REGISTERED NUMBER: 15483920 (England and Wales)

AUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 MARCH 2025 TO 31 DECEMBER 2025

FOR

OWM HOLDCO LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

to

7

DIRECTORS:

J J Bruins

N Crone

B D Schuurs

M H M Van Schaik

REGISTERED OFFICE:

c/o Foot Anstey LLP

Senate Court Southernhay Gardens

Exeter

EX1 1NT

REGISTERED NUMBER:

15483920 (England and Wales)

AUDITORS:

Azets Audit Services

Statutory Auditor

Chartered Accountants

Titanium 1

Kings Inch Place

Renfrew

PA4 8WF

FIXED ASSETS

Investments

4

18,724,040

18,724,040

CURRENT ASSETS

Debtors

5

3,100,391

1,926,558

CREDITORS

Amounts falling due within one year

6

3,106,002

1,915,490

NET CURRENT (LIABILITIES)/ASSETS

(5,611

)

11,068

TOTAL ASSETS LESS CURRENT LIABILITIES

18,718,429

18,735,108

CAPITAL AND RESERVES

Called up share capital

7

100

100

Share premium

8

18,723,940

18,723,940

Retained earnings

8

(5,611

)

11,068

SHAREHOLDERS' FUNDS

18,718,429

18,735,108

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

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

The financial statements were approved by the Board of Directors and authorised for issue on 5 March 2026 and were signed on its behalf by:

N Crone - Director

1.	STATUTORY INFORMATION

OWM Holdco 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 company's financial statements are presented in sterling, which is also the company's functional currency, and all values are rounded to the nearest pound.

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

Preparation of consolidated financial statements

The company is itself a subsidiary company and is exempt from the requirement to prepare group accounts by virtue of section 399 of the Companies Act 2006. Accordingly the financial statements present information about the company as an individual undertaking only and not about its group.

Investments in subsidiaries

Investments in subsidiary undertakings are initially recognised at cost.

At each balance sheet date an impairment review is carried out. Where there is any indication that an investment may be impaired, the carrying value is tested for impairment. An impairment loss is recognised for the amount by which the investment's carrying value exceeds its recoverable amount.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

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 present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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 payments 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. Amounts 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.

Equity instruments

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

Taxation

Taxation for the period 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 period 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.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Reporting period

On 22 January 2026 the company shortened its accounting period by two months to end on 31 December 2025. This is to align its accounting reporting date with the other companies in its group. These accounts therefore represent 10 months of trading and as such the comparative amounts presented in the financial statements are not entirely comparable.

3.	EMPLOYEES AND DIRECTORS

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

4.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 March 2025

and 31 December 2025

18,724,040

NET BOOK VALUE

At 31 December 2025

18,724,040

At 28 February 2025

18,724,040

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

Offshore Water Management Ltd

Registered office: Ground Floor 3 Prospect Place, Arnhall Business Park, Westhill, Aberdeenshire, United Kingdom, AB32 6SY

Nature of business: Water treatment consultants

%

Class of shares:

holding

A Ordinary

100.00

31.12.25

31/12/24

£

£

Aggregate capital and reserves

3,114,715

1,843,397

Profit for the year/period

1,271,318

1,223,351

OWM Investments Ltd

Registered office: c/o DM McNaught & Co Ltd, 166 Buchanan Street, Glasgow, United Kingdom, G1 2LW

Nature of business: Investment holding company

%

Class of shares:

holding

Ordinary

100.00

31.12.25

31/12/24

£

£

Aggregate capital and reserves

2,009,984

2,009,984

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

28.2.25

£

£

Intercompany loan debtor

3,096,701

1,926,558

Tax

3,690

-

3,100,391

1,926,558

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

28.2.25

£

£

Tax

-

3,690

Intercompany loan creditor

3,101,702

1,910,000

Accrued expenses

4,300

1,800

3,106,002

1,915,490

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.25

28.2.25

value:

£

£

8,800

A Ordinary

£0.01

88

88

1,200

B Ordinary

£0.01

12

12

100

100

A Ordinary shares have full rights in the company with respect to voting, payment of dividends and distributions.

B Ordinary shares have full rights in the company with respect to voting, payment of dividends and distributions.

A Ordinary and B Ordinary shares rank equally in all respects, as if all constitute the same class, subject to investor consent.

8.

RESERVES

Retained

Share

earnings

premium

Totals

£

£

£

At 1 March 2025

11,068

18,723,940

18,735,008

Deficit for the period

(16,679

)

(16,679

)

At 31 December 2025

(5,611

)

18,723,940

18,718,329

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Victoria Walker (Senior Statutory Auditor)

for and on behalf of Azets Audit Services

10.	RELATED PARTY DISCLOSURES

Included in debtors is an amount of £3,096,701 (28/02/2025 - £1,926,558) owed by Normec Holding UK Limited, the 100% parent company of OWM Holdco Limited. This is in respect of a loan provided with interest charged at 3% (31/12/2025 - £70,633, 28/02/2025 - £16,558).

Included in creditors is an amount of £3,101,702 (28/02/2025 - £1,910,000) owed to Offshore Water Management Ltd, which is a subsidiary of OWM Holdco Limited. This is in respect of a loan received with interest charged at 3% (31/12/2025 - £86,702, 28/02/2025 - £NIL).

11.	ULTIMATE CONTROLLING PARTY

Greyhound Dutch Topco B.V. is the ultimate parent company, and ultimate controlling party. This company is registered at Honthorststraat 3, 1071 DC, Amsterdam, Netherlands.

Normec UK Holding Limited is the immediate parent company, and is registered at c/o Foot Anstey LLP, Senate Court, Southernhay Gardens, Exeter, EX1 1NT.