Company registration number 15700907 (England and Wales)
PYR TOPCO LIMITED
FORMERLY CALOR TOPCO LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
PYR TOPCO LIMITED
FORMERLY CALOR TOPCO LIMITED
COMPANY INFORMATION
Directors
T Swales
(Appointed 2 May 2024)
N Howell
(Appointed 24 May 2024)
S Benson
(Appointed 24 May 2024)
E Baker
(Appointed 2 May 2024)
J Peden
(Appointed 28 January 2026)
J Shepherd
(Appointed 28 January 2026)
Company number
15700907
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
PYR TOPCO LIMITED
FORMERLY CALOR TOPCO LIMITED
CONTENTS
Page
Strategic report
1 - 5
Directors' report
6
Directors' responsibilities statement
7
Independent auditor's report
8 - 11
Group statement of comprehensive income
12
Group balance sheet
13
Company balance sheet
14
Group statement of changes in equity
15
Company statement of changes in equity
16
Group statement of cash flows
17
Notes to the financial statements
18 - 40
PYR TOPCO LIMITED
FORMERLY CALOR TOPCO 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 G roup is fire and electrical installation and compliance services.

During the year the G roup completed two acquisitions, acquiring 100% interest in RG E Services Limited (trading as RGE Services) and NRT Building Services Group Limited (trading as NRT), together with their related group 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 Group’s commitment to maintaining high standards of service delivery and ensuring that its engineering capability reflects the values and ethical standards that the G roup considers non negotiable.

Group operating loss for the period was £9.9m. Loss before taxation was £27.6m. The period to 30 September 2025 is the first completed reporting period for the G roup following incorporation of PYR Topco Limited and the subsequent acquisitions. The financial results for the period therefore include acquisition costs and related finance costs, resulting in a reported operating loss despite the underlying trading businesses reporting strong profits.

Strategy and business model

PYR TopCo is an investment and holding company.

The G roup’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 ed acquisitions to access additional market sectors and regions within the United Kingdom. Across all sectors, the G roup’s objective is to build and maintain excellent long‑term customer relationships. The G roup is also focused on reducing the operating costs through investment in best in class IT systems and equipment.

Its shareholders have representation on the G roup 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

The G roup's risk management policies ensure that it:

- builds and protects its reputation by championing a responsible approach to business;

- develops the culture and capability to manage changing risks and opportunities; and

- ensures the safety and well-being of employees and others who could be affected by its business activities.

Financial risk

The Group 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.

Credit risk

The Group is exposed to credit risk arising primarily from its trade receivables and cash deposits. Credit risk is managed through the application of credit limits, regular monitoring of customer balances, and the use of credit checks for new customers. The Group seeks to mitigate risk by maintaining a diversified customer base and limiting exposure to any single counterparty. Provisions for expected credit losses are recognised based on historical experience, current economic conditions, and forward-looking information. Cash balances are held with reputable financial institutions with strong credit ratings to minimise counterparty risk. The Directors consider that the Group’s exposure to credit risk is appropriately managed and that adequate provisions have been made for potential losses.

PYR TOPCO LIMITED
FORMERLY CALOR TOPCO LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
- 2 -
Liquidity risk

Liquidity risk arises from the Group's management of its working capital and the finance charges and principal repayments on its debt instruments. The Group'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 Group's management makes use of 13 week rolling weekly cash forecasts and minimum 12-month budgets and forecasts.

Interest risk

The Group is exposed to cash flow interest rate risk due to fluctuations in interest rates on its floating-rate deposits, bank overdrafts, and bank borrowings

Turnover and cost inflation risk

The Group faces potential profit margin risk exposure through a level of mis-matching in turnover and cost inflation drivers. The Group’s principal cost is labour and the Group reviews pay and benefits terms annually with reference to 12-month budgets and forecasts.

Operational risk

Operational risk is the risk of direct or indirect loss arising from a wide variety of causes associated with the Group's processes, personnel, technology and infrastructure, and from external factors other than credit and market risks, such as those arising from legal and regulatory requirements and generally accepted standards of corporate behaviour. The governance framework supported by detailed operational procedures manages operational risks to balance the avoidance of financial loss and damage to reputation with overall cost effectiveness and to avoid control procedures that restrict initiative and creativity.

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 Group operates 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.

Financial key performance indicators

The G roup’s key performance indicators during the period were:

| 2025
| £’000
Turnover | 62,334
Gross profit | 24,311
Adjusted EBITDA | 9,036
Operating loss | (9,854)

EBITDA

The KPl's noted above include the use of an alternative performance measure, being EBITDA, to provide further information for the board to make key strategic and operational decisions. A reconciliation of operating profit for the period to EBITDA is set out below:

| 2025
| £’000
Operating loss | (9,854)
Depreciation | 1,641
Amortisation | 15,393
Loss on disposal of tangible fixed assets | 25
One off acquisition related costs | 1,831
Adjusted EBITDA | 9,036

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

Other key performance indicators

The G roup’s performance is also monitored using a number of non‑financial key performance indicators which management considers important to understanding the development, performance and position of the business.

The health, safety and wellbeing of employees is a key priority for the Group. Performance is monitored through the reporting of workplace incidents and near‑misses, with data regularly reviewed by the Board to assess trends and the effectiveness of health and safety initiatives.

Environmental performance is also considered a significant non‑financial indicator. The Group monitors its environmental impact and compliance with relevant regulations, and continues to implement initiatives aimed at improving its environmental practices and reducing adverse environmental effects.

