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Registered number: 04191274 LINDSTROM LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
LINDSTROM LIMITED COMPANY INFORMATION
Directors | Mr M M Kujala
| Mr P E Vapola
| Mr I Muir (resigned 28 November 2025)
| Mrs D Beudean (appointed 28 November 2025)
Registered number | 04191274
Registered office | 6 Caxton Park
| Caxton Road
| Bedford
| Bedfordshire
| MK41 0TY
Independent auditor | MHA
| Chartered Accountants & Statutory Auditors
| 1 The Forum
| Minerva Business Park
| Peterborough
| PE2 6FT
| United Kingdom
LINDSTROM LIMITED CONTENTS
| Page
Strategic report | 1 - 2
Directors' report | 3 - 4
Independent auditor's report | 5 - 8
Statement of comprehensive income | 9
Balance sheet | 10
Statement of changes in equity | 11
Notes to the financial statements | 12 - 31
LINDSTROM LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2025
Introduction
The Directors present their Strategic Report of Lindström Limited (the "Company") for the year ended 31 December 2025. Principal activity Lindström Limited principal activity is the provision of textile rental service, offering workwear, industrial wipers and absorbent mats. The Company is part of Lindström Group Oy, one of the leading textile service companies, headquartered in Helsinki and operating in 23 countries across Europe and Asia. At the core of our business is our commitment to care for the people and our planet, based on the sustainable, circular-economy business model. Our conceptualised operations ensure that we offer the same reliable and sustainable textile rental services to all our customers, while meeting the specific hygiene and safety requirements of different industries.
Business review
The year saw continued investment in commercial capability , with an expansion of the sales team contributing to a strengthened sales pipeline and an increased number of planned customer installations for the coming year. Lindström also completed a successful twelve-month period following the acquisition of Industrial Workwear contracts and associated textiles from Micronclean. A number of these contracts have already transferred to Lindström agreements, with further transitions planned , supporting both revenue growth and customer portfolio expansion. In line with Lindström Group’s long-term sustainability objectives, Lindström achieved an EcoVadis Platinum rating during the year, reflecting strong performance across environmental, social and governance criteria.
Principal risks and uncertainties
The Company uses financial instruments such as a cash pool, debtors and creditors in order to raise finance. These instruments expose the Company to financial risks which are detailed below: i) Price risk Wherever possible we look to pass on any increases in costs, when an increase can be seen, consideration to bulk buying at favourable prices is considered. ii) Credit risk The principal credit risk for the Company arises from its trade debtors. To ensure this risk is managed effectively the company set limits for customers based on a combination of payment history and third-party credit reference. Credit limits are reviewed by the company on a regular basis in conjunction with debt aging and collection history. iii) Liquidity risk The Company seeks to manage financial risk by ensuring sufficient liquidity is available to meet its foreseeable needs. iv) Foreign exchange risk The Company's risk to foreign exchange fluctuations arises from various purchases. Where appropriate the Company will enter into foreign exchange currency contracts to mitigate this risk or bulk buy when rates are favourable. Page 1
LINDSTROM LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Financial key performance indicators
The Directors monitor the Company’s progress against strategic objectives and the financial performance of the Company’s operations on a regular basis. We consider that our key financial performance indicators are those that demonstrate the financial strength of the Company, these being organic growth in turnover and operating profit:
| 2025 | 2024
Organic growth in turnover (%) | 16.9% | 10.6%
Operating profit (£) | £1,065,702 | £647,210
Future developments
We aim to be the trusted forerunner in circular textile services, provided with dedication. Trust requires transparency, and our customers can be sure we provide them with transparent solutions that fit their evolving needs. Our circular business model uses circular textiles towards an increasingly closed loop, making it easy for our customers to make sustainable choices. This report was approved by the board and signed on its behalf.
................................................ Mrs D Beudean Director
Date: 31 March 2026
Page 2
LINDSTROM LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The directors present their report and the financial statements for the year ended 31 December 2025.
Directors' responsibilities statement
The directors are responsible for preparing the Strategic report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 for the Company's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; ∙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 to 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.
