Company registration number 15701044 (England and Wales)
RGE HOLDCO LIMITED
FORMERLY CALOR HOLDCO LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
RGE HOLDCO LIMITED
FORMERLY CALOR HOLDCO LIMITED
COMPANY INFORMATION
Directors
S Benson
(Appointed 24 May 2024)
N Howell
(Appointed 24 May 2024)
J Shepherd
(Appointed 28 January 2026)
Company number
15701044
Registered office
The Nurseries
Gravel Lane
Chigwell
Essex
England
IG7 6BZ
Auditor
Azets Audit Services
5 Yeomans Court
Ware Road
Hertford
Hertfordshire
United Kingdom
SG13 7HJ
RGE HOLDCO LIMITED
FORMERLY CALOR HOLDCO LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Statement of comprehensive income
9
Statement of financial position
10
Statement of changes in equity
11
Notes to the financial statements
12 - 18
RGE HOLDCO LIMITED
FORMERLY CALOR HOLDCO LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
- 1 -

The Directors present the strategic report for the period ended 30 September 2025.

Review of the business

The principal activity of the C ompany is that of an intermediary holding company. The C ompany has intercompany balances with interest income and expenses flowing through the entity.

During the year, the group in which the C ompany belongs, completed two acquisitions, acquiring 100% interest in the RGE Services Limited (trading as RGE Services) and NRT Building Services Group Limited (trading as NRT) plus associated holding companies. Both businesses provide fire and electrical installation and compliance services, primarily across the South East of England.

Both businesses delivered strong performance during the period, with revenue growth driven by robust underlying contract performance as well as a number of contract wins. Gross profit also increased, reflecting a continued focus on delivering high‑quality services, developing long‑term client relationships, and maintaining leading client satisfaction scores within the social housing and related sectors.

The businesses continued to invest in their workforce, with the average number of employees in the period increasing to 415. Growth was seen across both the engineering team and head office function. This investment supports the g roup’s commitment to maintaining high standards of service delivery and ensuring that its engineering capability reflects the values and ethical standards that the group considers non negotiable.

The C ompany operated a t break-even for the period.

Strategy and business model

The group’s strategy is to grow its presence in the fire, electrical and related sectors by providing installation and compliance services. This is expected to be delivered through organic growth in established sectors, expanding into new, complementary sectors, as well as target acquisitions to access additional market sectors and regions within the United Kingdom. Across all sectors, the group’s objective is to deliver work safely and to build and maintain excellent long‑term customer relationships. The group is also focused on reducing the operating costs through investment in best in class IT systems and equipment.

Its shareholders have representation on the group board and are involved in key strategic decisions in and out of formal board meetings working alongside the executive directors and the senior management team.

Principal risks and uncertainties

Financial risk

The Company is exposed to a variety of financial risks because its operations, including credit risk and liquidity risk. The Directors have established policies and procedures to monitor and manage these risks in a prudent manner.

Liquidity risk

Liquidity risk arises from the finance charges and principal repayments on its debt instruments. The C ompany's policy is to ensure that it will always have sufficient cash to allow it to meet its financial obligations as they become due. To achieve this the C ompany's management makes use of 13 week rolling weekly cash forecasts and minimum 12-month budgets and forecasts.

Interest risk

The C ompany is exposed to cash flow interest rate risk due to fluctuations in interest rates on its intercompany balances.

Risk management and consequence of decisions

Key strategic and operational risks are reviewed at each monthly board meeting specifically considering the likelihood, impact and mitigations. As the environment in which the C ompany and its fellow subsidiaries operate changes the risks can also change as can the grading of risks.

Key decisions made by the board will be supported by specific discussion papers and analysis. The key factors in arriving at the decision are recorded in the board minutes or other appropriate media. Further information on key risks and the management approach are set out later in this report.

RGE HOLDCO LIMITED
FORMERLY CALOR HOLDCO LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
- 2 -
Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the C ompany continues and that the appropriate training is arranged. It is the policy of the C ompany that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The C ompany's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the C ompany's performance.

