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REGISTERED NUMBER: 01774917 (England and Wales)

| REPORT OF THE DIRECTOR AND |

| FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31 DECEMBER 2025 |

| FOR |

| ZED ENGINEERED SYSTEMS LIMITED |

ZED ENGINEERED SYSTEMS LIMITED (REGISTERED NUMBER: 01774917)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

| Page |

Company Information | 1 |

Report of the Director | 2 |

Statement of Financial Position | 3 |

Notes to the Financial Statements | 4 |  | to |  | 8

ZED ENGINEERED SYSTEMS LIMITED

COMPANY INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2025

| DIRECTOR: | Mr A Seilert

| SECRETARY: | Mrs C M J Kilvington

| REGISTERED OFFICE: | First Floor North

| 40 Oxford Road

| High Wycombe

| Buckinghamshire

| HP11 2EE

| REGISTERED NUMBER: | 01774917 (England and Wales)

| AUDITORS: | Seymour Taylor Limited, Statutory Auditor

| First Floor North

| 40 Oxford Road

| High Wycombe

| Buckinghamshire

| HP11 2EE

ZED ENGINEERED SYSTEMS LIMITED (REGISTERED NUMBER: 01774917)

REPORT OF THE DIRECTOR

FOR THE YEAR ENDED 31 DECEMBER 2025

The director presents his report with the financial statements of the company for the year ended 31 December 2025.

PRINCIPAL ACTIVITIES

The principal activities of the company in the year under review were those of design and manufacture of instrumentation for tunnelling.

DIRECTOR

Mr A Seilert held office during the whole of the period from 1 January 2025 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.

AUDITORS

The auditors, Seymour Taylor Limited, will be re-appointed in accordance with section 487(2) of the Companies Act 2006.

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

BY ORDER OF THE BOARD:

Mrs C M J Kilvington - Secretary

13 April 2026

ZED ENGINEERED SYSTEMS LIMITED (REGISTERED NUMBER: 01774917)

STATEMENT OF FINANCIAL POSITION

31 DECEMBER 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 131,438 |  | 172,845 |  |

CURRENT ASSETS

Stocks | 324,346 |  | 271,030 |  |

Debtors | 5 | 111,967 |  | 179,448 |  |

Cash at bank and in hand | 426,143 |  | 721,205 |  |

862,456 |  | 1,171,683 |  |

CREDITORS

Amounts falling due within one year | 6 | 50,587 |  | 52,634 |  |

NET CURRENT ASSETS | 811,869 |  | 1,119,049 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 943,307 |  | 1,291,894 |  |

PROVISIONS FOR LIABILITIES | 775 |  | 6,178 |  |

NET ASSETS | 942,532 |  | 1,285,716 |  |

CAPITAL AND RESERVES

Called up share capital | 7 | 100 |  | 100 |  |

Retained earnings | 942,432 |  | 1,285,616 |  |

SHAREHOLDERS' FUNDS | 942,532 |  | 1,285,716 |  |

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 13 April 2026 and were signed by:

Mr A Seilert - Director

ZED ENGINEERED SYSTEMS LIMITED (REGISTERED NUMBER: 01774917)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1. | STATUTORY INFORMATION

| Zed Engineered Systems Limited is a private company limited by shares and incorporated in England and Wales. The address of the company's registered office is First Floor North, 40 Oxford Road, High Wycombe, Buckinghamshire, HP11 2EE. The registered number is 01774917.

| The principal activity of the company was that of design and manufacture of instrumentation for tunnelling.

| The financial statements are presented in the currency of the primary economic environment in which the entity operates (its functional currency), as such, the results and statement of financial position are presented in Sterling (£).

| The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| The directors have assessed expected future cashflows, giving due consideration to all relevant factors affecting the company. The directors have considered the potential impact on the company as well as its capital resources and believe that the company has adequate resources in place to continue in operation for at least twelve months from the date of approval of the financial statements. Consequently, the company continues to adopt the going concern basis in preparing these financial statements.

| Significant judgements and estimates

| The preparation of the financial statements requires management to make estimates and assumptions that affect the reported amounts of revenue, expenses, assets and liabilities, and the disclosure of contingent liabilities at the date of the financial statements. If in the future such estimates and assumptions, which are based on the management's best judgment at the date of the financial statements, deviate from the actual circumstances, the original estimates and assumptions will be modified as appropriate in the year in which the circumstances change.

| Turnover

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

| Turnover is measured at the fair value of consideration received or receivable for goods and or services provided, net of trade discounts and value added tax.

| Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be reliably measured, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

| This is usually when the goods have been dispatched and legal title has passed.

