Company Registration No. 00485715 (England and Wales)
CEWE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2025
CEWE LIMITED
CONTENTS
Page
Company information
1
Strategic report
2 - 3
Directors' report
4
Directors' responsibilities statement
5
Independent auditor's report
6 - 10
Statement of comprehensive income
11
Statement of financial position
12
Statement of changes in equity
13
Statement of cash flows
14
Notes to the financial statements
15 - 29
CEWE LIMITED
COMPANY INFORMATION
- 1 -
Directors
P Berkhouwer
P Felgen
Company number
00485715
Registered office
Unit 4 Spartan Close
Tachbrook Park
Warwick
Warwickshire
CV34 6RR
Auditor
Constantin
200 Aldersgate Street
London
EC1A 4HD
CEWE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -

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

Fair review of the business

Principal activities

The principal activity of the company during the year was the fulfilment of digital imaging services and film processing.

Business Review 202 5

Turnover in 202 5 was £30.6 m, an increase of £1.2m (4.0%) vs 202 4.

Profit Before Tax has de creased from £1.115m in 202 4 to £949k in 202 5.

The Directors consider the year ending 31 December 202 5 a year of growth through the development of the team across the business, an improved focus on brand and core products, developing the new business offer and continuing the work in improving efficiencies and cost management.

Business Strategy 202 6

The Company’s strategy for 202 6 is to increase turnover through increased brand awareness, developing its existing strong partnership with a significant retail partner, developing new business opportunities, and improving the customer journey. The Company will continue to monitor and manage its administrative costs as well as working to further increase its strategic importance within the wider group.

Principal risks and uncertainties

The Company uses various financial instruments including trade debtors and trade creditors, that arise directly from operations. The main purpose of these financial instruments is to raise finance for the Company’s operations.

The existence of these financial instruments exposes the Company to several financial risks, which are described in more detail below. The main risks arising from the Company’s financial instruments are interest rate risk, credit risk and liquidity risk. The Directors review and agree policies for managing each of these risks and are unchanged from previous years.

Interest rate risk

The Company finances its operations through a mixture of banking arrangements and a group-wide cash pooling arrangement. The Company’s exposure to interest rate fluctuations is managed by negotiating commercial interest rates when entering into agreements. Interest rate risk is also mitigated by the availability of intercompany loans from its ultimate parent company, CEWE Stiftung & Co. KGaA.

Credit risk

The Directors manage credit risk by setting limits for customers based on a combination of payment history and third-party credit references as well as having controls in place to manage, escalate and resolve overdue debts. Credit limits are reviewed on a regular basis in conjunction with debt ageing and collection history. The Company is part of the CEWE group credit insurance arrangements.

Liquidity risk

The Company seeks to manage liquidity risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. Group liquidity is managed via a group-wide cash pooling arrangement and banking facilities.

CEWE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -
Key performance indicators

The Company uses several financial and non-financial performance indicators to measure the performance of the business. The Key Performance Indicators (KPI) are presented below. Turnover is calculated as net sales revenue, and includes direct sales to customers, sales to or via our retail partners, and sales to other group companies. The business uses Turnover as a key measure of performance, including comparing to prior year and plan numbers. Gross profit margin is calculated as turnover less cost of sales as a % of turnover. Cost of sales includes consumption of materials, materials purchased from other group companies and the direct labour costs related to production. The gross profit margin is used to determine how the mix of sales and changes in cost of goods is affecting the profitability of the company prior to its overhead and administrative costs. Profit before tax is calculated as the profit for the year prior to any corporation tax or deferred tax. It is used by the business to judge overall performance of the Company. The average number of employees is calculated as the average of the monthly full time equivalent number of employees. As a key cost component of the business, the average number of employees is used to ensure that operations remain efficient and to control costs. Staff turnover is calculated as the number of leavers divided by the number of employees and is used by the company as a measure of staff satisfaction, and the effectiveness of the Company’s staff retention strategy.

Financial Key Performance Indicators

Turnover in 2025 increased by £1.2m compared to 2024

Gross profit margin in 2025 was 85.2% (2024: 84.9%).

Profit Before Tax in 2025 was £949k (2024 - £1.115m).

Non-Financial Key Performance Indicators

Average number of employees in 2025 was 81 (2024: 79).

Staff turnover in 2025 was 25.7% (2024: 33.3%)

Note:2024 staff turnover restated following calculation correction.

