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REGISTERED NUMBER: 06653237 (England and Wales)

| Bee Health Limited |

| Strategic Report, Report of the Directors and |

| Financial Statements |

| for the Year Ended 31 December 2025 |

Bee Health Limited (Registered number: 06653237)

Contents of the Financial Statements

for the year ended 31 December 2025

Page |

Company Information | 1 |

Strategic Report | 2 |

Report of the Directors | 8 |

Report of the Independent Auditors | 14 |

Income Statement | 18 |

Balance Sheet | 19 |

Statement of Changes in Equity | 20 |

Cash Flow Statement | 21 |

Notes to the Cash Flow Statement | 22 |

Notes to the Financial Statements | 23 |

Bee Health Limited

Company Information

for the year ended 31 December 2025

| DIRECTORS: | Mr A D Purvis

| Ms J A Cheng

| Mr F Iannielli

| REGISTERED OFFICE: | Fieldfisher

| Riverbank House

| 2 Swan Lane

| London

| EC4R 3TT

| REGISTERED NUMBER: | 06653237 (England and Wales)

| AUDITORS: | SMH Jolliffe Cork Audit Ltd

| Accountants & Statutory Auditors

| 33 George Street

| Wakefield

| West Yorkshire

| WF1 1LX

| BANKERS: | Lloyds TSB Bank Plc

| 9 Marina Court

| Hull

| HU1 1TJ

Bee Health Limited (Registered number: 06653237)

Strategic Report

for the year ended 31 December 2025

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

Business Review and Results

We aim to present a balanced and comprehensive review of the development and performance of the business during the year and its position at year end. Our review is written in the context of the risks and uncertainties that we face.

The results of the company for the year are as follows:

| 31.12.2025 |  | 31.12.2024 |  | 31.12.2023 |  | 31.12.2022 |  |

| £m |  | £m |  | £m |  | £m |  |

Sales |  | 35.41 |  | 43.45 |  | 41.88 |  | 35.81 |  |

EBITDA |  | 2.88 |  | 5.30 |  | 4.51 |  | 2.97 |  |

EBITDA margin |  | 8.14% |  | 12.20% |  | 10.77% |  | 8.29% |  |

* EBITDA is calculated after discounting non-recurring costs.

After a return to growth in 2023 and 2024, the company experienced a downturn in 2025 due to unforeseen issues impacting a couple of the company's largest customers, these one-time specific issues were temporary but significant in terms of their impact on our 2025 results. Aside from this, the company otherwise continued its growth and successfully onboarded some significant new customers giving the Board confidence of a return to significant growth in 2026.

According to market studies the global nutritional supplements market is expected to continue growing year on year, the global nutritional supplements market is expected to expand at a compound annual growth rate (CAGR) of 6.42% from 2025 to 2030 (Grand View Research published 2025) and the company is committed to growing sales & increasing profitability.

In 2021 the company was acquired by INW (Innovations in Nutrition and Wellness). INW is a US based leader in custom R&D, manufacturing, and marketing support solutions for global brands that server the fast-growing nutrition and wellness industry

Business environment

The economic environment having faced inflationary pressures caused by the increase in the prices of raw materials, costs relating to Brexit, fuel and gas prices and increasing pressure due to the cost of living on the national living wage in recent years remains challenging, the ongoing conflicts such as the Russia-Ukraine war and more recent conflict in 2026 in the Middle East create cause uncertainty in terms of the impact on the supply chain (including but not limited to the cost of goods and services, transportation and fuel costs and potential delays).

The industry continues to show significant resilience to general retail market pressures; in particular, e-commerce retailers continue to challenge established market dynamics with the ability to react quickly in bringing innovative products to market. In 2025 the market experienced growth driven by preventative health, personalised wellness and Gen-Z demand with the global market expected to keep growing at around 12.8% from 2026 to 2033.

The company is strategically positioned to benefit from these evolving changes by maintaining industry leading service levels and by providing a fully bespoke contract manufacturing offering which incorporates; new product development, short formulation and manufacturing lead times, national and international regulatory advice and having the ability to manufacture a wide range of high-quality product formats at competitive prices.

In order to maintain its point of differentiation the company seeks to operate with optimum operational flexibility and manufacturing capacity, thereby enabling it to respond promptly to fast changing consumer tends and customer demands.

Once again, the company wishes to place on record its sincere gratitude and appreciation to all of its employees for their dedication, commitment, and hard work, during such challenging times.

Bee Health Limited (Registered number: 06653237)

Strategic Report

for the year ended 31 December 2025

Corporate Strategy Business Outlook

After two years of successive growth, the company was impacted by one-time issues, with a couple of its larger customers, however, both these customers returned to growth at the beginning of 2026. Also, the company successfully continued it's strategy of diversifying it's customer base, successfully on-boarding and contracting with leading industry brands and new customers that the company is confident will continue to scale in 2026 and beyond. Consequently, the company went into 2026 with a strong and growing order book and confidence therefore that the company is on course to record a record level of turnover in 2026.

To address these challenges, the company continues to improve its grading structure and learning and development initiatives, to ensure it is able to maintain and enhance its career progression opportunities and become an employer of choice within the local community.

The company also aims to grow export trade in the coming year by expansion into new export markets and to continue to develop its business in key regions with a continuing focus on the Middle East.

During 2023 the company made significant investments in its packing hall, further automating its high-speed lines, and continued to further invest in its softgel capabilities during 2024 to increase its capacity by a further 60% and successfully launched a new Vegan soft capsule range. In 2025 the company invested in enhanced humidity control to enhance it's encapsulation capabilities and pouch automation. The company plans further investments in 2026 with expansion of it's blending and powder capabilities.

The company continues to manage supply chain risks and rising inflation and prices through execution of a carefully managed pricing initiatives alongside further investments in technology and equipment to ensure operational efficiencies and innovation are industry leading. The Directors and senior management continually review its cost structure and overhead expenses to improve profitability by promoting efficiency throughout the organisation. The company expects to benefit for scale efficiencies through its partnership with INW. By combining with INW, the company will now be even better positioned to meet the industry's fast evolving needs. INW and Bee Health's highly complementary product capabilities and geographic scope will further enhance the services provided to customers. Additionally, the owner of INW, Cornell Capital, has significant expertise in the consumer and industrial sectors, further increasing our confidence that the company will further develop its range of formulations and product offerings. The expansion of the companies softgel capacity will also help explore adding sales to the US market through our group platform.

INW aims to be the premier solutions partner delivering best in class products across the spectrum of health and wellness, with unmatched product capabilities and industry leading quality & regulatory assistance, innovation on new product technologies and science backed ingredient led innovation. The company set out in 2024 to enhance its quality standards, by adding GMP (MHRA) certification to its existing BRC AA* accreditation. In March 2025 the company successfully acquired GMP accreditation. During 2026 the company also added FOS (Friends of the Sea) and GOED (Global Organisation for EPA and DHA Omega-3s) to its list of accreditations.

