Company registration number 01534904 (England and Wales)
GEISMAR (UK) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
GEISMAR (UK) LIMITED
COMPANY INFORMATION
Directors
Mr G Richardson
Mr G Bastin
(Appointed 31 October 2025)
Company number
01534904
Registered office
Salthouse Road
Brackmills Industrial Estate
Northampton
NN4 7EX
Auditor
F M C B
3rd Floor
Hathaway House
Popes Drive
Finchley
London
N3 1QF
Business address
Salthouse Road
Brackmills Industrial Estate
Northampton
NN4 7EX
Bankers
Barclays Bank PLC
Leicester
Leicestershire
LE87 2BB
GEISMAR (UK) LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Profit and loss account
7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 22
GEISMAR (UK) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

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

Review of the business

The results for the year and financial position of the company are as shown in the annexed financial statements.

The results for the financial year show a loss before taxation of £176,782 (20 2 4: £785,002).

The net effect of exchange gains and losses during the year amounted to a gain of £2,003 (20 2 4: loss of £23,709).

As with many businesses working in the rail sector during 2025, the overall trading results have been affected by the Network reduction in spend. The global and UK economy, reduction in public sector spending have also affected the rail market. The outlook will continue to be influenced by these factors, but trading has now stabilised.

Throughout the year Geismar UK Limited has continued to provide vital support to the UK, Ireland and worldwide rail infrastructure.

Geismar UK Limited continue to develop new innovative products to support the maintenance of the railway infrastructure.

Principal risks and uncertainties

The company operates in a competitive environment and trades in both the UK and abroad. Any risks and uncertainties that affect the rail industry may have an impact on the performance of the company.

Key performance indicators

Key performance indicators used by the company include sales, gross profit percentage, expenses ratios and profit before tax percentages.

On behalf of the board

Mr G Richardson
Director
26 March 2026
GEISMAR (UK) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -

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 manufacture, modification, supply and hire of railway maintenance equipment.

Results and dividends

The results for the year are set out on page 7.

No ordinary dividends were paid. The directors do not recommend payment of a final 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 R Hayat
(Resigned 31 October 2025)
Mr G Richardson
Mr G Bastin
(Appointed 31 October 2025)
Financial instruments
Liquidity risk

The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.

Foreign currency risk

The company purchases and sells products and services in both Sterling and Euros and is therefore exposed to foreign exchange gains and losses.

Credit risk

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

Auditor

A resolution proposing that FMCB be re-appointed as auditors of the company will be put at the forthcoming Annual General Meeting.

Statement of directors' responsibilities

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; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

GEISMAR (UK) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement 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 G Richardson
Director
26 March 2026
GEISMAR (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GEISMAR (UK) LIMITED
- 4 -
Opinion

We have audited the financial statements of GEISMAR (UK) LIMITED (the 'company') for the year ended 31 December 2025 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows 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 loss 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.

GEISMAR (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GEISMAR (UK) LIMITED (CONTINUED)
- 5 -
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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered information including the following:

- the nature of the industry and sector, control environment and business performance;

- results of our enquiries of management regarding identification and assessment of the risks of irregularities;

- the internal controls and company procedures established to detect and mitigate risks of fraud or non-compliance with laws and regulations;

- the legal and regulatory framework that the company operates in which includes in this context the Companies Act and tax legislation;

- consideration of factors that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate.

GEISMAR (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GEISMAR (UK) LIMITED (CONTINUED)
- 6 -

As a result of considering the above we use audit procedures to respond to any potential risks. Procedures used include the following:

- reviewing the financial statement disclosures and testing supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- enquiring of management to obtain an understanding of any provisions and testing the appropriateness of journal entries and other adjustments;

- evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

In addition to the above procedures the engagement team remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

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.

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.