Post Balance Sheet Events

On 4th December 2025, the Company exchanged contracts for the acquisition of a commercial property for a total consideration of £5.45 Million due on completion. This acquisition completed on 18th March 2026 and ownership of the commercial property transferred to the Company on that date.

On behalf of the board

P Felgen
Director
20 July 2026
CEWE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -

The directors present their annual report and financial statements for the year ended 31 December 2025.

Results and dividends

The profit for the year, after taxation, amounted to £711,404 (2024 - £834,594).

No ordinary dividends were paid. 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:

P Berkhouwer
J-P Vern
(Resigned 31 March 2025)
P Felgen
Auditor

The auditor, Constantin, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

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.

Going concern

The directors are satisfied that they have the ability to manage cash, commitments and working capital to ensure that all liabilities can be settled and obligations met and have received confirmation of continuing financial support from the immediate parent company, CEWE Group International GmbH, which confirms that it will provide sufficient funds from the company to meet its financial obligations for a period of twelve months from the date of approving these financial statements. On this basis the directors consider it appropriate that the financial statements have been prepared on a going concern basis.

Qualifying third party indemnity provisions

The company does not have any qualifying indemnity provisions in respect of its directors.

On behalf of the board
P Felgen
Director
20 July 2026
CEWE LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 5 -

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;

- state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; 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.

The directors are responsible for the maintenance and integrity of the company website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

CEWE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CEWE LIMITED
- 6 -
Opinion

In our opinion the financial statements of CEWE Limited (the ‘company’):

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

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in Untied Kingdom and Republic of Ireland; and

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

We have audited the financial statements which comprise:

- the statement of profit or loss and other comprehensive income;

- the balance sheet;

- the statement of changes in equity;

- the material accounting policy information; and

- the related notes 1 to 24.

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 Untied Kingdom and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report.

We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the Financial Reporting Council’s (the ‘FRC’s’) Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

CEWE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CEWE LIMITED
- 7 -

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.

Responsibilities of directors

As explained more fully in the directors’ responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

CEWE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CEWE LIMITED
- 8 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

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.

We considered the nature of the company’s industry and its control environment, and reviewed the company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management and the directors about their own identification and assessment of the risks of irregularities, including those that are specific to the company’s business sector.

We obtained an understanding of the legal and regulatory framework that the company operates in, and identified the key laws and regulations that:

- had a direct effect on the determination of material amounts and disclosures in the financial statements. These included UK Companies Act, pensions legislation and tax legislation; and

- do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.

We discussed among the audit engagement team including relevant internal specialists such as tax, valuations and IT specialists regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

As a result of performing the above, we identified the greatest potential for fraud in the following areas, and our procedures performed to address it are described below:

- Cut-off of turnover due to varying timing of transfer of risks and rewards of the revenue transactions

We addressed this risk by performing the following procedures:

- Obtaining an understanding of management’s processes and controls in relation to ensuring the correct recognition of revenue. This includes performing the design and implementation of relevant controls.

- Performed analytical procedures to identify any unusual relationships that may indicate an error in the revenue recognised for the year.

- Selecting a sample of revenue transactions before and after the year end and verifying the terms of the services to the underlying customer agreements in order to validate the timing of revenue recognition.

CEWE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CEWE LIMITED
- 9 -

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

In addition to the above, our procedures to respond to the risks identified included the following:

- reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- enquiring of management, in-house and external legal counsel concerning actual and potential litigation and claims, and instances of non-compliance with laws and regulations; and

- reading minutes of meetings of those charged with governance.

Report on other legal and regulatory requirements

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

- the information given in the strategic report and the directors’ report 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.

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified any material misstatements in the strategic report and the directors’ report.

Matters on which we are required to report by exception

Under the Companies Act 2006 we are required to report in respect of the following matters if, in our opinion:

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors’ remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

We have nothing to report in respect of these matters.

CEWE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CEWE LIMITED
- 10 -

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.