Results and dividends
The profit for the year, after taxation, amounted to £322,348 (2024 - £224,655). No dividends have been declared in the year.
Directors
The directors who served during the year were:
Mr M M Kujala
Mr P E Vapola
Mr I Muir (resigned 28 November 2025)
Mrs D Beudean (appointed 28 November 2025)
Matters covered in the Strategic report
Details covering principal risks and uncertainties (including financial instruments), future developments and financial key performance indicators (KPIs) are included in the Strategic report. Page 3
LINDSTROM LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Disclosure of information to auditor
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
Auditor
The auditor, MHA, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
................................................ Mrs D Beudean Director
Date: 31 March 2026
6 Caxton Park
Caxton Road
Bedford
Bedfordshire
MK41 0TY
Page 4
LINDSTROM LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LINDSTROM LIMITED
Opinion
We have audited the financial statements of Lindstrom Limited (the 'Company') for the year ended 31 December 2025, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, 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 profit for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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. Page 5
LINDSTROM LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LINDSTROM LIMITED (CONTINUED)
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.
Opinion 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.
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 Directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the Directors' responsibilities statement set out on page 3, 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. Page 6
LINDSTROM LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LINDSTROM LIMITED (CONTINUED)
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: · Enquiry of management and those charged with governance around actual and potential litigation and claims; · Enquiry of entity staff in tax and compliance functions to identify any instance of non-compliance with laws and regulations; · Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustment for appropriateness and reviewing accounting estimates for bias. · Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 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 Auditor's report. Page 7
LINDSTROM LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LINDSTROM LIMITED (CONTINUED)
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. Ian Jacobs BA FCA (Senior Statutory Auditor) For and on behalf of MHA, Statutory Auditor Peterborough, United Kingdom Date: 31 March 2026 MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542). Page 8
LINDSTROM LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 25,428,456 | 21,756,314
Cost of sales |  | (10,718,760) | (10,047,502)
Gross profit |  | 14,709,696 | 11,708,812
Administrative expenses |  | (13,645,148) | (11,799,325)
Other operating income | 5 | 1,154 | 737,723
Operating profit | 6 | 1,065,702 | 647,210
Interest receivable and similar income | 10 | 18,376 | 1,884
Interest payable and similar expenses | 11 | (339,716) | (180,865)
Profit before tax |  | 744,362 | 468,229
Tax on profit | 12 | (422,014) | (243,574)
Profit for the financial year |  | 322,348 | 224,655
There were no recognised gains and losses for 2025 or 2024 other than those included in the statement of comprehensive income.
There was no other comprehensive income for 2025 (2024:£NIL).
The notes on pages 12 to 31 form part of these financial statements.
Page 9
LINDSTROM LIMITED REGISTERED NUMBER: 04191274 BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 13 |  | 2,659,522 |  | 3,413,935
Tangible assets | 14 |  | 6,973,089 |  | 8,051,618
|  |  | 9,632,611 |  | 11,465,553
Current assets |  |  |  |  |
Stocks | 15 | 173,181 |  | 149,477 |
Debtors: amounts falling due within one year | 16 | 7,054,812 |  | 6,886,632 |
|  | 7,227,993 |  | 7,036,109 |
Creditors: amounts falling due within one year | 17 | (8,729,746) |  | (10,790,876) |
Net current liabilities |  |  | (1,501,753) |  | (3,754,767)
Total assets less current liabilities |  |  | 8,130,858 |  | 7,710,786
Provisions for liabilities |  |  |  |  |
Deferred tax | 18 |  | (363,699) |  | (298,523)
Other provision | 19 |  | (442,728) |  | (410,180)
Net assets |  |  | 7,324,431 |  | 7,002,083
Capital and reserves |  |  |  |  |
Called up share capital | 20 |  | 112,610 |  | 112,610
Share premium account | 21 |  | 12,651,411 |  | 12,651,411
Profit and loss account | 21 |  | (5,439,590) |  | (5,761,938)
|  |  | 7,324,431 |  | 7,002,083
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................ Mrs D Beudean
Director
Date: 31 March 2026
The notes on pages 12 to 31 form part of these financial statements. Page 10
LINDSTROM LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
| Called up share capital | Share premium account | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 January 2024 | 112,610 | 12,651,411 | (5,986,593) | 6,777,428
Profit for the year | - | - | 224,655 | 224,655
At 1 January 2025 | 112,610 | 12,651,411 | (5,761,938) | 7,002,083
Profit for the year | - | - | 322,348 | 322,348
At 31 December 2025 | 112,610 | 12,651,411 | (5,439,590) | 7,324,431
| The notes on pages 12 to 31 form part of these financial statements.
