Company registration number 16091777 (England and Wales)
ANIMAL NUTRITION & HEALTH (UK) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
ANIMAL NUTRITION & HEALTH (UK) LIMITED
COMPANY INFORMATION
Directors
Thomas McGuckian
(Appointed 20 November 2024)
Daniel Schmidli
(Appointed 20 November 2024)
Judith Walker
(Appointed 20 November 2024)
Company number
16091777
Registered office
Heanor Gate
Delves Road
Heanor
Derbyshire
DE75 7SG
Auditor
Azets Audit Services
Ship Canal House
98 King Street
Manchester
M2 4WU
ANIMAL NUTRITION & HEALTH (UK) LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Profit and loss account
8
Balance sheet
9 - 10
Statement of changes in equity
11
Notes to the financial statements
12 - 22
ANIMAL NUTRITION & HEALTH (UK) LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2025
- 1 -

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

Review of the business

2025 represented an important milestone for the Company as it completed its first six months of trading following the separation and carve-out of the Animal Nutrition & Health (ANH) business from DSM Nutritional Products (UK) Limited.

Although ANH UK commenced trading as a separate legal entity during 2025, the Company represents the continuation of a long-established Animal Nutrition & Health business in the United Kingdom. The transfer included employees, manufacturing operations, customer relationships, products, inventories, fixed assets and other business activities required to ensure continuity of operations.

The Company's primary manufacturing operations are located in Heanor, Derbyshire, serving customers across the United Kingdom and Ireland. During the period, management's principal focus was the successful implementation of the ANH carve-out program while maintaining business continuity, customer service and operational performance.

The directors are pleased that the transition was completed without material disruption to customers, suppliers or manufacturing operations. Customer retention remained strong throughout the period and the business continued to operate in line with expectations, reflecting the commitment of employees and the effectiveness of the separation program.

Alongside the separation activities, the Company continued investing in its manufacturing infrastructure, including the ongoing Process Control System (PCS) upgrade at the Heanor site and associated operational improvements.

Overall, the directors consider the Company's first trading period to have been successful and believe the business is well positioned for future growth.

Principal risks and uncertainties

The principal risks facing the Company include:

Business Transformation Risk

The continued separation from legacy systems, processes and organisational structures requires careful management to ensure business continuity and operational effectiveness.

Supply Chain Risk

The Company relies on a global supply network for raw materials and finished goods. Availability constraints, logistics disruptions and commodity price volatility may impact future performance.

Regulatory and Compliance Risk

The Company operates within a highly regulated industry and remains subject to product quality, environmental, customs, taxation and employment regulations.

Operational Risk

Manufacturing activities are exposed to risks associated with equipment reliability, health and safety, production continuity and operational efficiency. The Company continues to invest in maintenance, infrastructure and capital projects to mitigate these risks.

Financial and Liquidity Risk

The Company maintains a prudent approach to financial management and liquidity monitoring. During the reporting period, the Company benefited from the financial strength, governance and support of the wider dsm-firmenich group, a global organisation with substantial resources and established funding capabilities. The directors are satisfied that the Company has adequate resources to meet its obligations and continue as a going concern. Cash flow and working capital requirements are actively monitored as part of the Company's normal business processes.

ANIMAL NUTRITION & HEALTH (UK) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
- 2 -
Development and performance

During 2025, dsm-firmenich announced an agreement for the sale of the Animal Nutrition & Health business to funds advised by CVC Capital Partners, subject to customary regulatory approvals and completion conditions.

The directors believe the proposed transaction will provide the business with a dedicated ownership structure, continued access to investment and a clear strategic focus on the Animal Nutrition & Health sector. CVC Capital Partners is a well-established international investment firm with significant experience in supporting long-term business development and growth.

During the reporting period, the Company benefited from the support and financial strength of the wider dsm-firmenich group. Following completion of the proposed transaction, the directors expect the business to continue benefiting from strong shareholder backing and access to the resources required to support its strategic objectives, future investments and continued growth.

