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REGISTERED NUMBER: SC367147 (Scotland)

Financial Statements for the Year Ended 31 December 2025

for

AMASHA LIMITED

AMASHA LIMITED (REGISTERED NUMBER: SC367147)

Contents of the Financial Statements

for the Year Ended 31 December 2025

Page |

Balance Sheet | 1 |

Notes to the Financial Statements | 3 |

AMASHA LIMITED (REGISTERED NUMBER: SC367147)

Balance Sheet

31 December 2025

| 2025 |  | 2024

| Notes | £ | £ |

Fixed assets

Intangible assets | 4 | 80,620 |  | 93,580 |  |

Tangible assets | 5 | 37,539 |  | 44,673 |  |

118,159 |  | 138,253 |  |

Current assets

Stocks | 328,929 |  | 525,907 |  |

Debtors | 6 | 5,457,218 |  | 3,810,562 |  |

Cash at bank | 10,758 |  | 250,621 |  |

5,796,905 |  | 4,587,090 |  |

Creditors

Amounts falling due within one year | 7 | (3,651,238 | ) | (3,012,712 | ) |

Net current assets | 2,145,667 |  | 1,574,378 |  |

Total assets less current liabilities | 2,263,826 |  | 1,712,631 |  |

Creditors

Amounts falling due after more than one year | 8 | (1,970,579 | ) | (1,473,005 | ) |

Provisions for liabilities | (293 | ) | (1,965 | ) |

Net assets | 292,954 |  | 237,661 |  |

Capital and reserves

Called up share capital | 12 | 100 |  | 100 |  |

Retained earnings | 292,854 |  | 237,561 |  |

Shareholders' funds | 292,954 |  | 237,661 |  |

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

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

The directors acknowledge their responsibilities for:

(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

AMASHA LIMITED (REGISTERED NUMBER: SC367147)

Balance Sheet - continued

31 December 2025

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

In accordance with Section 444 of the Companies Act 2006, the Profit & Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 July 2026 and were signed on its behalf by:

N Govan - Director

AMASHA LIMITED (REGISTERED NUMBER: SC367147)

Notes to the Financial Statements

for the Year Ended 31 December 2025

1. | Statutory information

| Amasha Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address are as below:

| Registered number: | SC367147

| Registered office: | 32 Boggs Holdings

| Pencaitland

| East Lothian

| EH34 5BA

| The presentation currency of the financial statements is the Pound Sterling (£).

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 ("FRS 102"), including the provisions of Section 1A Small Entities, and in accordance with the Companies Act 2006. The financial statements have been prepared under the historical cost convention, except for derivative financial instruments, which are measured at fair value.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable net of VAT and

| trade discounts. The policies adopted for the recognition of turnover are as follows:

| Sale of goods

| Turnover from the sale of recyling materials is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on shipment of the goods.

| Packaging waste export recycling notes (PERN)

| The company issues PERN notes once it has despatched waste product. Income from PERN notes is recognised, net of VAT, on the exchange of the notes, being the point at which all rights and obligations pass.

| Interest receivable

| Interest income is recognised using the effective interest method and dividend income is recognised as the company's right to receive payment is established.

| Commission receivable

| Commission receivable is recognised in the profit and loss account when it is probable that the economic benefits will flow to the company and the amount of income can be measured reliably. Commission income is recognised when the related services have been provided and the company has an enforceable right to consideration. Income is measured at the fair value of the consideration receivable, excluding VAT.

| Intangible assets

| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

| Computer software is being amortised evenly over its estimated useful life of ten years.

AMASHA LIMITED (REGISTERED NUMBER: SC367147)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

2. | Accounting policies - continued

| Tangible fixed assets

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

| Plant and machinery | - | 25% straight line and 15% on reducing balance

| Office equipment | - | 25% on reducing balance

| Motor vehicles | - | 20% on reducing balance

| Impairment

| Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

| Government grants

| Government grants are deferred in the period in which they are received and subsequently recognised and expensed through the profit and loss at a rate equal to that of the useful life of the assets acquired with the grant.

| Stocks

| Stocks are stated at the lower of cost and estimated selling price less selling costs. Cost includes all costs of purchase and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate. Goods in transit recognises the cost of waste materials purchased not yet shipped and is stated at cost.

| Taxation

| Current taxation represents the amount of taxation payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the taxation rates and laws that have been enacted or substantively enacted by the balance sheet date.

| Deferred taxation represents the future taxation consequences of transactions and events recognised in the

| financial statements of current and previous periods. It is recognised in respect of all timing differences, with

| certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved taxation losses and other deferred taxation assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred taxation liabilities or other future taxable profits.

| Deferred taxation is measured using the taxation rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences.

| Foreign currencies

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

| Pension costs and other post-retirement benefits

| The company operates money purchase (defined contribution) pension scheme. Contributions are charged against profits on the amounts payable for the year.

AMASHA LIMITED (REGISTERED NUMBER: SC367147)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

2. | Accounting policies - continued

| Hire purchase and leases

| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those

| held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

| Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

| Loans and borrowings

| Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

| Debtors and creditors receivable / payable within one year

| Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

| Bank and cash

| Cash at bank and in hand includes cash and short term highly liquid investments with a short

| maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

| Derivatives

| Derivative financial instruments are initially recognised at fair value on the date the derivative contract is entered into and are subsequently remeasured at fair value at each reporting date. Changes in fair value are recognised in the profit and loss account as they arise.

| The company currently holds forward foreign exchange contracts to manage exposure to exchange rate fluctuations arising from the sale of goods. The company does not apply hedge accounting.

| Dividends

| Dividends are recognised in the financial statements only when they have been approved by the shareholders prior to the balance sheet date. Interim dividends are recognised when paid.

