REGISTERED NUMBER: 04856144 (England and Wales)

WGH UK HOLDINGS LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Statement of Comprehensive Income

7

Balance Sheet

8

Statement of Changes in Equity

9

Notes to the Financial Statements

10

DIRECTORS:

R Shaw

I Wadee

SECRETARY:

I Wadee

REGISTERED OFFICE:

Wheelabrator House

22 Edward Court

Broadheath

Altrincham

Cheshire

WA14 5GL

REGISTERED NUMBER:

04856144 (England and Wales)

AUDITORS:

Rushtons

Chartered Accountants

Statutory Auditors

Shorrock House

1 Faraday Court

Fulwood

Preston

Lancashire

PR2 9NB

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

REVIEW OF BUSINESS

The company is an investment holding company. Its principal sources of income are interest and dividends received from other group companies.

During the year, the company reported a loss of £3.9m, compared to a loss of £1.9m in the year to 31 December 2024. Net liabilities at 31 December 2025 totalled £2.2m (31 December 2024: net assets of £1.7m).

The principal activities of the company's subsidiaries are the manufacture and supply of moulding and surface preparation machinery together with associated spare parts and servicing.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks facing the company arise from the level of economic activity in the markets served by its subsidiaries. These are discussed further in the report of the directors.

KEY PERFORMANCE INDICATORS

The directors consider the company's key performance indicator to be the financial performance of its subsidiaries. The company measures performance using comprehensive reporting packages, produced by each of its subsidiaries, which compare actual performance to both plan and the previous year. The reporting packages, together with regularly updated profit and cash flow forecasts, constitute the key performance indicators used within the business.

FUTURE DEVELOPMENTS

The directors do not expect any changes in the nature of the company's activities in the foreseeable future.

ON BEHALF OF THE BOARD:

R Shaw - Director

28 July 2026

The directors present their report with the financial statements of the company for the year ended 31 December 2025.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2025.

FUTURE DEVELOPMENTS

An indication of likely future developments of the company is noted within the strategic report.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

R Shaw

I Wadee

GOING CONCERN

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis in preparing the annual financial statements.

Based on the assessment, the Directors have concluded that the company can operate for a period of at least 12 months from the date of this report. Therefore, these financial statements have been prepared on a going concern basis in accordance with the Companies Act 2006 and applicable accounting standards in the United Kingdom.

Further details regarding the adoption of the going concern basis can be found in the accounting policies in the financial statements.

POST BALANCE SHEET EVENTS

There are no significant events following the balance sheet date.

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The company is affected by the same principal risks and uncertainties as the rest of the Norican Global A/S Group.

The Group's activities expose it to a variety of financial risks: market risk (including foreign currency risk), credit risk and liquidity risk. The Group's overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group's financial performance. The Group uses derivative financial instruments to hedge certain risk exposures.

Foreign Exchange Risk

Foreign exchange risk arises from future commercial transactions, recognised assets and liabilities and net investments in foreign operations. The Group's individual subsidiaries predominately transact their operational activities in their respective functional currencies. However, the global nature of the business leads to transactional risk at the balance sheet date. This arises because the amount of local currency received or paid for transactions denominated in a foreign currency varies due to changes in foreign exchange rates. Transactional committed risk for which the Group has a contractual obligation which is recorded on the balance sheet is primarily managed through the use of forward foreign exchange contracts. The Group enters into forward foreign exchange contracts primarily to hedge exchange rate risk.

Credit Risk

The exposure to credit risk is represented by the balance sheet values of the receivables and positive market values of derivatives that are carried at the balance sheet date. This entity is indirectly impacted by the credit quality of customers of associated group companies. The credit quality is assessed considering the customer's financial position, past experience and other factors. Individual risk limits are set based on internal and external ratings. The utilisation of credit limits is regularly monitored. Although the Group monitors the credit ratings of its customers, changes in the financial position of its customers can adversely affect the Group's future collection of the receivables and the Group's cash flows.

Liquidity Risk

The Group's principal source of liquidity consists of cash generated from operations and borrowings available under the revolving credit portion of the Group's financing agreements.

Capital Risk Management

The Group's objectives in managing capital are to safeguard the Group's ability to continue as a going concern in order to provide returns for shareholders, benefits for other stakeholders and to maintain an optimal capital structure to reduce its cost of capital.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 Financial Reporting Standard 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 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;

-	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 AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Rushtons, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

R Shaw - Director

28 July 2026

Opinion

We have audited the financial statements of WGH UK Holdings Limited (the 'company') for the year ended 31 December 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of 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 loss 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 Auditors' 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 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 the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

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 identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page four, 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 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.

