REGISTERED NUMBER: 00592506 (England and Wales)

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 30 September 2025

for

Respirex International Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

5

Consolidated Income Statement

9

Consolidated Other Comprehensive Income

10

Consolidated Statement of Financial Position

11

Company Statement of Financial Position

12

Consolidated Statement of Changes in Equity

13

Company Statement of Changes in Equity

14

Consolidated Statement of Cash Flows

15

Notes to the Consolidated Statement of Cash Flows

16

Notes to the Consolidated Financial Statements

18

DIRECTORS:

M B Simpson

G Walker

A Burt

SECRETARY:

D G Mackie

REGISTERED OFFICE:

Shadwell House

65 Lower Green Road

Tunbridge Wells

Kent

TN4 8TW

REGISTERED NUMBER:

00592506 (England and Wales)

SENIOR STATUTORY AUDITOR:

Aidan Smyth

AUDITORS:

Peter Hodgson & Co. Ltd. (Statutory Auditor)

Chartered Accountants

Shadwell House

65 Lower Green Road

Tunbridge Wells

Kent

TN4 8TW

REVIEW OF BUSINESS

The year to 30th September 2025 showed much improved trading performance compared to 2024.

Despite record turnover and profits, Respirex's performance was still somewhat impaired by ongoing supply chain issues. However, the group gained a significant number of major new customers during the year and the order book was at a record high at the financial year end. The first months of the new financial year are yielding very significant growth mostly being driven by the launch of new products.

The performance of MFC International Ltd. improved dramatically despite the reported financial results. The loss for the year was cut to £143.5k compared to a loss of £517.9k in 2024. We are now seeing some substantial orders coming through and the extensive investment in people, technology and research & development is beginning to pay off. The accounts for 2025-26 are so far showing much increased levels of turnover and reported profits.

Our German subsidiary, Respirex GmbH made a profit of £11.6k in the year.

The group invested a further £456k in property and equipment in the year.

The group continues to hold higher than usual levels of stock in order to hedge against higher costs and delivery charges and to avoid raw material shortages.

FINANCIAL REVIEW

The directors are satisfied with the financial performance of the group for the year.

Turnover amounted to £20.3m for the year compared to £18.6m in 2024.

Operating profit before tax was £2.57m compared to £1.79m in 2024.

The consolidated accounts for the year to September 2025 include a depreciation write off of £71k in respect of discontinued activities in MFC International Limited.

The group invested £456k in fixed assets during the year indicating the directors' and shareholders' continued commitment to the business.

The working capital position of the group improved to £13.1m at the year end.

Shareholders' funds increased to £18.5m at the year end.

PRINCIPAL RISKS & UNCERTAINTIES

We see ourselves as global operators and throughout our group of companies, we will follow that philosophy. We have carried out the necessary work to ensure that all our products are certified to the new European Regulations, and, where applicable US and other regional standards, that are vital to any business operating in the PPE and emergency services market. We also continue to broaden our customer base worldwide, working with specialist distributors. We are spending increasing amounts on our marketing budget in order to reach a broader audience for our products.

Our main risks revolve around the political and economic uncertainties that continue to prevail in the United Kingdom and beyond. These uncertainties carry all the obvious concerns around currency and ever increasing world tensions, in addition to higher energy costs rising labour cost and supply chain issues.

The group has invested considerable money in new products which will be launched later in 2026. The group will continue to invest in new and innovative products together with the introduction of more efficient manufacturing methods

These new products will take us into new territory and gives us the opportunity to take advantage of the opportunities we have identified. Our investment in new equipment will give us the ability to meet the increase in demand that we feel will flow from the world economy getting back to some normality. However, the business area in which the group operates is in great demand.

FUTURE PLANS

Respirex will continue to invest in the development of new products and grow its distributor network worldwide in order to expand market share and profitability. With growing sales and a respected global brand plus our reputation for technical expertise and quality, we are in a strong position to take advantage of all opportunities that present themselves.

ON BEHALF OF THE BOARD:

M B Simpson - Director

18 June 2026

The directors present their report with the financial statements of the company and the group for the year ended 30 September 2025.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of manufacture and supply of industrial and safety equipment.

DIVIDENDS

The directors do not recommend the payment of a dividend.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 October 2024 to the date of this report.

M B Simpson

G Walker

A Burt

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group 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;

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:

M B Simpson - Director

18 June 2026

Opinion

We have audited the financial statements of Respirex International Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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 of the parent company 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 Auditors' 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 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 the parent company'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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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.

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 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 the audit:

-	the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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

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 four, 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 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The objectives of our audit in respect of fraud are to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

Our approach was as follows:

- we obtained an understanding of the legal and regulatory requirements applicable to the group.