The Company remains focused on customer service, manufacturing excellence, operational efficiency and sustainable growth. Building on the successful completion of its initial separation activities, the directors remain confident in the long-term prospects of the business.

Key performance indicators

The directors monitor a range of financial and operational indicators to assess business performance and support decision-making. Key performance indicators include:

- Revenue and gross margin performance

- EBITDA and operating profitability

- Cash generation and working capital management

- Inventory levels and stock availability

- Production volumes and manufacturing efficiency

- Customer service and on-time delivery performance

- Health, Safety, Environment and Quality (SHEQ) performance

- Capital expenditure and strategic investment performance

- Cost control and monthly monitoring of operating expenditure

These measures are reviewed regularly by management to support operational stability, efficient use of resources and delivery of the Company's strategic objectives.

Other information and explanations

The financial statements represent the first statutory accounts of Animal Nutrition & Health (UK) Limited following the transfer of the UK Animal Nutrition & Health business into the Company as part of the wider carve-out program.

During the period, the Company continued to undertake significant capital investment projects, most notably the Heanor Process Control System upgrade and associated infrastructure improvements. Certain projects remained ongoing at the reporting date and are expected to contribute to future operational efficiency and manufacturing capability.

On behalf of the board

Judith Walker
Director
20 August 2026
ANIMAL NUTRITION & HEALTH (UK) LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2025
- 3 -

The directors present their annual report and financial statements for the period ended 31 December 2025.

Principal activities

The principal activities of the Company during the period were the manufacture and sale of premixtures and complementary mineral feeds used in animal nutrition.

Results and dividends

The results for the period are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

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

Thomas McGuckian
(Appointed 20 November 2024)
Daniel Schmidli
(Appointed 20 November 2024)
Judith Walker
(Appointed 20 November 2024)
Qualifying third party indemnity provisions

The Company has made qualifying third party indemnity provisions for the benefit of its directors during the period. These provisions remain in force at the reporting date.

Financial instruments
Liquidity Risk

The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the Company has sufficient liquid resources to meet the operating needs of the business.

Interest rate risk

The Company is exposed to fair value interest rate risk on its fixed rate borrowings with a Group Company. The Company uses a fixed interest rate plus a variable margin on its borrowings to reduce the impact of base rate increases.

Foreign currency risk

The Company’s principal foreign currency exposures arise from trading with overseas companies. Company policy permits but does not demand that these exposures may be hedged in order to protect from exchange rate risks.

Credit risk

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade Debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

Post reporting date events

The directors are not aware of any significant events occurring between the balance sheet date and the date of approval of these financial statements which would require adjustment to, or disclosure in, the financial statements.

Future developments

Any indication of likely future developments in the business and significant events which have occurred since the end of the financial year have been included within the Strategic Report.

ANIMAL NUTRITION & HEALTH (UK) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
- 4 -
Auditor

Azets Audit Services were appointed as auditor to the Company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, International Accounting Standard 1 requires that directors:

- properly select and apply accounting policies;

- present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information;

- provide additional disclosures when compliance with the specific requirements in IFRSs are insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity's financial position and financial performance; and

- make an assessment of the Company's ability to continue as a going concern.

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

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the C ompany’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the C ompany’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Judith Walker
Director
20 August 2026
ANIMAL NUTRITION & HEALTH (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ANIMAL NUTRITION & HEALTH (UK) LIMITED
- 5 -
Opinion

We have audited the financial statements of Animal Nutrition & Health (UK) Limited (the 'Company') for the period ended 31 December 2025 which comprise the profit and loss account, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 Reduced Disclosure Framework (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the Company's affairs as at 31 December 2025 and of its profit for the period then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Material uncertainty related to going concern

The shareholders of the Company have commenced discussions regarding an expected sale of the Company to funds advised by CVC Capital Partners, subject to customary regulatory approvals and completion conditions. The directors understand that the proposed transaction is intended to provide the business with a dedicated ownership structure, continued access to investment and a clear strategic focus on the Animal Nutrition & Health sector. The directors have received no indication that the proposed change in ownership is expected to result in any significant changes to the Company's principal operations. However, as completion remains subject to the usual approvals and completion conditions, these circumstances indicate the existence of a material uncertainty which may cast significant doubt on the Company's ability to continue as a going concern. The financial statements do not include the adjustments that would result if the Company were unable to continue as a going concern. Our opinion is not modified in respect of this matter.