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 group continues and that the appropriate training is arranged. It is the policy of the Group 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 Group'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 Group'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 G roup 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 G roup’s employees.

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

- The impact of the G roup’s operations on the community and the environment.

- The desirability of the G roup maintaining a reputation for high standards of business conduct.

- The need to act fairly towards all shareholders of the G roup.

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 Group’s key stakeholders as shareholders, staff, associates and contractors, and customers. Engaging effectively with each Group is crucial to the Group’s ongoing success and sustainability. The following summarises the Directors’ approach and engagement mechanisms with these stakeholders.

Shareholders

The key areas of interest for the shareholders are the current and future financial performance of the G roup along with updates on HR and operational matters. Shareholders are provided with a quarterly report on the following topics: financial performance; sales performance; marketing; HR; operations; risks. The shareholders also determine the overall strategic direction of the G roup taking into consideration the needs of all our stakeholders.

PYR TOPCO LIMITED
FORMERLY CALOR TOPCO LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
- 4 -
Our staff

The G roup’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 G roup 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 G roup aims to remain a responsible employer, both in terms of ensuring the wellbeing of our people as well as maintaining a responsible approach to the pay and benefits of its staff. The G roup'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 G roup 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.

Our associates and contractors

Our associates and contractors provide key niche skills and flexible capacity which enables us to deliver services to our customers. They are integrated into our project teams and are essential to the success of our projects. Regular communication between management and contractors occurs and the issues facing our contractors are fed back to the Board.

Our customers

The Group's purpose is to deliver high quality service to all our customers, who are at the heart of everything it does. Its customers require that services are delivered at the right price commensurate with service, on time and inline with regulatory requirements.

There is a key role of Group Client Care Director to foster and oversee relationships with customers. The operational team work alongside the Group Client Care Director to ensure regular contact and communication with all customers and to continually assess service performance.

Engagement with suppliers

The Group fosters strong relationships with its suppliers and expects suppliers to meet high standards around financial stability and adherence to both anti-bribery and anti-modern slavery laws. It works closely with its suppliers to provide feedback on performance and regularly benchmark cost and performance. The Group's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).

The Group's current policy concerning the payment of trade creditors is to:

- settle the terms of payment with suppliers when agreeing the terms of each transaction;

- ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in contracts; and

- pay in accordance with the Group's contractual and other legal obligations.

Trade creditors of the Group at the year end were equivalent to 42 day's purchases, based on the average daily amount invoiced by suppliers during the year.

PYR TOPCO LIMITED
FORMERLY CALOR TOPCO LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
- 5 -

Energy and carbon report

The in-scope entities are Pyr Topco, RGE Holdco, RGE Midco, RGE Bidco, and Bolton Topco. All in-scope entities consumed less than 40,000 kWh during the reporting period and therefore qualify as low-energy users. The Group's remaining subsidiaries are individually medium-sized and therefore fall outside the scope of the SECR requirements.

On behalf of the board

S Benson
Director
11 May 2026
PYR TOPCO LIMITED
FORMERLY CALOR TOPCO LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
- 6 -

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

Principal activities

The principal activity of the Company and Group is fire and electrical installation services.

Results and dividends

The results for the period are set out on page 12.

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

No preference 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:

J Moran
(Appointed 18 December 2024 and resigned 21 July 2025)
N J Moir
(Appointed 24 May 2024 and resigned 22 October 2025)
R Fagan
(Appointed 24 May 2024 and resigned 25 November 2024)
T Swales
(Appointed 2 May 2024)
N Howell
(Appointed 24 May 2024)
S Benson
(Appointed 24 May 2024)
E Baker
(Appointed 2 May 2024)
J Peden
(Appointed 28 January 2026)
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 Group has chosen in accordance with Companies Act 2006, s414C(11) to set out in the Group's strategic report information required by Schedule 7 to the Large and Medium-sized Companies and Group's Accounts and Reports Regulations 2008. true

Certain matters which are required to be disclosed in the Directors' report have been omitted as they are included in the strategic report. These matters relate to the business review and principal risks and uncertainties.

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 auditor of the Group 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 auditor of the Group is aware of that information.

On behalf of the board
S Benson
Director
11 May 2026
PYR TOPCO LIMITED
FORMERLY CALOR TOPCO LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
- 7 -

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). 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 Group and Company, and of the profit or loss of the Group for that period. In preparing these financial statements, the Directors are required to:

- select suitable accounting policies and then apply them consistently;

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

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

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

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Group’s and Company’s transactions and disclose with reasonable accuracy at any time the financial position of the Group and 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 Group and Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

PYR TOPCO LIMITED
FORMERLY CALOR TOPCO LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PYR TOPCO LIMITED
- 8 -
Opinion

We have audited the financial statements of Pyr Topco Limited (the 'P arent C ompany') and its subsidiaries (the 'G roup') for the period ended 30 September 2025 which comprise the Group statement of comprehensive income, the Group balance sheet, the Company balance sheet, the Group statement of changes in equity, the Company statement of changes in equity, the Group statement of cash flows 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 Group's and the Parent Company's affairs as at 30 September 2025 and of the Group's loss 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 Group and Parent 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 Group's and Parent 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:

- T he 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.

PYR TOPCO LIMITED
FORMERLY CALOR TOPCO LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PYR TOPCO LIMITED
- 9 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Group and the Parent C ompany and their 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 by the Parent Company, or returns adequate for our audit have not been received from branches not visited by us; or

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

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

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

Responsibilities of Directors

As explained more fully in the 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 Parent 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 Parent 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.