The company continues to evolve its strategy, vision, and values with a clear focus on putting people and safety at the heart of every strategic decision made and implemented a high-level of focus on communication to foster engagement.

KEY PERFORMANCE INDICATORS

The company operates a range of financial KPIs which it monitors daily/weekly at management level and monthly at Board level. The KPIs include, but are not limited to, the following:

KPI |  | 31.12.2025 |  | 31.12.2024 |  | 31.12.2023 |  | 31.12.2022 |

EBITDA as % of sales |  | 8.14% |  | 12.20% |  | 10.77% |  | 8.29% |

Gross profit as a % of sales |  | 21.7% |  | 23.5% |  | 21.5% |  | 20.7% |

Stock turn |  | 4.45x |  | 5.95x |  | 5.46x |  | 6.03% |

Overheads as a % of sales |  | 13.83% |  | 11.34% |  | 10.8% |  | 12.5% |

Bee Health Limited (Registered number: 06653237)

Strategic Report

for the year ended 31 December 2025

PRINCIPAL RISKS AND UNCERTAINTIES

The execution of the company's corporate strategy and the management of its annual business plan are subject to a number of risks and uncertainties which are routinely monitored and reviewed by the Board. Appropriate processes are implemented to manage and mitigate such risks and uncertainties.

The principal risks and uncertainties include the following;

Liquidity risk

The company operates both sterling and non-sterling bank accounts and has appropriate cash resources in place to support its budgeted working capital requirements. The company continues to generate strong cash flow.

The company has rigorous business modelling and cash flow forecasting processes which can identify cash requirements significantly ahead of time.

Foreign exchange risk

The company sources raw materials from a number of non-UK countries. The overwhelming majority of those purchases are acquired in either United States Dollars or Euros. The company's exposure to currency fluctuations is therefore, in the main, limited to these two currencies. Measures are in place to manage and mitigate such fluctuations by the operation of non-sterling bank accounts.

There are no financial instruments currently in place to hedge against overseas income and expenditure; however, the situation is kept under routine review.

Raw material price increases

The company is sensitive to fluctuations in raw material prices. Where possible the company mitigates against price fluctuations by forward contracting in line with foreseeable requirements. The company prides itself on strong partnerships with its suppliers to stay close to emerging market issues.

Customer Base

The company remains conscious of the benefit of having a broad customer base and continues to routinely monitor its business mix. The company's approach to credit control ensures that there is a strong focus on reducing bad debt exposure.

Debt and cash

The company does not operate a bank overdraft facility. It has facilities to fund items of plant and equipment by way of asset finance arrangements, if needed, however the company maintains strong cash reserves and a healthy balance sheet position.

Changes in legislation

The company operates in a business sector that is sensitive to the impact of changes in food regulations, both in the UK and internationally.

European Developments

The company successfully put in place measures to mitigate the impact of the UK leaving the EU and continues to evaluate the ongoing difficulties around import and export with the EU region in order to minimise risks and take advantage of emerging opportunities.

Technological Change

The company's IT systems provide a real time view of the business enabling trading and operational decisions to be based on high quality management information. On-going investment is being made in IT systems to ensure that they are able to continue to respond to the needs of the business. Recovery processes are in place to minimise the effects of damage or denial of access to the infrastructure or systems.

The company has software that provides a robust deterrence against emerging cyber threats alongside an actively managed internal security awareness program.

Bee Health Limited (Registered number: 06653237)

Strategic Report

for the year ended 31 December 2025

Employee Hiring and Retention

The company appreciates the need to attract and retain high calibre employees and seeks to do so through a combination of competitive basic salaries and targeted performance related bonuses. It also appreciates the need to provide employees with clear job progression opportunities and appropriate on-going training programmes.

As referenced in the corporate strategic outlook the company continues to invest significant resources and focus to its human capital expanding its Human Resources and Learning & Development team and has implemented various programmes with focus on staff engagement and communication.

Supply Chain Risk

On going consideration is given to how global wars and conflicts, ever changing EU relations and US foreign trade policy continues to impact the supply chain; however, the company continues to take appropriate steps to implement mitigation policies, which limit any material impact.

Meanwhile, considerable effort is directed towards working with suppliers in order to manage the potential risk of interruptions and delays in supply that may adversely impact on trade.

In particular, the company continues to seek to maintain access to sufficient stocks of raw materials from a wide range of suppliers and destinations in order to deliver its business plan. This involves forward contracting and maintaining stock levels in line with known and anticipated requirements.

Service levels and warehouse handling systems are continuously monitored to ensure appropriate stock control processes are in place and that goods are delivered in a timely manner. The company tracks OTIF as a key strategic KPI.

SECTION 172(1) STATEMENT

S172(1) (A) "The likely consequences of any decision in the long term"

The Directors understand the business and the evolving environment in which it operates, including the challenges of navigating through the conflict in the Ukraine and current economic and inflationary challenges. The strategy and business plan is set by the Leadership team and Directors and approved by the Board annually, and is intended to strengthen our position as a leading health and wellness company and our vision to become the global leading solutions partner to the sector, as set out in the Company's strategic review.

The Directors ensure that any decision is consistent with the groups developing ESG initiatives, safety and social responsibility is fundamental to our business approach.

The need to tackle climate change is high on our ESG agenda, this include ensuring our raw materials are sourced in a sustainable manner and our carbon footprint is continually monitored to mitigate the impact of the environment.

S172(1) (B) "The interests of the company's employees"

The Directors understand the importance of our employees to the long-term success of the business and the delivery of our strategic ambitions and as mentioned in the strategic review are at the core of our business. The Success of our business depends on attracting, retaining and motivating employees. The Directors consider the implications of decisions on employees to ensure that we remain a responsible employer, from pay and benefits to health and safety and the workplace environment.

The Directors have always recognised the importance of communicating and engaging with its workforce. This is performed through a range of formal and informal channels, including via emails from the Directors and other senior executives, internal team meetings and huddle's, town halls and through the Company's in house digital media system.

The company is committed to the development of it's workforce and as noted in the strategic review has invested in Human Resources and Learning & Development including; new e-learning platforms, enhanced in house training, senior leadership six sigma and lean manufacturing training, a revamped digital induction process, new staff handbook, various questionnaires to appraise the work environment, exit interviews.

