REGISTERED NUMBER: 15623909 (England and Wales)

Bordon Industries 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

5

Consolidated Income Statement

9

Consolidated Other Comprehensive Income

10

Consolidated Balance Sheet

11

Company Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Company Statement of Changes in Equity

14

Notes to the Consolidated Financial Statements

15

DIRECTORS:

M J Dominik

T R E Normanton

E T S Normanton

M G Silver

REGISTERED OFFICE:

73 Cornhill

London

EC3V 3QQ

REGISTERED NUMBER:

15623909 (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.

Bordon Industries Limited is the holding company at group level for Silex Limited and its 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 not a full period) to financial year end on 31st October 2025 and £803,302 of profit for the first full financial year.

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.

This report was approved by the board and signed on its behalf.

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 and the group for the year ended 31st October 2025.

DIVIDENDS

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

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

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

DIRECTORS' RESPONSIBILITIES STATEMENT

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, 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 Bordon Industries 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 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 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 Directors' Responsibilities Statement 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

943,792

Administrative expenses

2,277,879

1,319,827

3,998,951

2,263,619

1,082,417

233,807

Other operating income

15,930

7,295

OPERATING PROFIT

5

1,098,347

241,102

Income from shares in group undertakings

6

205,963

-

Interest receivable and similar income

22,027

24,599

227,990

24,599

1,326,337

265,701

Interest payable and similar expenses

7

372,568

202,950

PROFIT BEFORE TAXATION

953,769

62,751

Tax on profit

8

150,467

64,126

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

803,302

(1,375

)

Profit/(loss) attributable to:

Owners of the parent

803,302

(1,375

)

PROFIT/(LOSS) FOR THE YEAR

803,302

(1,375

)

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

848,795

(1,375

)

Total comprehensive income attributable to:

Owners of the parent

848,795

(1,375

)

FIXED ASSETS

Intangible assets

10

(23,857

)

(11,159

)

Tangible assets

11

637,084

768,404

Investments

12

4,870

247,687

618,097

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

1,342,540

1,319,182

5,158,748

5,372,481

CREDITORS

Amounts falling due within one year

15

2,308,194

2,280,930

NET CURRENT ASSETS

2,850,554

3,091,551

TOTAL ASSETS LESS CURRENT LIABILITIES

3,468,651

4,096,483

CREDITORS

Amounts falling due after more than one year

16

(2,483,333

)

(3,940,704

)

PROVISIONS FOR LIABILITIES

20

(137,798

)

(157,054

)

NET ASSETS/(LIABILITIES)

847,520

(1,275

)

CAPITAL AND RESERVES

Called up share capital

21

100

100

Foreign currency translation reserve

22

45,493

-

Fair value reserve

22

19,531

912

Retained earnings

22

782,396

(2,287

)

SHAREHOLDERS' FUNDS

847,520

(1,275

)

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

FIXED ASSETS

Intangible assets

10

-

-

Tangible assets

11

-

-

Investments

12

5,967,273

6,332,669

5,967,273

6,332,669

CURRENT ASSETS

Cash at bank

73,020

169,012

CREDITORS

Amounts falling due within one year

15

2,243,787

2,318,659

NET CURRENT LIABILITIES

(2,170,767

)

(2,149,647

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,796,506

4,183,022

CREDITORS

Amounts falling due after more than one year

16

2,483,333

3,940,704

NET ASSETS

1,313,173

242,318

CAPITAL AND RESERVES

Called up share capital

21

100

100

Fair value reserve

22

220

912

Retained earnings

22

1,312,853

241,306

SHAREHOLDERS' FUNDS

1,313,173

242,318

Company's profit for the financial year

1,070,855

242,218

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

Foreign

Called up

currency

Fair

share

Retained

translation

value

Total

capital

earnings

reserve

reserve

equity

£

£

£

£

£

Changes in equity

Issue of share capital

100

-

-

-

100

Total comprehensive income

-

(2,287

)

-

912

(1,375

)

Balance at 31st October 2024

100

(2,287

)

