REGISTERED NUMBER: 14156139 (England and Wales)

Euston Holdco Vi Limited

Group Strategic Report, Report of the Directors and

Audited Consolidated Financial Statements for the Year Ended 31st October 2025

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Consolidated Income Statement

8

Consolidated Other Comprehensive Income

9

Consolidated Balance Sheet

10

Company Balance Sheet

11

Consolidated Statement of Changes in Equity

12

Company Statement of Changes in Equity

13

Consolidated Cash Flow Statement

14

Notes to the Consolidated Cash Flow Statement

15

Notes to the Consolidated Financial Statements

17

DIRECTORS:

M J Dominik

T R E Normanton

M G Silver

REGISTERED OFFICE:

73 Cornhill

London

EC3V 3QQ

REGISTERED NUMBER:

14156139 (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 of the company and the group for the year ended 31st October 2025.

Euston Holdco VI Limited is the ultimate parent company of Bordon Industries, its wholly owned subsidiary Silex Limited and Silex's wholly owned subsidiary, MVQ GmbH. The Group is a leader in the design, manufacture and supply of silicone rubber products to international markets.

The Group 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 Group 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 Group produces silicones to FDA, WRAS, KTW, BFR XV and USP CIass VI standards, underpinning our premium market position.

REVIEW OF BUSINESS

The Group delivered turnover of £11,036,911 (2024: £4,956,964) in the current financial year. The prior period is not comparable as on 1st May 2024, Bordon Industries, Euston Holdco Vi Limited's subisdiary acquired the trading subsidiaries.

PRINCIPAL RISKS AND UNCERTAINTIES

The greatest risk to the Group, 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 Group 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 Group 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:

T R E Normanton - Director

28th July 2026

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

DIVIDENDS

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

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

M G Silver

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

ON BEHALF OF THE BOARD:

T R E Normanton - Director

28th July 2026

Opinion

We have audited the financial statements of Euston Holdco Vi Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st October 2025 which comprise the Consolidated Income Statement, Consolidated Other 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 the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31st October 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 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 group 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 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.

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:

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, employment, environmental and health and safety 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:

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and understanding the design of the company's remuneration policies.

- 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;

- and investigated the rationale behind significant or unusual transactions.

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;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims;

- and reviewing correspondence relevant regulators and the company's legal advisors.

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

11,036,911

4,956,964

Cost of sales

5,955,543

2,459,538

GROSS PROFIT

5,081,368

2,497,426

Distribution costs

1,721,072

754,898

Administrative expenses

2,277,976

1,512,340

3,999,048

2,267,238

1,082,320

230,188

Other operating income

15,930

7,295

OPERATING PROFIT

5

1,098,250

237,483

Income from shares in group undertakings

6

205,963

-

Interest receivable and similar income

22,027

24,599

227,990

24,599

1,326,240

262,082

Interest payable and similar expenses

7

372,568

202,950

PROFIT BEFORE TAXATION

953,672

59,132

Tax on profit

8

150,467

64,126

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

803,205

(4,994

)

Profit/(loss) attributable to:

Owners of the parent

529,359

(4,526

)

Non-controlling interests

273,846

(468

)

803,205

(4,994

)

PROFIT/(LOSS) FOR THE YEAR

803,205

(4,994

)

OTHER COMPREHENSIVE INCOME

Foreign currency translation difference

45,493

-

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

45,493

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

848,698

(4,994

)

Total comprehensive income attributable to:

Owners of the parent

559,344

(4,526

)

Non-controlling interests

289,354

(468

)

848,698

(4,994

)

FIXED ASSETS

Intangible assets

10

(23,857

)

(11,159

)

Tangible assets

11

637,083

768,404

Investments

12

4,870

247,687

618,096

1,004,932

CURRENT ASSETS

Stocks

13

2,442,642

2,632,299

Debtors

14

1,373,566

1,421,000

Cash at bank and in hand

1,342,581

1,319,223

5,158,789

5,372,522

CREDITORS

Amounts falling due within one year

16

2,311,910

2,284,548

NET CURRENT ASSETS

2,846,879

3,087,974

TOTAL ASSETS LESS CURRENT LIABILITIES

3,464,975

4,092,906

CREDITORS

Amounts falling due after more than one year

17

(2,483,333

)

(3,940,704

)

PROVISIONS FOR LIABILITIES

21

(137,798

)

(157,054

)

NET ASSETS/(LIABILITIES)

843,844

(4,852

)

CAPITAL AND RESERVES

Called up share capital

22

100

100

Other reserves

23

29,984

-

Fair value reserve

23

12,873

601

Retained earnings

23

511,960

(5,127

)

SHAREHOLDERS' FUNDS

554,917

(4,426

)

NON-CONTROLLING INTERESTS

24

288,927

(426

)

TOTAL EQUITY

843,844

(4,852

)

The financial statements were approved by the Board of Directors and authorised for issue on 28th July 2026 and were signed on its behalf by:

T R E Normanton - Director

CURRENT ASSETS

Investments

15

58

58

Cash at bank

40

40

98

98

CREDITORS

Amounts falling due within one year

16

3,714

3,618

NET CURRENT LIABILITIES

(3,616

)

(3,520

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(3,616

)

(3,520

)

CAPITAL AND RESERVES

Called up share capital

22

100

100

Retained earnings

23

(3,716

)

(3,620

)

SHAREHOLDERS' FUNDS

(3,616

)

(3,520

)

Company's loss for the financial year

(96

)

(3,620

)

The financial statements were approved by the Board of Directors and authorised for issue on 28th July 2026 and were signed on its behalf by:

T R E Normanton - Director

Called up

share

Retained

Other

capital

earnings

reserves

£

£

£

Changes in equity

Total comprehensive income

-

(5,127

)

-

Balance at 31st October 2024

-

(5,127

)

-

Changes in equity

Total comprehensive income

-

517,087

29,984

Balance at 31st October 2025

-

511,960

29,984

Fair

value

Non-controlling

Total

reserve

Total

interests

equity

£

£

£

£

Changes in equity

Increase in share capital

-

-

42

42

Total comprehensive income

601

(4,526

)

(468

)

(4,994

)

Balance at 31st October 2024

601

(4,526

)

(426

)

(4,952

)

Changes in equity

Total comprehensive income

12,272

559,343

289,354

848,697

Balance at 31st October 2025

12,873

554,817

288,928

843,745

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Changes in equity

Issue of share capital

100

-

100

Total comprehensive income

-

(3,620

)

(3,620

)

Balance at 31st October 2024

100

(3,620

)

(3,520

)

Changes in equity

Total comprehensive income

-

(96

)

(96

)

Balance at 31st October 2025

100

(3,716

)

(3,616

)

Cash flows from operating activities

Cash generated from operations

1

1,031,794

(1,551,518

)

Interest paid

(372,350

)

-

Interest element of hire purchase payments paid

(218

)

-

Tax paid

(126,998

)

(37,439

)

Net cash from operating activities

532,228

(1,588,957

)

Cash flows from investing activities

Purchase of intangible fixed assets

122,579

19,775

Purchase of tangible fixed assets

(18,605

)

(878,373

)

Purchase of fixed asset investments

-

(247,687

)

Sale of tangible fixed assets

20,465

57,018

Sale of fixed asset investments

250,000

-

Interest received

22,027

24,599

Dividends received

205,963

-

Net cash from investing activities

602,429

(1,024,668

)

Cash flows from financing activities

New loans in year

-

4,119,988

Loan repayments in year

(1,141,083

)

-

Capital repayments in year

(15,708

)

15,708

Share issue

-

100

Interest element of hire purchase

-

(12,002

)

Interest paid

-

(190,946

)

Net cash from financing activities

(1,156,791

)

3,932,848

(Decrease)/increase in cash and cash equivalents

(22,134

)

1,319,223

Cash and cash equivalents at beginning of year

2

1,319,223

-

Effect of foreign exchange rate changes

45,492

-

Cash and cash equivalents at end of year

2

1,342,581

1,319,223

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

Period

1.7.23

Year Ended

to

31.10.25

31.10.24

£

£

Profit before taxation

953,672

59,132

Depreciation charges

14,636

67,286

Loss/(profit) on disposal of fixed assets

112

(22,951

)

Gain on revaluation of fixed assets

(202

)

(912

)

Loss on translation

(2,150

)

(25,735

)

Finance costs

372,568

202,950

Finance income

(227,990

)

(24,599

)

1,110,646

255,171

Decrease/(increase) in stocks

189,657

(2,632,299

)

Decrease/(increase) in trade and other debtors

47,434

(1,421,000

)

(Decrease)/increase in trade and other creditors

(315,943

)

2,246,610

Cash generated from operations

1,031,794

(1,551,518

)

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 31st October 2025

31.10.25

1.11.24

£

£

Cash and cash equivalents

1,342,581

1,319,223

Period ended 31st October 2024

31.10.24

1.7.23

£

£

Cash and cash equivalents

1,319,223

-

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.11.24

Cash flow

At 31.10.25

£

£

£

Net cash

Cash at bank and in hand

1,319,223

23,358

1,342,581

1,319,223

23,358

1,342,581

Debt

Finance leases

(15,708

)

15,708

-

Debts falling due within 1 year

(366,667

)

(128,905

)

(495,572

)

Debts falling due after 1 year

(3,753,321

)

1,269,988

(2,483,333

)

(4,135,696

)

1,156,791

(2,978,905

)

Total

(2,816,473

)

1,180,149

(1,636,324

)

1.	STATUTORY INFORMATION

Euston Holdco Vi 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 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 as modified by the revaluation of certain assets.

The comparative financial statements period of account is longer than a year and are therefore not comparable.

Financial statements are prepared on a going concern basis.

The statements are presented in pound sterling and are rounded to the nearest pound.

Basis of consolidation

Consolidation is based on control that relates to voting rights. Subsidiary Bordon Industries Limited (company number 15623909) was incorporated on the 7th April 2024. On the 1st of May 2024 subsidiary Bordon Industries Limited gained 100% control of Silex Limited a company registered in England and Wales (company number 01951973) and MVQ Silicones GmbH a company registered in Germany, (District Court of Mannheim HRB 70106). The comparative consolidated financial statements are for longer than a year and are therefore not comparable.

Significant judgements and estimates

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources.

The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Investment in subsidiary

The investment in the subsidiary is recognised at cost in the individual company balance sheet, in the consolidated balance sheet the group recognises goodwill, the excess of cost of investment over the fair value net identifiable assets received. The directors have reassessed the measurement in accordance with the applicable standard, the purchase is at bargain price. The negative goodwill recognised has been disclosed on the balance sheet.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Contingent liabilities

The acquisition is complex and involves some contingent consideration elements that may differ from estimates.

Goodwill

Goodwill, being the difference paid and the fair value of the assets received, is being released over two years.

Turnover

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

Goodwill

Goodwill represents the difference in consideration and the fair value of the net assets from acquisitions in the period, the benefit is consumed over two years.

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.

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

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.

Short leasehold

-

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