IRIS Accounts Production v26.1.10.61 SC311076 Board of Directors 31.12.25 1.1.25 31.12.25 31.12.25 Medium entities These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. true true false true true false false false true true false iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh SC311076 2024-12-31 SC311076 2025-12-31 SC311076 2025-01-01 2025-12-31 SC311076 2023-12-31 SC311076 2024-01-01 2024-12-31 SC311076 2024-12-31 SC311076 ns15:Scotland 2025-01-01 2025-12-31 SC311076 ns14:PoundSterling 2025-01-01 2025-12-31 SC311076 ns10:Director1 2025-01-01 2025-12-31 SC311076 ns10:Consolidated 2025-12-31 SC311076 ns10:ConsolidatedGroupCompanyAccounts 2025-01-01 2025-12-31 SC311076 ns10:PrivateLimitedCompanyLtd 2025-01-01 2025-12-31 SC311076 ns10:Consolidated ns10:MediumEntities 2025-01-01 2025-12-31 SC311076 ns10:Consolidated ns10:Audited 2025-01-01 2025-12-31 SC311076 ns10:SmallCompaniesRegimeForAccounts 2025-01-01 2025-12-31 SC311076 ns10:Consolidated 2025-01-01 2025-12-31 SC311076 ns10:Consolidated ns10:Medium-sizedCompaniesRegimeForDirectorsReport 2025-01-01 2025-12-31 SC311076 ns10:Medium-sizedCompaniesRegimeForAccounts ns10:Consolidated 2025-01-01 2025-12-31 SC311076 ns10:FullAccounts 2025-01-01 2025-12-31 SC311076 1 2025-01-01 2025-12-31 SC311076 ns10:Director2 2025-01-01 2025-12-31 SC311076 ns10:RegisteredOffice 2025-01-01 2025-12-31 SC311076 ns10:Consolidated 2024-01-01 2024-12-31 SC311076 ns5:Non-currentFinancialInstruments 2025-12-31 SC311076 ns5:Non-currentFinancialInstruments 2024-12-31 SC311076 ns5:ShareCapital 2025-12-31 SC311076 ns5:ShareCapital 2024-12-31 SC311076 ns5:SharePremium 2025-12-31 SC311076 ns5:SharePremium 2024-12-31 SC311076 ns5:CapitalRedemptionReserve 2025-12-31 SC311076 ns5:CapitalRedemptionReserve 2024-12-31 SC311076 ns5:FurtherSpecificReserve1ComponentTotalEquity 2025-12-31 SC311076 ns5:FurtherSpecificReserve1ComponentTotalEquity 2024-12-31 SC311076 ns5:RetainedEarningsAccumulatedLosses 2025-12-31 SC311076 ns5:RetainedEarningsAccumulatedLosses 2024-12-31 SC311076 ns5:ShareCapital 2023-12-31 SC311076 ns5:RetainedEarningsAccumulatedLosses 2023-12-31 SC311076 ns5:SharePremium 2023-12-31 SC311076 ns5:ShareCapital 2024-01-01 2024-12-31 SC311076 ns5:SharePremium 2024-01-01 2024-12-31 SC311076 ns5:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 SC311076 ns5:RetainedEarningsAccumulatedLosses 2025-01-01 2025-12-31 SC311076 ns5:CapitalRedemptionReserve 2023-12-31 SC311076 ns5:FurtherSpecificReserve1ComponentTotalEquity 2023-12-31 SC311076 ns5:CapitalRedemptionReserve 2024-01-01 2024-12-31 SC311076 ns5:FurtherSpecificReserve1ComponentTotalEquity 2024-01-01 2024-12-31 SC311076 ns5:CapitalRedemptionReserve 2025-01-01 2025-12-31 SC311076 ns5:FurtherSpecificReserve1ComponentTotalEquity 2025-01-01 2025-12-31 SC311076 ns5:IntangibleAssetsOtherThanGoodwill 2025-01-01 2025-12-31 SC311076 ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure 2025-01-01 2025-12-31 SC311076 ns5:OwnedOrFreeholdAssets ns5:LandBuildings 2025-01-01 2025-12-31 SC311076 ns5:PlantMachinery 2025-01-01 2025-12-31 SC311076 ns5:FurnitureFittings 2025-01-01 2025-12-31 SC311076 ns5:MotorVehicles 2025-01-01 2025-12-31 SC311076 ns5:CostValuation 2024-12-31

REGISTERED NUMBER: SC311076 (Scotland)