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.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

ANIMAL NUTRITION & HEALTH (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ANIMAL NUTRITION & HEALTH (UK) LIMITED (CONTINUED)
- 6 -

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the strategic report and the directors' r eport for the financial period for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the C ompany and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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

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

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the C ompany's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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.

ANIMAL NUTRITION & HEALTH (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ANIMAL NUTRITION & HEALTH (UK) LIMITED (CONTINUED)
- 7 -

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.

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 C ompany 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.

Andrew Reddington (Senior Statutory Auditor)
For and on behalf of Azets Audit Services, Statutory Auditor
Chartered Accountants
Ship Canal House
98 King Street
Manchester
M2 4WU
20 August 2026
ANIMAL NUTRITION & HEALTH (UK) LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 31 DECEMBER 2025
- 8 -
Period
ended
31 December
2025
Notes
£
Turnover
3
32,811,076
Cost of sales
(27,221,955)
Gross profit
5,589,121
Administrative expenses
(3,707,105)
Exceptional items
4
(216,000)
Operating profit
5
1,666,016
Interest receivable and similar income
8
113,409
Interest payable and similar expenses
9
(169,019)
Profit before taxation
1,610,406
Tax on profit
10
(852,876)
Profit and total comprehensive income for the financial period
757,530
ANIMAL NUTRITION & HEALTH (UK) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 9 -
2025
Notes
£
£
Non-current assets
Intangible assets - goodwill
11
860,000
Tangible fixed assets
12
4,499,836
5,359,836
Current assets
Stocks
13
7,801,540
Debtors
14
24,035,943
Cash at bank and in hand
427,521
32,265,004
Creditors: amounts falling due within one year
Creditors
15
22,243,307
Current tax liabilities
508,085
22,751,392
Net current assets
9,513,612
Total assets less current liabilities
14,873,448
Creditors: amounts falling due after more than one year
16
(12,970,099)
Provisions for liabilities
Deferred tax liabilities
17
(344,791)
Net assets
1,558,558
Capital and reserves
Called up share capital
19
1
Share premium account
20
5,681,795
Merger reserve
21
(4,880,768)
Profit and loss reserves
757,530
Total equity
1,558,558
ANIMAL NUTRITION & HEALTH (UK) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2025
31 December 2025
- 10 -

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

The financial statements were approved by the board of directors and authorised for issue on 20 August 2026 and are signed on its behalf by:
Judith Walker
Director
Company registration number 16091777 (England and Wales)
ANIMAL NUTRITION & HEALTH (UK) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2025
- 11 -
Share capital
Share premium account
Merger reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 20 November 2024
-
0
-
0
-
-
0
-
0
Period ended 31 December 2025:
Profit and total comprehensive income
-
-
-
757,530
757,530
Transactions with owners:
Issue of share capital
19
1
5,681,795
-
-
5,681,796
Merger reserve arising on carve-out
-
-
(4,880,768)
-
(4,880,768)
Balance at 31 December 2025
1
5,681,795
(4,880,768)
757,530
1,558,558
ANIMAL NUTRITION & HEALTH (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
- 12 -
1
Accounting policies
Company information

Animal Nutrition & Health (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Heanor Gate, Delves Road, Heanor, Derbyshire, UK, DE75 7SG. The C ompany's principal activities and nature of its operations are disclosed in the directors' report.

The Company was incorporated on 20th November 2024. As part of a wider group structure, the Company acquired the trade from a subsidiary company, DSM Nutritional Products Ltd. The effective date of trade is 1st July 2025.

1.1
Reporting period

The financial statements have been prepared for the period 20 November 2024 to 31 December 2025. The period exceeds twelve months and represents the Company's first financial period following incorporation.

