REGISTERED NUMBER: 02172353 (England and Wales)

Strategic Report, Report of the Directors and

Audited Financial Statements for the Year Ended 31 December 2025

for

Quelfire Limited

Page

Strategic Report

1

Report of the Directors

2

Report of the Independent Auditors

3

Statement of Comprehensive Income

6

Balance Sheet

7

Statement of Changes in Equity

8

Notes to the Financial Statements

9

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

REVIEW OF BUSINESS

The directors are pleased to report a successful year for the company.

The company has generated £24,159,241 (2024: £15,891,386) of turnover generating a profit before tax of £6,581,804 (2024: £3,935,636).

At the period end the company had shareholders’ funds of £4,255,530 (2024: £1,314,604) including distributable profits of £4,255,428 (2024: £1,314,502). The directors therefore believe the company's position to be satisfactory, especially as the company's current assets exceed its current liabilities by £3,360,126 (2024: £395,615).

The directors believe that there is a strong foundation to build the business further with sound strategic planning and investment opportunities.

PRINCIPAL RISKS AND UNCERTAINTIES

The directors consider that the main risks facing the company are market conditions within the UK construction industry and geopolitical risks adversely affecting the UK economy and global supply chains.

The company aims to mitigate these risks by continuing to differentiate its proposition by delivering consistently high-quality products and service levels, coupled with a strategy of continuous improvement and investment.

ON BEHALF OF THE BOARD:

Mr K R Wells - Director

14 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 design, manufacture and supply of a range of firestopping products.

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2025 will be £1,985,389.

DIRECTORS

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

Mr K R Wells

Mr A Wells

Mr C Wells

Mr D Wells

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). 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 auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

Drummond Laurie CA are deemed to be reappointed under section 487(2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:

Mr K R Wells - Director

14 July 2026

Opinion

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

In our opinion the financial statements:

-	give a true and fair view of the state of the 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 Auditors' 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 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 our Report of the Auditors thereon.

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

-	the information given in the 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.

The financial statements of Quelfire Limited for the year ended 31 December 2024 were not audited and accordingly we do not express an opinion on the comparative figures.

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 identified material misstatements in the Strategic Report or the Report of the Directors.

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

-	adequate accounting records have not been kept, 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 Statement of Directors' Responsibilities set out on page two, 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.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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.

Based on our understanding of the company, we identified that the principal risks of non-compliance with laws and regulations related to fraudulent manipulation of the financial statements, including the risk of override of controls, to reduce profits and tax liabilities. We determined that the most likely method of manipulation would be the posting of inappropriate journal entries. Audit procedures performed by the audit engagement team consisted of a review of large and unusual journal entries, challenging assumptions and judgements made by management in significant accounting estimates, discussions with management related to known or suspected instances of non-compliance with laws and regulations, review of Board minutes where available, and an evaluation of management controls designed to prevent and detect irregularities.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. 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.

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

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Craig Clinton (Senior Statutory Auditor)

for and on behalf of Drummond Laurie CA

Statutory Auditor

Unit 5

Gateway Business Park

Beancross Road

Grangemouth

FK3 8WX

17 July 2026

TURNOVER

3

24,159,241

15,891,386

Cost of sales

(14,857,156

)

(9,947,638

)

GROSS PROFIT

9,302,085

5,943,748

Administrative expenses

(2,573,795

)

(1,926,412

)

OPERATING PROFIT

5

6,728,290

4,017,336

Interest receivable and similar income

4,667

-

6,732,957

4,017,336

Interest payable and similar expenses

6

(151,153

)

(81,700

)

PROFIT BEFORE TAXATION

6,581,804

3,935,636

Tax on profit

7

(1,655,489

)

(964,886

)

PROFIT FOR THE FINANCIAL YEAR

4,926,315

2,970,750

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

4,926,315

2,970,750

FIXED ASSETS

Intangible assets

9

421,192

415,092

Tangible assets

10

536,240

565,215

957,432

980,307

CURRENT ASSETS

Stocks

11

2,513,747

1,775,952

Debtors

12

4,033,297

2,890,696

Cash at bank

2,077,874

1,141,383

8,624,918

5,808,031

CREDITORS

Amounts falling due within one year

13

(5,264,792

)

(5,412,416

)

