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REGISTERED NUMBER: 10356850 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

ASPEN ANIMAL HEALTH LTD

| ASPEN ANIMAL HEALTH LTD (REGISTERED NUMBER: 10356850) |

CONTENTS OF THE FINANCIAL STATEMENTS

for the Year Ended 31 December 2025

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 4 |

| ASPEN ANIMAL HEALTH LTD |

COMPANY INFORMATION

for the Year Ended 31 December 2025

| DIRECTORS: | Mr D L Mitson

| Mrs V L Mitson

| REGISTERED OFFICE: | 4 Grovelands

| Boundary Way

| Hemel Hempstead

| Hertfordshire

| HP2 7TE

| REGISTERED NUMBER: | 10356850 (England and Wales)

| ACCOUNTANTS: | Kings Chartered Accountants

| 4 Grovelands

| Boundary Way

| Hemel Hempstead

| Hertfordshire

| HP2 7TE

| ASPEN ANIMAL HEALTH LTD (REGISTERED NUMBER: 10356850) |

BALANCE SHEET

31 December 2025

| 31.12.25 | 31.12.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 4 | 847,213 |  | 565,792 |  |

Tangible assets | 5 | 66,599 |  | 58,611 |  |

913,812 |  | 624,403 |  |

CURRENT ASSETS

Stocks | 6 | 527,383 |  | 605,790 |  |

Debtors | 7 | 742,813 |  | 655,859 |  |

Cash at bank and in hand | 112,032 |  | 98,970 |  |

1,382,228 |  | 1,360,619 |  |

CREDITORS

Amounts falling due within one year | 8 | 166,151 |  | 25,061 |  |

NET CURRENT ASSETS | 1,216,077 |  | 1,335,558 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 2,129,889 |  | 1,959,961 |  |

CREDITORS

Amounts falling due after more than one year | 9 | (1,579,097 | ) | (1,573,689 | ) |

PROVISIONS FOR LIABILITIES | 12 | (12,650 | ) | (11,136 | ) |

NET ASSETS | 538,142 |  | 375,136 |  |

CAPITAL AND RESERVES

Called up share capital | 13 | 100 |  | 100 |  |

Retained earnings | 538,042 |  | 375,036 |  |

SHAREHOLDERS' FUNDS | 538,142 |  | 375,136 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

| ASPEN ANIMAL HEALTH LTD (REGISTERED NUMBER: 10356850) |

BALANCE SHEET - continued

31 December 2025

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 June 2026 and were signed on its behalf by:

Mr D L Mitson - Director

| ASPEN ANIMAL HEALTH LTD (REGISTERED NUMBER: 10356850) |

NOTES TO THE FINANCIAL STATEMENTS

for the Year Ended 31 December 2025

1. | STATUTORY INFORMATION

| Aspen Animal Health Ltd 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. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| Turnover

| Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have been passed to the buyer. Turnover is measured at the fair value of the consideration received or receivable, net of discounts, rebates and value added taxes derived from ordinary activities.

| Intangible assets

| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

| Patents & trade marks are being amortised evenly over their estimated useful life of twenty years.

| Development costs are being amortised evenly over their estimated useful life of ten years.

| Computer software is being amortised evenly over its estimated useful life of five years.

| Tangible fixed assets

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

| Plant and machinery | - | 25% on reducing balance

| Fixtures and fittings | - | 25% on reducing balance

| Computer equipment | - | Straight line over 3 years

| Stocks

| Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

| Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

| ASPEN ANIMAL HEALTH LTD (REGISTERED NUMBER: 10356850) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| Financial instruments

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

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

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

| Basic financial assets

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

| Classification of financial liabilities

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

| Basic financial liabilities

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

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

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

| Taxation

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

| Current or deferred 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 balance sheet date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| ASPEN ANIMAL HEALTH LTD (REGISTERED NUMBER: 10356850) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| Hire purchase and leasing commitments

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 2 (2024 - 2 ) .

