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Registration number: 04893244

Crux Product Design Ltd
Annual Report and Consolidated Financial Statements
for the Year Ended 30 September 2025

Crux Product Design Ltd

Contents

Company Information | 1
Strategic Report | 2 to 4
Directors' Report | 5
Statement of Directors' Responsibilities | 6
Independent Auditor's Report | 7 to 10
Consolidated Profit and Loss Account | 11
Consolidated Statement of Comprehensive Income | 12
Consolidated Balance Sheet | 13
Company Balance Sheet | 14
Consolidated Statement of Changes in Equity | 15
Company Statement of Changes in Equity | 16
Consolidated Statement of Cash Flows | 17
Company Statement of Cash Flows | 18
Notes to the Financial Statements | 19 to 34

Crux Product Design Ltd

Company Information

Directors | M D Teucher J A West S F Gilmore

Registered office | Flatiron Building 332-336 Paintworks Bath Road Bristol Avon BS4 3AR

Auditors | Corrigan Accountants Limited 1st Floor 25 King Street Bristol BS1 4PB

Crux Product Design Ltd

Strategic Report for the Year Ended 30 September 2025

The directors present their strategic report for the year ended 30 September 2025.
Strategic Report
Introduction
Crux is a privately wholly owned business that provides leading-edge device development consulting services to the Drug delivery, Life Sciences, Medical, Surgical and Consumer Goods sectors. We operate on a fee for service business model undertaking highly challenging technical research and development projects to meet our clients’ individual needs.
Business Review and Key Performance Indicators
The business performance for the year was very encouraging. Turnover grew by 27% compared to the prior year, accelerating the company’s strong growth trajectory. Both gross margin and gross margin percentage again also grew. The company’s balance sheet remained strong and stable. The key change in the Balance Sheet has been the purchase of the Crux Technology Centre (CTC). Next door to Crux’s existing Flatiron Building offices in Bristol, CTC has significantly improved the facilities available for projects including two human factors studies suites, a chemistry lab, a 100-seater auditorium, additional meeting rooms and 60 additional desk spaces. Purchased in July 2025, CTC was opened in January 2026 and is fully operational.
Future Developments
The business is entering a new phase of its growth journey, building on the strong financial performance delivered in these accounts. The company's strategy is focused on converting its recent investments in people, facilities and geographic reach into sustained long-term revenue growth and market leadership. Crux Product Design LLC, a wholly owned subsidiary of Crux Product Design Ltd, was formed in May 2024 and completed its first projects in 2025. The US business is expected to be a period of meaningful growth in 2026 as the team builds its client base and expands Crux's reputation in the North American market. This investment in transatlantic capability positions the business to access a significantly larger addressable market. The opening of the CTC in January 2026 marks a step change in the company's operational capacity. The expanded campus provides the infrastructure to support a larger and more capable team, with the additional headcount recruited during the year already embedded and productive. The directors view the current staffing level as appropriately scaled to the company's growth ambitions and the enhanced facility as the platform from which the next phase of revenue growth will be delivered. Accordingly, the coming year is expected to be a period in which the company's investment capacity is deployed in full, with the benefits of that deployment, in the form of revenue growth, deeper client relationships and an expanded project pipeline, expected to compound over the medium term. The directors remain confident in the strategic direction of the business and its ability to generate strong returns on the investments made.

Crux Product Design Ltd

Strategic Report for the Year Ended 30 September 2025

Principal Risks and Uncertainties
To deliver on its strategy, the company's activities expose it to a number of risks which it is important are understood and managed. The key risks faced by the company include:
Market risk:
The company holds a strong position in the market for its size, working with a wide customer base of both multi-national marquee clients and smaller start-up clients. This breadth of client base helps protect the company from market shocks that may affect a sub-section of the client base. The company also maintains a high level of liquid reserves to allow it sufficient time to adapt or trade through any wider market shocks.
Price and competition risk:
The extensive client base helps protect the company against competitors targeting specific clients and the company prioritises quality and reputation to maintain its competitiveness in the market. The company prices competitively but not at a discount and continues to maintain strong profit metrics.
Credit risk:
The company's credit risk is primarily related to trade debtors contracting with the business on its standard terms of business. The company regularly reviews trade debtors but the returning business from previous clients and the marquee nature of many of these clients mitigates this risk.
Liquidity risk:
The company maintains strong and highly liquid reserves and expects to structure itself in such a way as to continue to do so regardless of the future developments of the company. Therefore the company envisages minimal liquidity risk.
Currency risk:
The company contracts with clients around the world and, especially with the growth of the US subsidiary, is increasingly exposed to currency risk. However, these risks are limited to US dollars and euros; the company has a high level of liquidity which allows it to be selective about timings of currency exchanges, and the company works with its bankers and FX specialists to mitigate its exposure where appropriate.
Going Concern
The company group has maintained good liquidity throughout the year and is projected to continue generating cash for the foreseeable future. The directors also foresee no material risks to the company. The directors have therefore concluded that it remains appropriate to prepare these financial statements on a going concern basis.

