in financing activities	(267,130)	(413,299)
Net (decrease)/increase in cash and cash equivalents	(623,155)	1,433,385
Cash and cash equivalents at beginning of year	2,881,267	1,447,882
Cash and cash equivalents at the end of year	2,258,112	2,881,267

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	2,258,112	2,881,267
	2,258,112	2,881,267

The notes on pages 15 to 29 form part of these financial statements.

Page 13

HOUSTON BOTTLING & CO-PACK LIMITED

ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 31 DECEMBER 2025


At 1 January 2025	Cash flows	At 31 December 2025
£	£	£

Cash at bank and in hand	2,881,267	(623,155)	2,258,112
Debt due within 1 year	(68,807)	68,807	-
	2,812,460	(554,348)	2,258,112

The notes on pages 15 to 29 form part of these financial statements.

Page 14

HOUSTON BOTTLING & CO-PACK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1.	General information

Houston Bottling & Co-Pack Limited is a private company, limited by shares, registered in Scotland. The
company's registered office is 95 Wright Street, Renfrew, Renfrewshire, PA4 8AN.
The presentation currency of the financial statements is Sterling (£).

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

Preparation of consolidated financial statements

The financial statements contain information about Houston Bottling & Co-Pack Limited as an individual company and do not contain consolidated financial information as the parent of a group. Consolidated accounts have not been prepared as the subsidiary company is dormant, and was so throughout the entire reporting period.

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

Sale of goods
Revenue from the sale of goods is recognised on depatch from the company's warehouse facility.

2.4

Interest income

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

Page 15

HOUSTON BOTTLING & CO-PACK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.5

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.

2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.7

Pensions

Defined contribution pension plan

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

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.8

Leasing commitments

Rentals payable under operating leases are charged to the profit and loss account on a straight line basis over the term of the agreement.
Rentals receivable under operating leases are credited to the profit and loss account on a straight line basis over the term of the agreement.

2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 16

HOUSTON BOTTLING & CO-PACK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Heritable property	-	10% on cost, 2% on cost and not provided
Plant and machinery	-	10% on cost
Motor vehicles	-	25% on cost
Fixtures and fittings	-	33% on cost, 20% on cost and 10% on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Heritable land and buildings are subsequently carried at fair value, based on periodic valuations by professionally qualified valuers. These revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value. Changes in fair value are recognised in other comprehensive income and accumulated in the revaluation reserve except to the extent that any decrease in value in excess of the credit balance on the revaluation reserve, or reversal of such transaction, is recognised in profit and loss. Heritable land is not depreciated.

2.11

Impairment of non-financial assets

At each reporting date non-financial assets not carried at fair value, like plant and equipment are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount which is the higher of value in use and the fair value less cost to sell, is estimated and compared with the carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss.

2.12

Valuation of investments

Unquoted investments are measured at cost less any accumulated impairment losses

2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 17

HOUSTON BOTTLING & CO-PACK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

2.15

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The

Page 18

HOUSTON BOTTLING & CO-PACK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.15

Financial instruments (continued)

impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic 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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Page 19

HOUSTON BOTTLING & CO-PACK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2.17

Share based payments

Equity-settled share based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted by using the Black-Scholes options pricing model. The fair value determined at the grant date is expensed on a straight line basis over the vesting period, based on the estimate shares that eventually vest. A corresponding adjustment is made to equity.
No expense is recognised for awards that do not ultimately vest. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Ultimately, the actual expense recognised over the vesting period will be based on those shares that vest.

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make estimates and
assumptions about the carrying amounts 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 areconsidered relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis.
Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The directors consider the key sources of estimation uncertainty to be as follows: -
- Tangible fixed assets (note 14) are depreciated over their estimated useful lives. The actual lives of the assets are assessed annually and may vary depending on several factors. In re-assessing asset lives, factors such as usage and maintenance programmes are taken into account. The directors assessed that no changes were required to the estimated useful lives of the tangible fixed assets and therefore, determined that the stated depreciation policies applied in prior years remain appropriate.
- At the balance sheet date, the directors consider whether there are any indicators that the trade debtor balances (note 17) relating to goods supplied and services rendered will not be recoverable, to ensure an adequate provision is made for any potentially irrecoverable amounts. Based on their knowledge of the customers concerned, the directors consider that no provision is required against these balances.

	Rendering of services	5,696,313	7,307,990

All turnover arose within the United Kingdom.

