Company registration number 03716909 (England and Wales)
BONA LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
BONA LIMITED
COMPANY INFORMATION
Directors
Mr EG Tersteeg
Dr K Lindell
Secretary
Mrs AL Hunt
Company number
03716909
Registered office
8 Thornton Close
Linford Wood
Milton Keynes
England
MK14 6FD
Auditor
Cottons Accountants LLP
Chestnut Field House
Chestnut Field
Rugby
Warwickshire
United Kingdom
CV21 2PD
Bankers
Skandinaviska Enskilda Banken AB (publ)
One Carter Lane
London
United Kingdom
EC4V 5AN
Solicitors
EMW Law LLP
1 Seebeck Place
Knowhill
Milton Keynes
United Kingdom
MK5 8FR
BONA LIMITED
CONTENTS
Page
Directors' report
1 - 2
Independent auditor's report
3 - 5
Income statement
6
Statement of financial position
7
Statement of changes in equity
8
Notes to the financial statements
9 - 23
BONA LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

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

Principal activities

The principal activity of the company continued to be the provision of lacquers and other treatments for wooden floors.

Results and dividends

The results for the year are set out on page 6.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

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

Mr EG Tersteeg
Dr K Lindell
Auditor

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

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

United Kingdom 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 UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

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

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

BONA LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
By order of the board
Mrs AL Hunt
Secretary
24 June 2026
BONA LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BONA LIMITED
- 3 -
Opinion

We have audited the financial statements of Bona Limited (the 'company') for the year ended 31 December 2025 which comprise the income statement, the statement of financial position, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 Reduced Disclosure Framework (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the directors' report has been prepared in accordance with applicable legal requirements.

BONA LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BONA LIMITED (CONTINUED)
- 4 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the directors' r eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

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

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, and from our commercial knowledge and experience of the industry;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, anti-bribery, employment, environmental and health and safety legislation;

- 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 factual, suspected and alleged fraud;

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

- maintaining professional skepticism throughout the audit.

BONA LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BONA LIMITED (CONTINUED)
- 5 -

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.

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 is available on the Financial Reporting Council's website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Mark Palmer BSc BFP FCA (Senior Statutory Auditor)
For and on behalf of Cottons Accountants LLP, Statutory Auditor
Chartered Accountants
Chestnut Field House
Chestnut Field
Rugby
Warwickshire
CV21 2PD
United Kingdom
26 June 2026
BONA LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 6 -
2025
2024
as restated
Notes
£
£
Revenue
3
9,255,087
8,650,470
Cost of sales
(6,470,714)
(6,290,362)
Gross profit
2,784,373
2,360,108
Distribution costs
(212,499)
(204,465)
Administrative expenses
(2,025,323)
(1,834,617)
Operating profit
4
546,551
321,026
Investment income
7
2,370
-
0
Finance costs
8
(48,301)
(55,249)
Profit before taxation
500,620
265,777
Tax on profit
9
(126,891)
(67,607)
Profit and total comprehensive income for the year
19
373,729
198,170
BONA LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
31 December 2025
- 7 -
2025
2024
as restated
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
10
110,783
147,537
Right-of-use assets
10
730,671
873,891
841,454
1,021,428
Current assets
Inventories
11
843,945
690,576
Trade and other receivables
12
1,787,033
1,381,340
Cash and cash equivalents
494,384
560,519
3,125,362
2,632,435
Current liabilities
13
(1,559,138)
(1,476,216)
Net current assets
1,566,224
1,156,219
Total assets less current liabilities
2,407,678
2,177,647
Non-current liabilities
13
(673,848)
(808,666)
Provisions for liabilities
Deferred tax liabilities
16
(25,746)
(34,626)
Net assets
1,708,084
1,334,355
Equity
Called up share capital
18
50,000
50,000
Retained earnings
19
1,658,084
1,284,355
Total equity
1,708,084
1,334,355

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

The financial statements were approved by the board of directors and authorised for issue on 24 June 2026 and are signed on its behalf by:
Mr EG Tersteeg
Dr K Lindell
Director
Director
Company registration number 03716909 (England and Wales)
BONA LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -
Share capital
Retained earnings
Total
£
£
£
As restated for the period ended 31 December 2024:
Balance at 1 January 2024
50,000
1,086,185
1,136,185
Balance at 1 January 2024
50,000
1,086,185
1,136,185
Year ended 31 December 2024:
Profit and total comprehensive income
-
198,170
198,170
Balance at 31 December 2024
50,000
1,284,355
1,334,355
Year ended 31 December 2025:
Profit and total comprehensive income
-
373,729
373,729
Balance at 31 December 2025
50,000
1,658,084
1,708,084
BONA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 9 -
1
Accounting policies
Company information

Bona Limited is a private company limited by shares incorporated in England and Wales. The registered office is 8 Thornton Close, Linford Wood, Milton Keynes, England, MK14 6FD. The company's principal activities and nature of its operations are disclosed in the directors' report.

