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REGISTERED NUMBER: 14338522 (England and Wales)

| REPORT OF THE DIRECTOR AND |

| FINANCIAL STATEMENTS |

| FOR THE PERIOD 1 APRIL 2024 TO 5 APRIL 2025 |

| FOR |

| ELECTRA-LOW LTD |

| ELECTRA-LOW LTD (REGISTERED NUMBER: 14338522) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE PERIOD 1 APRIL 2024 TO 5 APRIL 2025

Page |

| Company Information | 1 |

| Report of the Director | 2 |

| Report of the Independent Auditors | 3 |

| Income Statement | 7 |

| Balance Sheet | 8 |

| Statement of Changes in Equity | 9 |

| Notes to the Financial Statements | 10 |

| ELECTRA-LOW LTD |

COMPANY INFORMATION

FOR THE PERIOD 1 APRIL 2024 TO 5 APRIL 2025

| DIRECTOR: | D A Ward

| REGISTERED OFFICE: | Charlton House

| Dour Street

| DOVER

| Kent

| CT16 1BL

| BUSINESS ADDRESS: | c/o Envirograf House

| Barfrestone

| DOVER

| Kent

| CT15 7JG

| REGISTERED NUMBER: | 14338522 (England and Wales)

| AUDITORS: | McCabe Ford Williams

| Chartered Accountants and Statutory Auditors

| Charlton House

| Dour Street

| DOVER

| Kent

| CT16 1BL

| ELECTRA-LOW LTD (REGISTERED NUMBER: 14338522) |

REPORT OF THE DIRECTOR

FOR THE PERIOD 1 APRIL 2024 TO 5 APRIL 2025

The director presents his report with the financial statements of the company for the period 1 April 2024 to 5 April 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the period under review was that of manufacture and sale of bespoke radiator products.

DIRECTOR

D A Ward held office during the whole of the period from 1 April 2024 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Report of the Director and the financial statements in accordance with applicable law and regulations.

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

- | select suitable accounting policies and then apply them consistently;

- | make judgements and accounting estimates that are reasonable and prudent;

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

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is 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 he 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.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

D A Ward - Director

2 January 2026

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

ELECTRA-LOW LTD

Qualified Opinion

We have audited the financial statements of Electra-Low Ltd (the 'company') for the period ended 5 April 2025 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

We have audited the financial statements of Intumescent Systems Limited (the 'company') for the period ended 5 April 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, 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, except for the effects of the matter described in the Basis for qualified opinion, the financial statements:

- give a true and fair view of the state of the company's affairs as at 5 April 2025 and of its profit for the year then

ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for qualified 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. 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.

With respect to stock recharged from Intumescent Systems Limited totalling £2,133, owing to the nature of the company's records, we were unable to obtain sufficient appropriate audit evidence regarding stock valuation for the recharges. This stock does not go through the Intumescent Systems Ltd nor Electra-Low Ltd stock system, and subsequently we cannot satisfy ourselves that stock is not materially misstated due to limitation of scope.

As a result of these material matters and their potential corresponding impact on cost of sales and inventory, we were unable to determine whether any adjustments might have been found necessary in respect of recorded or unrecorded transactions, balances and the elements making up the statement of comprehensive income, statement of changes in equity and statement of cash flows.

Conclusions relating to going concern

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

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

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

ELECTRA-LOW LTD

Other information

The director is responsible for the other information. The other information comprises the information in the Report of the Director, 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 Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Report of the Director has 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 Report of the Director.

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

- | we have not received all the information and explanations we require for our audit; or

- | the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Director.

Responsibilities of director

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

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

ELECTRA-LOW LTD

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:

Our approach to identifying and assessing the risks of material misstatement 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 directors and other key

management, and from our commercial knowledge and experience of the sector

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, FRS 102, taxation legislation, employment and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of

management, inspecting correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to

instances of non-compliance throughout the audit.

We assessed the susceptibility of the 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;

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

regulations; and

- understanding the design of the company's remuneration policies.

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 relevant regulatory bodies.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

ELECTRA-LOW LTD

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.