Crux Product Design Ltd

Strategic Report for the Year Ended 30 September 2025

Approved and authorised by the Board on 1 June 2026 and signed on its behalf by:

......................................... S F Gilmore Director

Crux Product Design Ltd

Directors' Report for the Year Ended 30 September 2025

The directors present their report and the for the year ended 30 September 2025.

Directors of the group

The directors who held office during the year were as follows:

M D Teucher

J A West

S F Gilmore

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Reappointment of auditors

In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Corrigan Accountants Limited as auditors of the company is to be proposed at the forthcoming Annual General Meeting.

Approved and authorised by the Board on 1 June 2026 and signed on its behalf by:

......................................... S F Gilmore Director

Crux Product Design Ltd

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities 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 the 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 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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Crux Product Design Ltd

Independent Auditor's Report to the Members of Crux Product Design Ltd

Opinion

We have audited the financial statements of Crux Product Design Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2025, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows, Company Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

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 profit for the year then ended;
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
• | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for 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 responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Crux Product Design Ltd

Independent Auditor's Report to the Members of Crux Product Design Ltd

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinion on other matter prescribed by the Companies Act 2006

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

• | the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• | the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

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

• | adequate accounting records have not been kept 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 Statement of Directors' Responsibilities [set out on page 6], 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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Crux Product Design Ltd

Independent Auditor's Report to the Members of Crux Product Design Ltd

Auditor 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:

• | We obtained an understanding of the legal and regulatory frameworks applicable to the company and the sector in which it operates.
• | We obtained an understanding of how the company is complying with those legal and regulatory frameworks by making enquiries to management.
• | We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:

o | identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
o | understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
o | challenging assumptions and judgements made by management in its significant accounting estimates;
o | identifying and testing journal entries, in particular any unusual journal entries; and
o | assessing the extent of compliance with the relevant laws and regulations.

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 is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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

Crux Product Design Ltd

Independent Auditor's Report to the Members of Crux Product Design Ltd

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in 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 company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
David Wright BSc FCA (Senior Statutory Auditor)
For and on behalf of Corrigan Accountants Limited, Statutory Auditor
1st Floor
25 King Street
Bristol
BS1 4PB

1 June 2026

Crux Product Design Ltd

Consolidated Profit and Loss Account for the Year Ended 30 September 2025

| Note | 2025 £ | 2024 £
Turnover | 3 | 15,191,147 | 11,888,401
Cost of sales |  | (5,742,580) | (4,945,377)
Gross profit |  | 9,448,567 | 6,943,024
Administrative expenses |  | (5,329,831) | (4,172,053)
Other operating income | 5 | 525,676 | 697,593
Operating profit |  | 4,644,412 | 3,468,564
Gain on disposal of tangible fixed assets |  | 2,542 | 4,909
Other interest receivable and similar income | 7 | 165,100 | 188,090
Interest payable and similar expenses | 8 | (78,176) | (26,651)
|  | 89,466 | 166,348
Profit before tax |  | 4,733,878 | 3,634,912
Tax on profit | 12 | (1,170,005) | (979,463)
Profit for the financial year |  | 3,563,873 | 2,655,449
Profit attributable to: |  |  |
Owners of the company |  | 3,563,873 | 2,655,449

