Company registration number 12465612 (England and Wales)
STILLER HOLDINGS LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
STILLER HOLDINGS LTD
COMPANY INFORMATION
Director
Mr M P Stiller
Company number
12465612
Registered office
Stiller Warehousing
Ridgeway
Aycliffe Business Park
Newton Aycliffe
County Durham
DL5 6SP
Auditor
Azets Audit Services
Bulman House
Regent Centre
Gosforth
Newcastle upon Tyne
NE3 3LS
Bankers
HSBC Bank Plc
60 Albert Road
Middlesbrough
TS1 1RS
Solicitors
Sintons LLP
The Cube
Barrack Road
Newcastle
NE4 6DB
STILLER HOLDINGS LTD
CONTENTS
Page
Strategic report
1 - 3
Director's report
4
Director's responsibilities statement
5
Independent auditor's report
6 - 9
Group income statement
10
Group statement of comprehensive income
11
Group statement of financial position
12
Company statement of financial position
13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Notes to the financial statements
17 - 36
STILLER HOLDINGS LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

The director presents the strategic report for the year ended 31 December 2025.

Principal activities

The principal activities of the Group are the provision of warehousing, distribution and contract packing services throughout the United Kingdom.

Fair review of the business

The Directors are pleased to report another strong year of trading for the Group. Revenue growth across the Group's core service lines, combined with continued focus on operational efficiency and customer service, has contributed to a robust financial performance during the year.

The Group remains financially strong, with net assets increasing to £6.90 million (2024: £6.20 million). This strong financial position provides a solid platform to support planned capital investment and future growth initiatives during 2026.

Key Performance Indicators

| 2025 | 2024
Turnover £ | 24,505,467 | 23,293,676
Employees | 216 | 206
Net current assets £ | 4,330,155 | 4,003,130
Net assets £ | 6,904,754 | 6,015,200

Business Environment

The Distribution Division delivered a strong performance in 2025, with revenue increasing by 10.8% to £16.94 million. Growth was driven primarily by increased activity within the pallet distribution networks and supported by a broad and diversified customer base.

The Warehousing Division reported revenue of £4.23 million, representing growth of 3% compared with the previous year. Continued growth within existing customer contracts and sustained demand for warehousing services contributed to this performance. The division's diverse customer portfolio reduces reliance on any single customer, sector or industry and supports resilience during changing market conditions.

The Group's Contract Packing operation, established in 2023, continued to develop during the year and secured additional contracts that are expected to support further growth and expansion during 2026.

The Group maintains membership of key industry bodies including the Road Haulage Association, the United Kingdom Warehousing Association and the North East Chamber of Commerce. These memberships provide access to industry expertise, best practice guidance and legislative updates relevant to the Group's operations.

STILLER HOLDINGS LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -

Quality, Safety and Environmental Management

The Group is committed to maintaining the highest standards of quality, health and safety, and environmental responsibility across all areas of its operations.

The Group continues to hold ISO 9001, ISO 14001 and ISO 45001 certifications, demonstrating its commitment to quality management, environmental management and occupational health and safety.

The effectiveness of the Group's safety management systems continues to be recognised externally, having achieved the RoSPA Gold Award for health and safety performance.

The Directors remain committed to continuous improvement and regularly review operational processes, safety performance and environmental initiatives to ensure standards are maintained and enhanced.

Employees

The Group's employees remain fundamental to its continued success. The Directors are committed to providing a safe, inclusive and supportive working environment whilst investing in employee development, wellbeing and skills enhancement.

Employee engagement, training and retention continue to be important priorities as the Group develops its workforce to support long-term growth objectives and maintain high levels of customer service.

Control and Performance Management

The Group operates a comprehensive performance management framework supported by financial, operational, service, health and safety, and environmental key performance indicators.

The Board regularly reviews business performance against strategic objectives and an annually approved Business Plan. Operational and financial performance is monitored throughout the year, enabling management to respond effectively to changing market conditions and business requirements.

This disciplined approach supports informed decision-making and ensures appropriate focus on profitability, customer service, operational efficiency and compliance.

Principal Risks and Uncertainties

As with all businesses operating within the logistics sector, the Group is exposed to a range of commercial, operational and financial risks.