Bee Health Limited (Registered number: 06653237)

Strategic Report

for the year ended 31 December 2025

In addition to formal training, an online compliance and training program to ensure the continued development of its staff alongside ensuring knowledge of important compliance areas such as anti-money laundering, IT security, UK bribery act to mention a few, the company in 2023 also launched an employee training and learning skills programme within its UK HR system. The learning module allows all employees to access their training records and always ensure they have full transparency of training actions to complete a move to the next skill grade to assist the company's vision of a higher paid, highly skilled and engaged workforce.

The company regularly undertakes employee engagement surveys, and whilst happy with the results, we continue to look at how we can improve in all areas.

The Directors consider effective engagement a key element of its understanding of the Company's ability to create value as it recognises that our employees are our greatest asset. Workforce views can also help inform the Board on matters related to operational effectiveness, culture, risk identification and strategy development and delivery. The Directors consider the current workforce engagement approach is working effectively.

S172 (1) (C) "The need to foster the company's business relationships with suppliers, customers and others"

The Directors are committed to ensuring efficacy of the supply chain, which is an important priority of the groups ESG initiatives. This is achieved through rigorous policies and procedures which are regularly reviewed to seek the promotion and application of key general principles with both existing and when entering new relationships.

The Directors and senior leadership are encouraged to communicate pro-actively to understand the issues and factors which are most important to all our stakeholders and integral to our success and continued innovation. The company uses tools such Mailchimp to regularly communicate to its customers and suppliers.

Delivering our strategy requires strong mutually beneficial relationships with suppliers, customers, distributors, business partners, and regulators/governments (amongst others). We put the customers at the heart of what we do and pride ourselves with industry leading service levels and full-service offering.

The company successfully renewed its accreditation for ISO 9001. ISO 9001 is the international standard that specifies requirements for a quality management system (QMS).

We understand that suppliers are critical to the effective operation of our business through to supply of product to our customers. We understand the importance of creating a collaborative and trusting environment with our suppliers. We regularly engage with our suppliers to help them with regulatory issues.

We understand the need to be at the forefront in understanding regulatory changes, government policy and relevant laws and regulations, particularly the regulations around nutritional products and how they vary across consumer markets so that's we can continue to be at the forefront in being a premium brand partner by offering market leading NPD solutions to our customers.

S172 (1) (D) - "The impact of the company's operations on the community and the environment"

The Directors are committed to the groups ESG initiatives and operating in a way that our workforce can be proud of, by ensuring that the needs of society and the wellbeing of our environment and future of our planet is forefront with our ethical values, business strategy, and stakeholder engagement. We aim to minimise the environmental footprint of our products and processes and to constantly develop initiatives as part of the Company's 5-year Sustainability, Environmental & Energy plan which includes an initiative to work towards becoming Carbon neutral.

We have a packaging waste policy and work hard to reduce the impact our packaging has on the environment through an internal waste management process.

We look to innovate products that will make a positive impact on the lives and wellbeing of our customers through continued investment in R&D.

We support the local community through a range of initiatives including local donations to charities and community sponsorship.

The company was successful in keeping its ISO 45001 accreditation - ISO 45001 is the international standard for occupational Health & Safety management.

Bee Health Limited (Registered number: 06653237)

Strategic Report

for the year ended 31 December 2025

S172 (1) (E) - "The desirability of the company maintaining a reputation for high standards of business conduct"

The Directors take the reputation of the Group seriously; diversity and inclusion is a key part of Bee Health's culture. Employee safety and wellbeing is at the heart of the Company's 5-year Health & Safety strategy as are social, community and human rights issues.

We have a zero-tolerance approach to Modern Slavery, and we are committed to the prevention, deterrence, and detection of Modern Slavery within our business and within our supply chain. It is our policy to conduct all business activities with honesty, integrity and at the highest possible ethical standards. We are fully committed to implementing and enforcing effective systems and controls within our business and within our supply chain to continually challenge our ability to combat Modern Slavery.

We have built a risk framework with measures to assess and check our supplier's conduct in respect to Modern Slavery and taken steps to ensure our supply chain processes and policies include specific prohibitions against the use of Modern Slavery.

S172 (1) (F) - "The need to act fairly as between members of the company "

The Board is clear that good governance and effective communication are essential on a day-to-day basis to deliver our purpose and to protect the company's brand, reputation, and relationships with our stakeholder community including shareholders, customers, employees, suppliers, and the local communities in which we work.

Bee Health is proud to be a trusted ethical manufacturer and distributor of health and wellness products. We constantly innovate to meet our customers' needs.

Continued investment in our business, our people and our equipment and processes has enabled us to continue to deliver consistent financial growth and long-term value for our investors.

ON BEHALF OF THE BOARD:

Mr A D Purvis - Director

30 June 2026

Bee Health Limited (Registered number: 06653237)

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 the formulation, contract manufacture and packaging of a wide range of vitamins, minerals, supplements ("VMS") and health food products.

The company manufactures products in numerous formats including; tablets, capsules, soft gel capsules, liquids, serums, sprays, powders, gels and creams.

The company also manufactures, retails and wholesales its own VMS and health food range of products under the FSC 'Food Supplement Company' and Bee Health Propolis brands.

DIVIDENDS

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

DIRECTORS

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

Mr A D Purvis

Ms J A Cheng

Mr F Iannielli

The company directors and INW corporate team have a regular opportunity to consider the company's strategy, policies, budgets, progress, and financial position in order to be able to arrive at a balanced assessment of the company's position and prospects.

The Directors operate within governance guidance provided by Cornell Capital and the directors and senior management team monitor the Company's performance through a number of KPI's on a continual basis.

Within this framework the Director's consider the interests of all key stakeholders.

GOING CONCERN

The Board is fully satisfied that, on the basis of the current financial year's performance to date, its strong cashflow and its robust financial projections, adequate finance is in place to ensure that the company is able to meet its financial obligations for a minimum of 12 months from the date of signing the financial statements.

The company's position is further strengthened by it's ownership structure as referenced on page 3, owing to the industry expertise of both the INW Manufacturing group and Cornell Capital.

EMPLOYEES

The company continues to develop programmes whereby employees are consulted and provided with feedback on both current activities and the general progress of the company.

The company supports the employment of disabled persons wherever possible through; recruitment, retention of those who may become disabled during the term of their employment and by career development generally having regard to particular aptitudes and abilities.

It is also the company's policy to provide equal opportunities regardless of gender, race, religion, sexual orientation, or disability.

STREAMLINED ENERGY AND CARBON REPORTING (SECR)

At the end of 2021 we commenced the development of a comprehensive 5-year strategy to reduce and offset our carbon footprint. We will help the environment, fight climate change, and help make possible the transition to a clean energy future. Our offset projects will be third-party validated and verified to the highest standards and comply with the UN Sustainable Development Goals.

