Company registration number 02395079 (England and Wales)
SIDERISE (HOLDINGS) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
SIDERISE (HOLDINGS) LIMITED
COMPANY INFORMATION
Directors
Mr A M Turk
Mr M J Hendy
Mr R A Vidler
Mr G I Rees
Mr T M Ryan
Mr D Ladd
(Appointed 29 September 2025)
Company number
02395079
Registered office
Siderise Forge Industrial Estate
Nantyfyllon
Maesteg
Mid Glamorgan
United Kingdom
CF34 0AH
Auditor
Azets Audit Services
Ty Derw
Lime Tree Court
Cardiff Gate Business Park
Cardiff
South Glamorgan
United Kingdom
CF23 8AB
SIDERISE (HOLDINGS) LIMITED
CONTENTS
Page
Strategic report
1 - 5
Directors' report
6
Directors' responsibilities statement
7
Independent auditor's report
8 - 10
Statement of comprehensive income
11
Balance sheet
12
Statement of changes in equity
13
Notes to the financial statements
14 - 25
SIDERISE (HOLDINGS) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

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

Fair review of the business

The company and its subsidiaries (collectively the “Group”) continue to operate in the United Kingdom with an expanding overseas presence. The Group’s principal activity is the manufacture and sale of fire, thermal and acoustic insulation solutions, including the provision of technical services and site support services. The company’s principal activity is that of an intermediary holding company.

The Group continued its strong performance in 2025 and continues to recognise the importance of investment to support future growth and drive the company forward as it seeks to become the global leader in passive fire solutions for all building types.

Further detail on the trading performance of the Group is contained in the Strategic Report of Obice Topco Limited for the year ended 31 December 2025.

Principal risks and uncertainties

Risk | Mitigation
Geopolitical Risk In today’s interconnected global economy, businesses face a landscape marked by significant geopolitical fragmentation, from trade wars and regulatory shifts to regional threats. This is currently most specific in the Middle East. | The Group has global operations including an operation in Dubai, UAE, where it has offices and a factory to serve the MEIAP region which could be impacted by the Middle East issues. Production can be carried out from its factory in Maesteg, Wales, and whilst this could extend lead times and increase costs, in times when freight costs are impacted, The Group would be able to continue to meet demands. MEIAP accounts for approximately 15% of Revenues so there significant mitigation in The Groups financial performance to offset any negative impact.
Compliance with regulations, legal and ethical standards The Group’s products and associated services are designed to protect lives and property. It is essential that those products and services comply, at the very least, with the laws and regulations in the territories in which the Company operates. | The Group engages in regular testing of its products in line with all applicable laws and regulations and is committed to achieving the highest levels of integrity in all that it does. The Group is also represented on external committees overseeing the setting of standards and regulatory processes.

SIDERISE (HOLDINGS) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
Principal risks and uncertainties
(Continued)

Credit Risk The Group's credit risk is almost entirely attributable to its trade receivables. | The Group continues to insure the majority of its trade receivables through Atradius, and, at 31 December 2025 had over 85% of its trade receivables insured. Provision is made for specific doubtful debts based on knowledge and ageing of the debtor. The amounts presented in the balance sheet are net of these provisions. All receivable accounts are credit checked using reputable agencies, and the Group's approach to giving credit is cautious. The Group has no significant concentration of credit risk, with exposure spread over a number of customers.
Cyber Security All modern businesses face an increasing inherent cyber security risk as criminals become more sophisticated and technology’s involvement continues to grow. | The Group has controls in place to mitigate cyber security risk, including regular security audits and independent penetration testing. The Group operates a layered cyber security control framework aligned to recognised standards, supported by enterprise‑grade security tooling, continuous monitoring of security posture and exposure, and risk‑based testing of key controls. Cyber security is governed through documented policies, defined accountability, and established incident response and business continuity arrangements, alongside regular employee awareness training. The Group holds Cyber Security Essentials Plus certification and is progressing a formal programme during 2026 to further mature its information‑security management framework in line with ISO 27001.

