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

The principal activity of the Company during the year under review was the import, distribution and sale of bottled water. The director does not anticipate the principal activity of the Company changing in the foreseeable future.

Trading activity

In assessing the Company’s financial performance, the director considers revenue and operating profit to be the key performance indicators. The income statement for the Company is set out on page 8 of the financial statements and shows the Company’s financial performance for the year. The Company’s total revenue for the year decreased by £734,611 to £9,827,097 from £10,561,708 in 2024. This decrease was primarily due to a decrease in sales of bottled water. The decrease in revenue, combined with increased foreign exchange losses and higher operating costs, resulted in operating profit decreasing to £55,424 from £495,507 in 2024.

Net Asset position

The statement of financial position on page 9 shows the Company’s financial position at the year-end. Net assets have increased to £5,853,670 (2024: £5,686,839). The primary drivers of the increase in net assets are increases in amounts due from debtors and stock. The Company will have sufficient funds to meet its liabilities as they fall due.

The Company's operations expose it to foreign exchange risk arising from currency exposures. The foreign exchange risk arises from future commercial transactions and recognised assets and liabilities. Foreign exchange risk is managed by the ultimate parent company of the Company. Transactions in the normal course of trading are not hedged.

Given the size of the Company, the director has not delegated the responsibility of monitoring financial risk management to a sub-committee of the board.

On behalf of the board

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

The profit for the year, after taxation, amounted to £166,831 (2024: £516,048).

During the year there were no dividends paid or declared (2024: £Nil).

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

Subsequent to the reporting date, management has considered ongoing global geopolitical developments, including heightened tensions between the United States and Iran, the continuation of armed conflicts in certain regions, and the resulting volatility in global oil and energy markets.

These developments have contributed to increased uncertainty in global supply chains and international shipping, as well as volatility in input and freight costs. This may affect future procurement pricing and operating performance, particularly given the Company’s reliance on imports of bottled water for sale in Europe and the Middle East region.

Management has assessed these events and concluded that the conditions giving rise to these matters arose after the reporting date and, accordingly, do not represent adjusting events under FRS 102, Section 32 Events after the Reporting Period.

No adjustments have been made to the financial statements as at the reporting date. The Company continues to monitor these developments and will take appropriate actions, where necessary, to manage potential impacts on its operations and financial performance post year end.

The director expects the general level of activity to increase in the coming years with expanded focus on sales of Fiji Water across Europe and increased investments in sales and marketing efforts. Economic turbulence has not significantly impacted the Company’s operations.

Under section 487(2) of the Companies Act 2006, BKL Audit LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

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

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

In preparing these financial statements, the director is required to:

• select suitable accounting policies and then apply them consistently;

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

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

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

The director is 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. He is 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.

The director at the time when this Director's report is approved has confirmed that:

• so far as he is aware, there is no relevant audit information of which the Company's auditors are unaware, and

• he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

We have audited the financial statements of Fiji Water (UK) Limited (the 'Company') for the year ended 31 December 2025, which comprise the Statement of income and retained earnings, the Statement of financial position, the Statement of cash flows and the related notes, 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 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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

Other information

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

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

• the information given in the strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the director's report have been prepared in accordance with applicable legal requirements.

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 director's report.

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 director's remuneration specified by law are not made; or

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

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

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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

• Enquiring of management and those charged with governance around actual and potential litigation and claims;

• Enquiring of management and those charged with governance to identify any instances of non-compliance with laws and regulations;

• Reviewing board meeting minutes for all meetings taking place throughout the year and indeed up until the date of signature of these financial statements;

• 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 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 bias;

• Reviewing the general ledger in detail for all transactions with related parties;

• Performing walkthrough testing to ensure systems and controls are operating as recorded, where appropriate.

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 is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

• 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. 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.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the director.

• Conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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.

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

The notes on pages 11 to 20 form part of these financial statements.

The notes on pages 11 to 20 form part of these financial statements.

The notes on pages 11 to 20 form part of these financial statements.

Fiji Water (UK) Limited is a private company limited by shares and is incorporated in England and Wales. The registered office is 35 Ballards Lane, London, N3 1XW.

The principal activity of the Company during the year under review was the import, distribution and sale of bottled water. The director does not anticipate the principal activity of the Company changing in the foreseeable future.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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

The financial statements have been prepared on the going concern basis, which assumes that thetrue Company will continue to trade for at least 12 months from the date of approval of these financial statements, and will be able to meet its liabilities as they fall due.

