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REGISTERED NUMBER: 03806687 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

FOR

THE COVENTRY GROUP LIMITED

THE COVENTRY GROUP LIMITED (REGISTERED NUMBER: 03806687) |

CONTENTS OF THE FINANCIAL STATEMENTS

for the year ended 30 November 2025

Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Report of the Directors | 5 |

| Report of the Independent Auditors | 6 |

| Statement of Comprehensive income | 8 |

| Statement of Financial Position | 9 |

| Statement of Changes in Equity | 10 |

| Notes to the Financial Statements | 11 |

| THE COVENTRY GROUP LIMITED |

COMPANY INFORMATION

for the year ended 30 November 2025

| DIRECTORS: | S Quinlan

| D P Langdon

| SECRETARY: | S Quinlan

| REGISTERED OFFICE: | Woodhams Road

| Siskin Drive

| Coventry

| CV3 4FX

| REGISTERED NUMBER: | 03806687 (England and Wales)

| AUDITORS: | Magma Audit LLP

| 16 Davy Court

| Castle Mound Way

| Rugby, CV23 0UZ

| Magma Audit LLP is part

| Of the Dains Group

THE COVENTRY GROUP LIMITED (REGISTERED NUMBER: 03806687) |

STRATEGIC REPORT

for the year ended 30 November 2025

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

REVIEW OF BUSINESS

The principal activity of the company is the manufacture and distribution of hygiene products.

The company's financial position at the year end was as follows:

The company had net current liabilities of £1,353k (2024: £1,353k), net assets of £2,717k (2024: £2,729k) and generated a profit before tax of £1,988k (2024: £90k).

The directors monitor earnings before interest, tax, depreciation, amortisation and one off costs (the Internal EBITDA) as a key measure of performance. (See table below)

| 2022 |  | 2023 |  | 2024 |  | 2025 |

| £'000s |  | £'000s |  | £'000s |  | £'000s |

Revenue |  | 874 |  | 384 |  | 4 |  | - |

Profit before tax |  | 257 |  | 167 |  | 90 |  | 1,988 |

Add back: |  |

One off items |  | - |  | - |  | - |  | - |

Depreciation and amortisation |  | 12 |  | 12 |  | 12 |  | 12 |

Interest |  | - |  | - |  | - |  | - |

Internal EBITDA |  | 269 |  | 179 |  | 102 |  | 2,000 |

The company holds the British Retail Consortium (BRC) accreditation at Grade AA, a Good Manufacturing Practice (GMP) license as well as its SEDEX registration and is SMETA compliant to this global standard for ethical working practices. In addition, the Company has Responsibly Sourced Pine Oil (RSPO) accreditation, ISO 9001, 14001 and 45001 certifications and has recently been awarded the ECOVADIS bronze sustainability grading at the first assessment.

These highly regarded and widely acknowledged approvals continue to support the company's business growth and development.

Future prospects

The directors expect the business to face a number of challenges in the next year driven by factors beyond their control; conflict in eastern Europe, high energy costs and elevated interest rates. Whilst these factors have the potential for an adverse impact on trading the directors believe that management is experienced and agile enough to meet these challenges and take advantage of opportunities that may arise.

The directors have prepared profit and cashflow forecasts for the business until November 2026 based upon known factors and sensitised for possible risk factors. On the basis of these forecasts the directors believe that the business has sufficient resources to enable it to meet the challenges of the coming years, to grow profitably and to continue successfully in the future.

PRINCIPAL RISKS AND UNCERTAINTIES

Management and the Board regularly review the risks facing the business.

The directors consider that the principal risk factors that could materially affect the future operating profits or financial position of the business are credit risk and liquidity and cashflow risk.

Credit risk

The company is exposed to limited credit risk, primarily in relation to intercompany receivables from group undertakings. These balances are monitored, and the directors do not consider there to be a material risk of default due to the financial strength of the group. Accordingly, the credit risk is considered low.

Liquidity and cashflow risk

The company has net current liabilities and is reliant on financial support from its subsidiaries to meet its obligations. The directors have reviewed forecasts and consider the subsidiaries to have sufficient financial strength to continue providing this support. As such, the company is expected to remain a going concern for the foreseeable future.