SIDERISE (HOLDINGS) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -
Statutory duties under s172(1) Companies Act 2006

Under section 172(1) of the Companies Act 2006, each director of a company has a duty to promote the success of the company, acting in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole, and, in doing so, have regard, amongst other things, to the following:

- the likely consequences of any decision in the long term;

- the interests of the company’s employees;

- the need to foster the company’s business relationships with suppliers, customers and others;

- the impact of the company’s operations on the community and the environment;

- the desirability of the company maintaining a reputation for high standards of business conduct; and

- the need to act fairly as between members of the company.

Long-term impact of decisions

The Board’s decisions are measured against its strategy, underpinned by its long-term business plan. Each decision takes into account, as appropriate, the impact on the Group's short-, medium- and long-term goals and on its wider stakeholder community. The Board, and its wider leadership team, understand the importance of engaging with all stakeholders and regularly discuss issues concerning its employees, suppliers, customers, community and the environment, and factors in the interests of these groups when making decisions.

The interests of the Group's employees

The Group recognises the key role its employees have in building a successful organisation. Siderise Insulation Limited achieved various awards and recognition in 2025 for its people-centric culture including being recognised as one of the ‘Best Places to Work’ in the prestigious Sunday Times listing in both 2024 and 2025, as well as being included in the inaugural Building Magazine Good Employer guide in 2025. Each Executive is responsible for one or more departments in the organisation and therefore, directly or indirectly, every employee’s interests are considered during discussions.

The Group’s average number of employees grew to 2 08 in 2025 (2024: 194). The need to recruit, develop and retain the best talent is key to the Group's success. The Board continues to focus on recruitment and retention, and will continue to do so, with 0.8% average employee turnover per month in 2025. Developing and upskilling remain fundamental to the employee proposition, underpinned by a bespoke Skills, Knowledge, Experience and Behaviours (“SKEB”) matrix for each employee, providing focus on current and desired levels of performance, with training provided to address identified areas for growth. In 2025, Siderise invested in a new Learning Management System (LMS) which has allowed the business to improve its performance management and learning processes, demonstrating our continued commitment to staff development, globally.

“Safety matters” is a key value of the business, and, while this extends across the spectrum of stakeholders, it starts with the Group's employees. Delivery of the Group's mission will make the world a safer place. By extension, safety should be intrinsic to everything the Group does. The Group aims to foster a culture of safety, a culture that is expansive and transferrable, so that people take it with them wherever they go.

SIDERISE (HOLDINGS) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -
Long-term impact of decisions
(Continued)

Fostering the Group's business relationships with suppliers

The Board recognises that the quality, reliability and integrity of the goods and services it procures are fundamental to delivering high-quality products and sustainable outcomes for our customers and wider stakeholders. The Group’s values, in particular Integrity in all we do, underpin its approach to building transparent, ethical and mutually beneficial relationships with suppliers.

The Board maintains oversight of key strategic supplier relationships, with material contracts and associated risks regularly reviewed at Board level under its delegated authority’s framework. Responsibility for the management of broader supplier relationships is appropriately delegated across the organisation, enabling timely and effective engagement, while maintaining clear accountability through Executive oversight.

The Group continues to strengthen its supply chain capability and governance. The appointment of a Head of Supply Chain in 2025 has enhanced central coordination, supplier risk management and the development of more consistent procurement practices across the business. This includes a greater focus on supplier performance, resilience and alignment with the Group’s standards on quality, ethics and sustainability.

Fostering the Group's business relationships with customers

“Customer First” lies at the heart of the Company’s values. The Group’s customers are the ultimate priority, and the quality of their experience when engaging with Siderise, at any point and with any product or service is central to building long term, trusted relationships. The Group’s Commercial function, led by the Chief Commercial Officer, ensures that customer insight informs decision making, with the Board placing significant emphasis on customer experience indicators, including Net Promoter Score (NPS), and the frequency and nature of customer complaints. In 2025, the business achieved an average NPS score of 57, increasing to 72 in the fourth quarter.

Impact on community and the environment

Under the leadership of the Environmental, Social and Governance (ESG) Manager, the impact the business has, and will have on its community and environment is appropriately monitored and managed. The Board has agreed specific science-based targets for the coming years across the spectrum of ESG.