Moulded Foams (Scotland) Ltd

Group Strategic Report, Report of the Directors and

Audited Consolidated Financial Statements for the Year Ended 31 December 2025

| Moulded Foams (Scotland) Ltd (Registered number: SC311076) |

Contents of the Consolidated Financial Statements

for the Year Ended 31 December 2025

Page |

| Company Information | 1 |

| Group Strategic Report | 2 |

| Report of the Directors | 3 |

| Report of the Independent Auditors | 4 |

| Consolidated Statement of Comprehensive Income | 7 |

| Consolidated Balance Sheet | 8 |

| Company Balance Sheet | 9 |

| Consolidated Statement of Changes in Equity | 10 |

| Company Statement of Changes in Equity | 11 |

| Consolidated Cash Flow Statement | 12 |

| Notes to the Consolidated Cash Flow Statement | 13 |

| Notes to the Consolidated Financial Statements | 14 |

| Moulded Foams (Scotland) Ltd |

Company Information

for the Year Ended 31 December 2025

| Directors: | Mr J R Thornberry

| Mr M Maher

| Registered office: | 1 Wardpark Road

| Wardpark South

| Glasgow

| G67 3EX

| Registered number: | SC311076 (Scotland)

| Auditors: | Menzies LLP, Statutory Auditors

| 5th Floor Hodge House

| 114-116 St Mary Street

| Cardiff

| CF10 1DY

| Bankers: | National Westminister

| Ely Valley Road

| Talbot Green

| Pontyclun

| CF72 8GL

| Solicitors: | ISW Legal

| 26 Netherpark Avenue

| Glasgow

| G44 3XW

| Moulded Foams (Scotland) Ltd (Registered number: SC311076) |

Group Strategic Report

for the Year Ended 31 December 2025

The directors present their strategic report of the company and the group for the year ended 31 December 2025.

Review of business

A generally positive result for 2025 given the full effects of the closure of the Stornoway plant mid-2024. It's expected that the prior volume of this plant to be reinstated on mainland Scotland mid 2026 when the transition of processing is complete. Solar arrays are now complete, and this should size ably reduce the energy consumption of the company in 2026.

The customer base remains diverse and steady across many markets, with product development activities during the last 12 months expected to create benefits in 2026.

The Group's balance sheet remains robust, reflecting a strong cash position and prudent financial management throughout the year. The increase in assets is driven primarily by the investment in both new equipment and plant expansion projects to support new business and existing product growth.

The profit for the year, after taxation, amounted to £3,551,454 (2024: £8,045,941).

The company's key financial and other performance indicators during the year were as follow:

| 2025 |  | 2024 |  | 2023 |

Turnover |  | £ |  | 26,707,437 |  | 26,854,715 |  | 26,366,308 |

Gross Profit |  | £ |  | 11,867,692 |  | 12,310,503 |  | 11,545,375 |

EBITDAE |  | £ |  | 6,508,619 |  | 7,875,974 |  | 7,671,540 |

Profit/(Loss) before Taxation |  | £ |  | 4,557,232 |  | 5,904,195 |  | 5,922,386 |

EBITDAE relates to expenditure before; interest, tax, depreciation, amortisation, one-off expenditure and exceptional items. Exceptional items incurred in the year end 31 December 2023.

Principal risks and uncertainties

The company carries out a regular review of the risks to which it is exposed through a process of internal control as well as evaluation of external factors. In particular, the provision of a safe working environment for all employees and the control of manufacture of any food related products is of paramount importance.

Future developments

The group continues to be outward looking for further opportunities. The company continues to invest in fixed assets

to grow capacity and the existing business, with further research and development activities maturing in 2025.

On behalf of the board:

Mr J R Thornberry - Director

30 July 2026

| Moulded Foams (Scotland) Ltd (Registered number: SC311076) |

Report of the Directors

for the Year Ended 31 December 2025

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

Principal activity

The principal activity of the group in the year under review was that of the production of engineered foam products for the food, pharmaceutical, construction and leisure sectors.

Dividends

The total distribution of dividends to A Ordinary shareholders was £999,753 (2024: £999,753).

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 J R Thornberry

Mr M Maher

Statement of directors' responsibilities

The directors are responsible for preparing the Group 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 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information.

Auditors

The auditors, Menzies LLP, Statutory Auditors, will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board:

Mr J R Thornberry - Director

30 July 2026

Report of the Independent Auditors to the Members of

Moulded Foams (Scotland) Ltd

Qualified opinion

We have audited the financial statements of Moulded Foams (Scotland) Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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, except for the effects of the matters described in the Basis of Qualified Opinion section of our report, the financial statements:

- |  | give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2025 and of the group's 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 qualified 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 qualified opinion.

