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REGISTERED NUMBER: 06779861 (England and Wales)

| GROUP STRATEGIC REPORT, |

| REPORT OF THE DIRECTORS AND |

| CONSOLIDATED FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 30 NOVEMBER 2025 |

| FOR |

| ISME HOLDINGS LIMITED |

ISME HOLDINGS LIMITED (REGISTERED NUMBER: 06779861)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

| Page |

Company Information | 1 |

Group Strategic Report | 2 |

Report of the Directors | 3 |  | to |  | 4

Report of the Independent Auditors | 5 |  | to |  | 8

Consolidated Statement of Comprehensive Income | 9 |

Consolidated Balance Sheet | 10 |

Company Balance Sheet | 11 |

Consolidated Statement of Changes in Equity | 12 |

Company Statement of Changes in Equity | 13 |

Consolidated Cash Flow Statement | 14 |

Notes to the Consolidated Cash Flow Statement | 15 |

Notes to the Consolidated Financial Statements | 16 |  | to |  | 25

ISME HOLDINGS LIMITED

COMPANY INFORMATION

FOR THE YEAR ENDED 30 NOVEMBER 2025

| DIRECTORS: | Ms K Mahoney

| Ms S Mahoney

| Ms M McNamee

| REGISTERED OFFICE: | MHA Birmingham Ground Floor

| 35 Newhall Street

| Birmingham

| B3 3PU

| REGISTERED NUMBER: | 06779861 (England and Wales)

| AUDITORS: | Baker Tilly Mooney Moore

| Statutory Auditors

| 17 Clarendon Road

| Belfast

| BT1 3BG

| BANKERS: | Barclays Bank

| PO Box 299

| Birmingham

| BT1 3PF

| SOLICITORS: | Agnew Andress Higgins Solicitors

| 1st Floor

| 92 High Street

| Belfast

| BT1 2BG

ISME HOLDINGS LIMITED (REGISTERED NUMBER: 06779861)

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 30 NOVEMBER 2025

The directors present their strategic report of the company and the group for the year ended 30 November 2025.

REVIEW OF BUSINESS

The results for the year and financial position of the company are as shown in the annexed financial statements. The directors are pleased to report a profit for the year and that the company has maintained its market share.

PRINCIPAL RISKS AND UNCERTAINTIES

The directors consider that the principal risks and uncertainties faced by the group are in the following categories:

Economic Risk

The business is subject to the normal economic factors impacting on its cost base and manages these on an ongoing basis.

Competition Risk

The directors of the group manage competition risk through close attention to customer service levels.

Financial Risk

The group has budgetary and financial reporting procedures, supported by appropriate key performance indicators to manage credit, liquidity and other financial risk.

KEY PERFORMANCE INDICATORS ("KPI’S")

Given the nature of the business, the company's directors are of the opinion that an analysis using KPIs is not necessary, for an understanding of the development, performance or position of the business.

FINANCIAL RISK MANAGEMENT

The directors have considered the need to disclose financial risks material to the company. At this stage in the company's development, the directors are of the opinion that there are no material price, credit, liquidity or interest rate risks. The directors will continue to assess the financial risks and their management on a regular basis.

ON BEHALF OF THE BOARD:

Ms S Mahoney - Director

29 July 2026

ISME HOLDINGS LIMITED (REGISTERED NUMBER: 06779861)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 30 NOVEMBER 2025

The directors present their report with the financial statements of the company and the group for the year ended 30 November 2025.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of mining, processing and distribution of rock salt.

DIVIDENDS

An interim dividend of 188.33 per share was paid on 11 December 2024. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 30 November 2025 will be £ 9,416,196 .

DIRECTORS

The directors shown below have held office during the whole of the period from 1 December 2024 to the date of this report.