4. | INTANGIBLE FIXED ASSETS

| Patents & |

| trade |  | Development |  | Computer |

| marks |  | costs |  | software |  | Totals

£ | £ | £ | £ |

| COST

| At 1 January 2025 | 21,858 |  | 545,225 |  | 19,358 |  | 586,441 |  |

| Additions | - |  | 377,038 |  | - |  | 377,038 |  |

| At 31 December 2025 | 21,858 |  | 922,263 |  | 19,358 |  | 963,479 |  |

| AMORTISATION

| At 1 January 2025 | 4,272 |  | - |  | 16,377 |  | 20,649 |  |

| Amortisation for year | 907 |  | 92,226 |  | 2,484 |  | 95,617 |  |

| At 31 December 2025 | 5,179 |  | 92,226 |  | 18,861 |  | 116,266 |  |

| NET BOOK VALUE

| At 31 December 2025 | 16,679 |  | 830,037 |  | 497 |  | 847,213 |  |

| At 31 December 2024 | 17,586 |  | 545,225 |  | 2,981 |  | 565,792 |  |

5. | TANGIBLE FIXED ASSETS

| Fixtures |

| Plant and |  | and |  | Computer |

| machinery |  | fittings |  | equipment |  | Totals

£ | £ | £ | £ |

| COST

| At 1 January 2025 | 36,378 |  | 26,540 |  | 14,081 |  | 76,999 |  |

| Additions | - |  | 20,901 |  | 3,013 |  | 23,914 |  |

| At 31 December 2025 | 36,378 |  | 47,441 |  | 17,094 |  | 100,913 |  |

| DEPRECIATION

| At 1 January 2025 | 8,203 |  | 6,314 |  | 3,871 |  | 18,388 |  |

| Charge for year | 2,813 |  | 8,256 |  | 4,857 |  | 15,926 |  |

| At 31 December 2025 | 11,016 |  | 14,570 |  | 8,728 |  | 34,314 |  |

| NET BOOK VALUE

| At 31 December 2025 | 25,362 |  | 32,871 |  | 8,366 |  | 66,599 |  |

| At 31 December 2024 | 28,175 |  | 20,226 |  | 10,210 |  | 58,611 |  |

| ASPEN ANIMAL HEALTH LTD (REGISTERED NUMBER: 10356850) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 31 December 2025

6. | STOCKS

| 31.12.25 |  | 31.12.24

£ | £ |

| Stocks | 420,003 |  | 605,790 |  |

| Work-in-progress | 107,380 |  | - |  |

527,383 |  | 605,790 |  |

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Trade debtors | 429,345 |  | 148,952 |  |

| Other debtors | 234,790 |  | 413,113 |  |

| Value added tax | 73,735 |  | 88,856 |  |

| Prepayments | 4,943 |  | 4,938 |  |

742,813 |  | 655,859 |  |

8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.12.25 |  | 31.12.24

£ | £ |

| Bank loans and overdrafts (see note 10) | 16,692 |  | - |  |

| Trade creditors | 140,600 |  | 15,289 |  |

| Other creditors | 1,059 |  | 1,972 |  |

| Accruals | 7,800 |  | 7,800 |  |

166,151 |  | 25,061 |  |

9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

| 31.12.25 |  | 31.12.24

£ | £ |

| Amounts owed to group undertakings | 1,579,097 |  | 1,573,689 |  |

10. | LOANS

| An analysis of the maturity of loans is given below:

| 31.12.25 |  | 31.12.24

£ | £ |

| Amounts falling due within one year or on demand:

| Bank overdrafts | 16,692 |  | - |  |

11. | SECURED DEBTS

| At 31 December 2025 the assets of the company were subject to a registered debenture that forms security for loans in the parent undertaking.

| ASPEN ANIMAL HEALTH LTD (REGISTERED NUMBER: 10356850) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 31 December 2025

12. | PROVISIONS FOR LIABILITIES

| 31.12.25 |  | 31.12.24

£ | £ |

| Deferred tax

| Accelerated capital allowances | 12,650 |  | 11,136 |  |

| Deferred |

| tax |

£ |

| Balance at 1 January 2025 | 11,136 |  |

| Provided during year | 1,514 |  |

| Balance at 31 December 2025 | 12,650 |  |

13. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 31.12.25 |  | 31.12.24

| value: | £ | £ |

| 100 | Ordinary | £1 | 100 |  | 100 |  |

14. | ULTIMATE CONTROLLING PARTY

| The controlling party is HLM Group Ltd.

| This company is limited by shares and registered in England and Wales. The company's registered address is 4 Grovelands, Boundary Way, Hemel Hempstead, HP2 7TE.