REGISTERED NUMBER: 01566906 (England and Wales)

Quinta Raddison Limited

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the year ended

31 December 2024

Page

Company Information

1

Group Strategic Report

2

to

4

Report of the Directors

5

to

6

Report of the Independent Auditors

7

to

9

Consolidated Income Statement

10

Consolidated Other Comprehensive Income

11

Consolidated Balance Sheet

12

Company Balance Sheet

13

Consolidated Statement of Changes in Equity

14

Company Statement of Changes in Equity

15

Consolidated Cash Flow Statement

16

Notes to the Consolidated Cash Flow Statement

17

Notes to the Consolidated Financial Statements

18

to

30

DIRECTORS:

Mr A J Muir

Mrs S R Muir

Mr D S Linscott

Mr R P Harris

SECRETARY:

Mr R Allerton-Austin

REGISTERED OFFICE:

Stour House

High Lift Road

Langham

Colchester

Essex

C04 5TD

REGISTERED NUMBER:

01566906 (England and Wales)

AUDITORS:

TC Group

1st Floor Spitalfields House

Stirling Way

Borehamwood

Hertfordshire

WD6 2FX

The directors present their strategic report of the company and the group for the year ended 31 December 2024.

REVIEW OF BUSINESS

2024 was a year of consolidation after the considerable growth in 2023. The year continued to have its challenges with the impacts of the war in Ukraine and the Israel-Gaza War, although material costs had stabilised due to lower inflation.

Turnover marginally increased to £54.6m and the similar Gross Margin as 2023 was achieved.

Net assets increased again by 12%, the increase in 2023 was 14%.

The largest increase in costs was due to a significant increase in Director's remuneration. The business recorded a pre-tax profit of £3.55m, the reduction mainly due to increases in Director Costs. Our Key Performance Indicators (KPI's) are turnover, gross profit and net assets, which all increased in 2024. The value of outstanding orders is a key indicator to assess the progress of the business, and the company ended the year with a healthy order book in line with expectation.

In June 2024 solar panels were installed at our offices in Langham, which are expected to generate 31506 kWh over a typical year. 32% (9937 kWh) of the electricity generated is expected to be used directly in the property. The remaining generation (21569 kWh) is exported to the National Grid. Over the course of the year a total of 20163 kWh is expected to be imported to the offices.

PRINCIPAL RISKS AND UNCERTAINTIES

The directors are responsible for managing significant financial risks to which the group may be exposed.

The group has a level of exposure to foreign exchange fluctuations and also some exposure to credit risk.

The directors review all large foreign currency transactions and take out forward currency contracts when they consider it is appropriate to do so. In order to mitigate exposure to credit risk, the group continues to only trade directly with end users and does not use intermediaries.

Another risk associated with being a global business is that of a political nature. The company takes every precaution to ensure that we only operate in appropriate jurisdictions, but it is always possible instability, particularly in parts of the Middle East, could have an impact on the business.

The group's success depends upon its personnel. There is a risk that the group will not be able to retain and attract the services of qualified personnel. The group regularly engages with their staff and believes that as a profitable growing group it can provide the opportunities that will enable retention and recruitment of suitable personnel.

SECTION 172(1) STATEMENT

The directors recognise their duty under section 172 of the Companies Act 2006 to promote the success of the business for the benefit of its members as a whole, while having regard to the broader matters set out in section 172(1). In fulfilling this duty during the year, the Board considered the long-term consequences of its decisions, the interests of employees, relationships with key stakeholders, the impact of operations on communities and the environment, the maintenance of high standards of business conduct, and the fair treatment of shareholders.

Long-term decision making

The group operates in a competitive global engineering market, with a significant proportion of sales derived from supplying equipment to the oil and energy sector, particularly in the Middle East. Strategic decisions are made with a view to securing sustainable growth and resilience, including investment in research and development to enhance equipment efficiency, reliability and safety. The Board regularly reviews international market trends, geopolitical risks and the transition of the energy sector to ensure the business remains agile and well-positioned for the future.

Employees

Our employees are central to the delivery of high-quality engineering solutions. The Board places significant emphasis on investing in technical training, skills development and health and safety. The group maintains open communication channels to engage staff, encourage feedback and ensure their wellbeing. A culture of collaboration and innovation is fostered to retain and attract skilled engineers and specialists.