Ms K Mahoney

Ms S Mahoney

Ms M McNamee

KEY PERFORMANCE INDICATORS

Given the straightforward nature of the business, the group's directors are of the opinion that an analysis using KPI's is not necessary for an understanding of the development, performance or position of the business.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ISME HOLDINGS LIMITED (REGISTERED NUMBER: 06779861)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 30 NOVEMBER 2025

AUDITORS

The auditors, Baker Tilly Mooney Moore, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Ms M McNamee - Director

29 July 2026

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

ISME HOLDINGS LIMITED

Opinion

We have audited the financial statements of ISME Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2025 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, 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 group's and of the parent company affairs as at 30 November 2025 and of the group's 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 group's and the parent 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:

- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

ISME HOLDINGS LIMITED

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- | the parent company 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 Statement of Directors' Responsibilities set out on page three, 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 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

ISME HOLDINGS LIMITED

Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We considered the opportunities and incentives that may exist within the Group for fraud and identified the greatest potential for fraud in relation to revenue recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the Group operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and local tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Group's ability to operate or to avoid a material penalty. This included compliance with Financial Conduct Authority regulation for the UK.

Our procedures to respond to risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

- enquiring of management concerning actual and potential litigation and claims;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- reading minutes of meetings of those charged with governance;

- obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and

- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.

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 Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

ISME HOLDINGS LIMITED

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 a Report of the Auditors 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.

Joanne Small (Senior Statutory Auditor)

for and on behalf of Baker Tilly Mooney Moore

Statutory Auditors

17 Clarendon Road

Belfast

BT1 3BG

13 August 2026

ISME HOLDINGS LIMITED (REGISTERED NUMBER: 06779861)

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 30 NOVEMBER 2025

| 30.11.25 |  | 30.11.24

| Notes | £ | £ |

TURNOVER | 3 | 25,313,539 |  | 24,708,836 |  |

Cost of sales | 14,757,163 |  | 13,808,273 |  |

GROSS PROFIT | 10,556,376 |  | 10,900,563 |  |

Administrative expenses | 3,047,604 |  | 2,927,111 |  |

7,508,772 |  | 7,973,452 |  |

Other operating income | 4 | 50,699 |  | 39,549 |  |

OPERATING PROFIT | 6 | 7,559,471 |  | 8,013,001 |  |

Interest receivable and similar income | 732,161 |  | 1,054,551 |  |

8,291,632 |  | 9,067,552 |  |

Interest payable and similar expenses | 7 | 25,188 |  | 30,109 |  |

PROFIT BEFORE TAXATION | 8,266,444 |  | 9,037,443 |  |

Tax on profit | 8 | 2,124,483 |  | 2,302,981 |  |

PROFIT FOR THE FINANCIAL YEAR | 6,141,961 |  | 6,734,462 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 6,141,961 |  | 6,734,462 |  |

Profit attributable to:

Owners of the parent | 6,141,961 |  | 6,734,462 |  |

Total comprehensive income attributable to:

Owners of the parent | 6,141,961 |  | 6,734,462 |  |

ISME HOLDINGS LIMITED (REGISTERED NUMBER: 06779861)

CONSOLIDATED BALANCE SHEET

30 NOVEMBER 2025

| 30.11.25 | 30.11.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 11 | 127,984 |  | 131,050 |  |

Tangible assets | 12 | 16,203,257 |  | 15,385,921 |  |

Investments | 13 | - |  | - |  |

16,331,241 |  | 15,516,971 |  |

CURRENT ASSETS

Stocks | 14 | 2,948,595 |  | 3,081,858 |  |

Debtors | 15 | 4,365,474 |  | 5,607,488 |  |

Cash at bank and in hand | 24,362,853 |  | 26,617,165 |  |

31,676,922 |  | 35,306,511 |  |

CREDITORS

Amounts falling due within one year | 16 | 2,839,631 |  | 3,218,442 |  |

NET CURRENT ASSETS | 28,837,291 |  | 32,088,069 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 45,168,532 |  | 47,605,040 |  |