1.2
Accounting convention

In preparing these financial statements, the Company applies the recognition, measurement and disclosure requirements of International Financial Reporting Standards as adopted by the UK (UK-adopted international accounting standards) but makes amendments where necessary in order to comply with the Companies Act 2006 and to take advantage of FRS 101 disclosure exemptions.

As permitted by FRS 101, the Company has taken advantage of the following disclosure exemptions from the requirements of IFRS:

- presentation of a statement of cash flows and related notes;

- disclosure of the objectives, policies and processes for managing capital;

- disclosure of key management personnel compensation;

- comparative period reconciliations for the number of shares outstanding and the carrying amounts of tangible assets;

- disclosure of the future impact of new International Financial Reporting Standards in issue but not yet effective at the reporting date;

- related party disclosures for transactions with the parent or wholly owned members of the group.

Where required, equivalent disclosures are given in the group accounts of dsm-firmenich AG. The group accounts of dsm-firmenich AG are available to the public and are available on www.dsm-firmenich.com

1.3
Going concern

These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the Company will continue in operational existence for the foreseeable future. The Company is displaying strong financial performance with significant profits and a robust balance sheet. The Company has also continued to invest in its manufacturing infrastructure and the directors have received no indication that the proposed change in ownership is expected to result in any significant changes to the Company's principal operations.

Subsequent to the balance sheet date, the shareholders of the Company are expected to sell the Company to funds advised by CVC Capital Partners, subject to customary regulatory approvals and completion conditions. As completion remains subject to these conditions, the directors acknowledge that a material uncertainty exists which may cast significant doubt on the Company's ability to continue as a going concern. Notwithstanding this, the directors continue to adopt the going concern basis in preparing the financial statements. Accordingly, the financial statements do not contain the adjustments that would be necessary if the Company were unable to continue as a going concern.

ANIMAL NUTRITION & HEALTH (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 13 -
1.4
Turnover

Turnover comprises the fair value of consideration receivable from the sale of premixtures and complementary mineral feeds, net of value added tax and rebates. Revenue is recognised when control of the goods passes to the customer, which is generally on despatch of the goods from the Company's warehouse, at which point the significant risk and rewards of ownership have transferred to the customer. Sales are made to both third-party customers and fellow group undertakings. Revenue is recognised on the same basis as revenue from third-party customers.

1.5
Goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less impairment losses.

Management review the impairment of goodwill on a yearly basis or when there is an indication of impairment. Any impairment losses will go against the value of the asset.

1.6
Tangible fixed assets

Property plant and equipment are stated at costs less accumulated depreciation and any impairment losses.

Depreciation is charged to the profit and loss account on a straight-line basis over the estimated useful lives of the assets. The estimate useful lives are as follows:

Buildings
10 to 40 years
Fixtures and fittings
3 to 15 years
Plant and equipment
3 to 15 years
Computers
3 to 15 years

Freehold land and assets in the course of construction are not depreciated.

1.7
Impairment of tangible assets

At each reporting end date, the Company 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.

1.8
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.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.9
Cash at bank and in hand

Cash and cash equivalents 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.

ANIMAL NUTRITION & HEALTH (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 14 -
1.10
Financial assets

Financial assets are recognised in the Company's balance sheet when the Company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

Financial assets held at amortised cost

Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.

Impairment of financial assets

Financial assets carried at amortised cost are assessed for indicators of impairment at each reporting end date.

The expected credit losses associated with these assets are estimated on a forward-looking basis. A broad range of information is considered when assessing credit risk and measuring expected credit losses, including past events, current conditions, and reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

1.11
Financial liabilities

The C ompany recogni s es financial debt when the C ompany becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the Company’s obligations are discharged, cancelled, or they expire.

1.12
Equity instruments

Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

ANIMAL NUTRITION & HEALTH (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 15 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the Company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.14
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 inventories 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 C ompany is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15
Retirement benefits

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

1.16

Carve out and merger reserve

During the year, the Company acquired the net assets of the Heanor branch of DSM Nutritional Products (UK) Limited, a company under common control. The transaction was accounted for using book values, with the assets and liabilities transferred to the Company at their existing carrying amounts at the date of transfer.