PYR TOPCO LIMITED
FORMERLY CALOR TOPCO LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PYR TOPCO LIMITED
- 10 -

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 entity 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, the use of analytical procedures to identify unusual or unexpected relationships and transactions. Data analytics were also used for testing at journal entries throughout the year and other adjustments for appropriateness and evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias;

- Attendance at the year-end stock take to assess the assumptions used by management to determine the estimated stock balance;

- Performance of substantive testing procedures over the stock balance estimate which is disclosed as a significant estimate involving management judgement;

- Discussion with management about the potential for fraud within the stock purchase cycle and the risk of theft and obsolescence.

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.

PYR TOPCO LIMITED
FORMERLY CALOR TOPCO LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PYR TOPCO LIMITED
- 11 -

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
PYR TOPCO LIMITED
FORMERLY CALOR TOPCO LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
- 12 -
Period
ended
30 September
2025
Notes
£
Turnover
3
62,334,144
Cost of sales
(38,023,199)
Gross profit
24,310,945
Administrative expenses
(34,199,870)
Other operating income
34,515
Operating loss
5
(9,854,410)
Interest receivable and similar income
9
39,796
Interest payable and similar expenses
10
(17,688,976)
Loss before taxation
(27,503,590)
Tax on loss
11
(78,529)
Loss for the financial period
28
(27,582,119)
There was no other comprehensive income for period ended 30 September 2025.
Loss for the financial period is all attributable to the owners of the Parent Company.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

The notes on pages 18 to 40 form part of these financial statements.

PYR TOPCO LIMITED
FORMERLY CALOR TOPCO LIMITED
GROUP BALANCE SHEET
AS AT
30 SEPTEMBER 2025
30 September 2025
- 13 -
2025
Notes
£
£
Fixed assets
Goodwill
12
78,586,510
Other intangible assets
12
13,779,315
Total intangible assets
92,365,825
Tangible assets
13
3,537,808
95,903,633
Current assets
Stocks
16
1,656,284
Debtors
17
15,136,493
Cash at bank and in hand
2,148,505
18,941,282
Creditors: amounts falling due within one year
18
(16,911,067)
Net current assets
2,030,215
Total assets less current liabilities
97,933,848
Creditors: amounts falling due after more than one year
19
(119,018,273)
Provisions for liabilities
Deferred tax liability
22
5,366,426
(5,366,426)
Net liabilities
(26,450,851)
Capital and reserves
Called up share capital
25
10,179
Share premium account
26
746,389
Share based payment reserve
24
374,700
Profit and loss reserves
28
(27,582,119)
Total equity
(26,450,851)

The notes on pages 18 to 40 form part of these financial statements.

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:
11 May 2026
S Benson
Director
Company registration number 15700907 (England and Wales)
PYR TOPCO LIMITED
FORMERLY CALOR TOPCO LIMITED
COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2025
30 September 2025
- 14 -
2025
Notes
£
£
Fixed assets
Investments
14
374,701
374,701
Current assets
Debtors
17
78,174,407
Cash at bank and in hand
45,827
78,220,234
Creditors: amounts falling due within one year
18
(894,393)
Net current assets
77,325,841
Total assets less current liabilities
77,700,542
Creditors: amounts falling due after more than one year
19
(78,055,600)
Net liabilities
(355,058)
Capital and reserves
Called up share capital
25
10,179
Share premium account
26
746,389
Share based payment reserve
24
374,700
Profit and loss reserves
28
(1,486,326)
Total equity
(355,058)

The notes on pages 18 to 40 form part of these financial statements.

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 loss for the year was £1,486,326.

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:
11 May 2026
S Benson
Director
Company registration number 15700907 (England and Wales)
PYR TOPCO LIMITED
FORMERLY CALOR TOPCO LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
- 15 -
Share capital
Share premium account
Share based payment reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 2 May 2024
-
-
-
-
-
Period ended 30 September 2025:
Loss and total comprehensive income
-
-
-
(27,582,119)
(27,582,119)
Issue of share capital
25
10,179
746,389
-
-
756,568
Share-based payment charge
24
-
-
374,700
-
374,700
Balance at 30 September 2025
10,179
746,389
374,700
(27,582,119)
(26,450,851)

The notes on pages 18 to 40 form part of these financial statements.

PYR TOPCO LIMITED
FORMERLY CALOR TOPCO LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
- 16 -
Share capital
Share premium account
Share based payment reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 2 May 2024
-
-
-
-
-
Period ended 30 September 2025:
Profit and total comprehensive income
-
-
-
(1,486,326)
(1,486,326)
Issue of share capital
25
10,179
746,389
-
-
756,568
Share-based payment charge
24
-
-
374,700
-
374,700
Balance at 30 September 2025
10,179
746,389
374,700
(1,486,326)
(355,058)

The notes on pages 18 to 40 form part of these financial statements.

PYR TOPCO LIMITED
FORMERLY CALOR TOPCO LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
- 17 -
2025
Notes
£
£
Cash flows from operating activities
Cash generated from operations
33
7,040,687
Interest paid
(6,088,171)
Income taxes paid
(938,419)
Net cash inflow from operating activities
14,097
Investing activities
Purchase of intangible assets
(105,841,052)
Purchase of tangible fixed assets
(386,249)
Proceeds from disposal of tangible fixed assets
19,277
Interest received
39,796
Net cash used in investing activities
(106,168,228)
Financing activities
Proceeds from issue of shares
756,568
Issue of preference shares
67,349,208
Issue of/(repayment of bank loans)
41,503,013
Payment of finance leases obligations
(1,306,153)
Net cash generated from financing activities
108,302,636
Net increase in cash and cash equivalents
2,148,505
Cash and cash equivalents at beginning of period
-
Cash and cash equivalents at end of period
2,148,505

The notes on pages 18 to 40 form part of these financial statements.