THE COVENTRY GROUP LIMITED (REGISTERED NUMBER: 03806687) |

STRATEGIC REPORT

for the year ended 30 November 2025

SECTION 172 (1) STATEMENT

The Board of Directors consider that, in the decisions taken during the year ended 30 November 2025, they have acted in a way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole, having regard to (amongst other matters):

- the likely consequences of any decision in the long term;

- the interests of the company's employees;

- the need to foster the company's business relationships with suppliers, customers and others;

- the impact of the company's operations on the community and the environment;

- the desirability of the company maintaining a reputation for high standards of business conduct and

- the need to act fairly between members of the company.

Our intention is to behave responsibly and ensure that management operate the business in a responsible manner, operating within the high standards of business conduct and good governance expected for a business such as ours.

Our section 172 statement summarises how the Board has factored stakeholder considerations into our decision-making.

Section 172 of the Companies Act 2006 (the Act) imposes a duty on a director to act in a way that he or she considers, in good faith, would be most likely to promote the long-term success of the company for the benefit of its members as a whole. In doing so, the directors have regard to the various matters including the interests of stakeholders as well as various other matters. The Companies (Miscellaneous Reporting) Regulations 2018 require companies to report on how the Board has fulfilled the requirements of Section 172(1), including how the Board has factored stakeholder considerations into its decision-making.

The Board is fully aware of and supports these requirements. We are pleased to describe below how the company's Board engages with our stakeholders.

The company's key stakeholders have an important role to play in the successful operation of our business. Our Board are fully aware of, and take seriously, their responsibilities to those stakeholders under the Act.

We believe that it is appropriate to consider the potential impact on our stakeholders when considering the company's strategy and in making our key decisions. Indeed, these responsibilities are rooted in our culture, values and company purpose.

The Board considers that, in its decisions and actions to date, it has acted in a way that would promote the success of the company for the benefit of its members as a whole, while having regard to stakeholders and matters set out in Section 172(1) (a-f) of the Act. It has identified the company's key stakeholders as our employees, customers, suppliers, the environment and communities in which we operate, and investors. It receives updates on each of these and takes steps to ensure that it remains well informed about them.

Our decisions are made to have a long-term beneficial impact on the company and to contribute to the company's success. Our decisions take into account the impact of the company's operations on the community and environment, and our wider societal responsibilities. The Board has put in place a structured governance model, with scheduled Board meetings and clear documentation and authority levels to control its decision-making process. Our governance model supports the company in ensuring that decisions are considered, documented and reported upon, and in alignment with our strategic plans. Detailed budgets and re-forecasts are prepared to enable the Board to track performance and ensure that it is as expected, or that mitigation steps are taken to deliver performance in line with, or close to, expectations. The Board and individual directors operate within this structure, with the aim of promoting the success of the company and delivering long term shareholder value. Business proposals are documented in line with, and performance tracked against budgets and forecasts.

Ongoing investments in the business and the market share position of the company position the business positively for the future.

Our employees are fundamental to the delivery of our plan. We aim to be a responsible employer in our approach to the pay and benefits our employees receive. The health, safety and well-being of our employees is one of our primary considerations in the way we do business. During the year, employees have been provided with information about the company. Regular meetings are held between management and employees to allow a free flow of information.

We also aim to act responsibly and fairly in how we engage and co-operate with all of our other primary stakeholders - our suppliers, debt providers, and shareholders - all of whom are integral to the success of the company.

During 2025 we have had regular face to face and online meetings with our key customers and suppliers. This allows us to successfully maintain and build on our relationships with them.

THE COVENTRY GROUP LIMITED (REGISTERED NUMBER: 03806687) |

STRATEGIC REPORT

for the year ended 30 November 2025

Continuation/Future Development

Price inflation is a key issue for our business and in 2026 we are seeing significant price increases from suppliers driven by the conflict in the Middle East and the effect on the supply chain on the closure of Strait of Hormuz. We will continue to discuss these inflationary pressures with our customers and pass them through to our customers in our product pricing where possible.