The excess of the consideration paid over the carrying value of the net assets acquired has been recognised within a merger reserve in equity. Any deficit would similarly be recognised directly in equity. As the transaction was undertaken between entities under common control, no additional goodwill arose on the carve-out transaction. Existing goodwill relating to Biomin UK Limited had previously been transferred to the Company.

ANIMAL NUTRITION & HEALTH (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
- 16 -
2
Critical accounting estimates and judgements

In the application of the Company’s accounting policies, the directors are 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, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

It is the Directors' opinion that there are no significant judgements or key sources of estimation uncertainty required within these financial statements.

3
Turnover
2025
£
Turnover analysed by class of business
Sales of goods
32,492,948
Sales of services
318,128
32,811,076
2025
£
Turnover analysed by geographical market
United Kingdom
28,746,208
Europe
4,064,868
32,811,076
4
Exceptional items
2025
£
Expenditure
Exceptional costs
216,000

The Company has recognised exceptional costs of £216,000 relating to stamp duty land tax incurred on the transfer of land and buildings undertaken as part of the Heanor carve out. These costs are non-recurring in nature and therefore have been disclosed within exceptional costs.

ANIMAL NUTRITION & HEALTH (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
- 17 -
5
Operating profit
2025
Operating profit for the period is stated after charging/(crediting):
£
Exchange losses
9,821
Fees payable to the Company's auditor for the audit of the Company's financial statements
53,500
Depreciation of property, plant and equipment
171,216
Cost of inventories recognised as an expense
23,385,670
Write downs of inventories recognised as an expense
99,355
6
Employees

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

2025
Number
Production
49
Admin
18
Total
67

Their aggregate remuneration comprised:

2025
£
Wages and salaries
1,130,176
Social security costs
272,898
Pension costs
209,330
1,612,404
7
Directors' remuneration
2025
£
Remuneration for qualifying services
99,153
Company pension contributions to defined contribution schemes
17,173
116,326

The number of directors to whom retirement benefits are accruing under defined contribution schemes was 2.

ANIMAL NUTRITION & HEALTH (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
- 18 -
8
Interest receivable and similar income
2025
£
Interest income
Interest receivable from group companies
113,409
9
Interest payable and similar expenses
2025
£
Interest on financial liabilities measured at amortised cost:
Interest payable to group undertakings
169,019
10
Taxation
2025
£
Current tax
UK corporation tax on profits for the current period
508,085
Deferred tax
Origination and reversal of temporary differences
344,791
Total tax charge
852,876

The charge for the period can be reconciled to the profit per the profit and loss account as follows:

2025
£
Profit before taxation
1,610,406
Expected tax charge based on a corporation tax rate of 25.00%
402,602
Effect of expenses not deductible in determining taxable profit
62,723
Tangible fixed assets difference in tax value
369,433
Capital allowances on transferred in assets
18,118
Taxation charge for the period
852,876

The difference in tax value for fixed assets relates to deferred tax arising from the temporary difference between the tax written down value of the assets and their net book value as recognised in the financial statements.

ANIMAL NUTRITION & HEALTH (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
- 19 -
11
Intangible fixed assets
Goodwill
£
Cost
Transfer under carve out
860,000
At 31 December 2025
860,000
Carrying amount
At 31 December 2025
860,000

Goodwill relates to the historic acquisition of Biomin UK Limited that has been transferred to the Company under the carve out. The trading of Biomin UK Limited has been hived into the activity of the wider ANH business and is no longer separately identified. Given the ongoing strong performance of the Company the directors do not identify any indicators of impairment.

