REGISTERED NUMBER: 11963394 (England and Wales)

Whitewolf Cylinders Ltd

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 28 February 2026

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Income Statement

10

Balance Sheet

11

Statement of Changes in Equity

12

Cash Flow Statement

13

Notes to the Cash Flow Statement

14

Notes to the Financial Statements

15

DIRECTORS:

Mr T R Marsden

Mr O C Marsden

Mr R C Marsden

SECRETARY:

Mrs D J Marsden

REGISTERED OFFICE:

4 Valencia Park

Gilcar Way

Wakefield Europort

Normanton

West Yorkshire

WF10 5QS

REGISTERED NUMBER:

11963394 (England and Wales)

AUDITORS:

SMH Group Audit

Statutory Auditors

5 Westbrook Court

Sharrowvale Road

Sheffield

South Yorkshire

S11 8YZ

The directors present their strategic report for the year ended 28 February 2026.

REVIEW OF BUSINESS

Whitewolf Cylinders Ltd continued growth through 2025 into 2026, securing further market share in addition to acquiring and opening a third manufacturing facility at the end of the financial year. The business saw reduced profitability despite an increase in turnover, primarily created through increases in costs due to policies from the government, including an increase in National Insurance Contribution (NIC) for all employees, and an increase in fixed overheads from renovating the new manufacturing site, despite the factory not being operational until the end of January 2026.

KEY PERFORMANCE INDICATORS

Growth in 2025/26 was monitored through several Key Performance Indicators (KPIs), most notably with turnover for the year and average number of employees.

The company's key performance indicators during the year were as follows:

2026

2025

Change

Turnover

£25.1m

£19.0m

£6.1m

Average number of employees

122

97

25

Revenue is used as a key performance indicator as it provides a clear measure of the scale of our operations and demand for our products. The average number of employees has also been selected , as it reflects our continued investment in the local workforce, which is fundamental to sustaining operational capacity and supporting long-term growth.

PRINCIPAL RISKS AND UNCERTAINTIES

The management of the business and execution of forecasts moving forward are subject to more risks than the previous years since incorporation. The primary risk Whitewolf Cylinders Ltd will have to address in 2026 will be supply chain management and risk mitigation strategy, due to the sector seeing short-medium term instability, owing to geopolitical tensions in the Middle East affecting transport rates for goods and the price of raw materials. The directors feel that this is well addressed with increased frequency of supply chain reviews and stress testing, and additional systems being designed in-house for more responsive stock management of raw materials and components.

The secondary risk comes from the UK's policy changes with progression on the Future Homes Standard, and the Smart Secure Electricity Systems (SSES) programme, both of which continue to direct product development and any potential growth in the sector. As the cylinder market expands in the medium-term for the first time in over 20 years, the risk to Whitewolf is ensuring that quality in manufacturing remains a priority for the business in a time of high growth. We have mitigated this by employing additional QA, QC, and Technical Development personnel in 2025, and will continue to evaluate this in 2026 and 2027.

PLANS FOR FUTURE PERIODS

Looking to the rest of 2026 and into 2027, the release of the Future Homes Standard, as well as new Part L building regulations secures the long-term future of the market sector with guaranteed growth through heat pump uptake into new build housing. Whitewolf Cylinders is well positioned with three manufacturing sites to secure further market share, and will continue to rely on our trusted suppliers to enable us to facilitate our OEM partners' growth, allowing them to pursue their sales strategies in the marketplace.

ON BEHALF OF THE BOARD:

Mr T R Marsden - Director

26 October 2026

The directors present their report with the financial statements of the company for the year ended 28 February 2026.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of manufacturing of plumbing and heating systems within the new housing sector.

DIVIDENDS

No dividends will be distributed for the year ended 28 February 2026.