Thierry de Gennes ACA (Senior Statutory Auditor)
For and on behalf of
Constantin
Chartered Accountants
Statutory Auditor
200 Aldersgate Street
London
EC1A 4HD
20 July 2026
CEWE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
2025
2024
Notes
£
£
Turnover
3
30,633,983
29,463,033
Cost of sales
(4,527,900)
(4,443,781)
Gross profit
26,106,083
25,019,252
Administrative expenses
(25,517,243)
(24,300,171)
Other operating income
168,413
139,143
Operating profit
5
757,253
858,224
Interest receivable and similar income
6
191,424
257,416
Profit before taxation
948,677
1,115,640
Tax on profit
8
(237,273)
(281,046)
Profit for the financial year
711,404
834,594

The income statement has been prepared on the basis that all operations are continuing operations.

There was no other comprehensive income for 2025 (2024: £Nil).

CEWE LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2025
31 December 2025
- 12 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
9
404,242
563,809
Current assets
Stocks
10
1,844,070
1,990,822
Debtors
11
11,582,611
10,735,950
Cash at bank and in hand
100,898
521
13,527,579
12,727,293
Creditors: amounts falling due within one year
12
(6,615,412)
(6,686,097)
Net current assets
6,912,167
6,041,196
Net assets
7,316,409
6,605,005
Capital and reserves
Called up share capital
16
5,044,000
5,044,000
Capital redemption reserve
17
15,215
15,215
Profit and loss reserves
2,257,194
1,545,790
Total equity
7,316,409
6,605,005

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 20 July 2026 and are signed on its behalf by:
P Felgen
Director
Company registration number 00485715 (England and Wales)
CEWE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 13 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2024
5,044,000
15,215
711,196
5,770,411
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
834,594
834,594
Balance at 31 December 2024
5,044,000
15,215
1,545,790
6,605,005
Year ended 31 December 2025:
Profit and total comprehensive income
-
-
711,404
711,404
Balance at 31 December 2025
5,044,000
15,215
2,257,194
7,316,409
CEWE LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 14 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
22
237,253
126,271
Income taxes paid
(248,014)
(116,398)
Net cash (outflow)/inflow from operating activities
(10,761)
9,873
Investing activities
Purchase of tangible fixed assets
(80,286)
(279,008)
Interest received
191,424
257,416
Net cash generated from/(used in) investing activities
111,138
(21,592)
Net increase/(decrease) in cash and cash equivalents
100,377
(11,719)
Cash and cash equivalents at beginning of year
521
12,240
Cash and cash equivalents at end of year
100,898
521
CEWE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 15 -
1
Accounting policies
Company information

Cewe Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 4 Spartan Close, Tachbrook Park, Warwick, Warwickshire, CV34 6RR.

1.1
Accounting convention

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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. 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 and have received confirmation of continuing financial support from the immediate parent company, CEWE Group International GmbH, which confirms that it will provide sufficient funds from the company to meet its financial obligations for a period of twelve months from the date of approving these financial statements. On this basis the directors consider it appropriate that the financial statements have been prepared on a going concern basis.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue is recognised on despatch of the supplied goods and services to customer.

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:

Leasehold improvements
over the lease term on a straight line basis
Plant and equipment
7-33% straight line basis
Fixtures and fittings
10-33% straight line basis
CEWE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 16 -

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.

1.6
Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. In determining the cost of raw materials, consumables and goods purchased for resale, the weighted average price is used. For finished goods, cost is taken as production cost. A provision is created against stock, based on the level of usage over the previous 12 months.

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 statement of financial position 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.

CEWE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 17 -
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.

CEWE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 18 -
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
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 income statement 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 income statement, 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.

CEWE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 19 -
1.10
Retirement benefits

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

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. Amounts that are not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the company in independently administered funds.

1.11
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

1.12
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.

1.13

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issues costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

1.14

Interest income

Interest income is recognised in profit or loss using the effective interest method.

CEWE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 20 -
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.

As a result of a business model change at the start of 2024, the company’s stock position now includes a quantity of stock held on consignment, across a large number of retail stores. By its dispersed nature, this stock involves an element of uncertainty compared to stock held on the Company’s premises. The directors therefore use several methods to estimate and verify stock levels and shrinkage in the various locations and provides for any losses in the accounts. These methods include data analysis, modelling, historical trends, and a year-round process of stock counting and verification.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
27,623,553
26,840,322
Rest of Europe
3,010,430
2,622,711
30,633,983
29,463,033
2025
2024
£
£
Other revenue
Interest income
191,424
257,416
CEWE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 21 -
4
Employees

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

2025
2024
Number
Number
Production staff
21
19
Administrative staff
60
60
Total
81
79

