Company registration number 02878660 (England and Wales)
SYNTEGON TELSTAR UK LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
SYNTEGON TELSTAR UK LTD
COMPANY INFORMATION
Director
EP Prunera
Company number
02878660
Registered office
Unit 2 Gildersome Nano Park
Gilhusum Road
Leeds
LS27 7GU
Auditor
Sedulo Leeds Limited
St Pauls House
23 Park Square
Leeds
United Kingdom
LS1 2ND
SYNTEGON TELSTAR UK LTD
CONTENTS
Page
Strategic report
1 - 2
Director's report
3 - 4
Director's responsibilities statement
5
Independent auditor's report
6 - 8
Income statement
9
Statement of financial position
10
Statement of changes in equity
11
Notes to the financial statements
12 - 29
SYNTEGON TELSTAR UK LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

The director presents the strategic report for the year ended 31 December 2025.

Review of the business

Following from the transformation of the organisation in year 2024, the business plan for the company was further

developed to incorporate strategic focus on the Retrofits, Upgrades of existing equipment and Remote Services as part

of the latest structure of SLA offering (Service Level Agreements). Along with a strong pipeline of Spares Parts and

existing Maintenance contracts with established customers, the business maintained technical expertise to support

the modernisation of existing equipment and refocus to the Retrofits market, applicable to a big portion of our installed

base.

The statement of comprehensive Income is set out on page 9, with an overall Turnover result lower than previous year

due to the transition to a Customer Service business, the Director is however pleased with results as turnover from this revenue stream exceeded targe and the pivot to this revenue stream increased gross profit percentage from 16% to 77% The Orders received and turnover figures were benefited by the improvements in service delivery quality and the strengthening of the technical service team.

The move of the company to new offices and workshop building, being more suitable for Service and Retrofits, has

been completed successfully. The overhead or fixed costs is managed in a more controlled way and recognising savings.

The Service business model strategy can clearly support growth in the support of various technologies as part of the

wider organisation portfolio within the region, while the company can operate as Product Competence centre for

Containment/Aseptic equipment in the UK region and worldwide.

Enquiries for retrofitting obsolete equipment, modernising our installed base’s automation, and upgrading systems

with the latest industry features is proving a promising trend for the current offering of services in Syntegon Telstar UK

Ltd.

Principal risks and uncertainties

Regardless the shift of the business scope, there are still a number of open Projects which the company is required to

complete in 2026 and 2027 due to delays in the customers installation plans. This is an adding risk factor in relation to operating activities as the company needs to accommodate these projects in future operating plans.

Syntegon Telstar UK continues to have strict debtor procedures in place for current and potential customers to keep

the risk of bad debts to a minimum. The Group’s support which is reflected in the balance sheet as current liabilities;

is a long-term commitment from the Syntegon Telstar Group.

The company model has changed, hence flexibility in fulfilling technical gaps and operational functions in the team remains a risk. The good business performance is the key to allow investment in the service department headcount.

Growth opportunities are even more supported by training and knowledge sharing within the Group and with

continuous support from headquarters. It is crucial to manage the training investment while securing the profit

performance for the year.

Syntegon Telstar UK is a key partner in the Group and operates as the competence centre for containment and aseptic

technology. Other than factors outside the company's control the directors are not aware of any significant risk which

may adversely impact on the company during the forthcoming financial year.

SYNTEGON TELSTAR UK LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
Key performance indicators

Due to the pivot in operations the Director considers that non-financial key performance indictors are, in the current year, more readily comparable than financial key performance indicators.

2024 2025 % Change

Customer Service Orders 1,320,879 1,638,910 24%

Quality Control – Delivery Performance 6% 1.2% (80%)

Accidents including minor 2 1 (50%)

Carbon Footprint KG CO2 117,461 35,697 (69%)

Customer Service Orders Received increased in 2025 by 24%. This growth reflects the pivot in the company's strategy whereby it now focuses on this revenue stream. The market need for modernisation and upgrades of existing equipment introduced new opportunities which were converted to orders. Maintaining strategic relationships with key customers secured continuation and growth in equipment maintenance contracts.