The desirability of the Group maintaining a reputation for high standards of business conduct and the need to act fairly as between members of the Group

The business has a strong and growing reputation, evidenced by positive customer feedback, and high standards of business conduct evidenced by its value of “Integrity in all we do”. Balancing the interests of all stakeholders is not always simple, but the need to act fairly and take those, sometimes competing, interests into account, is the foundation upon which Siderise operates.

Future Developments
The Group is the UK, Ireland and UAE market leader in passive fire solutions for high rise buildings and has strong prospects for future growth as it focuses on its strategy to become the global leader in passive fire solutions for the building envelope on all building types. The business continues to develop new products and expand into new territories to enable it to address wider applications and markets, recently launching a new offering for Industrial portal-frame buildings as well as solutions for pre-cast concrete applications.
The Group has offices in Dubai, Singapore, India and North America, in addition to its manufacturing facilities, innovation centre and offices in the UK, with manufacturing now established in Dubai also. We continue to focus on developing our international footprint, building out in North America from early wins in New York, and across Asia with specific focus on countries that are undertaking significant vertical urbanism. We have further boosted our presence in Australia and New Zealand with our own team now on the ground there. The business will continue to make appropriate capital and overhead investments to continue its strong record of growth.
The directors believe these investments will deliver substantial returns in the coming years.
SIDERISE (HOLDINGS) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 5 -

On behalf of the board

Mr D Ladd
Director
21 May 2026
SIDERISE (HOLDINGS) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 6 -

The directors present their annual report and financial statements for the year ended 31 December 2025.

Principal activities

The principal activity of the company continued to be that of holding the shares of subsidiary companies and to provide management services to those subsidiaries.

Results and dividends

The results for the year are set out on page 11.

Ordinary dividends were paid amounting to £5,000,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr S Swales
(Resigned 31 March 2025)
Mr A M Turk
Mr M J Hendy
Mr R A Vidler
Mr G I Rees
Mr M D Holton
(Resigned 29 September 2025)
Mr T M Ryan
Mr D Ladd
(Appointed 29 September 2025)
Auditor

In accordance with the company's articles, a resolution proposing that Azets Audit Services be reappointed as auditor of the company will be put at a General Meeting.

Energy and carbon report

As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Mr D Ladd
Director
21 May 2026
SIDERISE (HOLDINGS) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 7 -

The directors are responsible for preparing the annual report 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;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- 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.

SIDERISE (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SIDERISE (HOLDINGS) LIMITED
- 8 -
Opinion

We have audited the financial statements of Siderise (Holdings) Limited (the 'company') for the year ended 31 December 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

SIDERISE (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SIDERISE (HOLDINGS) LIMITED (CONTINUED)
- 9 -
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 identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which 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 directors' r esponsibilities s tatement, 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 is 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.

Auditor's 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 an auditor's report 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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

SIDERISE (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SIDERISE (HOLDINGS) LIMITED (CONTINUED)
- 10 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;

- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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 an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Craig Yearsley FCCA (Senior Statutory Auditor)
For and on behalf of Azets Audit Services, Statutory Auditor
Chartered Accountants
Ty Derw
Lime Tree Court
Cardiff Gate Business Park
Cardiff
South Glamorgan
CF23 8AB
21 May 2026
SIDERISE (HOLDINGS) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
2025
2024
Notes
£'000
£'000
Turnover
3
3,196
2,315
Administrative expenses
(3,164)
(2,520)
Other operating income
97
94
Operating profit/(loss)
4
129
(111)
Interest receivable and similar income
8
-
0
2
Interest payable and similar expenses
9
-
0
(2)
Profit/(loss) before taxation
129
(111)
Tax on profit/(loss)
10
(46)
5
Profit/(loss) for the financial year
83
(106)
Other comprehensive income
Adjustments to the fair value of financial assets
-
0
9,212
Total comprehensive income for the year
83
9,106

The profit and loss account has been prepared on the basis that all operations are continuing operations.