PROVISIONS FOR LIABILITIES | 19 | 4,170,919 |  | 3,333,192 |  |

NET ASSETS | 40,997,613 |  | 44,271,848 |  |

CAPITAL AND RESERVES

Called up share capital | 20 | 49,998 |  | 49,998 |  |

Retained earnings | 21 | 40,947,615 |  | 44,221,850 |  |

SHAREHOLDERS' FUNDS | 40,997,613 |  | 44,271,848 |  |

The financial statements were authorised for issue by the Board of Directors and authorised for issue on 29 July 2026 and were signed on its behalf by:

Ms S Mahoney - Director | Ms M McNamee - Director

Ms K Mahoney - Director

ISME HOLDINGS LIMITED (REGISTERED NUMBER: 06779861)

COMPANY BALANCE SHEET

30 NOVEMBER 2025

| 30.11.25 | 30.11.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 11 | - |  | - |  |

Tangible assets | 12 | - |  | - |  |

Investments | 13 | 49,998 |  | 49,998 |  |

49,998 |  | 49,998 |  |

CURRENT ASSETS

Cash at bank | 632 |  | 789 |  |

CREDITORS

Amounts falling due within one year | 16 | 1,232 |  | 1,232 |  |

NET CURRENT LIABILITIES | (600 | ) | (443 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 49,398 |  | 49,555 |  |

CAPITAL AND RESERVES

Called up share capital | 20 | 49,998 |  | 49,998 |  |

Retained earnings | 21 | (600 | ) | (443 | ) |

SHAREHOLDERS' FUNDS | 49,398 |  | 49,555 |  |

Company's profit/(loss) for the financial year | 9,416,039 |  | (61 | ) |

The financial statements were authorised for issue by the Board of Directors and authorised for issue on 29 July 2026 and were signed on its behalf by:

Ms S Mahoney - Director | Ms M McNamee - Director

Ms K Mahoney - Director

ISME HOLDINGS LIMITED (REGISTERED NUMBER: 06779861)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 NOVEMBER 2025

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1 December 2023 | 49,998 |  | 37,487,388 |  | 37,537,386 |  |

Changes in equity

Total comprehensive income | - |  | 6,734,462 |  | 6,734,462 |  |

Balance at 30 November 2024 | 49,998 |  | 44,221,850 |  | 44,271,848 |  |

Changes in equity

Dividends | - |  | (9,416,196 | ) | (9,416,196 | ) |

Total comprehensive income | - |  | 6,141,961 |  | 6,141,961 |  |

Balance at 30 November 2025 | 49,998 |  | 40,947,615 |  | 40,997,613 |  |

ISME HOLDINGS LIMITED (REGISTERED NUMBER: 06779861)

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 NOVEMBER 2025

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1 December 2023 | 49,998 |  | (382 | ) | 49,616 |  |

Changes in equity

Total comprehensive income | - |  | (61 | ) | (61 | ) |

Balance at 30 November 2024 | 49,998 |  | (443 | ) | 49,555 |  |

Changes in equity

Dividends | - |  | (9,416,196 | ) | (9,416,196 | ) |

Total comprehensive income | - |  | 9,416,039 |  | 9,416,039 |  |

Balance at 30 November 2025 | 49,998 |  | (600 | ) | 49,398 |  |

ISME HOLDINGS LIMITED (REGISTERED NUMBER: 06779861)

CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 30 NOVEMBER 2025

| 30.11.25 |  | 30.11.24

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 10,612,879 |  | 6,962,171 |  |

Interest paid | (25,188 | ) | (30,109 | ) |

Tax paid | (2,685,197 | ) | (2,457,214 | ) |

Net cash from operating activities | 7,902,494 |  | 4,474,848 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (1,471,615 | ) | (839,667 | ) |

Sale of tangible fixed assets | - |  | 35,950 |  |

Interest received | 732,161 |  | 1,054,551 |  |

Net cash from investing activities | (739,454 | ) | 250,834 |  |

Cash flows from financing activities

Equity dividends paid | (9,416,196 | ) | - |  |

Net cash from financing activities | (9,416,196 | ) | - |  |

(Decrease)/increase in cash and cash equivalents | (2,253,156 | ) | 4,725,682 |  |

Cash and cash equivalents at beginning of year | 2 | 26,616,009 |  | 21,890,327 |  |