Page 11
LINDSTROM LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
Lindstrom Limited ("the Company") is a private limited company limited by shares, incorporated in England and Wales under the Companies Act. The registered number and address of the registered office are given in the Company information. The functional and presentational currency of the Company is pounds sterling (£) and rounded to the nearest whole pound. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | 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 the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 7 Statement of Cash Flows; ∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); ∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); ∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; ∙the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of Lindstrom Oy as at 31 December 2025 and these financial statements may be obtained from the Trade Register kept by the National Board of Patents and Registration, Arkadiankatu, 6A, Helsinki, Finland. Page 12
LINDSTROM LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.3 | Going concern
The financial statements have been prepared on a going concern basis. The Directors have considered all relevant information, including the annual budget, forecast future cash flows, availability of Group support and the impact of subsequent events in making their assessment. Although all considerations have an impact on the assessment, the Directors consider that the continuance of Group support bears the most significance. This is due to Lindstrom Limited relying on its parent company for financial support, in the form of an operating bank account and operational support. The directors have received a signed confirmation from Lindstrom Oy that they will continue to support the company for at least the period of twelve months from the date of approval of the financial statements. On the basis that the directors have received this signed commitment to ongoing support, and having given due regard to the financial resources available to the parent company to provide such support, the directors consider that the going concern basis of preparation is appropriate.
| 2.4 | Revenue
The Company provides an industrial laundry service that includes regular collection and delivery, along with the subsequent rental of workwear and wipers. Revenue is recognised over time, as customers simultaneously receive the benefits of the goods and services provided. Revenue is recognised on a straight-line basis over the contract period, provided all of the following conditions are met: - The Company has fulfilled its defined performance obligations as outlined in the contract; - The goods are made available for use by the customer; - The amount of consideration is measurable. Revenue is recorded exclusive of VAT.
| 2.5 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
| 2.6 | Royalty receivable
Royalty receivable is recognised on an accruals basis in accordance with the substance of the relevant agreement, provided that it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Royalties determined on a time basis are recognised on a straight-line basis over the period of the agreement. Royalty arrangements that are based on production, sales and other measures are recognised by reference to the underlying arrangement to which they relate. Royalty receivable are included within other operating income in the statement of comprehensive income. Page 13
LINDSTROM LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.7 | Royalty payable
Royalties payable are recognised on an accrual basis in accordance with the substance of the relevant agreement. Royalties determined on a time basis are recognised on a straight-line basis over the term of the agreement. Royalty arrangements based on production, sales or other measurable factors are recognised by reference to the underlying arrangement to which they relate. Royalty payable are included within administrative expenses in the statement of comprehensive income.
| 2.8 | Treatment of workwear and wiper purchases
Items purchased for rental are expensed directly to the Statement of Comprehensive income. The goods are purchased with an intent to rent to the customer for a period of time, to allow for these items to be laundered and have minimal individual value.
| 2.9 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.10 | Pensions
Defined contribution pension plan 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. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in other creditors as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds. Page 14
LINDSTROM LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.11 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Page 15
LINDSTROM LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.12 | Intangible assets
Goodwill Goodwill represents the difference between amounts paid on the cost of a business combination or asset purchase agreement and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of comprehensive income over its useful economic life. Other intangible assets Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. The estimated useful lives range as follows:
|  |  |  | Goodwill | - | 5 | years
|  |  |  | Computer software | - | 3 | years
| 2.13 | Tangible fixed assets
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 the location and condition necessary for it to be capable of operating in the manner intended by management. At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. Page 16
LINDSTROM LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.13 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Leasehold improvements | - |  | Over the period of the lease
|  |  |  | Plant and machinery (laundry machinery) | - | 10% | Straight-line
|  |  |  | Plant and machinery (other equipment) | - | 20% | Straight-line
|  |  |  | Motor vehicles | - | 20% | Straight-line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. The Company holds assets under construction which are not depreciated until brought into use.