SIDERISE (HOLDINGS) LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2025
31 December 2025
- 12 -
2025
2024
Notes
£'000
£'000
£'000
£'000
Fixed assets
Tangible assets
12
6,352
6,274
Investments
13
54,931
54,931
61,283
61,205
Current assets
Debtors
15
12,263
13,701
Cash at bank and in hand
-
0
78
12,263
13,779
Creditors: amounts falling due within one year
16
(13,093)
(9,607)
Net current (liabilities)/assets
(830)
4,172
Total assets less current liabilities
60,453
65,377
Provisions for liabilities
Deferred tax liability
18
62
69
(62)
(69)
Net assets
60,391
65,308
Capital and reserves
Called up share capital
20
1
1
Share premium account
19
19
Revaluation reserve
55,278
55,278
Profit and loss reserves
5,093
10,010
Total equity
60,391
65,308
The financial statements were approved by the board of directors and authorised for issue on 21 May 2026 and are signed on its behalf by:
Mr D Ladd
Director
Company registration number 02395079 (England and Wales)
SIDERISE (HOLDINGS) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 13 -
Share capital
Share premium account
Revaluation reserve
Profit and loss reserves
Total
Notes
£'000
£'000
£'000
£'000
£'000
Balance at 1 January 2024
1
19
46,066
10,116
56,202
Year ended 31 December 2024:
Loss
-
-
-
(106)
(106)
Other comprehensive income:
Adjustments to fair value of financial assets
-
-
9,212
-
9,212
Total comprehensive income
-
-
9,212
(106)
9,106
Balance at 31 December 2024
1
19
55,278
10,010
65,308
Year ended 31 December 2025:
Profit and total comprehensive income
-
-
-
83
83
Dividends
11
-
-
-
(5,000)
(5,000)
Balance at 31 December 2025
1
19
55,278
5,093
60,391
SIDERISE (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 14 -
1
Accounting policies
Company information

Siderise (Holdings) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Siderise Forge Industrial Estate, Nantyfyllon, Maesteg, Mid Glamorgan, United Kingdom, CF34 0AH.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £'000.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of Obice Topco Limited. These consolidated financial statements are available from its registered office, Nanytfyllon, Maesteg, CF34 0AH.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

Siderise (Holdings) Limited is a wholly owned subsidiary of Siderise Group Limited and the results of Siderise (Holdings) Limited are included in the consolidated financial statements of Obice Topco Limited which are available from Nantyfyllon, Maesteg, CF34 0AH.

1.2
Going concern

The financial statements have been prepared on a going concern basis which assumes the company will true continue in operational existence for the foreseeable future. In making their assessment the directors have reviewed the balance sheet, the likely future cash flows of the business and have considered facilities that are in place at the date of signing the report.

At the time of approving the financial statements and on the basis of continued support of companies within the group, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

SIDERISE (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 15 -
1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% - 4% on Cost
Fixtures and fittings
25% Reducing Balance
Computers
25% Reducing Balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Transaction costs are expensed to profit or loss as incurred. Changes in fair value are recognised in other comprehensive income except to the extent that a gain reverses a loss previously recognised in profit or loss, or a loss exceeds the accumulated gains recognised in equity; such gains and loss es are recognised in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. Investments in subsidiary undertakings have been valued on the basis of net asset value as reflected in the subsidiary companies balance sheets.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

SIDERISE (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 16 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

SIDERISE (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 17 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Tax

The tax expense represents the sum of the tax currently payable and deferred tax.

SIDERISE (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 18 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

SIDERISE (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 19 -
2
Judgements and key sources of estimation uncertainty

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.

3
Turnover and other revenue
2025
2024
£'000
£'000
Turnover analysed by class of business
Management charges
3,196
2,315
2025
2024
£'000
£'000
Other revenue
Interest income
-
2
Rent receivable
97
94

All turnover derives from the UK.

