Company registration number 14158187 (England and Wales)
EUSTON HOLDCO V LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
PAGES FOR FILING WITH REGISTRAR
EUSTON HOLDCO V LIMITED
CONTENTS
Page
Group balance sheet
1 - 2
Company balance sheet
3 - 4
Notes to the financial statements
5 - 12
EUSTON HOLDCO V LIMITED
GROUP BALANCE SHEET
AS AT 31 AUGUST 2025
31 August 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
3
1,674,935
1,914,212
Tangible assets
4
30,558
9,245
1,705,493
1,923,457
Current assets
Stocks
477,021
428,424
Debtors
7
728,264
637,273
Cash at bank and in hand
273,110
351,273
1,478,395
1,416,970
Creditors: amounts falling due within one year
8
(793,629)
(703,958)
Net current assets
684,766
713,012
Total assets less current liabilities
2,390,259
2,636,469
Creditors: amounts falling due after more than one year
9
(2,315,166)
(2,731,990)
Net assets/(liabilities)
75,093
(95,521)
Capital and reserves
Called up share capital
3
3
Profit and loss reserves
75,090
(95,524)
Total equity
75,093
(95,521)
EUSTON HOLDCO V LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2025
31 August 2025
- 2 -

T he directors of the group have elected not to include a copy of the profit and loss account within the financial statements.

For the financial year ended 31 August 2025 the group was entitled to exemption from audit under section 477 of the Companies Act 2006.

Directors' responsibilities under the Companies Act 2006:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

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

The financial statements were approved by the board of directors and authorised for issue on 12 February 2026 and are signed on its behalf by:
12 February 2026
Mr T R E Normanton
Director
Company registration number 14158187 (England and Wales)
EUSTON HOLDCO V LIMITED
COMPANY BALANCE SHEET
AS AT 31 AUGUST 2025
31 August 2025
- 3 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
5
3,500,000
3,500,000
Current assets
Cash at bank and in hand
16,286
15,405
Creditors: amounts falling due within one year
8
(335,133)
(334,773)
Net current liabilities
(318,847)
(319,368)
Total assets less current liabilities
3,181,153
3,180,632
Creditors: amounts falling due after more than one year
9
(2,315,166)
(2,731,990)
Net assets
865,987
448,642
Capital and reserves
Called up share capital
3
3
Profit and loss reserves
865,984
448,639
Total equity
865,987
448,642
EUSTON HOLDCO V LIMITED
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2025
31 August 2025
- 4 -

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £417,345 (2024 - £321,960 profit).

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 August 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These 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 board of directors and authorised for issue on 12 February 2026 and are signed on its behalf by:
12 February 2026
Mr T R E Normanton
Director
Company registration number 14158187 (England and Wales)
EUSTON HOLDCO V LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
- 5 -
1
Accounting policies
Company information

Euston Holdco V Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 73 Cornhill, London, United Kingdom, EC3V 3QQ.

The group consists of Euston Holdco V Limited and all of its subsidiaries.

1.1
Accounting convention

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

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

1.2
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Euston Holdco V Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 August 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

EUSTON HOLDCO V LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 6 -
1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group 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.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, 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.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over 10 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
Tangible fixed assets

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:

Plant and equipment
15% straight line
Motor vehicles
25% straight line

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 recognised in the profit and loss account.

1.8
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

EUSTON HOLDCO V LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 7 -
1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.10
Stocks

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

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

1.11
Cash and cash equivalents

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.

1.12
Financial instruments

The group 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.

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

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

Basic financial assets

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 m ethod unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

EUSTON HOLDCO V LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 8 -
Classification of financial liabilities

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 group after deducting all of its liabilities.

Basic financial 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 paymen ts 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.

1.13
Equity instruments

Equity instruments issued by the group 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 group.

1.14
Taxation

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

Current 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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

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 if, and only if, there is 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.

1.15
Employee benefits

The group provides a range of benefits to employees, including paid holiday arrangements and defined contribution retirement benefit schemes.

EUSTON HOLDCO V LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 9 -
1.16
Retirement benefits

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

1.17
Foreign exchange

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.

1.18

Related party note exemption

The company has taken advantage of the exemption available under FRS 102 section 1A not to disclose related party transactions with wholly owned subsidiaries within the group.

2
Employees

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

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Total
12
12
3
3
3
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 September 2024 and 31 August 2025
2,392,766
Amortisation and impairment
At 1 September 2024
478,554
Amortisation charged for the year
239,277
At 31 August 2025
717,831
Carrying amount
At 31 August 2025
1,674,935
At 31 August 2024
1,914,212
The company had no intangible fixed assets at 31 August 2025 or 31 August 2024.

Intangible fixed assets are pledged as security for certain bank and other facilities held by the group.

EUSTON HOLDCO V LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 10 -
4
Tangible fixed assets
Group
Plant and machinery etc
£
Cost
At 1 September 2024
44,435
Additions
32,444
Disposals
(16,700)
At 31 August 2025
60,179
Depreciation and impairment
At 1 September 2024
35,190
Depreciation charged in the year
6,954
Eliminated in respect of disposals
(12,523)
At 31 August 2025
29,621
Carrying amount
At 31 August 2025
30,558
At 31 August 2024
9,245
The company had no tangible fixed assets at 31 August 2025 or 31 August 2024.

Tangible fixed assets are pledged as security for certain bank and other facilities held by the group.

