Allenwest Wallacetown Limited (formerly Allenwest Limited)
Annual Report and Financial Statements
For the year ended 31 December 2025
Company Registration No. SC193267 (Scotland)
Allenwest Wallacetown Limited (formerly Allenwest Limited)
Company Information
Directors
N R Shailer
(Appointed 30 July 2025)
G Hannen
(Appointed 30 April 2026)
Company number
SC193267
Registered office
20 Monument Crescent
Shawfarm Industrial Estate
Prestwick
Ayrshire
KA9 2RQ
Auditor
Moore Kingston Smith LLP
Orbital House
20 Eastern Road
Romford
Essex
RM1 3PJ
Allenwest Wallacetown Limited (formerly Allenwest Limited)
Contents
Page
Directors' report
1 - 2
Independent auditor's report
3 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 21
Allenwest Wallacetown Limited (formerly Allenwest Limited)
Directors' Report
For the year ended 31 December 2025
Page 1

The directors present their annual report and financial statements for the year ended 31 December 2025.

Principal activities

The principal activity of the company continued to be that of a designer and manufacturer of Flameproof (FLP) and Explosion Protected Apparatus (EPA) for use primarily in hazardous areas of off-shore, Petrochemical and Coal mining industries.

On 20 March 2026 the company changed its name from Allenwest Limited to Allenwest Wallacetown Limited.

Directors

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

L Hudson
(Resigned 30 July 2025)
J P Morgan
(Resigned 14 May 2026)
G E Nicholson
(Resigned 14 May 2026)
B L Quarendon
(Resigned 14 May 2026)
S Pannell
(Appointed 4 June 2025 and resigned 14 May 2026)
N R Shailer
(Appointed 30 July 2025)
G Hannen
(Appointed 30 April 2026)
Auditor

In accordance with the company's articles, a resolution proposing that Moore Kingston Smith LLP be reappointed as auditor of the company will be put at a General Meeting.

Statement of directors' responsibilities

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 company and of the profit or loss of the company 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 company will continue in business.

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

Allenwest Wallacetown Limited (formerly Allenwest Limited)
Directors' Report (Continued)
For the year ended 31 December 2025
Page 2
Statement of disclosure to auditor

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

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
N R Shailer
Director
10 July 2026
Allenwest Wallacetown Limited (formerly Allenwest Limited)
Independent Auditor's Report
To the Members of Allenwest Wallacetown Limited (Formerly Allenwest Limited)
Page 3
Opinion

We have audited the financial statements of Allenwest Wallacetown Limited (formerly Allenwest Limited) (the 'company') for the year ended 31 December 2025 which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its 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's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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 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.

Allenwest Wallacetown Limited (formerly Allenwest Limited)
Independent Auditor's Report (Continued)
To the Members of Allenwest Wallacetown Limited (Formerly Allenwest Limited)
Page 4

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the Directors' R eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the Directors' Report has 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 company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the Directors' R eport.

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, or returns adequate for our audit have not been

received from branches not visited by us; or

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

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

- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the Directors' Report and take advantage of the small companies exemption from the requirement to prepare a Strategic Report.

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 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.

Allenwest Wallacetown Limited (formerly Allenwest Limited)
Independent Auditor's Report (Continued)
To the Members of Allenwest Wallacetown Limited (Formerly Allenwest Limited)
Page 5
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.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

- 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. 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.

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company’s internal control.

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

- Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.

- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Allenwest Wallacetown Limited (formerly Allenwest Limited)
Independent Auditor's Report (Continued)
To the Members of Allenwest Wallacetown Limited (Formerly Allenwest Limited)
Page 6

Explanation as to what extent 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, to detect material misstatements in respect of irregularities, including fraud. 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 company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation.

- We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.

- We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.

- We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.

- Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Allenwest Wallacetown Limited (formerly Allenwest Limited)
Independent Auditor's Report (Continued)
To the Members of Allenwest Wallacetown Limited (Formerly Allenwest Limited)
Page 7

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.