1.1
Accounting convention

The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards.

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

As permitted by FRS 101, the company has taken advantage of the following disclosure exemptions from the requirements of IFRS

- the requirements of IFRS 7 'Financial Instruments: Disclosures'

- the requirements of Paragraphs 91 to 99 of IFRS 13 'Fair value measurement' (disclosure of valuation techniques and inputs used for fair value measurement)

- the requirements of Paragraph 38 of IAS 1 'Presentation of financial statements' comparative information

- the requirements of IAS 7, 'Statement of cash flows'

- the requirements of Paragraphs 30 and 31 of IAS 8 'Accounting policies, changes in accounting estimates and errors' (requirement for the disclosure of information when an entity has not applied a new IFRS that has been issued but is not yet effective)

- the requirements of Paragraph 17 of IAS 24 'Related party disclosures' (key management compensation)

- the requirements in IAS 24, 'Related party disclosures' to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.

- the requirements of the following paragraphs of IAS 1 'Presentation of financial statements':

(i)10(d) (statement of cash flows)

(ii)10(f) (statement of financial position as at the beginning of the preceding period when an entity applies an accounting policy retrospectively or makes a retrospective restatement of items in its financial statements, or when it reclassifies items in its financial statements)

(iii)16 (statement of compliance with IFRS)

(iv)38A (requirement for minimum of two primary statements, including cash flow statements)

(v)38B-D (additional comparative information)

(vi)40A-D (requirements for a third statement of financial position)

(vii)111 (cash flow statement information, and

(viii)134-136 (capital management disclosures).

- the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119 (a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers.

1.2
Going concern

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

BONA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 10 -
1.3
Revenue

The company earns revenue from the sale of lacquers, treatments and cleaning equipment for wooden floors to customers. The revenue is recognised in the accounting period when control of the product has been transferred, at an amount that reflects the consideration to which the entity expects to be entitled in exchange for fulfilling its performance obligations to customers.

The principles in IFRS 15 are applied to revenue recognition criteria using the following 5 step model:

1. Identify the contracts with the customer

2. Identify the performance obligations in the contract

3. Determine the transaction price

4. Allocate the transaction price to the performance obligations in the contract

5. Recognise revenue when or as the entity satisfies its performance obligations

Performance obligations

Revenue from the sale of goods is recognised when control of the products has transferred, being when the products are delivered to the customer. Delivery occurs when the products have been shipped to the specific location, the risks of obsolescence and loss have been transferred to the customer, and either the trade customer has accepted the products in accordance with the sales contract, the acceptance provisions have lapsed, or the company has objective evidence that all criteria for acceptance have been satisfied.

Transaction price

The transaction price is the fair value of the consideration received for the product less discounts / rebates and value added taxes.

Payment of the transaction price is due immediately when the customer purchases the goods and takes delivery.

A receivable is recognised when the goods are delivered as this is the point in time that the consideration is unconditional because only the passage of time is required before the payment is due.

Contract assets and receivables

Where goods or services are transferred to the customer before the customer pays consideration, or before payment is due, contact assets are recognised. Contract assets are included in the Statement of Financial Position and represent the right to consideration for products delivered.

Contract receivables (loans and advances) are recognised in the Statement of Financial Position when the company's right to consideration becomes unconditional.

Contract assets and receivables (loan and advances) are classified as current or non-current based on the company's normal operating cycle and are assessed for impairment at each reporting date.

Contract liabilities

Contract liabilities and other customer deposits are recognised in the Statement of Financial Position when the company has received consideration but still has an obligation to deliver products and meet performance obligations for that consideration.