Bee Health Limited (Registered number: 06653237)

Report of the Directors

for the year ended 31 December 2025

We commenced several initiatives during the year as part of our 5-year sustainability strategy, which we will continue to progress during the coming year around how to further develop the initiatives listed below and reduce the offset requirements to meet our strategy of being carbon neutral within 5 years.

Current carbon Saving Initiatives include:

Staff Awareness Training

Staff awareness training was implemented across Bee Health Limited's two sites to promote energy saving practices among employees. The training focused on educating staff about energy-efficient behaviours, such as turning off unused equipment, optimising lighting usage, and maintaining equipment for optimal energy performance. By engaging employees in energy-conscious practices, the company aims to reduce unnecessary energy consumption, particularly in areas such as lighting, heating, and the operation of equipment during the 24/7 production schedule and office hours. This initiative is expected to generate cost savings, reduce energy consumption, and support the company's sustainability objectives. The training was rolled out in phases starting in June 2025, beginning with key operational staff, and will followed by periodic refresher sessions every six months. This action was identified through the recent ESOS (Energy Savings Opportunity Scheme) audit, which highlighted the potential for reducing energy usage through improved staff awareness and behaviour changes.

Estimation of Savings

The estimated energy savings from the staff awareness training initiative are expected to result in a 2.5% reduction in total energy expenditure across Bee Health Limited's two sites. This reduction is primarily attributed to improvements in lighting and office electricity usage, as employees are encouraged to adopt energy-efficient practices such as turning off lights and equipment when not in use, optimising heating and cooling, and implementing more energy-conscious work habits.

The savings estimate was derived from historical energy usage data and industry-standard efficiency improvement benchmarks. Carbon savings were calculated by applying the standard carbon emissions factor for electricity consumption in the UK (0.233 kg CO2/kWh, as per DEFRA's guidelines). While the estimate was informed by the ESOS audit, which identified potential energy savings through improved staff awareness, the 2.5% savings figure was independently calculated based on internal data and best practices, aligning with the company's sustainability goals.

Energy Monitoring and Targeting

Fiscal monitoring of gas and electricity meters was implemented to enhance energy management practices at Bee Health Limited. This remote energy monitoring system allows for regular tracking and analysis of energy use on site. in addition, remote energy monitoring provides accurate data on energy consumption, helping to identify inefficiencies, reduce waste, and lower costs. The system also simplifies compliance with energy regulations by providing automated reporting and detailed consumption records, improving operational efficiency and supporting sustainability goals. Bee Health Limited also have the opportunity to install additional sub-meters on site, which could be investigated as part of this project. This would allow for in-depth analysis of asset-level energy consumption, which in turn could further energy savings through the identification of inefficiencies.

Monitoring and targeting was implemented in June 2025. This action was identified as part of the ESOS audit, which highlighted the potential for significant energy savings through better monitoring and targeted interventions.

Estimation of Savings

The savings estimate was not directly calculated using the ESOS audit data, but it was informed by the audit's identification of opportunities for energy savings through better energy management practices. The 7.5% savings figure was independently calculated based on a detailed review of internal energy data, including historical consumption patterns, and aligned with industry best practices in energy management. This estimate draws upon case studies and benchmarks from organisations that have implemented effective energy monitoring systems, which have demonstrated potential savings ranging from 5% to 15%, as highlighted by sources such as the Carbon Trust and the Energy Saving Trust. These organisations report that effective energy monitoring can lead to significant energy savings by providing visibility into energy consumption and enabling targeted interventions.

Bee Health Limited (Registered number: 06653237)

Report of the Directors

for the year ended 31 December 2025

Carbon savings were also estimated using DEFRA emissions factors for electricity consumption, with reductions in energy consumption expected to lead to a corresponding reduction in carbon emissions. This method of calculation was chosen because it offers a clear, evidence-based approach to projecting savings, while reflecting the company's unique operational characteristics and energy use. These estimates are consistent with industry reports, such as those from the Carbon Trust, which indicate that energy management practices, including monitoring and targeting, have successfully delivered measurable reductions in both energy consumption and associated carbon emissions.

Variable Speed Drive Installation on Main Extractors

Bee Health Limited plans to install a Variable Speed Drive (VSD) on the main extractor fans powered by a 45- kW inverter at its Bee Health One site. This installation will allow for more precise control of fan speeds, enabling the extractor system to operate at variable speeds based on demand rather than running continuously at full capacity. By adjusting the motor's speed to match operational needs, the VSD will reduce energy consumption and wear and tear on the equipment, enhancing its longevity and reliability. The primary benefit of this project is a significant reduction in energy usage, as the extraction system at Bee Health One accounts for approximately 44% of the site's overall electricity consumption.

A Capex was raised in December 2025 and was identified as part of the ESOS audit, which highlighted the inefficiency of operating extraction systems without demand-based control. The audit emphasised the potential for energy savings through the adoption of VSD technology, which has been proven in similar industrial applications to reduce energy consumption by up to 30%. This action aligns with Bee Health Limited's ongoing efforts to optimise energy efficiency, reduce operational costs, and minimise

its environmental footprint.

Estimation of Savings

The installation of a Variable Speed Drive (VSD) on the main extractor fan at Bee Health One is projected to achieve a 30% reduction in energy consumption for the 45-kW motor. The projected savings were calculated using energy consumption data collected during the ESOS audit, which identified the extractor system's continuous operation at full capacity as a key area of inefficiency.

The energy and carbon savings from the VSD installation are calculated based on an estimated 30% reduction in total annual energy consumption for the 45-kW motor. Using the operational parameters of 0.8 efficiency, 24-hour operation, and 365 days per year, the motor's current consumption is calculated at 315,360 kWh/year. With the VSD, a 30% reduction equates to annual energy savings of 94,608 kWh. These calculations adhere to the methodologies outlined in the ESOS Phase 3 energy audit, ensuring an accurate evaluation of the system's impact on energy efficiency.

Energy savings were estimated by considering the fan's current consumption patterns and applying the energy reduction potential associated with VSD technology, as reported by authoritative sources such as the Carbon Trust. These sources highlight that VSDs can reduce motor energy use up to 50% in applications where motor loads fluctuate, with the 30% estimate representing a conservative yet realistic target for this specific application.

Carbon savings were calculated using DEFRA's standard carbon emissions factor for electricity consumption in the UK (0.233 kg CO2/kWh). By reducing the motor's energy consumption by 30%, Bee Health One will not only lower its operational costs but also contribute to its carbon reduction goals.

Compressed Air Leak Detection

Bee Health Limited will implement a comprehensive compressed air leak detection and repair program across both Bee Health 1 and Bee Health 2 sites to improve the efficiency of its compressed air systems. This initiative involves using specialised ultrasonic equipment to identify leaks in the compressed air networks at both sites and promptly repairing them to minimise energy waste. Compressed air systems are often one of the largest energy consumers in industrial facilities, with leaks accounting for up to 30% of total compressed air usage. By addressing leaks, the systems will operate more efficiently, reducing the demand on compressors and thereby lowering energy consumption and operational costs.

