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REGISTERED NUMBER: 02667552 (England and Wales)

| KIOWA LIMITED |

| STRATEGIC REPORT, |

| REPORT OF THE DIRECTORS AND |

| FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31 DECEMBER 2025 |

KIOWA LIMITED (REGISTERED NUMBER: 02667552)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

| Page |

Company Information | 1 |

Strategic Report | 2 |

Report of the Directors | 3 |

Report of the Independent Auditors | 4 |  | to |  | 6

Statement of Comprehensive Income | 7 |

Statement of Financial Position | 8 |

Statement of Changes in Equity | 9 |

Notes to the Financial Statements | 10 |  | to |  | 16

KIOWA LIMITED

COMPANY INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2025

| DIRECTORS: | A Towers

| E Gennasio

| I Whitley

| REGISTERED OFFICE: | 18 Northgate

| Sleaford

| Lincolnshire

| NG34 7BJ

| REGISTERED NUMBER: | 02667552 (England and Wales)

| SENIOR STATUTORY AUDITOR: | Rachel Rudkin FCCA

| AUDITORS: | Duncan & Toplis Audit Limited, Statutory Auditor

| 18 Northgate

| Sleaford

| Lincolnshire

| NG34 7BJ

KIOWA LIMITED (REGISTERED NUMBER: 02667552)

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

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

REVIEW OF BUSINESS

In the year to December 2025, the company generated turnover of £14,060,528, up £326,896 (2.4%) from the 2024 figure of £13,733,632. As a result of transactions in the year, profit before taxation has decreased to £468,580 from £633,218 in 2024. This is a decrease of £164,638 (26.0%).

The company's main key performance indicator is gross profit achieved. This gross profit in 2025 was 40.6%, compared to 39.3% in 2024.

Due to government policies employment costs have seen significant increases during the year due to rises in the minimum wage and an increase in employer NI from 13.8% to 15%.

At the end of 2024 the company bolstered its IT resilience and invested in a major overhaul of its IT software. As a result, IT expenses have increased year on year.

During the year, the Company’s ultimate parent undertaking commenced a process to explore a potential sale of the wider group. This process was ongoing at the year end and no binding agreement had been entered into. The directors consider that this matter has not affected the Company’s operations, strategy or financial position.

PRINCIPAL RISKS AND UNCERTAINTIES

The company reviews its risks regularly and considers the principal risk that it faces is the ability to provide a company wide, consistent, first class service for all products and services to maintain its excellent reputation and to seek repeat custom. The company will manage this risk through consistent monitoring and investment in the IT platform, ISO systems and staff.

The company is also exposed to the risk of changes in the market prices for some commodities. Aside from any general market inflation part of this exposure relates to Euro and Dollar exchange rate fluctuations.

The company aims to reduce the risk of foreign currency exposure by equalising the purchases and sales of goods in these currencies to create a natural hedge as well as the use of forward contracts where required.

The financial risks that the company is exposed to, as well as the policies for managing these risks are detailed below:

Interest rate risk

The company looks to finance some of its operations to get an appropriate mix of capital and debt. It does this by limiting the amount of floating debt that it has to minimise the interest payments.

Credit risk

The company has put appropriate procedures in place to check the credit risk of each credit customer and manage the collection of each of the debts. These trade debtors are regularly reviewed to ensure they are collected within their credit terms.

Liquidity risk

The company has appropriate facilities to manage any changes in working capital.

FUTURE DEVELOPMENTS

The company remains focused on securing sustainable growth in their supply of existing products and services and will make investments as necessary to achieve this.

ON BEHALF OF THE BOARD:

A Towers - Director

26 May 2026

KIOWA LIMITED (REGISTERED NUMBER: 02667552)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 DECEMBER 2025

The directors present their report with the financial statements of the company for the year ended 31 December 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of wholesale of rubber and plastic materials.

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2025 will be £4,370.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

A Towers

E Gennasio

Other changes in directors holding office are as follows:

I Whitley - appointed 14 April 2025

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- | select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the 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.

AUDITORS

Under section 487(2) of the Companies Act 2006, auditors, Duncan & Toplis Audit Limited, Statutory Auditor, 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.