- we obtained an understanding of how the group complies with these requirements through discussion with management and those charged with governance.

- we assessed the risk of material misstatement in the financial statements through discussions with management and those charged with governance.

- we enquired of management and those charged with governance of any known instances of non compliance with legal and regulatory requirements.

- based on this understanding, we designed specific and appropriate audit procedures to identify instances of non compliance to include discussions and obtaining additional corroborative evidence.

As part of the audit in accordance with ISAs (UK) we exercised professional judgement and scepticism throughout the audit. In addition, we also:

- identified and assessed the risks of material misstatement of the financial statements, whether due to fraud or error, designed and performed audit procedures consistent with those risks and obtained sufficient and relevant audit evidence to support and provide a basis for our opinion. The risk of misstatement from fraud is invariably higher than one resulting from error as fraud may involve collusion or intentional omissions and misrepresentations to override the systems of internal control.

- obtained an understanding of the internal controls relevant to the audit and designed

audit procedures and tests that were appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company's internal controls.

- evaluated the appropriateness of the accounting policies used and the reasonableness of any accounting estimates and disclosures used and made by the directors.

- assessed the appropriateness of the directors' use of the going concern basis of accounting and based on the audit evidence obtained, whether any material uncertainty existed that may have cast doubt on the group's ability to continue as a going concern.

- evaluated the overall presentation, structure and content of the financial statements including disclosures and whether the financial statements represent the underlying transactions and events in a manner that achieved a fair presentation of the results for the period and the financial standing of the group at the period end.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.

Aidan Smyth (Senior Statutory Auditor)

for and on behalf of Peter Hodgson & Co. Ltd. (Statutory Auditor)

Chartered Accountants

Shadwell House

65 Lower Green Road

Tunbridge Wells

Kent

TN4 8TW

18 June 2026

REVENUE

3

20,345,031

18,550,381

Cost of sales

12,949,489

12,300,018

GROSS PROFIT

7,395,542

6,250,363

Administrative expenses

4,879,676

4,701,428

2,515,866

1,548,935

Other operating income

8,650

8,851

OPERATING PROFIT

6

2,524,516

1,557,786

Income from fixed asset investments

22,082

10,291

Interest receivable and similar income

36

20

22,118

10,311

2,546,634

1,568,097

Market value adjustments

7

(161,958

)

(399,356

)

2,708,592

1,967,453

Interest payable and similar expenses

8

144,654

168,848

PROFIT BEFORE TAXATION

2,563,938

1,798,605

Tax on profit

9

451,261

172,988

PROFIT FOR THE FINANCIAL YEAR

2,112,677

1,625,617

Profit attributable to:

Owners of the parent

2,112,677

1,625,617

PROFIT FOR THE YEAR

2,112,677

1,625,617

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

2,112,677

1,625,617

Total comprehensive income attributable to:

Owners of the parent

2,112,677

1,625,617

FIXED ASSETS

Intangible assets

11

403,001

378,522

Property, plant and equipment

12

6,471,479

6,717,842

Investments

13

Interest in associate

49,646

49,646

6,924,126

7,146,010

CURRENT ASSETS

Inventories

14

7,622,564

7,448,433

Debtors

15

5,007,248

4,263,299

Investments

16

3,793,230

3,609,190

Cash at bank

2,529,545

1,001,458

18,952,587

16,322,380

CREDITORS

Amounts falling due within one year

17

5,815,265

5,134,454

NET CURRENT ASSETS

13,137,322

11,187,926

TOTAL ASSETS LESS CURRENT LIABILITIES

20,061,448

18,333,936

CREDITORS

Amounts falling due after more than one year

18

(1,012,633

)

(1,394,204

)

PROVISIONS FOR LIABILITIES

22

(512,101

)

(515,695

)

NET ASSETS

18,536,714

16,424,037

CAPITAL AND RESERVES

Called up share capital

23

948

948

Capital redemption reserve

24

52

52

Other reserves

24

1,191

1,191

Retained earnings

24

18,534,523

16,421,846

SHAREHOLDERS' FUNDS

18,536,714

16,424,037

The financial statements were approved by the Board of Directors and authorised for issue on 18 June 2026 and were signed on its behalf by:

