REGISTERED NUMBER: 01798981 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 December 2025

for

WV Associates Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Statement of Income and Retained Earnings

8

Balance Sheet

9

Notes to the Financial Statements

10

DIRECTORS:

C A C Ware

K K Wong

A J Dale

K L B Ware

SECRETARY:

K K Wong

REGISTERED OFFICE:

Unit 7 Hatfield Way

South Church Enterprise Park

BISHOP AUCKLAND

Co Durham

DL14 6XF

REGISTERED NUMBER:

01798981 (England and Wales)

SENIOR STATUTORY AUDITOR:

Martin Hobson FCCA

AUDITORS:

Clive Owen LLP

Chartered Accountants

& Statutory Auditors

Great North House, 20 Allington Way

Darlington

County Durham

DL1 4QB

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

REVIEW OF BUSINESS

The principal activity of the company was that of the manufacture and packaging of aerosol-based products.

The key financial and other performance indicators during the year were as follows:

WV Associates Limited

2025

2024

Change

Turnover

20,559,699

20,530,845

+0.14%

Gross profit margin

20.24%

22.69%

-2.45%

Profit before tax

226,225

574,927

-60.65%

Turnover shifted towards the UK market as export sales declined. Margins were affected by external market pressures, including volatile raw material price increases and rising labour costs. Turnover was maintained through an expanded product mix across health, beauty and pharmaceutical products, supported by the company's continued presence in the grocery sector.

Significant investment was also made in new equipment, a dedicated cleanroom, maintenance, Health & Safety, and warehousing.

The Balance Sheet has continued to strengthen with a further increase in shareholders' funds and cash balances.

LIQUIDITY RISK

The company's objective is to maintain a balance between continuity of funding and the flexible use of funding by the way of financial arrangements. The risk is also managed by matching inward and outward flows of foreign currency.

FOREIGN CURRENCY RISK

The company has financial instruments which are denominated in currencies other than sterling. The gains and losses arising from the company's exposure to foreign currency fluctuations are recognised in the profit and loss account.

FINANCIAL ASSETS

The company has no financial assets other than short-term debtors and cash at bank.

ON BEHALF OF THE BOARD:

C A C Ware - Director

1 September 2026

The directors present their report with the financial statements of the company for the year ended 31 December 2025.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2025.

FUTURE DEVELOPMENTS

There has been no significant future developments since the balance sheet date.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

C A C Ware

K K Wong

A J Dale

K L B Ware

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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Clive Owen LLP, are deemed to be reappointed under section 487(2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:

C A C Ware - Director

1 September 2026

Opinion

We have audited the financial statements of WV Associates Limited (the 'company') for the year ended 31 December 2025 which comprise the Statement of Income and Retained Earnings, Balance Sheet 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 31 December 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.

Responsibilities of directors

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

In preparing the financial statements, the directors are responsible for assessing the 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.

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, to detect material misstatements in respect of irregularities, including fraud. Our audit must be alert to the risk of manipulation of the financial statements and seek to understand the incentives and opportunities for management to achieve this.

We undertake the following procedures to identify and respond to these risks of non-compliance:

- Understanding the key legal and regulatory frameworks that are applicable to the Company. We communicated identified laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit. We determined the most significant of these to be product quality, employment law, health and safety, taxation legislation, GDPR, ISO 9001 accreditation and financial reporting legislation

- Enquiry of directors and management as to policies and procedures to ensure compliance and any known instances of non-compliance

- Review of board minutes and correspondence with regulators

- Enquiry of directors and management as to areas of the financial statements susceptible to fraud and how these risks are managed

- Challenging management on key estimates, assumptions and judgements made in the preparation of the financial statements. These key areas of uncertainty are disclosed in the accounting policies

- Identifying and testing unusual journal entries, with a particular focus on manual journal entries.

Through these procedures, we did not become aware of actual or suspected non-compliance.

We planned and performed our audit in accordance with auditing standards but owing to the inherent limitations of procedures required in these areas, there is an unavoidable risk that we may not have detected a material misstatement in the accounts. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. 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 concealment, collusion, forgery, misrepresentations, or override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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.