John Sheather BSc FCA (Senior Statutory Auditor)

for and on behalf of McCabe Ford Williams

Chartered Accountants and Statutory Auditors

Charlton House

Dour Street

DOVER

Kent

CT16 1BL

2 January 2026

| ELECTRA-LOW LTD (REGISTERED NUMBER: 14338522) |

INCOME STATEMENT

FOR THE PERIOD 1 APRIL 2024 TO 5 APRIL 2025

| Period |

| 1.4.24 |

| to |  | Year Ended

| 5.4.25 |  | 31.3.24

£ | £ |

TURNOVER | 3,869 |  | 8,447 |  |

Cost of sales | 2,133 |  | 117 |  |

GROSS PROFIT | 1,736 |  | 8,330 |  |

Administrative expenses | 4,044 |  | 4,811 |  |

OPERATING (LOSS)/PROFIT and |

(LOSS)/PROFIT BEFORE TAXATION | (2,308 | ) | 3,519 |  |

Tax on (loss)/profit | - |  | - |  |

(LOSS)/PROFIT FOR THE FINANCIAL PERIOD | (2,308 | ) | 3,519 |  |

| ELECTRA-LOW LTD (REGISTERED NUMBER: 14338522) |

BALANCE SHEET

5 APRIL 2025

| 5.4.25 |  | 31.3.24

| Notes | £ | £ |

CURRENT ASSETS

Debtors | 5 | - |  | 1,482 |  |

Cash at bank | 1,070 |  | 823 |  |

1,070 |  | 2,305 |  |

CREDITORS

Amounts falling due within one year | 6 | 111,354 |  | 110,281 |  |

NET CURRENT LIABILITIES | (110,284 | ) | (107,976 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | (110,284 | ) | (107,976 | ) |

CAPITAL AND RESERVES

Called up share capital | 1 |  | 1 |  |

Retained earnings | (110,285 | ) | (107,977 | ) |

SHAREHOLDERS' FUNDS | (110,284 | ) | (107,976 | ) |

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the director and authorised for issue on 2 January 2026 and were signed by:

D A Ward - Director

| ELECTRA-LOW LTD (REGISTERED NUMBER: 14338522) |

STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD 1 APRIL 2024 TO 5 APRIL 2025

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1 April 2023 | 1 |  | (111,496 | ) | (111,495 | ) |

Changes in equity

Total comprehensive income | - |  | 3,519 |  | 3,519 |  |

Balance at 31 March 2024 | 1 |  | (107,977 | ) | (107,976 | ) |

Changes in equity

Total comprehensive income | - |  | (2,308 | ) | (2,308 | ) |

Balance at 5 April 2025 | 1 |  | (110,285 | ) | (110,284 | ) |

| ELECTRA-LOW LTD (REGISTERED NUMBER: 14338522) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD 1 APRIL 2024 TO 5 APRIL 2025

1. | STATUTORY INFORMATION

| Electra-Low 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 presentation currency of the financial statements is the Pound Sterling (£).

2. | STATEMENT OF COMPLIANCE

| 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| The financial statements have been prepared under the historical cost convention.

| Related party exemption

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| Taxation

| Taxation for the period 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 period 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.

4. | EMPLOYEES AND DIRECTORS

| The average number of employees during the period was 1 (2024 - 1 ) .

5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 5.4.25 |  | 31.3.24

£ | £ |

| Trade debtors | - |  | 1,482 |  |

| ELECTRA-LOW LTD (REGISTERED NUMBER: 14338522) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE PERIOD 1 APRIL 2024 TO 5 APRIL 2025

6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 5.4.25 |  | 31.3.24

£ | £ |

| Trade creditors | - |  | 919 |  |

| VAT | 244 |  | 392 |  |

| Other creditors | 108,060 |  | 106,121 |  |

| Directors' current accounts | 1,199 |  | 999 |  |

| Accruals and deferred income | 1,851 |  | 1,850 |  |

111,354 |  | 110,281 |  |

7. | LEASING AGREEMENTS

| Minimum lease payments under non-cancellable operating leases fall due as follows:

| 5.4.25 |  | 31.3.24

£ | £ |

| Within one year | 813 |  | - |  |

| Between one and five years | 1,491 |  | - |  |

2,304 |  | - |  |

8. | PARENT COMPANY

| The company is a subsidiary of Envirograf Limited, which owns 100% of the share capital, and has significant control over the entity.

9. | GOING CONCERN

| The financial statements have been prepared on a going concern basis. This basis is considered to be appropriate as whilst the company has made losses this year, and has negative retained earnings, much of these losses relate to recharges from another company within the group. Where cashflows do not cover financial obligations the business has the financial support of the main trading company within the group.

10. | CHANGE OF ACCOUNTING REFERENCE DATE

| After the year-end it was agreed by the directors for the company to extend its accounting reference date to 5 April 2025. The company however will continue to prepare its records to 31 March, which falls within the seven day window as permitted under the Companies Act 2006 S.390.