Auditors' 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 a Report of the Auditors 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:

Identifying and assessing potential risks related to irregularities

In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered a number of issues, such as the nature of the company's industry, their control environment and business performance. We also discussed amongst our engagement team how and where fraud might occur and any potential indicators of fraud.

We obtained an understanding of the legal and regulatory framework that the company operates in and focussed our attention on any laws and regulations which might be considered as "showstoppers". We also looked at internal controls in place at the company, established to mitigate risks related to fraud or non-compliance with laws and regulations.

In response to other identified risks, we reviewed the financial statement disclosures, we made enquiries of the company as to potential litigation and claims, we performed analytical procedures to look for unusual trends or unexpected relationships and we read any available meeting minutes.

We also addressed the risk of fraud through management override of controls by testing appropriate journal entries and other adjustments. We also assessed accounting estimates and considered any significant transactions that might be considered unusual in the normal course of business.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.

Adam Calvert FCA (Senior Statutory Auditor)

for and on behalf of Rushtons

Chartered Accountants

Statutory Auditors

Shorrock House

1 Faraday Court

Fulwood

Preston

Lancashire

PR2 9NB

29 July 2026

TURNOVER

-

-

Administrative expenses

138

64

OPERATING LOSS

(138

)

(64

)

Interest payable and similar expenses

5

3,736

1,883

LOSS BEFORE TAXATION

(3,874

)

(1,947

)

Tax on loss

6

-

-

LOSS FOR THE FINANCIAL YEAR

(3,874

)

(1,947

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(3,874

)

(1,947

)

FIXED ASSETS

Investments

8

55,311

55,311

CURRENT ASSETS

Debtors

9

-

138

Cash in hand

5

4

5

142

CREDITORS

Amounts falling due within one year

10

29,939

27,557

NET CURRENT LIABILITIES

(29,934

)

(27,415

)

TOTAL ASSETS LESS CURRENT LIABILITIES

25,377

27,896

CREDITORS

Amounts falling due after more than one year

11

27,594

26,239

NET (LIABILITIES)/ASSETS

(2,217

)

1,657

CAPITAL AND RESERVES

Called up share capital

12

3,159

3,159

Retained earnings

13

(5,376

)

(1,502

)

SHAREHOLDERS' FUNDS

(2,217

)

1,657

The financial statements were approved by the Board of Directors and authorised for issue on 28 July 2026 and were signed on its behalf by:

R Shaw - Director

Called up

share

Retained

Total

capital

earnings

equity

£'000

£'000

£'000

Balance at 1 January 2024

3,159

445

3,604

Changes in equity

Total comprehensive income

-

(1,947

)

(1,947

)

Balance at 31 December 2024

3,159

(1,502

)

1,657

Changes in equity

Total comprehensive income

-

(3,874

)

(3,874

)

Balance at 31 December 2025

3,159

(5,376

)

(2,217

)

1.	STATUTORY INFORMATION

WGH UK Holdings Limited is a private company, limited by shares , registered in England and Wales. 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The functional currency of WGH UK Holdings Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the company operates. The financial statements are rounded to the nearest £1.

Going Concern

The company's business activities, together with the factors likely to affect its future development, performance and position are set out in the strategic report. The report of the directors further describes the financial position of the company; the company's objectives, policies, and processes for managing its capital; its financial risk management objectives; details of its financial instruments and hedging activities; and its exposure to credit risk and liquidity risk.

The financial statements have been prepared on a going concern basis. The company has negative retained earnings and continues to make losses due to interest charged on intercompany loans. This company is part of a large profitable group, which will continue to give support and does not intend to place the company under any pressure to repay any intercompany loans. Thus the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of paragraph 3.17(d);

•

the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

•

the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A.

Preparation of consolidated financial statements

The financial statements contain information about WGH UK 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 401 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Norican Global A/S, Hojager 8, DK-2630 Taastrup, Denmark.

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

In the company financial statements, investments in subsidiary undertakings are stated at cost less any provisions for impairment.

Impairment of assets

Assets that have an indefinite life are not subject to amortisation and are tested annually for impairment. Assets subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less disposal costs, and value in use.

Financial instruments

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Debt instruments which meet the following conditions are subsequently measured at amortised cost using the effective interest method:

(a) The contractual return to the holder is (i) a fixed amount; (ii) a positive fixed rate or a positive variable rate; or (iii) a combination of a positive or a negative fixed rate and a positive variable rate.

(b) The contract may provide for repayments of the principal or the return to the holder (but not both) to be linked to a single relevant observable index of general price inflation of the currency in which the debt instrument is denominated, provided such links are not leveraged.

