Company No: 01952605 (England and Wales)

Contents

• Company Information
• Directors' Report
• Independent Auditor's Report
• Income Statement
• Statement of Financial Position
• Statement of Changes in Equity
• Notes to the Financial Statements

DIRECTORS	JM Gustin
	CL Knutton
	JE Scharff

SECRETARY

JM Gustin

REGISTERED OFFICE	3 Stockport Exchange
	Stockport
	SK1 3GG
	United Kingdom

COMPANY NUMBER

01952605 (England and Wales)

AUDITOR	Ascendis Audit Limited
	Statutory Auditor
	Unit 3, Building 2
	The Colony
	Wilmslow
	Cheshire
	SK9 4LY

BANKERS	Bank Mendes Gans N.V.
	Herengracht 619
	1017 CE Amsterdam
	Netherlands

	ING Bank N.V
	60 London Wall
	London
	EC2M STQ

SOLICITORS	Baker & McKenzie Solicitors
	100 New Bridge Street
	London
	EC4V 6JA

The directors present their Annual Report and the audited financial statements for the year ended 31 December 2025.

DIRECTORS' RESPONSIBILITIES STATEMENT

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”. Under company law the directors must not approve the financial statements unless the directors 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 financial period.

In preparing these financial statements, the directors are required to:
* Select suitable accounting policies and then apply them consistently;
* Make judgements and accounting estimates that are reasonable and prudent; and
* Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. The directors 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.

DIRECTORS

The directors who served during the year and up to the date of signing were:

JM Gustin
CL Knutton
JE Scharff

AUDITOR

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
• So far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware; and
• The director has taken all steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.

Ascendis Audit Limited will be proposed for re-appointment under Section 455 of the Companies Act 2006.

This Directors' Report has been prepared in accordance with the provisions applicable to companies entitled to the small companies' exemption provided by section 415A of the Companies Act 2006.

Approved by the Board of Directors and signed on its behalf by:

JM Gustin Director

02 July 2026

Opinion
We have audited the financial statements which comprise:
• the Income Statement;
• the Statement of Financial Position;
• the related notes 1 to 7.

In our opinion the financial statements of Buckman Laboratories Limited (the ‘company’):
• 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, including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” and
• have been prepared in accordance with the requirements of the Companies Act 2006.

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).

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 Financial Reporting Council’s (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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 respect of these matters.

Responsibilities of directors
As explained more fully in the directors’ responsibilities statement, 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:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following;

- the nature of the industry, control environment and business performance;
- our enquiries of management about their own identification and assessment of the risks of irregularities;
- any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to:
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
- the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following area: revenue recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included REACH, the Companies Act 2006, and UK tax legislation and regulations issued by HMRC.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty.

Audit response to risks identified:-

Our procedures to respond to risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
- enquiring of management concerning actual and potential litigation and claims;
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
- addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments;
- assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and
- evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. ln addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty.

There are inherent limitations in our audit procedures described above. The more removed the 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 inquiry 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 FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Report on other legal and regulatory requirements
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 Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Director's Report has been prepared in accordance with applicable legal requirements.

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 any material misstatements in the Director's Report.

Matters on which we are required to report by exception
Under the Companies Act 2006 we are required to report in respect of the following matters if, in our opinion:
• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
• the financial statements are not in agreement with the accounting records and returns; or
• certain disclosures of directors’ remuneration specified by law are not made; or
• we have not received all the information and explanations we require for our audit; or
• the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the Directors’ Report and from the requirement to prepare a strategic report.

We have nothing to report in respect of these matters.

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.

Paul Allan Byrne BA (Double Hons) FCA (Senior Statutory Auditor)
For and on behalf of Ascendis Audit Limited
Statutory Auditor

Unit 3, Building 2
The Colony
Wilmslow
Cheshire
SK9 4LY

02 July 2026

		2025		2024
		£		£
Turnover		8,188,715		8,231,496
Cost of sales		( 6,422,941)		( 6,468,432)
Gross profit		1,765,774		1,763,064
Administrative expenses		( 1,796,953)		( 1,730,752)
Operating (loss)/profit		( 31,179)		32,312
Interest receivable and similar income		9,674		11,960
Interest payable and similar expenses		( 125)		( 358)
(Loss)/profit before taxation		( 21,630)		43,914
Tax on (loss)/profit		191		( 15,122)
(Loss)/profit for the financial year		( 21,439)		28,792

There were no items of other comprehensive income or losses for the current or prior year other than those included in the Income Statement, accordingly no Statement of Comprehensive Income is presented.