ON BEHALF OF THE BOARD:

A Towers - Director

26 May 2026

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

KIOWA LIMITED

Opinion

We have audited the financial statements of Kiowa Limited (the 'company') for the year ended 31 December 2025 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and Notes to the Financial Statements, 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 UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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 the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Strategic Report and the Report of the Directors 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 Report of the Directors.

We have nothing to report in respect of the following matters where 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

KIOWA LIMITED

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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.

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 a Report of the Auditors 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 have identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with Directors and other management obtained as part of the work required by auditing standards. We have also discussed with the Directors and other management the policies and procedures relating to compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of non-compliance throughout the audit.

The potential impact of different laws and regulations varies considerably. Firstly, the company is subject to laws and regulations that directly impact the financial statements (for example financial reporting legislation) and we have assessed the extent of compliance with such laws as part of our financial statements audit. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates and judgemental areas of the financial statements such as depreciation of tangible fixed assets, as well as the risk of inappropriate journal entries to increase reported profitability. Audit procedures performed by the engagement team included the identification and testing of material and unusual journal entries and challenging management on key accounting estimates, assumptions and judgements made in the preparation of the financial statements. We carried out detailed substantive tests on accounting estimates, including reviewing the methods used by management to make those estimates, re-performing the calculation, and reviewing the outcome of prior year estimates.

Secondly, the company is subject to other laws and regulations where the consequence for non-compliance could have a material effect on the amounts or disclosures in the financial statements. We identified the following areas as those most likely to have such an effect: Health and Safety regulations and Employment laws.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management and inspection. This inspection included an assessment of the company's employment and health and safety controls. Through these procedures, if we became aware of any non-compliance, we considered the impact on the procedures performed on the related financial statement items.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. As with any audit, there is a greater risk of non-detection of irregularities as these may involve collusion, intentional omissions of the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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 Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

KIOWA 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 we are required to state to them in a Report of the Auditors 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.

Rachel Rudkin FCCA (Senior Statutory Auditor)

for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor

18 Northgate

Sleaford

Lincolnshire

NG34 7BJ

2 June 2026

KIOWA LIMITED (REGISTERED NUMBER: 02667552)

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2025

| 2025 |  | 2024

| Notes | £ | £ |

REVENUE | 4 | 14,060,525 |  | 13,733,632 |  |

Cost of sales | 8,356,023 |  | 8,336,120 |  |

GROSS PROFIT | 5,704,502 |  | 5,397,512 |  |

Administrative expenses | 5,244,232 |  | 4,781,594 |  |

OPERATING PROFIT | 7 | 460,270 |  | 615,918 |  |

Interest receivable and similar income | 8,309 |  | 17,300 |  |

PROFIT BEFORE TAXATION | 468,579 |  | 633,218 |  |

Tax on profit | 8 | 113,975 |  | 157,304 |  |

PROFIT FOR THE FINANCIAL YEAR | 354,604 |  | 475,914 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 354,604 |  | 475,914 |  |

KIOWA LIMITED (REGISTERED NUMBER: 02667552)

STATEMENT OF FINANCIAL POSITION

31 DECEMBER 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Property, plant and equipment | 10 | 496,695 |  | 539,835 |  |

CURRENT ASSETS

Inventories | 11 | 1,925,134 |  | 1,992,134 |  |

Debtors | 12 | 1,949,773 |  | 1,849,800 |  |

Cash at bank and in hand | 1,494,470 |  | 905,509 |  |

5,369,377 |  | 4,747,443 |  |

CREDITORS

Amounts falling due within one year | 13 | 1,412,637 |  | 1,172,595 |  |

NET CURRENT ASSETS | 3,956,740 |  | 3,574,848 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 4,453,435 |  | 4,114,683 |  |

PROVISIONS FOR LIABILITIES | 16 | 99,410 |  | 110,892 |  |

NET ASSETS | 4,354,025 |  | 4,003,791 |  |

CAPITAL AND RESERVES

Called up share capital | 17 | 1,000 |  | 1,000 |  |

Retained earnings | 18 | 4,353,025 |  | 4,002,791 |  |

SHAREHOLDERS' FUNDS | 4,354,025 |  | 4,003,791 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 26 May 2026 and were signed on its behalf by:

A Towers - Director

KIOWA LIMITED (REGISTERED NUMBER: 02667552)