Gavin Zeiderman BA(Hons) FCA (Senior Statutory Auditor)
For and on behalf of F M C B, Statutory Auditor
Chartered Accountants
3rd Floor
Hathaway House
Popes Drive
Finchley
London
N3 1QF
27 March 2026
GEISMAR (UK) LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 7 -
2025
2024
Notes
£
£
Turnover
3
3,082,393
4,778,477
Cost of sales
(2,019,682)
(3,219,024)
Gross profit
1,062,711
1,559,453
Administrative expenses
(753,298)
(2,258,078)
Other operating income
18,242
943
Operating profit/(loss)
4
327,655
(697,682)
Interest receivable and similar income
9
-
0
606
Interest payable and similar expenses
7
(64,851)
(87,926)
Amounts written off investments
8
(439,585)
-
Loss before taxation
(176,781)
(785,002)
Tax on loss
11
(60,370)
66,326
Loss for the financial year
(237,151)
(718,676)

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

GEISMAR (UK) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -
2025
2024
£
£
Loss for the year
(237,151)
(718,676)
Other comprehensive income
Revaluation of tangible fixed assets
(18,296)
(18,296)
Total comprehensive income for the year
(255,447)
(736,972)
GEISMAR (UK) LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2025
31 December 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
12
2,059,065
3,111,585
Investments
13
185
185
2,059,250
3,111,770
Current assets
Stocks
14
1,959,915
1,957,343
Debtors
15
667,281
469,809
Cash at bank and in hand
508,736
326,032
3,135,932
2,753,184
Creditors: amounts falling due within one year
16
(1,859,711)
(1,358,462)
Net current assets
1,276,221
1,394,722
Total assets less current liabilities
3,335,471
4,506,492
Creditors: amounts falling due after more than one year
17
(178,256)
(1,001,493)
Provisions for liabilities
Deferred tax liability
21
240,403
351,036
(240,403)
(351,036)
Net assets
2,916,812
3,153,963
Capital and reserves
Called up share capital
22
1,000,000
1,000,000
Revaluation reserve
23
803,888
822,184
Profit and loss reserves
24
1,112,924
1,331,779
Total equity
2,916,812
3,153,963

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 26 March 2026 and are signed on its behalf by:
Mr G Richardson
Director
Company registration number 01534904 (England and Wales)
GEISMAR (UK) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 10 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2024
1,000,000
840,480
2,032,159
3,872,639
Year ended 31 December 2024:
Loss
-
-
(718,676)
(718,676)
Other comprehensive income:
Revaluation of tangible fixed assets
-
(18,296)
-
(18,296)
Total comprehensive income
-
(18,296)
(718,676)
(736,972)
Transfers
-
-
0
18,296
18,296
Balance at 31 December 2024
1,000,000
822,184
1,331,779
3,153,963
Year ended 31 December 2025:
Loss
-
-
(237,151)
(237,151)
Other comprehensive income:
Revaluation of tangible fixed assets
-
(18,296)
-
(18,296)
Total comprehensive income
-
(18,296)
(237,151)
(255,447)
Transfers
-
-
0
18,296
18,296
Balance at 31 December 2025
1,000,000
803,888
1,112,924
2,916,812
GEISMAR (UK) LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
10
(881,582)
480,325
Interest paid
(64,851)
(87,926)
Income taxes paid
(127,768)
(16,603)
Net cash (outflow)/inflow from operating activities
(1,074,201)
375,796
Investing activities
Purchase of tangible fixed assets
(59,895)
(62,894)
Proceeds from disposal of tangible fixed assets
2,056,712
61,240
Group loan written off
(439,585)
-
0
Interest received
-
0
606
Net cash generated from/(used in) investing activities
1,557,232
(1,048)
Financing activities
Repayment of bank loans
(550,966)
(245,647)
Payment of finance leases obligations
250,639
-
0
Net cash used in financing activities
(300,327)
(245,647)
Net increase in cash and cash equivalents
182,704
129,101
Cash and cash equivalents at beginning of year
326,032
196,931
Cash and cash equivalents at end of year
508,736
326,032
GEISMAR (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 12 -
1
Accounting policies
Company information

GEISMAR (UK) LIMITED is a private company limited by shares incorporated in England and Wales. The registered office is Salthouse Road, Brackmills Industrial Estate, Northampton, NN4 7EX.

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.

1.2
Going concern

The directors consider the company has adequate resources to continue in operational existence for the foreseeable future and therefore the directors continue to adopt the going concern basis of accounting in preparing the financial statements.true

1.3
Turnover

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

1.4
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:

Land and buildings freehold
4% Straight line
Plant, fixtures, fittings and equipment
10 - 25% Straight line
Motor vehicles
25% Straight line

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.