Crux Product Design Ltd

Consolidated Statement of Comprehensive Income for the Year Ended 30 September 2025

| 2025 £ | 2024 £
Profit for the year | 3,563,873 | 2,655,449
Total comprehensive income for the year | 3,563,873 | 2,655,449
Total comprehensive income attributable to: |  |
Owners of the company | 3,563,873 | 2,655,449

Crux Product Design Ltd

(Registration number: 04893244)
Consolidated Balance Sheet as at 30 September 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets | 13 | 4,867,352 | 2,697,735
Current assets |  |  |
Debtors | 15 | 5,705,667 | 3,907,271
Cash at bank and in hand |  | 4,082,233 | 5,286,767
|  | 9,787,900 | 9,194,038
Creditors: Amounts falling due within one year | 17 | (2,609,707) | (1,707,366)
Net current assets |  | 7,178,193 | 7,486,672
Total assets less current liabilities |  | 12,045,545 | 10,184,407
Creditors: Amounts falling due after more than one year | 17 | (2,140,863) | (384,038)
Provisions for liabilities | 18 | (876,148) | (573,775)
Net assets |  | 9,028,534 | 9,226,594
Capital and reserves |  |  |
Called up share capital | 20 | 133 | 125
Share premium reserve |  | 1,448,677 | 939,754
Other reserves |  | 19,055 | 42,524
Retained earnings |  | 7,560,669 | 8,244,191
Equity attributable to owners of the company |  | 9,028,534 | 9,226,594
Total equity |  | 9,028,534 | 9,226,594

Approved and authorised by the Board on 1 June 2026 and signed on its behalf by:

......................................... S F Gilmore Director

Crux Product Design Ltd

(Registration number: 04893244)
Company Balance Sheet as at 30 September 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets | 13 | 4,862,764 | 2,697,735
Current assets |  |  |
Debtors | 15 | 6,303,689 | 4,063,533
Cash at bank and in hand |  | 4,051,068 | 5,261,496
|  | 10,354,757 | 9,325,029
Creditors: Amounts falling due within one year | 17 | (3,168,839) | (1,706,681)
Net current assets |  | 7,185,918 | 7,618,348
Total assets less current liabilities |  | 12,048,682 | 10,316,083
Creditors: Amounts falling due after more than one year | 17 | (2,140,863) | (384,038)
Provisions for liabilities | 18 | (876,148) | (573,775)
Net assets |  | 9,031,671 | 9,358,270
Capital and reserves |  |  |
Called up share capital | 20 | 133 | 125
Share premium reserve |  | 1,448,677 | 939,754
Other reserves |  | 19,055 | 42,524
Retained earnings |  | 7,563,806 | 8,375,867
Shareholders' funds |  | 9,031,671 | 9,358,270

The company made a profit after tax for the financial year of £3,435,334 (2024 - profit of £2,787,125).

Approved and authorised by the Board on 1 June 2026 and signed on its behalf by:

......................................... S F Gilmore Director

Crux Product Design Ltd

Consolidated Statement of Changes in Equity for the Year Ended 30 September 2025

| Share capital £ | Share premium £ | Share options reserve £ | Retained earnings £ | Total £
At 1 October 2024 | 125 | 939,754 | 42,524 | 8,244,191 | 9,226,594
Profit for the year | - | - | - | 3,563,873 | 3,563,873
Dividends | - | - | - | (4,287,358) | (4,287,358)
New share capital subscribed | 8 | 508,923 | - | - | 508,931
Share based payment expense | - | - | 16,494 | - | 16,494
Exercise of share options | - | - | (39,963) | 39,963 | -
At 30 September 2025 | 133 | 1,448,677 | 19,055 | 7,560,669 | 9,028,534

| Share capital £ | Share premium £ | Share options reserve £ | Retained earnings £ | Total £
At 1 October 2023 | 117 | 519,303 | 5,593 | 9,321,572 | 9,846,585
Profit for the year | - | - | - | 2,655,449 | 2,655,449
Dividends | - | - | - | (3,746,430) | (3,746,430)
New share capital subscribed | 8 | 420,451 | - | - | 420,459
Share based payment expense | - | - | 50,531 | - | 50,531
Exercise of share options | - | - | (13,600) | 13,600 | -
At 30 September 2024 | 125 | 939,754 | 42,524 | 8,244,191 | 9,226,594