PYR TOPCO LIMITED
FORMERLY CALOR TOPCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
- 18 -
1
Accounting policies
Company information

Pyr Topco Limited (“the Company”) is a private limited company limited by shares incorporated in England and Wales. The registered office is The Nurseries, Gravel Lane, Chigwell, Essex, England, IG7 6BZ.

The Group consists of Pyr Topco Limited and all of its subsidiaries (see note 15).

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.

The Company has taken advantage of the exemption in section 408 of the Companies Act from presenting its individual profit and loss account.

The 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 G roup. The C ompany has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

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

- 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 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

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

PYR TOPCO LIMITED
FORMERLY CALOR TOPCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 19 -
1.3
Business combinations

In the P arent C ompany 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. 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.

1.4
Basis of consolidation

The consolidated G roup financial statements consist of the financial statements of the P arent C ompany Pyr Topco Limited together with all entities controlled by the P arent C ompany (its subsidiaries).

All financial statements are made up to 30 September 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 G roup’s financial statements from the date that control commences until the date that control ceases.

1.5
Going concern

The financial statements have been prepared on the going concern basis, notwithstanding net liabilities of £26,450,851, which the Directors believe to be appropriate as outlined below.

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

Having reviewed G roup forecasts and made appropriate enquiries, the Directors have a reasonable expectation that the Group 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.

PYR TOPCO LIMITED
FORMERLY CALOR TOPCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 20 -
1.6
Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group and the turnover can be reliably measured. Turnover is measured at the fair value of the consideration received or receivable and represents the amount receivable for services rendered, net of returns, discounts and rebates allowed by the Group and value added taxes.

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all the following conditions are satisfied:

- the amount of turnover can be measured reliably;

- it is probable that the Group will receive the consideration due under the contract;

- the stage of completion of the contract at the end of the reporting period can be measured reliably; and

- the costs incurred and the costs to complete the contract can be measured reliably.

Interest income is recognised using the effective interest rate method.

1.7
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 its expected life, which is 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.

1.8
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Software
25% straight line
Customer Contracts
20% straight line
1.9
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.

PYR TOPCO LIMITED
FORMERLY CALOR TOPCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 21 -

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
25% reducing balance and 20% - 50% straight line
Fixtures and fittings
25% reducing balance and 10% - 25% straight line
Computers
25% reducing balance
Motor vehicles
25% reducing balance and 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.

1.10
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 P arent C ompany financial statements, investments in subsidiaries 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.

1.11
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.

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.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.12
Stocks

Stocks are stated at the lower of cost and estimated replacement cost. Cost is comprised of parts and materials.

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.

PYR TOPCO LIMITED
FORMERLY CALOR TOPCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 22 -
1.13
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.

1.14
Financial instruments

The G roup 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 G roup's balance sheet when the G roup 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.

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.

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 G roup 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.

PYR TOPCO LIMITED
FORMERLY CALOR TOPCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 23 -
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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

1.15
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.

1.16
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.

PYR TOPCO LIMITED
FORMERLY CALOR TOPCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 24 -
1.17
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the C ompany is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.18
Retirement benefits

The G roup operates several defined contribution plans for its employees. A defined contribution plan is a pension plan under which the C ompany pays fixed contributions into a separate entity. Once the contributions have been paid the C ompany has no further payment obligations. The contributions are recognised as an expense when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the C ompany in independently administered funds.

1.19
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black-Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

The share based payments are over the shares in Pyr Topco Limited. Where shares are issued by one group entity for settlement in its own shares, and these shares are granted to employees of a subsidiary entity, the issuing entity recognises the charge as an increase in cost of investment, whilst the subsidiary recognises this as a capital contribution in the Statement of Changes in Equity. Pyr Topco Limited has therefore recognised the charge as an increase in the cost of investment in its entity financial statements.

1.20
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

PYR TOPCO LIMITED
FORMERLY CALOR TOPCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
- 25 -
2
Judgements and key sources of estimation uncertainty

In the application of the Group’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.

Critical judgements

The following judgements have had the most significant effect on amounts recognised in the financial statements.

Stock

The year end stock figure relies on a physical stock count as the G roup does not have a perpetual stock tracking system. Count coverage is targeted at being a sufficiently large sample to allow extrapolation of the result in an effective manner. The sample physically counted is in excess of eighty five percent of the stock value and quantity as at 30th September 2025. By its nature the extrapolation of the stock count contains estimates. The Directors consider the value to be materially accurate.

Accrued income

Accrued income contains a degree of estimation uncertainty. This is estimated based on work performed measured by time incurred, to the extent it is estimated to be capable of being monetised. Management use a multiple of labour costs incurred up to the date of the financial statements to calculate the estimate. The multiplier used is based on historic average revenue earned per operative over the average operative cost. This involves an element of judgement based on historic working relationship with customers. Most of the accrued income is subsequently invoiced post the period end cut off. To the extent that a customer query is identified a provision is made. Where no significant issues exist, amounts owed for work done have been fully accrued.