| 2.14 | Operating leases: the company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.15 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.16 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss. Page 17
LINDSTROM LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.17 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Basic 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 the deduction of all its liabilities. Page 18
LINDSTROM LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.17 | Financial instruments (continued)
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled. Page 19
LINDSTROM LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
The preparation of financial statements in accordance with FRS102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Company's accounting policies. Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. a) Critical judgments in applying accounting policies i) Treatment of workwear and wipers The Company has evaluated the accounting treatment of workwear and wipers used in the rental business and determined that these items are expensed directly to the statement of comprehensive income. This judgement is based on the following considerations: • The provision of workwear under rental arrangements is considered ancillary to the principal service offering, namely the professional laundry and delivery service rather than constituting a standalone revenue-generating activity. • The workwear is typically of low individual value and subject to frequent replacement due to wear, hygiene considerations, and customer-specific branding requirements, which collectively limit its useful life and recoverability. Accordingly, the cost of workwear and wipers is recognised as a cost of sale in the period incurred. b) Key accounting estimates and assumptions The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, rarely equal the related actual results. The estimates and assumptions that have the most significant potential impact upon the carrying values of assets and liabilities are as follows: i) Useful economic lives of tangible fixed assets The useful economic lives used by the Company in respect of tangible fixed assets are set out in the accounting policies. These estimates are the best estimate based on past experience and expected performance and are regularly reviewed to ensure they remain appropriate. The net book value of tangible fixed assets as at 31 December 2025 was £6,973,089 (2024: £8,051,618) after a depreciation charge in the period of £1,350,735 (2024: £1,324,003). Page 20
LINDSTROM LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 3.Judgments in applying accounting policies (continued) ii) Useful economic life of Goodwill The useful economic life used by the Company in respect of Goodwill is set out in the accounting policies. This estimation is the best estimate based on past experience and expected performance and are regularly reviewed to ensure they remain appropriate. The net book value of Goodwill as at 31 December 2025 was £2,650,754 (2024: £3,393,475) after a amortisation charge in the period of £679,472 (2024: £134,598). iii) Goodwill Impairment The Company tests Goodwill for impairment annually, or more frequently if events or changes in circumstances indicate that the carrying value may not be recoverable. The impairment assessment requires significant management judgement and estimation. iv) Dilapidation provision A provision is recognised for the present value of likely dilapidation costs arising at the end of lease terms, for restoring leased premises back to its original condition. Management determine this provision by reference to historic experience, management experts and other indicators. At 31 December 2025, a provision of £442,728 (2024: £410,180) is recognised in the financial statements.
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Provision of services | 25,428,456 | 21,756,314
| All turnover arose within the United Kingdom.
5. | Other operating income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other operating income | 1,154 | -
| Royalties receivable | - | 737,723
|  | 1,154 | 737,723
| Royalties receivable relate to amounts charged to other group entities under a Franchise agreement.
Page 21
LINDSTROM LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
6. | Operating profit
| The operating profit is stated after charging / (crediting):
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on disposal of tangible assets | - | (14,719)
| Exchange differences | (9,421) | (1,673)
| Other operating lease rentals | 2,021,075 | 1,763,164
| Impairment of trade debtors | (23,203) | (46,410)
7. | Auditor's remuneration
| During the year, the Company obtained the following services from the Company's auditor:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditor for the audit of the Company's financial statements | 35,000 | 35,000
| The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.
