REGISTERED NUMBER: 02469165 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 December 2025

for

George Koch Sons Europe Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditor

5

Statement of Comprehensive Income

9

Statement of Financial Position

10

Statement of Changes in Equity

11

Statement of Cash Flows

12

Notes to the Statement of Cash Flows

13

Notes to the Financial Statements

14

DIRECTORS:

K Koch

T B Mercer

J Gilberg

D Ubelhor

SECRETARY:

T B Mercer

REGISTERED OFFICE:

City House

Davidson Road

Lichfield

Staffordshire

WS14 9DZ

REGISTERED NUMBER:

02469165 (England and Wales)

AUDITOR:

Groucott Moor Limited

Lombard House

Cross Keys

Lichfield

Staffordshire

WS13 6DN

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

REVIEW OF BUSINESS

During the review period, the business delivered revenue growth, driven by both expanded customer demand and strong commercial performance.

Total revenue increased as a result of increased sales of capital equipment projects and services business.

PRINCIPAL RISKS AND UNCERTAINTIES

The business' principal financial instruments comprise bank balances, trade debtors, trade creditors. The main purpose of these instruments is to finance the business' operations.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers, and the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of allowances for doubtful debtors.

Trade creditors' liquidity is managed by ensuring sufficient funds are available to meet the amounts due.

FINANCIAL KEY PERFORMING INDICATORS

During the year, The turnover was £22,392,758 (2024 £11,569,082). Operating profit was £2,113,541 (2024 £854,929). The directors consider these to be the key performance indicators.

Net assets at the year end were £4,613,916 (2024 £3,026,718) the board are satisfied with the company's financial position.

ON BEHALF OF THE BOARD:

T B Mercer - Director

15 July 2026

The directors present their report with the financial statements of the company for the year ended 31 December 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the supply of paint finishing and environmental systems.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2025.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

K Koch

T B Mercer

J Gilberg

Other changes in directors holding office are as follows:

C Shockery - resigned 1 July 2025

D Ubelhor - appointed 23 October 2025

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the 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 101 'Reduced Disclosure Framework'. 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;

-	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 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 company's auditor is 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 company's auditor is aware of that information.

AUDITOR

The auditor, Groucott Moor Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

T B Mercer - Director

15 July 2026

Opinion

I have audited the financial statements of George Koch Sons Europe Limited (the 'company') for the year ended 31 December 2025 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the 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 101 'Reduced Disclosure Framework' (United Kingdom Generally Accepted Accounting Practice).

In my 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

I conducted my audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. My responsibilities under those standards are further described in the Auditor responsibilities for the audit of the financial statements section of my report. I am independent of the company in accordance with the ethical requirements that are relevant to my audit of the financial statements in the UK, including the FRC's Ethical Standard, and I have fulfilled my other ethical responsibilities in accordance with these requirements. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion.

Conclusions relating to going concern

In auditing the financial statements, I 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 I have performed, I 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.

My 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 Strategic Report and the Report of the Directors, but does not include the financial statements and my Report of the Auditor thereon.

My opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in my report, I do not express any form of assurance conclusion thereon.

In connection with my audit of the financial statements, my responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or my knowledge obtained in the audit or otherwise appears to be materially misstated. If I identify such material inconsistencies or apparent material misstatements, I am required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work I have performed, I conclude that there is a material misstatement of this other information, I am required to report that fact. I have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

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

Matters on which I am 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, I have not identified material misstatements in the Strategic Report or the Report of the Directors.

I have nothing to report in respect of the following matters where the Companies Act 2006 requires me to report to you if, in my opinion:

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

-	I have not received all the information and explanations I require for my audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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.

Auditor's responsibilities for the audit of the financial statements

My 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 Auditor that includes my 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 my procedures are capable of detecting irregularities, including fraud is detailed below:

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

- results of our enquiries of management about their own identification and assessment of the risks and irregularities

- any matters we identified having obtained an understanding of the company policies and procedures relating to identifying, evaluating and complying with laws and regulations and whether they are aware of any instances of non-compliance

- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud

- the internal controls set up to mitigate risks of fraud or non-compliance with laws and regulations

- the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

- obtaining an understanding of the legal and regulatory framework that the company operates in, focusing on those laws and regulations that had a direct effect on the financial statements, including UK Companies Act 2006, pensions and tax legislation

- provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid material penalty.

As a result of performing the above, we did not identify any key audit matters related to the potential risk of fraud or non-compliance with laws and regulations.

Audit response to risks identified

Our procedures to respond to risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements

- enquiring of management concerning actual and potential legal action and claims

- carrying out analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud

- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

- considering performance targets and their influence on efforts made by management to manage earnings

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of my 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 my Report of the Auditor.

Use of my 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. My audit work has been undertaken so that I might state to the company's members those matters I am required to state to them in a Report of the Auditor and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the company and the company's members as a body, for my audit work, for this report, or for the opinions I have formed.