Karen Wardell
Senior Statutory Auditor
for and on behalf of Moore Kingston Smith LLP
10 July 2026
Chartered Accountants
Statutory Auditor
Orbital House
20 Eastern Road
Romford
Essex
RM1 3PJ
Allenwest Wallacetown Limited (formerly Allenwest Limited)
Statement of Comprehensive Income
For the year ended 31 December 2025
Page 8
2025
2024
Notes
£
£
Turnover
6,952,311
3,142,439
Cost of sales
(5,409,606)
(2,525,244)
Gross profit
1,542,705
617,195
Administrative expenses
(1,685,878)
(1,770,580)
Other operating income
4,776
-
0
Exceptional item
3
-
0
(29,145)
Operating loss
(138,397)
(1,182,530)
Interest payable and similar expenses
5
(50,094)
(129,818)
Loss before taxation
(188,491)
(1,312,348)
Tax on loss
6
316,200
43,685
Profit/(loss) for the financial year
127,709
(1,268,663)
Allenwest Wallacetown Limited (formerly Allenwest Limited)
Balance Sheet
As at 31 December 2025
Page 9
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
7
16,191
24,287
Tangible assets
8
45,064
73,697
61,255
97,984
Current assets
Stock
2,290,999
2,934,272
Debtors
11
4,864,673
3,094,169
Cash at bank and in hand
66,895
87,494
7,222,567
6,115,935
Creditors: amounts falling due within one year
12
(6,875,520)
(5,933,326)
Net current assets
347,047
182,609
Net assets
408,302
280,593
Capital and reserves
Called up share capital
14
350,000
350,000
Other reserves
4,155,575
4,155,575
Profit and loss reserves
(4,097,273)
(4,224,982)
Total equity
408,302
280,593

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

The financial statements were approved by the board of directors and authorised for issue on 10 July 2026 and are signed on its behalf by:
N R Shailer
Director
Company Registration No. SC193267
Allenwest Wallacetown Limited (formerly Allenwest Limited)
Statement of Changes in Equity
For the year ended 31 December 2025
Page 10
Share capital
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2024
350,000
4,155,575
(2,956,319)
1,549,256
Year ended 31 December 2024:
Loss and total comprehensive income for the year
-
-
(1,268,663)
(1,268,663)
Balance at 31 December 2024
350,000
4,155,575
(4,224,982)
280,593
Year ended 31 December 2025:
Profit and total comprehensive income for the year
-
-
127,709
127,709
Balance at 31 December 2025
350,000
4,155,575
(4,097,273)
408,302
Allenwest Wallacetown Limited (formerly Allenwest Limited)
Notes to the Financial Statements
For the year ended 31 December 2025
Page 11
1
Accounting policies
Company information

Allenwest Wallacetown Limited (formerly Allenwest Limited) is a private company limited by shares incorporated in Scotland. The registered office is located at 20 Monument Crescent, Shawfarm Industrial Estate, Prestwick, Ayrshire, KA9 2RQ.

1.1
Accounting convention

These financial statements have been prepared in accordance with Section 1A FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

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

- Section 4 ‘Statement of Financial Position’ – Reconciliation of the opening and closing number of shares;

- Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash f low and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ – Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; 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.

The financial statements of the company are consolidated in the financial statements of Pioneer Ideso Holdings Limited. These consolidated financial statements are available from its registered office, 1 Mercer Street, London, WC2H 9QJ.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements. true

The directors have based their assessment on the expected future trading performance of the company by reviewing budgets and forecasts and the revolving credit facility and access to trade loans with Barclays Bank. On this basis, the Directors believe that there is adequate headroom available within the facilities available should the company require to call upon these.

Allenwest Wallacetown Limited (formerly Allenwest Limited)
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
1
Accounting policies
(Continued)
Page 12
1.3
Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from the sale of spare parts is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, usually on dispatch of the goods.

Revenue from contracts is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, including the cost of hours worked and materials consumed, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recover ed.

1.4
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:

Computer software
4 years straight line
Development costs
3 years straight line
Certification fee
4 years straight line
1.5
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.

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:

Leasehold improvements
50% straight line
Plant and equipment
12.5%-33% straight line
Motor vehicles
25% reducing balance

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 credited or charged to profit or loss.

Assets under construction are not depreciated. Once available for use, they are transferred into the relevant class of asset and depreciated in line with the policies noted above.