Page 22
LINDSTROM LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
8. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 5,974,891 | 5,232,034
| Social security costs | 769,102 | 559,948
| Cost of defined contribution scheme | 129,362 | 102,043
|  | 6,873,355 | 5,894,025
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Employees | 160 | 139
|  | Directors | 3 | 3
|  | Regional | 3 | 3
|  |  | 166 | 145
9. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 108,800 | 85,274
| Company contributions to defined contribution pension schemes | 539 | -
|  | 109,339 | 85,274
| The Company considers key management personnel to comprise the Directors only. Compensation paid to key management personnel totalled £120,932 (2024: £98,152).
Page 23
LINDSTROM LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
10. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Interest receivable from group companies | 1,422 | 1,884
| Other interest receivable | 16,954 | -
|  | 18,376 | 1,884
11. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Interest paid to group undertakings | 339,716 | 180,865
12. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 439,767 | 228,964
| Adjustments in respect of previous periods | (82,929) | 100,694
|  | 356,838 | 329,658
| Total current tax | 356,838 | 329,658
| Deferred tax |  |
| Origination and reversal of timing differences | 65,176 | (86,084)
| Tax on profit | 422,014 | 243,574
Page 24
LINDSTROM LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 12.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 744,362 | 468,229
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 186,091 | 117,057
| Effects of: |  |
| Non-tax deductible amortisation of goodwill | 169,868 | 36,573
| Expenses not deductible for tax purposes, other than goodwill amortisation | 1,486 | 566
| Capital allowances for year in excess of depreciation | (824,476) | (984,441)
| Profit on disposal of assets | - | (2,742)
| Adjustments to tax charge in respect of prior periods | (82,929) | 100,694
| Capital items expensed | 930,302 | 1,015,169
| Other differences leading to an increase (decrease) in the tax charge | (23,504) | 46,782
| Deferred tax movement | 65,176 | (86,084)
| Total tax charge for the year | 422,014 | 243,574
| Factors that may affect future tax charges
There has been no change to corporation tax rates for the financial year ended 31 December 2026. For the financial year ended 31 December 2026 the weighted average tax rate is 25% (31 December 2025 weighted average tax rate was 25%). Deferred taxes at the balance sheet date have been measured using these enacted tax rates and reflected in these financial statements. Page 25
LINDSTROM LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
13. | Intangible assets
|  | Computer software | Goodwill | Total
|  | £ | £ | £
| Cost |  |  |
| At 1 January 2025 | 51,796 | 10,721,083 | 10,772,879
| Disposals | - | (63,249) | (63,249)
| At 31 December 2025 | 51,796 | 10,657,834 | 10,709,630
| Amortisation |  |  |
| At 1 January 2025 | 31,336 | 7,327,608 | 7,358,944
| Charge for the year on owned assets | 11,692 | 679,472 | 691,164
| At 31 December 2025 | 43,028 | 8,007,080 | 8,050,108
| Net book value |  |  |
| At 31 December 2025 | 8,768 | 2,650,754 | 2,659,522
| At 31 December 2024 | 20,460 | 3,393,475 | 3,413,935
Page 26
LINDSTROM LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
14. | Tangible fixed assets
|  | Leasehold improvements | Plant and machinery | Motor vehicles | Assets under construction | Total
|  | £ | £ | £ | £ | £
| Cost |  |  |  |  |
| At 1 January 2025 | 3,028,676 | 11,776,809 | 34,796 | 128,932 | 14,969,213
| Additions | - | 172,273 | - | 106,198 | 278,471
| Disposals | - | - | (6,265) | - | (6,265)
| At 31 December 2025 | 3,028,676 | 11,949,082 | 28,531 | 235,130 | 15,241,419
| Depreciation |  |  |  |  |
| At 1 January 2025 | 1,373,996 | 5,515,068 | 28,531 | - | 6,917,595
| Charge for the year on owned assets | 240,472 | 1,110,263 | - | - | 1,350,735
| At 31 December 2025 | 1,614,468 | 6,625,331 | 28,531 | - | 8,268,330
| Net book value |  |  |  |  |
| At 31 December 2025 | 1,414,208 | 5,323,751 | - | 235,130 | 6,973,089
| At 31 December 2024 | 1,654,680 | 6,261,741 | 6,265 | 128,932 | 8,051,618
Page 27
LINDSTROM LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
15. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Consumables and detergents | 173,181 | 149,477
| There is no material difference between the replacement cost of the inventory and its carrying amount.
16. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 5,235,552 | 5,484,589
| Amounts owed by group undertakings | 19,185 | 708,812
| Other debtors | 941,335 | 9,919
| Prepayments and accrued income | 858,740 | 683,312
|  | 7,054,812 | 6,886,632
| Trade debtors are stated after an impairment of £125,740 (2024: £148,943). Amounts owed by group undertakings are unsecured, have no fixed date for repayment and are repayable on demand. Intragroup balances are subject to interest rates which are agreed by Group. In 2025, the borrowing interest rate totalled 5.22% (2024: 5.02%) and the lending interest rate was 4.97% (2024: 4.99%)
Page 28
LINDSTROM LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
17. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 973,398 | 830,012
| Amounts owed to group undertakings | 6,075,634 | 6,843,749
| Corporation tax | - | 189,852
| Other taxation and social security | 925,986 | 926,219
| Other creditors | 52,270 | 1,298,033
| Accruals and deferred income | 702,458 | 703,011
|  | 8,729,746 | 10,790,876
| Included in amounts owed to group undertakings is a balance of £5,310,440 (2024: £6,843,412) which relates to an offset arrangement with the Group by way of a cash pooling facility. The remaining amounts owed to group undertakings, not in relation to the cash pooling facility, are unsecured, have no fixed date for repayment and are repayable on demand. Intragroup balances are subject to interest rates which are agreed by Group. In 2025, the borrowing interest rate totalled 5.22% (2024: 5.02%) and the lending interest rate was 4.97% (2024: 4.99%)
18. | Deferred taxation
|  | 2025 | 2024
|  | £ | £
| At beginning of year | 298,523 | 384,607
| Credited/(charged) to profit or loss | 65,176 | (86,084)
| At end of year | 363,699 | 298,523
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | 365,512 | 298,648
| Pension surplus | (1,813) | (125)
|  | 363,699 | 298,523
Page 29
LINDSTROM LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
19. | Provisions
|  | Dilapidation
|  | £
| At 1 January 2025 | 410,180
| Charged to profit or loss | 32,548
| At 31 December 2025 | 442,728
| The provision relates to leased properties where the Company has a present obligation to restore the premises to their original condition at the end of the lease term. This obligation arises from the lease agreements and is based on management’s best estimate of the cost to settle the obligation at the reporting date. The provision is expected to be utilised between 2025 and 2033 as leases expire. Due to the inherent difficulty in forecasting expenditure required many years in advance, the dilapidations provision is considered a source of significant estimation uncertainty. Further details are disclosed in Note 3.
20. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 160,000 (2024 - 160,000) Ordinary shares of €1.00 each | 112,610 | 112,610
21. | Reserves
Share premium account The share premium account represents the difference between the par value of the shares issued and the subscription or issue price. Profit and loss account The profit and loss account represents cumulative profits or losses, net of dividends paid and other adjustments.
22. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. There were £33,587 of outstanding employer pension contributions at 31 December 2025 (2024: £2,305). This balance was included within other creditors. Page 30
LINDSTROM LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
23. | Commitments under operating leases
| At 31 December 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 1,114,492 | 847,297
| Later than 1 year and not later than 5 years | 2,537,042 | 2,017,667
| Later than 5 years | 2,842,244 | 3,267,633
|  | 6,493,778 | 6,132,597
24. | Related party transactions
The Company has taken advantage of exemptions, under s33 of Financial Reporting Standard 102, not to disclose related party transactions due to being a wholly owned subsidiary of Lindström Oy. This information is included in the consolidated financial statements which are publicly avaliable from the Trade Register kept by the National Board of Patents and Registration, Arkadiankatu, 6A, Helsinki, Finland.
25. | Controlling party
The Company's immediate and ultimate parent company is Lindstrom Oy, a compnay incorporated in Finland and owns 100% of the share capital of Lindstrom Limited. The Directors are of the opinion that there is no ultimate controlling party.
Page 31