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1 January 2024 | 1,000 |  | 4,126,877 |  | 4,127,877 |  |

Changes in equity

Dividends | - |  | (600,000 | ) | (600,000 | ) |

Total comprehensive income | - |  | 475,914 |  | 475,914 |  |

Balance at 31 December 2024 | 1,000 |  | 4,002,791 |  | 4,003,791 |  |

Changes in equity

Dividends | - |  | (4,370 | ) | (4,370 | ) |

Total comprehensive income | - |  | 354,604 |  | 354,604 |  |

Balance at 31 December 2025 | 1,000 |  | 4,353,025 |  | 4,354,025 |  |

KIOWA LIMITED (REGISTERED NUMBER: 02667552)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1. | STATUTORY INFORMATION

| Kiowa Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

| The presentation currency of the financial statements is the Pound Sterling (£).

2. | STATEMENT OF COMPLIANCE

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| The financial statements have been prepared under the historical cost convention.

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

| Financial Reporting Standard 102 - reduced disclosure exemptions

| The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

| • | the requirements of Section 7 Statement of Cash Flows;

| • | the requirement of paragraph 33.7.

| Preparation of consolidated financial statements

| The financial statements contain information about Kiowa Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 401 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Alfa Gomma S.p.A., Via Torri Bianche 1, Vimercate (MB) CAP 20871, Italy.

| Turnover

| 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:

| Sale of goods

| Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

| - the Company has transferred the significant risks and rewards of ownership to the buyer;

| - the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

| - the amount of revenue can be measured reliably;

| - it is probable that the Company will receive the consideration due under the transaction; and

| - the costs incurred or to be incurred in respect of the transaction can be measured reliably.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Leasehold property | - | 25% on reducing balance and Straight line over the term of the lease

| Plant and machinery | - | 25% on cost

| Motor vehicles | - | 25% on cost

| Office equipment | - | 25% on cost

| Tangible fixed assets are held at cost less accumulated depreciation and accumulated impairment losses.

| Stocks

| Stocks are valued at the lower of costs and fair value less costs to complete and sell after making allowance for obsolete and slow moving items.

| Stocks are accounted for on a first-in first-out basis.

KIOWA LIMITED (REGISTERED NUMBER: 02667552)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

3. | ACCOUNTING POLICIES - continued

| Taxation

| Taxation for the year comprises current tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

| Foreign currencies

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the profit and loss account in the period to which they relate.

| Critical accounting judgements and estimation uncertainty

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

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

| Stock provisions

| Kiowa Limited trades in wholesale of rubber and plastic materials and is subject to changing customer demands and economic trends. As a result, it is necessary to consider the recoverability of the cost of stock and the associated provisioning required. See note 11 for the net carrying amount of the stock and amortised provision.

| Financial instruments

| The company has adopted the Sections 11 and 12 of FRS 102 in respect of financial instruments.

| Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, 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.

| 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.

| Basic financial liabilities, including trade and other creditors and loans from fellow group companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

| 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. Accounts 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.

KIOWA LIMITED (REGISTERED NUMBER: 02667552)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

4. | REVENUE

| The revenue and profit before taxation are attributable to the one principal activity of the company.

| An analysis of revenue by geographical market is given below:

| 2025 |  | 2024

£ | £ |

| United Kingdom | 13,264,949 |  | 12,941,034 |  |

| Europe | 446,141 |  | 360,863 |  |

| Rest of the World | 349,435 |  | 431,735 |  |

14,060,525 |  | 13,733,632 |  |

5. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 2,898,020 |  | 2,710,495 |  |

| Social security costs | 357,674 |  | 290,240 |  |

| Other pension costs | 197,268 |  | 147,910 |  |

3,452,962 |  | 3,148,645 |  |

| The average number of employees during the year was as follows:

| 2025 |  | 2024

| Sales and delivery | 30 |  | 29 |  |

| Purchasing and stores | 44 |  | 44 |  |

| Office and administration | 10 |  | 11 |  |

84 |  | 84 |  |

6. | DIRECTORS' EMOLUMENTS

| 2025 |  | 2024

£ | £ |

| Directors' remuneration | 87,554 |  | 90,939 |  |

| Directors' pension contributions to money purchase schemes | 38,096 |  | 32,573 |  |

| The number of directors to whom retirement benefits were accruing was as follows:

| Money purchase schemes | 1 |  | 1 |  |

| Two of the directors did not receive any remuneration from the company during the year.

| The remuneration for these directors has been borne by other group companies without recourse. The services provided to the company do not occupy a significant amount of their time. As such the directors do not consider that they have received any remuneration for their incidental services to the company for the years ended 31 December 2025 and 31 December 2024.