We believe that the markets that we trade in will remain challenging in the year ahead, but we are confident about the future. The loss of significant numbers of European workers from the UK following BREXIT and the difficulty in recruiting qualified experienced production engineers are both ongoing challenges, but nothing new. Both of these challenges are factored into our planning for the year ahead. As events unfold, we will respond, but we believe we are well positioned as a result of the market changes, which we believe will create new longer-term opportunities for us.

Environmental, Social and Governance Performance Management

Corporate responsibility is an integral part of our values. Our corporate responsibility strategy is underpinned by our commitment to the environment. Our aim is to continually reduce the impact we have on the environment in (i) the workplace; (ii) the marketplace; and (iii) in our community.

We currently:

- Work closely with our suppliers and customers to source / produce products that meet high environmental and social standards

- Are implementing our carbon emissions reduction plan

- Since April 2025, the Group has purchased electricity certified as being generated from 100% renewable sources.

- A significant proportion of our PET bottles are 100% rPET and we have plans in place to continue to move this to 100%.

- Use fully recyclable cardboard shipping boxes and paper tape for all orders

- Are actively seeking out better packaging solutions

- Recycle waste where possible

- Donate any unwanted stock to charities

- Fundraise for our nominated charity

- Operate an environmental management system certified to ISO 14001

In 2024 we joined a reforestation scheme and established the "Mirius Super Sapling Pledge". For every £1,000 our customers spend on a discrete range of products we will fund the planting of a tree in Madagascar. This makes a real difference to biodiversity, local livelihoods and provides a means of carbon capture throughout the lifetime of the tree. In 2025 we planted 5,145 trees (2024: 3,301 trees). A combined absorption of 7,602 tonnes of CO2 over the lifetime of these trees.

We encourage all our employees to get involved, whether that means raising money for charities, volunteering or enhancing our contribution to the environment.

ON BEHALF OF THE BOARD:

S Quinlan - Director

20 August 2026

THE COVENTRY GROUP LIMITED (REGISTERED NUMBER: 03806687) |

REPORT OF THE DIRECTORS

for the year ended 30 November 2025

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the manufacture and distribution of hygiene products and that of an intermediate holding company.

DIVIDENDS

The total distribution of dividends for the year ended 30 November 2025 was £2,000,000 (2024: £100,000).

DIRECTORS

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

S Quinlan

D P Langdon

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- | select suitable accounting policies and then apply them consistently;

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

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's 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 AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

Magma Audit LLP has expressed its willingness to remain in office as auditor.

The auditors, Magma Audit LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

S Quinlan - Director

20 August 2026

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

THE COVENTRY GROUP LIMITED

Opinion

We have audited the financial statements of The Coventry Group Limited (the 'company') for the year ended 30 November 2025 which comprise the Statement of Comprehensive income, Statement of Financial Position, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- | give a true and fair view of the state of the company's affairs as at 30 November 2025 and of its profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

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

- | the Strategic Report and the Report of the Directors 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

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

- | adequate accounting records have not been kept, 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

THE COVENTRY GROUP LIMITED

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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

Based on our understanding of the company and industry, we identified the principal risks of non-compliance with laws and regulations, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006, health and safety regulations and employment law. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries and management bias in accounting estimates. Audit procedures performed included:

- |  | Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud; |

- |  | Challenging assumptions made by management in their significant accounting estimates, in particular in relation to the carrying value of investments; |

- |  | Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations, journal entries crediting cash and journal entries with specific defined descriptions. |

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Victoria Craig (Senior Statutory Auditor)

for and on behalf of Magma Audit LLP

16 Davy Court

Castle Mound Way

Rugby, CV23 0UZ

Magma Audit LLP is part

Of the Dains Group

20 August 2026

THE COVENTRY GROUP LIMITED (REGISTERED NUMBER: 03806687) |

STATEMENT OF COMPREHENSIVE

INCOME

for the year ended 30 November 2025

| 2025 |  | 2024

| Notes | £'000 | £'000 |

TURNOVER | - |  | 4 |  |

Selling and distribution costs | - |  | (2 | ) |

Administrative expenses | (12 | ) | (12 | ) |

OPERATING LOSS | 3 | (12 | ) | (10 | ) |

Income from shares in group undertakings | 2,000 |  | 100 |  |

PROFIT BEFORE TAXATION | 1,988 |  | 90 |  |

Tax on profit | 4 | - |  | - |  |

PROFIT FOR THE FINANCIAL YEAR | 1,988 |  | 90 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 1,988 |  | 90 |  |