Key risks include:

- Economic conditions affecting customer demand.

- Fuel price volatility.

- Recruitment and retention of skilled employees.

- Regulatory and legislative changes.

- Information technology and cyber security risks.

- Supply chain disruption and equipment availability.

The Directors regularly review these risks and have appropriate procedures in place to minimise their potential impact.

Fuel surcharge mechanisms are incorporated within customer agreements where appropriate to mitigate fluctuations in fuel costs. The Group also maintains a flexible fleet structure, utilising a combination of owned, leased and short-term hire vehicles to respond effectively to changes in customer demand.

Financial risk is further mitigated through prudent treasury management and the use of fixed-rate borrowing arrangements.

STILLER HOLDINGS LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -
Strategy and Future Developments

The Group operates within a clearly defined strategic framework underpinned by its Mission, Vision and Values. The key priorities of the business remain customer service, profitability, compliance and integrity.

Customer service remains central to the Group's strategy, with ongoing focus placed on delivering reliable and responsive logistics solutions to customers throughout the UK.

The Group's growth strategy continues to focus on expanding revenue within its core warehousing and distribution operations whilst further developing complementary services, including contract packing.

The Board remains committed to investing in facilities, fleet, equipment and technology to enhance efficiency, improve service quality and support future growth. Planned capital expenditure during 2026 will ensure the business remains well positioned to meet customer requirements and capitalise on future opportunities.

Sustainability

The Group recognises its responsibility to minimise the environmental impact of its operations. Investment in fleet efficiency, energy management initiatives and waste reduction programmes continues to form part of the Group's long-term strategy. The Board remains committed to identifying opportunities to improve environmental performance whilst maintaining operational excellence.

On behalf of the board

Mr M P Stiller
Director
18 August 2026
STILLER HOLDINGS LTD
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -

The director presents his annual report and financial statements for the year ended 31 December 2025.

Director

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

Mr M P Stiller

Financial risk management objectives and policies

The company has an established, structured approach to risk management. The company's activities expose it to a variety of financial risks, including the effects of credit, liquidity and cash flow, and interest rate risks. The company is not exposed to foreign exchange risk. The company has adopted risk management policies that seek to mitigate these risks in a cost effective manner. Financial assets that expose the company to financial risk consist primarily of trade debtors and cash. Financial liabilities that expose the company to financial risk consist principally of trade creditors and hire purchase creditors.

Credit risk is the risk of loss in the value of financial assets due to counterparties failing to meet all or part of their obligations. The company performs ongoing credit evaluation of its customers' financial condition and manages credit facilities accordingly.

Liquidity risk is the risk that the company does not have sufficient liquid assets to meet its obligations as they fall due. Liquidity is maintained at a prudent level and the company ensures there is an adequate liquidity buffer to cover contingencies. The company maintains sufficient cash and open committed credit lines from its bankers and finance providers to meet its funding requirements.

Interest rate risks with regard to unfavourable movements in interest rates is not perceived as being material to the accounts due to the fixed rate borrowings in place.

Future developments

See disclosures within the Strategic Report regarding future developments of the company.

Going concern

The financial statements have been formulated based on a going concern assumption.

The Company satisfies its regular working capital needs using the cash flow generated from daily operations.

Given the company's financial resources, the directors are confident that the company can sustain operational activities for at least twelve months from the date of signing the financial statements. Consequently, the directors affirm that the preparation of the financial statements based on a going concern assumption remains valid.

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware

Reappointment of auditors

In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Azets Audit Services as auditors of the company is to be proposed at the forthcoming Annual General Meeting.

On behalf of the board
Mr M P Stiller
Director
18 August 2026
STILLER HOLDINGS LTD
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 5 -

The director is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STILLER HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF STILLER HOLDINGS LTD
- 6 -
Opinion

We have audited the financial statements of Stiller Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the group income statement, the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows 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 group's and the parent company's affairs as at 31 December 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 director's 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 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 director 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 director is 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:

- T he information given in the strategic report and the director's 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 director's report have been prepared in accordance with applicable legal requirements.