DIRECTORS

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

Mr T R Marsden

Mr O C Marsden

Mr R C Marsden

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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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

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

ON BEHALF OF THE BOARD:

Mr T R Marsden - Director

26 October 2026

Opinion

We have audited the financial statements of (the 'company') for the year ended 28 February 2026 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 28 February 2026 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 four, 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:

The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatements in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

-

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

-

we identified the laws and regulations applicable to the company through discussions with the directors and other informed management which we considered may have a direct material effect on the financial statements or the operations of the company and thereafter, the audit team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

-

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud and;

-

considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;

-

in assessing the effectiveness of the control environment, we also reviewed significant correspondence between the company and UK regulatory bodies, reviewed minutes of meetings and gained an understanding of the company's approach to governance.

To address the risk of fraud through management bias and override of controls, we:

-

performed analytical procedures to identify any unusual or unexpected relationships;

-

tested journal entries to identify unusual transactions;

-

assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

-

agreeing financial statement disclosures to underlying supporting documentation;

-

enquiring of management as to actual and potential litigation and claims and reviewing correspondence with HMRC and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or 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.

James Salim FCCA (Senior Statutory Auditor)

for and on behalf of SMH Group Audit

Statutory Auditors

5 Westbrook Court

Sharrowvale Road

Sheffield

South Yorkshire

S11 8YZ

26 October 2026

TURNOVER

25,078,134

19,037,642

Cost of sales

15,536,256

12,069,976

GROSS PROFIT

9,541,878

6,967,666

Administrative expenses

8,744,375

5,998,458

797,503

969,208

Other operating income

54,019

96,112

OPERATING PROFIT

4

851,522

1,065,320

Interest receivable and similar income

3,849

85

855,371

1,065,405

Interest payable and similar expenses

6

5,774

12,071

PROFIT BEFORE TAXATION

849,597

1,053,334

Tax on profit

7

213,849

270,683

PROFIT FOR THE FINANCIAL YEAR

635,748

782,651

FIXED ASSETS

Intangible assets

8

5,950

5,950

Tangible assets

9

674,404

347,793

680,354

353,743

CURRENT ASSETS

Stocks

10

2,537,387

1,884,069

Debtors

11

4,583,379

2,561,136

Cash at bank

650,801

171,615

7,771,567

4,616,820

CREDITORS

Amounts falling due within one year

12

6,889,149

4,046,360

NET CURRENT ASSETS

882,418

570,460

TOTAL ASSETS LESS CURRENT LIABILITIES

1,562,772

924,203

CREDITORS

Amounts falling due after more than one year

13

-

(55,338

)

PROVISIONS FOR LIABILITIES

17

(141,925

)

(83,766

)

NET ASSETS

1,420,847

785,099

CAPITAL AND RESERVES

Called up share capital

18

2,000,100

2,000,100

Retained earnings

19

(579,253

)

(1,215,001

)

SHAREHOLDERS' FUNDS

1,420,847

785,099

The financial statements were approved by the Board of Directors and authorised for issue on 26 October 2026 and were signed on its behalf by:

Mr O C Marsden - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 29 February 2024

2,000,100

(1,997,652

)

2,448

Total comprehensive income

-

782,651

782,651

Balance at 28 February 2025

2,000,100

(1,215,001

)

785,099

Total comprehensive income

-

635,748

635,748

Balance at 28 February 2026

2,000,100

(579,253

)

1,420,847

Cash flows from operating activities

Cash generated from operations

1

1,460,690

195,168

Interest paid

(5,774

)

(12,071

)

Tax paid

(67,393

)

-

Net cash from operating activities

1,387,523

183,097

Cash flows from investing activities

Purchase of tangible fixed assets

(407,794

)

(206,899

)

Interest received

3,849

85

Net cash from investing activities

(403,945

)

(206,814

)

Cash flows from financing activities

Amount introduced by directors

51,385

268,338

Amount withdrawn by directors

(555,777

)

(170,917

)

Net cash from financing activities

(504,392

)

97,421

Increase in cash and cash equivalents

479,186

73,704

Cash and cash equivalents at beginning of year

2

171,615

97,911

Cash and cash equivalents at end of year

2

650,801

171,615

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2026

2025

£

£

Profit before taxation

849,597

1,053,334

Depreciation charges

81,183

48,402

Finance costs

5,774

12,071

Finance income

(3,849

)

(85

)