3. | Employees and directors

| The average number of employees during the year was 11 (2024 - 12 ) .

4. | Intangible fixed assets

| Computer

| software

£ |

| Cost

| At 1 January 2025

| and 31 December 2025 | 129,598 |  |

| Amortisation

| At 1 January 2025 | 36,018 |  |

| Amortisation for year | 12,960 |  |

| At 31 December 2025 | 48,978 |  |

| Net book value

| At 31 December 2025 | 80,620 |  |

| At 31 December 2024 | 93,580 |  |

AMASHA LIMITED (REGISTERED NUMBER: SC367147)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

5. | Tangible fixed assets

| Plant and |  | Office |  | Motor |

| machinery |  | equipment |  | vehicles |  | Totals

£ | £ | £ | £ |

| Cost

| At 1 January 2025 | 5,570 |  | 12,735 |  | 46,500 |  | 64,805 |  |

| Additions | - |  | 2,962 |  | - |  | 2,962 |  |

| At 31 December 2025 | 5,570 |  | 15,697 |  | 46,500 |  | 67,767 |  |

| Depreciation

| At 1 January 2025 | 1,786 |  | 8,426 |  | 9,920 |  | 20,132 |  |

| Charge for year | 1,393 |  | 1,387 |  | 7,316 |  | 10,096 |  |

| At 31 December 2025 | 3,179 |  | 9,813 |  | 17,236 |  | 30,228 |  |

| Net book value

| At 31 December 2025 | 2,391 |  | 5,884 |  | 29,264 |  | 37,539 |  |

| At 31 December 2024 | 3,784 |  | 4,309 |  | 36,580 |  | 44,673 |  |

6. | Debtors: amounts falling due within one year |

2025 | 2024 |

£ | £ |

| Trade debtors | 5,070,204 |  | 3,520,652 |  |

| Other debtors | 387,014 |  | 289,910 |  |

5,457,218 |  | 3,810,562 |  |

7. | Creditors: amounts falling due within one year |

2025 | 2024 |

£ | £ |

| Bank loans and overdrafts | 449,361 |  | 84,050 |  |

| Hire purchase contracts (see note 9) | 5,185 |  | 5,185 |  |

| Trade creditors | 2,974,895 |  | 2,640,297 |  |

| Tax | 156,400 |  | 114,207 |  |

| Taxation and social security | 8,825 |  | 8,705 |  |

| Derivative financial instruments | - |  | 127,217 |  |

| Accruals | 55,756 |  | 32,235 |  |

| Deferred government grants | 816 |  | 816 |  |

3,651,238 |  | 3,012,712 |  |

8. | Creditors: amounts falling due after more than one year |

2025 | 2024 |

£ | £ |

| Bank loans | - |  | 8,333 |  |

| Hire purchase contracts (see note 9) | 28,513 |  | 33,698 |  |

| Amounts owed to participating interests | 1,918,415 |  | 1,406,272 |  |

| Directors' loan accounts | 19,571 |  | 19,806 |  |

| Deferred government grants | 4,080 |  | 4,896 |  |

1,970,579 |  | 1,473,005 |  |

| The directors' loans are unsecured, interest free and carry no schedule of repayment. The directors have advised that they will not seek repayment of their loan balances falling due after more than one year within a year of the balance sheet date.

AMASHA LIMITED (REGISTERED NUMBER: SC367147)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

9. | Leasing agreements

| Minimum lease payments under hire purchase fall due as follows:

2025 | 2024 |

£ | £ |

| Net obligations repayable:

| Within one year | 5,185 |  | 5,185 |  |

| Between one and five years | 28,513 |  | 33,698 |  |

33,698 |  | 38,883 |  |

| The hire purchase contracts are secured over the assets concerned.

10. | Secured debts

| The following secured debts are included within creditors:

2025 | 2024 |

£ | £ |

| Bank overdraft | 441,028 |  | - |  |

| Bank loans | 8,333 |  | 28,333 |  |

| Hire purchase contracts | 33,698 |  | 38,883 |  |

483,059 |  | 67,216 |  |

| A floating charge in favour of HSBC has been granted over the property of the company.

| The hire purchase contracts are secured over the assets concerned.

11. | Derivative financial instruments - forward contracts

| The company enters into foreign currency contracts to mitigate the exchange rate risk for foreign currency debtors. At 31 December 2025 the outstanding contracts mature within 3 months (2024: 3 months). The company is committed to sell $6,866,864 (2024: $4,432,366 ) €120,382 (2024 €101,639) and receive a fixed sterling amount.

| The forward currency contracts are measured at fair value using quoted forward exchange rates.

12. | Called up share capital

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 100 | Ordinary | £1 | 100 |  | 100 |  |

13. | Related party disclosures

| Melosch Export Gmbh is a shareholder of Amasha Limited. Melosch Export Gmbh advanced a loan to the company under normal commercial terms. The loan interest charged on the loan during the year to 31 December 2025 was £108,845 (2024 £92,811). At the balance sheet date the loan outstanding was £1,918,415 (€2,200,000) (2024 £1,406,272 €1,700,000 ).