STILLER HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF STILLER HOLDINGS LTD
- 7 -
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 their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the director's 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 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 director

As explained more fully in the director's r esponsibilities s tatement, the director is 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 director determines 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 director is responsible for assessing 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 director either intends to liquidate the parent company or to cease operations, or has 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.

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

STILLER HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF STILLER HOLDINGS LTD
- 8 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

We identified the following applicable laws and regulations as those most likely to have a material impact on the financial statements: Health and Safety; Compliance with ISO accreditations; employment law (including the Working Time Directive); and compliance with UK Companies Act.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;

- Reviewing minutes of meetings of those charged with governance;

- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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.

STILLER HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF STILLER HOLDINGS LTD
- 9 -
Graham Fitzgerald BA FCA DChA (Senior Statutory Auditor)
For and on behalf of Azets Audit Services, Statutory Auditor
Chartered Accountants
Bulman House
Regent Centre
Gosforth
Newcastle upon Tyne
NE3 3LS
18 August 2026
STILLER HOLDINGS LTD
GROUP INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 10 -
2025
2024
Notes
£
£
Turnover
3
24,505,467
23,293,676
Cost of sales
(18,292,869)
(16,009,701)
Gross profit
6,212,598
7,283,975
Administrative expenses
(5,060,790)
(5,813,923)
Other operating income
154,595
151,280
Operating profit
4
1,306,403
1,621,332
Interest receivable and similar income
8
71,109
75,712
Interest payable and similar expenses
9
(143,112)
(188,103)
Profit before taxation
1,234,400
1,508,941
Tax on profit
10
(344,846)
(380,459)
Profit for the financial year
889,554
1,128,482
Profit for the financial year is all attributable to the owners of the parent company.

The income statement has been prepared on the basis that all operations are continuing operations.

STILLER HOLDINGS LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
2025
2024
£
£
Profit for the year
889,554
1,128,482
Other comprehensive income
-
-
Total comprehensive income for the year
889,554
1,128,482
Total comprehensive income for the year is all attributable to the owners of the parent company.
STILLER HOLDINGS LTD
GROUP STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2025
31 December 2025
- 12 -
2025
2024
Notes
£
£
£
£
Fixed assets
Goodwill
12
646,993
802,271
Tangible assets
13
4,429,680
4,647,311
Investments
14
21,465
21,465
5,098,138
5,471,047
Current assets
Stocks
16
14,719
16,317
Debtors
17
5,222,134
5,291,984
Cash at bank and in hand
3,229,515
2,689,802
8,466,368
7,998,103
Creditors: amounts falling due within one year
18
(4,136,213)
(3,994,973)
Net current assets
4,330,155
4,003,130
Total assets less current liabilities
9,428,293
9,474,177
Creditors: amounts falling due after more than one year
19
(1,549,878)
(2,401,810)
Provisions for liabilities
Deferred tax liability
22
973,661
1,057,167
(973,661)
(1,057,167)
Net assets
6,904,754
6,015,200
Capital and reserves
Called up share capital
25
1
1
Profit and loss reserves
6,904,753
6,015,199
Total equity
6,904,754
6,015,200

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved and signed by the director and authorised for issue on 18 August 2026
18 August 2026
Mr M P Stiller
Director
Company registration number 12465612 (England and Wales)
STILLER HOLDINGS LTD
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
31 December 2025
- 13 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
14
6,037,833
6,037,833
6,037,833
6,037,833
Current assets
Debtors
17
1
1
Cash at bank and in hand
1,018,564
510,630
1,018,565
510,631
Creditors: amounts falling due within one year
18
(458,563)
(450,310)
Net current assets
560,002
60,321
Total assets less current liabilities
6,597,835
6,098,154
Creditors: amounts falling due after more than one year
19
(848,805)
(1,128,057)
Net assets
5,749,030
4,970,097
Capital and reserves
Called up share capital
25
1
1
Profit and loss reserves
5,749,029
4,970,096
Total equity
5,749,030
4,970,097