932,705

1,113,722

Increase in stocks

(653,318

)

(825,788

)

Increase in trade and other debtors

(2,022,243

)

(633,583

)

Increase in trade and other creditors

3,203,546

540,817

Cash generated from operations

1,460,690

195,168

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 28 February 2026

28.2.26

1.3.25

£

£

Cash and cash equivalents

650,801

171,615

Year ended 28 February 2025

28.2.25

29.2.24

£

£

Cash and cash equivalents

171,615

97,911

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.3.25

Cash flow

At 28.2.26

£

£

£

Net cash

Cash at bank

171,615

479,186

650,801

171,615

479,186

650,801

Debt

Debts falling due within 1 year

(63,438

)

63,438

-

Debts falling due after 1 year

(55,338

)

55,338

-

(118,776

)

118,776

-

Total

52,839

597,962

650,801

1.	STATUTORY INFORMATION

Whitewolf Cylinders Ltd 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.

The functional and presentation currency for the company is the pound sterling (£). All financial information presented has been rounded to the nearest (£), unless otherwise stated.

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.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses.

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 revision and future periods where the revision affects both current and future periods.

The directors consider that there are no significant judgements, apart from those involving estimations, that have been made in applying the company’s accounting policies which have a significant effect on the amounts recognised in the financial statements.

The directors also consider that there are no key assumptions concerning the future, or other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, net of VAT and other sales-related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on dispatch of the goods, when the amount of revenue and the related costs can be measured reliably, and when it is probable that the economic benefits associated with the transaction will flow to the company.

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.

Website development will be amortised evenly over its estimated useful life, which will be determined once the asset is 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.

Leasehold property improvements

-

10% on cost

Motor vehicles

-

25% on cost

Fixed Assets are initially recorded at cost.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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.

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.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss 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.

Going concern

The financial statements have been prepared on a going concern basis. The directors have assessed the company's financial position, liquid resources, and principal risks, taking into account all available information about the future for a period of at least twelve months from the date of approval of these financial statements.

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Key factors considered include the company's current cash flow forecasts, the strength of the forward order book, secured future revenue streams, and available working capital facilities. Accordingly, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Finance costs

Finance costs comprise interest and other costs incurred in connection with the company’s borrowings. Finance costs are recognised in the profit and loss account in the period in which they are incurred.

3.	EMPLOYEES AND DIRECTORS

2026

2025

£

£

Wages and salaries

5,206,152

3,844,038

Social security costs

626,371

381,158

Other pension costs

497,403

135,261

6,329,926

4,360,457

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

2026

2025

Production

110

87

Administration

10

8

Senior management

2

2

122

97

2026

2025

£

£

Directors' remuneration

193,376

141,200

Directors' pension contributions to money purchase schemes

328,669

6,560

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

Money purchase schemes

2

2

4.	OPERATING PROFIT

The operating profit is stated after charging:

2026

2025

£

£

Hire of plant and machinery

889,326

512,781

Other operating leases

281,987

232,858

Depreciation - owned assets

81,183

48,402

5.	AUDITORS' REMUNERATION

2026

2025

£

£

Fees payable to the company's auditors for the audit of the company's financial statements

13,500

14,500

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2026

2025

£

£

Loan Interest

5,774

12,071

7.

TAXATION

Analysis of the tax charge

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

2026

2025

£

£

Current tax:

UK corporation tax

155,690

67,393

Deferred tax

58,159

203,290

Tax on profit

213,849

270,683

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:

2026

2025

£

£

Profit before tax

849,597

1,053,334

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2025 - 25%)

212,399

263,334

Effects of:

Expenses not deductible for tax purposes

6,326

3,057

Capital allowances in excess of depreciation

(63,035

)

(33,401

)

Utilisation of tax losses

-

(165,597

)

Deferred tax

58,159

203,290

Total tax charge

213,849

270,683

8.	INTANGIBLE FIXED ASSETS

Website

development

£

COST

At 1 March 2025

and 28 February 2026

5,950

NET BOOK VALUE

At 28 February 2026

5,950

At 28 February 2025

5,950