As explained in note 2, the financial statements include amounts recognised in respect of the Company's Enterprise Management Incentive ("EMI") share option scheme. However, the financial statements do not include the disclosures required by Section 26 Share-based Payment of FRS 102 relating to the share-based payment arrangement, including the valuation methodology used to determine the fair value of the options granted and the significant assumptions applied in that valuation. Consequently, the financial statements do not comply with FRS 102 and our opinion is qualified because the omission is material but not pervasive to the financial statements as a whole.

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 group's and the parent 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 Group 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 Group 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 Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of

Moulded Foams (Scotland) Ltd

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- | the parent company 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 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 group's and the parent 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 group or the parent 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our planning procedures identify the legal and regulatory frameworks applicable to the operations and financial

statements of the company. These are reviewed internally with the audit team including relevant industry experience

and expectations as well as externally with the client management. The key laws and regulations we considered in this context were the UK Companies Act 2006, UK GAAP (FRS 102) and relevant tax legislation.

Once identified, we assess the risks of material misstatements in relation to the laws and regulations, irregularities,

including fraud and adjust our testing accordingly. Our audit procedures include:

- Discussing with Directors and management which areas of the business they believe to be more susceptible to

fraud, and whether they have any knowledge or suspicion of fraudulent activities.

- Discussing with Directors and management the legal and regulatory obligations of the business and whether they

have any knowledge or suspicion of non-compliance.

- Obtaining an understanding of the key controls put in place by the company to address risks identified,

assessing the effectiveness of those and discussing how these are maintained and monitored internally.

- Assessing the risk of management override and review and testing of journal entries made into the accounting

system.

- Challenging assumptions and judgements made by the company in relation to the significant accounting

estimates employed in the preparation of the financial statements.

Despite the audit being planned and conducted in accordance with ISAs (UK) there remains an unavoidable risk that material misstatements in the financial statements may not be detected owing to inherent limitations of the audit, and that by their very nature, any such instances of fraud or irregularities likely involve collusion, forgery, intentional

misrepresentation, or the override of internal controls.

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.

Report of the Independent Auditors to the Members of

Moulded Foams (Scotland) Ltd

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.

Clive Edwards (Senior Statutory Auditor)

for and on behalf of Menzies LLP, Statutory Auditors

5th Floor Hodge House

114-116 St Mary Street

Cardiff

CF10 1DY

30 July 2026

| Moulded Foams (Scotland) Ltd (Registered number: SC311076) |

Consolidated

Statement of Comprehensive

Income

for the Year Ended 31 December 2025

| 2025 |  | 2024

| Notes | £ | £ |

Turnover | 26,707,437 |  | 26,854,715 |  |

Cost of sales | (14,839,745 | ) | (14,544,212 | ) |

Gross profit | 11,867,692 |  | 12,310,503 |  |

Distribution costs | (4,620,046 | ) | (4,124,252 | ) |

Administrative expenses | (3,075,279 | ) | (2,627,680 | ) |

Operating profit | 4,172,367 |  | 5,558,571 |  |

Interest receivable and similar income | 407,107 |  | 345,624 |  |

4,579,474 |  | 5,904,195 |  |

Interest payable and similar expenses | 4 | (22,242 | ) | - |  |

Profit before taxation | 5 | 4,557,232 |  | 5,904,195 |  |

Tax on profit | 6 | (1,005,778 | ) | (1,464,658 | ) |

Profit for the financial year | 3,551,454 |  | 4,439,537 |  |

Other comprehensive income |

- |  | 3,606,404 |  |

Income tax relating to other comprehensive income | - |  | - |  |

Other comprehensive income for the year, net of income tax | - |  | 3,606,404 |  |

Total comprehensive income for the year | 3,551,454 |  | 8,045,941 |  |

Profit attributable to:

Owners of the parent | 3,551,454 |  | 4,439,537 |  |

Total comprehensive income attributable to:

Owners of the parent | 3,551,454 |  | 8,045,941 |  |

| Moulded Foams (Scotland) Ltd (Registered number: SC311076) |

Consolidated Balance Sheet

31 December 2025

| 2025 |  | 2024

| Notes | £ | £ |

Fixed assets

Intangible assets | 9 | - |  | - |  |

Tangible assets | 10 | 13,658,322 |  | 13,321,852 |  |

Investments | 11 | 107,999 |  | 107,999 |  |

13,766,321 |  | 13,429,851 |  |

Current assets

Stocks | 12 | 2,131,171 |  | 2,194,759 |  |

Debtors | 13 | 4,813,672 |  | 4,564,008 |  |

Cash at bank | 13,668,749 |  | 12,277,258 |  |

20,613,592 |  | 19,036,025 |  |

Creditors

Amounts falling due within one year | 14 | (1,720,024 | ) | (2,229,523 | ) |

Net current assets | 18,893,568 |  | 16,806,502 |  |

Total assets less current liabilities | 32,659,889 |  | 30,236,353 |  |

Provisions for liabilities | 16 | (2,104,561 | ) | (1,366,607 | ) |

Net assets | 30,555,328 |  | 28,869,746 |  |

Capital and reserves

Called up share capital | 17 | 86,935 |  | 86,935 |  |

Share premium | 18 | 237,551 |  | 237,551 |  |

Revaluation reserve | 18 | 2,985,601 |  | 3,975,037 |  |

Capital redemption reserve | 18 | 111,100 |  | 111,100 |  |

Other reserves | 18 | 123,316 |  | - |  |

Retained earnings | 18 | 27,010,825 |  | 24,459,123 |  |

Shareholders' funds | 30,555,328 |  | 28,869,746 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 30 July 2026 and were signed on its behalf by:

Mr J R Thornberry - Director

| Moulded Foams (Scotland) Ltd (Registered number: SC311076) |

Company Balance Sheet

31 December 2025

| 2025 |  | 2024

| Notes | £ | £ |

Fixed assets

Intangible assets | 9 | - |  | - |  |

Tangible assets | 10 | - |  | - |  |

Investments | 11 | 1,296,999 |  | 1,296,999 |  |

1,296,999 |  | 1,296,999 |  |

Total assets less current liabilities | 1,296,999 |  | 1,296,999 |  |

Creditors

Amounts falling due after more than one year | 15 | (738,096 | ) | (861,412 | ) |

Net assets | 558,903 |  | 435,587 |  |

Capital and reserves

Called up share capital | 17 | 86,935 |  | 86,935 |  |

Share premium | 237,551 |  | 237,551 |  |

Capital redemption reserve | 111,100 |  | 111,100 |  |

Other reserves | 123,316 |  | - |  |

Retained earnings | 1 |  | 1 |  |

Shareholders' funds | 558,903 |  | 435,587 |  |

Company's profit for the financial year | 999,753 |  | 999,754 |  |

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

The financial statements were approved by the Board of Directors and authorised for issue on 30 July 2026 and were signed on its behalf by:

Mr J R Thornberry - Director

| Moulded Foams (Scotland) Ltd (Registered number: SC311076) |

Consolidated Statement of Changes in Equity

for the Year Ended 31 December 2025

| Called up |

| share |  | Retained |  | Share |  | Revaluation

| capital |  | earnings |  | premium |  | reserve

£ | £ | £ | £ |

Balance at 1 January 2024 | 85,291 |  | 21,013,701 |  | 107,675 |  | 368,633 |  |

Changes in equity

Issue of share capital | 1,644 |  | - |  | 129,876 |  | - |  |

Dividends | - |  | (999,752 | ) | - |  | - |  |

Total comprehensive income | - |  | 4,445,174 |  | - |  | 3,606,404 |  |

Balance at 31 December 2024 | 86,935 |  | 24,459,123 |  | 237,551 |  | 3,975,037 |  |

Changes in equity

Dividends | - |  | (999,752 | ) | - |  | - |  |

Total comprehensive income | - |  | 3,551,454 |  | - |  | (989,436 | ) |

Balance at 31 December 2025 | 86,935 |  | 27,010,825 |  | 237,551 |  | 2,985,601 |  |

| Capital |

| redemption |  | Other |  | Non-controlling |  | Total

| reserve |  | reserves |  | Total |  | interests |  | equity

£ | £ | £ | £ | £ |

Balance at 1 January 2024 | 111,100 |  | - |  | 21,686,400 |  | - |  | 21,686,400 |  |

Changes in equity

Issue of share capital | - |  | - |  | 131,520 |  | - |  | 131,520 |  |

Dividends | - |  | - |  | (999,752 | ) | - |  | (999,752 | ) |

Total comprehensive income | - |  | - |  | 8,051,578 |  | - |  | 8,051,578 |  |

Balance at 31 December 2024 | 111,100 |  | - |  | 28,869,746 |  | - |  | 28,869,746 |  |