Crux Product Design Ltd

Company Statement of Changes in Equity for the Year Ended 30 September 2025

| Share capital £ | Share premium £ | Share options reserve £ | Retained earnings £ | Total £
At 1 October 2024 | 125 | 939,754 | 42,524 | 8,375,867 | 9,358,270
Profit for the year | - | - | - | 3,435,334 | 3,435,334
Dividends | - | - | - | (4,287,358) | (4,287,358)
New share capital subscribed | 8 | 508,923 | - | - | 508,931
Share based payment expense | - | - | 16,494 | - | 16,494
Exercise of share options | - | - | (39,963) | 39,963 | -
At 30 September 2025 | 133 | 1,448,677 | 19,055 | 7,563,806 | 9,031,671

| Share capital £ | Share premium £ | Share options reserve £ | Retained earnings £ | Total £
At 1 October 2023 | 117 | 519,303 | 5,593 | 9,321,572 | 9,846,585
Profit for the year | - | - | - | 2,787,125 | 2,787,125
Dividends | - | - | - | (3,746,430) | (3,746,430)
New share capital subscribed | 8 | 420,451 | - | - | 420,459
Share based payment expense | - | - | 50,531 | - | 50,531
Exercise of share options | - | - | (13,600) | 13,600 | -
At 30 September 2024 | 125 | 939,754 | 42,524 | 8,375,867 | 9,358,270

Crux Product Design Ltd

Consolidated Statement of Cash Flows for the Year Ended 30 September 2025

| Note | 2025 £ | 2024 £
Cash flows from operating activities
Profit for the year |  | 3,563,873 | 2,655,449
Adjustments to cash flows from non-cash items |  |  |
Depreciation and amortisation |  | 152,792 | 185,707
Share based payment expense |  | 16,494 | 50,531
Profit on disposal of tangible assets | 6 | (2,542) | (4,909)
Finance income | 7 | (165,100) | (188,090)
Finance costs | 8 | 66,663 | 24,926
Income tax expense | 12 | 1,170,005 | 979,463
|  | 4,802,185 | 3,703,077
Working capital adjustments |  |  |
(Increase)/decrease in debtors | 15 | (1,798,396) | 1,902
Increase in creditors | 17 | 986,477 | 88,408
Cash generated from operations |  | 3,990,266 | 3,793,387
Income taxes paid | 12 | (1,035,536) | (761,356)
Net cash flow from operating activities |  | 2,954,730 | 3,032,031
Cash flows from investing activities |  |  |
Interest received |  | 165,100 | 188,090
Acquisitions of tangible assets |  | (2,322,409) | (145,269)
Proceeds from sale of tangible assets |  | 2,542 | 6,024
Net cash flows from investing activities |  | (2,154,767) | 48,845
Cash flows from financing activities |  |  |
Interest paid | 8 | (66,663) | (24,926)
Proceeds from issue of ordinary shares, net of issue costs |  | 508,931 | 420,459
Proceeds from bank loans |  | 1,900,000 | -
Repayment of bank loans |  | (59,407) | (44,631)
Dividends paid |  | (4,287,358) | (3,746,430)
Net cash flows from financing activities |  | (2,004,497) | (3,395,528)
Net decrease in cash and cash equivalents |  | (1,204,534) | (314,652)
Cash and cash equivalents at 1 October |  | 5,286,767 | 5,601,419
Cash and cash equivalents at 30 September |  | 4,082,233 | 5,286,767

