In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Chillistick Ltd for the year ended 31 December 2025 which comprise, the balance sheet, the statement of changes in equity and the related notes from the company’s accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Chillistick Ltd, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Chillistick Ltd and state those matters that we have agreed to state to the Board of Directors of Chillistick Ltd, as a body. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Chillistick Ltd and its Board of Directors as a body, for our work or for this report.

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

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

For the financial year ended 31 December 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

Chillistick Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit L, Grafton Way, Basingstoke, Hampshire, United Kingdom, RG22 6HY.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The group in which this company is a subsidiary, has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group qualifies as a small group.

During the year ended 31 December 2025, the directors carried out a detailed review of the estimated useful economic lives of the company’s plant and machinery. This review was undertaken in light of actual asset performance, maintenance history, technological developments and expected future usage.

As a result of this review, the directors concluded that the previously applied useful economic life of four years on a straight-line basis no longer reflected the expected pattern of consumption of economic benefits. Accordingly, with effect from 1 January 2025, the estimated useful economic lives of plant and machinery have been revised to a range of five to twenty years on a straight-line basis, depending on the nature and expected usage of the individual assets.

This revision represents a change in accounting estimate in accordance with Section 10 of FRS 102. The change has therefore been applied prospectively from the date of the revision. Comparative amounts have not been restated. The effect of the change in estimate was to decrease the depreciation expense for the year ended 31 December 2025 by £209,833.

The estimated effect on depreciation expense for future periods cannot be reliably quantified as it will depend on future capital expenditure, revaluations, disposals and asset utilisation.

Turnover relates to the supply of dry ice and associated products provided as well as frozen food delivery, and is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenues are recognised on the shipment of goods from production facilities.

Intangible assets are initially recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Amortisation begins in the period where the company commercialises the product and starts to derive revenues from the asset.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their estimated useful lives on the following bases:

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:

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 credited or charged to profit or loss.

Plant and equipment whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.

At each reporting period 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.

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.

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.

Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the financial instrument.

Debtors do not carry interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired.

Creditors are not interest bearing and are included at their nominal value.

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

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 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 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.

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

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

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

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 balance sheet 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 leases 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.

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.

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

In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

In accordance with FRS102, the fair value of plant and equipment is assessed annually by the directors, who possess suitable industry experience, with reference to the market prices for identical or substantively similar assets and with consideration to actual asset performance, maintenance history, technological developments and expected future usage. The most recent valuation was performed as at 31 December 2025.

The ‘revaluation surplus’ and ‘adoption of valuation’ line items reflect the impact of the company adopting the revaluation model for plant and equipment in the periods ended 31 December 2024 and 31 December 2025. In the financial statements for the year ended 31 December 2024, both cost and accumulated depreciation were overstated by £23,782. As this overstatement had no impact on the net carrying amount of tangible fixed assets presented in the balance sheet, prior period figures have not been restated and the adjustment has been recognised in the current period.

The combined effect of correcting this presentation and recognising plant and equipment at fair value is a net reduction in the cost or valuation of plant and equipment of £453,183. This comprises a decrease of £628,052 on original asset cost and the recognition of a current period revaluation surplus of £174,869.

If revalued fixed assets were measured using the cost model, the total carrying amounts of plant and equipment according to historical cost accounting rules would be as follows:

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

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

Included in creditors is £1,316 (2024: £1,316) due to Ashe Buchanan Associates Limited, the parent company.

Included in other debtors is £127,073 (2024: £Nil) due from a company under common ownership.

The parent company is Ashe Buchanan Associates Limited, a company incorporated in the UK with a registered office of Unit L1, Grafton Way, Basingstoke, England, RG22 6HY.