Changes in equity

EMI scheme | - |  | 123,316 |  | 123,316 |  | - |  | 123,316 |  |

Dividends | - |  | - |  | (999,752 | ) | - |  | (999,752 | ) |

Total comprehensive income | - |  | - |  | 2,562,018 |  | - |  | 2,562,018 |  |

Balance at 31 December 2025 | 111,100 |  | 123,316 |  | 30,555,328 |  | - |  | 30,555,328 |  |

| Moulded Foams (Scotland) Ltd (Registered number: SC311076) |

Company Statement of Changes in Equity

for the Year Ended 31 December 2025

| Called up |

| share |  | Retained |  | Share

| capital |  | earnings |  | premium

£ | £ | £ |

Balance at 1 January 2024 | 85,291 |  | - |  | 107,675 |  |

Changes in equity

Issue of share capital | 1,644 |  | - |  | 129,876 |  |

Dividends | - |  | (999,753 | ) | - |  |

Total comprehensive income | - |  | 999,754 |  | - |  |

Balance at 31 December 2024 | 86,935 |  | 1 |  | 237,551 |  |

Changes in equity

Dividends | - |  | (999,753 | ) | - |  |

Total comprehensive income | - |  | 999,753 |  | - |  |

Balance at 31 December 2025 | 86,935 |  | 1 |  | 237,551 |  |

| Capital |

| redemption |  | Other |  | Total

| reserve |  | reserves |  | equity

£ | £ | £ |

Balance at 1 January 2024 | 111,100 |  | - |  | 304,066 |  |

Changes in equity

Issue of share capital | - |  | - |  | 131,520 |  |

Dividends | - |  | - |  | (999,753 | ) |

Total comprehensive income | - |  | - |  | 999,754 |  |

Balance at 31 December 2024 | 111,100 |  | - |  | 435,587 |  |

Changes in equity

EMI scheme | - |  | 123,316 |  | 123,316 |  |

Dividends | - |  | - |  | (999,753 | ) |

Total comprehensive income | - |  | - |  | 999,753 |  |

Balance at 31 December 2025 | 111,100 |  | 123,316 |  | 558,903 |  |

| Moulded Foams (Scotland) Ltd (Registered number: SC311076) |

Consolidated Cash Flow Statement

for the Year Ended 31 December 2025

| 2025 |  | 2024

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 5,595,186 |  | 7,786,068 |  |

Interest paid | (22,242 | ) | - |  |

Tax paid | (1,797,996 | ) | (1,507,557 | ) |

Net cash from operating activities | 3,774,948 |  | 6,278,511 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (2,102,738 | ) | (122,519 | ) |

Sale of tangible fixed assets | 188,610 |  | (1,406,904 | ) |

Interest received | 407,107 |  | 345,624 |  |

Net cash from investing activities | (1,507,021 | ) | (1,183,799 | ) |

Cash flows from financing activities

Share issue | - |  | 1,644 |  |

Share Premium | - |  | 129,876 |  |

Share based payments | 123,316 |  | - |  |

Equity dividends paid | (999,752 | ) | (999,752 | ) |

Net cash from financing activities | (876,436 | ) | (868,232 | ) |

Increase in cash and cash equivalents | 1,391,491 |  | 4,226,480 |  |

Cash and cash equivalents at beginning of year | 2 | 12,277,258 |  | 8,050,778 |  |

