Mercer Bidco Limited
Annual Report and Financial Statements
For the year ended 31 December 2025
Company Registration No. 14172817 (England and Wales)
Mercer Bidco Limited
Company Information
Directors
S E Schmidt-Chiari
(Appointed 1 December 2025)
A Spyropoulou
S Arnold
(Appointed 1 August 2025)
R Cunningham
(Appointed 1 August 2025)
Company number
14172817
Registered office
1 Mercer Street
London
United Kingdom
WC2H 9QJ
Auditor
Moore Kingston Smith LLP
Orbital House
20 Eastern Road
Romford
Essex
RM1 3PJ
Mercer Bidco Limited
Contents
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Notes to the financial statements
13 - 18
Mercer Bidco Limited
Strategic Report
For the year ended 31 December 2025
Page 1

The directors present the strategic report for the year ended 31 December 2025.

Principal activities

The principal activity of the company continued to be that of a non-trading holding company.

Review of the business

The Company acts as an intermediate parent entity within the wider Longacre Group Holdings Ltd group, holding investments in subsidiary undertakings and providing oversight of those investments.

The Company does not undertake any trading operations and has no income.

The Company continues to operate in line with its role as an intermediate holding company within the Group’s structure. Its performance is therefore closely linked to the results and financial position of its subsidiaries.

During the year:

- The Company maintained its investment in group subsidiaries

- There were no significant changes in the structure of the Group

- The Company remained non‑trading throughout the reporting period

As a non‑trading entity, management considers that net asset position is the most relevant key performance indicator. During the year, the net asset position has improved to £17.5m (2024: net liabilities of £3.0m) following an issue of shares during the year.

Principal risks and uncertainties

The Company's principal risks arise primarily from its investments in subsidiaries. Key risks include:

Investment Risk: The Company’s financial position depends on the performance and financial health of its subsidiaries.

Liquidity Risk: The Company relies on cash flows from subsidiaries (e.g. dividends) to meet its obligations.

Credit Risk: Exposure arises from balances due from group undertakings.

Regulatory and Compliance Risk: The Company must comply with Companies Act requirements and other UK regulations applicable to holding companies.

The directors monitor these risks through:

- Regular review of subsidiary performance

- Group-level financial controls

- Maintaining appropriate governance frameworks

Future developments

The Company will continue to operate as a non‑trading holding entity within the Group.

The directors expect:

- Continued support from underlying subsidiaries

- Stable dividend and interest flows (subject to subsidiary performance and cash availability)

- No significant change in the Company’s principal activity

Future developments will largely depend on the strategic direction and performance of the wider Group.

Mercer Bidco Limited
Strategic Report (Continued)
For the year ended 31 December 2025
Page 2

On behalf of the board

R Cunningham
Director
10 July 2026
Mercer Bidco Limited
Directors' Report
For the year ended 31 December 2025
Page 3

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

Results and dividends

The results for the year are set out on page 10.

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

Directors

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

G E Nicholson
(Resigned 1 December 2025)
S E Schmidt-Chiari
(Appointed 1 December 2025)
A Spyropoulou
S Arnold
(Appointed 1 August 2025)
R Cunningham
(Appointed 1 August 2025)
Auditor

Moore Kingston Smith LLP were appointed as auditor in accordance with section 485 of the Companies Act 2006 and are deemed to be reappointed under section 487(2) of the Companies Act 2006.

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; and

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

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

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.

Mercer Bidco Limited
Directors' Report (Continued)
For the year ended 31 December 2025
Page 4
On behalf of the board
R Cunningham
Director
10 July 2026
Mercer Bidco Limited
Independent Auditor's Report
To the Member of Mercer Bidco Limited
Page 5
Opinion

We have audited the financial statements of Mercer Bidco 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 Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its loss 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.

Mercer Bidco Limited
Independent Auditor's Report (Continued)
To the Member of Mercer Bidco Limited
Page 6

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

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 Strategic Report or the Directors' R eport.

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

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

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

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

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

Responsibilities of directors

As explained more fully in the Directors' R esponsibilities S tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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.

Mercer Bidco Limited
Independent Auditor's Report (Continued)
To the Member of Mercer Bidco Limited
Page 7
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.

Mercer Bidco Limited
Independent Auditor's Report (Continued)
To the Member of Mercer Bidco Limited
Page 8

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.

Mercer Bidco Limited
Independent Auditor's Report (Continued)
To the Member of Mercer Bidco Limited
Page 9

Use of our report

This report is made solely to the company's member 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 member those matters we are required to state to the member 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 member, 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
Mercer Bidco Limited
Statement of Comprehensive Income
For the year ended 31 December 2025
Page 10
2025
2024
Notes
£
£
Administrative expenses
(549,460)
-
0
Interest payable and similar expenses
3
(238,439)
(830,338)
Loss before taxation
(787,899)
(830,338)
Tax on loss
4
-
0
-
0
Loss for the financial year
(787,899)
(830,338)

The Profit and Loss Account has been prepared on the basis that all operations are continuing operations.