Where uncertainty exists regarding the recoverability of accrued income, the Directors make a provision based on their assessment of the probability of recovery, informed by the customer’s historic experience and prevailing levels of uncertainty.

Share-based payments

In determining the charge for the G roup’s equity settled share based payment arrangement, the Management Incentive Plan (“MIP”), management is required to exercise judgement in assessing both the classification of the scheme and the key assumptions underlying the valuation of the B Ordinary Shares granted. The determination that the awards constitute equity settled share based payments under FRS 102 involves judgement over the nature of the leaver provisions, which impose an implied service condition requiring continuous employment, and the identification of an exit event as a non market vesting condition. Significant estimation uncertainty also arises in calculating the fair value of the B Ordinary Shares, which is determined using a Black-Scholes model incorporating assumptions regarding expected volatility, performance hurdles, and the estimated time to an exit.

PYR TOPCO LIMITED
FORMERLY CALOR TOPCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
2
Judgements and key sources of estimation uncertainty
(Continued)
- 26 -
Key sources of estimation uncertainty
Impairment of goodwill

The G roup reviews the carrying value of goodwill and investments at each reporting date to assess whether indicators of impairment exist. An indicator was identified in relation to the acquisitions of Bolton Topco Limited and NRT Building Services Group Limited, as the net assets of these businesses are lower than their carrying amounts within RGE Bidco. As a result, the recoverable amount has been assessed using a discounted cash flow valuation model, which requires significant judgement and represents a key source of estimation uncertainty. The valuation is based on the present value of future cash flows expected to be generated by the relevant cash generating units (RGE Services Limited and NRT Building Services Group Limited), derived from forecasts prepared by management. These forecasts incorporate assumptions regarding future revenues, cost structures, working capital movements, and long term growth rates, together with external macroeconomic considerations that may affect trading performance. Judgement is also required in determining the appropriate useful life of goodwill, considering the expected use of the acquired business, anticipated future performance, and any legal, regulatory or contractual factors that may limit the period over which economic benefits are expected to arise. The outcome of the impairment assessment is highly sensitive to changes in these underlying assumptions, and management reassesses these estimates at each financial period end.

3
Turnover
2025
£
Turnover analysed by class of business
Fire and electrical services
62,334,144

All turnover was generated in the United Kingdom.

4
Exceptional item
2025
£
Expenditure
Group restructure costs
1,831,233
1,831,233

Exceptional costs relate to non recurring legal fees, professional fees, recruitment and training costs directly related to the G roup restructure

5
Operating loss
2025
£
Operating loss for the period is stated after charging:
Depreciation of owned tangible fixed assets
1,641,065
Loss on disposal of tangible fixed assets
24,576
Amortisation of intangible assets
15,392,924
Share-based payments
374,700
Operating lease charges
360,407
PYR TOPCO LIMITED
FORMERLY CALOR TOPCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
- 27 -
6
Auditor's remuneration
2025
Fees payable to the Company's auditor and associates:
£
For audit services
Audit of the financial statements of the Group and Company
22,000
Audit of the financial statements of the Company's subsidiaries
145,895
167,895
For other services
Taxation compliance services
16,900
All other non-audit services
39,500
56,400
7
Employees

The average monthly number of persons (including Directors) employed by the Group and Company during the period was:

Group
Company
2025
2025
Number
Number
Management
54
-
Office staff
45
-
Other staff
299
-
Total
398
0

Their aggregate remuneration comprised:

Group
Company
2025
2025
£
£
Wages and salaries
20,566,496
-
0
Social security costs
2,464,776
-
Pension costs
411,701
-
0
Share based payment
374,700
23,817,673
-
0
PYR TOPCO LIMITED
FORMERLY CALOR TOPCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
- 28 -
8
Directors' remuneration
2025
£
Remuneration for qualifying services
761,545
Company pension contributions to defined contribution schemes
4,075
765,620

During the period there were four Directors who received shares under the management incentive scheme.

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2025
£
Remuneration for qualifying services
385,790

The highest paid director received shares during the period under the management incentive scheme.

9
Interest receivable and similar income
2025
£
Interest on bank deposits
39,796
10
Interest payable and similar expenses
2025
£
Interest on bank overdrafts and loans
6,487,980
Accrued dividends on redeemable preference shares not classified as equity
10,706,392
Other interest on financial liabilities
274,828
Interest on finance leases and hire purchase contracts
156,323
Other interest
63,453
Total finance costs
17,688,976
11
Taxation
2025
£
Current tax
UK corporation tax on profits for the current period
107,474
Deferred tax
Origination and reversal of timing differences
(28,945)
Total tax charge
78,529
PYR TOPCO LIMITED
FORMERLY CALOR TOPCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
11
Taxation
(Continued)
- 29 -

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
£
Loss before taxation
(27,503,590)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00%
(6,875,898)
Tax effect of expenses that are not deductible in determining taxable profit
3,297,848
Adjustments in respect of prior years
(120,326)
Other permanent differences
3,836,480
Share based payment charge
82,799
Capital allowances in excess of depreciation
570,965
Capital allowances
(713,339)
Taxation charge
78,529
12
Intangible fixed assets
Group
Goodwill
Software
Customer Contracts
Total
£
£
£
£
Cost
At 2 May 2024
-
0
-
0
-
0
-
0
Additions - separately acquired
-
0
284,307
-
0
284,307
Additions - business combinations
89,564,425
-
0
17,858,000
107,422,425
Transfers from tangible fixed assets
-
0
61,411
-
0
61,411
At 30 September 2025
89,564,425
345,718
17,858,000
107,768,143
Amortisation and impairment
At 2 May 2024
-
0
-
0
-
0
-
0
Amortisation charged for the period
10,977,915
8,159
4,406,850
15,392,924
Transfers from tangible fixed assets
-
0
9,394
-
0
9,394
At 30 September 2025
10,977,915
17,553
4,406,850
15,402,318
Carrying amount
At 30 September 2025
78,586,510
328,165
13,451,150
92,365,825
The Company had no intangible fixed assets at 30 September 2025.