A Capex was raised in December 2025 for both sites. This action was identified through the ESOS audit, which highlighted inefficiencies in the compressed air systems as a key area for improvement.

Bee Health Limited (Registered number: 06653237)

Report of the Directors

for the year ended 31 December 2025

Estimation of Savings

The estimated energy savings from the compressed air leak detection and repair initiative are projected to result in a 10% reduction in total energy consumption for compressed air systems across both Bee Health Limited sites. This estimate is derived from the Total Energy Consumption (TEC) pie chart data, which highlights compressed air as a significant energy consumer at both sites. At Bee Health 1 (BH1), the total energy consumption for compressed air is 261,783.66 kWh, with an estimated savings of 26,178.37 kWh (10%). For Bee Health 2 (BH2), the total energy consumption for compressed air is 116,668.39 kWh, and the estimated savings is 11,666.84 kWh (10%). Combined, the total estimated savings from this action amount to 37,845.21 kWh across both sites.

This savings estimate is supported by industry benchmarks, which suggest that addressing compressed air leaks can typically result in energy savings between 10% and 20%. The calculation was informed by the TEC pie chart data and reflects the common occurrence of leaks in compressed air systems. The potential for savings was further highlighted in the ESOS audit, which identified compressed air systems as an area with substantial energy-saving potential.

In addition to energy savings, carbon savings have been estimated based on the standard DEFRA emissions factor for electricity consumption of 0.233 kg CO?/kWh. This yields an estimated reduction of 8.82 metric tons of CO? across both sites. The savings estimate was tailored to Bee Health Limited's specific operational data, ensuring that it provides a realistic and achievable target while aligning with best practices in compressed air management.

Renewable energy

In October 24 we switched to a renewable electricity supply. In 2025 there were no associated greenhouse gas emissions from consumption of electricity.

Automatic lighting

The automatic lighting controllers in both warehouse stores save energy by ensuring that lights are only in use when required.

LED lighting

We aim to replace all lighting with LED delivering a 50% reduction in our emissions from lighting. This is an ongoing replacement project.

Electric and hybrid vehicles

We continue to explore advances in technology to support the use of electric and hybrid vehicles to replace our current flatbed truck and van. We replaced our LPG forklift truck fleet and switched to electric in April 2025.

Our scope of works for 2025 included the following:

- |  | Carbon Footprint Assessment |

- |  | Collation of data covering full Scope 1 to 3, within a set boundary of 2024 |

- |  | Evaluation of emissions to produce an emissions baseline. |

- |  | Emissions hotspot analysis and competitor analysis. |

- |  | Within the CFA Net Zero report, provide recommendations for data streamlining improvements for future reporting years. |

- |  | Net Zero Strategy |

- |  | Emissions hotspot identification. |

- |  | Development of short/medium/long term reduction actions, considering both "corporate" and "external" reductions. |

- |  | Production of carbon reduction trajectories and accompanying detail on each action, included within the CFA Net Zero report. |

- |  | Creation of internal policies such as procurement, sustainability, and travel. |

Bee Health Limited (Registered number: 06653237)

Report of the Directors

for the year ended 31 December 2025

GHG emissions and energy usage data |  |

| Year ended |  |  | Year ended |

| 31.12.2025 |  |  | 31.12.2024 |

Electricity (kWh) |  | 2,805,098 |  |  | 2,492,878 |

Associated GHG emissions from electricity - tCO2e |  | 0 |  |  | 386.33 |

Calor Gas (litres) |  | 325,009 |  |  | 319,734 |

Associated GHG emissions from calor gas - tCO2e |  | 501.67 |  |  | 492.39 |

Kerosene (litres) |  | 20,901 |  |  | 17,137 |

Associated GHG emissions from Kerosene - tCO2e |  | 53.09 |  |  | 58.77 |

Red Diesel (litres) (Gas Oil) |  | 3,210 |  |  | 5,539 |

Associated GHG emissions from Red Diesel - tCO2e |  | 8.84 |  |  | 15.28 |

Diesel Company Vehicles (litres) |  | 1,857 |  |  | 1,832 |

Associated GHG emissions from Diesel Company Vehicles - tCO2e |  | 4.34 |  |  | 4.76 |

F Gas emissions R404a and R410a(Kilos) |  | 1.36 |  |  | 16.47 |

Associated Greenhouse gas emissions from F Gas emissions R404a and R410a - tCO2e |  | 2.83 |  |  | 26.46 |

Total GHG emissions - tCO2e |  | 570.77 |  |  | 983.99 |

Carbon intensity ratio (CO2e of CO2 per tonne) |  | 0.191 |  |  | 0.347 |

GHG emissions and energy usage data has been calculated in accordance with the GHG reporting protocols and government emission conversion facto rs. For the carbon intensity ratio, we have used CO2e of CO2 per tonne as this is a common business metric for our indus try sector, this is the total GHG emissions per tonne of material used in production.

Future aspirations

In 2025 we introduced an environmental policy to support our 5 year plan to work towards carbon neutral and to reduce our scope 1, 2 and 3 emissions.

We have reviewed our site waste management process with a view to increasing recycling, and we are engaging with our suppliers to ensure continued progressions towards achievement of our targets. This includes monitoring our carbon footprint upstream and downstream and recording Recycling or Better Nett Cost, CO2e Released, CO2e Avoided, Energy Saved, Energy Produced, Land Improved and Miles Travelled.

Bee Health Limited (Registered number: 06653237)

Report of the Directors

for the year ended 31 December 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;

- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- | 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 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, SMH Jolliffe Cork Audit Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr A D Purvis - Director

30 June 2026

Report of the Independent Auditors to the Members of

Bee Health Limited

Opinion

We have audited the financial statements of Bee Health Limited (the 'company') for the year ended 31 December 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, 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 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.

Report of the Independent Auditors to the Members of

Bee Health 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 thirteen, 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

Bee Health 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 misstatements in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement principal 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 the Directors and other informed management which we considered may have a direct material effect on the financial statements or the operations of the company and thereafter, the audit 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 the accounting estimates were indicative of potential bias; and investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- enquiring of management as to actual and potential litigation and claims and reviewing correspondence with HMRC and the company's legal advisors.

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

Bee Health 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.