Allenwest Wallacetown Limited (formerly Allenwest Limited)
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
1
Accounting policies
(Continued)
Page 13
1.6
Impairment of fixed assets

At each reporting period end date, the company 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.

1.7
Stock

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stock to their present location and condition.

Stock held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stock 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.

1.8
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.

Allenwest Wallacetown Limited (formerly Allenwest Limited)
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
1
Accounting policies
(Continued)
Page 14
1.9
Financial instruments

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.10
Equity instruments

Equity instruments issued by the company 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 company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Allenwest Wallacetown Limited (formerly Allenwest Limited)
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
1
Accounting policies
(Continued)
Page 15
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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the 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 when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

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 company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

The company operates a defined contribution plan for its employees. Payments to the scheme are recognised as an expense as they fall due. Amounts not paid are shown in accruals as a liability.

1.14
Leases

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 s asset are consumed.

1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Allenwest Wallacetown Limited (formerly Allenwest Limited)
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
Page 16
2
Judgements and key sources of estimation uncertainty

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

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

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Intangible fixed assets

The annual amortisation charge for intangible assets is sensitive to changes in the estimated lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually b y consideration of assets value in use. The value in use calculation requires the entity to estimate the future cash flows expected to arise for the cash generating unit and a suitable discount rate to calculate present value. See note 7 for the carrying amount of the intangible assets and note 1.4 for the useful economic lives for each class of asset.

Tangible fixed assets

The annual depreciation charge for property, plant and equipment is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 8 for the carrying amount of the property, plant and equipment and note 1.5 for the useful economic lives for each class of asset.

Stock provision

For each line of stock, a provision is made against the cost of the stock, where the Net Realisable Value is less than cost. Net Realisable Value is the estimated selling price for stocks less all estimated costs of completion and costs necessary to make the sale. The estimated selling price for each stock line is a judgement based mainly on recent selling patterns for that product.

3
Exceptional item
2025
2024
£
£
Expenditure
Restructuring of the business
-
29,145

Exceptional costs have arisen due to the restructuring of business operations in the prior period.

Allenwest Wallacetown Limited (formerly Allenwest Limited)
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
Page 17
4
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
32
31
5
Interest payable and similar expenses
2025
2024
£
£
Interest payable and similar expenses includes the following:
Interest payable to group undertakings
29,525
54,446
6
Taxation
2025
2024
£
£
Current tax
UK corporation tax adjustment in respect of prior periods group relief
(316,200)
(43,685)
7
Intangible fixed assets
Computer software
Development costs
Certification fee
Total
£
£
£
£
Cost
At 1 January 2025 and 31 December 2025
105,296
947,865
43,768
1,096,929
Amortisation and impairment
At 1 January 2025
105,296
947,865
19,481
1,072,642
Amortisation charged for the year
-
0
-
0
8,096
8,096
At 31 December 2025
105,296
947,865
27,577
1,080,738
Carrying amount
At 31 December 2025
-
0
-
0
16,191
16,191
At 31 December 2024
-
0
-
0
24,287
24,287
Allenwest Wallacetown Limited (formerly Allenwest Limited)
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
Page 18
8
Tangible fixed assets
Leasehold improvements
Plant and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2025
169,285
605,950
27,772
803,007
Additions
-
0
148
-
0
148
At 31 December 2025
169,285
606,098
27,772
803,155
Depreciation and impairment
At 1 January 2025
165,446
541,660
22,204
729,310
Depreciation charged in the year
1,056
22,157
5,568
28,781
At 31 December 2025
166,502
563,817
27,772
758,091
Carrying amount
At 31 December 2025
2,783
42,281
-
0
45,064
At 31 December 2024
3,839
64,290
5,568
73,697
9
Subsidiaries

Details of the company's subsidiaries at 31 December 2025 are as follows:

Name of undertaking
Address
Nature of business
Class of shares held
% Held Direct
Allenwest Kuzbass Limited
1
Dormant
Ordinary
100.00

Registered office addresses (all UK unless otherwise indicated):

1
21B Zaporozhye Street, Novokuznetsk, Kemerovo, 654080, Russian Federation
10
Associates

Details of the company's associates at 31 December 2025 are as follows:

Name of undertaking
Registered office
Nature of business
Class of shares held
% Held
Direct
Hunain Allenwest Electrical Limited
1
Dormant
Ordinary
25.00

