Company registration number SC072700 (Scotland)
DRYDEN AQUA LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
DRYDEN AQUA LTD
COMPANY INFORMATION
Directors
Mr P W Meyer
Mr J C McBride
Secretary
Mr M Dryden
Company number
SC072700
Registered office
Butlerfield (Newtongrange)
Bonnyrigg
Midlothian
EH19 3JQ
Auditor
Johnston Smillie Ltd
5 South Gyle Crescent Lane
Edinburgh
EH12 9EG
DRYDEN AQUA LTD
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Balance sheet
8
Statement of changes in equity
9
Statement of cash flows
10
Notes to the financial statements
11 - 20
DRYDEN AQUA LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

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

Review of the business

The principal activity of the company continues to be the manufacturing and sale of water filtration products. The directors are pleased to report a resilient performance despite a slight softening in top-line revenue.

Principal risks and uncertainties

The board identifies and manages risks to ensure the long-term sustainability of the business:

- Supply Chain and Logistics: Fluctuations in transport and packaging costs, which totalled £1,828,092 this year, remain a key variable.

- Currency Volatility: As an international exporter, the company is exposed to foreign exchange risks, resulting in a loss of £172,827 in 2025.

- Investment Risk: The company committed £2,361,484 to tangible fixed asset additions this year. Failure to realize the expected productivity from these assets could impact future margins.

Development and performance

The directors expect the demand for sustainable water treatment solutions to remain robust. The significant investment in plant and machinery during 2025 is expected to enhance production capacity in the 2026 financial year.

Key performance indicators

Turnover: The company achieved sales of £10,639,472, a marginal decrease from £10,778,932 in 2024.

Gross Profit Margin: Efficiency improved, with the gross profit margin rising to 59.21% from 57.50% in the prior year.

Operating Profit: Remained strong at £1,281,931 (2024: £1,662,671), despite an increase in administrative costs.

Net Asset Value: The company's total equity grew to £7,565,626 (2024: £7,191,484), reflecting continued capital reinvestment.

On behalf of the board

Mr P W Meyer
Director
16 April 2026
DRYDEN AQUA LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -

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

Principal activities

The principal activity of the company continued to be that of manufacturing and sales of water filtration products.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £500,000. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr P W Meyer
Mr J C McBride
Auditor

Johnston Smillie Ltd were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Mr P W Meyer
Mr J C McBride
Director
Director
16 April 2026
DRYDEN AQUA LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -

The directors are responsible for preparing the annual 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 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; and

- 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.

DRYDEN AQUA LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DRYDEN AQUA LTD
- 4 -
Opinion

We have audited the financial statements of Dryden Aqua Ltd (the 'company') for the year ended 31 December 2025 which comprise the profit and loss account, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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 auditor's 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.

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the strategic report and the directors' r eport 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.

DRYDEN AQUA LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DRYDEN AQUA LTD
- 5 -
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 identifie d material misstatements in the strategic report and the directors' r eport. 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; or

- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, 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.

Auditor's responsibilities for the audit of the financial statements

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

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We obtained an understanding of the legal and regulatory frameworks applicable to the company, focusing on provisions of those laws and regulations which could have a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and local tax legislation.

We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur, by considering our knowledge of the company and the sector in which it operates and by discussion with staff and those charged with governance. We considered the procedures and controls that are in place to address risks identified, or that otherwise prevent, deter and detect fraud.

Based on this understanding we designed our audit procedures to detect circumstances in which irregularities could result in material misstatement and to identify irregularities which may have occurred. Our procedures included: journal entry testing; enquiries of staff and those charged with governance; review of Board minutes; review of specific transactions and documentation; analytical procedures; and review of the presentation and disclosures in the financial statements.

We communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non compliance with laws and regulations throughout the audit.

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.

DRYDEN AQUA LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DRYDEN AQUA LTD
- 6 -

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Lea Brash BA CA
Senior Statutory Auditor
For and on behalf of Johnston Smillie Ltd
16 April 2026
Chartered Accountants
Statutory Auditor
5 South Gyle Crescent Lane
Edinburgh
EH12 9EG
DRYDEN AQUA LTD
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 7 -
2025
2024
£
£
Turnover
10,639,472
10,778,932
Cost of sales
(4,339,455)
(4,580,991)
Gross profit
6,300,017
6,197,941
Administrative expenses
(5,018,086)
(4,535,270)
Operating profit
1,281,931
1,662,671
Interest receivable and similar income
-
0
16,324
Interest payable and similar expenses
4
(135,125)
(134,052)
Profit before taxation
1,146,806
1,544,943
Tax on profit
(272,664)
(505,225)
Profit for the financial year
874,142
1,039,718

The profit and loss account has been prepared on the basis that all operations are continuing operations.