Claire Lawton FCA DChA (Senior Statutory Auditor)

for and on behalf of SMH Jolliffe Cork Audit Ltd

Accountants & Statutory Auditors

33 George Street

Wakefield

West Yorkshire

WF1 1LX

30 June 2026

Bee Health Limited (Registered number: 06653237)

Income Statement

for the year ended 31 December 2025

| 2025 |  | 2024

| Notes | £ | £ |

TURNOVER | 3 | 35,414,015 |  | 43,453,283 |  |

Cost of sales | 27,886,999 |  | 33,276,517 |  |

GROSS PROFIT | 7,527,016 |  | 10,176,766 |  |

Administrative expenses | 6,615,996 |  | 5,941,584 |  |

911,020 |  | 4,235,182 |  |

Other operating income | - |  | 13,922 |  |

OPERATING PROFIT | 5 | 911,020 |  | 4,249,104 |  |

Interest receivable and similar income | - |  | 26,107 |  |

911,020 |  | 4,275,211 |  |

Interest payable and similar expenses | 7 | 106 |  | - |  |

PROFIT BEFORE TAXATION | 910,914 |  | 4,275,211 |  |

Tax on profit | 8 | 107,943 |  | 836,553 |  |

PROFIT FOR THE FINANCIAL YEAR | 802,971 |  | 3,438,658 |  |

Bee Health Limited (Registered number: 06653237)

Balance Sheet

31 December 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 9 | 12,913 |  | 11,857 |  |

Tangible assets | 10 | 7,235,618 |  | 7,310,910 |  |

7,248,531 |  | 7,322,767 |  |

CURRENT ASSETS

Stocks | 11 | 4,636,764 |  | 3,548,621 |  |

Debtors | 12 | 17,761,939 |  | 14,213,464 |  |

Cash at bank and in hand | 3,283,737 |  | 4,769,538 |  |

25,682,440 |  | 22,531,623 |  |

CREDITORS

Amounts falling due within one year | 13 | 8,947,291 |  | 6,781,624 |  |

NET CURRENT ASSETS | 16,735,149 |  | 15,749,999 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 23,983,680 |  | 23,072,766 |  |

PROVISIONS FOR LIABILITIES | 15 | 1,190,720 |  | 1,082,777 |  |

NET ASSETS | 22,792,960 |  | 21,989,989 |  |

CAPITAL AND RESERVES

Called up share capital | 16 | 1,000 |  | 1,000 |  |

Retained earnings | 17 | 22,791,960 |  | 21,988,989 |  |

SHAREHOLDERS' FUNDS | 22,792,960 |  | 21,989,989 |  |

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

Mr A D Purvis - Director

Bee Health Limited (Registered number: 06653237)

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 |  | 18,550,331 |  | 18,551,331 |  |

Changes in equity

Total comprehensive income | - |  | 3,438,658 |  | 3,438,658 |  |

Balance at 31 December 2024 | 1,000 |  | 21,988,989 |  | 21,989,989 |  |

Changes in equity

Total comprehensive income | - |  | 802,971 |  | 802,971 |  |

Balance at 31 December 2025 | 1,000 |  | 22,791,960 |  | 22,792,960 |  |

Bee Health Limited (Registered number: 06653237)

Cash Flow Statement

for the year ended 31 December 2025

| 2025 |  | 2024

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 432,132 |  | 4,373,921 |  |

Interest paid | (106 | ) | - |  |

Tax paid | (355,627 | ) | (332,108 | ) |

Net cash from operating activities | 76,399 |  | 4,041,813 |  |

Cash flows from investing activities

Purchase of intangible fixed assets | (4,460 | ) | (9,644 | ) |

Purchase of tangible fixed assets | (1,572,739 | ) | (2,005,633 | ) |

Sale of tangible fixed assets | 14,999 |  | 1,103 |  |

Interest received | - |  | 26,107 |  |

Net cash from investing activities | (1,562,200 | ) | (1,988,067 | ) |

(Decrease)/increase in cash and cash equivalents | (1,485,801 | ) | 2,053,746 |  |

Cash and cash equivalents at beginning of year | 2 | 4,769,538 |  | 2,715,792 |  |

Cash and cash equivalents at end of year | 2 | 3,283,737 |  | 4,769,538 |  |

Bee Health Limited (Registered number: 06653237)

Notes to the Cash Flow Statement

for the year ended 31 December 2025

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

| 2025 |  | 2024

£ | £ |

| Profit before taxation | 910,914 |  | 4,275,211 |  |

| Depreciation charges | 1,092,217 |  | 964,121 |  |

| Loss on disposal of fixed assets | 90,081 |  | 1,422 |  |

| Impairment loss on tangible fixed assets | 454,138 |  | - |  |

| Finance costs | 106 |  | - |  |

| Finance income | - |  | (26,107 | ) |

2,547,456 |  | 5,214,647 |  |

| (Increase)/decrease in stocks | (1,088,143 | ) | 873,390 |  |

| (Increase)/decrease in trade and other debtors | (3,192,848 | ) | 1,689,672 |  |

| Increase/(decrease) in trade and other creditors | 2,165,667 |  | (3,403,788 | ) |

| Cash generated from operations | 432,132 |  | 4,373,921 |  |

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 31 December 2025

| 31.12.25 |  | 1.1.25

£ | £ |

| Cash and cash equivalents | 3,283,737 |  | 4,769,538 |  |

| Year ended 31 December 2024

| 31.12.24 |  | 1.1.24

£ | £ |

| Cash and cash equivalents | 4,769,538 |  | 2,715,792 |  |

3. | ANALYSIS OF CHANGES IN NET FUNDS

| At 1.1.25 | Cash flow | At 31.12.25

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 4,769,538 |  | (1,485,801 | ) | 3,283,737 |  |

4,769,538 |  | (1,485,801 | ) | 3,283,737 |  |

| Total | 4,769,538 |  | (1,485,801 | ) | 3,283,737 |  |

Bee Health Limited (Registered number: 06653237)

Notes to the Financial Statements

for the year ended 31 December 2025

1. | STATUTORY INFORMATION

| Bee Health 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 company's business address is Carnaby Industrial Estate, Lancaster Road, Carnaby, Bridlington, YO15 3QY.

| The company's functional and presentation currency is the pound sterling £. All financial information presented has been rounded to the nearest £, unless otherwise stated.

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.

| Significant judgements and estimates

| In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The resulting accounting estimates will, by definition, seldom equal the related actual results.