KIOWA LIMITED (REGISTERED NUMBER: 02667552)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

7. | OPERATING PROFIT

| The operating profit is stated after charging/(crediting):

| 2025 |  | 2024

£ | £ |

| Depreciation - owned assets | 229,037 |  | 160,925 |  |

| Profit on disposal of fixed assets | (3,554 | ) | (3,911 | ) |

| Operating lease land and buildings | 362,858 |  | 341,602 |  |

| Operating lease motor vehicles | 103,738 |  | 107,367 |  |

| Auditors remuneration | 16,060 |  | 15,150 |  |

8. | TAXATION

| Analysis of the tax charge

| The tax charge on the profit for the year was as follows:

| 2025 |  | 2024

£ | £ |

| Current tax:

| UK corporation tax | 125,457 |  | 132,555 |  |

| Deferred tax | (11,482 | ) | 24,749 |  |

| Tax on profit | 113,975 |  | 157,304 |  |

| UK corporation tax has been charged at 25% (2024 - 25%).

| Reconciliation of total tax charge included in profit and loss

| The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

| 2025 |  | 2024

£ | £ |

| Profit before tax | 468,579 |  | 633,218 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 117,145 |  | 158,305 |  |

| Effects of:

| Expenses not deductible for tax purposes | (1,436 | ) | 7,452 |  |

| Capital allowances in excess of depreciation | - |  | (32,670 | ) |

| Depreciation in excess of capital allowances | 9,765 |  | - |  |

| Movement in deferred taxation | (11,482 | ) | 24,749 |  |

| Group relief | - |  | (532 | ) |

| Rate movement following group relief | (17 | ) | - |  |

| Total tax charge | 113,975 |  | 157,304 |  |

| Deferred taxation has been calculated at 25% (2024: 25%).

| Included in the tax reconciliation note 8 there is a tax charge in the year of £113,975 (2024: £157,304), of which £125,474 (2024: £132,555) relates to a corporation tax adjustment. The company has used group relief and the amount of tax charged to the statement of comprehensive income is not payable to HM Revenue and Customs, it is instead payable to another group company as compensation for using their losses.

KIOWA LIMITED (REGISTERED NUMBER: 02667552)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

9. | DIVIDENDS

| 2025 |  | 2024

£ | £ |

| Ordinary shares of £1 each

| Interim | 4,370 |  | 600,000 |  |

10. | PROPERTY, PLANT AND EQUIPMENT

| Leasehold |  | Plant and |  | Motor |  | Office |

| property |  | machinery |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 1 January 2025 | 451,841 |  | 896,360 |  | 251,230 |  | 379,924 |  | 1,979,355 |  |

| Additions | 12,379 |  | 37,140 |  | 91,594 |  | 44,803 |  | 185,916 |  |

| Disposals | - |  | (4,542 | ) | (34,023 | ) | (54,645 | ) | (93,210 | ) |

| At 31 December 2025 | 464,220 |  | 928,958 |  | 308,801 |  | 370,082 |  | 2,072,061 |  |

| DEPRECIATION

| At 1 January 2025 | 368,135 |  | 717,066 |  | 171,506 |  | 182,813 |  | 1,439,520 |  |

| Charge for year | 22,995 |  | 82,453 |  | 57,341 |  | 66,248 |  | 229,037 |  |

| Eliminated on disposal | - |  | (4,537 | ) | (34,021 | ) | (54,633 | ) | (93,191 | ) |

| At 31 December 2025 | 391,130 |  | 794,982 |  | 194,826 |  | 194,428 |  | 1,575,366 |  |

| NET BOOK VALUE

| At 31 December 2025 | 73,090 |  | 133,976 |  | 113,975 |  | 175,654 |  | 496,695 |  |

| At 31 December 2024 | 83,706 |  | 179,294 |  | 79,724 |  | 197,111 |  | 539,835 |  |

11. | INVENTORIES

2025 | 2024 |

£ | £ |

| Finished goods | 1,925,134 |  | 1,992,134 |  |

| The difference between purchase price or production cost of stocks and their replacement cost is not material.

| The amount of stock that has been impaired at the year end is £250,623 (2024: £230,237).