DRYDEN AQUA LTD
BALANCE SHEET
AS AT 31 DECEMBER 2025
31 December 2025
- 8 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
5
17,046
5,376
Tangible assets
6
8,542,116
7,440,530
8,559,162
7,445,906
Current assets
Stocks
1,411,252
1,069,211
Debtors
7
1,716,150
1,468,478
Cash at bank and in hand
1,770,848
2,592,502
4,898,250
5,130,191
Creditors: amounts falling due within one year
8
(4,734,190)
(4,449,398)
Net current assets
164,060
680,793
Total assets less current liabilities
8,723,222
8,126,699
Provisions for liabilities
(1,157,596)
(935,215)
Net assets
7,565,626
7,191,484
Capital and reserves
Called up share capital
9
183
183
Share premium account
3,124,907
3,124,907
Profit and loss reserves
4,440,536
4,066,394
Total equity
7,565,626
7,191,484

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 16 April 2026 and are signed on its behalf by:
Mr P W Meyer
Mr J C McBride
Director
Director
Company registration number SC072700 (Scotland)
DRYDEN AQUA LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 9 -
Share capital
Share premium account
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2024
183
3,124,907
379,220
3,973,426
7,477,736
Year ended 31 December 2024:
Profit
-
-
-
1,039,718
1,039,718
Other comprehensive income:
Revaluation of tangible fixed assets
-
-
(825,970)
-
(825,970)
Total comprehensive income
-
-
(825,970)
1,039,718
213,748
Dividends
-
-
-
(500,000)
(500,000)
Other movements
-
-
446,750
(446,750)
-
Balance at 31 December 2024
183
3,124,907
-
0
4,066,394
7,191,484
Year ended 31 December 2025:
Profit and total comprehensive income
-
-
-
874,142
874,142
Dividends
-
-
-
(500,000)
(500,000)
Balance at 31 December 2025
183
3,124,907
-
0
4,440,536
7,565,626
DRYDEN AQUA LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 10 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
13
2,237,913
2,945,803
Interest paid
(135,125)
(134,052)
Income taxes paid
(50,283)
(317,397)
Net cash inflow from operating activities
2,052,505
2,494,354
Investing activities
Purchase of intangible assets
(12,675)
(4,049)
Purchase of tangible fixed assets
(2,361,484)
(963,112)
Proceeds from disposal of tangible fixed assets
-
0
60,000
Repayment of loans
-
0
1,005,616
Interest received
-
0
16,324
Net cash (used in)/generated from investing activities
(2,374,159)
114,779
Financing activities
Repayment of borrowings
-
0
(406,178)
Dividends paid
(500,000)
(500,000)
Net cash used in financing activities
(500,000)
(906,178)
Net (decrease)/increase in cash and cash equivalents
(821,654)
1,702,955
Cash and cash equivalents at beginning of year
2,592,502
889,547
Cash and cash equivalents at end of year
1,770,848
2,592,502
DRYDEN AQUA LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
1
Accounting policies
Company information

Dryden Aqua Ltd is a private company limited by shares incorporated in Scotland. The registered office is Butlerfield (Newtongrange), Bonnyrigg, Midlothian, EH19 3JQ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

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

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

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Patents & licences
5% straight line
DRYDEN AQUA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 12 -
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land
not depreciated
Leasehold land and buildings
not depreciated
Plant and equipment
25% & 10% straight line
Motor vehicles
25% straight line

Freehold land and assets in the course of construction are not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.7
Impairment of fixed assets

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

1.8
Stocks

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

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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

1.9
Cash and cash equivalents

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

1.10
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.

DRYDEN AQUA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 13 -
Basic financial assets

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

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts 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. A m ounts 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.

DRYDEN AQUA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 14 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.11
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.12
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

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

1.15
Leases
DRYDEN AQUA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 15 -

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

1.16
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount 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 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Tangible fixed assets

Tangible fixed assets are depreciated over their estimated useful lives, considering residual values where applicable. The useful lives are determined based on the period during which management expects to receive future economic benefits.