The company has has significantly improved its performance by putting in practice the lessons learned and knowledge gained from projects in prior years. The pivot to a Service business contributes to a lower risk for new issues in quality and new equipment development. Both factors have improved delivery performance and quality control.

A 50% reduction has been achieved through awareness development across the workforce although reduced headcount is obviously a contributing factor.

Our compliance survey results show substantial improvements in several areas while our carbon footprint decreased significantly due to the modernisation of our building, reduced headcount and fleet modernisation.

Future developments

With the normalisation of the new company structure, in 2026, our continuous focus will be on growth of the Service,

Spares and Retrofits business, while committing to complete the remaining open projects.

On behalf of the board

EP Prunera
Director
31 July 2026
SYNTEGON TELSTAR UK LTD
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -

The director presents his annual report and financial statements for the year ended 31 December 2025.

The company transformed to a Customer Service and Retrofits business during the last two years, which has significant impact to the business strategy and future of services.

Principal activities

The principal activity of the company is the Customer Service, after care of Barrier System, Containment and Aseptic equipment for the pharmaceutical and life science market. This involves long-term Maintenance & Service agreements,

Spares parts, Retrofits & Upgrades of existing equipment.

Results and dividends

The results for the year are set out on page 9.

No ordinary dividends were paid. The director does not recommend payment of a final dividend.

No preference dividends were paid. The director does not recommend payment of a final dividend.

Director

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

N Street
(Resigned 5 September 2025)
EP Prunera
Qualifying third party indemnity provisions

The company has made qualifying third party indemnity provisions for the benefit of its director during the year. These provisions remain in force at the reporting date.

Supplier payment policy

The company's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).

The company's current policy concerning the payment of trade creditors is to:

- settle the terms of payment with suppliers when agreeing the terms of each transaction;

- ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in contracts; and

- pay in accordance with the company's contractual and other legal obligations.

Trade creditors of the company at the year end were equivalent to 55 day's purchases, based on the average daily amount invoiced by suppliers during the year.

Financial instruments

Foreign currency risk is mitigated through invoicing, remitting suppliers and receiving funds in various currencies as well as entering into forward exchange currency contracts.

The reduction in the company's activities and pivot towards more regular lower value invoicing has mitigated credit risks in relation to potential exposure to bad debts.

Research and development

There has been no research and development that has taken place in the year.

SYNTEGON TELSTAR UK LTD
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -
Post reporting date events

As disclosed in note 27 the Director does not consider there to be any post balance sheet events requiring disclosure in the company's financial statements.

Future developments

The Director does not consider there are any significant future developments affecting the company that require disclosing in the financial statements.

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
EP Prunera
Director
31 July 2026
SYNTEGON TELSTAR UK LTD
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 5 -

The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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 director is 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. He is 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.

SYNTEGON TELSTAR UK LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SYNTEGON TELSTAR UK LTD
- 6 -
Opinion

We have audited the financial statements of Syntegon Telstar UK Ltd (the 'company') for the year ended 31 December 2025 which comprise the income statement, the statement of financial position, 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 101 Reduced Disclosure Framework (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 director's 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 director 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 director is 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 director's 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 director's report have been prepared in accordance with applicable legal requirements.

SYNTEGON TELSTAR UK LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SYNTEGON TELSTAR UK LTD (CONTINUED)
- 7 -
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 director's 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 director's remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of director

As explained more fully in the director's r esponsibilities s tatement, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the manufacturing and supply sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006 and taxation legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

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

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

SYNTEGON TELSTAR UK LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SYNTEGON TELSTAR UK LTD (CONTINUED)
- 8 -

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

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries selected on a risk criteria basis to identify unusual transactions; and

- investigated the rationale behind significant or unusual transactions; and

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 any actual and potential litigation and claims.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

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.