Cash and cash equivalents at end of year | 2 | 13,668,749 |  | 12,277,258 |  |

| Moulded Foams (Scotland) Ltd (Registered number: SC311076) |

Notes to the Consolidated Cash Flow Statement

for the Year Ended 31 December 2025

1. | Reconciliation of profit before taxation to cash generated from operations

| 2025 |  | 2024

£ | £ |

| Profit before taxation | 4,557,232 |  | 5,904,195 |  |

| Depreciation charges | 1,595,408 |  | 1,219,065 |  |

| Profit on disposal of fixed assets | (17,750 | ) | (6,800 | ) |

| Finance costs | 22,242 |  | - |  |

| Finance income | (407,107 | ) | (345,624 | ) |

5,750,025 |  | 6,770,836 |  |

| Decrease in stocks | 63,588 |  | 684,641 |  |

| (Increase)/decrease in trade and other debtors | (39,154 | ) | 143,787 |  |

| (Decrease)/increase in trade and other creditors | (179,273 | ) | 186,804 |  |

| Cash generated from operations | 5,595,186 |  | 7,786,068 |  |

2. | Cash and cash equivalents

| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

| Year ended 31 December 2025

| 31.12.25 |  | 1.1.25

£ | £ |

| Cash and cash equivalents | 13,668,749 |  | 12,277,258 |  |

| Year ended 31 December 2024

| 31.12.24 |  | 1.1.24

£ | £ |

| Cash and cash equivalents | 12,277,258 |  | 8,050,778 |  |

3. | Analysis of changes in net funds

| At 1.1.25 | Cash flow | At 31.12.25

£ | £ | £ |

| Net cash |

| Cash at bank | 12,277,258 |  | 1,391,491 |  | 13,668,749 |  |

12,277,258 |  | 1,391,491 |  | 13,668,749 |  |

| Total | 12,277,258 |  | 1,391,491 |  | 13,668,749 |  |

| Moulded Foams (Scotland) Ltd (Registered number: SC311076) |

Notes to the Consolidated Financial Statements

for the Year Ended 31 December 2025

1. | Statutory information

| Moulded Foams (Scotland) Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the General Information page.

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.

| Basis of consolidation

| The group financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 December 2024. No profit and loss account is presented for the company as permitted by Section 408 of the Companies Act 2006.

| Subsidiary undertakings are included using the acquisitions method of accounting. Under this method the group profit and loss account and statement of cashflows include the results and cashflows of subsidiaries from the date of acquisition and to the date of sale outside the group in the case of disposals of subsidiaries. The purchase consideration has been allocated to the assets and liabilities on the basis of fair value at the date of acquisition.

| Turnover

| Turnover represents amounts chargeable, net of value added tax, in respect of the sale of foam products to customers.

| 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.

| Development costs are being amortised evenly over their estimated useful life of nil years.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

| Freehold property | - | 5% on cost

| Plant and machinery | - | 20% on reducing balance and 2 to 10 years straight line

| Fixtures and fittings | - | 1 to 3 years straight line

| Motor vehicles | - | Straight line over 3 years

| Depreciation is not applied to Freehold Land and Buildings as all assets within the class are carried at valuation in line with the requirements of Financial Reporting Standards.

| Stocks

| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

| Moulded Foams (Scotland) Ltd (Registered number: SC311076) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2025

2. | Accounting policies - continued

| 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.

| Research and development

| Expenditure on research and development is written off in the year in which it is incurred.

| Foreign currencies

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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.

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

| Share based payment

| The company operates an Enterprise Management Incentives scheme, the costs of which reflected through reserves as shown in note 18. The disclosures required under Financial Reporting Standard 102 have not been followed as the company believe them to be prejudicial to its ongoing strategy.

3. | Employees and directors

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 5,325,507 |  | 4,835,770 |  |

| Social security costs | 527,794 |  | 403,079 |  |

| Other pension costs | 303,932 |  | 247,457 |  |

6,157,233 |  | 5,486,306 |  |

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

| 2025 |  | 2024

| Operational | 141 |  | 135 |  |

| Administration | 11 |  | 16 |  |

| Directors | 5 |  | 1 |  |

157 |  | 152 |  |

| During the year the company paid key management gross salaries and benefits totalling £491,944 (2024: £258,425). Key management are considered to be 4 (2024: 2) individuals who directly impact upon the strategic direction of the company.

| 2025 |  | 2024

£ | £ |

| Directors' remuneration | 150,778 |  | 132,506 |  |

| Moulded Foams (Scotland) Ltd (Registered number: SC311076) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2025

4. | Interest payable and similar expenses |

| 2025 |  | 2024

£ | £ |

| Interest payable | 22,242 |  | - |  |

5. | Profit before taxation

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

| 2025 |  | 2024

£ | £ |

| Hire of plant and machinery | 82,658 |  | 44,183 |  |

| Depreciation - owned assets | 1,595,408 |  | 1,219,064 |  |

| Profit on disposal of fixed assets | (17,750 | ) | (6,800 | ) |

| Auditors' remuneration | 8,286 |  | 10,919 |  |

| Foreign exchange differences | 41,163 |  | (44,100 | ) |

6. | Taxation

| Analysis of the tax charge

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

| 2025 |  | 2024

£ | £ |

| Current tax:

| UK corporation tax | 1,257,260 |  | 1,317,791 |  |

| Deferred tax | (251,482 | ) | 146,867 |  |

| Tax on profit | 1,005,778 |  | 1,464,658 |  |

| Reconciliation of total tax charge included in profit and loss

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

| 2025 |  | 2024

£ | £ |

| Profit before tax | 4,557,232 |  | 5,904,195 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2024 - 25 %) | 1,139,308 |  | 1,476,049 |  |