ZED ENGINEERED SYSTEMS LIMITED (REGISTERED NUMBER: 01774917)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

2. | ACCOUNTING POLICIES - continued

| Intangible assets

| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

| Development costs are being amortised evenly over their estimated useful life of five years.

| Tangible fixed assets

| Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

| The company assesses at each reporting date whether tangible fixed assets are impaired.

| Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimate useful life:

| Long leasehold |  | straight line -10% |  |

| Plant and machinery |  | straight line - 25% |  |

| Fixtures and fittings |  | straight line -25% |  |

| Stocks

| Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition.

| Provision is made for damaged, obsolete and slow-moving stock where appropriate.

| Financial instruments

| The company has applied the provisions of Section 11 "Basic Financial Instruments" and Section 12 "Other Financial Instrument Issues" of FRS 102 to its financial statements.

| Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

| Taxation

| Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity or other comprehensive income, in which case it is recognised directly in equity or other comprehensive income.

| Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the statement of financial position date, and any adjustment to tax payable in respect of previous years.

| Deferred tax is provided on timing differences which arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. Differences between accumulated depreciation and tax allowances for the cost of a fixed asset, if and when all conditions for retaining the tax allowances have been met, are not provided for. Deferred tax is not recognised on permanent differences arising because certain types of income or expense are non-taxable or are disallowable for tax or because certain tax charges or allowances are greater or smaller than the corresponding income or expense.

ZED ENGINEERED SYSTEMS LIMITED (REGISTERED NUMBER: 01774917)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

2. | ACCOUNTING POLICIES - continued

| Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related difference, using tax rates enacted or substantively enacted at the statement of financial position date. Deferred tax balances are not discounted.

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

| Foreign currencies

| Transactions denominated in foreign currencies are translated into Sterling at the rate of exchange ruling at the date of the transaction. Monetary assets and liabilities at the period end denominated in a foreign currency are translated into Sterling at the rate of exchange ruling at the statement of financial position date. Exchange differences are taken into account when arriving at the operating profit.

| Hire purchase and leasing commitments

| Assets acquired and held under finance lease or hire purchase contracts are capitalised in the statement of financial position. Those held under finance leases are depreciated over the shorter of the lease term and the estimated useful life of the asset. Those held under hire purchase contracts are depreciated over the estimated useful life of the asset.

| Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligation, exclusive of finances charges allocated to future periods, is recognised as a liability with the finance element charged to the income statement over the relevant period.

| Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

| Lease incentives

| The company from time to time receives incentives to enter into new lease agreements. These incentives may take the form of an up-front cash payment ("reverse premium") or the initial period of the lease may be rent free or at a reduced rent.

| In accordance with the standard accounting treatment for operating lease incentives, the benefits receivable by the company are deducted from the rental costs and are allocated on a straight line basis over the full lease term.

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme for the benefit of its employees. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 7 (2024 - 8 ) .

ZED ENGINEERED SYSTEMS LIMITED (REGISTERED NUMBER: 01774917)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

4. | TANGIBLE FIXED ASSETS

| Fixtures |

| Long |  | Plant and |  | and |

| leasehold |  | machinery |  | fittings |  | Totals

£ | £ | £ | £ |

| COST

| At 1 January 2025 | 153,394 |  | 134,939 |  | 77,259 |  | 365,592 |  |

| Disposals | - |  | (65,178 | ) | (42,218 | ) | (107,396 | ) |

| At 31 December 2025 | 153,394 |  | 69,761 |  | 35,041 |  | 258,196 |  |

| DEPRECIATION

| At 1 January 2025 | 30,023 |  | 100,282 |  | 62,442 |  | 192,747 |  |

| Charge for year | 15,339 |  | 17,440 |  | 8,628 |  | 41,407 |  |

| Eliminated on disposal | - |  | (65,178 | ) | (42,218 | ) | (107,396 | ) |

| At 31 December 2025 | 45,362 |  | 52,544 |  | 28,852 |  | 126,758 |  |

| NET BOOK VALUE

| At 31 December 2025 | 108,032 |  | 17,217 |  | 6,189 |  | 131,438 |  |

| At 31 December 2024 | 123,371 |  | 34,657 |  | 14,817 |  | 172,845 |  |

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

2025 | 2024 |

£ | £ |

| Trade debtors | 1,164 |  | 91,330 |  |

| Amounts owed by group undertakings | 38,370 |  | 1,553 |  |

| Other debtors | 72,433 |  | 86,565 |  |

111,967 |  | 179,448 |  |

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

2025 | 2024 |

£ | £ |

| Trade creditors | 21,209 |  | 90 |  |

| Taxation and social security | 5,905 |  | 28,879 |  |

| Other creditors | 23,473 |  | 23,665 |  |

50,587 |  | 52,634 |  |

7. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 100 | Ordinary | £1 | 100 |  | 100 |  |

ZED ENGINEERED SYSTEMS LIMITED (REGISTERED NUMBER: 01774917)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

| The Report of the Auditors was unqualified.

| Joanne Kingsnorth FCA (Senior Statutory Auditor)

| for and on behalf of Seymour Taylor Limited, Statutory Auditor

9. | OTHER FINANCIAL COMMITMENTS

| Total financial commitments, guarantees and contingencies not included in the statement of financial position amount to £100,500 (2024 - £167,500), all relates to operating lease commitments due within 5 years.

10. | RELATED PARTY DISCLOSURES

| 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.

11. | ULTIMATE CONTROLLING PARTY

| The parent company is VMT GmbH, a company incorporated in Germany. The ultimate parent company is Herrenknecht AG, a company incorporated in Germany.

| The largest and smallest group, in which this company's information is consolidated is that of Herrenknecht AG. The company is incorporated in Germany and is preparing its consolidated financial statements to 31 December 2025. The registered office for this company is:

| Schlehenweg 2, 77963

| Schwanau

| Germany

| Copies of the consolidated financial statements of 31 December 2025 can be obtained from the above address.