Sam Perkin (Senior Statutory Auditor)
For and on behalf of Sedulo Leeds Limited, Statutory Auditor
Chartered Accountant
St Pauls House
23 Park Square
Leeds
LS1 2ND
United Kingdom
31 July 2026
SYNTEGON TELSTAR UK LTD
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 9 -
2025
2024
Notes
£
£
Revenue
3
2,902,723
5,074,874
Cost of sales
(673,410)
(4,241,905)
Gross profit
2,229,313
832,969
Distribution costs
(261,063)
(356,980)
Administrative expenses
(2,102,739)
(1,135,619)
Other operating expenses
(630)
20,689
Restructuring costs
4
-
0
(1,410,667)
Operating loss
5
(135,119)
(2,049,608)
Finance costs
9
(304,416)
(346,741)
Loss before taxation
(439,535)
(2,396,349)
Tax on loss
10
552,318
154,043
Profit/(loss) and total comprehensive income for the financial year
112,783
(2,242,306)
SYNTEGON TELSTAR UK LTD
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2025
31 December 2025
- 10 -
2025
2024
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
12
-
0
7,481
Right-of-use assets
12
56,295
27,752
56,295
35,233
Current assets
Inventories
14
177,397
134,328
Trade and other receivables
16
910,136
1,372,726
Cash and cash equivalents
657,726
334,823
1,745,259
1,841,877
Current liabilities
17
(8,478,594)
(7,856,062)
Net current liabilities
(6,733,335)
(6,014,185)
Total assets less current liabilities
(6,677,040)
(5,978,952)
Non-current liabilities
17
(30,363)
-
0
Provisions for liabilities
Other provisions
21
(60,187)
(901,421)
Net liabilities
(6,767,590)
(6,880,373)
Equity
Called up share capital
24
838,735
838,735
Share premium account
23
249,655
249,655
Capital redemption reserve
25
510
510
Retained earnings
(7,856,490)
(7,969,273)
Total equity
(6,767,590)
(6,880,373)
The financial statements were approved by the board of directors and authorised for issue on 31 July 2026 and are signed on its behalf by:
EP Prunera
Director
Company registration number 02878660 (England and Wales)
SYNTEGON TELSTAR UK LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
Share capital
Share premium account
Capital redemption reserve
Retained earnings
Total
£
£
£
£
£
Balance at 1 January 2024
838,735
249,655
510
(5,726,967)
(4,638,067)
Year ended 31 December 2024:
Loss and total comprehensive income
-
-
-
(2,242,306)
(2,242,306)
Balance at 31 December 2024
838,735
249,655
510
(7,969,273)
(6,880,373)
Year ended 31 December 2025:
Profit and total comprehensive income
-
-
-
112,783
112,783
Balance at 31 December 2025
838,735
249,655
510
(7,856,490)
(6,767,590)
SYNTEGON TELSTAR UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 12 -
1
Accounting policies
Company information

Syntegon Telstar UK Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 2 Gildersome Nano Park, Gilhusum Road, Leeds, LS27 7GU. The company's principal activities and nature of its operations are disclosed in the director's report.

1.1
Accounting convention

The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards.

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

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

As permitted by FRS 101, the company has taken advantage of the following disclosure exemptions from the requirements of IFRS:

- inclusion of an explicit and unreserved statement of compliance with IFRS;

- presentation of a statement of cash flows and related notes;

- disclosure of the objectives, policies and processes for managing capital;

- disclosure of key management personnel compensation;

- disclosure of the categories of financial instrument and the nature and extent of risks arising on these financial instruments;

- the effect of financial instruments on the statement of comprehensive income;

- comparative period reconciliations for the number of shares outstanding and the carrying amounts of property, plant and equipment, intangible assets, investment property and biological assets;

- disclosure of the future impact of new International Financial Reporting Standards in issue but not yet effective at the reporting date;

- a reconciliation of the number and weighted average exercise prices of share options, how the fair value of share-based payments was determined and their effect on profit or loss and the financial position;

- comparative narrative information;

- for financial instruments, investment property and biological assets measured at fair value and within the scope of IFRS 13, the valuation techniques and inputs used to measure fair value, the effect of fair value measurements with significant unobservable inputs on the result for the period and the impact of credit risk on the fair value; and

- related party disclosures for transactions with the parent or wholly owned members of the group.