For details of the acquistions in the period see note 29.

Amortisation of intangible assets is charged to administrative expenses.

PYR TOPCO LIMITED
FORMERLY CALOR TOPCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
- 30 -
13
Tangible fixed assets
Group
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 2 May 2024
-
0
-
0
-
0
-
0
-
0
Additions
75,149
143,389
111,160
2,405,619
2,735,317
Business combinations
96,170
284,701
239,582
3,805,453
4,425,906
Disposals
-
0
-
0
(2,389)
(105,160)
(107,549)
Transfers to intangible fixed assets
-
0
(61,411)
-
0
-
0
(61,411)
At 30 September 2025
171,319
366,679
348,353
6,105,912
6,992,263
Depreciation and impairment
At 2 May 2024
-
0
-
0
-
0
-
0
-
0
Depreciation charged in the period
51,919
63,869
33,120
1,492,157
1,641,065
Business combinations
31,806
98,792
157,970
1,649,929
1,938,497
Eliminated in respect of disposals
-
0
-
0
(1,970)
(113,743)
(115,713)
Transfers to intangible fixed assets
-
0
(9,394)
-
0
-
0
(9,394)
At 30 September 2025
83,725
153,267
189,120
3,028,343
3,454,455
Carrying amount
At 30 September 2025
87,594
213,412
159,233
3,077,569
3,537,808
The Company had no tangible fixed assets at 30 September 2025.

Depreciation of tangible assets is charged to administrative expenses.

14
Fixed asset investments
Group
Company
2025
2025
Notes
£
£
Investments in subsidiaries
15
-
0
374,701
PYR TOPCO LIMITED
FORMERLY CALOR TOPCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
14
Fixed asset investments
(Continued)
- 31 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 2 May 2024
-
Additions
1
Contribution to subsidiaries
374,700
At 30 September 2025
374,701
Carrying amount
At 30 September 2025
374,701

The contributions to subsidiaries is in respect of the element of share based payments charge which relates to the employees in subsidiary companies.

15
Subsidiaries

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

Name of undertaking
Address
Class of
% Held
shares held
Direct
Indirect
RGE Holdco Limited
England
Ordinary
100.00
-
RGE Midco Limited
England
Ordinary
0
100.00
RGE Bidco Limited
England
Ordinary
0
100.00
Bolton Topco Limited
England
Ordinary
0
100.00
NRT Building Services Group Limited
England
Ordinary
0
100.00
RG Tradeco Limited
England
Ordinary
0
100.00
RGE Services Limited
England
Ordinary
0
100.00
NRT Electrical and Mechanical Limited
England
Ordinary
0
100.00
NRT Beta Limited
England
Ordinary
0
100.00

Registered office addresses (all UK unless otherwise indicated):

England
The Nurseries, Gravel Lane, Chigwell, Essex, IG7 6BZ

See note 29 for details regarding the acquisition of subsidiary undertakings.

16
Stocks
Group
Company
2025
2025
£
£
Consumables
1,656,284
-
0
PYR TOPCO LIMITED
FORMERLY CALOR TOPCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
- 32 -
17
Debtors
Group
Company
2025
2025
Amounts falling due within one year:
£
£
Trade debtors
4,936,621
-
0
Amounts recoverable on contracts
1,083,429
-
0
Corporation tax recoverable
518,220
-
0
Amounts owed by group undertakings
-
0
78,108,837
Other debtors
413,790
65,570
Prepayments and accrued income
7,584,523
-
0
14,536,583
78,174,407
Deferred tax asset (note 22)
599,910
-
0
15,136,493
78,174,407

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

Accrued income is stated net of provisions totalling £640,591. These provisions are specific and are included on the basis there is some uncertainty regarding their recoverability.

18
Creditors: amounts falling due within one year
Group
Company
2025
2025
Notes
£
£
Bank loans
20
3,383,321
-
0
Obligations under finance leases
21
1,149,973
-
0
Trade creditors
4,380,130
-
0
Amounts owed to group undertakings
-
0
215,805
Other taxation and social security
1,342,768
678,588
Deferred income
852,499
-
0
Other creditors
5,162,377
-
0
Accruals
639,999
-
0
16,911,067
894,393
19
Creditors: amounts falling due after more than one year
Group
Company
2025
2025
Notes
£
£
Bank loans and overdrafts
20
39,165,478
-
0
Obligations under finance leases
21
1,797,195
-
0
Other borrowings
20
78,055,600
78,055,600
119,018,273
78,055,600
PYR TOPCO LIMITED
FORMERLY CALOR TOPCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
- 33 -
20
Loans and overdrafts
Group
Company
2025
2025
£
£
Bank loans
42,548,799
-
0
Preference shares
78,055,600
78,055,600
120,604,399
78,055,600
Payable within one year
3,383,321
-
0
Payable after one year
117,221,078
78,055,600

At 30 September 2025, the Group had term loan borrowings of £40.0 million, gross of capitalised debt issue costs and effective interest rate adjustments. The borrowings bore interest at 6.25% plus SONIA, were secured by fixed and floating charges over the assets of a subsidiary company and were repayable between May 2031 and October 2031.