Martin Hobson FCCA (Senior Statutory Auditor)

for and on behalf of Clive Owen LLP

Chartered Accountants

& Statutory Auditors

Great North House, 20 Allington Way

Darlington

County Durham

DL1 4QB

1 September 2026

TURNOVER

3

20,559,699

20,530,845

Cost of sales

(16,398,326

)

(15,872,999

)

GROSS PROFIT

4,161,373

4,657,846

Administrative expenses

(3,752,917

)

(3,881,287

)

408,456

776,559

Other operating income

3,763

4,997

OPERATING PROFIT

5

412,219

781,556

Interest receivable and similar income

507

555

412,726

782,111

Interest payable and similar expenses

6

(186,501

)

(207,184

)

PROFIT BEFORE TAXATION

226,225

574,927

Tax on profit

7

(64,347

)

(90,028

)

PROFIT FOR THE FINANCIAL YEAR

161,878

484,899

Retained earnings at beginning of year

2,827,026

2,342,127

RETAINED EARNINGS AT END OF YEAR

2,988,904

2,827,026

FIXED ASSETS

Intangible assets

8

16,059

18,154

Tangible assets

9

1,524,448

1,473,025

1,540,507

1,491,179

CURRENT ASSETS

Stocks

10

5,324,082

4,258,601

Debtors

11

4,677,720

5,474,503

Cash at bank and in hand

182,830

153,120

10,184,632

9,886,224

CREDITORS

Amounts falling due within one year

12

(7,877,607

)

(7,584,678

)

NET CURRENT ASSETS

2,307,025

2,301,546

TOTAL ASSETS LESS CURRENT LIABILITIES

3,847,532

3,792,725

CREDITORS

Amounts falling due after more than one year

13

(216,583

)

(333,164

)

PROVISIONS FOR LIABILITIES

16

(232,045

)

(222,535

)

NET ASSETS

3,398,904

3,237,026

CAPITAL AND RESERVES

Called up share capital

17

409,500

409,500

Capital redemption reserve

18

500

500

Retained earnings

18

2,988,904

2,827,026

SHAREHOLDERS' FUNDS

3,398,904

3,237,026

The financial statements were approved by the Board of Directors and authorised for issue on 1 September 2026 and were signed on its behalf by:

C A C Ware - Director

1.	STATUTORY INFORMATION

WV Associates Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

There were no material departures from that standard.

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.

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 requirement of paragraph 33.7.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The judgements that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:

Stock provisions - management applies procedures to identify defective, slow moving and obsolete stock. An estimation is made of the price obtainable in the market in which the goods are expected to be sold and any costs of completion of sale are taken into account. The value of stock is reduced by the deficit between cost and estimated net realisable value of the stock in the form of a stock provision.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods.

Income recognition

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Intangible assets are only amortised once brought into use.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Property improvements

-

over period of the lease

Assets under construction

-

not provided

Plant and machinery

-

12.5% on cost

Fixtures and fittings

-

12.5% on cost

Motor vehicles

-

25% on cost

Tangible fixed assets are measured at cost less accumulated depreciation and impairment.

Impairment of assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, with cost determined using the first-in, first-out (FIFO) method.

Financial instruments

Basic financial instruments are recognised at amortised cost with changes recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Foreign currency monetary assets and liabilities are translated into sterling at the exchange rates prevailing at the balance sheet date. Exchange gains and losses arising on translation are recognised in the profit and loss account.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Invoice discounting

The invoice discounting creditor represents amounts received in respect of financed debts. There is full recourse to the company for losses on debts, and so the financed debts continue to be recognised on the balance sheet. Interest and other charges relating to invoice discounting are recognised in the profit and loss account over the relevant period.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2025

2024

£

£

United Kingdom

15,423,941

12,220,536

Europe

1,195,004

1,150,385

Rest of the world

3,940,754

7,159,924

20,559,699

20,530,845

4.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

2,583,823

2,469,496

Social security costs

271,230

244,459

Other pension costs

54,832

38,946

2,909,885

2,752,901

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

2025

2024

Office and management

24

27

Manufacturing

54

55

78

82

2025

2024

£

£

Directors' remuneration

93,867

92,658

Directors' pension contributions to money purchase schemes

12,544

11,887

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

1

1

5.	OPERATING PROFIT

The operating profit is stated after charging:

2025

2024

£

£

Depreciation - owned assets

173,277

180,279

Depreciation - assets on hire purchase contracts

85,629

76,606

Loss on disposal of fixed assets

5,166

162,318

Patents and licences amortisation

2,095

2,232

Auditors' remuneration

21,340

12,672

Property operating leases

105,105

97,300

Other operating leases

48,974

49,943

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Invoice discounting interest

160,023

178,672

Hire purchase

26,478

28,512

186,501

207,184

7.

TAXATION

Analysis of the tax charge

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

2025

2024

£

£

Current tax:

UK corporation tax

54,837

161,169

Deferred tax

9,510

(71,141

)

Tax on profit

64,347

90,028

Reconciliation of total tax charge included in profit and loss

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

2025

2024

£

£

Profit before tax

226,225

574,927

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

56,556

143,732

Effects of:

Expenses not deductible for tax purposes

1,850

(844

)

Capital allowances in excess of depreciation

-

(52,860

)

Depreciation in excess of capital allowances

5,941

-

Total tax charge

64,347

90,028

8.	INTANGIBLE FIXED ASSETS

Patents

and

licences

£

COST

At 1 January 2025

and 31 December 2025

49,196

AMORTISATION

At 1 January 2025

31,042

Amortisation for year

2,095

At 31 December 2025

33,137

NET BOOK VALUE

At 31 December 2025

16,059

At 31 December 2024

18,154

9.	TANGIBLE FIXED ASSETS

Assets

Property

under

Plant and

improvements

construction

machinery

£

£

£

COST

At 1 January 2025

340,751

80,229

2,394,737

Additions

70,290

167,413

68,266

Disposals

-

-

-

Reclassification/transfer

660

(79,074

)

78,414

At 31 December 2025

411,701

168,568

2,541,417

DEPRECIATION

At 1 January 2025

81,689

-

1,297,767

Charge for year

38,903

-

208,936

Eliminated on disposal

-

-

-

At 31 December 2025

120,592

-

1,506,703

NET BOOK VALUE

At 31 December 2025

291,109

168,568

1,034,714

At 31 December 2024

259,062

80,229

1,096,970

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST

At 1 January 2025

146,536

71,934

3,034,187

Additions

9,583

-

315,552

Disposals

-

(10,900

)

(10,900

)

Reclassification/transfer

-

-

-

At 31 December 2025

156,119

61,034

3,338,839

DEPRECIATION

At 1 January 2025

121,597

60,109

1,561,162

Charge for year

5,451

5,616

258,906

Eliminated on disposal

-

(5,677

)

(5,677

)

At 31 December 2025

127,048

60,048

1,814,391

NET BOOK VALUE

At 31 December 2025

29,071

986

1,524,448

At 31 December 2024

24,939

11,825

1,473,025

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 January 2025

663,807

27,500

691,307

Transfer to ownership

-

(27,500

)

(27,500

)

At 31 December 2025

663,807

-

663,807

DEPRECIATION

At 1 January 2025

103,747

24,844

128,591

Charge for year

82,973

2,656

85,629

Transfer to ownership

-

(27,500

)

(27,500

)

At 31 December 2025

186,720

-

186,720

NET BOOK VALUE

At 31 December 2025

477,087

-

477,087

At 31 December 2024

560,060

2,656

562,716

10.

STOCKS

2025

2024

£

£

Raw materials

2,538,749

1,926,943

Finished goods

2,785,333

2,331,658

5,324,082

4,258,601

11.

DEBTORS

2025

2024

£

£

Amounts falling due within one year:

Trade debtors

3,298,191

4,043,915

Other debtors

945

139,697

Prepayments and accrued income

315,084

227,391

3,614,220

4,411,003

Amounts falling due after more than one year:

Amounts owed by group undertakings

1,063,500

1,063,500

Aggregate amounts

4,677,720

5,474,503