Cash and cash equivalents at end of year | 2 | 24,362,853 |  | 26,616,009 |  |

ISME HOLDINGS LIMITED (REGISTERED NUMBER: 06779861)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 30 NOVEMBER 2025

1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 30.11.25 |  | 30.11.24

£ | £ |

| Profit before taxation | 8,266,444 |  | 9,037,443 |  |

| Depreciation charges | 1,382,389 |  | 1,377,281 |  |

| Profit on disposal of fixed assets | - |  | (24,830 | ) |

| Finance costs | 25,188 |  | 30,109 |  |

| Finance income | (732,161 | ) | (1,054,551 | ) |

8,941,860 |  | 9,365,452 |  |

| Decrease/(increase) in stocks | 133,263 |  | (9,226 | ) |

| Decrease/(increase) in trade and other debtors | 1,242,015 |  | (1,770,896 | ) |

| Increase/(decrease) in trade and other creditors | 295,741 |  | (623,159 | ) |

| Cash generated from operations | 10,612,879 |  | 6,962,171 |  |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

| Year ended 30 November 2025

| 30.11.25 |  | 1.12.24

£ | £ |

| Cash and cash equivalents | 24,362,853 |  | 26,617,165 |  |

| Bank overdrafts | - |  | (1,156 | ) |

24,362,853 |  | 26,616,009 |  |

| Year ended 30 November 2024

| 30.11.24 |  | 1.12.23

£ | £ |

| Cash and cash equivalents | 26,617,165 |  | 21,890,327 |  |

| Bank overdrafts | (1,156 | ) | - |  |

26,616,009 |  | 21,890,327 |  |

3. | ANALYSIS OF CHANGES IN NET FUNDS

| At 1.12.24 | Cash flow | At 30.11.25

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 26,617,165 |  | (2,254,312 | ) | 24,362,853 |  |

| Bank overdrafts | (1,156 | ) | 1,156 |  | - |  |

26,616,009 |  | (2,253,156 | ) | 24,362,853 |  |

| Total | 26,616,009 |  | (2,253,156 | ) | 24,362,853 |  |

ISME HOLDINGS LIMITED (REGISTERED NUMBER: 06779861)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

1. | STATUTORY INFORMATION

| ISME Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| Basis of consolidation

| The consolidated financial statements incorporate the accounts of the company and its subsidiary.

| Significant judgements and estimates

| In preparing these financial statements the directors have made the following judgements:

| Establish whether there are indicators of impairment of the group's tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and the business in general.

| Consider the recoverability of trade debtors and the need for impairment provisions. These considerations are undertaken regularly by the directors, and especially at the year end date. Factors taken into account include historical experience, current market conditions and knowledge of the sector. Amounts identified as irrecoverable will be provided against in the relevant period.

| Consider the valuation of stock and the requirement for write down provisions. These considerations are undertaken regularly by the directors, and especially at the year end date. Factors taken into account include historical experience, selling prices and knowledge of the sector. Stock identified as impaired will be written down in value in the relevant period.

| The directors also consider the depreciation rates on an annual basis to ensure there is sufficient evidence to support these and that the estimates remain reasonable.

| The group has included a provision for future mine closure costs.

| To calculate the value of the provision, the group has relied upon cost calculations which were prepared by them to estimate the costs they would expect to incur over a three year period after the closure of the mine. The group does not plan for these costs to be incurred until after the end of the lease.

| Turnover

| Turnover represents the total invoice value, excluding value added tax, of goods sold during the year.

| Dividend income is recognised when the shareholders' right to receive payment is established.

| 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.

| Patents and licences are being amortised evenly over their estimated useful life of forty eight years.