Where required, equivalent disclosures are given in the consolidated accounts which are available to the public and can be obtained as set out in note 29.

1.2
Going concern

Notwithstanding the company has net current liabilities at the balance sheet date, this is due to group working capital funding of c.£6.9m being categorised as due within one year.true

The parent company has confirmed its intention, via a letter of support, to continue to provide financial support to the entity for a period of at least 12 months from the date of the Directors' Report and the Directors are confident of the ability of the parent company to provide this support.

Accordingly, at the time of signing these accounts the Directors are of an opinion that the company will remain viable for the foreseeable future and therefore these Financial Statements have been prepared on the going concern basis.

SYNTEGON TELSTAR UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 13 -
1.3
Revenue

Service Income

The Company recognises revenue when it satisfies a performance obligation by transferring control of promised services to a customer. Revenue is measured at the transaction price, which is the amount of consideration the Company expects to receive, net of discounts, rebates, and sales taxes. Recognition occurs when it is probable that economic benefits will flow to the Company and the revenue can be reliably measured at fair value.

Contract Income

The Company recognises revenue from contracts for the construction of equipment over time, using the percentage-of-completion method. This policy aligns with the principles of IFRS 15, Revenue from Contracts with Customers, as adopted by FRS 101.

Identify the contract(s) with a customer

A legally enforceable contract is entered into with a customer for the construction of a piece of equipment.

Identify the performance obligation

The performance obligation is the construction and delivery of the specified equipment as per the contractual agreement and is satisfied over time as the work progresses.

Determine transaction price

The transaction price is the amount of consideration the Company expects to be entitled to in exchange for transferring the promised equipment to the customer. This includes fixed contract prices, and where applicable, estimated variable consideration, which is only included to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognised will not occur.

Allocate the transaction price to performance obligations.

A revenue contract contains a single performance obligation and with no separately satisfiable obligations. Therefore the contract value is the transaction price.

Recognise revenue as obligations are satisfied.

Revenue is recognised over time the use of the percentage of completion method whereby the actual direct costs incurred is assessed against the overall budgeted costs as a percentage. This percentage is used to determine the amount of revenue allowed to be recognised in the current financial period. Revenue invoices are raised to the customer on a stage of completion basis. This results in a timing difference between revenue invoiced and revenue allowed which results in either a contract asset or contract liability to be recognised on the balance sheet.

Contract Assets: When the company has incurred actual direct costs beyond the point of which revenue invoices have been raised, a contract asset is recognised for the amount of actual direct costs in excess of total revenue invoices raised.

Contract Liabilities: When the company has invoiced the customer at a stage of completion beyond the point of which actual direct costs have been incurred, a contract liability is recognised for the amount which aggregate revenue invoices raised exceeds the amount of actual direct costs incurred.

SYNTEGON TELSTAR UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 14 -
1.4
Property, plant and equipment

Property, plant and equipment 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:

Leasehold land and buildings
Over the life of the lease
Fixtures and fittings
50% on reducing balance, 30% on reducing balance and 25% on cost
Motor vehicles
25% on cost

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 recognised in the income statement.

1.5
Impairment of tangible and intangible assets

At each reporting 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.

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.

1.6
Inventories

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.

Inventories held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

SYNTEGON TELSTAR UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 15 -
1.7
Cash and cash equivalents

Cash and cash equivalents 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.

1.8
Financial assets

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

Financial assets at fair value through profit or loss

When any of the above-mentioned conditions for classification of financial assets is not met, a financial asset is classified as measured at fair value through profit or loss. Financial assets measured at fair value through profit or loss are recognized initially at fair value and any transaction costs are recognised in profit or loss when incurred. A gain or loss on a financial asset measured at fair value through profit or loss is recognised in profit or loss, and is included within finance income or finance costs in the statement of income for the reporting period in which it arises.