Page 20

HOUSTON BOTTLING & CO-PACK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

5.	Other operating income
		2025	2024
		£	£

Net rents receivable	5,833	10,000
Sundry income	649	-
	6,482	10,000

Hire of plant and machinery	118,298	125,731
Depreciation - owned assets	150,107	476,453
Auditors' remuneration	14,000	16,000
Auditors' remuneration for non audit work	6,000	4,000

Fees payable to the Company's auditors for the audit of the Company's financial statements

14,000

16,000


Wages and salaries	2,814,993	3,500,575
Social security costs	341,399	306,325
Cost of defined contribution scheme	84,101	98,473
	3,240,493	3,905,373

Page 21

HOUSTON BOTTLING & CO-PACK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025


The average monthly employees, including directors, during the year was as follows:
	2025	2024


Administration	25	28
Production	72	75
	97	103

9.	Directors remuneration
		2025	2024
		£	£


	Directors' remuneration	178,768	157,232

10.	Interest receivable
		2025	2024
		£	£

Other interest receivable

18,421

15,691

11.	Interest payable and similar expenses
		2025	2024
		£	£

Bank loan interest payable

1,514

14,851

Page 22

HOUSTON BOTTLING & CO-PACK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Corporation tax
Current tax on profits for the year	97,072	299,220
Overprovision for prior year tax	-	(81)

Total current tax	97,072	299,139

Deferred tax
Origination and reversal of timing differences	(44,638)	(4,805)
Total deferred tax	(44,638)	(4,805)


	Tax on profit	52,434	294,334

Profit on ordinary activities before tax

21,309

1,028,914

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	5,327	257,229
Effects of:
Expenses not deductible for tax purposes	9,560	1,072
Depreciation in excess of depreciation	82,184	40,919
Adjustments to tax charge in respect of prior periods	-	(81)
Deferred tax movement	(44,637)	(4,805)
Total tax charge for the year	52,434	294,334

Factors that may affect future tax charges

There were no factors which may affect future tax charges.

Page 23

HOUSTON BOTTLING & CO-PACK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

13.	Dividends
		2025	2024
		£	£

Ordinary shares of £1 each final

198,323

167,199

14.	Tangible fixed assets

	Heritable property	Plant and machinery	Motor vehicles	Fixtures and fittings	Total
	£	£	£	£	£
Cost or valuation
At 1 January 2025	3,499,999	4,664,561	-	709,508	8,874,068
Additions	21,077	111,863	28,620	8,012	169,572
Disposals	-	(884,080)	-	(186,617)	(1,070,697)
At 31 December 2025	3,521,076	3,892,344	28,620	530,903	7,972,943
Depreciation
At 1 January 2025	-	2,759,089	-	657,756	3,416,845
Charge for the year on owned assets	150,107	291,062	3,578	24,498	469,245
Disposals	-	(884,114)	-	(186,662)	(1,070,776)
At 31 December 2025	150,107	2,166,037	3,578	495,592	2,815,314
Net book value
At 31 December 2025	3,370,969	1,726,307	25,042	35,311	5,157,629
At 31 December 2024	3,499,999	1,905,472	-	51,752	5,457,223

The Heritable Property was revalued on 14th of November 2024 by Graham & Sibbald LLP, independent valuers, not conneeted with the company, on the basis of market value. The valuation conforms with RICS Valuation Global Standards and was based on recent market transactions on arm's length terms of similar properties.
The directors are satisified that this represents the fair value of the buildings.
Had the property been held at cost, the cost and accumulated depreciation would have been as follows:
2025 Cost £2,925,944 less accumulated depreciation £1,063,040 - Net book value £1,862,904
2024 Cost £2,904,867 less accumulated depreciation £912,933 - Net book value £1,991,934

Page 24

HOUSTON BOTTLING & CO-PACK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

15.	Fixed asset investments

		Shares in group undertaking
		£
	Cost or valuation
	At 1 January 2025	2
	At 31 December 2025	2

Subsidiary undertaking
The following was a subsidiary undertaking of the Company:
Name	Registered office	Class of shares	Holding

Houston Warehousing Limited

95 Wright Street, Renfrew, Scotland, PA4 8AN

Ordinary

100%

	The aggregate of the share capital and reserves as at 31 December 2025 and the profit or loss for the year ended on that date for the subsidiary undertaking was as follows:
	Name	Profit/(Loss)

Houston Warehousing Limited

16.	Stocks
		2025	2024
		£	£

	Stocks	119,306	157,437

Stock recognised in cost of sales during the year as an expense was £112,218 (2024: £228,207).

17.