1.5
Borrowing costs related to fixed assets

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

1.6
Impairment of fixed assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered a material impairment loss. If a material impairment loss arises then it is recognised in the profit and loss account or against the revaluation reserve if the asset has been revalued.

1.7
Stocks

Stocks are stated at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost is based on the average costs of purchase in the case of spare parts and the actual cost in the case of machines.

GEISMAR (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 13 -
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 assets

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

Financial assets include debtors, other receivables and bank balances.

Debtors and cash and bank balances which are basic financial assets are measured at transaction price less any impairment.

Debtors and cash and bank balances in foreign currencies are initially recorded at transaction price and subsequently at fair value less any impairment. Any changes in fair value are recognised in the profit or loss.

Financial assets are assessed for indicators of impairment at each reporting end date.

1.10
Financial liabilities

Financial liabilities include trade creditors and other payables.

Creditors and debt instruments in foreign currencies are initially recorded at transaction price and subsequently at fair value. Any changes in fair value are recognised in the profit or loss.

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. 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 recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

1.12
Retirement benefits

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

1.13
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

GEISMAR (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 14 -
1.14
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 are included in the profit and loss account for the period.

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.

Critical judgements

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

The charge for depreciation is derived after determining an estimate of an asset’s expected useful life and the expected residual value at the end of its life. Increasing an asset’s expected life or its residual value would result in a reduced depreciation charge in the profit and loss account. The useful lives and residual values of the assets are determined by management at the time the asset is acquired and reviewed annually for appropriateness. The lives are based on historical experience with similar assets as well as anticipation of future events which may impact their life.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2025
2024
£
£
Turnover analysed by class of business
Sales
3,082,393
4,778,477
2025
2024
£
£
Turnover analysed by geographical market
UK Sales
2,286,269
3,990,320
Export Sales
796,124
788,157
3,082,393
4,778,477
2025
2024
£
£
Other revenue
Interest income
-
606
GEISMAR (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 15 -
4
Operating profit/(loss)
2025
2024
Operating profit/(loss) for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(2,003)
23,709
Fees payable to the company's auditor for the audit of the company's financial statements
31,200
31,200
Depreciation of tangible fixed assets
369,263
502,220
Profit on disposal of tangible fixed assets
(1,313,560)
(50,588)
5
Employees

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

2025
2024
Number
Number
Office and administration
6
8
Selling and distribution
19
26
Total
25
34

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
1,332,812
1,707,137
Pension costs
67,657
88,573
1,400,469
1,795,710
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
134,417
127,194
7
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost
Interest on bank overdrafts and loans
64,851
87,926
GEISMAR (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 16 -
8
Amounts written off investments
2025
2024
£
£
Group loan written off
(439,585)
-
9
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
-
0
606
10
Cash (absorbed by)/generated from operations
2025
2024
£
£
Loss after taxation
(237,151)
(718,676)
Adjustments for:
Taxation charged/(credited)
60,370
(66,326)
Finance costs
64,851
87,926
Investment income
-
0
(606)
Gain on disposal of tangible fixed assets
(1,313,560)
(50,588)
Depreciation and impairment of tangible fixed assets
369,263
502,220
Group loan write off
439,585
-
Movements in working capital:
Increase in stocks
(2,572)
(578,699)
(Increase)/decrease in debtors
(198,490)
2,765,094
Decrease in creditors
(63,878)
(1,460,020)
Cash (absorbed by)/generated from operations
(881,582)
480,325
11
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
197,824
-
0
Adjustments in respect of prior periods
(26,821)
(11,762)
Total current tax
171,003
(11,762)
Deferred tax
Origination and reversal of timing differences
(110,633)
(54,564)
Total tax charge/(credit)
60,370
(66,326)
GEISMAR (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
11
Taxation
(Continued)
- 17 -