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
3,581,821
3,439,801
Social security costs
423,136
343,598
Pension costs
142,057
146,196
4,147,014
3,929,595
5
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(111,841)
62,040
Fees payable to the company's auditor for the audit of the company's financial statements
22,500
21,700
Depreciation of owned tangible fixed assets
226,553
305,132
Loss on disposal of tangible fixed assets
13,300
3,160
Operating lease charges
479,107
383,127
6
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest receivable from group companies
191,424
257,416
CEWE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
6
Interest receivable and similar income
(Continued)
- 22 -
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
191,424
257,416
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
226,190
236,945
226,190
236,945
Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
226,190
236,945

During the year retirement benefits were accruing to 1 director (2024: 1) in respect of defined contribution pension schemes.

8
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
245,637
248,014
Deferred tax
Origination and reversal of timing differences
(8,364)
33,032
Total tax charge
237,273
281,046
CEWE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
8
Taxation
(Continued)
- 23 -

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

2025
2024
£
£
Profit before taxation
948,677
1,115,640
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
237,169
278,910
Fixed asset differences
5,256
(34,917)
Expenses not deductible
3,212
4,021
Adjust deferred tax rate
(8,364)
33,032
Taxation charge for the year
237,273
281,046

International Taxation

Pillar Two of the Organisation for Economic Co-Operation and Development's (“OECD's”) Two Pillar Solution provides for the taxation of income of large groups at a minimum effective rate of 15% on a jurisdictional basis.

The Company is a wholly-owned subsidiary of CEWE Stiftung & Co KGaA, which is incorporated in Germany and is the ultimate parent undertaking for the Group. The Group is within scope of the OECD Pillar Two model rules.

Pillar Two legislation received Royal Assent on 11 July 2023 in the United Kingdom and applies to accounting periods beginning on or after 31 December 2023. Pillar Two will apply to the Group from the accounting period ended 31 December 2025. As the Group’s effective tax rate in the UK is above 15%, the Company does not suffer any additional Pillar two top-up taxes by the application of Pillar Two.

The Company has applied the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes, as provided in the amendments to Section 29 issued in July 2023.

CEWE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 24 -
9
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 January 2025
463,285
2,763,975
1,681,484
4,908,744
Additions
-
0
19,591
60,695
80,286
Disposals
-
0
(280,354)
-
0
(280,354)
At 31 December 2025
463,285
2,503,212
1,742,179
4,708,676
Depreciation and impairment
At 1 January 2025
463,285
2,361,871
1,519,779
4,344,935
Depreciation charged in the year
-
0
138,529
88,024
226,553
Eliminated in respect of disposals
-
0
(267,054)
-
0
(267,054)
At 31 December 2025
463,285
2,233,346
1,607,803
4,304,434
Carrying amount
At 31 December 2025
-
0
269,866
134,376
404,242
At 31 December 2024
-
0
402,104
161,705
563,809
10
Stocks
2025
2024
£
£
Raw materials and consumables
1,844,070
1,990,822

Stock recognised in cost of sales during the year as an expense was £3,855,906 (2024 - £3,308,728).

An impairment gain of £57,673 (2024 - impairment loss £27,435) was recognised in cost of sales against stock during the year due to slow moving and obsolete stock.

The replacement value of stocks is not materially different to the value of stock reported above.

CEWE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 25 -
11
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
2,775,752
2,327,940
Amounts owed by group undertakings
7,267,207
7,542,274
Other debtors
916,132
357,981
Prepayments and accrued income
568,165
460,764
11,527,256
10,688,959
2025
2024
Amounts falling due after more than one year:
£
£
Deferred tax asset (note 14)
55,355
46,991
Total debtors
11,582,611
10,735,950

Amounts owed by group undertakings falling due within one year are trading balances and are settled on normal commercial terms.

An impairment loss of £Nil (2024: £Nil) was recognised against trade debtors.

12
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
1,650,021
1,946,287
Amounts owed to group undertakings
722,267
8,728
Corporation tax
245,637
248,014
Other taxation and social security
980,557
487,438
Other creditors
45,104
37,590
Accruals
2,971,826
3,958,040
6,615,412
6,686,097

The company is part of a cash pool arrangement with fellow group entities. This arrangement allows for a right if set off and that no debit or credit interest shall accrue in respect of any balance within the group.

