Pyroban Group Limited
Annual Report and Financial Statements
For the year ended 31 December 2025
Company Registration No. 02514042 (England and Wales)
Pyroban Group Limited
Company Information
Directors
J Morgan
S Noakes
T Huez
(Appointed 2 April 2026)
S Barrette
(Appointed 2 April 2026)
J Dhillon
(Appointed 2 April 2026)
J Foley
(Appointed 2 April 2026)
Company number
02514042
Registered office
23 Dolphin Road
Shoreham-By-Sea
West Sussex
BN43 6PB
Auditor
Moore Kingston Smith LLP
Orbital House
20 Eastern Road
Romford
Essex
RM1 3PJ
Pyroban Group Limited
Contents
Page
Strategic report
1
Directors' report
2 - 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 - 20
Pyroban Group 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.

Fair review of the business

The principal activity of the company is that of a holding company.

The principal activity of the group is the development, production and sale of explosion protection systems for equipment operating in hazardous areas and the provision of associated consultancy and training worldwide

2025 was a successful year for the group, delivering strong revenue growth across all product lines and an increase in operating profit.

The company continued its commitment to staff development. 2025 was an excellent year with high staff retention, successful recruitment programs, and a number of internal promotions.

Principal risks and uncertainties

The directors consider the key business risks and uncertainties affecting the company relate to market sensitivities affected by global conflicts impacting customer investment confidence and supply chain. In response, the Company continues to expand supply chain and production flexibility and to invest in the development of its products and services.

Material supply and price stability is anticipated to remain unpredictable through 2026 due to logistics issues in the Middle East. The positive improvement in OEM customer lead times provides opportunities to expand production capacity and revenue aligned to the order backlog. The Company’s capacity and pricing models are routinely reviewed and adapted to reduce the risk of purchase price volatility.

Going concern

The directors believe that preparing the financial statements on the going concern basis is appropriate due to the support provided by its parent company Pioneer Ideso Holdings Limited.

Key performance indicators

The KPIS shown below are monitored for the Company. The Group has defined its key performance indicators to align performance and accountability to its strategic plan. The key focus of KPIs is on several financial and operational performance measures, designed to ensure that the strategy successfully delivers increased value to shareholders. These include turnover and profit before tax per head as set out below:

2025
2024
Net assets per head
£'000
198
198
Future Developments

The positive market outlook and planned revenue growth across all sectors of the business will require additional recruitment to maintain capacity. The Company will continue to invest in ongoing research and development programmes.

On behalf of the board

J Morgan
Director
10 July 2026
Pyroban Group Limited
Directors' Report
For the year ended 31 December 2025
Page 2

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 holding company.

Results and dividends

The results for the year are set out on page 11.

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:

J Morgan
I Abrahams
(Resigned 22 May 2025)
G Nicholson
(Resigned 2 April 2026)
S Noakes
B Quarendon
(Resigned 2 April 2026)
S Schmidt-Chiari
(Resigned 22 December 2025)
T Huez
(Appointed 2 April 2026)
S Barrette
(Appointed 2 April 2026)
J Dhillon
(Appointed 2 April 2026)
J Foley
(Appointed 2 April 2026)
Financial instruments
Objectives and policies

The company is exposed to a variety of financial risks. The company's overall risk management programme seeks to minimise potential risks for the company. The board reviews and agrees policies for managing risks.

The most important components of financial risk affecting the company are as follows:

Market Risk

The technical complexity of fork lift trucks produced for conversion continues to increase. While these changes create pressure on profitability the company remains confident that its investment in training people and product innovation will sustain its market leading position. In recent years fork lift manufacturers have increased the number of conversions they undertake in house. This has led to greater levels of competition within the material handling hazard protection market. The company also has a high proportion of sales to customers operating within the oil and gas industry and faces risks from fluctuating global oil prices.

Environmental risk

The company has a strong culture of health and safety and environmental awareness. It monitors the environmental impact of its product designs, sourcing of materials, methods of manufacture and the ultimate disposals. Consideration is given to the impact on its staff and their working environment and control of waste products through the appropriate recycling processes.