12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade debtors | 1,867,312 |  | 1,755,193 |  |

| Other debtors | 3,800 |  | 4,550 |  |

| Intercompany debtors | 27 |  | 8,367 |  |

| Prepayments and accrued income | 78,634 |  | 81,690 |  |

1,949,773 |  | 1,849,800 |  |

KIOWA LIMITED (REGISTERED NUMBER: 02667552)

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 | 657,510 |  | 596,785 |  |

| Taxation | 52 |  | (111,000 | ) |

| Other taxes and social security | 279,483 |  | 292,271 |  |

| Other creditors | 129,873 |  | 25,865 |  |

| Intercompany creditors | 239,990 |  | 290,430 |  |

| Accrued expenses | 105,729 |  | 78,244 |  |

1,412,637 |  | 1,172,595 |  |

14. | LEASING AGREEMENTS

| Minimum lease payments under non-cancellable operating leases fall due as follows:

2025 | 2024 |

£ | £ |

| Within one year | 480,307 |  | 460,467 |  |

| Between one and five years | 1,677,922 |  | 1,852,876 |  |

| In more than five years | 206,425 |  | 376,815 |  |

2,364,654 |  | 2,690,158 |  |

15. | FINANCIAL INSTRUMENTS

| The company has the following financial instruments:

|  | Year ended 31.12.25 |  | Year ended 31.12.24 |  |

|  | £ |  | £ |  |

| Financial assets that are debt instruments measured at amortised cost |  |

| Trade debtors |  | 1,750,672 |  | 1,755,193 |  |

| Invoice discounting facility |  | 402,038 |  | 313,955 |  |

| Taxation |  | - |  | 111,000 |  |

| Inter company |  | 27 |  | 8,367 |  |

| Financial liabilities measured at amortised cost |  |

| Trade creditors |  | 657,507 |  | 596,785 |  |

| Taxation |  | 52 |  | - |  |

| Other taxes and social security |  | 279,483 |  | 292,271 |  |

| Other creditors |  | 13,233 |  | 25,865 |  |

| Inter company |  | 239,990 |  | 290,430 |  |

| The invoice discounting facility is included within cash at bank. This facility operates with an advanced rate limit of 80% on trade debtor balances, up to a value of £500,000.

| There is no interest income or expense for financial assets and liabilities that are not measured at fair value through profit and loss.

16. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

£ | £ |

| Deferred tax

| Accelerated capital allowances | 99,410 |  | 110,892 |  |

KIOWA LIMITED (REGISTERED NUMBER: 02667552)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

16. | PROVISIONS FOR LIABILITIES - continued

| Deferred |

| tax |

£ |

| Balance at 1 January 2025 | 110,892 |  |

| Provided during year | (11,482 | ) |

| Balance at 31 December 2025 | 99,410 |  |

17. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 1,000 | Ordinary | £1 | 1,000 |  | 1,000 |  |

18. | RESERVES

| Retained

| earnings

£ |

| At 1 January 2025 | 4,002,791 |  |

| Profit for the year | 354,604 |  |

| Dividends | (4,370 | ) |

| At 31 December 2025 | 4,353,025 |  |

| The company's reserves represents cumulative profit and loss net of dividends and other adjustments.

19. | PENSION COMMITMENTS

| The company made contributions totalling £197,268 (2024: £147,910) into the defined contribution pension scheme.

20. | ULTIMATE PARENT COMPANY

| Alfa Gomma S.p.A (incorporated in Italy ) is regarded by the directors as being the company's ultimate parent company.

| The registered office of Alfa Gomma S.p.A is Via Torri Bianche 1 Vimercate (MB) CAP 20871

| During the year, the ultimate parent undertaking commenced a process to explore a potential sale of the wider group. At the year end, no binding agreements had been entered into and control of the Company remained unchanged.

21. | RELATED PARTY DISCLOSURES

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.