REGISTERED NUMBER: 01951973 (England and Wales)

Silex Limited

Strategic Report, Report of the Directors and

Audited Financial Statements for the Year Ended 31st October 2025

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Income Statement

9

Other Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Notes to the Financial Statements

13

DIRECTORS:

M J Dominik

T R E Normanton

E T S Normanton

M G Silver

SECRETARY:

M J Dominik

REGISTERED OFFICE:

Units 4-5 Broxhead Trading Estate

Broxhead Farm Road

Lindford

Bordon

GU35 0JX

REGISTERED NUMBER:

01951973 (England and Wales)

AUDITORS:

Sheen Stickland

Chartered Accountants

Statutory Auditors

2 Oriel Court

Omega Park

Alton

Hampshire

GU34 2YT

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

INTRODUCTION

Silex Limited are leaders in the design, manufacture and supply of silicone rubber products to international markets.

The company serves the needs of some of the best known brands across the globe, selling into a diverse range of applications and industries, including the automotive/F1, pharmaceutical, energy, food, aerospace, rail, mechanical engineering and domestic appliance sectors.

The company stocks only the highest quality silicone compounds and products from Rogers Corp, Wacker Chemie, Dow Corning , momentive and Elkem, producing extremely high-quality products to tight tolerances, suitable for almost any application. The company produces silicones to FDA, WRAS, KTW, BFR XV and USP Class VI standards, underpinning our premium market position.

REVIEW OF BUSINESS

The company delivered turnover of £7,865,282 for the financial year ended 31st October 2025.

PRINCIPAL RISKS AND UNCERTAINTIES

The greatest risk to the company, and to the industry as a whole, are supply interruptions with key suppliers.

Other key performance indicators

We continue to monitor staffing levels across the company and are ready to respond should market demand change. Staff attrition levels remain low, and the majority of the team has been with the business for many years.

Whilst the Company does not conduct any formal customer satisfaction research, the majority of our custom comes from repeat business and referral, and it's from our continued growth that we draw the conclusion that we continue to offer the best quality product at the best prices.

OTHER KEY PERFORMANCE INDICATORS

We continue to monitor staffing levels and are ready to respond should market demand change. Staff attrition levels remain low, and the majority of the team have been with the business for many years.

Whilst the company does not conduct any formal customer satisfaction research, the majority of our custom comes from repeat business and referral, and it's from our continued growth that we draw the conclusion that we continue to offer the best quality product at the best prices.

ON BEHALF OF THE BOARD:

E T S Normanton - Director

29th July 2026

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

DIVIDENDS

During the period interim dividends of £1,464,867 were paid.

FUTURE DEVELOPMENTS

The Directors continue to focus on effective supply chain management and integration to maximise the speed and service that we are able to provide.

DIRECTORS

The directors shown below have held office during the whole of the period from 1st November 2024 to the date of this report.

M J Dominik

T R E Normanton

E T S Normanton

M G Silver

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

The auditors, Sheen Stickland, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

E T S Normanton - Director

29th July 2026

Opinion

We have audited the financial statements of Silex Limited (the 'company') for the year ended 31st October 2025 which comprise the Income Statement, Other 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 31st October 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.

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 three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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:

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:

We ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.

The laws and regulations applicable to the company were identified through discussions with the director and other management also from our commercial knowledge and experience of the company. Of these laws and regulations, we focused on those that we considered may have a direct material effect on the financial statements or the operations of the company, including but not limited to The Companies Act 2006, taxation legislation, data protection, anti-bribery, anti-money-laundering and employment legislation.

The extent of compliance with these laws and regulations identified above was assessed through making enquiries of management and inspecting legal expenditure and correspondence. The identified laws and regulations were communicated within the audit team, the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

-

Making enquiries of management as to where they considered there was susceptibility to fraud, them knowledge of actual, suspected and alleged fraud;

To address the risk of fraud through management bias and override of controls, we:

-

Tested journal entries to identify unusual transactions;

-

Performed analytical procedures to identify any unusual or unexpected relationships;

-

Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias;

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

-

Agreeing financial statement disclosures to underlying supporting documentation;

-

Reviewing minutes of meetings of those charged with governance.

-

Enquiring of management as to actual and potential litigation and claims;

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

A further description of 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.

David Sanders (Senior Statutory Auditor)

for and on behalf of Sheen Stickland

Chartered Accountants

Statutory Auditors

2 Oriel Court

Omega Park

Alton

Hampshire

GU34 2YT

30th July 2026

TURNOVER

3

7,865,282

7,983,849

Cost of sales

3,954,224

4,087,126

GROSS PROFIT

3,911,058

3,896,723

Distribution costs

1,368,624

1,291,307

Administrative expenses

1,954,773

2,145,321

3,323,397

3,436,628

OPERATING PROFIT

5

587,661

460,095

Income from shares in group undertakings

216,885

585,315

Interest receivable and similar income

19,318

24,390

236,203

609,705

823,864

1,069,800

Interest payable and similar expenses

6

218

27,208

PROFIT BEFORE TAXATION

823,646

1,042,592

Tax on profit

7

30,658

52,947

PROFIT FOR THE FINANCIAL YEAR

792,988

989,645

PROFIT FOR THE YEAR

792,988

989,645

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

792,988

989,645

FIXED ASSETS

Intangible assets

9

17,286

20,336

Tangible assets

10

600,528

715,441

Investments

11

15,823

15,823

633,637

751,600

CURRENT ASSETS

Stocks

12

1,681,227

1,865,436

Debtors

13

2,764,265

2,802,478

Cash at bank

554,584

736,214

5,000,076

5,404,128

CREDITORS

Amounts falling due within one year

14

1,399,768

1,230,648

NET CURRENT ASSETS

3,600,308

4,173,480

TOTAL ASSETS LESS CURRENT LIABILITIES

4,233,945

4,925,080

PROVISIONS FOR LIABILITIES

16

137,798

157,054

NET ASSETS

4,096,147

4,768,026

CAPITAL AND RESERVES

Called up share capital

17

100

100

Retained earnings

18

4,096,047

4,767,926

SHAREHOLDERS' FUNDS

4,096,147

4,768,026

The financial statements were approved by the Board of Directors and authorised for issue on 29th July 2026 and were signed on its behalf by:

E T S Normanton - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1st November 2023

100

4,374,518

4,374,618

Changes in equity

Dividends

-

(596,237

)

(596,237

)

Total comprehensive income

-

989,645

989,645

Balance at 31st October 2024

100

4,767,926

4,768,026

Changes in equity

Dividends

-

(1,464,867

)

(1,464,867

)

Total comprehensive income

-

792,988

792,988

Balance at 31st October 2025

100

4,096,047

4,096,147

1.	STATUTORY INFORMATION

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

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 functional and presentational currency is GBP, and the figures have been rounded to the nearest pound sterling.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions 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;

•

the requirement of paragraph 3.17(d).

Preparation of consolidated financial statements

The financial statements contain information about Silex Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Bordon Industries Limited, 73 Cornhill, London, England, EC3V 3QQ.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

Website costs are amortised at a rate of 15% on reducing balance.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Leasehold improvements

-

Fixed assets are stated at cost less acc

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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 based on the average cost of purchases on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Financial instruments

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

Cash and cash equivalents

These comprise cash at bank and other short term liquid investment.

Debtors

Short term debtors are stated at their nominal value. Loans receivable are measured initially at their nominal value and are measured subsequently at amortised cost using the effective interest method. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and loss account when there is objective evidence that the asset is impaired.

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

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:

2025

2024

£

£

United Kingdom

5,333,656

5,222,559

Europe

1,974,609

1,952,611

Rest of the World

557,017

808,679

7,865,282

7,983,849

All turnover arose from the sale of goods. The goods produced by the company are silicone products and other related materials.

4.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

1,898,282

2,044,773

Social security costs

208,545

185,532

Other pension costs

155,930

98,152

2,262,757

2,328,457

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

2025

2024

Directors

1

2

Administration

19

19

Production

46

47

66

68

2025

2024

£

£

Directors' remuneration

107,249

182,613

Directors' pension contributions to money purchase schemes

3,522

32,233

5.	OPERATING PROFIT

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

2025

2024

£

£

Hire of plant and machinery

3,380

3,380

Other operating leases

209,166

210,362

Depreciation - owned assets

99,207

98,757

Depreciation - assets on hire purchase contracts

6,519

15,846

Loss/(profit) on disposal of fixed assets

6,860

(22,951

)

Website costs amortisation

3,050

3,417

Auditors' remuneration

13,500

10,152

Prior auditors remuneration

-

28,931

Auditors' remuneration for non audit work

7,530

5,323

Foreign exchange differences

(24,130

)

33,781

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Bank interest

-

12,439

Hire purchase

218

14,769

218

27,208

7.

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

49,914

58,477

Deferred tax

(19,256

)

(5,530

)

Tax on profit

30,658

52,947

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

823,646

1,042,592

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

205,912

260,648

Effects of:

Expenses not deductible for tax purposes

29,424

24,507

Income not taxable for tax purposes

(64,355

)

(146,329

)

Capital allowances in excess of depreciation

(5,305

)

(27,082

)

Utilisation of tax losses

(135,018

)

(58,797

)

Total tax charge

30,658

52,947

8.

DIVIDENDS

2025

2024

£

£

Ordinary shares shares of 1 each

Interim

1,464,867

596,237

9.	INTANGIBLE FIXED ASSETS

Website

costs

£

COST

At 1st November 2024

and 31st October 2025

32,479

AMORTISATION

At 1st November 2024

12,143

Amortisation for year

3,050

At 31st October 2025

15,193

NET BOOK VALUE

At 31st October 2025

17,286

At 31st October 2024

20,336

10.	TANGIBLE FIXED ASSETS

Fixtures

Leasehold

Plant and

and

Motor

improvements

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1st November 2024

119,299

1,723,000

364,006

59,667

2,265,972

Additions

-

-

18,370

-

18,370

Disposals

-

-

-

(43,817

)

(43,817

)

At 31st October 2025

119,299

1,723,000

382,376

15,850

2,240,525

DEPRECIATION

At 1st November 2024

119,299

1,185,636

215,558

30,038

1,550,531

Charge for year

-

80,604

23,705

1,417

105,726

Eliminated on disposal

-

-

-

(16,260

)

(16,260

)

At 31st October 2025

119,299

1,266,240

239,263

15,195

1,639,997

NET BOOK VALUE

At 31st October 2025

-

456,760

143,113

655

600,528

At 31st October 2024

-

537,364

148,448

29,629

715,441

The net book value of tangible fixed assets includes £NIL (2024 - £ 64,234 ) in respect of assets held under hire purchase contracts.

11.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1st November 2024

and 31st October 2025

15,823

NET BOOK VALUE

At 31st October 2025

15,823

At 31st October 2024

15,823

The company's investments at the Balance Sheet date in the share capital of companies include the following:

MVQ Silicones Gmbh

Registered office: Hertzstraße 11, 69469 Weinheim, Germany

Nature of business: Silicone manufacture

%

Class of shares:

holding

Ordinary

100.00

The subsidiary undertaking is consolidated in Bordon Industries Limited, Silex Limited is exempt from producing consolidated accounts under section 400 of the companies act.