(c) The contract may provide for a determinable variation of the return to the holder during the life of the instrument, provided that (i) the new rate satisfies condition (a) and the variation is not contingent on future events other than (1) a change of a contractual variable rate; (2) to protect the holder against credit deterioration of the issuer; (3) changes in levies applied by a central bank or arising from changes in relevant taxation or law; or (ii) the new rate is a market rate of interest and satisfies condition (a).

(d) There is no contractual provision that could, by its terms, result in the holder losing the principal amount or any interest attributable to the current period or prior periods.

(e) Contractual provisions that permit the issuer to prepay a debt instrument or permit the holder to put it back to the issuer before maturity are not contingent on future events, other than to protect the holder against the credit deterioration of the issuer or a change in control of the issuer, or to protect the holder or issuer against changes in levies applied by a central bank or arising from changes in relevant taxation or law.

(f) Contractual provisions may permit the extension of the term of the debt instrument, provided that the return to the holder and any other contractual provisions applicable during the extended term satisfy the conditions of paragraphs (a) to (c).

Debt instruments that are classified as payable or receivable within one year on initial recognition and which meet the above conditions are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.

With the exception of some hedging instruments, other debt instruments not meeting these conditions are measured at fair value through profit or loss.

Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairment.

Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction.

Exchange differences are recognised in profit or loss in the period in which they arise except for:

- exchange differences on transactions entered into to hedge certain foreign currency risks (see above); and

- exchange differences arising on gains or losses on non-monetary items which are recognised in other comprehensive income.

Debt issuance costs

Debt issuance costs are capitalised and amortised using a method that approximates the effective interest rate method over the term of the underlying credit facility or note.

Dividend income

Dividend income from investments is recognised when the shareholders' rights to receive payment have been established, provided that it is probable that the economic benefits will flow to the Company and the amount of income can be measured reliably.

3.	CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Critical judgements in applying the company's accounting policies

In the application of the Company's accounting policies, which are described in note 2, the directors are required to make judgements (other than those involving estimations) that have a significant impact on the amounts recognised and to make estimates and assumptions about the carrying amounts 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 directors do not consider that the amounts recognised in the financial statements have been significantly affected by any critical judgements made in the process of applying the company's accounting policies.

Key sources of estimation uncertainty

The directors do not consider that there are any areas of the financial statements that are significantly affected by sources of estimation uncertainty.

4.	EMPLOYEES AND DIRECTORS

There were no staff costs for the year ended 31 December 2025 nor for the year ended 31 December 2024.

The emoluments of the directors are paid by other group companies which make no recharge to the company. They are directors of a number of fellow subsidiaries, and it is not possible to make an accurate apportionment. of their emoluments in respect of each of the subsidiaries. The total emoluments are disclosed in the financial statements of the ultimate parent company, Norican Global A/S.

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£'000

£'000

Bank interest

(1

)

(4

)

Net exchange loss/(gain)

955

(851

)

Interest payable on loans from

group undertakings

2,782

2,738

3,736

1,883

6.

TAXATION

Analysis of the tax charge

No liability to UK corporation tax arose for the year ended 31 December 2025 nor for the year ended 31 December 2024.

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2025

2024

£'000

£'000

Loss before tax

(3,874

)

(1,947

)

Loss multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

(969

)

(487

)

Effects of:

Adjustments to tax charge in respect of previous periods

(561

)

-

Group Relief

-

21

Unused tax losses and tax offsets not recognised as deferred tax assets

1,341

466

for changes in tax rates

tax

Corporate Interest Restriction allocated disallowances - Non trade

189

-

Total tax charge

-

-

The deferred taxation asset not recognised in the financial statements is as follows:

2025

2024

£

£

Tax Losses Available

8,245

7,963

The standard rate of tax applied to reported loss is 25% (2024: 25%).

Due to the restrictive nature of the tax losses and the uncertainty of future profits in the company, a deferred tax asset has not been recognised in relation to the above.

7.	AUDITORS' REMUNERATION

Fees payable to the auditors for the audit of the company's annual financial statements were £1,500 (2025: £1,000).

Fees payable to the auditors and their associates for non-audit services to the company are not required to be disclosed because the consolidated financial statements of the parent company are required to disclose such fees on a consolidated basis.

