Company registration number SC038002 (Scotland)
JWF PROCESS SOLUTIONS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
JWF PROCESS SOLUTIONS LIMITED
CONTENTS
Page
Company information
1
Strategic report
2 - 3
Directors' report
4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 21
JWF PROCESS SOLUTIONS LIMITED
COMPANY INFORMATION
- 1 -
Directors
D Gemmell
K Fairbairn
R Allan
Secretary
D Gemmell
Company number
SC038002
Registered office
85 Seaward Street
Glasgow
United Kingdom
G41 1HJ
Auditor
Dains Audit (Scotland) Limited
169 West George Street
Glasgow
United Kingdom
G2 2LB
JWF PROCESS SOLUTIONS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -

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

Review of the business

Our goal is to grow a sustainable business that is focused on meeting the needs of our customers and employees and we continued to make progress on this during the year - supporting our customers with the instrumentation and data to measure and control flow, pressure, temperature and level, whilst focusing on the health, safety and wellbeing of our people.

We continue to see strong demand for our measurement products and services as customers seek solutions to improve efficiency and reduce their carbon footprint. We are pleased to report 37% growth in turnover to £16.5m for 2025 which drove a 67% increase in operating profit, now £1.6m.

Principal risks and uncertainties

Economic and political uncertainties – The Company’s performance may be affected by general economic conditions and other financial and political factors outside the Company’s control. A change in market conditions, such as an economic slowdown or significant political uncertainty, either nationally or globally, may result in reduced demand for our products and services and thus impact on the Company’s financial performance. The Company has a number of controls and plans in place to mitigate such risks including regular reviews of the sales pipeline, focus on spread of the customer base and diversification of sector exposure;

Credit Risk – The Company has a robust procedure to assess the credit risk applicable to customers, both new and ongoing;

Supply Chain Risk – There is a risk of disruption to supply of imports of products and materials, cost, inflation and delivery delays. This is controlled through strong partnerships with a range of suppliers to ensure supply is met, costs are minimised and alternatives are available; and

Liquidity Risk – This reflects the risk that the Company will have insufficient reserves to meet its financial liabilities as they fall due. The Board ensures adequate funds are available to finance the business.

Key performance indicators

The Company's key performance indicators are turnover, operating profit for the year, cashflow and health and safety performance.

| 202 5 | 202 4
Turnover | £1 6.5 m | £1 2.0m
Operating p rofit for the year | £1.6 m | £1.0 m
Net cash inflow /​ (outflow) | (£0.04 m) | (£0.1 m)
Cash at bank | £1.5 m | £1.6m
Lost time accidents | 0 hours | 0 hours

Future developments

It is an exciting time for the Company as we combine our measurement and data expertise to support our customers to save money and to transition to net zero. We continue to invest in our business and people and to strengthen our partnerships with our supply chain. As a result, we expect to deliver further growth in both turnover and profitability in the year to December 2026 and the directors are confident that the Company will continue to make progress against its strategic objectives.

JWF PROCESS SOLUTIONS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -

On behalf of the board

D Gemmell
Director
10 August 2026
JWF PROCESS SOLUTIONS 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.

Principal activities

The principal activity of the company continued to be that of the provision of measurement solutions including instrumentation, commissioning, calibration and data.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

D Gemmell
K Fairbairn
R Allan
Auditor

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

Statement of directors' responsibilities

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;

- 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.

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.

On behalf of the board
D Gemmell
Director
10 August 2026
JWF PROCESS SOLUTIONS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF JWF PROCESS SOLUTIONS LIMITED
- 5 -
Opinion

We have audited the financial statements of JWF Process Solutions 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 notes to the financial statements, including 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 UK, including 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.

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.

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the strategic report and the directors' r eport 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.

JWF PROCESS SOLUTIONS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF JWF PROCESS SOLUTIONS LIMITED
- 6 -
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 identifie d material misstatements in the strategic report or the directors' r eport.

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' r esponsibilities s tatement, 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.

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.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- We ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.

- We identified the laws and regulations applicable to the company through discussions with directors and management and from our knowledge of the regulatory environment relevant to the company.

- We assessed the extent of compliance with laws and regulations through making enquiries of management and inspecting legal correspondence.

- We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management as to where they considered there was susceptibility to fraud and their knowledge of actual, suspected and alleged fraud.

- To address the risk of fraud through management bias and override of controls, we tested journal entries to identify unusual transactions, we assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias and we investigated the rationale behind significant or unusual transactions.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence.

JWF PROCESS SOLUTIONS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF JWF PROCESS SOLUTIONS LIMITED
- 7 -

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council's website at: https:////www.frc.org.uk/auditorsresponsibilites. This description forms part of our auditor's report.

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.