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £778,934 (2024 - £1,859,924 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved and signed by the director and authorised for issue on 18 August 2026
18 August 2026
Mr M P Stiller
Director
Company registration number 12465612 (England and Wales)
STILLER HOLDINGS LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 14 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2024
1
4,949,217
4,949,218
Year ended 31 December 2024:
Profit and total comprehensive income
-
1,128,482
1,128,482
Dividends
11
-
(62,500)
(62,500)
Balance at 31 December 2024
1
6,015,199
6,015,200
Year ended 31 December 2025:
Profit and total comprehensive income
-
889,554
889,554
Balance at 31 December 2025
1
6,904,753
6,904,754
STILLER HOLDINGS LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 15 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2024
1
3,172,672
3,172,673
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
1,859,924
1,859,924
Dividends
11
-
(62,500)
(62,500)
Balance at 31 December 2024
1
4,970,096
4,970,097
Year ended 31 December 2025:
Profit and total comprehensive income
-
778,933
778,933
Balance at 31 December 2025
1
5,749,029
5,749,030
STILLER HOLDINGS LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 16 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
30
2,876,854
2,162,954
Income taxes paid
(367,524)
-
0
Net cash inflow from operating activities
2,509,330
2,162,954
Investing activities
Purchase of tangible fixed assets
(939,634)
(501,189)
Proceeds from disposal of tangible fixed assets
96,451
721,699
Interest received
48,375
59,111
Dividends received
22,538
16,601
Net cash (used in)/generated from investing activities
(772,270)
296,222
Financing activities
Repayment of borrowings
(273,435)
(1,470,000)
Payment of finance leases obligations
(780,800)
(909,045)
Interest paid
(143,112)
(104,927)
Dividends paid to equity shareholders
-
0
(63,500)
Net cash used in financing activities
(1,197,347)
(2,547,472)
Net increase/(decrease) in cash and cash equivalents
539,713
(88,296)
Cash and cash equivalents at beginning of year
2,689,802
2,778,098
Cash and cash equivalents at end of year
3,229,515
2,689,802
STILLER HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 17 -
1
Accounting policies
Company information

Stiller Holdings Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Stiller Warehousing, Ridgeway, Aycliffe Business Park, Newton Aycliffe, County Durham, DL5 6SP.

The group consists of Stiller Holdings Ltd and all of its subsidiaries.

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, except that as disclosed in the accounting policies, certain items are shown at fair value. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The company has taken advantage of the exemption available under paragraph 33.1A of FRS 102 and does not disclose related party transactions with members of the same group that are wholly owned.

1.2
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

STILLER HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 18 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Stiller Holdings Ltd together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 December 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group statement of financial position at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

The financial statements have been formulated based on a going concern assumption.

The group satisfies its regular working capital needs using the cash flow generated from daily operations.

Given the group's financial resources, the directors are confident that the group can sustain operational activities for at least twelve months from the date of signing the financial statements. Consequently, the directors affirm that the preparation of the financial statements based on a going concern assumption remains valid.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services 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 discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have 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 or to be incurred in respect of the transaction can be measured reliably.

STILLER HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 19 -
1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
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:

Plant and machinery
33% on cost
Fixtures and fittings
8% - 50% on cost
Office equipment
10% - 33% on cost
Motor Vehicles
10% - 50% on cost

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 recognised in the income statement.

1.8
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

STILLER HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 20 -

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the g roup’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

In the parent c ompany financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible 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.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

STILLER HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 21 -
1.10
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 profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.12
Financial instruments

The group 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 group's statement of financial position when the group becomes party to the contractual provisions of the instrument.

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.

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 m ethod 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

STILLER HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 22 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 group after deducting all of its liabilities.

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. Amounts 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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

STILLER HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 23 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group 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 group.

1.14
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 income statement 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 group’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 income statement, 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 if, and only if, there is 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.

1.15
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.

1.16
Retirement benefits

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

STILLER HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 24 -
1.17
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss 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 d asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.18
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.19
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The director has classified the building and certain vehicle leases of the group as operating leases, on the grounds that the risks and rewards attached to the leasing arrangements are not considered to be substantially transferred to the group. All other leases are treated as hire purchase leases as the risks and rewards are held by the group.