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	222,658		294,107
		222,658		294,107
Current assets
Stocks		10,113		77,147
Debtors	4	980,059		1,451,706
Cash at bank and in hand		1,090,896		1,471,315
		2,081,068		3,000,168
Creditors: amounts falling due within one year	5	( 1,358,038)		( 1,726,957)
Net current assets		723,030		1,273,211
Total assets less current liabilities		945,688		1,567,318
Provision for liabilities		( 44,405)		( 44,596)
Net assets		901,283		1,522,722
Capital and reserves
Called-up share capital		150,000		150,000
Profit and loss account		751,283		1,372,722
Total shareholders' funds		901,283		1,522,722

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

The financial statements of Buckman Laboratories Limited (registered number: 01952605) were approved and authorised for issue by the Board of Directors on 02 July 2026. They were signed on its behalf by:

JM Gustin Director

	Called-up share capital		Profit and loss account		Total
	£		£		£
At 01 January 2024	0		1,343,930		1,343,930
Profit for the financial year	0		28,792		28,792
Total comprehensive income	0		28,792		28,792
Issue of share capital	150,000		0		150,000
At 31 December 2024	150,000		1,372,722		1,522,722
At 01 January 2025	150,000		1,372,722		1,522,722
Loss for the financial year	0		( 21,439)		( 21,439)
Total comprehensive loss	0		( 21,439)		( 21,439)
Dividends paid on equity shares	0		( 600,000)		( 600,000)
At 31 December 2025	150,000		751,283		901,283

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Buckman Laboratories Limited ("the Company") is a private company limited by shares and incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the registered office is 3 Stockport Exchange, Stockport, Cheshire, SK1 3GG. The company's registered number is 01952605. The Company does not have a principal place of business.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The Company generates revenue through the sale of chemicals to customers based in the United Kingdom. The chemicals that it sells are produced by its immediate parent company, Buckman Laboratories S.A. and are shipped directly from Belgium to the customer in respect of each sale. The Company incurred a loss after tax in 2025, and reported a net current assets and net assets position as at 31 December 2025, with cash at bank just over £1.0m at that date.

Accordingly, the Directors have prepared these financial statements on a going concern basis.

Foreign currency

Functional and presentational translation
The Company's functional and presentational currency is pound sterling as this is the currency of the primary economic environment in which the Company operates.

Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Income Statement except when deferred in Other Comprehensive Income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Income Statement within administrative expenses. All other foreign exchange gains and losses are presented in the Income Statement within administrative expenses.

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

• the Company has transferred the significant risks and rewards of ownership to the buyer;
• the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the Company will receive the consideration due under the transaction; and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Taxation

Current tax
The tax expense for the year comprises current and deferred tax. Tax is recognised in the Income Statement except that a charge attributable to an item of income and expense recognised as Other Comprehensive Income or to an item recognised directly in Equity is also recognised in Other Comprehensive Income or directly in Equity respectively.

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

Deferred tax
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the Statement of Financial Position date.

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Income Statement on a straight line basis over the lease term.

Borrowing costs

All borrowing costs are recognised in the Income Statement in the year in which they are incurred.

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Income Statement when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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

Financial instruments

The Company only has basic financial instruments which are stated at amortised cost.

Provisions

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.

Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis:

Plant and machinery - sum of the years digits

Assets under construction are not depreciated.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	9		9

3. Tangible assets

	Plant and machinery etc.		Total
	£		£
Cost
At 01 January 2025	651,567		651,567
Additions	33,585		33,585
Disposals	( 13,469)		( 13,469)
At 31 December 2025	671,683		671,683
Accumulated depreciation
At 01 January 2025	357,460		357,460
Charge for the financial year	105,034		105,034
Disposals	( 13,469)		( 13,469)
At 31 December 2025	449,025		449,025
Net book value
At 31 December 2025	222,658		222,658
At 31 December 2024	294,107		294,107

Fixed assets cost and net book value at the year end includes an amount of £19,181 (2024: £nil) in respect of assets under construction.

4. Debtors

	2025		2024
	£		£
Trade debtors	938,366		938,211
Amounts owed by Group undertakings	0		498,283
Other taxation and social security	12,912		12,912
Other debtors	28,781		2,300
	980,059		1,451,706

5. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	173,181		473,186
Amounts owed to Group undertakings	616,939		579,494
Accruals	164,312		139,434
Other taxation and social security	386,119		445,303
Other creditors	17,487		89,540
	1,358,038		1,726,957

6. Financial commitments

Pensions

The pension charge for the year of £45,224 (2024: £43,813) was incurred entirely in respect of a defined contribution scheme. At the year end £17,487 (2024: £23,540) was due to the scheme.

7. Ultimate controlling party

The company is a subsidiary undertaking of Buckman Laboratories S.A., incorporated in Belgium, as 100% of the shares are owned by Buckman Laboratories S.A. The address of the registered office is Wondelgemkaai 157, 9000 Gent, Belgium.

The company's ultimate parent company is Bulab Holdings Inc., incorporated in the United States of America. The address of the registered office is 1256 North McLean Blvd, Memphis, TN 38108, United States of America.

The parent undertaking of the largest group, which includes the company and for which group financial statements are prepared is Bulab Holdings Inc.

There is no single ultimate controlling party.

Copies of the financial statements of both companies can be obtained from the Company on request.