Pyroban Group Limited
Directors' Report (Continued)
For the year ended 31 December 2025
Page 3
Exchange rate risk

The company sells products and services to a number of customers globally in both Euros and US Dollars. The company does not consider hedging foreign currency exposures is necessary but management ensure foreign quotes and prices are adjusted regularly in line with exchange rate fluctuations.

Price risk

The company is marginally affected by price for its oil and gas range of products due to competitors producing similar products and offering at lower prices to disrupt Pyroban’s position. Similarly, the increased levels of competition seen in the material handling market presents a level of price risk, The Company has to demonstrate its market leading business integrity, service provision and product quality in order to maintain its price levels.

Liquidity Risk

The company manages liquidity risk through a mixture of cash resources and inter group funding arrangements. The company's debt is intercompany and short term. The revolving credit facility with Pioneer Safety Group Limited ensures that the company has sufficient available funds for operations and planned expansions.

Credit risk The company has implemented policies that require appropriate credit checks on potential customers before sales are made. The amount of exposure to individual customers is subject to a limit which is reassessed regularly by the Board.

The company has a strong credit management track record. Credit risks are minimised by the quality of the customer care applied in the overall management of credit control.

Research and development

The company is committed to research and development activities. A number of programmes are being undertaken to widen the product portfolio for customers in both traditional markets and the growing opportunities in energy transition and electrification.

Going concern

The directors believe that preparing the financial statements on the going concern basis is appropriate, as referred to in note 1.2.

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.

Pyroban Group Limited
Directors' Report (Continued)
For the year ended 31 December 2025
Page 4
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.

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.

On behalf of the board
J Morgan
Director
10 July 2026
2026-07-10
Pyroban Group Limited
Independent Auditor's Report
To the Members of Pyroban Group Limited
Page 5
Opinion

We have audited the financial statements of Pyroban Group 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.

Material uncertainty 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.

Pyroban Group Limited
Independent Auditor's Report (Continued)
To the Members of Pyroban Group 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.

Pyroban Group Limited
Independent Auditor's Report (Continued)
To the Members of Pyroban Group 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.

Pyroban Group Limited
Independent Auditor's Report (Continued)
To the Members of Pyroban Group 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.

Pyroban Group Limited
Independent Auditor's Report (Continued)
To the Members of Pyroban Group Limited
Page 9

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
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
Pyroban Group Limited
Statement of Comprehensive Income
For the year ended 31 December 2025
Page 10
2025
2024
Notes
£'000
£'000
Fair value gains and losses
4
-
460
Profit before taxation
-
0
460
Tax on profit
5
-
0
-
0
Profit for the financial year
-
0
460

The Statement of Comprehensive Income has been prepared on the basis that all operations are continuing operations.

Pyroban Group Limited
Balance Sheet
As at 31 December 2025
Page 11
2025
2024
Notes
£'000
£'000
£'000
£'000
Fixed assets
Investments
7
198
198
Capital and reserves
Called up share capital
9
53
53
Share premium account
366
366
Capital redemption reserve
29
29
Other reserves
10
10,075
10,075
Profit and loss reserves
(10,325)
(10,325)
Total equity
198
198
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:
J Morgan
Director
Company Registration No. 02514042
Pyroban Group Limited
Statement of Changes in Equity
For the year ended 31 December 2025
Page 12
Share capital
Share premium account
Capital redemption reserve
Other reserves
Profit and loss reserves
Total
£'000
£'000
£'000
£'000
£'000
£'000
Balance at 1 January 2024
53
366
29
10,075
(10,785)
(262)
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
-
-
-
460
460
Balance at 31 December 2024
53
366
29
10,075
(10,325)
198
Year ended 31 December 2025:
Profit and total comprehensive income for the year
-
-
-
-
-
0
-
0
Balance at 31 December 2025
53
366
29
10,075
(10,325)
198
Pyroban Group Limited
Notes to the Financial Statements
For the year ended 31 December 2025
Page 13
1
Accounting policies
Company information

Pyroban Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is 23 Dolphin Road, Shoreham-By-Sea, West Sussex, BN43 6PB.

1.1
Accounting convention

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 thousand 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 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.