Amounts owed to group undertakings falling due within one year are trading balances that do not bear interest and are settled on normal commercial terms.

CEWE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 26 -
13
Financial instruments
2025
2024
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
10,959,091
10,228,195
Carrying amount of financial liabilities
Measured at amortised cost
5,389,218
5,950,645

Financial assets measured at amortised cost comprise trade debtors, other debtors, and amounts owed by group undertakings.

Financial liabilities measured at amortised cost comprise trade creditors, amounts owed to group undertakings, other creditors and trade accruals.

14
Deferred taxation

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

Assets
Assets
2025
2024
Balances:
£
£
Fixed asset timing differences
49,313
42,430
Short term timing differences
6,042
4,561
55,355
46,991
2025
Movements in the year:
£
Asset at 1 January 2025
(46,991)
Credit to profit or loss
(8,364)
Asset at 31 December 2025
(55,355)
CEWE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 27 -
15
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
142,057
146,196

The company operates defined contribution pension schemes. The assets of the schemes are held separately from those of the company in independently administered funds. The amount charged against profits represents the contributions payable to the schemes in respect of the accounting period.

At 31 December 20 25 £24,166 (2024 - £22,457) was outstanding.

16
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
5,044,000
5,044,000
5,044,000
5,044,000

The ultimate parent company, CEWE Stiftung & Co. KGaA has granted share s to certain company directors and employees during the year. The share s are in the ultimate parent company, CEWE Stiftung & Co. KGaA. Employees are not able to sell their shares until they retire or leave the company.

The company has assessed the impact of the share s granted during the year ended 31 December 20 25 and management have concluded that the financial impact of these share s is immaterial. Details of shares issued during the year are as follows:

Number of shar e s granted - 186

Value of each share granted - £8 2.73

17
Capital redemption reserve

As at 31 December 2025, the company had a capital redemption reserve amounting to £15,215 (2024: £15,215).

Profit & loss account

The profit and loss accounts includes all current and prior period retained profits and losses. As at 31 December 2025, the company had a net surplus of £2,257,194 (2024 - £1,545,790).

CEWE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 28 -
18
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£
£
Within one year
409,397
300,720
Between two and five years
1,199,739
1,155,410
In over five years
1,158,008
1,447,510
2,767,144
2,903,640
19
Capital commitments

Amounts contracted for but not provided in the financial statements:

2025
2024
£
£
Acquisition of tangible fixed assets
5,450,000
-
20
Related party transactions
Remuneration of key management personnel

In accordance with the exemption permitted by Financial Reporting Section 33 "Related party disclosures", related party transactions between members of the group headed by CEWE Stiftung & Co. KGaA are not disclosed as 100% of the company's voting rights are controlled within the group and consolidated financial statements, which incorporate the results of the company, are prepared.

The remuneration of key management personnel is as follows.

2025
2024
£
£
Aggregate compensation
226,190
236,945

There are £Nil outstanding amounts due to or from key management personnel at the year end (20 24: £Ni l).

CEWE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 29 -
21
Ultimate controlling party

The immediate parent undertaking is CEWE Group International GmbH, a company registered in Germany. The ultimate parent undertaking is CEWE Stiftung & Co. KGaA, a company registered in Germany. The smallest and largest group in which the financial statements of the company are consolidated is that headed by CEWE Stiftung & Co. KGaA.

22
Cash generated from operations
2025
2024
£
£
Profit for the year after tax
711,404
834,594
Adjustments for:
Taxation charged
237,273
281,046
Investment income
(191,424)
(257,416)
Loss on disposal of tangible fixed assets
13,300
3,160
Depreciation and impairment of tangible fixed assets
226,553
305,132
Movements in working capital:
Decrease/(increase) in stocks
146,752
(256,623)
Increase in debtors
(838,297)
(1,902,389)
(Decrease)/increase in creditors
(68,308)
1,118,767
Cash generated from operations
237,253
126,271
23
Analysis of changes in net funds
1 January 2025
Cash flows
31 December 2025
£
£
£
Cash at bank and in hand
521
100,377
100,898
24
Subsequent event disclosure

On 4th December 2025, the Company exchanged contracts for the acquisition of a commercial property for a total consideration of £5.45 Million due on completion. The acquisition completed on 18th March 2026 and ownership of the commercial property transferred to the Company on that date.

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