THE COVENTRY GROUP LIMITED (REGISTERED NUMBER: 03806687) |

STATEMENT OF FINANCIAL POSITION

30 November 2025

| 2025 |  | 2024

| Notes | £'000 | £'000 |

FIXED ASSETS

Intangible assets | 6 | 14 |  | 26 |  |

Investments | 7 | 4,056 |  | 4,056 |  |

4,070 |  | 4,082 |  |

CURRENT ASSETS

Debtors | 8 | 101 |  | 101 |  |

CREDITORS

Amounts falling due within one year | 9 | (1,454 | ) | (1,454 | ) |

NET CURRENT LIABILITIES | (1,353 | ) | (1,353 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 2,717 |  | 2,729 |  |

CAPITAL AND RESERVES

Called up share capital | 10 | 5 |  | 5 |  |

Share premium | 11 | 196 |  | 196 |  |

Capital redemption reserve | 11 | 1,404 |  | 1,404 |  |

Retained earnings | 11 | 1,112 |  | 1,124 |  |

SHAREHOLDERS' FUNDS | 2,717 |  | 2,729 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 20 August 2026 and were signed on its behalf by:

S Quinlan - Director

THE COVENTRY GROUP LIMITED (REGISTERED NUMBER: 03806687) |

STATEMENT OF CHANGES IN EQUITY

for the year ended 30 November 2025

| Called up |  | Capital |

| share |  | Retained |  | Share |  | redemption |  | Total

| capital |  | earnings |  | premium |  | reserve |  | equity

£'000 | £'000 | £'000 | £'000 | £'000 |

Balance at 1 December 2023 | 5 |  | 1,134 |  | 196 |  | 1,404 |  | 2,739 |  |

Changes in equity

Dividends | - |  | (100 | ) | - |  | - |  | (100 | ) |

Total comprehensive income | - |  | 90 |  | - |  | - |  | 90 |  |

Balance at 30 November 2024 | 5 |  | 1,124 |  | 196 |  | 1,404 |  | 2,729 |  |

Changes in equity

Dividends | - |  | (2,000 | ) | - |  | - |  | (2,000 | ) |

Total comprehensive income | - |  | 1,988 |  | - |  | - |  | 1,988 |  |

Balance at 30 November 2025 | 5 |  | 1,112 |  | 196 |  | 1,404 |  | 2,717 |  |

THE COVENTRY GROUP LIMITED (REGISTERED NUMBER: 03806687) |

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 30 November 2025

1. | ACCOUNTING POLICIES

| Statutory information

| The company is a private company limited by shares and is incorporated in England. The address of the registered office is Woodhams Road, Siskin Drive, Coventry, CV3 4FX.

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' ('FRS 102'), and with the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| The financial statements are prepared in sterling, which is the functional and presentational currency of the company. Monetary amounts in these financial statements are rounded to the nearest thousand £.

| The Coventry Group Limited is a wholly owned subsidiary of The Coventry Group Topco Limited and the results of The Coventry Group Limited will be included in the consolidated financial statements of The Coventry Group Topco Limited which will be available from its registered office, Woodhams Road, Siskin Drive, Coventry, England, CV3 4FX.

| Going concern

| At 30 November 2025 the company had net current liabilities of £1,353k (2024: £1,353k) and net assets of £2,717k (2024: £2,729k). For the year ended 30 November 2025 the company made a profit before tax of £1,988k (2024: £90k).

| The directors have prepared the financial statements on a going concern basis based upon continued financial support from Coventry Chemicals Limited, the immediate subsidiary of The Coventry Group Limited. Coventry Chemicals Limited is considered to have sufficient resources to support The Coventry Group Limited.

| On this basis the directors are confident that the company can continue as a going concern.

| Financial Reporting Standard 102 - reduced disclosure exemptions

| The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

| • | the requirements of Section 7 Statement of Cash Flows;

| • | the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

| • | the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;

| • | the requirement of paragraph 33.7.

| Preparation of consolidated financial statements

| The financial statements contain information about The Coventry Group Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, The Coventry Group TopCo Limited, Woodhams Road, Siskin Drive, Coventry, CV3 4FX.

| Critical accounting judgements and key sources of estimation uncertainty

| The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

| (i) Carrying value of investments

| The investment is held at cost and when assessing annually for impairment management consider factors including but not limited to the cash flows expected to arise from the investments.