Stakeholder relationships

The groups success depends on strong, long-term relationships with customers, suppliers, agents and business partners worldwide. In particular, the Board has ensured regular engagement with customers in the Middle East to understand their operational needs and evolving requirements. We work closely with suppliers to maintain robust supply chains and uphold standards of quality, integrity and reliability. Local representatives and distributors are supported to provide on-the-ground expertise and service, enhancing trust and reputation in key export markets.

Community and environment

The Board is mindful of the environmental footprint of engineering and manufacturing activities. Investment has been made in 2024 in solar panels at our offices in Langham . The group also contributes to the local community through sponsorships and donations.

High standards of business conduct

Operating globally, the company is committed to maintaining compliance with UK and international laws, regulations and ethical business practices. Anti-bribery and corruption policies, export control compliance and regular training are in place to safeguard the company’s reputation and ensure responsible trading.

Fairness between members

The Board ensures that all shareholders are treated equally and that transparent, timely information is provided. The interests of shareholders are considered in capital allocation decisions and in balancing investment for long-term growth with returns to members.

In summary, the Board is satisfied that it has acted in a manner consistent with its duties under section 172(1) of the Companies Act 2006 and that its approach supports the groups long-term sustainable success.

FINANCIAL INSTRUMENTS

The company has a level of exposure to foreign exchange rate fluctuations and therefore from time to time takes out forward currency contracts.

POST BALANCE SHEET EVENTS

In April 2025 QR Automation Limited, a wholly owned subsidiary, commenced operation in the UK. We are confident that in 2026 this company will contribute to the growth of the group.

FUTURE DEVELOPMENTS

The group currently has no immediate plans, although the purchase of a warehouse remains under consideration and increasing our local presence in both the countries we sell and purchase from is under review.

BRANCHES

The group has operating branches in Australia, Germany and South Africa.

NON FINANCIAL KEY PERFORMANCE INDICATORS

Non-Financial KPI's were in-line with expectations. Customer feedback during visits remained positive, and on time delivery improved by 10% as disruptions in the global supply chain reduced. New clients increased by 68 (64 in 2023) and we had 48 (68 in 2023) lapsed clients, who generally had only placed smaller one-off orders. Our order to enquiry ratio deteriorated by 6% reflecting the fact the group is operating in a competitive market and the group balances the drive for sales with maintaining margin.

ON BEHALF OF THE BOARD:

Mr D S Linscott - Director

30 October 2025

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of exporting engineering equipment and associated products.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2024.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

Mr A J Muir

Mrs S R Muir

Mr D S Linscott

Other changes in directors holding office are as follows:

Mr R P Harris - appointed 26 January 2024

FINANCIAL INSTRUMENTS

Exposure to foreign currency and credit risks arises in the normal course of the group's business. These risks are limited by the group's financial management policies and practices as described below.

Foreign currency risk

The group is exposed to foreign currency risk due to its overseas customer base. The group limits the exposure by maintaining bank accounts and funds in frequently used currencies and with the occasional use of forward contracts.

Credit risk

The group is at risk from its customers defaulting in making payments for goods that have been supplied to them. To minimise this risk, the group has a policy of only trading with customers who are end users and do not sell through intermediaries. In addition, the majority of customers are large and well established multinational companies, or are government-owned. The group's exposure and its customers' creditworthiness are continually monitored so that any potential problems are detected at an early stage. At the end of the reporting date, the directors did not consider that the group was exposed to any significant credit risk in respect of trade receivables.

Price risk

The group is at risk from fluctuations in commodity prices and the impact these have on its customers' income stream and hence buying power. This risk is minimised by dealing with well established plants which have an ongoing requirement for equipment and spares despite such fluctuations.

Liquidity and cash flow risk

The directors have ultimate responsibility for liquidity risk management in maintaining adequate reserves, banking facilities and reserve borrowing facilities. They do this by continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities.

Interest rate risk

The group has no significant exposure to interest rate risk through the impact of rate changes on interest-bearing borrowings as it has no significant interest bearing liabilities.In the opinion of the directors, it has no significant exposure to interest rate risk on its interest bearing assets as the majority of these are with reliable banks.

STREAMLINED ENERGY AND CARBON REPORTING

The greenhouse gas emissions, energy consumption and energy efficiency disclosures not given as the group energy consumption is less than 40,000kWh of energy.