Valuation of land and buildings

The land and buildings are stated at their valuation as of the reporting date. A professional valuation of the company's land and buildings was conducted in December 2025, and the results have been reviewed and deemed appropriate. In making this assessment, comparable commercial properties in the area were considered. The carrying value of the land and buildings is detailed in note 6.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
15
16
DRYDEN AQUA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 16 -
4
Interest payable and similar expenses
2025
2024
£
£
Interest payable and similar expenses includes the following:
Interest on bank overdrafts and loans
-
-
Interest payable to group undertakings
124,559
134,052
124,559
134,052
5
Intangible fixed assets
Other
£
Cost
At 1 January 2025
38,286
Additions
12,675
At 31 December 2025
50,961
Amortisation and impairment
At 1 January 2025
32,910
Amortisation charged for the year
1,005
At 31 December 2025
33,915
Carrying amount
At 31 December 2025
17,046
At 31 December 2024
5,376
DRYDEN AQUA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 17 -
6
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 January 2025
2,100,000
12,961,607
15,061,607
Additions
-
0
2,361,484
2,361,484
At 31 December 2025
2,100,000
15,323,091
17,423,091
Depreciation and impairment
At 1 January 2025
-
0
7,621,077
7,621,077
Depreciation charged in the year
-
0
1,259,898
1,259,898
At 31 December 2025
-
0
8,880,975
8,880,975
Carrying amount
At 31 December 2025
2,100,000
6,442,116
8,542,116
At 31 December 2024
2,100,000
5,340,530
7,440,530

The factory building was revalued to £1,350,000 and the unit 7 building was revalued to £750,000 in December 2024 based on a valuation performed by Ryden LLP, independent chartered surveyors. The directors have reviewed the valuations at 31 December 2025 and, having considered market conditions and the use and condition of the properties, are satisfied that the valuation remains appropriate.

The factory building is carried at valuation. If it were measured using the cost model, the carrying amounts would have been approximately £1,682,040 (2024 - £1,890,231), being cost £1,682,040 (2024 - £1,890,231) and depreciation £NIL (2024 - £NIL).

The unit 7 building is carried at valuation. If it were measured using the cost model, the carrying amounts would have been approximately £1,175,970 (2024 - £1,175,970), being cost £1,175,970 (2024 - £1,175,970) and depreciation £NIL (2024 - £NIL).

7
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
1,445,756
1,316,436
Other debtors
270,394
152,042
1,716,150
1,468,478
DRYDEN AQUA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 18 -
8
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
2,119,774
1,503,672
Taxation and social security
74,105
350,402
Other creditors
2,540,311
2,595,324
4,734,190
4,449,398
9
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of 10p each
1,456
1,456
146
146
Ordinary B of 10p each
184
184
18
18
Ordinary C of 10p each
190
190
19
19
1,830
1,830
183
183
10
Operating lease commitments
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2025
2024
£
£
Total commitments
53,700
54,900
11
Related party transactions
Transactions with related parties

During the year, the company entered into transactions with a fellow group undertaking, Dryden Aqua LLC, which is under common control. These transactions comprised the sale of goods and were conducted at discounted rates.

The total value of sales made by the company to Dryden Aqua LLC during the year amounted to £409,258.

The directors consider that the terms of these transactions are consistent with the group’s transfer pricing framework.

12
Parent company

The parent undertaking of the smallest group in which the results of the company are consolidated is AS Holding AG. The financial statements of AS Holding AG may be obtained from its registered office at Industriering 66, 4227 Büsserach, Switzerland.

DRYDEN AQUA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 19 -
13
Cash generated from operations
2025
2024
£
£
Profit after taxation
874,142
1,039,718
Adjustments for:
Taxation charged
272,664
505,225
Finance costs
135,125
134,052
Investment income
-
0
(16,324)
Gain on disposal of tangible fixed assets
-
(41,806)
Amortisation and impairment of intangible assets
1,005
202
Depreciation and impairment of tangible fixed assets
1,259,898
1,054,253
Movements in working capital:
(Increase)/decrease in stocks
(342,041)
14,482
(Increase)/decrease in debtors
(247,672)
105,534
Increase in creditors
284,792
150,467
Cash generated from operations
2,237,913
2,945,803
DRYDEN AQUA LTD
MANAGEMENT INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2025
- 20 -
14
Analysis of changes in net funds/(debt)
1 January 2025
Cash flows
31 December 2025
£
£
£
Cash at bank and in hand
2,592,502
(821,654)
1,770,848
Borrowings excluding overdrafts
(2,433,000)
-
(2,433,000)
159,502
(821,654)
(662,152)
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