THE COVENTRY GROUP LIMITED (REGISTERED NUMBER: 03806687) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 30 November 2025

| 1. ACCOUNTING POLICIES - continued

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied, net of returns, discounts and rebates allowed by the company and value added taxes.

| The company recognises revenue when (a) the significant risks and rewards of ownership have been transferred to the buyer; (b) the company retains no continuing involvement or control over the goods; (c) the amount of revenue can be measured reliably; (d) it is probable that future economic benefits will flow to the entity and (e) when the specific criteria relating to the each of the company’s sales channels have been met.

| Intangible assets

| Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. Amortisation is calculated, using the straight-line method, to allocate the depreciable amount of the assets to their residual values over their estimated useful lives, as follows:

| - Acquired brands and trademarks - Straight line over 10 years

| Amortisation is charged to administrative expenses in the Statement of Comprehensive Income.

| Where factors, such as technological advancement or changes in market price, indicate that residual value or useful life have changed, the residual value, useful life or amortisation rate are amended prospectively to reflect the new circumstances.

| The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired.

| Investments in subsidiaries

| Investment in the subsidiary company is held at cost less accumulated impairment losses.

| Income from shares in group undertakings is recognised at the date when the dividends are declared.

| Taxation

| The tax expense for the year comprises current and deferred tax.

| Tax is recognised in Statement of Comprehensive Income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

| Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position date, except that:

| - The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

| - Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

| Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the Statement of Financial Position date.

| Share capital

| Ordinary shares are classified as equity.

THE COVENTRY GROUP LIMITED (REGISTERED NUMBER: 03806687) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 30 November 2025

1. | ACCOUNTING POLICIES - continued

| Financial instruments

| The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

| (i) Financial assets

| Basic financial assets, including other receivables, loans due to fellow group companies and investments are initially recognised at transaction price, 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.

| Such assets are subsequently carried at amortised cost using the effective interest method.

| (ii) Financial liabilities

| Basic financial liabilities, including loans from fellow group companies 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 payments discounted at a market rate of interest.

| Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

| Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Account payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

2. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 2 (2024: 2).

3. | OPERATING LOSS

| The operating loss is stated after charging:

| 2025 |  | 2024

£'000 | £'000 |

| Patents and licences amortisation | 12 |  | 12 |  |

| Audit fees are borne by a fellow group member.

4. | TAXATION

| Analysis of the tax charge

| No liability to UK corporation tax arose for the year ended 30 November 2025 nor for the year ended 30 November 2024.

| Reconciliation of total tax charge included in profit and loss

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

| 2025 |  | 2024

£'000 | £'000 |

| Profit before tax | 1,988 |  | 90 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 19%) | 497 |  | 17 |  |

| Effects of:

| Expenses not deductible for tax purposes | 3 |  | 2 |  |

| Income not taxable for tax purposes | (500 | ) | (19 | ) |

| Total tax charge | - |  | - |  |

THE COVENTRY GROUP LIMITED (REGISTERED NUMBER: 03806687) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 30 November 2025