4
Operating profit/(loss)
2025
2024
Operating profit/(loss) for the year is stated after charging:
£'000
£'000
Exchange losses
5
-
0
Research and development costs
-
1
Depreciation of owned tangible fixed assets
199
209
Operating lease charges
104
67
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£'000
£'000
For audit services
Audit of the financial statements of the company
4
7
SIDERISE (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 20 -
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
19
15

Their aggregate remuneration comprised:

2025
2024
£'000
£'000
Wages and salaries
2,001
1,547
Social security costs
207
164
Pension costs
78
71
2,286
1,782
7
Directors' remuneration
2025
2024
£'000
£'000
Remuneration for qualifying services
1,309
1,002
Company pension contributions to defined contribution schemes
46
37
1,355
1,039
Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£'000
£'000
Remuneration for qualifying services
360
243
Company pension contributions to defined contribution schemes
11
-

An element of the above is recharged to the subsidiaries via management charge.

8
Interest receivable and similar income
2025
2024
£'000
£'000
Interest income
Other interest income
-
0
2
SIDERISE (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 21 -
9
Interest payable and similar expenses
2025
2024
£'000
£'000
Other interest
-
0
2
10
Tax
2025
2024
£'000
£'000
Current tax
UK corporation tax on profits for the current period
50
9
Adjustments in respect of prior periods
3
-
0
Total current tax
53
9
Deferred tax
Origination and reversal of timing differences
(4)
(14)
Adjustment in respect of prior periods
(3)
-
0
Total deferred tax
(7)
(14)
Total tax charge/(credit)
46
(5)

The actual charge/(credit) for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£'000
£'000
Profit/(loss) before tax
129
(111)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
32
(28)
Tax effect of expenses that are not deductible in determining taxable profit
1
23
Unutilised tax losses carried forward
13
-
0
Tax charge/(credit) for the year
46
(5)
11
Dividends
2025
2024
£'000
£'000
Final paid
5,000
-
0
SIDERISE (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 22 -
12
Tangible fixed assets
Freehold land and buildings
Assets under construction
Fixtures and fittings
Computers
Total
£'000
£'000
£'000
£'000
£'000
Cost
At 1 January 2025
6,842
-
0
56
337
7,235
Additions
161
68
48
-
0
277
At 31 December 2025
7,003
68
104
337
7,512
Depreciation and impairment
At 1 January 2025
687
-
0
52
222
961
Depreciation charged in the year
162
-
0
8
29
199
At 31 December 2025
849
-
0
60
251
1,160
Carrying amount
At 31 December 2025
6,154
68
44
86
6,352
At 31 December 2024
6,155
-
0
4
115
6,274
13
Fixed asset investments
2025
2024
Notes
£'000
£'000
Investments in subsidiaries
14
54,931
54,931
14
Subsidiaries

Details of the company's subsidiaries at 31 December 2025 are as follows:

Name of undertaking
Address
Class of
% Held
shares held
Direct
Indirect
Siderise Insulation Limited
[1]
Ordinary
100.00
0
Siderise (Special Products) Limited
[1]
Ordinary
100.00
0
Siderise Limited (Dormant)
[1]
Ordinary
100.00
0
Lamantherm Products Limited (Dormant)
[1]
Ordinary
100.00
0
Siderise Middle East FZE
[2]
Ordinary
0
100.00
Siderise (Asia Pacific) PTE. Ltd.
[3]
Ordinary
0
100.00
Siderise India Private Limited
[4]
Ordinary
0
100.00
Siderise US LLC
[5]
Ordinary
0
100.00

Registered office addresses (all UK unless otherwise indicated):

[1]
Forge Industrial Estate, Nantyfyllon, Maesteg, Wales, CF34 0AH
[2]
Citadel Tower, Marasi Dr, Dubai, UAE
[3]
80 Robinson Road, 02 00, Singapore 068898
[4]
Balaji Height, CHSL Mumbai Maharashtra, India, 400705
[5]
1209 Orange Street, City of Wilmington, County of New Castle, Delaware 19801, United States
SIDERISE (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 23 -
15
Debtors
2025
2024
Amounts falling due within one year:
£'000
£'000
Amounts owed by group undertakings
12,083
13,571
Other debtors
-
0
62
Prepayments and accrued income
180
68
12,263
13,701
16
Creditors: amounts falling due within one year
2025
2024
Notes
£'000
£'000
Bank loans and overdrafts
17
41
-
0
Trade creditors
18
10
Amounts owed to group undertakings
12,057
8,715
Corporation tax
62
9
Other tax and social security
655
498
Other creditors
22
56
Accruals and deferred income
238
319
13,093
9,607
17
Loans and overdrafts
2025
2024
£'000
£'000
Bank overdrafts
41
-
0
Payable within one year
41
-
0
18
Deferred tax