ISME HOLDINGS LIMITED (REGISTERED NUMBER: 06779861)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 NOVEMBER 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.

| Freehold property | - | 10% on reducing balance

| Plant and machinery | - | 25% on reducing balance and 4% on cost

| Development costs | - | 4% on cost

| The group constructed a drift which was brought into use in February 2015. The related expenditure will be amortised over the life of the estimated reserves of the mine on the unit production basis. Provision for loss is made where a project is abandoned or considered to be of no further interest to the group, or where the directors consider such a provision to be prudent.

| Stocks

| Stocks have been valued at the lower of cost and net realisable value. Cost is calculated by reference to the mining costs incurred in bringing the minerals to the pithead, with overheads being allocated based on a normal level of activity.

| Consumable stock represents goods earmarked for own use within the company and is measured at the lower of cost and net realisable value less provisions made for obsolete stock.

| Financial instruments

| All financial instruments of the group are considered to meet the definition of basic financial instruments.

| - Short term debtors and creditors

| Debtors and creditors with no stated interest rate and are receivable or payable on demand are recognised at transaction price, and subject to annual impairment reviews. Any losses arising on impairment are recognised in the profit and loss account.

| - Cash and cash equivalents

| Cash and cash equivalents comprise cash at bank and in hand.

| - Ordinary Share Capital

| Called up share capital represents the nominal value of the shares issued.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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.

ISME HOLDINGS LIMITED (REGISTERED NUMBER: 06779861)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 NOVEMBER 2025

2. | ACCOUNTING POLICIES - continued

| 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.

| Foreign currencies

| Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rates ruling at the balance sheet date and any difference is taken to the profit and loss account. Exchange differences arising on transactions during the year are taken directly to the profit and loss account.

| Pension costs and other post-retirement benefits

| The group operates a money purchase (defined contribution) scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme. These contributions are invested separately from the company's assets.

| Provisions

| Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

| The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation.

| Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision in measured at present value the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

| Exploration costs

| Exploration costs are written off in the year in which they are incurred.

| Holiday pay

| A liability is recognised to the extent of any unused holiday pay entitlement which has accrued at the balance sheet date and is available to carry forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

3. | TURNOVER

| The group's revenue is generated in the United Kingdom and Ireland.

4. | OTHER OPERATING INCOME

| 30.11.25 |  | 30.11.24

£ | £ |

| Sundry income | 50,699 |  | 39,549 |  |

ISME HOLDINGS LIMITED (REGISTERED NUMBER: 06779861)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 NOVEMBER 2025

5. | EMPLOYEES AND DIRECTORS

| 30.11.25 |  | 30.11.24

£ | £ |

| Wages and salaries | 4,088,914 |  | 3,884,563 |  |

| Other pension costs | 136,466 |  | 133,726 |  |

4,225,380 |  | 4,018,289 |  |

| The average number of employees during the year was as follows:

| 30.11.25 |  | 30.11.24

| Administration | 7 |  | 7 |  |

| Processing and distribution | 54 |  | 55 |  |

61 |  | 62 |  |

| 30.11.25 |  | 30.11.24

£ | £ |

| Directors' remuneration | 30,000 |  | 30,000 |  |

6. | OPERATING PROFIT

| The operating profit is stated after charging/(crediting):

| 30.11.25 |  | 30.11.24

£ | £ |

| Hire of plant and machinery | 10,248 |  | 4,401 |  |

| Depreciation - owned assets | 1,379,325 |  | 1,374,216 |  |

| Profit on disposal of fixed assets | - |  | (24,830 | ) |

| Patents and licences amortisation | 3,066 |  | 3,065 |  |

| Auditors' remuneration | 20,000 |  | 20,000 |  |

| Auditors' remuneration for non audit work | 21,225 |  | 21,450 |  |

| Foreign exchange differences | (21,356 | ) | 185,682 |  |

7. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 30.11.25 |  | 30.11.24

£ | £ |

| Bank charges | 18,904 |  | 18,637 |  |

| Other interest | 6,284 |  | 11,472 |  |

25,188 |  | 30,109 |  |

ISME HOLDINGS LIMITED (REGISTERED NUMBER: 06779861)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 NOVEMBER 2025

8. | TAXATION

| Analysis of the tax charge

| The tax charge on the profit for the year was as follows:

| 30.11.25 |  | 30.11.24

£ | £ |

| Current tax:

| UK corporation tax | 2,011,801 |  | 2,354,419 |  |

| Deferred tax | 112,682 |  | (51,438 | ) |

| Tax on profit | 2,124,483 |  | 2,302,981 |  |

| Reconciliation of total tax charge included in profit and loss

| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

| 30.11.25 |  | 30.11.24

£ | £ |

| Profit before tax | 8,266,444 |  | 9,037,443 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2024 - 25 %) | 2,066,611 |  | 2,259,361 |  |

| Effects of:

| Expenses not deductible for tax purposes | 10,029 |  | 7,655 |  |

| Income not taxable for tax purposes | (10,556 | ) | (9,835 | ) |

| Capital allowances in excess of depreciation | (54,282 | ) | - |  |

| Depreciation in excess of capital allowances | - |  | 97,238 |  |

| Timing differences | 112,681 |  | (51,438 | ) |

| hybrid rate |

| Total tax charge | 2,124,483 |  | 2,302,981 |  |

9. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.

10. | DIVIDENDS

| 30.11.25 |  | 30.11.24

£ | £ |

| Ordinary shares of 1 each

| Interim | 9,416,196 |  | - |  |

ISME HOLDINGS LIMITED (REGISTERED NUMBER: 06779861)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 NOVEMBER 2025

11. | INTANGIBLE FIXED ASSETS

| Group

| Patents

| and

| licences

£ |

| COST

| At 1 December 2024

| and 30 November 2025 | 149,442 |  |

| AMORTISATION

| At 1 December 2024 | 18,392 |  |

| Amortisation for year | 3,066 |  |

| At 30 November 2025 | 21,458 |  |

| NET BOOK VALUE

| At 30 November 2025 | 127,984 |  |

| At 30 November 2024 | 131,050 |  |

12. | TANGIBLE FIXED ASSETS

| Group

| Freehold |  | Long |  | Plant and |  | Development |

| property |  | leasehold |  | machinery |  | costs |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 1 December 2024 | 3,605,511 |  | 2,631,979 |  | 16,020,304 |  | 12,154,319 |  | 34,412,113 |  |

| Additions | 10,050 |  | - |  | 1,461,565 |  | 725,046 |  | 2,196,661 |  |

| At 30 November 2025 | 3,615,561 |  | 2,631,979 |  | 17,481,869 |  | 12,879,365 |  | 36,608,774 |  |

| DEPRECIATION

| At 1 December 2024 | 793,908 |  | 149,145 |  | 13,074,242 |  | 5,008,897 |  | 19,026,192 |  |

| Charge for year | 188,299 |  | 105,280 |  | 782,355 |  | 303,391 |  | 1,379,325 |  |

| At 30 November 2025 | 982,207 |  | 254,425 |  | 13,856,597 |  | 5,312,288 |  | 20,405,517 |  |

| NET BOOK VALUE

| At 30 November 2025 | 2,633,354 |  | 2,377,554 |  | 3,625,272 |  | 7,567,077 |  | 16,203,257 |  |

| At 30 November 2024 | 2,811,603 |  | 2,482,834 |  | 2,946,062 |  | 7,145,422 |  | 15,385,921 |  |

| Included in cost of land and buildings is freehold land of £937,598 (2024 - £937,598) which is not depreciated.

ISME HOLDINGS LIMITED (REGISTERED NUMBER: 06779861)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 NOVEMBER 2025

13. | FIXED ASSET INVESTMENTS

| Company

| Shares in

| group

| undertakings

£ |

| COST

| At 1 December 2024

| and 30 November 2025 | 49,998 |  |

| NET BOOK VALUE

| At 30 November 2025 | 49,998 |  |

| At 30 November 2024 | 49,998 |  |

| ISME Holdings Limited owns 100% of the ordinary share capital of Irish Salt Mining and Exploration Company Limited, a trading company incorporated in Northern Ireland.