Brian Thomson BA(Hons) CA
Senior Statutory Auditor
For and on behalf of Dains Audit (Scotland) Limited
Statutory Auditor
169 West George Street
Glasgow
United Kingdom
G2 2LB
10 August 2026
JWF PROCESS SOLUTIONS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -
2025
2024
Notes
£
£
Turnover
3
16,478,726
12,047,954
Cost of sales
(12,879,298)
(9,225,443)
Gross profit
3,599,428
2,822,511
Administrative expenses
(2,053,673)
(1,906,136)
Other operating income
55,848
43,186
Operating profit
4
1,601,603
959,561
Interest receivable and similar income
8
46,373
98,519
Profit before taxation
1,647,976
1,058,080
Tax on profit
9
(415,530)
(62,233)
Profit for the financial year
1,232,446
995,847

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

The notes on pages 11 to 21 form part of these financial statements.

JWF PROCESS SOLUTIONS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
11
1,462,960
1,288,185
Investments
12
1,040,191
1,040,191
2,503,151
2,328,376
Current assets
Stocks
14
938,307
754,475
Debtors
15
3,477,251
2,468,327
Cash at bank and in hand
1,530,685
1,567,472
5,946,243
4,790,274
Creditors: amounts falling due within one year
16
(3,348,579)
(2,927,957)
Net current assets
2,597,664
1,862,317
Total assets less current liabilities
5,100,815
4,190,693
Creditors: amounts falling due after more than one year
17
(3,548)
(7,418)
Provisions for liabilities
Deferred tax liability
18
144,887
113,341
(144,887)
(113,341)
Net assets
4,952,380
4,069,934
Capital and reserves
Called up share capital
19
7,252
7,252
Capital redemption reserve
2,750
2,750
Profit and loss reserves
4,942,378
4,059,932
Total equity
4,952,380
4,069,934

The notes on pages 11 to 21 form part of these financial statements.

The financial statements were approved by the board of directors and authorised for issue on 10 August 2026 and are signed on its behalf by:
D Gemmell
Director
Company Registration No. SC038002
JWF PROCESS SOLUTIONS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 10 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2024
7,252
2,750
4,964,085
4,974,087
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
-
995,847
995,847
Dividends
10
-
-
(1,900,000)
(1,900,000)
Balance at 31 December 2024
7,252
2,750
4,059,932
4,069,934
Year ended 31 December 2025:
Profit and total comprehensive income for the year
-
-
1,232,446
1,232,446
Dividends
10
-
-
(350,000)
(350,000)
Balance at 31 December 2025
7,252
2,750
4,942,378
4,952,380

The notes on pages 11 to 21 form part of these financial statements.

JWF PROCESS SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
1
Accounting policies
Company information

JWF Process Solutions Limited is a private company limited by shares incorporated in Scotland. The registered office is 85 Seaward Street, Glasgow, United Kingdom, G41 1HJ. The company's registration number is SC038002.

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. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

JWF Process Solutions Limited is a wholly owned subsidiary of JWF Group Holdings Limited and the results of JWF Process Solutions Limited are included in the consolidated financial statements of JWF Group Holdings Limited which are available from Companies House.

1.2
Turnover

The turnover shown in the profit and loss account represents the sales value (exclusive of Value Added Tax) of instrumentation, metering equipment and associated services delivered in the year. Turnover also includes commission receivable for the year.

1.3
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:

Freehold property
0% - 2% straight line
Plant & Machinery
12.5% - 25% straight line
Fixtures & Fittings
10% - 20% straight line
Computer equipment
20% - 33% straight line
Motor vehicles
25% - 50% straight line
Demo equipment
25% - 50% straight line
Rental fleet
10% straight line

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 the profit and loss account.

1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in the profit and loss account.

JWF PROCESS SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 12 -

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.

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.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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 the profit and loss account. Reversals of impairment losses are also recognised in the profit and loss account.

1.7
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 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 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.

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.

JWF PROCESS SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 13 -
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.

1.8
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.

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 profit and loss account 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 profit and loss account, 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.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

JWF PROCESS SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 14 -
1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to the profit and loss account 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.

2
Judgements and key sources of estimation uncertainty

Preparation of the financial statements requires management to make significant judgements and estimates. In preparing the financial statements the directors have made the following judgements:

- Determine whether leases entered into by the Company as a lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.

- Determine whether there are indicators of impairment of the Company's tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset.

- Determine whether any bad debt provision is required via review of trade debtors, with debts provided for on a specific basis. Factors considered include customer payment history and agreed credit terms.

- Determine whether any stock provision is required via a review of the stock holding for obsolete, damaged and slow moving stock.

3
Turnover and other revenue
2025
2024
£
£
Other revenue
Interest income
46,373
48,519
Dividends received
-
50,000
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains)
915
(156)
Fees payable to the company's auditor for the audit of the company's financial statements
14,230
11,880
Depreciation of owned tangible fixed assets
158,211
129,206
Loss on disposal of tangible fixed assets
1,177
34,659
Operating lease charges
26,237
20,868
JWF PROCESS SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 15 -
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
14,230
11,880
6
Employees

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

2025
2024
30
28

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
1,131,025
1,072,699
Social security costs
119,793
110,642
Pension costs
202,819
193,048
1,453,637
1,376,389
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
18,192
23,548
Company pension contributions to defined contribution schemes
103,041
95,777
121,233
119,325

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2024: 2).