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
£'000
£'000
Accelerated capital allowances
71
75
Tax losses
(3)
-
Short term timing differences
(6)
(6)
62
69
SIDERISE (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
18
Deferred tax
(Continued)
- 24 -
2025
Movements in the year:
£'000
Liability at 1 January 2025
69
Credit to profit or loss
(7)
Liability at 31 December 2025
62

The deferred tax liability set out above is expected to reverse within 12 months and relates primarily to accelerated capital allowances that are expected to mature within the same period.

Deferred tax has been recognised at a rate of 25%.

19
Retirement benefit schemes
2025
2024
Defined contribution schemes
£'000
£'000
Charge to profit and loss in respect of defined contribution schemes
78
71

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

20
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£'000
£'000
Issued and fully paid
Ordinary shares of 0.1p each
972,220
972,220
1
1
21
Operating lease commitments
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£'000
£'000
Within 1 year
366
338
Years 2-5
499
580
865
918

The above disclosed commitments are recharged to group entities.

SIDERISE (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 25 -
22
Financial commitments, guarantees and contingent liabilities

A fixed and floating charge was created on 25 June 2019 in favour of HSBC UK Bank Plc over all the property and undertakings of the company and its subsidiaries, as listed per note 14. This remains in place at 31 December 2025.

A fixed and floating charge was created on 13 May 2025 in favour of HSBC UK Bank Plc over all the property and undertakings of the company and its subsidiaries, as listed per note 14. This remains in place at 31 December 2025.

23
Capital commitments

Amounts contracted for but not provided in the financial statements:

2025
2024
£'000
£'000
Acquisition of tangible fixed assets
-
33
24
Related party transactions

The company has taken the exemption under FRS102 not to disclose transactions with related parties that are within the Obice Topco group.

25
Ultimate controlling party

The ultimate parent company at the year end was Obice Topco Limited.

The ultimate controlling party of the group is Cooperatieve H2 Equity Partners Fund V U.A. on the basis of its majority shareholding of the group's ultimate parent company Obice Topco Limited.