STILLER HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 25 -
3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Warehousing & distribution
23,265,531
21,935,117
Contract packing
1,239,936
1,358,559
24,505,467
23,293,676
2025
2024
£
£
Turnover analysed by geographical market
UK
24,328,754
23,059,259
Europe
134,140
140,882
Rest of world
42,573
93,535
24,505,467
23,293,676
2025
2024
£
£
Other revenue
Interest income
48,571
59,111
Dividends received
22,538
16,601
Grants received
26,633
1,949
Rental income
127,962
149,331
4
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses
42
-
Government grants
(26,633)
(1,949)
Depreciation of owned tangible fixed assets
1,040,297
1,116,864
Loss/(profit) on disposal of tangible fixed assets
20,517
(264,771)
Amortisation of intangible assets
155,278
155,278
Operating lease charges
2,704,869
1,569,231
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 group and company
6,100
5,000
Audit of the financial statements of the company's subsidiaries
13,500
11,000
19,600
16,000
STILLER HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
5
Auditor's remuneration
(Continued)
- 26 -
For other services
Taxation compliance services
2,150
2,660
All other non-audit services
1,150
2,300
3,300
4,960
6
Employees

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

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Production
168
159
-
-
Administration and support
48
47
-
-
Total
216
206
0
0

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
7,388,181
6,838,175
-
0
-
0
Social security costs
871,448
672,690
-
-
Pension costs
278,689
269,335
-
0
-
0
8,538,318
7,780,200
-
0
-
0
7
Director's remuneration
2025
2024
£
£
Remuneration for qualifying services
12,000
10,625
Company pension contributions to defined contribution schemes
60,000
60,000
72,000
70,625
STILLER HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 27 -
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
48,375
59,111
Other interest income
196
-
Total interest revenue
48,571
59,111
Other income from investments
Dividends received
22,538
16,601
Total income
71,109
75,712
9
Interest payable and similar expenses
2025
2024
£
£
Other interest on financial liabilities
46,564
83,177
Interest on finance leases and hire purchase contracts
96,548
104,926
Total finance costs
143,112
188,103
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
425,175
141,346
Deferred tax
Origination and reversal of timing differences
(83,506)
232,366
Adjustment in respect of prior periods
3,177
6,747
Total deferred tax
(80,329)
239,113
Total tax charge
344,846
380,459
STILLER HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
10
Taxation
(Continued)
- 28 -

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
1,234,400
1,508,941
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
308,600
377,235
Tax effect of expenses that are not deductible in determining taxable profit
6,945
36,875
Tax effect of income not taxable in determining taxable profit
(6,658)
(4,150)
Change in unrecognised deferred tax assets
-
0
(13,550)
Adjustments in respect of prior years
3,176
6,747
Effect of change in corporation tax rate
-
42,557
Group relief
-
0
847
Fixed asset adjustments
-
0
(66,102)
Exempt distribution income
33,186
-
0
Tax credits
(403)
-
0
Taxation charge
344,846
380,459
11
Dividends
2025
2024
Recognised as distributions to equity holders:
£
£
Final paid
-
62,500
12
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 January 2025 and 31 December 2025
1,552,782
Amortisation and impairment
At 1 January 2025
750,511
Amortisation charged for the year
155,278
At 31 December 2025
905,789
Carrying amount
At 31 December 2025
646,993
At 31 December 2024
802,271
The company had no intangible fixed assets at 31 December 2025 or 31 December 2024.
STILLER HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
12
Intangible fixed assets
(Continued)
- 29 -
13
Tangible fixed assets
Group
Plant and machinery
Fixtures and fittings
Office equipment
Motor Vehicles
Total
£
£
£
£
£
Cost
At 1 January 2025
728,156
481,386
15,384
6,616,446
7,841,372
Additions
206,444
52,828
40,304
640,058
939,634
Disposals
(53,919)
-
0
-
0
(268,063)
(321,982)
At 31 December 2025
880,681
534,214
55,688
6,988,441
8,459,024
Depreciation and impairment
At 1 January 2025
530,968
405,516
15,384
2,242,193
3,194,061
Depreciation charged in the year
162,122
36,495
8,621
833,059
1,040,297
Eliminated in respect of disposals
(52,029)
-
0
-
0
(152,985)
(205,014)
At 31 December 2025
641,061
442,011
24,005
2,922,267
4,029,344
Carrying amount
At 31 December 2025
239,620
92,203
31,683
4,066,174
4,429,680
At 31 December 2024
197,188
75,870
-
0
4,374,253
4,647,311
The company had no tangible fixed assets at 31 December 2025 or 31 December 2024.

