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REGISTERED NUMBER: 00979895 (England and Wales)

| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |

| FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31ST DECEMBER 2025 |

| FOR |

| REFRIGERATION NORWEST (CHESTER) LIMITED |

REFRIGERATION NORWEST (CHESTER) LIMITED (REGISTERED NUMBER: 00979895) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2025

Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Report of the Directors | 3 |

| Report of the Independent Auditors | 5 |

| Statement of Income and Retained Earnings | 9 |

| Balance Sheet | 10 |

| Cash Flow Statement | 11 |

| Notes to the Cash Flow Statement | 12 |

| Notes to the Financial Statements | 13 |

| REFRIGERATION NORWEST (CHESTER) LIMITED |

COMPANY INFORMATION

FOR THE YEAR ENDED 31ST DECEMBER 2025

| DIRECTORS: | J D L Hughes

| S M Hughes

| K S Hughes

| P J Hughes

| SECRETARY: | J D L Hughes

| REGISTERED OFFICE: | Hawarden Industrial Estate

| Manor Lane

| Hawarden

| Deeside

| CH5 3PZ

| REGISTERED NUMBER: | 00979895 (England and Wales)

| AUDITORS: | M. D. Coxey and Co. Limited

| Chartered Accountants

| and Statutory Auditors

| 25 Grosvenor Road

| Wrexham

| LL11 1BT

| BANKERS: | Barclays Bank plc

| 51-52 Hope Street

| Wrexham

| LL11 1BB

REFRIGERATION NORWEST (CHESTER) LIMITED (REGISTERED NUMBER: 00979895) |

STRATEGIC REPORT

FOR THE YEAR ENDED 31ST DECEMBER 2025

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

REVIEW OF BUSINESS

The directors have continued to expand into the UK contract market which has accounted for continued growth.

The fiscal year ending 31st December 2025 has continued to present challenges arising from the ongoing global supply chain turbulence, a reduction in demand across the sector in general and a continuation of shortages in the labour market. The directors believe that they have managed to perform well, despite these challenges by increasing sales in the contract sector.

The company has ended the fiscal year in a strong position.

KEY PERFORMANCE INDICATORS

The directors believe that the key performance indicators are those that measure the financial performance of the company. These are turnover, gross profit, overhead levels and cash flow.

Turnover has increased on the previous year by 10%.

The gross profit margin has been maintained at 33%.

Non-financial performance indicators are also key to management's holistic approach to all stakeholders. These include customer satisfaction, staff turnover, manufacturing efficiency, hygiene, health and safety and environmental impact.

The average number of employees has increased from 26 to 27.

PRINCIPAL RISKS AND UNCERTAINTIES

The directors will continue to identify, monitor and manage potential risks and uncertainties to the company; at present the principal risks are considered to be the following:

- Drop in demand for products as Government spending cuts continue.

- Financial failure of trade customers due to inability to borrow to finance business activities.

- Increased regulation of the industry leading to higher costs.

- Exchange rate exposure due to a fall in value of Sterling.

THE ENVIRONMENT

The directors acknowledge the importance of environmental matters, and have committed to use the information and procedures which become available under legislation to minimise the environmental effects caused by the products traded.

ON BEHALF OF THE BOARD:

P J Hughes - Director

30th April 2026

REFRIGERATION NORWEST (CHESTER) LIMITED (REGISTERED NUMBER: 00979895) |

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31ST DECEMBER 2025

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of sale of refrigeration products and other white goods.

DIVIDENDS

No dividends will be distributed for the year ended 31st December 2025.

DIRECTORS

The directors set out in the table below have held office during the whole of the period from 1st January 2025 to the date of this report.

The beneficial interests of the directors holding office at 31st December 2025 in the shares of the company, according to the register of directors' interests, were as follows:

| 31.12.25 |  | 1.1.25

Ordinary shares of £1 each

J D L Hughes | 1,500 |  | 1,500 |  |

S M Hughes | 1,500 |  | 1,500 |  |

K S Hughes | 1,000 |  | 1,000 |  |

P J Hughes | 6,000 |  | 6,000 |  |

Preference shares of £1 each

J D L Hughes | 1,350,000 |  | 1,350,000 |  |

S M Hughes | 250,000 |  | 250,000 |  |

K S Hughes | - |  | - |  |

P J Hughes | - |  | - |  |

These directors did not hold any non-beneficial interests in any of the shares of the company.