NET CURRENT ASSETS

3,360,126

395,615

TOTAL ASSETS LESS CURRENT LIABILITIES

4,317,558

1,375,922

PROVISIONS FOR LIABILITIES

15

(62,028

)

(61,318

)

NET ASSETS

4,255,530

1,314,604

CAPITAL AND RESERVES

Called up share capital

16

102

102

Retained earnings

17

4,255,428

1,314,502

SHAREHOLDERS' FUNDS

4,255,530

1,314,604

The financial statements were approved by the Board of Directors and authorised for issue on 14 July 2026 and were signed on its behalf by:

Mr K R Wells - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2024

102

2,294,048

2,294,150

Changes in equity

Dividends

-

(3,950,296

)

(3,950,296

)

Total comprehensive income

-

2,970,750

2,970,750

Balance at 31 December 2024

102

1,314,502

1,314,604

Changes in equity

Dividends

-

(1,985,389

)

(1,985,389

)

Total comprehensive income

-

4,926,315

4,926,315

Balance at 31 December 2025

102

4,255,428

4,255,530

1.	STATUTORY INFORMATION

Quelfire Limited is a private company limited by shares, domiciled in England, registration number 02172353. The registered office is Unit 4 Spitfire Road, Cheshire Green Industrial Estate, Nantwich, England, CW5 6HT.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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 exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with group companies.

Significant judgements and estimates

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are outlined below.

1. Useful lives of depreciable assets (Property, Plant and Equipment)

Management reviews the useful lives and residual values of depreciable assets at each reporting date, based on the expected utility of the assets. Uncertainties in these estimates relate to technological obsolescence and changes in usage, which could impact future depreciation charges.

2. Impairment of trade receivables

The company estimates the provision for expected credit losses (or impairment) of trade receivables. This requires assumptions regarding the likelihood of collection and the credit risk profile of customers based on past experience and forward-looking economic factors.

3. Inventory valuation and provisions

Management reviews the net realisable value (NRV) of inventory to assess potential impairment. Estimates are applied when determining the selling price less costs to sell, and judgements are required regarding obsolescence, physical damage, and shifting consumer demand.

Turnover

Turnover represents net invoiced sales of goods and services in respect of the manufacture and supply of firestopping products, excluding value added tax. Sales are recognised at the point at which the goods are delivered or the service is complete.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Know how costs are being amortised evenly over their estimated useful life of five years.

Website is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets and depreciation

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

Short leasehold

-

10% on cost

Improvements to property

-

10% on cost

Plant and machinery

-

15% on cost

Equipment

-

33% on cost

Tangible fixed assets are stated at cost less depreciation. Cost represent purchase price together with any incidental costs of acquisition.

The directors have considered the residual value of all tangible fixed assets to be immaterial and therefore all tangible fixed assets are depreciated to nil value.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is represented by purchase price.

Financial instruments

Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument.

Basic financial assets (including trade and other debtors, cash and bank balances) and basic financial liabilities (including trade and other creditors) are initially measured at the transaction price. They are subsequently measured at amortized cost using the effective interest method, less any provision for impairment.

At the end of each reporting period, the company assesses whether there is objective evidence of impairment of any financial asset. If there is, an impairment loss is recognised in the income statement.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity. Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled, or expires.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Provisions

Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are discounted where the time value of money is material.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is

determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

Cash and cash equivalents

Cash and cash equivalents include cash at bank and in hand and highly liquid interest-bearing securities with maturities of three months or less. In the cash-flow statement, cash and cash equivalents are shown net of bank overdrafts, which are included as current borrowings in liabilities on the balance sheet.

