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REGISTERED NUMBER: SC803157 (Scotland)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026

FOR

FILTEC HOLDINGS LIMITED

FILTEC HOLDINGS LIMITED (REGISTERED NUMBER: SC803157)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

Page |

Company Information | 1 |

Balance Sheet | 2 |

Notes to the Financial Statements | 3 |

FILTEC HOLDINGS LIMITED

COMPANY INFORMATION

FOR THE YEAR ENDED 31 MARCH 2026

| DIRECTOR: | G Mills

| REGISTERED OFFICE: | 5 Portland Road

| Irvine

| Ayrshire

| KA12 8JE

| REGISTERED NUMBER: | SC803157 (Scotland)

| ACCOUNTANTS: | Gilmour Hamilton LLP

| Chartered Accountants

| 37 Portland Road

| KILMARNOCK

| Ayrshire

| KA1 2DJ

FILTEC HOLDINGS LIMITED (REGISTERED NUMBER: SC803157)

BALANCE SHEET

31 MARCH 2026

| 2026 | 2025 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Investments | 4 | 4,044,505 |  | 4,044,505 |  |

CURRENT ASSETS

Cash at bank | 32,622 |  | 45,138 |  |

CREDITORS

Amounts falling due within one year | 5 | 180,770 |  | 351,944 |  |

NET CURRENT LIABILITIES | (148,148 | ) | (306,806 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 3,896,357 |  | 3,737,699 |  |

CREDITORS

Amounts falling due after more than one year | 6 | 1,958,295 |  | 2,201,439 |  |

NET ASSETS | 1,938,062 |  | 1,536,260 |  |

CAPITAL AND RESERVES

Called up share capital | 9 | 597,500 |  | 597,500 |  |

Retained earnings | 1,340,562 |  | 938,760 |  |

SHAREHOLDERS' FUNDS | 1,938,062 |  | 1,536,260 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2026.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2026 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 31 May 2026 and were signed by:

G Mills - Director

FILTEC HOLDINGS LIMITED (REGISTERED NUMBER: SC803157)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

1. | STATUTORY INFORMATION

| Filtec Holdings Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| The financial statements are presented in pounds sterling which is the functional currency of the company, rounded to the nearest pound.

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

| Going concern

| Based on the company's forecasted income and expected cash outflows for a period of twelve months form the date of approval of the financial statements, the director is confident that the company will have sufficient resources to continue as a going concern for the foreseeable future and the accounts have therefore been prepared on a going concern basis.

| Preparation of consolidated financial statements

| The financial statements contain information about Filtec Holdings Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

| Related party exemption

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

| Investments in subsidiaries

| Investments in subsidiaries are stated at cost, including, where appropriate, the fair (discounted) value of any deferred consideration and redeemable preference shares given and acquisition costs, less accumulated impairments.

| Financial instruments

| Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

| Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

| 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.

FILTEC HOLDINGS LIMITED (REGISTERED NUMBER: SC803157)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2026

2. | ACCOUNTING POLICIES - continued

| 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.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was NIL (2025 - NIL).

4. | FIXED ASSET INVESTMENTS

| Shares in

| group

| undertakings

£ |

| COST

| At 1 April 2025

| and 31 March 2026 | 4,044,505 |  |

| NET BOOK VALUE

| At 31 March 2026 | 4,044,505 |  |

| At 31 March 2025 | 4,044,505 |  |

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

2026 | 2025 |

£ | £ |

| Other loans (see note 7) | 130,584 |  | 301,684 |  |

| Amounts owed to group undertakings | - |  | 75 |  |

| Accrued expenses | 50,186 |  | 50,185 |  |

180,770 |  | 351,944 |  |

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

2026 | 2025 |

£ | £ |

| Other loans (see note 7) | 1,958,295 |  | 2,201,439 |  |

| Amounts falling due in more than five years:

| Repayable otherwise than by instalments

| Non-redeemable preference shares | 352,500 |  | 352,500 |  |

| Repayable by instalments

| Redeemable preference shares | 1,365,997 |  | 1,315,507 |  |

FILTEC HOLDINGS LIMITED (REGISTERED NUMBER: SC803157)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2026

7. | LOANS

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

2026 | 2025 |

£ | £ |

| Amounts falling due within one year or on demand:

| Deferred consideration | 130,584 |  | 301,684 |  |

| Amounts falling due between one and two years:

| Deferred consideration | 239,798 |  | 49,100 |  |

| Amounts falling due between two and five years:

| Deferred consideration | - |  | 484,332 |  |

| Amounts falling due in more than five years:

| Repayable otherwise than by instalments

| Non-redeemable preference shares | 352,500 |  | 352,500 |  |

| Repayable by instalments

| Redeemable preference shares | 1,365,997 |  | 1,315,507 |  |

| Following the acquisition of Filtec Group Ltd the company is liable to pay deferred consideration in various instalments up to 31 October 2028. The value of the deferred consideration has been discounted to its net present value in the financial statements using a discount rate of 8%, being the estimated market interest rate.

8. | SECURED DEBTS

| The following secured debts are included within creditors:

2026 | 2025 |

£ | £ |

| Deferred consideration | 370,382 |  | 835,116 |  |

| Redeemable preference shares | 1,365,997 |  | 1,315,507 |  |

1,736,379 |  | 2,150,623 |  |

| The company has granted security by way of a bond and floating charge to the Bank of Scotland in connection with an overdraft facility (unused at 31 March 2026) made available to its subsidiary, Filtec Water Services Limited. A similar security has been granted to the former shareholders of Filtec Group Ltd in connection with sums due to them via deferred consideration and redeemable preference shares. A ranking agreement exists between the bank and former shareholders.

9. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2026 | 2025 |

| value: | £ | £ |

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

| 587,500 | Non-redeemable preference | 1 | 587,500 |  | 587,500 |  |

597,500 |  | 597,500 |  |

FILTEC HOLDINGS LIMITED (REGISTERED NUMBER: SC803157)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2026

9. | CALLED UP SHARE CAPITAL - continued

| The company has issued 1,825,000 3% Redeemable Preference shares of £1. These have been discounted and recognised as a liability in the financial statements.

| 940,000 3% Non-redeemable Preference shares of £1 have also been issued. The present value of the dividend cash flows arising from the Non-redeemable Preference shares (£352,500) has been recognised as a liability in the financial statements and the remaining £587,500 as share capital within equity. A discount rate of 8% was applied, being the estimated market rate of interest.