| Effects of:

| Expenses not deductible for tax purposes | 31,399 |  | (11,391 | ) |

| Deferred tax on revaluation | (989,436 | ) | - |  |

| Movement in deferred tax | 824,507 |  | - |  |

| Total tax charge | 1,005,778 |  | 1,464,658 |  |

| Tax effects relating to effects of other comprehensive income |

| 2024 |

| Gross |  | Tax |  | Net |

£ | £ | £ |

| Revaluation uplift | 3,606,404 |  | - |  | 3,606,404 |  |

7. | Individual statement of comprehensive income

| As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.

| Moulded Foams (Scotland) Ltd (Registered number: SC311076) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2025

8. | Dividends

| 2025 |  | 2024

£ | £ |

| Ordinary shares of £1.00 each

| Interim | 999,752 |  | 999,752 |  |

9. | Intangible fixed assets

| Group

| Developmen

| costs

£ |

| Cost

| At 1 January 2025

| and 31 December 2025 | 97,990 |  |

| Amortisation

| At 1 January 2025

| and 31 December 2025 | 97,990 |  |

| Net book value

| At 31 December 2025 | - |  |

| At 31 December 2024 | - |  |

10. | Tangible fixed assets

| Group

| Fixtures |

| Freehold |  | Plant and |  | and |  | Motor |

| property |  | machinery |  | fittings |  | vehicles |  | Totals

£ | £ | £ | £ | £ |

| Cost

| At 1 January 2025 | 6,890,001 |  | 15,340,004 |  | 377,176 |  | 71,517 |  | 22,678,698 |  |

| Additions | - |  | 2,058,162 |  | 9,581 |  | 34,995 |  | 2,102,738 |  |

| Disposals | - |  | (259,917 | ) | - |  | (21,040 | ) | (280,957 | ) |

| At 31 December 2025 | 6,890,001 |  | 17,138,249 |  | 386,757 |  | 85,472 |  | 24,500,479 |  |

| Depreciation

| At 1 January 2025 | - |  | 9,157,289 |  | 157,147 |  | 42,410 |  | 9,356,846 |  |

| Charge for year | - |  | 1,471,855 |  | 106,727 |  | 16,826 |  | 1,595,408 |  |

| Eliminated on disposal | - |  | (89,057 | ) | - |  | (21,040 | ) | (110,097 | ) |

| At 31 December 2025 | - |  | 10,540,087 |  | 263,874 |  | 38,196 |  | 10,842,157 |  |

| Net book value

| At 31 December 2025 | 6,890,001 |  | 6,598,162 |  | 122,883 |  | 47,276 |  | 13,658,322 |  |

| At 31 December 2024 | 6,890,001 |  | 6,182,715 |  | 220,029 |  | 29,107 |  | 13,321,852 |  |

| Moulded Foams (Scotland) Ltd (Registered number: SC311076) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2025

10. | Tangible fixed assets - continued

| Group

| Revaluations

| The Freehold Land and Buildings (Cumbernauld) was revalued on 17 August 2022 by Knight Frank who are external to the company. The basis of this valuation was open market value. This class of asset has a current value of £1,900,000 (2024 - £1,021,000) and a carrying amount at historical cost of £371,424 (2024- £371,424). The cumulative depreciation that would be charged on this historical cost is £111,427 (2024 - £101.998).

| The Freehold Land and Buildings (Blackwood) was revalued on 12 August 2022 by Knight Frank who are external to the company. The basis of this valuation was open market value. This class of asset has a current value of £2,515,000 (2024 - £1,093,076) and a carrying amount at historical cost of £981,950 (2024- £981,950). The cumulative depreciation that would be charged on this historical cost is £255,307 (2024 - £235,128).

| The Freehold Land and Buildings (Scunthorpe) was valued on 16 August 2022 by Knight Frank who are external to the company. The basis of this valuation was open market value. This class of asset has a current value of £2,200,000 (2024 - £894,520). The cumulative depreciation that would be charged on this historical cost is £161,014 (2024 - £143,124).

| The Freehold Land and Buildings (Stornoway) was valued on 30 September 2020, the basis of this valuation was open market value. This class of asset has a current value of £275,000 and was transferred into Moulded foams during 2021. The cumulative depreciation that would be charged on this historical cost is £27,500 (2024: £22,000).