Section 172(1) Statement

The Directors are aware of their duty under Section 172 (1) of the Companies Act 2006 to act in a way they consider, in good faith, would be most likely to promote the success of the C ompany for the benefit of shareholders as a whole and, in doing so, to have regard (amongst other matters) to:

- The likely consequences of any decision in the long term.

- The interests of the C ompany’s employees.

- The need to foster business relationships with suppliers, clients and others.

- The impact of the C ompany’s operations on the community and the environment.

- The desirability of the C ompany maintaining a reputation for high standards of business conduct.

- The need to act fairly towards all shareholders of the C ompany.

Engagement with stakeholders

To deliver our strategy successfully, we need to understand our operating environment, and the relationships between our organisation and the stakeholders we impact.

The Directors have identified the C ompany’s key stakeholders as shareholders, lenders and staff. Engaging effectively with each group is crucial to the C ompany’s ongoing success and sustainability. The following summarises the Directors’ approach and engagement mechanisms with these stakeholders.

Shareholders and lenders

The key areas of interest for the shareholders and lenders are the current and future financial performance of the C ompany along with the sales performance; marketing; HR; operations; risks. The shareholders also determine the overall strategic direction of the C ompany taking into consideration the needs of all our stakeholders.

Our staff

The C ompany’s long-term success is predicated on the commitment of our colleagues to our purpose and its demonstration of our values every day. We engage with our workforce to ensure that we are fostering an environment that they are happy to work in and supports their well-being. We engage through one-to-one meetings with managers, employees and regular business update emails to all staff.

The C ompany aims to be the employer of choice in each of the local regions in which it is located, recognising the pressures of competing demands. The C ompany aims to remain a responsible employer, both in terms of ensuring the wellbeing of its people as well as maintaining a responsible approach to the pay and benefits of its staff. The C ompany's employment policies are documented in an Employee Handbook and comply with equal opportunities and relevant legislation. Senior management are responsible for improving policies and procedures in this regard and promulgating best practice learnings throughout the business.

Employee safety and wellbeing, diversity and inclusion, career and personal development, fair pay, clarity of direction, mutual respect and enjoyment at work are essential to our employees. The C ompany engages with its employees through regular appraisals and performance reviews. In addition, employees are kept informed about matters of concern to them via business updates and specific supplementary communications as required. Team briefings are intended to be two-way communication forums with feedback from employees on business matters actively sought and encouraged.

RGE HOLDCO LIMITED
FORMERLY CALOR HOLDCO LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
- 3 -

Energy and carbon report

The Company is exempt from the requirement to report energy and carbon information under The Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018. This exemption applies because the Company is a subsidiary undertaking included in the consolidated accounts of PYR Topco Limited for the financial period ending 30 September 2025.

On behalf of the board

S Benson
Director
11 May 2026
RGE HOLDCO LIMITED
FORMERLY CALOR HOLDCO LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
- 4 -

The Directors present their annual report and financial statements for the period ended 30 September 2025.

Principal activities

The principal activity of the Company continued to be that of a holding company.

On 23 September 2024, the Company changed its name to RGE Holdco Limited.

Results and dividends

The results for the period are set out on page 9.

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

Directors

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

S Benson
(Appointed 24 May 2024)
N Howell
(Appointed 24 May 2024)
N Moir
(Appointed 24 May 2024 and resigned 22 October 2025)
E Baker
(Appointed 2 May 2024 and resigned 24 May 2024)
R Fagan
(Appointed 24 May 2024 and resigned 25 November 2024)
J Moran
(Appointed 18 December 2024 and resigned 21 July 2025)
T Swales
(Appointed 2 May 2024 and resigned 24 May 2024)
J Shepherd
(Appointed 28 January 2026)
Auditor

The auditor, Azets Audit Services, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Strategic report

The C ompany has chosen in accordance with Companies Act 2006, s.414C(11) to set out in the C ompany's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the D irectors' report.

Statement of disclosure to auditor

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

On behalf of the board
S Benson
Director
11 May 2026
RGE HOLDCO LIMITED
FORMERLY CALOR HOLDCO LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
- 5 -

The Directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law, including FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’). 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 C ompany and of the profit or loss of the C ompany for that period.