12
Tangible fixed assets
Buildings
Assets under construction
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
£
Cost
At 20 November 2024
-
0
-
0
-
0
-
0
-
0
-
0
Additions
-
0
682,262
-
0
-
0
-
0
682,262
Transfers under carve-out
766,937
936,660
1,915,998
345,431
23,764
3,988,790
At 31 December 2025
766,937
1,618,922
1,915,998
345,431
23,764
4,671,052
Accumulated depreciation
At 20 November 2024
-
0
-
0
-
0
-
0
-
0
-
0
Charge for the period
22,971
-
0
118,049
24,903
5,293
171,216
At 31 December 2025
22,971
-
0
118,049
24,903
5,293
171,216
Carrying amount
At 31 December 2025
743,966
1,618,922
1,797,949
320,528
18,471
4,499,836

During the year tangible assets with a net book value of £3,988,790 were transferred to the Company as part of the Heanor carve out.

13
Stocks
2025
£
Raw materials
3,769,443
Finished goods
4,032,097
7,801,540
ANIMAL NUTRITION & HEALTH (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
- 20 -
14
Debtors
2025
£
Trade debtors
11,455,369
Provision for bad and doubtful debts
(3,956)
11,451,413
Amounts owed by fellow group undertakings
12,542,524
Prepayments and accrued income
42,006
24,035,943

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

15
Creditors
2025
£
Trade creditors
7,041,729
Amounts owed to fellow group undertakings
13,461,512
Accruals and deferred income
1,344,225
Corporation tax
508,085
Other taxation and social security
384,974
Other creditors
10,867
22,751,392

The amounts owed to fellow group undertakings are unsecured, interest free and repayable on demand.

16
Loans
Due after one year
2025
£
Intercompany loans
Loans from fellow group undertakings
12,970,099

The loan is unsecured and bears interest at SONIA plus a margin of 2.31% per annum. The outstanding principal balance at the reporting date was £12,970,099. The loan is repayable in full on 22 October 2030

17
Deferred taxation
Liabilities
2025
£
Deferred tax balances
344,791
ANIMAL NUTRITION & HEALTH (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
17
Deferred taxation
(Continued)
- 21 -

The following are the major deferred tax liabilities and assets recognised by the Company and movements thereon during the current and prior reporting period.

ACAs
£
Liability at 20 November 2024
-
Deferred tax movements in current year
Charge/(credit) to profit or loss
344,791
Liability at 31 December 2025
344,791
18
Retirement benefit schemes
2025
Defined contribution schemes
£
Charge to profit or loss in respect of defined contribution schemes
209,330

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

19
Share capital
2025
2025
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of £1 each
1
1

The Company's ordinary share carries full voting rights and rights to dividends and capital distributions.

20
Share premium account
2025
£
At the beginning of the period
-
0
Issue of new shares
5,681,795
At the end of the period
5,681,795

During the year, the Company issued 1 Ordinary £1 share for consideration of £5,681,796. The amount received in excess of the nominal value of shares issued has been credited to the share premium account in accordance with the applicable provision of company law.

ANIMAL NUTRITION & HEALTH (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
- 22 -
21
Merger reserve
2025
£
At the beginning of the period
-
Other movements
(4,880,768)
At the end of the period
(4,880,768)

The merger reserve arose as part of a carve-out of the Heanor branch of fellow group company, DSM Nutritional Products (UK) Limited. The reserve represents the difference between the book value of the assets transferred and the consideration paid by the Company.

22
Capital commitments
2025
£

At 31 December 2025 the Company had capital commitments as follows:

Contracted for but not provided in the financial statements:
Acquisition of tangible fixed assets
675,000

Capital commitments are relating to the upgrade of the Company's process control system.

23
Related party transactions

The Company has taken advantage of the exemption provided in FRS101 from disclosing transactions with members of the same group that are wholly owned.

24
Ultimate Parent Company

The Company's immediate parent undertaking as at 31 December 2025 was DSM Nutritional Products AG. DSM Nutritional Products AG are wholly owned by dsm-firmenich AG.

The ultimate parent undertaking and controlling party as at 31 December 2025 was dsm-firmenich AG incorporated in Switzerland.

The smallest and largest parent undertaking for which group accounts are prepared is dsm-firmenich AG of Switzerland and these accounts are publicly available at www.dsm-firmenich.com

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