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

23,609,559

15,516,325

Europe

542,869

375,061

Rest of World

6,813

-

24,159,241

15,891,386

4.	EMPLOYEES AND DIRECTORS

31.12.25

31.12.24

£

£

Wages and salaries

1,215,507

968,113

Social security costs

138,984

90,532

Other pension costs

18,729

15,450

1,373,220

1,074,095

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

31.12.25

31.12.24

Employees

30

25

31.12.25

31.12.24

£

£

Directors' remuneration

120,026

29,730

Directors' pension contributions to money purchase schemes

2,239

2,534

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

3

3

5.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.12.25

31.12.24

£

£

Other operating leases

210,419

89,774

Depreciation - owned assets

117,693

56,168

Profit on disposal of fixed assets

-

(7,904

)

Patents and licences amortisation

416

416

Know how costs amortisation

161,707

148,972

Website amortisation

514

-

Auditors' remuneration

20,000

-

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.12.25

31.12.24

£

£

Bank interest

159

-

Loan interest

150,994

81,700

151,153

81,700

7.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

31.12.25

31.12.24

£

£

Current tax:

UK corporation tax

1,654,779

913,948

Deferred tax

710

50,938

Tax on profit

1,655,489

964,886

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.25

31.12.24

£

£

Profit before tax

6,581,804

3,935,636

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

1,645,451

983,909

Effects of:

Expenses not deductible for tax purposes

2,249

7,520

Capital allowances in excess of depreciation

-

(77,481

)

Depreciation in excess of capital allowances

7,079

-

Deferred tax movement

710

50,938

Total tax charge

1,655,489

964,886

8.

DIVIDENDS

31.12.25

31.12.24

£

£

A ordinary shares of £1 each

Final

1,985,389

3,950,296

9.	INTANGIBLE FIXED ASSETS

Patents

and

Know how

licences

costs

Website

Totals

£

£

£

£

COST

At 1 January 2025

26,551

920,418

2,625

949,594

Additions

-

166,112

2,625

168,737

At 31 December 2025

26,551

1,086,530

5,250

1,118,331

AMORTISATION

At 1 January 2025

25,719

508,783

-

534,502

Amortisation for year

416

161,707

514

162,637

At 31 December 2025

26,135

670,490

514

697,139

NET BOOK VALUE

At 31 December 2025

416

416,040

4,736

421,192

At 31 December 2024

832

411,635

2,625

415,092

10.	TANGIBLE FIXED ASSETS

Improvements

Short

to

Plant and

leasehold

property

machinery

Equipment

Totals

£

£

£

£

£

COST

At 1 January 2025

311,525

102,017

154,083

194,822

762,447

Additions

4,142

41,705

35,256

7,615

88,718

At 31 December 2025

315,667

143,722

189,339

202,437

851,165

DEPRECIATION

At 1 January 2025

2,596

21,162

123,788

49,686

197,232

Charge for year

31,532

17,495

9,329

59,337

117,693

At 31 December 2025

34,128

38,657

133,117

109,023

314,925

NET BOOK VALUE

At 31 December 2025

281,539

105,065

56,222

93,414

536,240

At 31 December 2024

308,929

80,855

30,295

145,136

565,215

11.

STOCKS

31.12.25

31.12.24

£

£

Finished goods

2,513,747

1,775,952

12.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Trade debtors

3,781,163

2,754,185

Prepayments and accrued income

252,134

136,511

4,033,297

2,890,696

13.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Trade creditors

754,916

548,366

Amounts owed to group undertakings

3,128,951

3,090,803

Amounts owed to related parties

424,333

260,445

Tax

550,661

278,998

Social security and other taxes

35,404

31,688

VAT

325,914

185,099

Directors' current accounts

-

935,405

Accruals and deferred income

44,613

81,612

5,264,792

5,412,416

14.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.25

31.12.24

£

£

Within one year

263,200

208,367

Between one and five years

701,867

965,067

965,067

1,173,434

15.	PROVISIONS FOR LIABILITIES

31.12.25

31.12.24

£

£

Deferred tax

62,028

61,318

Deferred

tax

£

Balance at 1 January 2025

61,318

Provided during year

710

Balance at 31 December 2025

62,028

16.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.25

31.12.24

value:

£

£

3,000

A Ordinary

1p

30

30

3,300

B Ordinary

1p

33

33

1,700

C Ordinary

1p

17

17

1,600

D Ordinary

1p

16

16

100

E Ordinary

1p

1

1

100

F Ordinary

1p

1

1

100

G Ordinary

1p

1

1

100

H Ordinary

1p

1

1

100

I Ordinary

1p

1

1

100

J Ordinary

1p

1

1

102

102

17.

RESERVES

Retained

earnings

£

At 1 January 2025

1,314,502

Profit for the year

4,926,315

Dividends

(1,985,389

)

At 31 December 2025

4,255,428