Crux Product Design Ltd

Company Statement of Cash Flows for the Year Ended 30 September 2025

| Note | 2025 £ | 2024 £
Cash flows from operating activities
Profit for the year |  | 3,435,334 | 2,787,125
Adjustments to cash flows from non-cash items |  |  |
Depreciation |  | 152,392 | 185,707
Share based payment expense |  | 16,494 | 50,531
Profit on disposal of tangible assets | 6 | (2,542) | (4,909)
Finance income |  | (165,100) | (188,090)
Finance costs |  | 66,663 | 24,926
Income tax expense | 12 | 1,169,767 | 979,463
|  | 4,673,008 | 3,834,753
Working capital adjustments |  |  |
Increase in debtors | 15 | (2,240,156) | (154,360)
Increase in creditors | 17 | 1,533,325 | 87,723
Cash generated from operations |  | 3,966,177 | 3,768,116
Income taxes paid | 12 | (1,022,329) | (761,356)
Net cash flow from operating activities |  | 2,943,848 | 3,006,760
Cash flows from investing activities |  |  |
Interest received |  | 165,100 | 188,090
Acquisitions of tangible assets |  | (2,317,421) | (145,269)
Proceeds from sale of tangible assets |  | 2,542 | 6,024
Net cash flows from investing activities |  | (2,149,779) | 48,845
Cash flows from financing activities |  |  |
Interest paid |  | (66,663) | (24,926)
Proceeds from issue of ordinary shares, net of issue costs |  | 508,931 | 420,459
Proceeds from bank loans |  | 1,900,000 | -
Repayment of bank loans |  | (59,407) | (44,631)
Dividends paid |  | (4,287,358) | (3,746,430)
Net cash flows from financing activities |  | (2,004,497) | (3,395,528)
Net decrease in cash and cash equivalents |  | (1,210,428) | (339,923)
Cash and cash equivalents at 1 October |  | 5,261,496 | 5,601,419
Cash and cash equivalents at 30 September |  | 4,051,068 | 5,261,496

Crux Product Design Ltd

Notes to the Financial Statements for the Year Ended 30 September 2025

1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Flatiron Building 332-336 Paintworks
Bath Road
Bristol
Avon
BS4 3AR
United Kingdom

These financial statements were authorised for issue by the Board on 1 June 2026.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.
The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 September 2025.

Crux Product Design Ltd

Notes to the Financial Statements for the Year Ended 30 September 2025

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

Going concern

The company's financial statements have been prepared on a going concern basis. The directors have considered a period of twelve months from the date of approval of the financial statements and believe that the company is able to meet liabilities as they fall due.

Crux Product Design Ltd

Notes to the Financial Statements for the Year Ended 30 September 2025

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Revenues from long term contracts and projects is recognised to the extent that the company obtains the right to consideration in exchange for its performance, by reference to the stage of completion. Stage of completion is measured by an assessment of the costs incurred to date as a percentage of total estimated costs.

Government grants

Government grants are recognised, using the accrual model, at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into sterling at the rates prevailing on the reporting period date.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Foreign exchange gains and losses are taken to profit or loss, and classified within administrative expenses.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.

Crux Product Design Ltd

Notes to the Financial Statements for the Year Ended 30 September 2025

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements and on unused tax losses or tax credits in the group. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Leasehold property | Straight line over 80 years
Leasehold improvements | Straight line over 5 years
Plant and machinery | Straight line over 3 years
Fixtures and fittings | Straight line over 5 years
Office equipment | Straight line over 4 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are recognised initially at the transaction price. They are subsequently measured at cost, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are recognised at the transaction price.

Crux Product Design Ltd

Notes to the Financial Statements for the Year Ended 30 September 2025

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Employee benefits

The costs of short-term employee benefits, including the costs of any unused holiday entitlement, are recognised as an expense in the period in which the employees' services are received.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Crux Product Design Ltd

Notes to the Financial Statements for the Year Ended 30 September 2025

Share based payments

The company has issued options over its unissued shares to certain employees. The cost of equity-settled transactions is measured by reference to the fair value of the equity instruments granted at the date at which they are granted and is recognised as an expense over the vesting period, which ends on the date on which the option holder becomes fully entitled to the award. Fair value is determined using the Black Scholes pricing model.
At each balance sheet date before vesting, the cumulative expense is calculated, representing the extent to which the vesting period has expired and management’s best estimate of the achievement or otherwise of non-market conditions and of the number of equity instruments that will ultimately vest. The movement in cumulative expense since the previous balance sheet date is recognised in the profit and loss account, with a corresponding entry in equity.

Significant accounting estimates and judgements

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of certain assets and liabilities. 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. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The estimates and assumptions which have a risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below:
• Revenue recognition
As explained above, revenues are recognised only once certain criteria are met. For longer term projects which span the year-end, the company makes an assessment of the stage of completion of the project where that stage of completion is measured by an assessment of the costs incurred to date as a percentage of total estimated costs. Where the revenue to be recognised exceeds the amounts invoiced to the customer then accrued income arises. Where invoiced amounts exceed the revenue to be recognised then the excess is shown as deferred income within liabilities.
Management’s judgements in this area are based on their knowledge of specific projects and on their experience of similar projects in the past.
Accrued income at the year-end was £1,451,354 (2024: £1,230,563) and deferred income was £1,429,803 (2024: £802,342). Should the final costs on the relevant projects differ from management’s forecasts as at 30 September 2025 then the adjustments to these estimates will be credited or charged (as applicable) to profits in the year ended 30 September 2026.

