Company registration number 07031736 (England and Wales)
MOWLAND LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
MOWLAND LIMITED
COMPANY INFORMATION
Directors
Mrs M E Witkin
Mrs Lorna Rolfe
(Appointed 26 September 2025)
Company number
07031736
Registered office
Unit H
2nd Floor Offices
40 Murdock Road
Bicester
Oxon
OX26 4PP
Auditor
Calculo Tax Audit Limited
The Threshing Barn
Manor Farm Barns
Coates Lane
High Wycombe
Buckinghamshire
HP13 5UX
MOWLAND LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 21
MOWLAND LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

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

Review of the business

The principal activity of the Company is the distribution of renewable energy products including Solar panels, inverters and battery storage systems. The results for the year ended 31 December 2025 and the financial position at the end of that financial year were satisfactory. Future objectives continue to be the growth and development of the business.

Key Performance Indicators

The Company uses many performance indicators, both financial and non-financial. The key operating parameters include turnover and operating profit. Financial performance is reviewed in many ways including overall margins, working capital efficiency and return on capital.

| 31 December 2025 £000 | 31 December 2024 £000
Turnover | 20,191 | 23,158
Operating profit/(loss) | 273 | (204)

Principal risks and uncertainties

The company operates mainly in US dollars and euros. Due to the current situation of the Ukraine war, there is uncertainty and stability around the globe. The Foreign exchange rates have become highly volatile. Such fluctuations and volatility will not seriously affect the operations of the company as the majority of Mowland’s invoicing is in the native currency of purchase or it is hedged. Mowland sells in USD or Euro according to purchasing currency.

Development and performance

Results in 2025 were favourable compared to 2024. Prices have remained competitive but we have maintained an acceptable margin on sales.

Looking forward to 2026, we have had a positive first quarter. Sales have increased and the expectation is for a profitable year.

On behalf of the board

Mrs Lorna Rolfe
Director
7 July 2026
MOWLAND LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -

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 that of buying and selling solar panels.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £300,000. 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 A L Witkin
(Resigned 26 September 2025)
Mrs M E Witkin
Mrs Lorna Rolfe
(Appointed 26 September 2025)
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.

On behalf of the board
Mrs Lorna Rolfe
Director
7 July 2026
MOWLAND LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -

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). 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; 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.

MOWLAND LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MOWLAND LIMITED
- 4 -
Opinion

We have audited the financial statements of Mowland Limited (the 'company') for the year ended 31 December 2025 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows 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 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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 strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

MOWLAND LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MOWLAND LIMITED (CONTINUED)
- 5 -
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 strategic report or 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

As auditors, we are required to report on our assessment of the susceptibility of Mowland's financial statements to material misstatement. We believe that our tests completed which are not limited to the tests detailed below are sufficient for detecting material misstatement, and therefore any such material misstatement would have been identified. Our approach has been purely substantial and risk-based.

Irregularities include fraud which is also a form of non-compliance with laws and regulations. The tests designed are in line with our responsibilities as auditors which are outlined above.

Fraud is however assumed to be concealed and therefore more difficult to detect, and therefore special attention has been given to transactions with related parties.

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

There were no laws or regulations specific to this industry which we believe to be significant to the audit.

MOWLAND LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MOWLAND LIMITED (CONTINUED)
- 6 -

Audit procedures performed included:

- Discussion amongst the audit team regarding the susceptibility of the client to fraud;

- Consideration of the risk of fraud when documenting and reviewing internal controls and procedures;

- Enquiring of management how they: assess the risk of fraud; and identify and respond to the risks of fraud;

- Enquiring of management whether they have any knowledge of actual or suspected frauds or non-compliance with laws and regulations;

- Review of how those charged with governance exercise oversight of management's process for identifying and responding to the risk of fraud;

- Substantive testing of revenue, deferred income and debtors;

- Recalculation of substantive procedures, and analytical review;

- Review VAT return entries and perform analytical procedures on VAT balances;

- Verification of employees;

- Review of bank reconciliations for evidence of window dressing;

- Enquiry of management, those charged with governance around actual and potential litigation and claims.

- Reviewing financial statement disclosures and testing supporting documentation to assess compliance with applicable laws and regulations.

- Evaluated the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management;

- Reviewed areas for management override of controls, including testing of journal entries and other adjustments for appropriateness, and evaluated the business rationale for significant transactions outside the normal course of business;

- Reviewing correspondence with HMRC and corroborating balances to the online portal.