The Group also had a revolving credit facility with a total commitment of £4.0 million. At 30 September 2025, £1.9 million had been drawn, gross of capitalised debt issue costs and effective interest rate adjustments. Amounts drawn bore interest at 5.0% plus SONIA and were secured by fixed and floating charges over the assets of a subsidiary company. The drawn balance was repayable within one year.

Short‑term borrowings also included accrued interest on drawn facilities of £534k and accrued commitment fees of £3 3k relating to undrawn facilities.

In addition to the securities noted above, a cross company guarantee and debentures have been provided for the full liability of these facilities by companies within the same group.

Preference shares are classified as a financial liability because the Group has a contractual obligation to deliver the cash to the preference share holders by was of a fixed cumulative dividend. The liability accrues interest at a rate of 12% per annum, compounding annually, which is recognised as a finance costs in the profit and loss account.

The preference shares are redeemable upon the occurrence of specific events, being the earlier of an exit event or 10 years from issue, default or they may also be redeemed at the option of the Company, subject to shareholder consent.

21
Finance lease obligations
Group
Company
2025
2025
£
£
Future minimum lease payments due under finance leases:
Within one year
1,149,973
-
0
In two to five years
1,797,195
-
0
2,947,168
-

Finance lease obligations represent hire purchase liabilities for motor vehicles. Leases are either on a fixed repayment basis or include floating interest rates, which may vary over the lease term. All leases are secured against the related assets.

PYR TOPCO LIMITED
FORMERLY CALOR TOPCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
- 34 -
22
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the Group and Company, and movements thereon:

Liabilities
Assets
2025
2025
Group
£
£
Accelerated capital allowances
901,926
-
Tax losses
-
599,910
Business combinations
4,464,500
-
5,366,426
599,910
The Company has no deferred tax assets or liabilities.
Group
Company
2025
2025
Movements in the period:
£
£
Asset at 2 May 2024
-
-
Charge to profit or loss
302,016
-
Other
4,464,500
-
Liability at 30 September 2025
4,766,516
-
23
Retirement benefit schemes
2025
Defined contribution schemes
£
Charge to profit or loss in respect of defined contribution schemes
411,701

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the Group in an independently administered fund.

At the balance sheet date, the Group had unpaid pension contribution s payable to the scheme of £52,565 (2024: £29,338).

24
Share-based payment transactions

The Group operates an equity-settled share-based payment arrangement, the "Management Incentive Plan" (MIP). Under this scheme, B Ordinary Shares are granted to certain employees of the Group.

During 2025, a total of 215,153 B Ordinary Shares were granted.

The B Ordinary Shares are subject to leaver provisions which impose an implied service condition of continuous employment. Ordinary B Shareholders are entitled to amounts in excess of the hurdle amount. It is also noted that an exit event is a non-market vesting condition.

PYR TOPCO LIMITED
FORMERLY CALOR TOPCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
24
Share-based payment transactions
(Continued)
- 35 -

The estimated time to an exit is 5.00 and 4.45 years for Bolton Topco Limited and NRT Building Services Group Limited respectively. The method of settlement is equity settlement.

The fair value of the B Ordinary Shares granted is estimated using a Monte Carlo simulation model, taking into account the terms and conditions upon which the shares were granted.

Group
Company
2025
2025
£
£
Expenses recognised in the period
Arising from equity settled share based payment transactions
374,700
-

The total expense recognised in the Group statement of profit and loss for the year is £374,700 which has been allocated to the companies where the employees sit. A corresponding share-based payment reserve has been recognised in the Parent Company.

25
Share capital
Group and Company
2025
2025
Ordinary share capital
Number
£
Issued and fully paid
Ordinary A Shares of 1p each
800,271
8,003
Ordinary B Shares of 1p each
217,603
2,176
1,017,874
10,179

A and B ordinary shares each carry one vote per share and rank pari passu.

During the period, 2 Ordinary A shares were issued, with nominal value of £0.01 each, at a price of £0.01 each. This has resulted in £nil being recognised in share premium. An additional 799,998 Ordinary A shares were issued, with nominal value of £0.01 each, at a price of £0.58 each. This has resulted in £455,999 being recognised in share premium. A further 271 Ordinary A shares were issued with nominal value of £0.01 each, at a price of £3.00 each. This has resulted in £810 being recognised in share premium.

During the period, 167,500 Ordinary B shares were issued, with nominal value of £0.01 each, at a price of £1 each. This has resulted in £165,825 being recognised in share premium. An additional 50,103 Ordinary B shares were issued, with nominal value of £0.01 each, at a price of £2.48 each. This has resulted in £123,755 being recognised in share premium.

The cumulative redeemable preference shares are presented as a liability (see note 20) and accordingly are excluded from called-up share capital in the statement of financial position.

26
Share premium account

This reserve represents the amount above the nominal value received for issued share capital, less transaction costs.

PYR TOPCO LIMITED
FORMERLY CALOR TOPCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
- 36 -
27
Share based payment reserve

Share-based payment reserve represents the cumulative share-based payment expense recognised since grant date.

28
Profit and loss reserves

The reserve represents the cumulative losses of the Group and Company.

29
Acquisition of a business

On 24 May 2024 the Group acquired 100% percent of the issued capital of Bolton Topco Limited.