Financial assets held at amortised cost

Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.

Financial assets at fair value through other comprehensive income

Debt instruments are classified as financial assets measured at fair value through other comprehensive income where the financial assets are held within the company’s business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

A debt instrument measured at fair value through other comprehensive income is recognised initially at fair value plus transaction costs directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognised through other comprehensive income are directly transferred to profit or loss when the debt instrument is derecognised.

The company has made an irrevocable election to recognize changes in fair value of investments in equity instruments through other comprehensive income, not through profit or loss. A gain or loss from fair value changes will be shown in other comprehensive income and will not be reclassified subsequently to profit or loss. Equity instruments measured at fair value through other comprehensive income are recognized initially at fair value plus transaction cost directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognized through other comprehensive income are directly transferred to retained earnings when the equity instrument is derecognized or its fair value substantially decreased. Dividends are recognized as finance income in profit or loss.

SYNTEGON TELSTAR UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 16 -
Impairment of financial assets

Financial assets carried at amortised cost and FVOCI are assessed for indicators of impairment at each reporting end date.

The expected credit losses associated with these assets are estimated on a forward-looking basis. A broad range of information is considered when assessing credit risk and measuring expected credit losses, including past events, current conditions, and reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

1.9
Financial liabilities

The company recogni s es financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

Other financial liabilities

Other financial liabilities, including borrowings, t rade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

1.10
Equity instruments

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

1.11
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.

SYNTEGON TELSTAR UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 17 -
Deferred tax

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary 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 income statement, 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
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event and it is probable that the company will be required to settle that obligation, and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows.

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

1.13
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 inventories or non-current 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.

1.14
Retirement benefits

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

1.15
Leases

At inception, the company assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the company recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within property, plant and equipment, apart from those that meet the definition of investment property.

SYNTEGON TELSTAR UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 18 -

The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the commencement date plus any initial direct costs and an estimate of the cost of obligations to dismantle, remove, refurbish or restore the underlying asset and the site on which it is located, less any lease incentives received.

The right-of-use asset is subsequently adjusted for remeasurements of the lease liability and applies the relevant cost model, fair value model or revaluation model as set out within the accounting policies for the applicable asset class. Where the cost model is applied, the asset is depreciated from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term, and is periodically reduced by impairment losses, if any.

The lease liability is initially measured at the present value of the lease payments that are unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the company's incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed payments, variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee, and the cost of any options that the company is reasonably certain to exercise, such as the exercise price under a purchase option, lease payments in an optional renewal period, or penalties for early termination of a lease.

The lease liability is measured at amortised cost using the effective interest method. It is re assessed at each financial period end to reflect lease modifications and any changes to the factors considered at initial measurement, as set out above. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

The company has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.

Whenever the Company incurs an obligation for costs to dismantle and remove a leased asset, restore the site on which it is located or restore the underlying asset to the condition required by the terms and conditions of the lease, a provision is recognised and measured under IAS 37. To the extent that the costs relate to a right-of-use asset, the costs are included in the related right-of-use asset, unless those costs are incurred to produce inventories.

1.16
Foreign exchange

Assets and liabilities in foreign currencies are translated into sterling at either the rates of exchange ruling at the balance sheet date or the rate of exchange agreed in any respective hedging contract. 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 arri\nng at the operating result.

Derivatives, including foreign currency forward exchange contracts, are recognised where material to the financial statements. They are initially recognised at fair value on the date entered into,and subsequently re-measured at fair value. Changes in the fair value are recognised in the Income statement in other operating expenses.

SYNTEGON TELSTAR UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 19 -
1.17

Research and development

Expenditure on research activities is recognised as an expense in the period in which it is incurred.