- Review legal expenses, and obtain an explanation as to what they relate to, to detect evidence of any legal cases from non-compliance.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through 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.

Jonathan Walton BFP FCA (Senior Statutory Auditor)
For and on behalf of Calculo Tax Audit Limited, Statutory Auditor
Chartered Accountants
The Threshing Barn
Manor Farm Barns
Coates Lane
High Wycombe
Buckinghamshire
HP13 5UX
13 July 2026
MOWLAND LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 7 -
2025
2024
Notes
£
£
Turnover
20,191,903
23,158,340
Cost of sales
(18,499,104)
(22,077,496)
Gross profit
1,692,799
1,080,844
Administrative expenses
(1,419,799)
(1,284,920)
Operating profit/(loss)
6
273,000
(204,076)
Interest receivable and similar income
5
7,589
7,422
Interest payable and similar expenses
7
(11,650)
(26,775)
Profit/(loss) before taxation
268,939
(223,429)
Tax on profit/(loss)
8
11,404
26,530
Profit/(loss) for the financial year
280,343
(196,899)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

MOWLAND LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -
2025
2024
£
£
Profit/(loss) for the year
280,343
(196,899)
Other comprehensive income
-
-
Total comprehensive income for the year
280,343
(196,899)
MOWLAND LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2025
31 December 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
10
227,111
286,717
Current assets
Stocks
11
940,697
132,200
Debtors
12
4,291,992
5,228,624
Cash at bank and in hand
588,056
874,205
5,820,745
6,235,029
Creditors: amounts falling due within one year
13
(5,948,823)
(6,291,652)
Net current liabilities
(128,078)
(56,623)
Total assets less current liabilities
99,033
230,094
Creditors: amounts falling due after more than one year
14
(41,667)
(141,667)
Provisions for liabilities
Deferred tax liability
16
33,422
44,826
(33,422)
(44,826)
Net assets
23,944
43,601
Capital and reserves
Called up share capital
19
100
100
Profit and loss reserves
23,844
43,501
Total equity
23,944
43,601

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 7 July 2026 and are signed on its behalf by:
Mrs Lorna Rolfe
Director
Company registration number 07031736 (England and Wales)
MOWLAND LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2024
100
900,400
900,500
Year ended 31 December 2024:
Loss and total comprehensive income
-
(196,899)
(196,899)
Dividends
9
-
(660,000)
(660,000)
Balance at 31 December 2024
100
43,501
43,601
Year ended 31 December 2025:
Profit and total comprehensive income
-
280,343
280,343
Dividends
9
-
(300,000)
(300,000)
Balance at 31 December 2025
100
23,844
23,944
MOWLAND LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
117,912
480,494
Interest paid
(11,650)
(26,775)
Income taxes refunded
-
0
290,153
Net cash inflow from operating activities
106,262
743,872
Investing activities
Purchase of tangible fixed assets
-
0
(92,971)
Proceeds from disposal of tangible fixed assets
-
0
88,500
Interest received
7,589
7,422
Net cash generated from investing activities
7,589
2,951
Financing activities
Repayment of bank loans
(100,000)
(100,000)
Dividends paid
(300,000)
(660,000)
Net cash used in financing activities
(400,000)
(760,000)
Net decrease in cash and cash equivalents
(286,149)
(13,177)
Cash and cash equivalents at beginning of year
874,205
887,382
Cash and cash equivalents at end of year
588,056
874,205
MOWLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 12 -
1
Accounting policies
Company information

Mowland Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit H, 2nd Floor Offices, 40 Murdock Road, Bicester, Oxon, OX26 4PP.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts 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.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the 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.

1.3
Revenue

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

1.4
Tangible fixed assets

Tangible fixed assets 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:

Plant and equipment
20% Straight Line
Computers
20% Straight Line
Motor vehicles
20% Reducing Balance

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 credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period 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.

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

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.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. 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
Stocks

Stocks 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 stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and 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 instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

MOWLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 15 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

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

1.10
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 profit and loss account 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 liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing 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.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

MOWLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 16 -
1.11
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 stock or fixed 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.

