The directors present the strategic report for the year ended 31 December 2024.

The principal activity of the company is the development, production and sale of explosion protection systems for equipment operating in hazardous areas and the provision of associated consultancy and training worldwide.

2024 was a successful year for the Company, delivering revenue growth and an increase in operating profit.

The EXSolutions consultancy division continued to gain momentum and a range of projects were undertaken outside of Pyroban’s traditional product lines, leveraging customer confidence in Pyroban’s proven capability and technical integrity. Forklift manufacturer lead times reduced towards pre-pandemic levels which stabilised production planning and improved production efficiencies. Aftermarket support services remained strong and continued to underpin strong customer relationships.

Our commitment to R&D continued through 2024 with programs in both Oil & Gas and fork truck sectors progressing positively to further strengthen the Company’s market position.

The company continued its commitment to staff development. 2024 was an excellent year with high staff retention, successful recruitment programs, and a number of internal promotions.

The directors consider the key business risks and uncertainties affecting the company relate to market sensitivities affected by global conflicts impacting customer investment confidence and supply chain. In response, the Company continues to expand supply chain and production flexibility and to invest in the development of its products and services.

Material supply and price stability is anticipated to remain unpredictable through 2025 due to logistics issues in the Middle East. The anticipated positive improvement in OEM customer lead times provides opportunities to expand production capacity and revenue aligned to the order backlog. The Company’s capacity and pricing models are routinely reviewed and adapted to reduce the risk of purchase price volatility.

The directors believe that preparing the financial statements on the going concern basis is appropriate due to the strength of the company’s balance sheet, the positive forecast for 2025 and support provided by its parent company Pioneer Ideso Holdings Limited.

During the year the Company re-financed its bank loan facilities, replacing Arbuthnot Latham debt facilities with inter-group secured Revolving Credit and Working Capital facilities with Barclays Bank.

The company has defined its key performance indicators to align performance and accountability to its strategic plan. The key focus of KPIs is on several financial and operational performance measures, designed to ensure that the strategy successfully delivers increased value to shareholders. These include turnover and profit before tax per head as set out below:

Sales revenue of £15,817,000 (2023: £15,112,000) grew by £705,000 (5%) compared to the prior year. The growth in revenue led to an increase in Gross Profit of £474,000 to £7,313,000 (2023: £6,839,000) at a margin of 46% (2023: 45%).

The results of the financial year amounted to a £2,040,000 operating profit (2023: £1,955,000 profit) and earnings before tax, interest, depreciation and amortisation amounted to a profit of £1,422,000 (2023: £2,089,000). The results for the year included the write down of intercompany balances receivable from Pyroban Group Limited of £459,595 and Pyroban France SARL of £162,018. The net assets at 31 December 2024 amounted to £4,770,000 (2023: £4,099,000).

The positive market outlook and planned revenue growth across all sectors of the business will require additional recruitment to maintain capacity. The Company will continue to invest in ongoing research and development programmes.

On behalf of the board

The directors present their annual report and financial statements for the year ended 31 December 2024.

The principal activity of the company continued to be that of the development and sale of explosion protection systems for equipment operating in hazardous areas and provision of associated consultancy and training worldwide.

The results for the year are set out on page 10.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

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

Under CA2006 s414c(11), the information relating to the future developments is included in the strategic report.

The company is exposed to a variety of financial risks. The company's overall risk management programme seeks to minimise potential risks for the company. The board reviews and agrees policies for managing risks.

The most important components of financial risk affecting the company are as follows:

The technical complexity of fork lift trucks produced for conversion continues to increase. While these changes create pressure on profitability the company remains confident that its investment in training people and product innovation will sustain its market leading position. In recent years fork lift manufacturers have increased the number of conversions they undertake in house. This has led to greater levels of competition within the material handling hazard protection market. The company also has a high proportion of sales to customers operating within the oil and gas industry and faces risks from fluctuating global oil prices.

The company has a strong culture of health and safety and environmental awareness. It monitors the environmental impact of its product designs, sourcing of materials, methods of manufacture and the ultimate disposals. Consideration is given to the impact on its staff and their working environment and control of waste products through the appropriate recycling processes.

The company sells products and services to a number of customers globally in both Euros and US Dollars. The company does not consider hedging foreign currency exposures is necessary but management ensure foreign quotes and prices are adjusted regularly in line with exchange rate fluctuations.

The company is marginally affected by price for its oil and gas range of products due to competitors producing similar products and offering at lower prices to disrupt Pyroban’s position. Similarly, the increased levels of competition seen in the material handling market presents a level of price risk. The Company has to demonstrate its market leading business integrity, service provision and product quality in order to maintain its price levels.