An internally-generated intangible asset arising from the development phase is recognised if, and only if, all of the following conditions have been demonstrated:

- the technical feasibility of completing the intangible assets so that it Wilf be available for use or sale

- the intention to complete the intangible asset and use or sell it;

- the ability to use or sell the intangible asset;

- how the intangible asset wilt generate probable future economic benefits;

- the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible assets; and

- the ability to measure reliably the expenditure attributable to the intangible asset durlng its development.

The amount initially recognised for internally generated intangible assets is the sum of the expenditure incurred from the date when the intangible asset first meets the recognition criteria listed above.

Where no internally-generated intangible asset can be recognised, development expenditure is recognised in profit or loss in the period in which it is incurred.

Subsequent to initial recognition, internally-generated intangible assets are reported at cost less accumulated amortisatlon and accumulated impairment losses, on the same basis as intangible assets that are acquired separately.

1.18

Contracts with customers

Large contracts are recognised as follows:

Amounts by which recognised turnover is in excess of invoices raised to date is separately disclosed within debtors as amounts due from contract customers.

Amounts by which invoices raised to date is in excess of recognised turnover is separately disclosed within creditors as amounts due to contract customers.

Amounts by which recorded expenditure is in excess of costs to date is disclosed within accruals.

This accounting policy is considered by the directors to be the most accurate way of accounting for profit on l ong term contracts evenly over the life of each project.

SYNTEGON TELSTAR UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 20 -
2
Critical accounting estimates and judgements

In the application of the company’s accounting policies, the director is 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, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

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

Estimates

Projects are executed and delivered by resources who support the design, assembly, installation and project management. To determine the project completion, the company relies on a budgeted cost value which is estimated based on previous project experience, project specifications, product knowledge and customer requirements. This value is also considering overheads, labour hours and raw material costs. As the project is progressing through the execution stage, the resulting percentage of completion is applied to determine the contract asset or liability and the revenue recognised in the current year.

Judgements

As coming out of its transition, the company’s financial statements include costs associated with the company restructure, detailed at note 4. Part of these costs are allocated to staff costs which are included within provisions at note 21. Management has exercised its judgement, based on its understanding of the company's commitments towards project completion and company portfolio restructuring, to ensure the accuracy of this provision.

3
Revenue
2025
2024
£
£
Revenue analysed by class of business
Principal activity of the company
2,902,723
5,074,874
2025
2024
£
£
Revenue analysed by geographical market
United Kingdom
1,160,176
1,388,884
Europe
745,085
2,256,486
Rest of world
997,462
1,429,504
2,902,723
5,074,874
SYNTEGON TELSTAR UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 21 -
4
Restructuring costs
2025
2024
£
£
Expenditure
Exceptional costs
-
1,410,667

In the prior year, pursuant to the change of ownership of the company, exceptional restructuring costs of £1,410,667 were incurred as the company shifted to focus more on sales and servicing revenue streams. No additional costs are incurred in the year. Total restructuring costs were split as below:

2025
2024
£
£
Exceptional costs
Staff costs
-
883,925
Inventory write off
-
369,328
Other costs
-
157,414
-
1,410,667
5
Operating loss
2025
2024
Operating loss for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains)
327,588
(215,512)
Depreciation of owned property, plant and equipment
2,102
42,664
(Profit)/loss on disposal of property, plant and equipment
(300)
1,981
Depreciation of right-of-use assets
40,921
105,390
(Profit)/loss on disposal of intangible assets
-
87
Cost of inventories recognised as an expense
619,952
2,416,322
Defined contribution pension costs
128,118
201,970
6
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
23,500
22,000
For other services
Tax services
-
0
500
Other services
2,350
12,535
Total non-audit fees
2,350
13,035
SYNTEGON TELSTAR UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 22 -
7
Employees

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

2025
2024
Number
Number
Operations and sales
13
38
Administration and finance
6
3
Total
19
41

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
1,055,667
2,005,869
Social security costs
75,105
209,161
Pension costs
128,118
177,117
768,145
2,392,147
8
Director's remuneration
2025
2024
£
£
Remuneration for qualifying services
71,722
87,792
Redundancy
105,295
-
0
Company pension contributions
17,813
7,763
194,830
95,555

The number of directors for whom retirement benefits are accruing under money purchase schemes amounted to 1 (2024 - 1).