JWF PROCESS SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 16 -
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
46,309
48,487
Other interest income
64
32
Total interest revenue
46,373
48,519
Income from fixed asset investments
Income from shares in group undertakings
-
0
50,000
Total income
46,373
98,519
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
383,984
79,747
Adjustments in respect of prior periods
-
0
(37,930)
Total current tax
383,984
41,817
Deferred tax
Origination and reversal of timing differences
31,546
20,416
Total tax charge
415,530
62,233

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
1,647,976
1,058,080
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
411,994
264,520
Tax effect of expenses that are not deductible in determining taxable profit
13,466
52,069
Tax effect of income not taxable in determining taxable profit
-
0
(152,536)
Group relief
(10,360)
(84,306)
Permanent capital allowances in excess of depreciation
430
20,416
Under/(over) provided in prior years
-
0
(37,930)
Taxation charge for the year
415,530
62,233
JWF PROCESS SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 17 -
10
Dividends
2025
2024
£
£
Final paid
350,000
1,900,000
JWF PROCESS SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 18 -
11
Tangible fixed assets
Freehold property
Plant & Machinery
Fixtures & Fittings
Computer equipment
Motor vehicles
Demo equipment
Rental fleet
Total
£
£
£
£
£
£
£
£
Cost
At 1 January 2025
902,902
141,653
160,965
283,583
441,218
56,445
103,271
2,090,037
Additions
-
0
21,731
15,122
88,168
111,165
3,858
105,388
345,432
Disposals
-
0
-
0
(3,013)
-
0
(33,936)
-
0
-
0
(36,949)
At 31 December 2025
902,902
163,384
173,074
371,751
518,447
60,303
208,659
2,398,520
Depreciation and impairment
At 1 January 2025
212,588
60,449
124,439
238,962
68,470
51,740
45,204
801,852
Depreciation charged in the year
16,459
15,651
8,843
20,708
73,786
4,354
18,410
158,211
Eliminated in respect of disposals
-
0
-
0
(2,635)
-
0
(21,868)
-
0
-
0
(24,503)
At 31 December 2025
229,047
76,100
130,647
259,670
120,388
56,094
63,614
935,560
Carrying amount
At 31 December 2025
673,855
87,284
42,427
112,081
398,059
4,209
145,045
1,462,960
At 31 December 2024
690,314
81,204
36,526
44,621
372,748
4,705
58,067
1,288,185

Freehold property includes land of £80,000 (2024: £80,000) which is held at cost and not depreciated.

JWF PROCESS SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 19 -
12
Fixed asset investments
2025
2024
Notes
£
£
Investments in subsidiaries
13
1,040,191
1,040,191
13
Subsidiaries

Details of the company's subsidiaries at 31 December 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Stream Measurement Limited
Elder Road, St. John's Industrial Estate, Lees, Oldham, England, OL4 3DZ
Ordinary
100.00
14
Stocks
2025
2024
£
£
Finished goods and goods for resale
938,307
754,475
15
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
2,715,082
1,949,834
Amounts owed by group undertakings
461,986
228,418
Other debtors
2,655
1,897
Prepayments and accrued income
297,528
288,178
3,477,251
2,468,327
16
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Trade creditors
2,612,909
2,311,492
Amounts owed to group undertakings
1,832
7,466
Corporation tax
384,025
79,172
Other taxation and social security
56,195
230,274
Deferred income
20
128,363
199,974
Other creditors
17,324
15,638
Accruals and deferred income
147,931
83,941
3,348,579
2,927,957
JWF PROCESS SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 20 -
17
Creditors: amounts falling due after more than one year
2025
2024
£
£
Other creditors
3,548
7,418
18
Deferred taxation

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

2025
2024
Balances:
£
£
Accelerated capital allowances
144,887
113,341
2025
Movements in the year:
£
Liability at 1 January 2025
113,341
Charge to profit or loss
31,546
Liability at 31 December 2025
144,887

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

19
Share capital
2025
2024
£
£
Ordinary share capital
Issued and fully paid
616,250 Ordinary shares of 1p
6,163
6,163
36,250 'A' shares of 1p
363
363
36,250 'B' shares of 1p
363
363
36,250 'C' shares of 1p
363
363
7,252
7,252

Each class of share rank pari passu. When declaring dividends, each class of shares is entitled to dividends to the exclusion of the other and differing amounts may be declared in respect of each class. 'A', 'B' and 'C' shares carry no right to vote on a resolution for the removal of a director.

JWF PROCESS SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 21 -
20
Deferred income
2025
2024
£
£
Other deferred income
128,363
199,974
21
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
202,819
193,048

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

22
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
23,623
22,536
Between two and five years
32,434
36,640
56,057
59,176
23
Related party transactions

The Company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

No further transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 102 'The financial Reporting Standard applicable in the UK and Republic of Ireland'.

24
Ultimate controlling party

The Company was under control of the shareholders of the holders of the ordinary share capital in the ultimate parent company, JWF Group Holdings Limited. No individual shareholder has a controlling interest.

The company is included by full consolidation in the consolidated financial statements of its ultimate controlling party, JWF Group Holdings Limited, registered in Scotland, at the same address as the company.

Copies of the consolidated financial statements are available from Companies House.

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