Registered office addresses (all UK unless otherwise indicated):

1 Wangfenggang Town, Xiejiaji District, Huainan City, Anhui Province

Allenwest Wallacetown Limited (formerly Allenwest Limited)
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
Page 19
11
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
2,513,554
1,969,704
Amounts owed by group undertakings
316,930
-
0
Other debtors
170,891
124,646
Prepayments and accrued income
1,863,298
999,819
4,864,673
3,094,169
12
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
652,331
742,545
Amounts owed to group undertakings
3,942,893
3,069,938
Taxation and social security
45,442
41,684
Other creditors
836,723
1,231,870
Accruals and deferred income
1,398,131
847,289
6,875,520
5,933,326
13
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
92,250
86,913

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. Amounts outstanding at the period end held in other creditors are £10,887 (202 4: £1 3,059).

14
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
350,000
350,000
350,000
350,000
Allenwest Wallacetown Limited (formerly Allenwest Limited)
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
Page 20
15
Operating lease commitments
Lessee

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

2025
2024
£
£
259,120
380,824
16
Financial commitments, guarantees and contingent liabilities

At the balance sheet date, Allenwest Wallacetown Limited (formerly Allenwest Limited) is included in a cross guarantee, in favour of Barclays PLC, between Pioneer Ideso Holdings Limited, Petrel Limited, Pyroban Group Limited, Pyropress (Propco) Limited, Ideso Group Limited, Allenwest Pioneer Limited, Allenwest Group Limited, Petrel Pioneer Limited, Pyroban Limited, Pyropress Limited, Allenwest Wallacetown Limited (formerly Allenwest Limited), Baldwin & Francis Limited and Pioneer Safety Group Limited. All of the parties have joint and several liability to Barclays PLC and the facility is secured by way of a fixed and floating charge over the assets and undertakings of all above named companies. The total amount of liability in Pioneer Ideso Holdings Limited in relation to the group companies named above under the agreement at 31 December 2025 was £11,759,835 (2024: £9,920,702).

Allenwest Wallacetown Limited (formerly Allenwest Limited)
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
Page 21
17
Related party transactions

The company has taken advantage of the exemption available under section 33 of FRS 102 whereby it is not required to disclose transactions and balances with wholly owned group entities.

Pyroban Limited:

At the year end, there was an amount due from Pyroban Limited, a company under common control, of £122,184 (2024: amount due to Pyroban Limited of £29,760).

Pioneer Ideso Holdings Limited:

At the year end, there was an amount due to Pioneer Ideso Holdings Limited, the intermediary parent company, of £3,507,886 (2024: £2,087,645).

Ampcontrol France SARL:

At the year end, there was an amount due to Ampcontrol France SARL, a company under common control, of £18,098 (2024: £18,098).

Longacre Group Limited:

During the year management charges amounting £4,167 (2024: £nil) were paid to Longacre Group Limited, its intermediary parent company.

Wrapex Limited

At the year end, there was an amount due to Wrapex Limited, a company under common control, of £47,556 (2024: £nil).

Procare UK Limited

At the year end, there was an amount due to Procare UK Limited, a company under common control, of £146,460 (2024: £nil).

18
Events after the reporting date

On 19 March 2026, the trade and assets of Allenwest Wallacetown Limited (formerly Allenwest Limited) were transferred for the value of consideration shares of 359,016,327 at a nominal value of £0.001 per share to a newly incorporated subsidiary, Allenwest Limited (formerly Allenwest Prestwick Limited). Subsequently, Allenwest Limited (formerly Allenwest Prestwick Limited) was sold to BRUSH Group Limited on 3 April 2026.

19
Parent company

The company is a subsidiary of Allenwest Group Limited, a company incorporated in England and Wales. The ultimate parent undertaking is Longacre Group Limited, a company incorporated in England and Wales.

Pioneer Ideso Holdings Limited, the intermediate parent company, is the smallest group to prepare consolidated financial statements which include these financial statements. Longacre Group Limited is the largest group to prepare consolidated financial statements which include these financial statements. Copies of the consolidated financial statements can be obtained from 1 Mercer Street, London, WC2H 9QJ.

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