The redundancy cost relates to the release of the exceptional cost provision recognised in the current year.

9
Finance costs
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on lease liabilities
22,113
43,127
Interest on other loans
282,303
303,614
304,416
346,741
SYNTEGON TELSTAR UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 23 -
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
(526,087)
(154,043)
Adjustments in respect of prior periods
(26,231)
-
Total UK current tax
(552,318)
(154,043)

The charge for the year can be reconciled to the loss per the income statement as follows:

2025
2024
£
£
Loss before taxation
(439,535)
(2,396,349)
Expected tax credit based on a corporation tax rate of 25.00% (2024: 25.00%)
(109,884)
(599,087)
Effect of expenses not deductible in determining taxable profit
325
2,984
Unutilised tax losses carried forward
-
0
554,119
Adjustment in respect of prior years
(26,231)
-
0
Group relief
-
0
4,809
Permanent capital allowances in excess of depreciation
-
0
37,175
Research and development tax credit
(98,573)
(154,043)
Surrender of tax losses for group relief
(317,955)
-
Taxation credit for the year
(552,318)
(154,043)

Historical unrecognised tax losses and current year tax losses have been surrendered to group for group relief during the current year.

11
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2025
2024
£
£
In respect of:
Property, plant and equipment
-
0
87,432
Recognised in:
Administrative expenses
-
87,432
SYNTEGON TELSTAR UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 24 -
12
Property, plant and equipment
Leasehold land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2025
173,416
207,611
25,177
406,204
Additions
69,464
11,142
-
0
80,606
Disposals
(173,416)
(58,731)
-
0
(232,147)
At 31 December 2025
69,464
160,022
25,177
254,663
Accumulated depreciation and impairment
At 1 January 2025
160,351
200,130
10,490
370,971
Charge for the year
30,431
2,102
10,490
43,023
Eliminated on disposal
(173,416)
(42,210)
-
0
(215,626)
At 31 December 2025
17,366
160,022
20,980
198,368
Carrying amount
At 31 December 2025
52,098
-
0
4,197
56,295
At 31 December 2024
13,065
7,481
14,687
35,233
SYNTEGON TELSTAR UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 25 -
Included within tangible are the following right-of-use assets:
Leasehold land and buildings
Motor vehicles
Total
£
£
£
Cost
At 1 January 2025
173,416
25,177
198,593
Additions
69,464
-
0
69,464
Disposals - lease termination
(173,416)
-
0
(173,416)
At 31 December 2025
69,464
25,177
94,641
Accumulated depreciation and impairment
At 1 January 2025
160,351
10,490
170,841
Charge for the year
30,431
10,490
40,921
Eliminated on disposal
(173,416)
-
0
(173,416)
At 31 December 2025
17,366
20,980
38,346
Carrying amount
At 31 December 2025
52,098
4,197
56,295
At 31 December 2024
13,065
14,687
27,752
14
Inventories
2025
2024
£
£
Raw materials
33,298
35,853
Work in progress
144,099
98,475
177,397
134,328

There is no significant difference between the replacement cost of the inventories and its carrying amount.

15
Contracts with customers
At 31 December
At 31 December
At 1 January
2025
2024
2024
Balances relating to contracts in progress
£
£
£
Other contract assets
76,083
380,023
1,195,360
Contract liabilities
(731,150)
(946,377)
(1,542,368)
SYNTEGON TELSTAR UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 26 -
16
Trade and other receivables
2025
2024
£
£
Trade receivables
313,882
883,098
Contract assets (note 15)
76,083
380,023
Amounts owed by fellow group undertakings
497,535
51,199
Other receivables
10,075
-
Prepayments and accrued income
12,561
58,406
910,136
1,372,726

Transactions with group companies are conducted at arms length with standard credit terms.