Andrew Groucott (Senior Statutory Auditor)

for and on behalf of Groucott Moor Limited

Lombard House

Cross Keys

Lichfield

Staffordshire

WS13 6DN

15 July 2026

TURNOVER

3

22,392,758

11,569,082

Cost of sales

17,875,565

8,883,541

GROSS PROFIT

4,517,193

2,685,541

Administrative expenses

2,403,652

1,830,612

OPERATING PROFIT and

PROFIT BEFORE TAXATION

5

2,113,541

854,929

Tax on profit

7

526,343

208,931

PROFIT FOR THE FINANCIAL YEAR

1,587,198

645,998

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,587,198

645,998

FIXED ASSETS

Intangible assets

9

36,733

-

Tangible assets

10

235,233

187,721

271,966

187,721

CURRENT ASSETS

Debtors

11

6,407,101

6,219,424

Cash at bank and in hand

2,285,888

1,835,552

8,692,989

8,054,976

CREDITORS

Amounts falling due within one year

12

4,213,855

5,003,271

NET CURRENT ASSETS

4,479,134

3,051,705

TOTAL ASSETS LESS CURRENT LIABILITIES

4,751,100

3,239,426

CREDITORS

Amounts falling due after more than one year

13

(92,627

)

(177,208

)

PROVISIONS FOR LIABILITIES

14

(44,557

)

(35,500

)

NET ASSETS

4,613,916

3,026,718

CAPITAL AND RESERVES

Called up share capital

15

1,434,000

1,434,000

Retained earnings

16

3,179,916

1,592,718

SHAREHOLDERS' FUNDS

4,613,916

3,026,718

The financial statements were approved by the Board of Directors and authorised for issue on 15 July 2026 and were signed on its behalf by:

T B Mercer - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2024

1,434,000

1,746,720

3,180,720

Changes in equity

Dividends

-

(800,000

)

(800,000

)

Total comprehensive income

-

645,998

645,998

Balance at 31 December 2024

1,434,000

1,592,718

3,026,718

Changes in equity

Total comprehensive income

-

1,587,198

1,587,198

Balance at 31 December 2025

1,434,000

3,179,916

4,613,916

Cash flows from operating activities

Cash generated from operations

1

2,700,746

(1,262,714

)

Tax paid

(190,075

)

(498,636

)

Net cash from operating activities

2,510,671

(1,761,350

)

Cash flows from investing activities

Purchase of intangible fixed assets

(38,000

)

-

Purchase of tangible fixed assets

(119,513

)

(137,537

)

Net cash from investing activities

(157,513

)

(137,537

)

Cash flows from financing activities

Amounts recoverable on contract

(1,902,822

)

1,863,886

Equity dividends paid

-

(800,000

)

Net cash from financing activities

(1,902,822

)

1,063,886

Increase/(decrease) in cash and cash equivalents

450,336

(835,001

)

Cash and cash equivalents at beginning of year

2

1,835,552

2,670,553

Cash and cash equivalents at end of year

2

2,285,888

1,835,552

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

31.12.25

31.12.24

£

£

Profit before taxation

2,113,541

854,929

Depreciation charges

73,268

38,488

2,186,809

893,417

Decrease/(increase) in trade and other debtors

1,715,145

(3,630,035

)

(Decrease)/increase in trade and other creditors

(1,201,208

)

1,473,904

Cash generated from operations

2,700,746

(1,262,714

)

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 31 December 2025

31.12.25

1.1.25

£

£

Cash and cash equivalents

2,285,888

1,835,552

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

1,835,552

2,670,553

1.	STATUTORY INFORMATION

George Koch Sons Europe Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparation

These financial statements have been prepared in accordance with Financial Reporting Standard 101 "Reduced Disclosure Framework" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 101 "Reduced Disclosure Framework":

•

the requirements of paragraphs 45(b) and 46 to 52 of IFRS 2 Share-based Payment;

•

the requirements of paragraphs 62, B64(d), B64(e), B64(g), B64(h), B64(j) to B64(m), B64(n)(ii), B64(o)(ii), B64(p), B64(q)(ii), B66 and B67 of IFRS 3 Business Combinations;

•

the requirements of paragraph 33(c) of IFRS 5 Non Current Assets Held for Sale and Discontinued Operations;

•

the requirements of paragraph 24(6) of IFRS 6 Exploration for and Evaluation of Mineral Resources;

•

the requirements of IFRS 7 Financial Instruments: Disclosures;

•

the requirements of paragraphs 91 to 99 of IFRS 13 Fair Value Measurement;

•

the requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of IFRS 16 Leases;

the requirements of paragraph 58 of IFRS 16;

•

the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers;

•

the requirement in paragraph 38 of IAS 1 Presentation of Financial Statements to present comparative information in respect of:

-

paragraphs 53(a), (h) and (j) of IFRS 16;