In preparing these financial statements, the Directors are required to:

- select suitable accounting policies and then apply them consistently;

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

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

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

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

RGE HOLDCO LIMITED
FORMERLY CALOR HOLDCO LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF RGE HOLDCO LIMITED
- 6 -
Opinion

We have audited the financial statements of RGE Holdco Limited (the 'C ompany') for the period ended 30 September 2025 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including 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 Company's affairs as at 30 September 2025 and of its profit for the period then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the strategic report and the Directors' r eport for the financial period for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.

RGE HOLDCO LIMITED
FORMERLY CALOR HOLDCO LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF RGE HOLDCO LIMITED (CONTINUED)
- 7 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the C ompany and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the Directors' r eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of Directors

As explained more fully in the Directors' r esponsibilities s tatement, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Directors are responsible for assessing the C ompany's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

RGE HOLDCO LIMITED
FORMERLY CALOR HOLDCO LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF RGE HOLDCO LIMITED (CONTINUED)
- 8 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;

- Reviewing minutes of meetings of those charged with governance;

- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the C ompany through enquiry and inspection;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

This report is made solely to the C ompany'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 C ompany's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the C ompany and the C ompany's members as a body, for our audit work, for this report, or for the opinions we have formed.

Alison Nayler BSc FCA (Senior Statutory Auditor)
For and on behalf of Azets Audit Services, Statutory Auditor
Chartered Accountants
5 Yeomans Court
Ware Road
Hertford
Hertfordshire
SG13 7HJ
12 May 2026
RGE HOLDCO LIMITED
FORMERLY CALOR HOLDCO LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
- 9 -
Period
ended
30 September
2025
Notes
£
Interest receivable and similar income
5
9,220,065
Interest payable and similar expenses
6
(9,220,065)
Profit before taxation
-
0
Tax on profit
7
-
0
Profit for the financial period
-
0

There were no recognised gains and losses for 2025 other than those included in the statement of comprehensive income.

RGE HOLDCO LIMITED
FORMERLY CALOR HOLDCO LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2025
30 September 2025
- 10 -
2025
Notes
£
£
Fixed assets
Investments
8
1
Current assets
Debtors
10
77,101,586
Creditors: amounts falling due within one year
11
(77,101,586)
Net current assets
-
0
Net assets
1
Capital and reserves
Called up share capital
12
1
The financial statements were approved by the board of Directors and authorised for issue on 11 May 2026 and are signed on its behalf by:
S Benson
Director
Company registration number 15701044 (England and Wales)
RGE HOLDCO LIMITED
FORMERLY CALOR HOLDCO LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
- 11 -
Share capital
Notes
£
Period ended 30 September 2025:
Profit and total comprehensive income
-
Issue of share capital
12
1
Balance at 30 September 2025
1
RGE HOLDCO LIMITED
FORMERLY CALOR HOLDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
- 12 -
1
Accounting policies
Company information

RGE Holdco Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Nurseries, Gravel Lane, Chigwell, Essex, England, IG7 6BZ.

1.1
Reporting period

In the current period, the Company extended its reporting period to 30 September 2025 to coincide with fellow group companies, and the figures presented are for a seventeen month period. There are no prior year results as the Company was incorporated on 2 May 2024.

1.2
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.

The financial statements are prepared in sterling, which is the functional currency of the C ompany. 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.

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

- Section 7 'Statement of Cash Flows': Presentation of a statement of cash flow and related notes and disclosures;

- Section 3 'Financial Statement Presentation' paragraph 3.17 (d);

- Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 33 'Related Party Disclosures': Compensation for key management personnel.

The C ompany has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the C ompany as an individual entity and not about its group.

The financial statements of the Company are consolidated in the financial statements of PYR Topco Limited. These consolidated financial statements are available from Companies House.

1.3
Going concern

The financial statements have been prepared on the going concern basis, which the Directors believe to be appropriate as outlined below.true

As outlined in the Strategic Report, the group delivered a strong performance during the period, securing a number of new customer contracts and completing two acquisitions.

Having reviewed group forecasts and made appropriate enquiries, the Directors have a reasonable expectation that the Company has sufficient resources to continue in operational existence and meet its liabilities as they fall due over the foreseeable future. Accordingly, the Directors continue to adopt the going concern basis in preparing the annual report and financial statements.