M B Simpson - Director

FIXED ASSETS

Intangible assets

11

400,824

376,072

Property, plant and equipment

12

5,117,833

5,226,287

Investments

13

517,566

517,566

6,036,223

6,119,925

CURRENT ASSETS

Inventories

14

6,279,632

5,999,108

Debtors

15

11,144,295

10,341,885

Investments

16

3,793,230

3,609,190

Cash at bank

2,225,125

805,525

23,442,282

20,755,708

CREDITORS

Amounts falling due within one year

17

5,479,731

4,771,589

NET CURRENT ASSETS

17,962,551

15,984,119

TOTAL ASSETS LESS CURRENT LIABILITIES

23,998,774

22,104,044

CREDITORS

Amounts falling due after more than one year

18

(1,012,633

)

(1,385,152

)

PROVISIONS FOR LIABILITIES

22

(466,374

)

(443,729

)

NET ASSETS

22,519,767

20,275,163

CAPITAL AND RESERVES

Called up share capital

23

948

948

Capital redemption reserve

24

52

52

Other reserves

24

1,191

1,191

Retained earnings

24

22,517,576

20,272,972

SHAREHOLDERS' FUNDS

22,519,767

20,275,163

Company's profit for the financial year

2,244,604

2,102,771

The financial statements were approved by the Board of Directors and authorised for issue on 18 June 2026 and were signed on its behalf by:

M B Simpson - Director

Called up

Capital

share

Retained

redemption

Other

Total

capital

earnings

reserve

reserves

equity

£

£

£

£

£

Balance at 1 October 2023

948

14,796,229

52

1,191

14,798,420

Changes in equity

Total comprehensive income

-

1,625,617

-

-

1,625,617

Balance at 30 September 2024

948

16,421,846

52

1,191

16,424,037

Changes in equity

Total comprehensive income

-

2,112,677

-

-

2,112,677

Balance at 30 September 2025

948

18,534,523

52

1,191

18,536,714

Called up

Capital

share

Retained

redemption

Other

Total

capital

earnings

reserve

reserves

equity

£

£

£

£

£

Balance at 1 October 2023

948

18,170,201

52

1,191

18,172,392

Changes in equity

Total comprehensive income

-

2,102,771

-

-

2,102,771

Balance at 30 September 2024

948

20,272,972

52

1,191

20,275,163

Changes in equity

Total comprehensive income

-

2,244,604

-

-

2,244,604

Balance at 30 September 2025

948

22,517,576

52

1,191

22,519,767

Cash flows from operating activities

Cash generated from operations

1

2,741,580

1,144,548

Interest paid

(144,654

)

(105,256

)

Foreign exchange (losses) / gains

-

(63,592

)

Tax paid

(125,400

)

(108,179

)

Net cash from operating activities

2,471,526

867,521

Cash flows from investing activities

Purchase of intangible fixed assets

(25,368

)

(10,924

)

Purchase of tangible fixed assets

(455,525

)

(709,012

)

Sale of tangible fixed assets

41,000

148,861

Interest received

36

20

Dividends received

22,082

10,291

Net cash from investing activities

(417,775

)

(560,764

)

Cash flows from financing activities

New loans in year

39,559

258,609

Capital repayments in year

(565,351

)

(600,671

)

Amount introduced by directors

128

66,952

Net cash from financing activities

(525,664

)

(275,110

)

Increase in cash and cash equivalents

1,528,087

31,647

Cash and cash equivalents at beginning of year

2

1,001,458

969,811

Cash and cash equivalents at end of year

2

2,529,545

1,001,458

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

Profit before taxation

2,563,938

1,798,605

Depreciation charges

672,808

631,203

Profit on disposal of fixed assets

(5,329

)

(12,977

)

Finance costs

144,654

168,848

Finance income

(22,118

)

(10,311

)

3,353,953

2,575,368

Increase in inventories

(174,131

)

(292,874

)

Increase in trade and other debtors

(722,349

)

(222,167

)

Increase/(decrease) in trade and other creditors

284,107

(915,779

)

Cash generated from operations

2,741,580

1,144,548

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 30 September 2025

30.9.25

1.10.24

£

£

Cash and cash equivalents

2,529,545

1,001,458

Year ended 30 September 2024

30.9.24

1.10.23

£

£

Cash and cash equivalents

1,001,458

969,811

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.10.24

Cash flow

At 30.9.25

£

£

£

Net cash

Cash at bank

1,001,458

1,528,087

2,529,545

1,001,458

1,528,087

2,529,545

Liquid resources

Current asset investments

3,609,190

184,040

3,793,230

3,609,190

184,040

3,793,230

Debt

Finance leases

(563,571

)

246,816

(316,755

)

Debts falling due within 1 year

(267,474

)

50,885

(216,589

)

Debts falling due after 1 year

(995,887

)

228,091

(767,796

)

(1,826,932

)

525,792

(1,301,140

)

Total

2,783,716

2,237,919

5,021,635