14. | STOCKS

| Group |

| 30.11.25 |  | 30.11.24 |

£ | £ |

| Stocks | 2,171,945 |  | 2,308,835 |  |

| Consumables | 776,650 |  | 773,023 |  |

2,948,595 |  | 3,081,858 |  |

| Consumables include replacement parts amounting to £389,106 (2024: £535,422).

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

| Group |

| 30.11.25 |  | 30.11.24 |

£ | £ |

| Trade debtors | 3,854,381 |  | 4,778,008 |  |

| Prepayments and accrued income | 511,093 |  | 829,480 |  |

4,365,474 |  | 5,607,488 |  |

ISME HOLDINGS LIMITED (REGISTERED NUMBER: 06779861)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 NOVEMBER 2025

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

| Group |  | Company |

| 30.11.25 |  | 30.11.24 |  | 30.11.25 |  | 30.11.24 |

£ | £ | £ | £ |

| Bank loans and overdrafts (see note 17) | - |  | 1,156 |  | - |  | - |  |

| Trade creditors | 1,015,430 |  | 823,842 |  | - |  | - |  |

| Amounts owed to group undertakings | - |  | - |  | 623 |  | 623 |  |

| Tax | 793,051 |  | 1,466,447 |  | - |  | - |  |

| Social security and other taxes | 706,324 |  | 597,361 |  | - |  | - |  |

| Directors' current accounts | 609 |  | 609 |  | 609 |  | 609 |  |

| Accruals and deferred income | 324,217 |  | 329,027 |  | - |  | - |  |

2,839,631 |  | 3,218,442 |  | 1,232 |  | 1,232 |  |

17. | LOANS

| An analysis of the maturity of loans is given below:

| Group |

| 30.11.25 |  | 30.11.24 |

£ | £ |

| Amounts falling due within one year or on | demand: |

| Bank overdrafts | - |  | 1,156 |  |

| The group has counter indemnities with the Bank of Ireland amounting to £1,514,000.

18. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Group

| Non-cancellable |

| operating leases |

| 30.11.25 |  | 30.11.24

£ | £ |

| Within one year | 105,000 |  | 95,000 |  |

| Between one and five years | 508,496 |  | 479,500 |  |

| In more than five years | 3,054,954 |  | 3,188,900 |  |

3,668,450 |  | 3,763,400 |  |

ISME HOLDINGS LIMITED (REGISTERED NUMBER: 06779861)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 NOVEMBER 2025

19. | PROVISIONS FOR LIABILITIES

| Group |

| 30.11.25 |  | 30.11.24 |

£ | £ |

| Deferred tax | 1,931,873 |  | 1,819,192 |  |

| Other provisions | 2,239,046 |  | 1,514,000 |  |

| Aggregate amounts | 4,170,919 |  | 3,333,192 |  |

| Group

| Deferred |

| tax |

£ |

| Balance at 1 December 2024 | 1,819,192 |  |

| Provided during year | 112,681 |  |

| Balance at 30 November 2025 | 1,931,873 |  |

20. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 30.11.25 |  | 30.11.24

| value: | £ | £ |

| 49,998 | Ordinary | 1 | 49,998 |  | 49,998 |  |

21. | RESERVES

| Group

| Retained

| earnings

£ |

| At 1 December 2024 | 44,221,850 |  |

| Profit for the year | 6,141,961 |  |

| Dividends | (9,416,196 | ) |

| At 30 November 2025 | 40,947,615 |  |

ISME HOLDINGS LIMITED (REGISTERED NUMBER: 06779861)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 NOVEMBER 2025

21. | RESERVES - continued

| Company

| Retained

| earnings

£ |

| At 1 December 2024 | (443 | ) |

| Profit for the year | 9,416,039 |  |

| Dividends | (9,416,196 | ) |

| At 30 November 2025 | (600 | ) |

22. | PENSION COMMITMENTS

| The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £136,466 (2024: £133,726).

23. | CONTINGENT LIABILITIES

| There were no contingent liabilities at the balance sheet date.

24. | ULTIMATE CONTROLLING PARTY

| The ultimate controlling party is Ms S Mahoney.