Crux Product Design Ltd

Notes to the Financial Statements for the Year Ended 30 September 2025

3 | Turnover

The analysis of the group's Turnover for the year from continuing operations is as follows:

| 2025 £ | 2024 £
Provision of services | 15,191,147 | 11,888,401

The analysis of the group's Turnover for the year by market is as follows:

| 2025 £ | 2024 £
UK | 2,992,184 | 2,581,950
Europe | 9,806,485 | 7,276,483
Rest of world | 2,392,478 | 2,029,968
| 15,191,147 | 11,888,401

4 | EBITDA

The group's earnings before interest, taxation, depreciation and amortisation for the year:

| 2025 £ | 2024 £
EBITDA | 5,009,495 | 3,654,271

5 | Other operating income

The analysis of the group's other operating income for the year is as follows:

| 2025 £ | 2024 £
R&D tax credit | 525,676 | 697,593

6 | Other gains and losses

The analysis of the group's other gains and losses for the year is as follows:

| 2025 £ | 2024 £
Gain on disposal of property, plant and equipment | 2,542 | 4,909

Crux Product Design Ltd

Notes to the Financial Statements for the Year Ended 30 September 2025

7 | Other interest receivable and similar income

| 2025 £ | 2024 £
Interest income on bank deposits | 165,100 | 188,090

8 | Interest payable and similar expenses

| 2025 £ | 2024 £
Interest on bank overdrafts and borrowings | 35,309 | 19,760
Interest expense on other finance liabilities | 12,547 | 1,358
Foreign exchange gains | 30,320 | 5,533
| 78,176 | 26,651

9 | Employees and directors

The aggregate payroll costs (including directors' remuneration) were as follows:

| 2025 £ | 2024 £
Wages and salaries | 6,223,968 | 5,154,073
Social security costs | 762,413 | 562,351
Other short-term employee benefits | 82,193 | 64,760
Pension costs, defined contribution scheme | 357,325 | 287,642
| 7,425,899 | 6,068,826

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

| 2025 No. | 2024 No.
Direct | 87 | 73
Administrative and sales | 29 | 26
| 116 | 99

Crux Product Design Ltd

Notes to the Financial Statements for the Year Ended 30 September 2025

10 | Directors' remuneration

The directors' remuneration for the year was as follows:

| 2025 £ | 2024 £
Remuneration | 535,841 | 412,743
Contributions paid to money purchase schemes | 34,902 | 27,456
| 570,743 | 440,199

In respect of the highest paid director:

| 2025 £ | 2024 £
Remuneration | 186,277 | 159,771

11 | Auditors' remuneration

| 2025 £ | 2024 £
Auditors' remuneration | 17,700 | 15,000

12 | Taxation

Tax charged/(credited) in the consolidated profit and loss account

| 2025 £ | 2024 £
Current taxation |  |
UK corporation tax | 736,213 | 791,154
UK corporation tax adjustment to prior periods | - | (3,664)
| 736,213 | 787,490
Foreign tax | 131,419 | 174,398
Total current income tax | 867,632 | 961,888
Deferred taxation |  |
Arising from origination and reversal of timing differences | 302,373 | 17,575
Tax expense in the income statement | 1,170,005 | 979,463

Crux Product Design Ltd

Notes to the Financial Statements for the Year Ended 30 September 2025

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2024 - the same as the standard rate of corporation tax in the UK) of 25% (2024 - 25%).
The differences are reconciled below:

| 2025 £ | 2024 £
Profit before tax | 4,733,878 | 3,634,912
Corporation tax at standard rate | 1,183,470 | 791,154
Other differences | (13,465) | 188,309
Total tax charge | 1,170,005 | 979,463