Book Value
Adjustments
Fair Value
Net assets acquired
£
£
£
Property, plant and equipment
2,329,271
-
2,329,271
Prepayments/accrued income
3,455,619
-
3,455,619
Customer contracts
-
13,789,000
13,789,000
Inventories
1,331,016
-
1,331,016
Trade and other receivables
4,962,447
-
4,962,447
Cash and cash equivalents
2,930,017
-
2,930,017
Borrowings
(6,652,349)
-
(6,652,349)
Obligations under finance leases
(1,847,702)
-
(1,847,702)
Trade and other payables
(1,995,665)
-
(1,995,665)
Tax liabilities
(393,228)
-
(393,228)
Provisions
(314,754)
(3,447,250)
(3,762,004)
Accruals
(464,374)
-
(464,374)
Other creditors
(2,850,558)
-
(2,850,558)
Total identifiable net assets
489,740
10,341,750
10,831,490
Goodwill
66,267,572
Total consideration
77,099,062
The consideration was satisfied by:
£
Cash
71,224,840
Issue of debentures
2,151,137
Costs borne by acquistion target
3,723,085
77,099,062
PYR TOPCO LIMITED
FORMERLY CALOR TOPCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
29
Acquisition of a business
(Continued)
- 37 -
Contribution by the acquired business for the reporting period included in the Group statement of comprehensive income since acquisition:
£
Turnover
42,551,568
Profit after tax
4,821,359

For cash flow disclosure the amounts disclosed are as follows:

£
Cash consideration
71,224,840
Cash and cash equivalents acquired
(2,930,017)
68,294,823
Less:
Directly attributable costs
(3,723,085)
Net cash outflow
64,571,738

On 29 October 2024 the Group acquired 100% percent of the issued capital of NRT Building Services Group Limited.

Book Value
Adjustments
Fair Value
Net assets acquired
£
£
£
Property, plant and equipment
101,587
-
101,587
Prepayments/accrued income
1,470,967
-
1,470,967
Customer contracts
-
4,069,000
4,069,000
Inventories
188,919
-
188,919
Trade and other receivables
1,600,553
-
1,600,553
Cash and cash equivalents
3,243,258
-
3,243,258
Trade and other payables
(1,527,712)
-
(1,527,712)
Provisions
(583,680)
(1,017,250)
(1,600,930)
Accruals
(89,900)
-
(89,900)
Other creditors
(642,099)
-
(642,099)
Total identifiable net assets
3,761,893
3,051,750
6,813,643
Goodwill
23,296,854
Total consideration
30,110,497
PYR TOPCO LIMITED
FORMERLY CALOR TOPCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
29
Acquisition of a business
(Continued)
- 38 -
The consideration was satisfied by:
£
Cash
23,661,107
Deferred consideration
4,943,508
Costs borne by acquistion target
1,505,882
30,110,497
Contribution by the acquired business for the reporting period included in the Group statement of comprehensive income since acquisition:
£
Turnover
21,786,117
Profit after tax
3,722,413

For cash flow disclosure the amounts disclosed are as follows:

£
Cash consideration
23,661,107
Cash and cash equivalents acquired
(3,243,258)
20,417,849
Less:
Directly attributable costs
(1,505,882)
Net cash outflow
18,911,967
30
Operating lease commitments
Lessee

At the reporting end date the Group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2025
2025
£
£
Within one year
223,548
-
Between two and five years
129,925
-
353,473
-

The Group has operating lease commitments relating to property and vehicles.

At the reporting date, the Group had outstanding commitments of £230,532 in respect of property leases, which have remaining lease terms of between 1 and 3 years. Commitments relating to leased vehicles amounted to £122,941, with an average remaining lease term of 3 years.

PYR TOPCO LIMITED
FORMERLY CALOR TOPCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
- 39 -
31
Related party transactions
Transactions with related parties

A group c ompany occupied office premises owned by a c ompany controlled by some of the D irectors during the year. Rent has been charged at £91,163 (2024: £135,300).

The Group 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 G roup.

32
Controlling party

The Company is controlled by it's immediate parent company Equistone General Partner VII SARL, a company incorporated in Luxembourg. The ultimate controlling party is Equistone Partners Europe Limited.

33
Cash generated from group operations
2025
£
Loss after taxation
(27,582,119)
Adjustments for:
Taxation charged
78,529
Finance costs
17,688,976
Investment income
(39,796)
Gain on disposal of tangible fixed assets
(27,441)
Amortisation and impairment of intangible assets
15,392,924
Depreciation and impairment of tangible fixed assets
1,641,065
Equity settled share based payment expense
374,700
Increase in provisions
4,467,992
Movements in working capital:
Increase in stocks
(136,349)
Increase in debtors
(3,233,117)
Decrease in creditors
(1,584,677)
Cash generated from operations
7,040,687
PYR TOPCO LIMITED
FORMERLY CALOR TOPCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
- 40 -
34
Analysis of changes in net debt - group
2 May 2024
Cash flows
Acquisitions and disposals
New finance leases
Other non-cash changes
30 September 2025
£
£
£
£
£
£
Cash at bank and in hand
-
(4,024,770)
6,173,275
-
-
2,148,505
Borrowings
-
(108,852,221)
(6,652,349)
-
(5,099,829)
(120,604,399)
Obligations under finance leases
-
1,306,153
(1,847,702)
(2,405,619)
-
(2,947,168)
-
(111,570,838)
(2,326,776)
(2,405,619)
(5,099,829)
(121,403,062)
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