Mercer Bidco Limited
Balance Sheet
As at 31 December 2025
Page 11
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
5
26,507,276
26,507,276
Current assets
Debtors
7
3,582
1
Cash at bank and in hand
-
0
9,536
3,582
9,537
Creditors: amounts falling due within one year
8
(9,055,493)
(29,549,430)
Net current liabilities
(9,051,911)
(29,539,893)
Net assets/(liabilities)
17,455,365
(3,032,617)
Capital and reserves
Called up share capital
10
583,769
1
Share premium account
20,692,112
-
0
Profit and loss reserves
(3,820,516)
(3,032,618)
Total equity
17,455,365
(3,032,617)

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

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:
R Cunningham
Director
Company Registration No. 14172817
Mercer Bidco Limited
Statement of Changes in Equity
For the year ended 31 December 2025
Page 12
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2024
1
-
0
(2,202,280)
(2,202,279)
Year ended 31 December 2024:
Loss and total comprehensive income
-
-
(830,338)
(830,338)
Balance at 31 December 2024
1
-
0
(3,032,618)
(3,032,617)
Year ended 31 December 2025:
Loss and total comprehensive income
-
-
(787,899)
(787,899)
Issue of share capital
10
583,768
20,692,112
-
21,275,880
Balance at 31 December 2025
583,769
20,692,112
(3,820,516)
17,455,365
Mercer Bidco Limited
Notes to the Financial Statements
For the year ended 31 December 2025
Page 13
1
Accounting policies
Company information

Mercer Bidco Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Mercer Street, London, United Kingdom, WC2H 9QJ.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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

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

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

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

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

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

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

Mercer Bidco Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
1
Accounting policies
(Continued)
Page 14
1.2
Going concern

The company has made a loss of £787,899 (2024: £830,338) for the year and at the year end has net assets of £17,455,365 (2024: net liabilities of £3,032,617). The company is part of a group and is able to receive support from fellow group companies if required. The company also does not have any significant liabilities with any entities outside of this group.

Consequently, the directors are confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.

1.3
Fixed asset investments

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

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

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

All of the companies financial instruments are basic and have been measured at amortised cost.

1.6
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.

2
Employees

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

2025
2024
Number
Number
Total
0
0
Mercer Bidco Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
Page 15
3
Interest payable and similar expenses
2025
2024
£
£
Interest on bank overdrafts and loans
211,773
688,610
Other interest on financial liabilities
26,666
141,728
238,439
830,338
4
Taxation

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

2025
2024
£
£
Loss before taxation
(787,899)
(830,338)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
(196,975)
(207,585)
Tax effect of expenses that are not deductible in determining taxable profit
118,599
-
0
Change in unrecognised deferred tax assets
78,376
-
0
Group relief
-
0
207,585
Taxation charge for the year
-
-
5
Fixed asset investments
2025
2024
Notes
£
£
Investments in subsidiaries
6
26,507,276
26,507,276
Mercer Bidco Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
Page 16
6
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
Indirect
Power Adhesives Limited
1
Manufacturers and wholesalers of adhesives and their applicators.
Ordinary
100.00
-
Power Adhesives Europe B.V.
2
Distribution of hot melt products
Ordinary
0
100.00

Registered office addresses (all UK unless otherwise indicated):

1
1 Lords Way, Basildon, Essex, SS13 1TN
2
Zekeringstraat 17a 1014 BM, Amsterdam, Netherlands
7
Debtors
2025
2024
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
3,000
-
0
Other debtors
582
1
3,582
1
8
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans
9
-
0
5,995,500
Other borrowings
9
-
0
1,675,930
Amounts owed to group undertakings
9,050,874
21,560,729
Accruals and deferred income
4,619
317,271
9,055,493
29,549,430
Mercer Bidco Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
Page 17
9
Loans and overdrafts
2025
2024
£
£
Bank loans
-
0
5,995,500
Other creditors
-
0
1,675,930
-
0
7,671,430
Payable within one year
-
0
7,671,430

Santander UK PLC holds a fixed and floating charge over all the property and undertaking of the company and its subsidiary with a Negative Pledge in relation to the bank loans. Interest charged on these loans in the period wa s £119,773 (2024: £654,110). The loans have interest rates ranging from 4% to 5% over the SONIA rate per annum. Included within bank loans was the loan arrangement fee which was being amortised over the life of bank loans. The loans were fully repaid during the year as such the outstanding loan arrangement fee of £92,000 was charged in the current year.

Included in other creditors i s a loan of £nil (202 4: £1,675,93 0) from Fox Investment (Holdings) Limited, a company related by virtue of common interest. Interest charged on this loan in the period was £26,666 (2024: £141,728) at a rate of 8% per annum. The loan was secured by a fixed and floating charge over all the property and undertaking of the company and its subsidiary with a Negative Pledge.

All loans were fully repaid during the year by the company.

10
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
11,675,376
100
116,754
1
Preference shares of 1p each
46,701,504
0
467,015
-
0
58,376,880
100
583,769
1

On 31 March 2025, the company issued 11,675,276 ordinary shares of 1p each at an issue price of £1 per share. The ordinary shares in issue have full voting and capital distributions rights.

The company also issued 46,701,504 preference shares of 1p each an issue price of 20.6p per share. The preference shares in issue have full voting, dividend and capital distribution rights.

Mercer Bidco Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
Page 18
11
Ultimate controlling party

At the balance sheet date the ultimate parent undertaking is Longacre Group Holdings Limited, a company incorporated in England and Wales.

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

On 30 June 2026, after the balance sheet date, Longacre Group Holdings Limited was acquired by Longacre Group Limited, which is now the company's ultimate parent undertaking; this has no financial effect on the company.

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