5. | DIVIDENDS

| 2025 |  | 2024

£'000 | £'000 |

| Ordinary A shares of 0.001 each

| Interim | 2,000 |  | 100 |  |

6. | INTANGIBLE FIXED ASSETS

| Patents

| and

| licences

£'000 |

| COST

| At 1 December 2024

| and 30 November 2025 | 120 |  |

| AMORTISATION

| At 1 December 2024 | 94 |  |

| Amortisation for year | 12 |  |

| At 30 November 2025 | 106 |  |

| NET BOOK VALUE

| At 30 November 2025 | 14 |  |

| At 30 November 2024 | 26 |  |

7. | FIXED ASSET INVESTMENTS

| Shares in

| group

| undertaking

£'000 |

| COST

| At 1 December 2024

| and 30 November 2025 | 4,056 |  |

| NET BOOK VALUE

| At 30 November 2025 | 4,056 |  |

| At 30 November 2024 | 4,056 |  |

| The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

| Coventry Chemicals Limited

| Registered office: Woodhams Rd, Siskin Drive, Coventry, West Midlands, CV3 4FX

| Nature of business: Manufacture of hygiene products

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

2025 | 2024 |

£'000 | £'000 |

| Aggregate capital and reserves | 4,247 |  | 5,026 |  |

| Profit for the year | 1,221 |  | 3,853 |  |

THE COVENTRY GROUP LIMITED (REGISTERED NUMBER: 03806687) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 30 November 2025

7. | FIXED ASSET INVESTMENTS - continued

| Mirius Limited

| Registered office: Woodhams Road, Siskin Drive, Coventry, England, CV3 4FX

| Nature of business: Dormant company

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| Mirius Holdings Limited

| Registered office: Woodhams Road, Siskin Drive, Coventry, England, CV3 4FX

| Nature of business: Dormant company

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| Mirius Group Limited

| Registered office: Woodhams Road, Siskin Drive, Coventry, England, CV3 4FX

| Nature of business: Dormant company

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| Mirius global Hygiene Solutions Limited

| Registered office: Woodhams Road, Siskin Drive, Coventry, England, CV3 4FX

| Nature of business: Dormant company

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

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

2025 | 2024 |

£'000 | £'000 |

| Amounts owed by group undertakings | 100 |  | 100 |  |

| Other debtors | 1 |  | 1 |  |

101 |  | 101 |  |

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

2025 | 2024 |

£'000 | £'000 |

| Amounts owed to group undertakings | 1,454 |  | 1,454 |  |

10. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £'000 | £'000 |

| 3,652,223 | Ordinary A | 0.001 | 4 |  | 4 |  |

| 920,556 | Ordinary B | 0.001 | 1 |  | 1 |  |

5 |  | 5 |  |

THE COVENTRY GROUP LIMITED (REGISTERED NUMBER: 03806687) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 30 November 2025

11. | RESERVES

| Capital |

| Retained |  | Share |  | redemption |

| earnings |  | premium |  | reserve |  | Totals

£'000 | £'000 | £'000 | £'000 |

| At 1 December 2024 | 1,124 |  | 196 |  | 1,404 |  | 2,724 |  |

| Profit for the year | 1,988 |  | - |  | - |  | 1,988 |  |

| Dividends | (2,000 | ) | - |  | - |  | (2,000 | ) |

| At 30 November 2025 | 1,112 |  | 196 |  | 1,404 |  | 2,712 |  |

12. | CONTINGENT LIABILITIES

| An unlimited inter-company guarantee between the company and Coventry Chemicals Limited has been given to the providers of invoice discount facilities and bank borrowings in connection with amounts totalling £3,602,000 (2024: £4,558,000) in Coventry Chemicals Limited.

| The company is a member of a group VAT registration with its subsidiary company, Coventry Chemicals Limited. The company is jointly and severally liable for the liabilities of the VAT group to which it belongs. At 30 November 2025 the group VAT liability amounted to £214,000 (2024: £143,000), of which £nil (2024: £Nil) is recognised in The Coventry Group Limited.

13. | RELATED PARTY DISCLOSURES

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

14. | ULTIMATE AND IMMEDIATE PARENT COMPANY

| The Coventry Group TopCo Limited is considered the ultimate parent company by virtue of its shareholding.

| The largest and smallest group in which the results of the company are consolidated for the current year ended is that headed by The Coventry Group Topco Limited. The consolidated accounts of this company are available to the public and may be obtained from Woodhams Road, Siskin Drive, Coventry, CV3 4FX.

15. | ULTIMATE CONTROLLING PARTY

| The ultimate controlling party is S Quinlan, Director, by virtue of his majority shareholding in the ultimate parent company, The Coventry Group TopCo Limited during the current year and the preceding year.