1.12
Retirement benefits

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

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

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

2025
2024
Number
Number
7
7

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
489,644
432,454
Social security costs
55,124
49,240
Pension costs
84,060
84,987
628,828
566,681
MOWLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 17 -
4
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
108,540
120,000
Company pension contributions to defined contribution schemes
1,250
20,000
109,790
140,000
5
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
7,589
7,422
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
7,589
7,422
6
Operating profit/(loss)
2025
2024
Operating profit/(loss) for the year is stated after charging/(crediting):
£
£
Exchange gains
(9,453)
(20,741)
Fees payable to the company's auditor for the audit of the company's financial statements
41,694
66,472
Depreciation of owned tangible fixed assets
59,606
79,273
(Profit)/loss on disposal of tangible fixed assets
-
53,642
7
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost
Other interest on financial liabilities
11,650
26,775
8
Taxation
2025
2024
£
£
Deferred tax
Origination and reversal of timing differences
(11,404)
(26,530)
MOWLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
8
Taxation
(Continued)
- 18 -

The actual credit for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit/(loss) before taxation
268,939
(223,429)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
67,235
(55,857)
Tax effect of expenses that are not deductible in determining taxable profit
22,670
40,975
Tax effect of income not taxable in determining taxable profit
-
0
19,081
Permanent capital allowances in excess of depreciation
(3,498)
(4,199)
Deferred tax adjustments in respect of prior years
(11,404)
(26,530)
B/F losses utilised
(86,407)
-
0
Taxation credit for the year
(11,404)
(26,530)
9
Dividends
2025
2024
£
£
Interim paid
300,000
660,000
10
Tangible fixed assets
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2025 and 31 December 2025
10,245
22,148
374,578
406,971
Depreciation and impairment
At 1 January 2025
8,063
8,532
103,659
120,254
Depreciation charged in the year
1,179
4,430
53,997
59,606
At 31 December 2025
9,242
12,962
157,656
179,860
Carrying amount
At 31 December 2025
1,003
9,186
216,922
227,111
At 31 December 2024
2,182
13,616
270,919
286,717
MOWLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 19 -
11
Stocks
2025
2024
£
£
Finished goods and goods for resale
940,697
132,200
12
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
3,573,868
4,810,720
Corporation tax recoverable
6,010
6,010
Amounts owed by group undertakings
124,468
78,986
Other debtors
579,234
307,116
Prepayments
8,412
25,792
4,291,992
5,228,624
13
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans
15
100,000
100,000
Trade creditors
4,887,574
5,295,344
Amounts owed to group undertakings
4,868
-
0
Taxation and social security
557,608
677,838
Deferred income
17
324,271
154,491
Other creditors
5,374
33,979
Accruals and deferred income
69,128
30,000
5,948,823
6,291,652
14
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans and overdrafts
15
41,667
141,667
15
Loans and overdrafts
2025
2024
£
£
Bank loans
141,667
241,667
Payable within one year
100,000
100,000
Payable after one year
41,667
141,667
MOWLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 20 -
16
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
33,422
44,826
2025
Movements in the year:
£
Liability at 1 January 2025
44,826
Credit to profit or loss
(11,404)
Liability at 31 December 2025
33,422

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

17
Deferred income
2025
2024
£
£
Other deferred income
324,271
154,491
18
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
84,060
84,987

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.

19
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
20
Related party transaction

The company has taken advantage of the exemption in FRS 102 Section 33.1A to not disclose transactions with wholly owned group entities.

MOWLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 21 -
21
Parent company

The ultimate controlling party is Mowland Holdings Ltd, a company incorporated in the UK, which owns 100% of the share capital of Mowland Limited.

Consolidated financial statements of the Mowland Holdings Ltd are available from its registered office at Unit 40, 2nd Floor Offices, 40 Murdock Road, Bicester, Oxon, OX26 4PP

22
Analysis of changes in net funds
1 January 2025
Cash flows
31 December 2025
£
£
£
Cash at bank and in hand
874,205
(286,149)
588,056
Borrowings excluding overdrafts
(241,667)
100,000
(141,667)
632,538
(186,149)
446,389
23
Cash generated from operations
2025
2024
£
£
Profit/(loss) for the year after tax
280,343
(196,899)
Adjustments for:
Taxation credited
(11,404)
(26,530)
Finance costs
11,650
26,775
Investment income
(7,589)
(7,422)
(Gain)/loss on disposal of tangible fixed assets
-
53,642
Depreciation and impairment of tangible fixed assets
59,605
79,273
Movements in working capital:
(Increase)/decrease in stocks
(808,497)
113,614
Decrease/(increase) in debtors
936,632
(1,412,592)
(Decrease)/increase in creditors
(512,609)
1,961,593
Increase/(decrease) in deferred income
169,780
(110,960)
Cash generated from operations
117,911
480,494
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