Pyroban Group Limited is a subsidiary of Pioneer Safety Group Limited, a company 100% owned by Pioneer Ideso Holdings Limited. The results of Pyroban Group Limited are included in the consolidated financial statements of Pioneer Ideso Holdings Limited which are available from 1 Mercer Street, London, WC2H 9QJ.

Pyroban Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
1
Accounting policies
(Continued)
Page 14
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

At the balance sheet date, the company had net assets of £198,000. The company has received confirmation of continued support from its parent company, Pioneer Ideso Holdings. The directors are satisfied that the parent company has sufficient resources in place to assist the company for a period of at least twelve months and beyond from the date of approval of the financial statements.

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.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.4
Cash at bank and in hand

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

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.

Pyroban Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
1
Accounting policies
(Continued)
Page 15
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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.

Pyroban Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
1
Accounting policies
(Continued)
Page 16
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

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.

1.7
Taxation

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

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.

Pyroban Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
1
Accounting policies
(Continued)
Page 17
1.8
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

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.

Impairment of investments

The assessment of impairment of investments requires management judgement, including consideration of indicators of impairment and the estimation of recoverable amounts. Key assumptions include expected future performance and market conditions. Changes in these assumptions could materially affect the carrying value of investments.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was 0 (2024: 0).

Pyroban Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
Page 18
4
Fair value gains and losses
2025
2024
£'000
£'000
Amounts written back to non-current loans
-
460

Amounts written back to non-current loans are in respect of the agreement to waive intercompany subsidiary loans during the prior year.

5
Taxation

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

2025
2024
£'000
£'000
Profit before taxation
-
0
460
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
-
0
115
Tax effect of income not taxable in determining taxable profit
-
0
(115)
Taxation charge for the year
-
-
6
Impairments

Reversals of previous impairment losses have been recognised in profit or loss as follows:

2025
2024
Notes
£'000
£'000
In respect of:
Fixed asset investments
7
-
460
Recognised in:
Amounts written off investments
-
460

The reversals of previous impairment losses in respect of financial assets are recognised in other gains and losses in the profit and loss account.

7
Fixed asset investments
2025
2024
Notes
£'000
£'000
Investments in subsidiaries
8
198
198
Pyroban Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
Page 19
8
Subsidiaries

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

Name of undertaking
Address
Nature of
Class of
% Held
business
shares held
Direct
Pyroban Limited
1
Development and sale of flame protection systems for operating equipment
Ordinary shares
100.00

Registered office addresses (all UK unless otherwise indicated):

1
23 Dolphin Road, Shoreham-by-Sea, West Sussex, BN43 6PB
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£'000
£'000
Pyroban Limited
6,761
1,989

Pyroban France SARL, which was held at £nil investment value, was formally dissolved and removed from the French Trade Register on 31 August 2025.

9
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£'000
£'000
Issued and fully paid
Ordinary A shares of 10p each
333,930
333,930
33
33
Ordinary B shares of 10p each
9,000
9,000
9
9
Ordinary E shares of 10p each
6,000
6,000
6
6
Ordinary F shares of 10p each
5,000
5,000
5
5
353,930
353,930
53
53
Pyroban Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
Page 20
10
Other reserves

Other reserves include capital contributions and currency reserves.

11
Financial commitments, guarantees and contingent liabilities

At the balance sheet date, Pyroban Group 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 (formally 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).

12
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 any wholly owned fellow group companies.

13
Events after the reporting date

On 2 April 2026, Cognesense Holdings UK Limited acquired 100% of the share capital of Pioneer Safety Group Limited. Following the drag-along and tag-along rights principle, Congnesense Holdings UK Limited also acquired 100% of share capital of Pyroban Group and its subsidiaries.

14
Ultimate controlling party

At the balance sheet date the company i s a subsidiary of Pioneer Safety Group Limited, a company incorporated in England and Wales.

The ultimate parent undertaking wa s Longacre Group Limited, a company incorporated in England and Wales.

Pioneer Ideso Holdings Limited i s the smallest group to prepare consolidated financial statements which include d these financial statements. Longacre Group Limited i s the 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.

Since the balance sheet date the ultimate parent company is L2 Cognesense Parent Holdings LP, a company incorporated in the United States.

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