DISCLOSURE IN THE STRATEGIC REPORT

Certain disclosure items required under Sch. 7 to be disclosed in the directors' report, are set out in the strategic report in accordance with s.414C(11) CA 2006.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group 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 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

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

ON BEHALF OF THE BOARD:

Mr R Allerton-Austin - Secretary

30 October 2025

Opinion

We have audited the financial statements of Quinta Raddison Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 31 December 2024 and of the group's 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 group 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 group's and the parent 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 Group 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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company 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 six, 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 group's and the parent 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 group or the parent 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:

- We have performed our own assessment of the susceptibility of the financial statements to material misstatement, including how fraud might occur, and concentrated our audit work in these areas to detect any material misstatements which may exist.

- We had a planning meeting with management prior to performing the audit, to establish the laws and regulations which are significant to the company, and to obtain an understanding of the entity's policies and procedures to ensure compliance with these laws and regulation, including enquiring into any instances of non-compliance.

- We had a planning meeting with management prior to performing the audit, to obtain an understanding of the entities policies and procedures on fraud risk, including knowledge of any actual, suspected or alleged fraud, as well as considering managements assessment of the susceptibility of the financial statements to fraud.

- We have performed preliminary analytical procedures to identify any unusual or unexpected relationships that may indicate an increased risk of material misstatement as a result of fraud

- We have performed substantive testing of a sample of journal entries made in the year in order to address the risk of fraud due to management override of controls.

- We have performed substantive testing of all material year end balances, and also performed substantive testing of other transactions during the year and of other year end balances.

- We performed walk-through tests of sales, purchases, payroll, VAT and bank systems to ensure that systems operated as documented.

- The engagement team was selected to ensure that they collectively had the appropriate competences and capabilities to identify and recognise non-compliance with laws and regulations. We have communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Our audit did not identify any matters relating to the detection of irregularities including fraud.

However, 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.

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.

Michael Marcus (Senior Statutory Auditor)

for and on behalf of TC Group

1st Floor Spitalfields House

Stirling Way

Borehamwood

Hertfordshire

WD6 2FX

30 October 2025

TURNOVER

4

54,629,506

54,028,979

Cost of sales

43,135,388

42,281,379

GROSS PROFIT

11,494,118

11,747,600

Administrative expenses

8,581,191

7,709,306

2,912,927

4,038,294

Other operating income

3,002

134

OPERATING PROFIT

2,915,929

4,038,428

Income from shares in group undertakings

29,588

-

Interest receivable and similar income

605,305

311,607

634,893

311,607

3,550,822

4,350,035

Interest payable and similar expenses

6

757

3,909

PROFIT BEFORE TAXATION

7

3,550,065

4,346,126

Tax on profit

8

861,324

965,572

PROFIT FOR THE FINANCIAL YEAR

2,688,741

3,380,554

Profit attributable to:

Owners of the parent

2,684,479

3,378,770

Non-controlling interests

4,262

1,784

2,688,741

3,380,554

PROFIT FOR THE YEAR

2,688,741

3,380,554

OTHER COMPREHENSIVE INCOME

Foreign exchange reserve movement

5,609

(17,730

)

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

5,609

(17,730

)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

2,694,350

3,362,824

Total comprehensive income attributable to:

Owners of the parent

2,690,088

3,361,040

Non-controlling interests

4,262

1,784

2,694,350

3,362,824

FIXED ASSETS

Tangible assets

11

1,824,270

1,557,953

Investments

12

Interest in joint venture

Share of gross assets

11,122

11,122

11,122

11,122

Interest in associate

3,772

3,772

1,839,164

1,572,847

CURRENT ASSETS

Stocks

13

2,173,666

2,910,368

Debtors

14

9,689,154

9,997,538

Cash at bank

17,696,634

14,595,982

29,559,454

27,503,888

CREDITORS

Amounts falling due within one year

15

(5,786,177

)

(6,248,628

)

NET CURRENT ASSETS

23,773,277

21,255,260

TOTAL ASSETS LESS CURRENT LIABILITIES

25,612,441

22,828,107

PROVISIONS FOR LIABILITIES

17

(100,000

)

(27,580

)