13 | Tangible assets

Group

| Leasehold property £ | Plant and machinery £ | Furniture, fittings and equipment £ | Properties under construction £ | Total £
Cost or valuation
At 1 October 2024 | 2,764,824 | 337,902 | 692,353 | - | 3,795,079
Additions | - | 31,010 | 151,367 | 2,140,032 | 2,322,409
Transfers | (1,661) | 1,661 | - | - | -
Disposals | - | - | (81,261) | - | (81,261)
At 30 September 2025 | 2,763,163 | 370,573 | 762,459 | 2,140,032 | 6,036,227
Depreciation
At 1 October 2024 | 277,560 | 270,099 | 542,685 | - | 1,090,344
Charge for the year | 34,383 | 39,414 | 85,995 | - | 159,792
Transfers | (326) | 326 | - | - | -
Eliminated on disposal | - | - | (81,261) | - | (81,261)
At 30 September 2025 | 311,617 | 309,839 | 547,419 | - | 1,168,875
Carrying amount
At 30 September 2025 | 2,451,546 | 60,734 | 215,040 | 2,140,032 | 4,867,352
At 30 September 2024 | 2,487,264 | 67,803 | 142,668 | - | 2,697,735

Crux Product Design Ltd

Notes to the Financial Statements for the Year Ended 30 September 2025

Company

| Leasehold Property £ | Plant and machinery £ | Furniture, fittings and equipment £ | Properties under construction £ | Total £
Cost or valuation
At 1 October 2024 | 2,764,824 | 337,902 | 692,353 | - | 3,795,079
Additions | - | 28,990 | 148,399 | 2,140,032 | 2,317,421
Transfers | (1,661) | 1,661 | - | - | -
Disposals | - | - | (81,261) | - | (81,261)
At 30 September 2025 | 2,763,163 | 368,553 | 759,491 | 2,140,032 | 6,031,239
Depreciation
At 1 October 2024 | 277,560 | 270,099 | 549,685 | - | 1,097,344
Charge for the year | 34,383 | 39,158 | 78,851 | - | 152,392
Transfers | (326) | 326 | - | - | -
Eliminated on disposal | - | - | (81,261) | - | (81,261)
At 30 September 2025 | 311,617 | 309,583 | 547,275 | - | 1,168,475
Carrying amount
At 30 September 2025 | 2,451,546 | 58,970 | 212,216 | 2,140,032 | 4,862,764
At 30 September 2024 | 2,487,264 | 67,803 | 142,668 | - | 2,697,735

14 | Investments

Group and company

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the group holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking | Registered office | Holding | Proportion of voting rights and shares held
|  |  | 2025 | 2024
Subsidiary undertakings
Crux Product Design LLC | CIC, 245 Main Street, Kendall Square, Cambridge, MA 02142 | Ordinary | 100% | 100%
| USA |  |  |

Crux Product Design Ltd

Notes to the Financial Statements for the Year Ended 30 September 2025

15 | Debtors

|  | Group | Company
Current | Note | 2025 £ | 2024 £ | 2025 £ | 2024 £
Trade debtors |  | 3,026,115 | 2,286,116 | 2,880,366 | 2,286,116
Amounts owed by related parties | 25 | - | - | 867,172 | 162,607
Other debtors |  | 554,003 | 22,956 | 545,441 | 22,956
Prepayments |  | 2,125,549 | 1,598,199 | 2,010,710 | 1,591,854
|  | 5,705,667 | 3,907,271 | 6,303,689 | 4,063,533

16 | Cash and cash equivalents

| Group | Company
| 2025 £ | 2024 £ | 2025 £ | 2024 £
Cash on hand | 1,114 | 1,826 | 1,114 | 1,826
Cash at bank | 4,081,119 | 5,284,941 | 4,049,954 | 5,259,670
| 4,082,233 | 5,286,767 | 4,051,068 | 5,261,496