Liquidity risk

The company manages liquidity risk through a mixture of cash resources and inter group funding arrangements. The company's debt is intercompany and short term. The revolving credit facility with Pioneer Ideso Holdings Limited ensures that the company has sufficient available funds for operations and planned expansions.

Credit risk

The company has implemented policies that require appropriate credit checks on potential customers before sales are made. The amount of exposure to individual customers is subject to a limit which is reassessed regularly by the Board.

The company has a strong credit management track record. Credit risks are minimised by the quality of the customer care applied in the overall management of credit control.

The company is committed to research and development activities. A number of programmes are being undertaken to widen the product portfolio for customers in both traditional markets and the growing opportunities in energy transition and electrification.

The directors believe that preparing the financial statements on the going concern basis is appropriate, as referred to in note 1.2.

In accordance with the company's articles, a resolution proposing that Moore Kingston Smith LLP be reappointed as auditor of the company will be put at a General Meeting.

The directors are responsible for preparing the annual report 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;

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

• 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.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

We have audited the financial statements of Pyroban Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 2024 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 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 other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the Strategic Report and the Directors' 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 Directors' 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 directors' 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 Directors' Responsibilities Statement, 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 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 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.

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.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement 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 purposes of expressing an opinion on 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 directors.

• Conclude on the appropriateness of the directors’ 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.

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 Statement of Comprehensive Income has been prepared on the basis that all operations are continuing operations.

Pyroban Limited is a private company limited by shares incorporated in England and Wales. The registered office and business address is 23 Dolphin Road, Shoreham-by-Sea, West Sussex, BN43 6PB.

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 thousand pound.

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

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

• Section 4 ‘Statement of Financial Position’ – Reconciliation of the opening and closing number of shares;

• Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash flow and related notes and disclosures;

• Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ – Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

• Section 26 ‘Share based Payment’ – Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

• Section 33 ‘Related Party Disclosures’ – Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of Pioneer Ideso Holdings Limited. These consolidated financial statements are available from its registered office, 1 Mercer Street, London, WC2H 9QJ.

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements. true

The directors have based their assessment on the expected future trading performance of the company by reviewing budgets and forecasts and the revolving credit facility and access to trade loans with Barclays Bank. On this basis, the Directors believe that there is adequate headroom available within the facilities available should the company require to call upon these.

Turnover is recognised at the fair value of the consideration received or receivable for the sale of explosion protection systems and the provision of consultancy and training, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

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

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

Stock is valued at the lower of standard cost and net realisable value. Cost comprises direct costs incurred in bringing the stocks to their present location and condition. Net realisable value is the estimated selling price less all estimated costs of completion to be incurred in marketing, selling and distribution.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stock 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.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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 of its financial instruments.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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 profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable 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.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

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 profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

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

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

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

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

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

The annual amortisation charge for intangible assets is sensitive to changes in the estimated lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. By consideration of assets value in use. The value in use calculation requires the entity to estimate the future cash flows expected to arise for the cash generating unit and a suitable discount rate to calculate present value. See note 11 for the carrying amount of the intangible assets and note 1.5 for the useful economic lives for each class of asset.

The annual depreciation charge for property, plant and equipment is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 12 for the carrying amount of the property, plant and equipment and note 1.6 for the useful economic lives for each class of asset.

For each line of stock, a provision is made against the cost of the stock, where the Net Realisable Value is less than cost. Net Realisable Value is the estimated selling price for stocks less all estimated costs of completion and costs necessary to make the sale. The estimated selling price for each stock line is a judgement based mainly on recent selling patterns for that product.

Provisions have been made for dilapidations and customer warranties. These provisions are estimates and the actual costs and timing of future cash flows are dependent on future events. The difference between expectations and the actual future liability will be accounted for in the period when such determination is made.

The value of work in progress (WIP) is set out in note 15. WIP is valued based on the sum of the standard cost price of the components which is a matter of judgement.

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

Their aggregate remuneration comprised:

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2023 - 3).

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:

Details of the company's subsidiaries at 31 December 2024 are as follows:

Included in amounts due to group undertakings is £1,154,942 (2023: £1,812,301) due to Pioneer Ideso Holdings Limited. £992,495 of this amount is secured by a fixed and floating charge over all the property and undertaking of the company with a Negative Pledge.

In October 2020, the company obtained a CBIL's loan from Arbuthnot Latham & Co Limited of £600,000. The loan facility is repayable in 5 years from the first repayment date being October 2021. On 20 September 2024 the loan was fully repaid.

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

The warranty provision is made for the future warranty costs expected to arise on sales made during he financial year which are expected to be utilised within one year being £84,001 (2023: £130,001).

The dilapidation provision is expected to be utilised over a period of 1 to 13 years. The company has a number of property leases due to expire in 2027 which requires the property is made good on exit. The provision was established in 2012 to begin providing for this and will continue to be increased across the term of the leases.