-

912

(1,275

)

Changes in equity

Total comprehensive income

-

784,683

45,493

18,619

848,795

Balance at 31st October 2025

100

782,396

45,493

19,531

847,520

Called up

Fair

share

Retained

value

Total

capital

earnings

reserve

equity

£

£

£

£

Changes in equity

Issue of share capital

100

-

-

100

Total comprehensive income

-

241,306

912

242,218

Balance at 31st October 2024

100

241,306

912

242,318

Changes in equity

Total comprehensive income

-

1,071,547

(692

)

1,070,855

Balance at 31st October 2025

100

1,312,853

220

1,313,173

1.	STATUTORY INFORMATION

Bordon Industries 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 financial statements are presented in Pound Sterling (£) and are rounded to the nearest £.

The comparative period is not a full year and is therefore not comparable to the current year figures presented in these financial statements.

The company has taken advantage of the exemption available under FRS 102, Section 7.1(b) and has not presented a cash flow statement. The company is included in the consolidated financial statements of , Euston holdco Vi Limited, which are publicly available and include a consolidated cash flow statement.

Basis of consolidation

On the first of May 2024 Bordon Industries 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 results two subsidiaries are consolidated from this point.

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 knowledge of the business 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

The fair value of assets purchased on acquisition was lower than the consideration paid, the benefit is expected to be consumed over a period of 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, being the difference paid and the fair value of the assets received, is being released 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

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 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 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.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

Period

7.4.24

Year Ended

to

31.10.25

31.10.24

£

£

Silicone products

11,036,911

4,956,964

11,036,911

4,956,964

An analysis of turnover by geographical market is given below:

Period

7.4.24

Year Ended

to

31.10.25

31.10.24

£

£

United Kingdom

5,297,714

2,230,634

Europe

5,187,345

2,329,773

Rest of the world

551,852

396,557

11,036,911

4,956,964

All turnover relates to the principal business of selling silicone based materials and products.

Turnover for the period by geographical markets equate to 45% in the UK, 47% in Europe and the remainder across the rest of the world (2024: 45% UK, 47% Europe and 8% RoW).

4.	EMPLOYEES AND DIRECTORS

Period

7.4.24

Year Ended

to

31.10.25

31.10.24

£

£

Wages and salaries

2,206,530

1,116,670

Social security costs

279,412

140,397

Other pension costs

160,950

60,616

2,646,892

1,317,683

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

Period

7.4.24

Year Ended

to

31.10.25

31.10.24

Key management

1

1

The average number of employees by undertakings that were proportionately consolidated during the year was 89 (2024 - 91 ) .

Period

7.4.24

Year Ended

to

31.10.25

31.10.24

£

£

Directors' remuneration

107,249

106,339

Directors' pension contributions to money purchase schemes

3,522

30,441

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

Money purchase schemes

1

2

There is only one remunerated director.

5.	OPERATING PROFIT

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

Period

7.4.24

Year Ended

to

31.10.25

31.10.24

£

£

Hire of plant and machinery

3,380

1,690

Other operating leases

347,715

164,193

Depreciation - owned assets

117,999

67,171

Depreciation - assets on hire purchase contracts

6,519

8,731

Loss/(profit) on disposal of fixed assets

112

(22,951

)

Goodwill amortisation

(112,931

)

(10,499

)

Computer software amortisation

3,050

1,883

Auditors' remuneration

19,200

15,696

Auditors' remuneration for non audit work

22,328

9,890

Foreign exchange differences

(32,827

)

26,624

The total auditors remuneration for Bordon Industries Limited is £4,750 of which £3,150 relate to non audit services (2024: £4,750 with £3,150 relating to non audit services).

6.

INCOME FROM SHARES IN GROUP UNDERTAKINGS

Period

7.4.24

Year Ended

to

31.10.25

31.10.24

£

£

Shares in group undertakings

205,963

-

The amount recognised in income from group undertakings are dividends originally witheld by the German tax authorities that were released in the year.