1.4
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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

Leasehold improvements
over the period of the lease
Fixtures and fittings
over 5 years straight line basis
Plant and equipment
over 5 years straight line basis
Computer equipment
over 3 years straight line basis
BONA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 11 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

1.5
Impairment of tangible and intangible assets

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

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Inventories

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

Cost is determined using the first-in, first-out (FIFO) method.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.7
Cash and cash equivalents

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

1.8
Financial assets

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

BONA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 12 -
Financial assets at fair value through profit or loss

When any of the above-mentioned conditions for classification of financial assets is not met, a financial asset is classified as measured at fair value through profit or loss. Financial assets measured at fair value through profit or loss are recognized initially at fair value and any transaction costs are recognised in profit or loss when incurred. A gain or loss on a financial asset measured at fair value through profit or loss is recognised in profit or loss, and is included within finance income or finance costs in the statement of income for the reporting period in which it arises.

The company has no financial instruments that are classified under this category.

Financial assets held at amortised cost

Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.

Financial assets at fair value through other comprehensive income

The company has no financial instruments that are classified under this category.

Impairment of financial assets

Financial assets carried at amortised cost are assessed for indicators of impairment at each reporting end date.

The expected credit losses associated with these assets are estimated on a forward-looking basis. A broad range of information is considered when assessing credit risk and measuring expected credit losses, including past events, current conditions, and reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.

For trade and other receivables, the simplified approach permitted by IFRS 9 is applied, which requires expected lifetime losses to be recognised from initial recognition of the receivables. To measure the expected credit losses, trade and other receivables have been grouped based upon shared credit risk characteristics and the days past due.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

1.9
Financial liabilities

The company recogni s es financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

Other financial liabilities

Other financial liabilities, including borrowings, t rade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

BONA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 13 -
1.10
Equity instruments

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

1.11
Taxation

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

Current tax

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

Deferred tax

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.12
Employee benefits

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

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

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

1.13
Retirement benefits

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

1.14
Leases

At inception, the company assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the company recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within property, plant and equipment, apart from those that meet the definition of investment property.

BONA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 14 -

The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the commencement date plus any initial direct costs and an estimate of the cost of obligations to dismantle, remove, refurbish or restore the underlying asset and the site on which it is located, less any lease incentives received.

The right-of-use asset is subsequently adjusted for remeasurements of the lease liability and applies the relevant cost model, fair value model or revaluation model as set out within the accounting policies for the applicable asset class. Where the cost model is applied, the asset is depreciated from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term, and is periodically reduced by impairment losses, if any.

The lease liability is initially measured at the present value of the lease payments that are unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the company's incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed payments, variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee, and the cost of any options that the company is reasonably certain to exercise, such as the exercise price under a purchase option, lease payments in an optional renewal period, or penalties for early termination of a lease.

The lease liability is measured at amortised cost using the effective interest method. It is re assessed at each financial period end to reflect lease modifications and any changes to the factors considered at initial measurement, as set out above. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

The company has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.

2
Critical accounting estimates and judgements

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, 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 re are no estimates and assumptions which are considered to have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities.

Critical judgements
Lease term

When the company has the option to terminate a lease early, management uses its judgement to determine whether or not it is reasonably certain that such a termination option will be exercised. Management considers all facts and circumstances including their past practice and any costs that will be incurred in the event that a termination option is exercised, to help them determine the lease term. Total lease payments of £732,685 (subject to discounting) occurring after the termination option date have been included in the calculations for right-of-use assets and liabilities.

BONA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
2
Critical accounting estimates and judgements
(Continued)
- 15 -
Key sources of estimation uncertainty
Right-of-use discount rates

When recognizing right-of-use assets and liabilities, management is required to estimate the appropriate discount rate. Lease payments are discounted using the interest rate implicit in the lease, if that rate can be readily determined, or the incremental borrowing rate. The incremental borrowing rate is the rate of interest that a lessee would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. An element of uncertainty arises in estimating the incremental borrowing rate. The total future finance costs calculated in respect of right-of-use assets as at the year end was £184,848 (2024 - £230,268).

3
Revenue
2025
2024
£
£
Revenue analysed by class of business
Sale of goods
9,255,087
8,650,470
2025
2024
£
£
Revenue analysed by geographical market
United Kingdom
8,834,040
8,300,226
European Union
421,047
350,244
9,255,087
8,650,470
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange gains
(28,381)
(28,014)
Fees payable to the company's auditor for the audit of the company's financial statements
24,000
24,000
Depreciation of property, plant and equipment
203,937
209,502
Profit on disposal of property, plant and equipment
(3,725)
(4,121)
Cost of inventories recognised as an expense
6,470,714
6,290,362
BONA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 16 -
5
Employees

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

2025
2024
Number
Number
Sales
12
11
Technical
3
3
Logistics
4
4
Finance and administration
4
4
Total
23
22

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
1,164,758
1,123,891
Social security costs
136,124
114,558
Pension costs
116,411
114,520
1,417,293
1,352,969
6
Directors' remuneration

Directors' emoluments have been borne by the parent company, Bona AB. The directors are also directors or officers of a number of companies within the wider Bona AB group. The directors' services to the company do not occupy a significant proportion of their time. As such, the directors do not consider that they have received any remuneration for their incidental services to the company for the current or prior year.