11. | Fixed asset investments

| Group

| Unlisted

| investments

£ |

| Cost

| At 1 January 2025

| and 31 December 2025 | 107,999 |  |

| Net book value

| At 31 December 2025 | 107,999 |  |

| At 31 December 2024 | 107,999 |  |

| Company

| Shares in |

| group |  | Other |

| undertakings |  | investments |  | Totals

£ | £ | £ |

| Cost

| At 1 January 2025

| and 31 December 2025 | 1,189,000 |  | 107,999 |  | 1,296,999 |  |

| Net book value

| At 31 December 2025 | 1,189,000 |  | 107,999 |  | 1,296,999 |  |

| At 31 December 2024 | 1,189,000 |  | 107,999 |  | 1,296,999 |  |

| The companys investments at the balance sheet date in the share capital of its subsidiaries are as follows;

| Subsidiary |  | Class of share |  | Percentage held % |  |

| Moulded Foams Limited |  | Ordinary |  | 100 |  |

| Peterhead Box Company Limited |  | Ordinary |  | 100 |  |

| Polybox Limited |  | Ordinary |  | 100 |  |

| Combined Thermal Solutions Limited |  | Ordinary |  | 100 |  |

| A strike off application was made to Companies House in December 2025 for Peterhead Box Company Limited, Polybox Limited and Combined Thermal Solutions Limited.

| Moulded Foams (Scotland) Ltd (Registered number: SC311076) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2025

12. | Stocks

| Group |

2025 | 2024 |

£ | £ |

| Stocks | 2,131,171 |  | 2,194,759 |  |

13. | Debtors: amounts falling due within one year |

| Group |

2025 | 2024 |

£ | £ |

| Trade debtors | 4,277,963 |  | 4,287,675 |  |

| Other debtors | 325,199 |  | 276,333 |  |

| Tax | 210,510 |  | - |  |

4,813,672 |  | 4,564,008 |  |

14. | Creditors: amounts falling due within one year |

| Group |

2025 | 2024 |

£ | £ |

| Trade creditors | 1,394,925 |  | 1,511,035 |  |

| Tax | - |  | 330,226 |  |

| Other Taxes | 58,684 |  | 94,939 |  |

| VAT | 172,702 |  | 185,841 |  |

| Other creditors | 13,746 |  | 14,810 |  |

| Accrued expenses | 79,967 |  | 92,672 |  |

1,720,024 |  | 2,229,523 |  |

15. | Creditors: amounts falling due after more than one year |

| Company |

2025 | 2024 |

£ | £ |

| Amounts owed to group undertakings | 738,096 |  | 861,412 |  |

16. | Provisions for liabilities

| Group |

2025 | 2024 |

£ | £ |

| Deferred tax | 2,104,561 |  | 1,366,607 |  |

| Group

| Deferred |

| tax |

£ |

| Balance at 1 January 2025 | 1,366,607 |  |

| Credit to Statement of Comprehensive Income during year | (251,482 | ) |

| Deferred tax on revaluation | 989,436 |  |

| Balance at 31 December 2025 | 2,104,561 |  |

| Moulded Foams (Scotland) Ltd (Registered number: SC311076) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2025

17. | Called up share capital

| Allotted, issued and fully paid: |  |

| Number: |  |  | Class: |  | Nominal |  | 2025 |  | 2024 |

|  | value: |  | £ |  | £ |

| 86,935 |  |  | Ordinary |  | £1 |  | 86,935 |  | 86,935 |

|  | 86,935 |  | 86,935 |

18. | Reserves

| Group

| Retained |  | Share |  | Revaluation

| earnings |  | premium |  | reserve

£ | £ | £ |

| At 1 January 2025 | 24,459,123 |  | 237,551 |  | 3,975,037 |  |

| Profit for the year | 3,551,454 |  |

| Dividends | (999,752 | ) |

| Deferred tax on revaluation | - |  | - |  | (989,436 | ) |

| At 31 December 2025 | 27,010,825 |  | 237,551 |  | 2,985,601 |  |

| Group

| Capital |

| redemption |  | Other |

| reserve |  | reserves |  | Totals

£ | £ | £ |

| At 1 January 2025 | 111,100 |  | - |  | 28,782,811 |  |

| Profit for the year | 3,551,454 |  |

| Dividends | (999,752 | ) |

| Deferred tax on revaluation | - |  | - |  | (989,436 | ) |

| EMI scheme | - |  | 123,316 |  | 123,316 |  |

| At 31 December 2025 | 111,100 |  | 123,316 |  | 30,468,393 |  |