2025-12-31 2025-01-01 false false false CCH Software CCH Accounts Production 2026.100 Mr S Swales Mr A M Turk Mr M J Hendy Mr R A Vidler Mr G I Rees Mr M D Holton Mr T M Ryan Mr D Ladd 02395079 2025-01-01 2025-12-31 02395079 bus:Director2 2025-01-01 2025-12-31 02395079 bus:Director3 2025-01-01 2025-12-31 02395079 bus:Director4 2025-01-01 2025-12-31 02395079 bus:Director5 2025-01-01 2025-12-31 02395079 bus:Director7 2025-01-01 2025-12-31 02395079 bus:Director8 2025-01-01 2025-12-31 02395079 bus:Director1 2025-01-01 2025-12-31 02395079 bus:Director6 2025-01-01 2025-12-31 02395079 bus:RegisteredOffice 2025-01-01 2025-12-31 02395079 2025-12-31 02395079 2024-01-01 2024-12-31 02395079 core:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 02395079 core:RetainedEarningsAccumulatedLosses 2025-01-01 2025-12-31 02395079 core:RevaluationReserve 1 2025-01-01 2025-12-31 02395079 core:RevaluationReserve 1 2024-01-01 2024-12-31 02395079 core:RevaluationReserve 2 2024-01-01 2024-12-31 02395079 2024-12-31 02395079 core:LandBuildings core:OwnedOrFreeholdAssets 2025-12-31 02395079 core:ConstructionInProgressAssetsUnderConstruction 2025-12-31 02395079 core:FurnitureFittings 2025-12-31 02395079 core:ComputerEquipment 2025-12-31 02395079 core:LandBuildings core:OwnedOrFreeholdAssets 2024-12-31 02395079 core:ConstructionInProgressAssetsUnderConstruction 2024-12-31 02395079 core:FurnitureFittings 2024-12-31 02395079 core:ComputerEquipment 2024-12-31 02395079 core:WithinOneYear 2025-12-31 02395079 core:WithinOneYear 2024-12-31 02395079 core:CurrentFinancialInstruments core:WithinOneYear 2025-12-31 02395079 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 02395079 core:ShareCapital 2025-12-31 02395079 core:ShareCapital 2024-12-31 02395079 core:SharePremium 2025-12-31 02395079 core:SharePremium 2024-12-31 02395079 core:RevaluationReserve 2025-12-31 02395079 core:RevaluationReserve 2024-12-31 02395079 core:RetainedEarningsAccumulatedLosses 2025-12-31 02395079 core:RetainedEarningsAccumulatedLosses 2024-12-31 02395079 core:ShareCapital 2023-12-31 02395079 core:SharePremium 2023-12-31 02395079 core:RevaluationReserve 2023-12-31 02395079 core:RetainedEarningsAccumulatedLosses 2023-12-31 02395079 core:ShareCapitalOrdinaryShareClass1 2025-12-31 02395079 core:ShareCapitalOrdinaryShareClass1 2024-12-31 02395079 core:LandBuildings core:OwnedOrFreeholdAssets 2025-01-01 2025-12-31 02395079 core:FurnitureFittings 2025-01-01 2025-12-31 02395079 core:ComputerEquipment 2025-01-01 2025-12-31 02395079 1 2025-01-01 2025-12-31 02395079 1 2024-01-01 2024-12-31 02395079 core:UKTax 2025-01-01 2025-12-31 02395079 core:UKTax 2024-01-01 2024-12-31 02395079 core:LandBuildings core:OwnedOrFreeholdAssets 2024-12-31 02395079 core:ConstructionInProgressAssetsUnderConstruction 2024-12-31 02395079 core:FurnitureFittings 2024-12-31 02395079 core:ComputerEquipment 2024-12-31 02395079 2024-12-31 02395079 core:ConstructionInProgressAssetsUnderConstruction 2025-01-01 2025-12-31 02395079 core:Non-currentFinancialInstruments 2025-12-31 02395079 core:Non-currentFinancialInstruments 2024-12-31 02395079 core:Subsidiary1 2025-01-01 2025-12-31 02395079 core:Subsidiary2 2025-01-01 2025-12-31 02395079 core:Subsidiary3 2025-01-01 2025-12-31 02395079 core:Subsidiary4 2025-01-01 2025-12-31 02395079 core:Subsidiary5 2025-01-01 2025-12-31 02395079 core:Subsidiary6 2025-01-01 2025-12-31 02395079 core:Subsidiary7 2025-01-01 2025-12-31 02395079 core:Subsidiary8 2025-01-01 2025-12-31 02395079 core:Subsidiary1 1 2025-01-01 2025-12-31 02395079 core:Subsidiary2 2 2025-01-01 2025-12-31 02395079 core:Subsidiary3 3 2025-01-01 2025-12-31 02395079 core:Subsidiary4 4 2025-01-01 2025-12-31 02395079 core:Subsidiary5 5 2025-01-01 2025-12-31 02395079 core:Subsidiary6 6 2025-01-01 2025-12-31 02395079 core:Subsidiary7 7 2025-01-01 2025-12-31 02395079 core:Subsidiary8 8 2025-01-01 2025-12-31 02395079 core:CurrentFinancialInstruments 2025-12-31 02395079 core:CurrentFinancialInstruments 2024-12-31 02395079 bus:OrdinaryShareClass1 2025-01-01 2025-12-31 02395079 bus:OrdinaryShareClass1 2025-12-31 02395079 bus:OrdinaryShareClass1 2024-12-31 02395079 core:BetweenTwoFiveYears 2025-12-31 02395079 core:BetweenTwoFiveYears 2024-12-31 02395079 bus:PrivateLimitedCompanyLtd 2025-01-01 2025-12-31 02395079 bus:FRS102 2025-01-01 2025-12-31 02395079 bus:Audited 2025-01-01 2025-12-31 02395079 bus:FullAccounts 2025-01-01 2025-12-31 xbrli:pure xbrli:shares iso4217:GBP