Debtors

					2025	2024
					£	£


Trade debtors	1,119,846	905,822
Prepayments and accrued income	149,198	102,469
	1,269,044	1,008,291

Page 25

HOUSTON BOTTLING & CO-PACK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

18.	Cash and cash equivalents
		2025	2024
		£	£

	Cash at bank and in hand	2,258,112	2,881,267

19.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Bank loans	-	68,807
Trade creditors	220,818	117,980
Corporation tax	97,072	299,220
Social security and other taxes	173,198	242,089
Accruals and deferred income	40,567	229,600
	531,655	957,696

Within one year	68,190	68,190
Between 1-5 years	11,365	79,555
	79,555	147,745


Bank loans	-	68,807
	-	68,807

The company has two separate loans with final repayment dates up to May 2025.
The rate of interest charged on these loans range from base rate plus 4.5% to plus 5.25%.
The loans are secured by a floating charge over the company's assets and undertakings, and by a standard security over the company's heritable properties.

Page 26

HOUSTON BOTTLING & CO-PACK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

22.	Deferred taxation

		2025
		£

	At beginning of year	(462,617)
	Charged to profit or loss	44,637
	At end of year	(417,980)

The provision for deferred taxation is made up as follows:
	2025	2024
	£	£

	Accelerated capital allowances	(417,980)	(462,617)
		(417,980)	(462,617)

23.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

NIL (2024 - 15,285) Ordinary C shares of £1.00 each	-	15,285
418 (2024 - 418) Ordinary F shares of £1.00 each	418	418
12,210 (2024 - 12,210) Ordinary Y shares of £1.00 each	12,210	12,210
4,153 (2024 - NIL) Ordinary C1 shares of £1.00 each	4,153	-
4,153 (2024 - NIL) Ordnary C2 shares of £1.00 each	4,153	-
6,979 (2024 - NIL) Ordinary C3 shares of £1.00 each	6,979	-

	27,913	27,913

All share classes rank equally in all respects. The rights attached to the Ordinary shares shall be determined from time to time in meetings by the directors.
On August 2025, the 15,285 Ordinary C shares were re-designated to 4,153 Ordinary C1 shares, 4,153 Ordinary C2 shares and 6,979 Ordinary C3 shares. Voting rights of these shares are equal at one vote per share.

Page 27

HOUSTON BOTTLING & CO-PACK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

24.

Reserves

Share premium account

Represents the excess of the issue price of shares over their nominal value. This reserve is non-distributable.

Revaluation reserve

Arises from the revaluation of property, plant and equipment (or intangible assets). This reserve is not distributable until the asset is disposed of.

Capital redemption reserve

Created when the company redeems or buys back its own shares out of distributable profits. This reserve is non-distributable and is maintained to protect creditors.

Other reserves

Represents miscellaneous non-distributable reserves that do not fall into the categories above (e.g., fair value reserves, hedging reserves, or historical adjustments).

Profit and loss account

Represents accumulated profits and losses of the company, including current year retained profit. This reserve is distributable except for any amounts relating to non-distributable items.

25.	Pension commitments

The company operates defined contribution pension schemes for the employees of the company. The assets of the scheme are held separately from those of the company in independently administered funds. During the year, the company paid £150,349 (2024: £98,473) into the scheme. At the year end there were no outstanding contributions due to the scheme.

26.	Contingent liabilities
	The company has provided HM Revenue & Customs with a guarantee to meet liabilities in respect of Duty Deferment up to a limit of £40,000. The company has provided HM Revenue & Customs with a guarantee to meet liabilities in respect of the company's Movement Guarantee. The value of the Movement Guarantee is £193,133.

27.

Related party transactions

The company is controlled by the director, T K Craig.

Three directors have financial interest in businesses that provided professional services to the company totalling £44,754 (2024: £53,669).
During the year, dividends of £198,323 (2024: £167,199) were paid. £108,600 (2024: £91,557) to key management personnel and £89,723 (2024: £75,642) to other related parties.

During the year, key management personnel remuneration of £632,431 (2024: £674,633) was paid.

Page 28

HOUSTON BOTTLING & CO-PACK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

28.	Share-based payments
		Weighted average exercise price (pence) 2025	Number 2025	Weighted average exercise price (pence) 2024	Number 2024

Outstanding at the beginning of the year		2,865		2,400
Granted during the year	90.48	-	90.48	465
Outstanding at the end of the year		2,865		2,865

Under the terms of the share option scheme (the 2019 Enterprise Management Incentive Scheme) the Board may offer staff options over ordinary shares of the company. No consideration was received and the options may be exercised upon an exit event. The vesting period is 5 years from the date of the grant. Options under this scheme will lapse no later than the day before the 7th anniversary of the date of the grant. This option is non-transferrable.
During the year, NIL (2024: 465) share options were issued.
During the year £NIL (2024: £NIL) was charged in respect of share option expense in the financial statements.

Page 29