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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- | select suitable accounting policies 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.

REFRIGERATION NORWEST (CHESTER) LIMITED (REGISTERED NUMBER: 00979895) |

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31ST DECEMBER 2025

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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, M. D. Coxey and Co. Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

P J Hughes - Director

30th April 2026

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

REFRIGERATION NORWEST (CHESTER) LIMITED

Opinion

We have audited the financial statements of Refrigeration Norwest (Chester) Limited (the 'company') for the year ended 31st December 2025 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the Cash Flow Statement, 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 31st 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

REFRIGERATION NORWEST (CHESTER) LIMITED

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.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

REFRIGERATION NORWEST (CHESTER) LIMITED

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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions;

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

REFRIGERATION NORWEST (CHESTER) 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.

Anthony Lewis (Senior Statutory Auditor)

for and on behalf of M. D. Coxey and Co. Limited

Chartered Accountants

and Statutory Auditors

25 Grosvenor Road

Wrexham

LL11 1BT

30th April 2026

REFRIGERATION NORWEST (CHESTER) LIMITED (REGISTERED NUMBER: 00979895) |

STATEMENT OF INCOME AND

RETAINED EARNINGS

FOR THE YEAR ENDED 31ST DECEMBER 2025

| 31.12.25 | 31.12.24 |

| Notes | £ | £ | £ | £ |

TURNOVER | 3 | 14,150,884 |  | 12,867,090 |  |

Cost of sales | 9,436,356 |  | 10,250,178 |  |

GROSS PROFIT | 4,714,528 |  | 2,616,912 |  |

Distribution costs | 1,352,933 |  | 676,988 |  |

Administrative expenses | 1,934,823 |  | 1,335,462 |  |

|  |  | 3,287,756 |  |  |  |  | 2,012,450 |  |

1,426,772 |  | 604,462 |  |

Other operating income | 4 | 20,402 |  | 20,274 |  |

OPERATING PROFIT | 6 | 1,447,174 |  | 624,736 |  |

Interest receivable and similar income | 7 | 18,174 |  | 13,755 |  |

1,465,348 |  | 638,491 |  |

Fair value gains on investments | 8 | (4,693 | ) | (3,929 | ) |

PROFIT BEFORE TAXATION | 1,470,041 |  | 642,420 |  |

Tax on profit | 9 | 374,525 |  | 167,376 |  |

PROFIT FOR THE FINANCIAL YEAR | 1,095,516 |  | 475,044 |  |

Retained earnings at beginning of year | 6,769,426 |  | 6,294,382 |  |

RETAINED EARNINGS AT END OF YEAR | 7,864,942 |  | 6,769,426 |  |

REFRIGERATION NORWEST (CHESTER) LIMITED (REGISTERED NUMBER: 00979895) |

BALANCE SHEET

31ST DECEMBER 2025

| 31.12.25 | 31.12.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 10 | - |  | - |  |

Tangible assets | 11 | 1,182,725 |  | 1,179,165 |  |

Investments | 12 | 167,645 |  | 162,952 |  |

1,350,370 |  | 1,342,117 |  |

CURRENT ASSETS

Stocks | 13 | 5,839,115 |  | 5,398,040 |  |

Debtors | 14 | 1,620,576 |  | 1,549,100 |  |

Cash at bank and in hand | 2,612,097 |  | 1,374,409 |  |

10,071,788 |  | 8,321,549 |  |

CREDITORS

Amounts falling due within one year | 15 | 1,864,549 |  | 1,207,215 |  |

NET CURRENT ASSETS | 8,207,239 |  | 7,114,334 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 9,557,609 |  | 8,456,451 |  |

CREDITORS

Amounts falling due after more than one year | 16 | (1,600,000 | ) | (1,600,000 | ) |

PROVISIONS FOR LIABILITIES | 19 | (82,667 | ) | (77,025 | ) |

NET ASSETS | 7,874,942 |  | 6,779,426 |  |

CAPITAL AND RESERVES

Called up share capital | 20 | 10,000 |  | 10,000 |  |

Retained earnings | 21 | 7,864,942 |  | 6,769,426 |  |

SHAREHOLDERS' FUNDS | 7,874,942 |  | 6,779,426 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 30th April 2026 and were signed on its behalf by:

