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Registration number: 10500947

H & W Pharma Ltd
Unaudited Financial Statements
31 March 2026

H & W Pharma Ltd

Contents

Accountants' Report | 1
Balance Sheet | 2
Notes to the Unaudited Financial Statements | 4

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
H & W Pharma Ltd
for the Year Ended 31 March 2026

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of H & W Pharma Ltd for the year ended 31 March 2026 as set out on pages 2 to 12 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of H & W Pharma Ltd, as a body, in accordance with the terms of our engagement letter dated 29 September 2023. Our work has been undertaken solely to prepare for your approval the accounts of H & W Pharma Ltd and state those matters that we have agreed to state to the Board of Directors of H & W Pharma Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than H & W Pharma Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that H & W Pharma Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of H & W Pharma Ltd. You consider that H & W Pharma Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of H & W Pharma Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

Dodd & Co Limited
Chartered Accountants
Clint Mill
Cornmarket
PENRITH
CA11 7HW

7 July 2026

H & W Pharma Ltd

(Registration number: 10500947)
Balance Sheet as at 31 March 2026

| Note | 2026 £ | 2025 £
Fixed assets |  |  |
Tangible assets | 4 | 223,566 | 238,098
Investment property | 5 | 190,000 | 180,000
Investments | 6 | 1,362,981 | 1,362,981
Other financial assets | 7 | 352,150 | -
|  | 2,128,697 | 1,781,079
Current assets |  |  |
Debtors | 8 | 1,143,373 | 1,351,497
Cash at bank and in hand |  | 387,474 | 120,210
|  | 1,530,847 | 1,471,707
Creditors: Amounts falling due within one year | 9 | (812,707) | (597,379)
Net current assets |  | 718,140 | 874,328
Total assets less current liabilities |  | 2,846,837 | 2,655,407
Creditors: Amounts falling due after more than one year | 9 | (1,666,544) | (1,773,122)
Provisions for liabilities |  | (7,491) | (10,024)
Net assets |  | 1,172,802 | 872,261
Capital and reserves |  |  |
Allotted, called up and fully paid share capital |  | 100 | 100
Profit and loss account |  | 1,172,702 | 872,161
Total equity |  | 1,172,802 | 872,261

H & W Pharma Ltd

(Registration number: 10500947)
Balance Sheet as at 31 March 2026 (continued)

For the financial year ending 31 March 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• | The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
• | The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 7 July 2026 and signed on its behalf by:

.........................................

C J K Hii

Director

.........................................

S Y Wong

Director

H & W Pharma Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026

1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Clint Mill
Cornmarket
PENRITH
CA11 7HW

The principal place of business is:
4 Manor House
High Street
KIRKBY STEPHEN
CA17 4SH

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Group accounts not prepared

The company is exempt from preparing group accounts in accordance with s399 of the Companies Act 2006 as it is subject to the small companies regime.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

H & W Pharma Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026 (continued)

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Land and buildings | 50 years straight line
Motor vehicles | 25% reducing balance
Office equipment | 33% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the director. The director uses observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

H & W Pharma Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026 (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

H & W Pharma Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026 (continued)

Financial instruments

Classification
Equity shares and debt securities
Recognition and measurement
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Impairment
For instruments measured at cost less impairment the impairment is the difference between the assets' carrying amount and the best estimate the entity would receive for the asset if it were sold at the reporting date.

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2025 - 2).

H & W Pharma Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026 (continued)

4 | Tangible assets

| Land and buildings £ | Motor vehicles £ | Furniture, fittings and office equipment £ | Total £
Cost or valuation
At 1 April 2025 | 220,000 | 56,760 | 1,517 | 278,277
At 31 March 2026 | 220,000 | 56,760 | 1,517 | 278,277
Depreciation
At 1 April 2025 | 22,000 | 17,738 | 441 | 40,179
Charge for the year | 4,400 | 9,756 | 376 | 14,532
At 31 March 2026 | 26,400 | 27,494 | 817 | 54,711
Carrying amount
At 31 March 2026 | 193,600 | 29,266 | 700 | 223,566
At 31 March 2025 | 198,000 | 39,022 | 1,076 | 238,098

5 | Investment properties

| £
At 1 April 2025 | 180,000
Additions | 10,000
At 31 March 2026 | 190,000

The director considers acquisition cost to be representative of fair value at 31 March 2026. There has been no valuation of investment property by an independent valuer.

H & W Pharma Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026 (continued)

6 | Investments

| 2026 £ | 2025 £
Investments in subsidiaries | 1,362,981 | 1,362,981

Subsidiaries | £
Cost or valuation
At 1 April 2025 | 1,362,981
At 31 March 2026 | 1,362,981
Provision
Carrying amount
At 31 March 2026 | 1,362,981
At 31 March 2025 | 1,362,981

7 | Other financial assets (current and non-current)

| 2026 £ | 2025 £
Non-current financial assets
Financial assets at fair value through profit and loss | 352,150 | -

| Financial assets at fair value through profit and loss £ | Total £
Non-current financial assets
Cost or valuation
Fair value adjustments | 2,150 | 2,150
Additions | 350,000 | 350,000
At 31 March 2026 | 352,150 | 352,150
Impairment
Carrying amount
At 31 March 2026 | 352,150 | 352,150

H & W Pharma Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026 (continued)

8 | Debtors

| 2026 £ | 2025 £
Trade debtors | - | 5,132
Amounts owed by group undertakings and undertakings in which the company has a participating interest | 1,141,783 | 1,345,735
Other debtors | 1,590 | 630
| 1,143,373 | 1,351,497

9 | Creditors

| Note | 2026 £ | 2025 £
Due within one year |  |  |
Loans and borrowings | 10 | 679,540 | 499,863
Trade creditors |  | 820 | 2,518
Amounts owed to group undertakings and undertakings in which the company has a participating interest |  | 300 | 300
Taxation and social security |  | 21,747 | 18,859
Corporation tax liability |  | 104,126 | 69,491
Other creditors |  | 6,174 | 6,348
|  | 812,707 | 597,379
Due after one year |  |  |
Loans and borrowings | 10 | 1,666,544 | 1,773,122

| 2026 £ | 2025 £
After more than five years by instalments | 1,203,222 | 1,357,822
| 1,203,222 | 1,357,822

H & W Pharma Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026 (continued)

10 | Loans and borrowings

| 2026 £ | 2025 £
Current loans and borrowings
Bank borrowings | 92,381 | 78,561
Finance lease liabilities | 7,067 | 7,066
Other borrowings | 580,092 | 414,236
| 679,540 | 499,863

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

| 2026 £ | 2025 £
Bank borrowings | 92,381 | 78,561
Finance lease liabilities | 7,067 | 7,066
| 99,448 | 85,627

Bank borrowings are secured by fixed and floating charges over the company's assets.
Finance lease liabilities are secured on the assets to which they relate.

H & W Pharma Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026 (continued)

| 2026 £ | 2025 £
Non-current loans and borrowings
Bank borrowings | 1,633,021 | 1,732,634
Finance lease liabilities | 33,523 | 40,488
| 1,666,544 | 1,773,122

Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:

| 2026 £ | 2025 £
Bank borrowings | 1,633,021 | 1,732,634
Finance lease liabilities | 33,523 | 40,488
| 1,666,544 | 1,773,122

Bank borrowings are secured by fixed and floating charges over the company's assets.
Finance lease liabilities are secured on the assets to which they relate.

11 | Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £13,538 (2025 - £9,393). This is in relation to a commitment under an operating lease.