8.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£'000

COST

At 1 January 2025

and 31 December 2025

55,311

NET BOOK VALUE

At 31 December 2025

55,311

At 31 December 2024

55,311

The company's investments at the Balance Sheet date in the share capital of companies include the following:

WGH UK Limited

Registered office: 22 Edward Court, Broadheath, Altrincham, Cheshire, England, WA14 5GL

Nature of business: Holding company

%

Class of shares:

holding

Ordinary

100.00

Preference

100.00

2025

2024

£'000

£'000

Aggregate capital and reserves

5,583

8,873

Loss for the year

(3,290

)

(3,333

)

Wheelabrator Technologies (UK) Limited (*)

Registered office: Wheelabrator House Ltd 22 Edward Court, Broadheath, Altrincham, Cheshire, England, WA14 5GL

Nature of business: Holding Company

%

Class of shares:

holding

Ordinary

100.00

2025

2024

£'000

£'000

Aggregate capital and reserves

37,526

37,440

Profit for the year

86

588

Wheelabrator Group Limited (*)

Registered office: Wheelabrator House Ltd 22 Edward Court, Broadheath, Altrincham, Cheshire, England, WA14 5GL

Nature of business: Engineering

%

Class of shares:

holding

Ordinary

100.00

2025

2024

£'000

£'000

Aggregate capital and reserves

43,661

45,099

(Loss)/profit for the year

(1,618

)

4,524

Castalloy Europe Limited (*)

Registered office: 22 Edward Court, Altrincham, United Kingdom, WA14 5GL

Nature of business: Engineering

%

Class of shares:

holding

Ordinary

100.00

2025

2024

£'000

£'000

Aggregate capital and reserves

(5,616

)

(3,680

)

Loss for the year

(1,618

)

(1,349

)

Wheelabrator Group GmbH (*)

Registered office: Ferdinand-Porsche-STR. 23, 51449Cologne, Germany

Nature of business: Engineering

%

Class of shares:

holding

Ordinary

100.00

2025

2024

£'000

£'000

Aggregate capital and reserves

18,805

17,671

Profit for the year

1,817

29

Wheelabrator Group SLU (*)

Registered office: Gran Via de les Corts Catalanes, 133 AT.B, 08014 Barcelona, Spain

Nature of business: Engineering

%

Class of shares:

holding

Ordinary

100.00

2025

2024

£'000

£'000

Aggregate capital and reserves

808

550

Profit for the year

222

307

Wheelabrator Group Holdings GmbH (*)

Registered office: Ferdinand-Porsche-Str. 23, 51149 Cologne, Germany

Nature of business: Holding Company

%

Class of shares:

holding

Ordinary

100.00

2025

2024

£'000

£'000

Aggregate capital and reserves

(2,750

)

(3,365

)

Profit for the year

518

358

Wheelabrator Group SAS (*)

Registered office: 28 Rue de Tournenfils, 91540 Mennecy, France

Nature of business: Engineering

%

Class of shares:

holding

Ordinary

100.00

2025

2024

£'000

£'000

Aggregate capital and reserves

11,655

13,404

Profit for the year

540

712

DISA Industrie AG (*)

Registered office: Kasternenstr.1, 8184 Bachenbülach, Switzerland

Nature of business: Engineering

%

Class of shares:

holding

Ordinary

100.00

2025

2024

£'000

£'000

Aggregate capital and reserves

78,871

79,641

(Loss)/profit for the year

(771

)

41,007

DISA INDUSTRIES A/S (*)

Registered office: Højager 8, 2630 Taastrup, Denmark

Nature of business: Engineering

%

Class of shares:

holding

Ordinary

45.00

2025

2024

£'000

£'000

Aggregate capital and reserves

56

44

Profit for the year

12

16

Walther Trowal SARL (*)

Registered office: 28 Rue de Tournenfils, 91540 Mennecy, France

Nature of business: Surface Technology

%

Class of shares:

holding

Ordinary

100.00

2025

2024

£'000

£'000

Aggregate capital and reserves

2,632

2,469

Profit for the year

-

1,400

Wheelabrator-Berger Stiftung GmbH (*)

Registered office: Ferdinand-Porsche-Str. 23, 51149 Cologne, Germany

Nature of business: Surface Preparation technology

%

Class of shares:

holding

Ordinary

100.00

2025

2024

£'000

£'000

Aggregate capital and reserves

117

110

(*) Indirectly held through ownership of WGH UK Limited

9.

DEBTORS

2025

2024

£'000

£'000

Amounts falling due within one year:

Other debtors

-

73

Amounts falling due after more than one year:

Other debtors

-

65

Aggregate amounts

-

138

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£'000

£'000

Amounts owed to group undertakings

29,939

27,557

11.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£'000

£'000

Amounts owed to group undertakings

27,594

26,239

Amounts owed to group undertakings are unsecured, carry interest at market representative rates, and are repayable on 31 January 2027.