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2025
2024
2025
2024
£
£
£
£
Plant and machinery
-
0
64,336
-
0
-
0
Motor Vehicles
2,528,181
3,330,978
-
0
-
0
2,528,181
3,395,314
-
-
STILLER HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 30 -
14
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
6,037,833
6,037,833
Unlisted investments
21,465
21,465
-
0
-
0
21,465
21,465
6,037,833
6,037,833
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 January 2025 and 31 December 2025
21,465
Carrying amount
At 31 December 2025
21,465
At 31 December 2024
21,465

The above represents an investment in Palletline Limited, a private limited company.

Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2025 and 31 December 2025
6,037,833
Carrying amount
At 31 December 2025
6,037,833
At 31 December 2024
6,037,833
15
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
Stiller Warehousing & Distribution Limited
Stiller Warehousing, Ridgeway, Aycliffe Business Park, Newton Aycliffe, County Durham, DL5 6SP
Ordinary
100.00
Stiller Warehousing Ltd
Stiller Warehousing, Ridgeway, Aycliffe Business Park, Newton Aycliffe, County Durham, DL5 6SP
Ordinary
100.00
STILLER HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
15
Subsidiaries
(Continued)
- 31 -

Stiller Warehousing Ltd is a wholly owned subsidiary of Stiller Warehousing & Distribution Limited.

Subsidiary undertakings

S tiller Warehousing & Distributions Limited

The principal activity of Stiller Warehousing & Distribution Limited is warehousing and distribution.

Stiller Warehousing Ltd

The principal activity of Stiller Warehousing Ltd is that of a dormant company.

16
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Finished goods and goods for resale
14,719
16,317
-
0
-
0
17
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
4,168,334
4,226,494
-
0
-
0
Other debtors
196
94,451
1
1
Prepayments and accrued income
1,053,604
971,039
-
0
-
0
5,222,134
5,291,984
1
1
18
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Obligations under finance leases
21
571,997
780,117
-
0
-
0
Other borrowings
20
448,744
442,927
448,744
442,927
Trade creditors
1,545,370
1,339,048
-
0
-
0
Corporation tax payable
202,174
141,346
1,275
63
Other taxation and social security
849,556
797,862
-
0
-
0
Deferred income
23
19,499
1,038
-
0
-
0
Other creditors
109,373
91,338
-
0
-
0
Accruals and deferred income
389,500
401,297
8,544
7,320
4,136,213
3,994,973
458,563
450,310
STILLER HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 32 -
19
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Obligations under finance leases
21
701,073
1,273,753
-
0
-
0
Other borrowings
20
848,805
1,128,057
848,805
1,128,057
1,549,878
2,401,810
848,805
1,128,057

Other borrowings are payable in annual instalments of £320,000. Interest on these borrowings is accrued at a variable rate linked to base rate and is payable with the final instalment.

20
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Other loans
1,297,549
1,570,984
1,297,549
1,570,984
Payable within one year
448,744
442,927
448,744
442,927
Payable after one year
848,805
1,128,057
848,805
1,128,057

Borrowings consist of loan notes, repayment of which is based on certain milestones. Interest is payable at a commercial rate linked to the base rate. Loan notes are secured by way of fixed and floating charges over the assets of the company and its subsidiaries.

21
Finance lease obligations
Group
Company
2025
2024
2025
2024
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
571,997
780,117
-
0
-
0
In two to five years
701,073
1,273,753
-
0
-
0
1,273,070
2,053,870
-
-

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments. Finance lease liabilities are secured over the assets to which they relate.