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

| The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities in the next financial year are:

| Estimated useful lives of intangible and tangible fixed assets

| The annual amortisation and depreciation charges for intangible and tangible fixed assets is sensitive to changes in the estimated useful lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

| Stock provisions

| When calculating the stock provisions or write offs, management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability.

| Impairment of debtors

| The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

Bee Health Limited (Registered number: 06653237)

Notes to the Financial Statements - continued

for the year ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| Turnover

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

| The company recognises the revenue when:

| - |  | The significant risks and rewards of ownership have been transferred to the buyer; |  |

| - |  | The amount of revenue can be measured reliably; and |  |

| - |  | Likely economic benefits will flow to the entity |  |

| Amortisation

| Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows

| Goodwill - fully amortised

| Computer software

| Website development costs incurred are capitalised and then amortised over the useful economic life of 5 years, determined on a straight line basis, with the first period of amortisation being when the software is fully developed and ready for use.

| Tangible fixed assets

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

| Freehold property |  | - | Not provided |

| Freehold property improvements |  | - | 4% on straight line |

| Leasehold property improvements |  | - | Over the term of the lease |

| Plant and machinery |  | - | At varying rates: 6.67%, 10%, 12.5% and 20% on straight line |

| Motor vehicles |  | - | 25% on reducing balance |

| Computer equipment |  | - | 35% on reducing balance |

| Fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment.

| The freehold property was held at valuation and professionally revalued at least every 5 years, with a valuation by the directors in the interim.

| At the end of 2025, the categories of Freehold property and Freehold property improvements have been combined and renamed 'Freehold property & improvements', with a net book value based on a professional revaluation'. The property will continue to be professionally revalued every 5 years, with a valuation by the directors in the interim.

| Stocks

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

| Cost includes material cost to produce the product and an estimate of direct labour cost to make it.

Bee Health Limited (Registered number: 06653237)

Notes to the Financial Statements - continued

for the year ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| Financial instruments

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

| Financial assets

| 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.

| The company has no 'Other financial assets'.

| Financial assets are derecognised when (a) the contractual rights to the cashflows from the asset expire or are settled or (b) substantially all the risks and rewards of ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

| Financial liabilities

| Basic financial liabilities, including trade and other creditors, hire purchase contracts and sales ledger financing, 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.

| The company has no 'Other financial liabilities'.

| Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

| 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.

Bee Health Limited (Registered number: 06653237)

Notes to the Financial Statements - continued

for the year ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| Pension costs and other post-retirement benefits

| The company operates an auto-enrolment pension scheme on behalf of its employees and makes defined contributions into the scheme. During the financial year the company also made employer contributions into a director's personal pension scheme. Contributions payable to these pension schemes are charged to the profit and loss account in the period to which they relate.

3. | TURNOVER

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

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

| 2025 |  | 2024

£ | £ |

| United Kingdom | 32,340,416 |  | 40,053,287 |  |

| Europe | 1,640,369 |  | 2,776,132 |  |

| Rest of World | 1,433,230 |  | 623,864 |  |

35,414,015 |  | 43,453,283 |  |

4. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 8,563,494 |  | 9,746,245 |  |

| Social security costs | 989,876 |  | 915,182 |  |

| Other pension costs | 204,401 |  | 227,611 |  |

9,757,771 |  | 10,889,038 |  |

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

| 2025 |  | 2024

| Production | 230 |  | 276 |  |

| Administrative | 45 |  | 46 |  |

275 |  | 322 |  |

| 2025 |  | 2024

£ | £ |

| Directors' remuneration | 165,317 |  | 221,139 |  |

Bee Health Limited (Registered number: 06653237)

Notes to the Financial Statements - continued

for the year ended 31 December 2025

5. | OPERATING PROFIT

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

| 2025 |  | 2024

£ | £ |

| Hire of plant and machinery | 42,751 |  | 66,567 |  |

| Other operating leases | 114,450 |  | 116,540 |  |

| Depreciation - owned assets | 1,088,813 |  | 962,178 |  |

| Loss on disposal of fixed assets | 90,081 |  | 1,422 |  |

| Computer software amortisation | 3,404 |  | 1,943 |  |

| Foreign exchange differences | (3,089 | ) | (72,747 | ) |

| Impairment loss on tangible fixed assets | 454,138 |  | - |  |

6. | AUDITORS' REMUNERATION

|  | 2025 |  |  | 2024 |  |

| Fees payable to the company's auditor in respect of: |  | £ |  |  | £ |  |

| Audit of the company's financial statements |  | 42,000 |  |  | 40,750 |  |

| Services relating to taxation |  | 4,125 |  |  | 3,750 |  |

|  | 46,125 |  |  | 44,500 |  |

7. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£ | £ |

| HMRC interest | 106 |  | - |  |

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 | - |  | 599,779 |  |

| Deferred tax | 107,943 |  | 236,774 |  |

| Tax on profit | 107,943 |  | 836,553 |  |

Bee Health Limited (Registered number: 06653237)

Notes to the Financial Statements - continued

for the year ended 31 December 2025

8. | TAXATION - continued

| 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 | 910,914 |  | 4,275,211 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 227,729 |  | 1,068,803 |  |

| Effects of:

| Expenses not deductible for tax purposes | 3,860 |  | 32,091 |  |

| Depreciation in excess of capital allowances | 151,961 |  | 26,066 |  |

| Group relief | (275,607 | ) | (290,407 | ) |

| Total tax charge | 107,943 |  | 836,553 |  |

9. | INTANGIBLE FIXED ASSETS

| Computer |

| Goodwill |  | software |  | Totals

£ | £ | £ |

| COST

| At 1 January 2025 | 55,005 |  | 51,199 |  | 106,204 |  |

| Additions | - |  | 4,460 |  | 4,460 |  |

| At 31 December 2025 | 55,005 |  | 55,659 |  | 110,664 |  |

| AMORTISATION

| At 1 January 2025 | 55,005 |  | 39,342 |  | 94,347 |  |

| Amortisation for year | - |  | 3,404 |  | 3,404 |  |

| At 31 December 2025 | 55,005 |  | 42,746 |  | 97,751 |  |

| NET BOOK VALUE

| At 31 December 2025 | - |  | 12,913 |  | 12,913 |  |

| At 31 December 2024 | - |  | 11,857 |  | 11,857 |  |

Bee Health Limited (Registered number: 06653237)