P J Hughes - Director

REFRIGERATION NORWEST (CHESTER) LIMITED (REGISTERED NUMBER: 00979895) |

CASH FLOW STATEMENT

FOR THE YEAR ENDED 31ST DECEMBER 2025

| 31.12.25 |  | 31.12.24

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 1,463,575 |  | 1,601,063 |  |

Tax paid | (161,442 | ) | (194,369 | ) |

Net cash from operating activities | 1,302,133 |  | 1,406,694 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (79,294 | ) | (82,879 | ) |

Sale of tangible fixed assets | - |  | 9,348 |  |

Interest received | 18,174 |  | 13,755 |  |

Net cash from investing activities | (61,120 | ) | (59,776 | ) |

Cash flows from financing activities

Amount withdrawn by directors | (3,325 | ) | (303,870 | ) |

Net cash from financing activities | (3,325 | ) | (303,870 | ) |

Increase in cash and cash equivalents | 1,237,688 |  | 1,043,048 |  |

Cash and cash equivalents at beginning of year | 2 | 1,374,409 |  | 331,361 |  |

Cash and cash equivalents at end of year | 2 | 2,612,097 |  | 1,374,409 |  |

REFRIGERATION NORWEST (CHESTER) LIMITED (REGISTERED NUMBER: 00979895) |

NOTES TO THE CASH FLOW STATEMENT

FOR THE YEAR ENDED 31ST DECEMBER 2025

1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 31.12.25 |  | 31.12.24

£ | £ |

| Profit before taxation | 1,470,041 |  | 642,420 |  |

| Depreciation charges | 75,734 |  | 57,147 |  |

| Profit on disposal of fixed assets | - |  | (9,348 | ) |

| Fair value gain on investments | (4,693 | ) | (3,929 | ) |

| Finance income | (18,174 | ) | (13,755 | ) |

1,522,908 |  | 672,535 |  |

| Increase in stocks | (441,075 | ) | (509,663 | ) |

| (Increase)/decrease in trade and other debtors | (72,892 | ) | 1,289,590 |  |

| Increase in trade and other creditors | 454,634 |  | 148,601 |  |

| Cash generated from operations | 1,463,575 |  | 1,601,063 |  |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

| Year ended 31st December 2025

| 31.12.25 |  | 1.1.25

£ | £ |

| Cash and cash equivalents | 2,612,097 |  | 1,374,409 |  |

| Year ended 31st December 2024

| 31.12.24 |  | 1.1.24

£ | £ |

| Cash and cash equivalents | 1,374,409 |  | 331,361 |  |

3. | ANALYSIS OF CHANGES IN NET DEBT

| At 1.1.25 | Cash flow | At 31.12.25

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 1,374,409 |  | 1,237,688 |  | 2,612,097 |  |

1,374,409 |  | 1,237,688 |  | 2,612,097 |  |

| Debt

| Debts falling due after 1 year | (1,600,000 | ) | - |  | (1,600,000 | ) |

(1,600,000 | ) | - |  | (1,600,000 | ) |

| Total | (225,591 | ) | 1,237,688 |  | 1,012,097 |  |

REFRIGERATION NORWEST (CHESTER) LIMITED (REGISTERED NUMBER: 00979895) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2025

1. | STATUTORY INFORMATION

| Refrigeration Norwest (Chester) 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. | 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| Critical accounting judgements and key sources of estimation uncertainty

| In the application of the Company’s accounting policies, management is required to make judgements, estimates and assumptions about carrying values of assets and liabilities that are not readily available 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 key judgements and sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:

| Estimated useful lives and residual values of fixed assets

| Depreciation of tangible and intangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take into account estimated useful lives used by other companies operating in the sector and actual asset lives and residual values, as evidenced by disposals during current and prior accounting periods.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| 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.

| Intangible assets are being amortised evenly over their 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.

| Freehold property | - | 2% on cost

| Fixtures and fittings | - | 25% computers, 20% other - on cost

| Motor vehicles | - | 25% on cost

| Land is not depreciated.

| Stocks

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

REFRIGERATION NORWEST (CHESTER) LIMITED (REGISTERED NUMBER: 00979895) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST DECEMBER 2025

2. | ACCOUNTING POLICIES - continued

| Taxation

| Taxation for the year comprises current and deferred 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 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.

| Foreign currencies

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

| Pension costs

| The company operates three defined contribution pension schemes. The assets of these schemes are held separately from those of the company in independently administered funds. Contributions payable for the year are charged in the profit and loss account.

| Hire purchase and leasing commitments

| Rentals paid under operating leases are charged to the profit and loss account as incurred.

| Investments

| Other fixed asset investments are stated at fair value through profit an loss. Fair value is the quoted market price.