17
Liabilities
Current
Non-current
2025
2024
2025
2024
Notes
£
£
£
£
Borrowings
18
6,893,119
5,762,442
-
0
-
0
Trade and other payables
19
1,532,620
1,933,257
-
0
-
0
Taxation and social security
23,493
67,767
-
-
Lease liabilities
20
29,362
92,596
30,363
-
0
8,478,594
7,856,062
30,363
-
18
Borrowings
2025
2024
£
£
Borrowings held at amortised cost:
Loans from fellow group undertakings
6,893,119
5,762,442

Transactions with group companies are conducted at arms length with an annual interest rate of EURIBOR 3 months + 2%.

SYNTEGON TELSTAR UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 27 -
19
Trade and other payables
2025
2024
£
£
Trade payables
100,761
324,487
Contract liabilities (note 15)
731,150
946,377
Amounts owed to fellow group undertakings
445,378
383,372
Accruals and deferred income
223,308
222,664
Other payables
32,023
56,357
1,532,620
1,933,257

Transactions with group companies are conducted at arms length with an annual interest rate of EURIBOR 3 months + 2%.

20
Lease liabilities
2025
2024
Maturity analysis
£
£
Within one year
29,360
92,596
In one to five years
30,365
-
Total discounted liablities
59,725
92,596

2025
2024
£
£
Current liabilities
29,362
92,596
Non-current liabilities
30,363
-
0
59,725
92,596
2025
2024
Amounts recognised in profit or loss include the following:
£
£
Depreciation - short leasehold
28,956
101,194
Depreciation - motor vehicles
6,294
4,196
Interest on lease liabilities
22,113
43,127
57,363
148,517
SYNTEGON TELSTAR UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 28 -
21
Provisions for liabilities
2025
2024
£
£
Staff costs
16,362
737,040
Other costs
43,825
164,381
60,187
901,421
Movements on provisions:
Staff costs
Other costs
Total
£
£
£
At 1 January 2025
737,040
164,381
901,421
Additional provisions in the year
-
43,825
43,825
Utilisation of provision
(720,678)
(164,381)
(885,059)
At 31 December 2025
16,362
43,825
60,187

Provisions at 31 December 2024 have not been fully utilsed by 31 December 2025. This will be utilised in the following financial year.

22
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
128,118
177,117

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.

23
Share premium account
2025
2024
£
£
At the beginning and end of the year
249,655
249,655
SYNTEGON TELSTAR UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 29 -
24
Share capital
2025
2024
£
£
Alloted, issued and fully paid:
Number:
Class:
Nominal value:
83,873,500
Ordinary
0.01
838,735
838,735

Full voting and dividend rights are attached to the Ordinary shares.

25
Capital redemption reserve
2025
2024
£
£
At the beginning and end of the year
510
510
26
Financial instruments

The company enters into forward exchange currency contracts to mitigate exchange rate risk for trade debts receivable in Euros.

At 31 December 2025 the outstanding contracts all mature within 12 months of the year end and the company has contracts to sell €nil (2024 - €98,598) with a fair value gain of £nil (2024 - gain of £3,778).

27
Events after the reporting date

No events materially affecting the assessment of these financial statements have occurred after the balance sheet date.

28
Related party transactions

As detailed in note 1 "accounting policies" the company has taken advantage of the exemption not to disclose related party transactions with wholly owned subsidiaries within the group.

29
Controlling party

Immediate controlling party is Syntegon Telstar SLU registered in Spain. This company prepares consolidated financial statements in accordance with IFRS and are available from ww. Syntegon.com

The highest level of consolidation within the Syntegon group takes place at Syntegon Holding GmbH, registered in Germany. Consolidated financial statements, prepared in accordance with IFRS, are available from www.syntegon.com.

Syntegon Holding GmbH is under the control of the shareholders of Plantin2025 Holdings Jersey Limited, the company's ultimate parent undertaking.

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