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

• the Company has transferred the significant risks and rewards of ownership to the buyer;

• the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

• the amount of revenue can be measured reliably;

• it is probable that the Company will receive the consideration due under the transaction; and

• the costs incurred or to be incurred in respect of the transaction can be measured reliably

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss. Reversals of impairments losses are also recognised in profit or loss.

Stock 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 is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. Bank overdraft are shown within borrowings in current liabilities.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to and from related parties.

(i) Financial assets

Basic financial assets, including trade and other debtors, cash and bank balances and amounts due from related companies, 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. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

(iii) Offsetting

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The 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 income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset 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.

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction.

The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the Statement of Financial Position date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under these circumstances. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affect only that period, or in the period of the revision and future periods where the revision affect both current and future periods.

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

Their aggregate remuneration comprised:

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Included in amounts owed by group undertakings is a promissory note receivable at an amount of £4,544,411 (2024: £1,505,121) with interest charged at an annual effective rate of SOFR plus 175 basis points.

The remainder of the balances owed by group undertakings are unsecured, interest free and are repayable on demand.

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

Included within trade creditors is a related party balance of £1,126,209 (2024: £356,741) which is unsecured, interest free and repayable on demand.

The Company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Company in an independently administered fund. Contributions totalling £3,546 (2024: £1,704) were payable to the fund at the balance sheet date.

Share premium reserve is made up of the consideration paid for ordinary shares above that of their nominal value.

Profit and loss reserve is made up of the accumulated profit and loss of the entity.

Subsequent to the reporting date, management has considered ongoing global geopolitical developments, including heightened tensions between the United States and Iran, the continuation of armed conflicts in certain regions, and the resulting volatility in global oil and energy markets.

These developments have contributed to increased uncertainty in global supply chains and international shipping, as well as volatility in input and freight costs. This may affect future procurement pricing and operating performance, particularly given the Company’s reliance on imports of bottled water for sale in Europe and the Middle East region.

Management has assessed these events and concluded that the conditions giving rise to these matters arose after the reporting date and, accordingly, do not represent adjusting events under FRS 102, Section 32 Events after the Reporting Period.

No adjustments have been made to the financial statements as at the reporting date. The Company continues to monitor these developments and will take appropriate actions, where necessary, to manage potential impacts on its operations and financial performance.

During the year the Company entered into the following transactions with related parties:

Included within debtors is a balance of £5,932,298 (2024: £5,188,868) owed by Companies under common control of the ultimate controlling party.

Included within trade debtors is a balance of £101,035 (2024: £nil) owed by a Company under common control of the ultimate controlling party.

Included within creditors is a balance of £23,190 (2024: £22,243) owed to a Company under common control of the ultimate controlling party.

Included within trade creditors is a balance of £1,126,209 (2024: £356,741) owed to a Company under common control of the ultimate controlling party.

During the year, a total of £211,904 (2024: £256,836) of intercompany marketing services revenue was recognised from a company under common control of the ultimate controlling party.

During the year, cost of sales of £8,521,992 (2024: £8,999,021) were recognised from companies under common control of the ultimate controlling party.

During the year, a total of £874,665 (2024: £924,290) of transfer pricing expenses included within cost of sales were recognised from companies under common control of the ultimate controlling party.

During the year, wages and salaries of £88,778 (2024: £89,721) were recognised from companies under common control of the ultimate controlling party.

During the year, interest income of £232,455 (2024: £194,096) was recognised from companies under common control of the ultimate controlling party.

NPT Agency owns all of the issued share capital of the Company.

The ultimate parent company is Fiji Water Company Holdings LLC, a limited liability company incorporated in Delaware, United States of America.

The largest group in which the results of the Company are consolidated is that headed by The Wonderful Company LLC.

The smallest group in which the results of the Company are consolidated is that headed by Fiji Water Company Holdings LLC.

Copies of the consolidated accounts are available from 11444 W Olympic Blvd Los Angeles, 90064-1034 United States.

During the year, management determined that certain amounts relating to customer rebates and sales incentives, which had previously been presented within cost of sales, are more appropriately presented as a deduction from revenue, as they represent discounts and rebates provided to customers. Accordingly, comparative amounts have been reclassified to conform with the current year's presentation. As a result, revenue and cost of sales for the prior year have each been reduced by £1,296,771. This reclassification relates solely to presentation and has no impact on gross profit, profit before taxation, profit for the year, retained earnings, net assets or cash flows.