3. | TURNOVER

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

| The whole of the company's turnover arose within the United Kingdom.

4. | OTHER OPERATING INCOME

| 31.12.25 |  | 31.12.24

£ | £ |

| Rents received | 19,400 |  | 18,483 |  |

| Scrap receipts | 1,002 |  | 1,791 |  |

20,402 |  | 20,274 |  |

REFRIGERATION NORWEST (CHESTER) LIMITED (REGISTERED NUMBER: 00979895) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST DECEMBER 2025

5. | EMPLOYEES AND DIRECTORS

| 31.12.25 |  | 31.12.24

£ | £ |

| Wages and salaries | 1,068,779 |  | 726,797 |  |

| Social security costs | 125,635 |  | 68,965 |  |

| Other pension costs | 22,001 |  | 16,838 |  |

1,216,415 |  | 812,600 |  |

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

| 31.12.25 |  | 31.12.24

| Selling and distribution | 24 |  | 23 |  |

| Administration | 3 |  | 3 |  |

27 |  | 26 |  |

| 31.12.25 |  | 31.12.24

£ | £ |

| Directors' remuneration | 49,994 |  | 50,000 |  |

| Directors' pension contributions to money purchase schemes | 750 |  | 750 |  |

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

| Money purchase schemes | 1 |  | 1 |  |

6. | OPERATING PROFIT

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Depreciation - owned assets | 75,734 |  | 57,147 |  |

| Profit on disposal of fixed assets | - |  | (9,348 | ) |

| Auditors' remuneration | 24,250 |  | 19,350 |  |

| Auditors' remuneration for non audit work | 3,139 |  | 2,374 |  |

| Operating lease rentals: other assets | 16,224 |  | 12,468 |  |

7. | INTEREST RECEIVABLE AND SIMILAR INCOME |

| 31.12.25 |  | 31.12.24

£ | £ |

| Deposit account interest | 18,174 |  | 13,345 |  |

| Corporation tax interest | - |  | 410 |  |

18,174 |  | 13,755 |  |

REFRIGERATION NORWEST (CHESTER) LIMITED (REGISTERED NUMBER: 00979895) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST DECEMBER 2025

8. | FAIR VALUE GAINS ON INVESTMENTS |

| 31.12.25 |  | 31.12.24

£ | £ |

| Fair value movement on

| investments | (4,693 | ) | (3,929 | ) |

9. | TAXATION

| Analysis of the tax charge

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Current tax:

| UK corporation tax | 368,883 |  | 163,350 |  |

| Deferred tax | 5,642 |  | 4,026 |  |

| Tax on profit | 374,525 |  | 167,376 |  |

| 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 higher than the standard rate of corporation tax in the UK. The difference is explained below:

| 31.12.25 |  | 31.12.24

£ | £ |

| Profit before tax | 1,470,041 |  | 642,420 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 367,510 |  | 160,605 |  |

| Effects of:

| Permanent timing differences | 7,015 |  | 6,771 |  |

| Total tax charge | 374,525 |  | 167,376 |  |

| Tax rate changes

REFRIGERATION NORWEST (CHESTER) LIMITED (REGISTERED NUMBER: 00979895) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST DECEMBER 2025

10. | INTANGIBLE FIXED ASSETS

| Intangible

| assets

£ |

| COST

| At 1st January 2025

| and 31st December 2025 | 17,500 |  |

| AMORTISATION

| At 1st January 2025

| and 31st December 2025 | 17,500 |  |

| NET BOOK VALUE

| At 31st December 2025 | - |  |

| At 31st December 2024 | - |  |

11. | TANGIBLE FIXED ASSETS

| Fixtures |

| Freehold |  | and |  | Motor |

| property |  | fittings |  | vehicles |  | Totals

£ | £ | £ | £ |

| COST

| At 1st January 2025 | 1,730,093 |  | 263,050 |  | 116,957 |  | 2,110,100 |  |

| Additions | - |  | 17,220 |  | 62,074 |  | 79,294 |  |

| At 31st December 2025 | 1,730,093 |  | 280,270 |  | 179,031 |  | 2,189,394 |  |

