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REGISTERED NUMBER: NI675080 (Northern Ireland)

Financial Statements for the Year Ended 31 December 2025

for

Western AG Ltd

Western AG Ltd (Registered number: NI675080)

Contents of the Financial Statements

for the Year Ended 31 December 2025

Page |

Company Information | 1 |

Balance Sheet | 2 |

Notes to the Financial Statements | 3 |

Western AG Ltd

Company Information

for the Year Ended 31 December 2025

| DIRECTORS: | S J Boon

| J R Rasiwala

| J W Reynolds

| REGISTERED OFFICE: | Washingford Row

| Milltown

| DUNGANNON

| Co. Tyrone

| BT71 3BG

| REGISTERED NUMBER: | NI675080 (Northern Ireland)

| AUDITORS: | Gildernew & Co Ltd

| Six Northland Row

| DUNGANNON

| Co. Tyrone

| BT71 6AW

Western AG Ltd (Registered number: NI675080)

Balance Sheet

31 December 2025

| 31.12.25 | 31.12.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 263,507 |  | 235,186 |  |

CURRENT ASSETS

Stocks | 5 | 35,381 |  | 1,355,524 |  |

Debtors | 6 | 320,924 |  | 1,298,534 |  |

Cash at bank and in hand | 184,477 |  | 17 |  |

540,782 |  | 2,654,075 |  |

CREDITORS

Amounts falling due within one year | 7 | 448,739 |  | 1,729,252 |  |

NET CURRENT ASSETS | 92,043 |  | 924,823 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 355,550 |  | 1,160,009 |  |

CREDITORS

Amounts falling due after more than one year | 8 | (285,377 | ) | (818,673 | ) |

PROVISIONS FOR LIABILITIES | (19,150 | ) | - |  |

NET ASSETS | 51,023 |  | 341,336 |  |

CAPITAL AND RESERVES

Called up share capital | 1 |  | 1 |  |

Retained earnings | 10 | 51,022 |  | 341,335 |  |

51,023 |  | 341,336 |  |

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

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

The financial statements were approved by the Board of Directors and authorised for issue on 12 August 2026 and were signed on its behalf by:

J W Reynolds - Director

Western AG Ltd (Registered number: NI675080)

Notes to the Financial Statements

for the Year Ended 31 December 2025

1. | STATUTORY INFORMATION

| Western AG Ltd is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| The Financial Statements are prepared in sterling which is the functional currency of the company and rounded to the nearest £.

| Turnover

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

| Revenue from the sales of goods is recognised when the significant risks and rewards of ownership of the goods has been passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred/to be in incurred in respect of the transaction can be measured reliably.

| Tangible fixed assets

| Tangible 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.

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

| Fixtures and Fittings - 10% reducing balance |  |

| Computer Equipment - 25% reducing balance |  |

| Motor Vehicles - 25% reducing balance |  |

| 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.

| Stocks

| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. The company values stock using a "First in, first out (FIFO)" approach.

| Costs in respect of finished goods represent direct materials and a proportion of appropriate overheads. A provision is made for obsolete and slow moving items in line with the company's stock obsolescence policy. Net Realisable Value is the price at which stock can be realised in the normal course of business.

Western AG Ltd (Registered number: NI675080)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| Financial instruments

| (a) Financial assets

| Basic financial assets, including trade debtors, other debtors and cash and bank balances are initially recognised at transaction price. At 31 December 2025, the company had only financial assets classified as basic financial instruments. Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

| (b) Financial liabilities

| Basic financial liabilities, including trade creditors, other creditors and bank loans and overdrafts are initially recognised at transaction price. At 31 December 2025, the company had only financial liabilities classified as basic financial liabilities. Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts 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. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

| (c) Offsetting

| Financial assets and liabilities are offset and 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.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Hire purchase and leasing commitments

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Western AG Ltd (Registered number: NI675080)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

| Impairment of non-financial assets

| The Company assesses at each reporting date whether an asset may be impaired. If any such indication exists the Company estimates recoverable amount of the asset. If it is not possible to estimate the recoverable amount of the individual asset, the Company estimates, the recoverable amount of the cash- generating unit to which the asset belongs. The recoverable amount of an asset or cash-generating unit is the higher of its fair value less costs to sell and its value in use. If the recoverable amount is less than its carrying amount, the carrying amount of the asset is impaired and it is reduced to its recoverable amount through an impairment in profit and loss unless the asset is carried at a revalued amount where the impairment loss of a revalued asset is a revaluation decrease.