STILLER HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 33 -
22
Deferred taxation

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

Liabilities
Liabilities
2025
2024
Group
£
£
Accelerated capital allowances
1,069,804
1,140,213
Short term timing differences
(96,143)
(83,046)
973,661
1,057,167
The company has no deferred tax assets or liabilities.
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 January 2025
1,057,167
-
Credit to profit or loss
(83,506)
-
Liability at 31 December 2025
973,661
-

The deferred tax asset set out above is expected to reverse within 12 months and relates to the utilisation of tax losses against future expected profits of the same period. T he 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.

23
Deferred income
Group
Company
2025
2024
2025
2024
£
£
£
£
Arising from government grants
19,013
1,038
-
-
Other deferred income
486
-
-
-
19,499
1,038
-
-
24
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
278,689
269,335

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

STILLER HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
24
Retirement benefit schemes
(Continued)
- 34 -

Contributions totalling £25,170 (2024 - £11,260) were payable to the scheme at the end of the year and are included in creditors.

25
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
26
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2025
2024
2025
2024
£
£
£
£
Within one year
1,693,362
1,462,546
-
-
Between two and five years
3,469,261
4,582,287
-
-
5,162,623
6,044,833
-
-
27
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2025
2024
2025
2024
£
£
£
£
Acquisition of tangible fixed assets
-
452,289
-
-
28
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2025
2024
£
£
Aggregate compensation
449,728
417,329
STILLER HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
28
Related party transactions
(Continued)
- 35 -
Other information

During the year, the group recharged goods and services to the value of £9,438 (202 4: £16,037) to G Stiller (Transport) Limited SSAS and at the year end G Stiller (Transport) Limited SSAS owed £Nil (202 4: £Nil) to the group. The group paid rent to the value of £1,317,871 (202 4: £1,221,828 ) to G Stiller (Transport) Limited SSAS, at the year end the group owed £Nil (202 4: £Nil) to G Stiller (Transport) Limited SSAS.

During the year the group received the value of £7,200 (202 4: £Nil) from Rogsen Limited and there were no other related party balances or transactions in the current year. Rogsen Limited is controlled by Mr M P Stiller.

During the year the group received dividends from the investment in Palletline Limited of £22,538 (2024: £16,601).

As part of the 2020 acquisition of Stiller Warehousing & Distribution Limited, loan notes with a principal amount of £2,300,000 and £2,400,000 were issued to Mr P W Stiller and the Stiller Family Discretionary Trust respectively. During the period, interest of £46,564 (2024 - £83,176) was accrued and is included along with the principal borrowing at the period end. During the period, repayments of £nil (2024 - £600,000) were made to Mr P W Stiller and £320,000 (2024 - £870,000) to the Stiller Family Discretionary Trust. At year end the amounts outstanding were £128,744 (2024 - £128,743) and £1,168,804 (2024 - £1,442,241) owed to Mr P W Stiller and the Stiller Family Discretionary Trust respectively.

During the year, the group paid a dividend of £nil (2024 - £63,500) to Mr M P Stiller.

29
Controlling party

The company is controlled by Mr M P Stiller.

30
Cash generated from group operations
2025
2024
£
£
Profit for the year after tax
889,554
1,128,482
Adjustments for:
Taxation charged
344,846
380,459
Finance costs
143,112
188,103
Investment income
(71,109)
(75,712)
Loss/(gain) on disposal of tangible fixed assets
20,517
(264,771)
Amortisation and impairment of intangible assets
155,278
155,278
Depreciation and impairment of tangible fixed assets
1,040,297
1,116,864
Movements in working capital:
Decrease/(increase) in stocks
1,598
(8,488)
Decrease/(increase) in debtors
70,046
(615,443)
Increase in creditors
264,254
160,131
Increase/(decrease) in deferred income
18,461
(1,949)
Cash generated from operations
2,876,854
2,162,954
STILLER HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 36 -
31
Analysis of changes in net funds/(debt) - group
1 January 2025
Cash flows
Non-cash movements
31 December 2025
£
£
£
£
Cash at bank and in hand
2,689,802
539,713
-
3,229,515
Borrowings excluding overdrafts
(1,570,984)
356,611
(83,176)
(1,297,549)
Obligations under finance leases
(2,053,870)
780,800
-
(1,273,070)
(935,052)
1,677,124
(83,176)
658,896
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