5
Fixed asset investments
Group
Company
2025
2024
2025
2024
£
£
£
£
Shares in group undertakings and participating interests
-
-
3,500,000
3,500,000
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 September 2024 and 31 August 2025
3,500,000
Carrying amount
At 31 August 2025
3,500,000
At 31 August 2024
3,500,000
EUSTON HOLDCO V LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 11 -
6
Subsidiaries

Details of the company's subsidiaries at 31 August 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Pimseal Limited
Brailsford House, Knapp Lane St James Square, Cheltenham, Gloucestershire, GL50 3QA
Ordinary
100.00
7
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
693,777
610,338
-
0
-
0
Other debtors
34,487
26,935
-
0
-
0
728,264
637,273
-
-

Debtors are pledged as security for certain bank and other facilities held by the group.

8
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank loans
333,333
333,333
333,333
333,333
Trade creditors
165,896
111,758
-
0
-
0
Corporation tax payable
102,313
77,862
-
0
-
0
Other taxation and social security
17,651
28,884
-
0
-
0
Other creditors
174,436
152,121
1,800
1,440
793,629
703,958
335,133
334,773

Bank loans are secured by a charge over the assets of the group.

9
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank loans and overdrafts
1,333,334
1,666,667
1,333,334
1,666,667
Other creditors
981,832
1,065,323
981,832
1,065,323
2,315,166
2,731,990
2,315,166
2,731,990

Bank loans and other creditors amounting to £283,060 (2024: £435,279) are secured by a charge over the assets of the group.

EUSTON HOLDCO V LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 12 -
10
Financial commitments, guarantees and contingent liabilities

At the balance sheet date the group and company had total guarantees, contingencies and commitments of £Nil (2024: £Nil).

2025-08-31 2024-09-01 false false CCH Software CCH Accounts Production 2025.300 No description of principal activity Mr M G Silver Mr T R E Normanton Mr M J Dominik false 14158187 bus:Consolidated 2024-09-01 2025-08-31 14158187 2024-09-01 2025-08-31 14158187 bus:Consolidated 2025-08-31 14158187 2025-08-31 14158187 bus:Consolidated 2024-08-31 14158187 core:NetGoodwill bus:Consolidated 2025-08-31 14158187 core:NetGoodwill bus:Consolidated 2024-08-31 14158187 core:OtherPropertyPlantEquipment bus:Consolidated 2025-08-31 14158187 core:OtherPropertyPlantEquipment bus:Consolidated 2024-08-31 14158187 core:CurrentFinancialInstruments core:WithinOneYear bus:Consolidated 2025-08-31 14158187 core:CurrentFinancialInstruments bus:Consolidated 2024-08-31 14158187 2024-08-31 14158187 core:ShareCapital bus:Consolidated 2025-08-31 14158187 core:ShareCapital bus:Consolidated 2024-08-31 14158187 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2025-08-31 14158187 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2024-08-31 14158187 core:ShareCapital 2025-08-31 14158187 core:ShareCapital 2024-08-31 14158187 core:RetainedEarningsAccumulatedLosses 2025-08-31 14158187 core:RetainedEarningsAccumulatedLosses 2024-08-31 14158187 bus:Director2 2024-09-01 2025-08-31 14158187 core:Goodwill 2024-09-01 2025-08-31 14158187 core:PlantMachinery 2024-09-01 2025-08-31 14158187 core:MotorVehicles 2024-09-01 2025-08-31 14158187 bus:Consolidated 2023-09-01 2024-08-31 14158187 2023-09-01 2024-08-31 14158187 core:NetGoodwill bus:Consolidated 2024-08-31 14158187 core:NetGoodwill bus:Consolidated 2024-09-01 2025-08-31 14158187 core:OtherPropertyPlantEquipment bus:Consolidated 2024-08-31 14158187 core:OtherPropertyPlantEquipment bus:Consolidated 2024-09-01 2025-08-31 14158187 core:Subsidiary1 2024-09-01 2025-08-31 14158187 core:Subsidiary1 1 2024-09-01 2025-08-31 14158187 core:CurrentFinancialInstruments bus:Consolidated 2025-08-31 14158187 core:CurrentFinancialInstruments 2025-08-31 14158187 core:CurrentFinancialInstruments 2024-08-31 14158187 core:WithinOneYear bus:Consolidated 2025-08-31 14158187 core:WithinOneYear bus:Consolidated 2024-08-31 14158187 core:CurrentFinancialInstruments core:WithinOneYear 2025-08-31 14158187 core:CurrentFinancialInstruments core:WithinOneYear 2024-08-31 14158187 core:Non-currentFinancialInstruments core:AfterOneYear bus:Consolidated 2025-08-31 14158187 core:Non-currentFinancialInstruments core:AfterOneYear bus:Consolidated 2024-08-31 14158187 core:Non-currentFinancialInstruments core:AfterOneYear 2025-08-31 14158187 core:Non-currentFinancialInstruments core:AfterOneYear 2024-08-31 14158187 core:CurrentFinancialInstruments core:WithinOneYear bus:Consolidated 2024-08-31 14158187 core:Non-currentFinancialInstruments bus:Consolidated 2025-08-31 14158187 core:Non-currentFinancialInstruments bus:Consolidated 2024-08-31 14158187 core:Non-currentFinancialInstruments 2025-08-31 14158187 core:Non-currentFinancialInstruments 2024-08-31 14158187 bus:PrivateLimitedCompanyLtd 2024-09-01 2025-08-31 14158187 bus:SmallCompaniesRegimeForAccounts 2024-09-01 2025-08-31 14158187 bus:FRS102 2024-09-01 2025-08-31 14158187 bus:AuditExemptWithAccountantsReport 2024-09-01 2025-08-31 14158187 bus:ConsolidatedGroupCompanyAccounts 2024-09-01 2025-08-31 14158187 bus:Director1 2024-09-01 2025-08-31 14158187 bus:Director3 2024-09-01 2025-08-31 14158187 bus:FullAccounts 2024-09-01 2025-08-31 xbrli:pure xbrli:shares iso4217:GBP