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.

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

In the prior year, Pyroban Limited was included in a cross guarantee, in favour of Arbuthnot Commercial Asset Based Lending Limited, between Pyroban Limited, Pyropress Limited, Pyropress (Propco) Limited, Baldwin & Francis Limited, Allenwest Limited, Allenwest Pioneer Limited, Allenwest Group Limited, Ideso Group Limited, Inspec Solutions Limited and Pioneer Ideso Holdings Limited. All of the parties had joint and several liability to Arbuthnot Commercial Asset Based Lending Limited. The total amount of liability in relation to the group companies named above under the agreement at 31 December 2024 was £333 (2023: £3,458,480).

At the balance sheet date, Pyroban Limited is included in a cross guarantee, in favour of Barclays PLC, between Pioneer Ideso Holdings Limited, Petrel Limited, Pyroban Group Limited, Pyropress (Propco) Limited, Ideso Group Limited, Allenwest Pioneer Limited, Allenwest Group Limited, Petrel Pioneer Limited, Pyroban Limited, Pyropress Limited, Allenwest Limited, Baldwin & Francis Limited, Inspec Solutions Limited and Pioneer Safety Group Limited. All of the parties have joint and several liability to Barclays PLC and the facility is secured by way of a fixed and floating charge over the assets and undertakings of all above named companies. The total amount of liability in Pioneer Ideso Holdings Limited in relation to the group companies named above under the agreement at 31 December 2024 was £9,920,702 (2023: £Nil).

On 22 May 2025 Pioneer Safety Group Limited acquired 86.85% of the share capital of Pyroban Group Limited and its subsidiary. The share capital of these companies was acquired from Pioneer Ideso Holdings Limited, the parent company of Pioneer Safety Group Limited by way of share for share exchange. Pioneer Ideso Holdings Limited remains the parent company of Pioneer Safety Group Limited.

There are no further events after the balance sheet date that require disclosure.

The company has taken advantage of the exemption conferred by FRS 102 not to disclose transactions with other wholly owned subsidiaries within the group.

Pyropress Limited:

During the year, Pyroban made sales of £32,017 (2023: £22,796) to Pyropress Limited, a company under common control. All transactions occurred at market rate. In addition, purchases of £83,877 (2023: £76,812) were made from Pyropress Limited. At the year end, there was a net amount due from Pyropress Limited of £2,982 (2023: £6,191).

Longacre Group Limited:

During the year management charges amounting £100,000 (2023: £102,855) were paid to Longacre Group Limited, the ultimate parent company. At 31 December 2024, an amount of £nil (2023: £10,000) is payable to Longacre Group Limited.

Ex-Tech Solutions SAS:

During the year, Pyroban made sales of £nil (2023: £nil) to Ex-tech Solutions SAS, a company under common control. In addition, purchases of £9,525 (2023: £4,250) were made from Ex-tech Solutions SAS. At the year end, there is a net amount due to Ex-Tech Solutions SAS of £908 (2023: £1,631).

Baldwin & Francis Limited:

During the year, Pyroban made sales of £nil (2023: £nil) to Baldwin & Francis Limited, a company under common control. All transactions occurred at market rate. In addition, purchases of £nil (2023: £nil) were made from Baldwin & Francis Limited. At the year end, there is a net amount due from Baldwin & Francis Limited of £59,158 (2023: £86,121).

Allenwest Limited:

During the year, Pyroban made sales of £nil (2023: £nil) to Allenwest Limited, a company under common control. All transactions occurred at market rate. In addition, purchases of £nil (2023: £nil) were made from Allenwest Limited. At the year end, there is a net amount due from Allenwest Limited of £29,760 (2023: £24,908).

Petrel Limited:

During the year, Pyroban made sales of £nil to Petrel Limited, a company under common control. All transactions occurred at market rate. In addition, purchases of £nil were made from Petrel Limited. At the year end, there is a net amount due from Petrel Limited of £30,490. On 22 February 2024 Petrel Limited was acquired into the group of which Pyroban is also a part and consequently there are no comparative figures for 31 December 2023.

Pioneer Ideso Holdings Limited:

At the year end, there is a net amount due to Pioneer Ideso Holdings Limited, the intermediary parent company, of £1,154,942 (2023: £1,812,301).

The company is a wholly owned subsidiary of Pyroban Group Limited, a company incorporated in England and Wales. The ultimate parent undertaking is Longacre Group Limited, a company incorporated in England and Wales.

Pioneer Ideso Holdings Limited is the smallest group to prepare consolidated financial statements which include these financial statements. Longacre Group Limited is the largest group to prepare consolidated financial statements which include these financial statements. Copies of the consolidated financial statements can be obtained from 1 Mercer Street, London, WC2H 9QJ.