17 | Creditors

|  | Group | Company
| Note | 2025 £ | 2024 £ | 2025 £ | 2024 £
Due within one year |  |  |  |  |
Loans and borrowings | 21 | 130,419 | 46,651 | 130,419 | 46,651
Trade creditors |  | 411,927 | 192,638 | 411,028 | 187,474
Amounts due to related parties | 25 | - | - | 544,011 | -
Social security and other taxes |  | 212,680 | 225,101 | 212,680 | 225,101
Other payables |  | 148,453 | 27,611 | 148,453 | 27,611
Accruals |  | 1,643,479 | 984,712 | 1,646,530 | 989,191
Corporation tax | 12 | 62,749 | 230,653 | 75,718 | 230,653
|  | 2,609,707 | 1,707,366 | 3,168,839 | 1,706,681
Due after one year |  |  |  |  |
Loans and borrowings | 21 | 2,140,863 | 384,038 | 2,140,863 | 384,038

Crux Product Design Ltd

Notes to the Financial Statements for the Year Ended 30 September 2025

18 | Provisions for liabilities

Group

| Deferred tax £
At 1 October 2024 | 573,775
Increase (decrease) in existing provisions | 302,373
At 30 September 2025 | 876,148

Company

| Deferred tax £
At 1 October 2024 | 573,775
Increase (decrease) in existing provisions | 302,373
At 30 September 2025 | 876,148

19 | Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £357,325 (2024 - £287,642).

20 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary of £0.01 each | 13,339 | 133 | 12,450 | 125

During the year 889 Ordinary shares were issued for a total aggregate consideration of £508,931.

Crux Product Design Ltd

Notes to the Financial Statements for the Year Ended 30 September 2025

21 | Loans and borrowings

Non-current loans and borrowings

| Group | Company
| 2025 £ | 2024 £ | 2025 £ | 2024 £
Bank borrowings | 2,140,863 | 384,038 | 2,140,863 | 384,038

Current loans and borrowings

| Group | Company
| 2025 £ | 2024 £ | 2025 £ | 2024 £
Bank borrowings | 130,419 | 46,651 | 130,419 | 46,651

Lloyds Bank (loan two) is denominated in £ with a fixed interest rate of 4.317% per annum, and the final instalment is due on 31 August 2032. The carrying amount at year end is £384,038 (2024 - £430,689). The loan is secured by a fixed and floating charge over the property and assets of the company.
Lloyds Bank (loan three) is denominated in £ with a nominal interest rate of Base Rate plus an interest of 1.45% per annum, and the final instalment is due on 31 August 2030. The carrying amount at year end is £1,902,456. The loan is secured by a fixed and floating charge over the property and assets of the company.

22 | Obligations under leases

Group and company

Operating leases

The total of future minimum lease payments is as follows:

| 2025 £ | 2024 £
Not later than one year | 30,000 | 47,281
Later than one year and not later than five years | - | 73,333
| 30,000 | 120,614

The amount of non-cancellable operating lease payments recognised as an expense during the year was £41,877 (2024 - £50,922).

Crux Product Design Ltd

Notes to the Financial Statements for the Year Ended 30 September 2025

23 | Share-based payments

Scheme details and movements

Share options over the company shares were granted to certain employees under an EMI share option scheme. The options were exercisable immediately after the grant date.
The options expire ten years after the grant date.

The movements in the number of share options during the year were as follows:

| 2025 Number | 2024 Number
Outstanding, start of period | 1,115 | 250
Granted during the period | 250 | 1,250
Exercised during the period | (889) | (385)
Outstanding, end of period | 476 | 1,115
Exercisable, end of period | 476 | 1,115

The movements in the weighted average exercise price of share options during the year were as follows:

| 2025 £ | 2024 £
Outstanding, start of period | 555.58 | 384.40
Granted during the period | 665.00 | 580.17
Exercised during the period | 578.41 | 524.26
Outstanding, end of period | 570.42 | 555.58
Exercisable, end of period | 570.42 | 555.58

Effect of share-based payments on profit or loss and financial position

The total expense recognised in the company profit or loss for the year was £16,494 (2024 - £50,531).

Crux Product Design Ltd

Notes to the Financial Statements for the Year Ended 30 September 2025

24 | Dividends

Interim dividends paid
Company

|  | 2025 £ |  | 2024 £
Interim dividend of £321.41 (2024 - £300.92) per each Ordinary |  | 4,287,358 |  | 3,746,430

25 | Related party transactions

Group and company

Key management personnel of the entity
Key management consists of the Board of directors. Directors’ remuneration is disclosed in note 10.
During the year, total dividends of £3,480,000 (2024 - £3,207,800) were paid to the directors.