| DEPRECIATION

| At 1st January 2025 | 647,025 |  | 217,137 |  | 66,773 |  | 930,935 |  |

| Charge for year | 27,358 |  | 23,309 |  | 25,067 |  | 75,734 |  |

| At 31st December 2025 | 674,383 |  | 240,446 |  | 91,840 |  | 1,006,669 |  |

| NET BOOK VALUE

| At 31st December 2025 | 1,055,710 |  | 39,824 |  | 87,191 |  | 1,182,725 |  |

| At 31st December 2024 | 1,083,068 |  | 45,913 |  | 50,184 |  | 1,179,165 |  |

12. | FIXED ASSET INVESTMENTS

| Unlisted

| investments

£ |

| COST

| At 1st January 2025 | 162,952 |  |

| Fair value adjustment | 4,693 |  |

| At 31st December 2025 | 167,645 |  |

| NET BOOK VALUE

| At 31st December 2025 | 167,645 |  |

| At 31st December 2024 | 162,952 |  |

REFRIGERATION NORWEST (CHESTER) LIMITED (REGISTERED NUMBER: 00979895) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST DECEMBER 2025

13. | STOCKS

| 31.12.25 |  | 31.12.24

£ | £ |

| Goods for resale | 5,839,115 |  | 5,398,040 |  |

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Trade debtors | 1,582,947 |  | 1,509,406 |  |

| Other debtors | 50 |  | 400 |  |

| Tax | - |  | 1,416 |  |

| Prepayments | 37,579 |  | 37,878 |  |

1,620,576 |  | 1,549,100 |  |

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Trade creditors | 485,633 |  | 368,467 |  |

| Tax | 369,375 |  | 163,350 |  |

| VAT | 143,693 |  | 99,180 |  |

| Directors' current accounts | 435,043 |  | 438,368 |  |

| Accrued expenses | 430,805 |  | 137,850 |  |

1,864,549 |  | 1,207,215 |  |

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Preference shares (see note 17) | 1,600,000 |  | 1,600,000 |  |

17. | LOANS

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Amounts falling due in more than five years:

| Repayable otherwise than by instalments

| Preference shares | 1,600,000 |  | 1,600,000 |  |

| The 5.5% cumulative redeemable preference shares are redeemable by joint consent between the Company and the shareholders. The amount payable on redemption is £1 per share.

| The 5.5% cumulative redeemable preference shares have no voting rights attached.

REFRIGERATION NORWEST (CHESTER) LIMITED (REGISTERED NUMBER: 00979895) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST DECEMBER 2025

18. | LEASING AGREEMENTS

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Within one year | 16,224 |  | 16,224 |  |

| Between one and five years | 37,856 |  | 54,080 |  |

54,080 |  | 70,304 |  |

19. | PROVISIONS FOR LIABILITIES

| 31.12.25 |  | 31.12.24

£ | £ |

| Deferred tax

| Accelerated capital allowances | 36,412 |  | 31,943 |  |

| Other timing differences | 46,255 |  | 45,082 |  |

82,667 |  | 77,025 |  |

| Deferred |

| tax |

£ |

| Balance at 1st January 2025 | 77,025 |  |

| Movement in year due to: |

| changes in tax allowances | 4,469 |  |

| changes in tax rates |

| change in fair value movement | 1,173 |  |

| Balance at 31st December 2025 | 82,667 |  |

20. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

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

| value: | £ | £ |

| 10,000 | Ordinary | £1 | 10,000 |  | 10,000 |  |

| There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital.

21. | RESERVES

| Retained

| earnings

£ |

| At 1st January 2025 | 6,769,426 |  |

| Profit for the year | 1,095,516 |  |

| At 31st December 2025 | 7,864,942 |  |

REFRIGERATION NORWEST (CHESTER) LIMITED (REGISTERED NUMBER: 00979895) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST DECEMBER 2025

22. | PENSION COMMITMENTS

| At the year end, the company had a balance due to the defined contribution pension scheme in the sum of nil (2024: £7,498).

23. | CAPITAL COMMITMENTS

| 31.12.25 |  | 31.12.24

£ | £ |

| Contracted but not provided for in the

| financial statements | - |  | - |  |

24. | ULTIMATE CONTROLLING PARTY

| The controlling party is P J Hughes.