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CREONATE MANUFACTURING LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST DECEMBER 2025

CREONATE MANUFACTURING LIMITED (REGISTERED NUMBER: 14344566) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2025

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 4 |

| Accountants' Report | 10 |

| CREONATE MANUFACTURING LIMITED |

COMPANY INFORMATION

FOR THE YEAR ENDED 31ST DECEMBER 2025

| DIRECTORS: | K P Woolston

| E R Long

| E H M Schropp

| REGISTERED OFFICE: | Building 148

| Bedford Technology Park

| Thurleigh

| Bedford

| Bedfordshire

| MK44 2YA

| REGISTERED NUMBER: | 14344566 (England and Wales)

| ACCOUNTANTS: | HW Bedford Limited

| Trading as Haines Watts

| First Floor, Woburn Court

| 2 Railton Road

| Woburn Rd Ind Est

| Kempston

| Bedfordshire

| MK42 7PN

CREONATE MANUFACTURING LIMITED (REGISTERED NUMBER: 14344566) |

BALANCE SHEET

31ST DECEMBER 2025

| 31/12/25 | 31/12/24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 4,419,230 |  | 3,466,590 |  |

Investments | 5 | 1,537,500 |  | - |  |

5,956,730 |  | 3,466,590 |  |

CURRENT ASSETS

Stocks | 361,464 |  | 212,514 |  |

Debtors | 6 | 185,387 |  | 27,243 |  |

Cash at bank | 261,547 |  | - |  |

808,398 |  | 239,757 |  |

CREDITORS

Amounts falling due within one year | 7 | 2,504,796 |  | 1,539,732 |  |

NET CURRENT LIABILITIES | (1,696,398 | ) | (1,299,975 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 4,260,332 |  | 2,166,615 |  |

CREDITORS

Amounts falling due after more than one year | 8 | 2,894,510 |  | 1,671,169 |  |

NET ASSETS | 1,365,822 |  | 495,446 |  |

CAPITAL AND RESERVES

Called up share capital | 9 | 2,562,500 |  | 675,000 |  |

Retained earnings | (1,196,678 | ) | (179,554 | ) |

SHAREHOLDERS' FUNDS | 1,365,822 |  | 495,446 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

CREONATE MANUFACTURING LIMITED (REGISTERED NUMBER: 14344566) |

BALANCE SHEET - continued

31ST DECEMBER 2025

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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3rd August 2026 and were signed on its behalf by:

K P Woolston - Director

CREONATE MANUFACTURING LIMITED (REGISTERED NUMBER: 14344566) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2025

1. | STATUTORY INFORMATION

| Creonate Manufacturing 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" 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 entity has elected to adopt FRS 102 prior to its mandatory effective date which is 1 January 2026. The date of transition has been applied from 1 January 2025.

| The transition to FRS 102 has resulted in the recognition of a right of use asset.

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

| 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.

| Preparation of consolidated financial statements

| The financial statements contain information about Creonate Manufacturing Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 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, Drauphnir Holding B.V., Siriusdreef 29,2132 WT,Hoofddorp,Netherlands.

CREONATE MANUFACTURING LIMITED (REGISTERED NUMBER: 14344566) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST DECEMBER 2025

2. | ACCOUNTING POLICIES - continued

| Turnover

| Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group and the turnover can be reliably measured. Turnover 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 turnover is recognised:

| Sale of goods

| Turnover from the sale of goods is recognised when all of the following conditions are satisfied:

| - 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 turnover 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.

| Rendering of services

| Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

| - the amount of turnover can be measured reliably;

| - it is probable the company will receive the consideration due under the contract;

| - the stage of completion of the contract at the end of the reporting period can be measured reliably; and

| - the costs incurred and the costs to complete the contract can be measured reliably.

| Contract income

| Turnover is recognised based on work performed in accordance with signed contracts.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Short leasehold | - | straight line over lease term

| Leasehold property - right of use |  | - | straight line over lease term

| Plant and machinery | - | 10% on cost

| Computer equipment | - | 33% on cost and 5% on cost

| 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 location and condition necessary for it to be capable of operating the matter intended by management.

| Investments in subsidiaries

| Investments in subsidiary undertakings are recognised at cost.

| Stocks

| Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

CREONATE MANUFACTURING LIMITED (REGISTERED NUMBER: 14344566) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST DECEMBER 2025

2. | ACCOUNTING POLICIES - continued

| 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.

| 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.

| Hire purchase and leasing commitments

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

| Leases

| The Company as a lessee

| The Company assesses whether a contract is or contains a lease, at inception of a contract. The Company recognises a right-of-use asset and a corresponding lease liability with respect to all lease agreements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) .

| The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Company uses its incremental borrowing rate.

| Lease payments included in the measurement of the lease liability comprise:

| - fixed lease payments (including in-substance fixed payments), less any lease incentives;

| The lease liability is included in 'Creditors' on the Balance Sheet.

| The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made.

| The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses.

| Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Company expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease.

| The right-of-use assets are included in the 'Tangible Fixed Assets' in the Balance Sheet.