RGE HOLDCO LIMITED
FORMERLY CALOR HOLDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 13 -
1.4
Fixed asset investments

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

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

1.5
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.

1.6
Financial instruments

The C ompany 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 C ompany's statement of financial position when the C ompany becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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 method 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.

Other financial assets

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

Impairment of financial assets

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

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

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

RGE HOLDCO LIMITED
FORMERLY CALOR HOLDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 14 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the Company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 Company 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. A m ounts 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.

Derecognition of financial liabilities

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

1.7
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 income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

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 income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the Company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

RGE HOLDCO LIMITED
FORMERLY CALOR HOLDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 15 -
1.8

Interest income

Interest income is recognised in the statement of comprehensive income using the effective interest method.

1.9

Finance costs

Finance costs are charged to statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in proceeds of the associated capital instrument.

2
Judgements and key sources of estimation uncertainty

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

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

The Directors deem there to be no significant estimates or judgements to be applied to the accounting policies in preparing these accounts.

3
Auditor's remuneration
2025
Fees payable to the Company's auditor and associates:
£
For audit services
Audit of the financial statements of the Company
3,500

The audit fees for the period were payable by another group entity.

4
Employees

The Company had no employees in the current period. Directors of the Company were remunerated from another group entity.

5
Interest receivable and similar income
2025
£
Interest receivable from group companies
9,220,065
6
Interest payable and similar expenses
2025
£
Interest payable to group undertakings
9,220,065
RGE HOLDCO LIMITED
FORMERLY CALOR HOLDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
- 16 -
7
Taxation

The actual charge for the period can be reconciled to the expected credit for the period based on the profit or loss and the standard rate of tax as follows:

2025
£
Profit before taxation
-
0
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00%
-
0
Taxation charge in the financial statements
-
8
Fixed asset investments
2025
Notes
£
Investments in subsidiaries
9
1
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 2 May 2024
-
Additions
1
At 30 September 2025
1
Carrying amount
At 30 September 2025
1
RGE HOLDCO LIMITED
FORMERLY CALOR HOLDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
- 17 -
9
Subsidiaries

Details of the Company's subsidiaries at 30 September 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
RGE Midco Limited
United Kingdom
Ordinary
100.00
-
RGE Bidco Limited
United Kingdom
Ordinary
0
100.00
Bolton Topco Limited
United Kingdom
Ordinary
0
100.00
RG Tradeco Limited
United Kingdom
Ordinary
0
100.00
RGE Services Limited
United Kingdom
Ordinary
0
100.00
NRT Building Services Group
United Kingdom
Ordinary
0
100.00
NRT Beta Limited
United Kingdom
Ordinary
0
100.00
NRT Electrical and Mechanical Limited
United Kingdom
Ordinary
0
100.00
10
Debtors
2025
Amounts falling due within one year:
£
Amounts owed by group undertakings
77,101,586

Amounts owed by group undertakings are unsecured, repayable on demand and attract interest at SONIA +6%.

11
Creditors: amounts falling due within one year
2025
£
Amounts owed to group undertakings
77,101,586

Amounts owed to group undertakings are unsecured, repayable on demand and attract interest at SONIA +6%.

12
Share capital
2025
2025
Ordinary share capital
Number
£
Issued and fully paid
Ordinary Shares of 1p each
2
1

The Company has one class of ordinary shares which carry full voting rights.

13
Related party transactions

The C ompany 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.

RGE HOLDCO LIMITED
FORMERLY CALOR HOLDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
- 18 -
14
Ultimate controlling party

The Company's immediate parent company is Pyr Topco Limited, a company incorporated and registered in England.

The smallest and largest group of undertakings for which consolidated financial statements have been drawn up is headed by Pyr Topco Limited. Copies of the consolidated financial statements of Pyr Topco Limited are available on request from Companies House. The registered office of Pyr Topco Limited is The Nurseries, Gravel Lane, Chigwell, Essex, England, IG7 6BZ.

The ultimate controlling party is Equistone Partners Europe Limited.

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