Terma (UK) Ltd.

Notes to the Financial Statements
for the Year Ended 28 February 2026

1	General information

Terma (UK) Ltd. (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1. The nature of the company’s operations and its principal activities are set out in the directors' report on page .

2	Accounting policies

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

Going concern

The directors have considered the company's financial position, liquidity and future performance together with financial projections for the company and over the foreseeable future and have also reviewed the ongoing financial support from the company's parent undertaking and are confident this will be available for the foreseeable future. After making enquiries, the directors are satisfied that the company has sufficient resources to continue in operation for the foreseeable future, being at least 12 months from the date of signing the financial statements. Accordingly, they continue to adopt the going concern basis in preparing the company's financial statements.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of the company is considered to be Euros (€) because that is the currency of
the primary economic environment in which the company operates. The financial statements are presented in Euros (€).

Summary of disclosure exemptions

The company meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it in respect of its separate financial statements. The company is consolidated in the financial statements of its parent, Terma A/S, which may be obtained from Hovmarken 4, DK-8520 Lystrup, Denmark. Exemptions have been taken in these separate company financial statements in relation to financial instruments, presentation of a cash flow statement, transactions with group entities and remuneration of key management personnel.

Adjusting events after the financial period
There have been no significant events between the year end and the date of approval of these financial statements which would require a change to, or disclosure in, the financial statements.

Terma (UK) Ltd.

Notes to the Financial Statements
for the Year Ended 28 February 2026 (continued)

2	Accounting policies (continued)

Critical judgements and key sources of estimation uncertainties

The preparation of the financial statements requires management to make estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. There were no estimates that have had the most significant effect on amounts recognised in the financial statements.

Revenue recognition

Revenue comprises the fair value of the consideration received or receivable for the provision of services to other group entities in the ordinary course of the company’s activities net of discounts, rebates and value added tax.

Foreign currency transactions and balances

Transactions in foreign currencies other than Euros are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies other than Euros are retranslated into Euros at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies other than Euros are retranslated at the rates prevailing on the initial transaction dates. Non-monetary items measured in terms of historical cost in a foreign currency other than Euros are not retranslated.

The functional currency of the company is considered to be Euros (€) because this is the currency that influences the costs and expenses of the company. The financial statements are presented in Euros (€).

Taxation

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Property, plant and equipment

Property, plant and equipment are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of property, plant and equipment includes directly attributable incremental costs incurred in their acquisition and installation.

Terma (UK) Ltd.

Notes to the Financial Statements
for the Year Ended 28 February 2026 (continued)

2	Accounting policies (continued)

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Computer equipment	25% straight line

Cash and cash equivalents

Cash and cash equivalents comprises a bank current account which is subject to an insignificant risk of change in value.

Receivables

Trade and other receivables that are receivable within one year and do not constitute a financing
transaction are recorded at the undiscounted amount expected to be received, net of impairment.
Those that are receivable after more than one year or that constitute a financing transaction are
recorded initially at fair value less transaction costs and subsequently at amortised cost, net of
impairment.

Payables

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade and other payables are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade and other payables that are payable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be paid. Those that are payable after more than one year or that constitute a financing transaction are recorded initially at transaction price and subsequently at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

The company operates a defined contribution pension scheme. The assets of the schemes are held separately from those of the company. Contributions are recognised in the income statement in the period in which they become payable.

Terma (UK) Ltd.

Notes to the Financial Statements
for the Year Ended 28 February 2026 (continued)

2	Accounting policies (continued)

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2025 - 7).

4	Property, plant and equipment

	Computer equipment €
Cost
At 1 March 2025	1,467
Disposals	(817)
At 28 February 2026	650
Depreciation
At 1 March 2025	1,222
Charge for the year	168
Eliminated on disposal	(817)
At 28 February 2026	573
Carrying amount
At 28 February 2026	77
At 28 February 2025	245

5	Receivables

	2026 €	2025 €
Amounts owed by group undertakings	261,473	282,421
Other receivables	3,917	4,869
	265,390	287,290

Terma (UK) Ltd.

Notes to the Financial Statements
for the Year Ended 28 February 2026 (continued)

5	Receivables (continued)

The amounts owed by group undertakings disclosed as falling within one year is unsecured, payable on demand and is interest bearing.

6	Cash and cash equivalents

	2026 €	2025 €
Cash at bank	131,099	62,856

7

Payables

	2026 €	2025 €
Due within one year
Trade payables	-	1,644
Corporation tax	6,262	10,189
Social security and other taxes	18,875	14,968
Other payables	31,874	19,681
Accrued expenses	32,957	21,527
	89,968	68,009

8	Share capital and reserves

Allotted, called up and fully paid shares

	2026		2025
	No.	€	No.	€
Ordinary shares of €1 each	10,000	10,000	10,000	10,000

The company has one class of share capital which carries no right to fixed income.

Reserves
The retained earnings reserve represents cumulative profit or losses net of dividends paid and other adjustments.

Terma (UK) Ltd.

Notes to the Financial Statements
for the Year Ended 28 February 2026 (continued)

9	Pension scheme

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to €14,907 (2025: €16,172). Contributions totalling €3,288 (2025: €2,130) were payable to the scheme at the end of the year and are included in other payables.

10	Related party transactions

The company is a wholly owned subsidiary member of its group and has therefore taken advantage of the provisions of paragraph 1AC.35 of FRS 102 - Small Entities not to disclose transactions with entities that are wholly owned members of the group.

There were no other related party transactions to disclose.

11	Parent and ultimate parent undertaking

The company's immediate parent is Terma A/S, incorporated in Denmark.

 The most senior parent entity producing publicly available financial statements is Terma A/S. These financial statements are available upon request from Hovmarken 4, DK-8520 Lystrup, Denmark.

 The ultimate controlling party is Thomas B Thrige Foundation.

12	Events after the financial period

There have been no significant events between the year end and the date of approval of these financial statements which would require a change to, or disclosure in, the financial statements.

13	Audit report

The Independent Auditor's Report was unqualified.The name of the Senior Statutory Auditor who signed the audit report on 25 June 2026 was Leanne Humphreys FCCA, who signed for and on behalf of Shaw Gibbs (Audit) Limited.