CREONATE MANUFACTURING LIMITED (REGISTERED NUMBER: 14344566) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST DECEMBER 2025

2. | ACCOUNTING POLICIES - continued

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

| Going concern

| The financial statements have been prepared on a going concern basis. The company has net current liabilities of £1,696,398. Funding has been provided through loans from its subsidiary Calpro AS, which has in turn been funded by the former shareholder, SVAR Life Science AB (hereinafter "SVAR"), a subsidiary of the controlling parent entity Draupnir Holding B.V. The directors have considered the expectation of continued financial support from SVAR and, on that basis, consider it appropriate to prepare the financial statements on a going concern basis.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 11 (2024 - 1 ) .

4. | TANGIBLE FIXED ASSETS

| Leasehold |

| property |

| Short |  | - right |  | Plant and |  | Computer |

| leasehold |  | of use |  | machinery |  | equipment |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 1st January 2025 | 1,836,180 |  | - |  | 1,707,119 |  | 22,651 |  | 3,565,950 |  |

| Additions | - |  | 1,786,942 |  | 8,261 |  | - |  | 1,795,203 |  |

| At 31st December 2025 | 1,836,180 |  | 1,786,942 |  | 1,715,380 |  | 22,651 |  | 5,361,153 |  |

| DEPRECIATION

| At 1st January 2025 | 55,085 |  | - |  | 42,678 |  | 1,597 |  | 99,360 |  |

| Charge for year | 367,234 |  | 297,824 |  | 171,119 |  | 6,386 |  | 842,563 |  |

| At 31st December 2025 | 422,319 |  | 297,824 |  | 213,797 |  | 7,983 |  | 941,923 |  |

| NET BOOK VALUE

| At 31st December 2025 | 1,413,861 |  | 1,489,118 |  | 1,501,583 |  | 14,668 |  | 4,419,230 |  |

| At 31st December 2024 | 1,781,095 |  | - |  | 1,664,441 |  | 21,054 |  | 3,466,590 |  |

5. | FIXED ASSET INVESTMENTS

| Shares in

| group

| undertakings

£ |

| COST

| Additions | 1,537,500 |  |

| At 31st December 2025 | 1,537,500 |  |

| NET BOOK VALUE

| At 31st December 2025 | 1,537,500 |  |

| In March 2025, the company acquired the whole interest in Calpro AS, a norwegian company.

CREONATE MANUFACTURING LIMITED (REGISTERED NUMBER: 14344566) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST DECEMBER 2025

6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31/12/25 |  | 31/12/24

£ | £ |

| Trade debtors | 38,343 |  | 27,070 |  |

| Other debtors | 129,000 |  | - |  |

| VAT | 17,943 |  | 173 |  |

| Prepayments | 101 |  | - |  |

185,387 |  | 27,243 |  |

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

| 31/12/25 |  | 31/12/24

£ | £ |

| Bank loans and overdrafts | 168 |  | - |  |

| Other loans | 678,500 |  | 675,500 |  |

| Trade creditors | 196,197 |  | 530,610 |  |

| Amounts owed to group undertakings | 838,983 |  | - |  |

| Social security and other taxes | 25,118 |  | - |  |

| Other creditors | 459 |  | - |  |

| Lease liability | 430,000 |  | - |  |

| Accruals and deferred income | 335,371 |  | 333,622 |  |

2,504,796 |  | 1,539,732 |  |

| Other loans include shareholders' loans. The loans are interest free and have no repayment date.

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

| 31/12/25 |  | 31/12/24

£ | £ |

| Other loans - 1-2 years | 217,393 |  | 80,375 |  |

| Preference shares | - |  | 350,000 |  |

| Other loans - 2-5 years | 661,782 |  | 120,854 |  |

| Lease liability | 1,105,766 |  | - |  |

| Deferred income | 909,569 |  | 1,119,940 |  |

2,894,510 |  | 1,671,169 |  |

| Included in other loans is the Praetura loan repayable over 2 years.

9. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 31/12/25 |  | 31/12/24

| value: | £ | £ |

| 2,562,500 | Ordinary | £1 | 2,562,500 |  | 675,000 |  |

| 1,537,500 Ordinary shares of £1 each were allotted and fully paid for cash at par during the year.

| 350,000 preference shares of £1 each were also reclassified as ordinary shares during the year.

CREONATE MANUFACTURING LIMITED (REGISTERED NUMBER: 14344566) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST DECEMBER 2025

10. | RELATED PARTY DISCLOSURES

| At the balance sheet date, included within creditors, are the following interest bearing loans

| received from a subsidiary company:

|  | 2025 |  | 2024 |  |

| £ |  | £ |  |

| Calpro AS |  | 838,983 |  | - |  |

11. | ULTIMATE CONTROLLING PARTY

| The ultimate controlling party is Drauphnir Holding B.V.

ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS

ON THE UNAUDITED FINANCIAL STATEMENTS OF

CREONATE MANUFACTURING LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Creonate Manufacturing Limited for the year ended 31st December 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Creonate Manufacturing Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Creonate Manufacturing Limited and state those matters that we have agreed to state to the Board of Directors of Creonate Manufacturing Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Creonate Manufacturing Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Creonate Manufacturing Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Creonate Manufacturing Limited. You consider that Creonate Manufacturing Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Creonate Manufacturing Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

HW Bedford Limited

Trading as Haines Watts

First Floor, Woburn Court

2 Railton Road

Woburn Rd Ind Est

Kempston

Bedfordshire

MK42 7PN

3rd August 2026