7
Investment income
2025
2024
£
£
Interest income
Other interest income
2,370
-
0
8
Finance costs
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on lease liabilities
48,301
55,249
BONA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 17 -
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
135,771
74,518
Adjustments in respect of prior periods
-
(1,340)
Total UK current tax
135,771
73,178
Deferred tax
Origination and reversal of temporary differences
(8,880)
(7,020)
Adjustment in respect of prior periods
-
0
1,449
(8,880)
(5,571)
Total tax charge
126,891
67,607

The charge for the year can be reconciled to the profit per the income statement as follows:

2025
2024
£
£
Profit before taxation
500,620
265,777
Expected tax charge based on a corporation tax rate of 25.00% (2024: 25.00%)
125,155
66,444
Effect of expenses not deductible in determining taxable profit
1,440
793
Adjustment in respect of prior years
-
0
(1,340)
Depreciation on assets not qualifying for tax allowances
296
296
Deferred tax adjustments in respect of prior years
-
1,414
Taxation charge for the year
126,891
67,607
BONA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 18 -
10
Property, plant and equipment
Land and buildings
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 January 2025
1,106,887
110,109
129,242
32,697
16,076
219,232
1,614,243
Additions
-
0
580
1,687
-
0
-
0
23,874
26,141
Disposals
-
0
-
0
(5,624)
-
0
-
0
(25,194)
(30,818)
At 31 December 2025
1,106,887
110,689
125,305
32,697
16,076
217,912
1,609,566
Accumulated depreciation and impairment
At 1 January 2025
350,260
30,577
78,376
22,159
9,475
101,968
592,815
Charge for the year
110,604
12,565
16,788
5,131
2,359
56,490
203,937
Eliminated on disposal
-
0
-
0
(3,446)
-
0
-
0
(25,194)
(28,640)
At 31 December 2025
460,864
43,142
91,718
27,290
11,834
133,264
768,112
Carrying amount analysed between owned assets and right-of-use assets
At 31 December 2025
Owned assets
-
67,547
33,587
5,407
4,242
-
110,783
Right-of-use assets
646,023
-
-
-
-
84,648
730,671
646,023
67,547
33,587
5,407
4,242
84,648
841,454
At 31 December 2024
Owned assets
-
79,532
50,866
10,538
6,601
-
147,537
Right-of-use assets
756,627
-
-
-
-
117,264
873,891
756,627
79,532
50,866
10,538
6,601
117,264
1,021,428
BONA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 19 -

Property, plant and equipment includes right-of-use assets, as follows:

Land and buildings
Motor vehicles
Total
£
£
£
Net carrying value at 1 January 2024
867,231
154,010
1,021,241
Additions
-
24,513
24,513
Depreciation charge
(110,604)
(61,259)
(171,863)
Net carrying value at 31 December 2024
756,627
117,264
873,891
Additions
-
23,874
23,874
Depreciation charge
(110,604)
(56,490)
(167,094)
Net carrying value at 31 December 2025
646,023
84,648
730,671
The carrying value of land and buildings comprises:
2025
2024
£
£
Short leasehold
713,570
836,159
11
Inventories
2025
2024
£
£
Finished goods
843,945
690,576

The difference between the carrying value of stock and its replacement cost is not material.

12
Trade and other receivables
2025
2024
£
£
Trade receivables
1,595,464
1,202,299
Amounts owed by fellow group undertakings
73,452
64,052
Other receivables
5,200
6,500
Prepayments and accrued income
112,917
108,489
1,787,033
1,381,340

The directors consider that the carrying amount of trade and other receivables is approximately equal to their fair value.

Trade debtors are stated after provisions for impairment of £49 (202 4 - £6,133).