| An impairment loss recognised for all assets, including goodwill, is reversed in a subsequent period if and only if the reasons for the impairment loss have ceased to apply.

| Cash and cash equivalents

| Cash is represented by cash in hand and deposits with financial institutions. Cash equivalents are highly liquid investments that mature in no more than twelve months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value

| Debtors

| Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

| Creditors

| Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

| Provisions for liabilities

| A provision is recognised when the company has a legal or constructive obligation as a result of a past event and it is probable that an outflow of economic benefits will be required to settle the obligation.

| Provisions are reviewed at each balance sheet date and adjusted to reflect the current best estimate. The effect of time value of money is not material and therefore provisions are not discounted.

| Dividends

| Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when they are paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

Western AG Ltd (Registered number: NI675080)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 36 (2024 - 37 ) .

4. | TANGIBLE FIXED ASSETS

| Plant and

| machinery

| etc

£ |

| COST

| At 1 January 2025 | 347,796 |  |

| Additions | 105,661 |  |

| Disposals | (86,924 | ) |

| At 31 December 2025 | 366,533 |  |

| DEPRECIATION

| At 1 January 2025 | 112,610 |  |

| Charge for year | 24,949 |  |

| Eliminated on disposal | (34,533 | ) |

| At 31 December 2025 | 103,026 |  |

| NET BOOK VALUE

| At 31 December 2025 | 263,507 |  |

| At 31 December 2024 | 235,186 |  |

5. | STOCKS

| 31.12.25 |  | 31.12.24

£ | £ |

| Stocks | 35,381 |  | 1,355,524 |  |

6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.12.25 |  | 31.12.24

£ | £ |

| Trade debtors | 274,814 |  | 409,468 |  |

| Amounts owed by group undertakings | - |  | 827,959 |  |

| Other debtors | 46,110 |  | 61,107 |  |

320,924 |  | 1,298,534 |  |

Western AG Ltd (Registered number: NI675080)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.12.25 |  | 31.12.24

£ | £ |

| Bank loans and overdrafts | - |  | 399,568 |  |

| Trade creditors | 184,484 |  | 965,239 |  |

| Taxation and social security | 186,103 |  | 330,412 |  |

| Other creditors | 78,152 |  | 34,033 |  |

448,739 |  | 1,729,252 |  |

8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

| 31.12.25 |  | 31.12.24

£ | £ |

| Amounts owed to group undertakings | 285,377 |  | 818,673 |  |

| Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

9. | LEASING AGREEMENTS

| Minimum lease payments under non-cancellable operating leases fall due as follows:

| 31.12.25 |  | 31.12.24

£ | £ |

| Within one year | 1,691 |  | - |  |

| Between one and five years | 122,766 |  | 124,664 |  |

124,457 |  | 124,664 |  |

10. | RESERVES

| Retained

| earnings

£ |

| At 1 January 2025 | 341,335 |  |

| Profit for the year | 267,687 |  |

| Dividends | (558,000 | ) |

| At 31 December 2025 | 51,022 |  |

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

| The Report of the Auditors was unqualified.

| M.G.Gildernew (Senior Statutory Auditor)

| for and on behalf of Gildernew & Co Ltd

Western AG Ltd (Registered number: NI675080)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

12. | RELATED PARTY DISCLOSURES

| 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.

13. | ULTIMATE CONTROLLING PARTY

| On 1 August 2025, Cary UK Ltd purchased the entire share capital of Western AG Ltd and became the immediate parent undertaking. Cary UK Ltd is incorporated in England and Wales and its registered office is Unit 2 Horizon 29, Buttermilk Lane, Bolsover, Chesterfield, Derbyshire, England, S44 6AE.

| The ultimate parent undertaking and controlling party is Teniralc TopCo AB, a company incorporated in Sweden.

| The financial statements of Teniralc TopCo AB represent the largest group into which the results of Western AG Ltd are consolidated and the financial statements of Teniralc FinCo AB, an intermediate parent company, represent the smallest group into which the results of Western AG Ltd are consolidated.

| Consolidated financial statements are available from Cary Group AB, Hammarby Kaj 10D, 120 32 Stockholm, Sweden.