Notes to the Financial Statements - continued

for the year ended 31 December 2025

10. | TANGIBLE FIXED ASSETS

| Freehold |  | Freehold |  | Leasehold

| property |  | property |  | property

| & improvements |  | improvements |  | improvements

£ | £ | £ |

| COST

| At 1 January 2025 | 1,410,669 |  | 1,172,155 |  | 368,988 |  |

| Additions | 68,779 |  | - |  | 18,718 |  |

| Disposals | - |  | - |  | - |  |

| Reclassification/transfer | 1,172,155 |  | (1,172,155 | ) | - |  |

| At 31 December 2025 | 2,651,603 |  | - |  | 387,706 |  |

| DEPRECIATION

| At 1 January 2025 | - |  | 150,957 |  | 212,158 |  |

| Charge for year | 46,508 |  | - |  | 99,471 |  |

| Eliminated on disposal | - |  | - |  | - |  |

| Impairments | 454,138 |  | - |  | - |  |

| Reclassification/transfer | 150,957 |  | (150,957 | ) | - |  |

| At 31 December 2025 | 651,603 |  | - |  | 311,629 |  |

| NET BOOK VALUE

| At 31 December 2025 | 2,000,000 |  | - |  | 76,077 |  |

| At 31 December 2024 | 1,410,669 |  | 1,021,198 |  | 156,830 |  |

| Plant and |  | Motor |  | Computer |

| machinery |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ |

| COST

| At 1 January 2025 | 8,407,926 |  | 34,946 |  | 623,531 |  | 12,018,215 |  |

| Additions | 1,266,538 |  | - |  | 218,704 |  | 1,572,739 |  |

| Disposals | (233,519 | ) | - |  | (12,532 | ) | (246,051 | ) |

| Reclassification/transfer | - |  | - |  | - |  | - |  |

| At 31 December 2025 | 9,440,945 |  | 34,946 |  | 829,703 |  | 13,344,903 |  |

| DEPRECIATION

| At 1 January 2025 | 3,931,196 |  | 12,174 |  | 400,820 |  | 4,707,305 |  |

| Charge for year | 852,236 |  | 6,251 |  | 84,347 |  | 1,088,813 |  |

| Eliminated on disposal | (130,541 | ) | - |  | (10,430 | ) | (140,971 | ) |

| Impairments | - |  | - |  | - |  | 454,138 |  |

| Reclassification/transfer | - |  | - |  | - |  | - |  |

| At 31 December 2025 | 4,652,891 |  | 18,425 |  | 474,737 |  | 6,109,285 |  |

| NET BOOK VALUE

| At 31 December 2025 | 4,788,054 |  | 16,521 |  | 354,966 |  | 7,235,618 |  |

| At 31 December 2024 | 4,476,730 |  | 22,772 |  | 222,711 |  | 7,310,910 |  |

Bee Health Limited (Registered number: 06653237)

Notes to the Financial Statements - continued

for the year ended 31 December 2025

10. | TANGIBLE FIXED ASSETS - continued

| On 19 November 2025, in accordance with the company's accounting policy, the freehold property (incorporating improvements) was professionally valued by Tom Horrox MRICS of Colliers International Property Consultants Limited.

| The Market Value, based on a cautious approach was £1.875m, however an upper range of £2m would be achievable based on optimistic market conditions.

| The directors' opinion, the upper value was more reflective of a value in existing use. Accordingly, at the balance sheet date the carrying value in these financial statements has been impaired to £2m.

11. | STOCKS

2025 | 2024 |

£ | £ |

| Stocks | 4,636,764 |  | 3,548,621 |  |

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

2025 | 2024 |

£ | £ |

| Trade debtors | 7,039,410 |  | 6,337,792 |  |

| Amounts owed by group undertakings | 9,656,886 |  | 7,336,996 |  |

| Other debtors | 8,829 |  | 5,805 |  |

| Corporation tax | 660,283 |  | 304,656 |  |

| Prepayments and accrued income | 396,531 |  | 228,215 |  |

17,761,939 |  | 14,213,464 |  |

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

2025 | 2024 |

£ | £ |

| Trade creditors | 7,304,950 |  | 4,966,120 |  |

| Amounts owed to group undertakings | 123,534 |  | 6,497 |  |

| Social security and other taxes | 484,409 |  | 589,927 |  |

| Other creditors | 18,558 |  | 27,017 |  |

| Accruals and deferred income | 1,015,840 |  | 1,192,063 |  |

8,947,291 |  | 6,781,624 |  |

14. | LEASING AGREEMENTS

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

2025 | 2024 |

£ | £ |

| Within one year | 143,962 |  | 127,239 |  |

| Between one and five years | 399,155 |  | 127,973 |  |

| In more than five years | - |  | 699 |  |

543,117 |  | 255,911 |  |

Bee Health Limited (Registered number: 06653237)

Notes to the Financial Statements - continued

for the year ended 31 December 2025

15. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

£ | £ |

| Deferred tax | 1,190,720 |  | 1,082,777 |  |

| Deferred |

| tax |

£ |

| Balance at 1 January 2025 | 1,082,777 |  |

| Charge to Income Statement during year | 107,943 |  |

| Balance at 31 December 2025 | 1,190,720 |  |

16. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

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

| value: | £ | £ |

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

17. | RESERVES

| Retained

| earnings

£ |

| At 1 January 2025 | 21,988,989 |  |

| Profit for the year | 802,971 |  |

| At 31 December 2025 | 22,791,960 |  |

18. | CONTINGENT LIABILITIES

| On 23 January 2026, the company and its immediate parent INW Bee Health (Holdings) Limited, have provided security by way of a debenture to both Bank of America N.A and Bain Capital LP, as 'Security Agent'. The debentures contain fixed and floating charges over all property or undertaking of the company.

19. | CAPITAL COMMITMENTS

2025 | 2024 |

£ | £ |

| Contracted but not provided for in the

| financial statements | 289,024 |  | 385,595 |  |

Bee Health Limited (Registered number: 06653237)

Notes to the Financial Statements - continued

for the year ended 31 December 2025

20. | RELATED PARTY DISCLOSURES

| During the year ended 31 December 2025, the company paid costs of £37,198 on behalf of its immediate parent company INW Bee Health (Holdings) Limited.

| At the balance sheet date, the company was owed £4,382,943 (2024: £4,345,745) by INW Bee Health (Holdings) Limited. There are no fixed terms and the amount is therefore repayable on demand.

| During the year, the company was recharged costs of £66,000 and also repatriated net funds of £2,348,692 to INW Manufacturing LLC. At the balance sheet date, the company was owed £5,273,943 (2024: £2,991,251) by INW Manufacturing LLC. There are no fixed terms and the amount is therefore repayable on demand.

| INW Manufacturing LLC is the parent of INW Bee Health (Holdings) Limited.

| At the balance sheet date, the company owed £7,207 (2024: £6,497) to Capstone Nutrition. Capstone Nutrition is a company within the INW Manufacturing LLC group.

| At the balance sheet date, the company owed £116,327 (2024: £Nil) to INW Phoenix Formulations in connection with machinery rebuild costs. INW Phoenix Formulations is a company within the INW Manufacturing LLC group.

21. | CONTROLLING PARTIES

| In the opinion of the directors, the ultimate parent company is considered to be INW Holdco LLC, a company registered in Delaware, United States of America, by virtue of its controlling interest in the immediate parent company, INW Bee Health (Holdings) Limited. The directors consider the ultimate controlling party to be CC Impact Parent LLC.