BONA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 20 -
13
Liabilities
Current
Non-current
2025
2024
2025
2024
Notes
£
£
£
£
Trade and other payables
14
948,055
972,920
-
0
-
0
Corporation tax
57,383
(6,017)
-
-
Other taxation and social security
400,594
365,987
-
-
Lease liabilities
15
153,106
143,326
673,848
808,666
1,559,138
1,476,216
673,848
808,666
14
Trade and other payables
2025
2024
£
£
Trade payables
29,451
56,838
Amounts owed to fellow group undertakings
672,123
687,269
Accruals and deferred income
245,333
219,657
Other payables
1,148
9,156
948,055
972,920

Amounts payable to group undertakings are unsecured, interest-free, have no fixed date of repayment and are repayable on demand.

15
Lease liabilities
2025
2024
Net amounts due
£
£
Within one year
153,106
143,326
After more than one year
673,848
808,666
826,954
951,992
2025
2024
Maturity analysis of future lease payments
£
£
Within one year
193,491
190,672
In two to five years
621,196
647,936
In over five years
197,114
343,652
Total undiscounted liabilities
1,011,801
1,182,260
Future finance charges and other adjustments
(184,847)
(230,268)
Lease liabilities in the financial statements
826,954
951,992
BONA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
15
Lease liabilities
(Continued)
- 21 -

Finance lease payments represents rentals payable by the company for a property and a number of vehicles.

Lease of vehicles are generated limited to a lease term of one to five years. The lease of the property is over a 10 year period.

All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

Other leasing information is included in note 20.
16
Deferred taxation
Liabilities
2025
2024
£
£
Deferred tax balances
25,746
34,626

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon during the current and prior reporting period.

ACAs
£
Liability at 1 January 2024
40,198
Deferred tax movements in prior year
Charge/(credit) to profit or loss
(5,572)
Liability at 1 January 2025
34,626
Deferred tax movements in current year
Charge/(credit) to profit or loss
(8,880)
Liability at 31 December 2025
25,746
17
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
116,411
114,520

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

Contributions totalling £1,148 (2024 - £9,156) were payable to the scheme at the year end.

BONA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 22 -
18
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
50,000
50,000
50,000
50,000

The company has one class of ordinary shares which carry fully voting rights and full rights to participate in a distribution of the company, whether by way of dividend or capital distribution, including upon winding-up.

The balance classified as equity share capital includes the total net proceeds on issue of the company's equity share capital.

19
Retained earnings

The retained earnings reserve comprises all cumulative current and prior period retained profits or losses.

20
Other leasing information
As lessee
2025
2024
Amounts recognised in profit or loss:
£
£
Expense relating to short-term leases
7,760
4,119
Expense relating to leases of low-value assets
-
1,464
Information relating to lease liabilities is included in note 15.
21
Related party transactions

The company has taken advantage of the exemption under section 8(k) of FRS 101 not to disclose transactions with fellow wholly owned group undertakings.

22
Controlling party

The parent company of Bona Limited is Bona AB and its registered office is Murmansgaten 130, Box 21074, 200 21 Malmö, Sweden.

Bona AB is the smallest and largest group into which Bona Limited is consolidated. Copies of the consolidated group financial statements are available from Bona AB, Murmansgatan 130, Box 21074, 200 21 Malmö, Sweden.

BONA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 23 -
23
Auditor's liability limitation agreement

Upon appointment of Cottons Accountants LLP as auditors, the company entered into a limitation of liability agreement with the auditors and this was approved by resolution dated 22 May 202 6. Liability is limited to £4 80,000. In accordance with section 537 of CA06, if the effect of the liability limitation agreement is to limit the auditor's liability to less than such amount as is fair and reasonable, as determined by that section, the agreement shall have effect as if it limited the liability to such amount is fair and reasonable, as so determined.

The agreement limits the liability owed to the company by the auditors in respect of any negligence, default or breach of duty, or breach of trust, occurring in the course of the audit of the accounts for the year ending 31 December 202 5.

The agreement does not limit liability for any instance of fraud or dishonesty on behalf of the auditor or any other liability that cannot be excluded or restricted by applicable laws or regulations.

24
Prior period adjustment
Changes to the statement of financial position
At 31 December 2024
Previously reported
Adjustment
As restated
£
£
£
Net assets
1,334,355
-
1,334,355
Capital and reserves
Total equity
1,334,355
-
1,334,355
Changes to the income statement
Period ended 31 December 2024
Previously reported
Adjustment
As restated
£
£
£
Revenue
8,451,890
198,580
8,650,470
Cost of sales
(6,064,577)
(225,785)
(6,290,362)
Distribution costs
(231,670)
27,205
(204,465)
Profit for the financial period
198,170
-
198,170
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