NET ASSETS

25,512,441

22,800,527

CAPITAL AND RESERVES

Called up share capital

18

76

76

Revaluation reserve

19

27,100

27,100

Capital redemption reserve

19

24

24

Other reserves

19

5,609

-

Retained earnings

19

25,455,037

22,770,558

SHAREHOLDERS' FUNDS

25,487,846

22,797,758

NON-CONTROLLING INTERESTS

24,595

2,769

TOTAL EQUITY

25,512,441

22,800,527

The financial statements were approved by the Board of Directors and authorised for issue on 30 October 2025 and were signed on its behalf by:

Mr A J Muir - Director

Mrs S R Muir - Director

FIXED ASSETS

Tangible assets

11

1,321,065

1,032,797

Investments

12

30,476

30,476

1,351,541

1,063,273

CURRENT ASSETS

Stocks

13

2,145,504

2,958,399

Debtors

14

9,577,874

9,950,456

Cash at bank

17,591,699

14,455,773

29,315,077

27,364,628

CREDITORS

Amounts falling due within one year

15

(5,124,075

)

(5,564,688

)

NET CURRENT ASSETS

24,191,002

21,799,940

TOTAL ASSETS LESS CURRENT LIABILITIES

25,542,543

22,863,213

PROVISIONS FOR LIABILITIES

17

(100,000

)

(27,580

)

NET ASSETS

25,442,543

22,835,633

CAPITAL AND RESERVES

Called up share capital

18

76

76

Revaluation reserve

19

27,100

27,100

Capital redemption reserve

19

24

24

Retained earnings

19

25,415,343

22,808,433

SHAREHOLDERS' FUNDS

25,442,543

22,835,633

Company's profit for the financial year

2,606,910

3,163,357

The financial statements were approved by the Board of Directors and authorised for issue on 30 October 2025 and were signed on its behalf by:

Mr A J Muir - Director

Mrs S R Muir - Director

Called up

Capital

share

Retained

Revaluation

redemption

capital

earnings

reserve

reserve

£

£

£

£

Balance at 1 January 2023

76

19,922,192

27,100

24

Changes in equity

Dividends

-

(530,404

)

-

-

Total comprehensive income

-

3,378,770

-

-

Balance at 31 December 2023

76

22,770,558

27,100

24

Changes in equity

Total comprehensive income

-

2,684,479

-

-

Balance at 31 December 2024

76

25,455,037

27,100

24

Other

Non-controlling

Total

reserves

Total

interests

equity

£

£

£

£

Balance at 1 January 2023

17,730

19,967,122

985

19,968,107

Changes in equity

Dividends

-

(530,404

)

-

(530,404

)

Total comprehensive income

(17,730

)

3,361,040

1,784

3,362,824

Balance at 31 December 2023

-

22,797,758

2,769

22,800,527

Changes in equity

Total comprehensive income

5,609

2,690,088

4,262

2,694,350

Balance at 31 December 2024

5,609

25,487,846

7,031

25,494,877

Called up

Capital

share

Retained

Revaluation

redemption

Total

capital

earnings

reserve

reserve

equity

£

£

£

£

£

Balance at 1 January 2023

76

20,175,480

27,100

24

20,202,680

Changes in equity

Dividends

-

(530,404

)

-

-

(530,404

)

Total comprehensive income

-

3,163,357

-

-

3,163,357

Balance at 31 December 2023

76

22,808,433

27,100

24

22,835,633

Changes in equity

Total comprehensive income

-

2,606,910

-

-

2,606,910

Balance at 31 December 2024

76

25,415,343

27,100

24

25,442,543

Cash flows from operating activities

Cash generated from operations

1

3,969,807

2,883,561

Interest paid

(757

)

(3,909

)

Tax paid

(1,074,438

)

(998,637

)

Net cash from operating activities

2,894,612

1,881,015

Cash flows from investing activities

Purchase of tangible fixed assets

(357,801

)

(188,044

)

Interest received

605,305

311,607

Dividends received

29,588

-

Net cash from investing activities

277,092

123,563

Cash flows from financing activities

Equity dividends paid

-

(530,404

)

Net cash from financing activities

-

(530,404

)

Increase in cash and cash equivalents

3,171,704

1,474,174

Cash and cash equivalents at beginning of year

2

14,595,982

13,121,808

Effect of foreign exchange rate changes

(71,052

)

-

Cash and cash equivalents at end of year

2

17,696,634

14,595,982