-

paragraph 79(a)(iv) of IAS 1;

-

paragraph 73(e) of IAS 16 Property, Plant and Equipment;

-

paragraph 118(e) of IAS 38 Intangible Assets;

-

paragraphs 76 and 79(d) of IAS 40 Investment Property; and

-

paragraph 50 of IAS 41 Agriculture;

•

the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134 to 136 of IAS 1;

•

the requirements of

-

paragraphs 1 to 44E, 44H(b)(ii) and 45 to 63 of IAS 7 Statement of Cash Flows; and

-

paragraphs 44F, 44G, 44H(a), 44H(b)(i), 44H(b)(iii) and 44H(c) of IAS 7;

•

the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors;

•

the requirements of paragraphs 88C and 88D of IAS 12 Income Taxes;

•

the requirements of paragraph 74(b) of IAS 16;

•

the requirements of paragraphs 17 and 18A of IAS 24 Related Party Disclosures;

•

the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group;

•

the requirements of paragraphs 134(d) to 134(f) and 135(c) to 135(e) of IAS 36 Impairments of Assets.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% on cost

Fixtures and fittings

-

25% on cost and 12.5% on cost

Motor vehicles

-

25% on cost

Taxation

Current taxes are based on the results shown in the financial statements and are calculated according to local tax rules, using tax rates enacted or substantially enacted by the statement of financial position date.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Long term contracts

Amounts recoverable on long term contracts, which are included in debtors are stated at the net sales value of the work done after provisions for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments received on account.

Pensions

The pension costs charged in the financial statements represent the contribution payable by the company during the year.

The regular cost of providing retirement pensions and related benefits is charged to the profit and loss account over the employees' service lives on the basis of a constant percentage of earnings.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

31.12.25

31.12.24

£

£

United Kingdom

22,392,758

11,569,082

22,392,758

11,569,082

4.	EMPLOYEES AND DIRECTORS

31.12.25

31.12.24

£

£

Wages and salaries

2,414,040

1,968,076

Social security costs

289,223

230,887

Other pension costs

101,196

83,621

2,804,459

2,282,584

The average number of employees during the year was as follows:

31.12.25

31.12.24

Administration and sales

4

4

Draughtsmen

7

6

Engineers and production

27

23

38

33

31.12.25

31.12.24

£

£

Directors' remuneration

121,591

173,406

5.	PROFIT BEFORE TAXATION

The profit before taxation is stated after charging:

31.12.25

31.12.24

£

£

Cost of inventories recognised as expense

17,875,565

8,883,541

Depreciation - owned assets

72,001

38,489

Development costs amortisation

1,267

-

6.	AUDITORS' REMUNERATION

31.12.25

31.12.24

£

£

Fees payable to the company's auditor for the audit of the company's financial statements

10,344

9,840

7.

TAXATION

Analysis of tax expense

31.12.25

31.12.24

£

£

Current tax:

Tax

517,286

190,075

Deferred tax

9,057

18,856

Total tax expense in statement of comprehensive income

526,343

208,931

8.

DIVIDENDS

31.12.25

31.12.24

£

£

Ordinary shares of 1 each

Final

-

800,000

9.	INTANGIBLE FIXED ASSETS

Development

costs

£

COST

Additions

38,000

At 31 December 2025

38,000

AMORTISATION

Amortisation for year

1,267

At 31 December 2025

1,267

NET BOOK VALUE

At 31 December 2025

36,733

10.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 January 2025

96,961

218,533

179,522

495,016

Additions

27,280

-

92,233

119,513

At 31 December 2025

124,241

218,533

271,755

614,529

DEPRECIATION

At 1 January 2025

77,173

205,008

25,114

307,295

Charge for year

18,445

6,298

47,258

72,001

At 31 December 2025

95,618

211,306

72,372

379,296

NET BOOK VALUE

At 31 December 2025

28,623

7,227

199,383

235,233

At 31 December 2024

19,788

13,525

154,408

187,721

11.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Trade debtors

2,738,955

4,405,740

Amounts recoverable on contract

3,315,306

1,412,484

Other debtors

209,171

322,525

Prepayments

143,669

78,675

6,407,101

6,219,424

12.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Trade creditors

1,577,242

1,421,110

Tax

517,286

190,075

Social security and other taxes

79,557

64,393

VAT

246,685

444,468

Other creditors

352,039

172,586

Payments on account

1,327,081

2,618,242

Accrued expenses

113,965

92,397

4,213,855

5,003,271

13.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.25

31.12.24

£

£

Other creditors

92,627

168,036

Accruals and deferred income

-

9,172

92,627

177,208

14.	PROVISIONS FOR LIABILITIES

31.12.25

31.12.24

£

£

Deferred tax

44,557

35,500

Deferred

tax

£

Balance at 1 January 2025

35,500

Provided during year

9,057

Balance at 31 December 2025

44,557