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

2025
2024
£
£
Loss before taxation
(176,781)
(785,002)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
(44,195)
(196,251)
Tax effect of expenses that are not deductible in determining taxable profit
145,650
127,610
Adjustments in respect of prior years
(26,822)
(11,761)
Capital allowances in excess of depreciation
(34,041)
(54,564)
Effect of capital allowances and disposals
(32,384)
(39,809)
Corporation tax losses
-
0
108,449
Utilisation of brought forward tax losses
(117,878)
-
0
Tax on chargeable gains
170,040
-
0
Taxation charge/(credit) for the year
60,370
(66,326)
12
Tangible fixed assets
Land and buildings freehold
Plant, fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
Cost or valuation
At 1 January 2025
1,300,000
4,133,629
214,951
5,648,580
Additions
-
0
59,895
-
0
59,895
Disposals
-
0
(1,400,620)
(60,037)
(1,460,657)
At 31 December 2025
1,300,000
2,792,904
154,914
4,247,818
Depreciation and impairment
At 1 January 2025
228,800
2,152,059
156,136
2,536,995
Depreciation charged in the year
20,800
309,846
38,617
369,263
Eliminated in respect of disposals
-
0
(660,779)
(56,726)
(717,505)
At 31 December 2025
249,600
1,801,126
138,027
2,188,753
Carrying amount
At 31 December 2025
1,050,400
991,778
16,887
2,059,065
At 31 December 2024
1,071,200
1,981,570
58,815
3,111,585

The company has used an independent surveyor previously to quantify the value of £1,300,000, which is shown in the financial statements and it has been confirmed by the directors that the value carried in the accounts has not materially changed and therefore no adjustment has been made in these financial statements.

GEISMAR (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
12
Tangible fixed assets
(Continued)
- 18 -

If revalued assets were measured using the cost model, the carrying amount would have been as follows:

2025
2024
£
£
Cost
935,985
935,985
Accumulated depreciation
(689,470)
(686,966)
Carrying value
246,515
249,019
13
Fixed asset investments
2025
2024
Notes
£
£
Investments in group undertakings
185
185

The company has not designated any financial assets that are not classified as financial assets at fair value through profit or loss.

Movements in fixed asset investments
Shares in group undertakings and participating interests
£
Cost or valuation
At 1 January 2025 & 31 December 2025
185
Carrying amount
At 31 December 2025
185
At 31 December 2024
185
14
Stocks
2025
2024
£
£
Work in progress
286,824
301,567
Finished goods and goods for resale
1,673,091
1,655,776
1,959,915
1,957,343
GEISMAR (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 19 -
15
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
313,158
226,257
Corporation tax recoverable
-
0
1,018
Amounts owed by group undertakings
299,939
101,162
Prepayments and accrued income
54,184
141,372
667,281
469,809

16
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans
18
704,091
253,564
Obligations under finance leases
19
72,383
-
0
Trade creditors
95,905
160,281
Amounts owed to group undertakings
733,345
659,161
Corporation tax
42,217
-
0
Other taxation and social security
123,391
221,188
Accruals and deferred income
88,379
64,268
1,859,711
1,358,462
17
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans and overdrafts
18
-
0
1,001,493
Obligations under finance leases
19
178,256
-
0
178,256
1,001,493
18
Loans and overdrafts
2025
2024
£
£
Bank loans
704,091
1,255,057
Payable within one year
704,091
253,564
Payable after one year
-
0
1,001,493

The bank loan is secured by fixed charges over a freehold property. The loan is due for repayment by July 2026. Interest is charged at variable rates with capital repayments over the term of the loan.

GEISMAR (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 20 -
19
Finance lease obligations
2025
2024
Amounts due:
£
£
Within one year
72,383
-
0
After more than one year
178,256
-
0
250,639
-
2025
2024
Future minimum lease payments due under finance leases:
£
£
Within one year
72,383
-
0
In two to five years
178,256
-
0
250,639
-
0

The company raised working capital through sales and leaseback loans. Interest is charged at floating rates with capital repayment over the terms of the finance lease.

20
Financial instruments
2025
2024
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
613,097
327,419
Carrying amount of financial liabilities
Measured at amortised cost
1,872,359
2,138,767
21
Deferred taxation

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

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
240,403
351,036
2025
Movements in the year:
£
Liability at 1 January 2025
351,036
Credit to profit or loss
(110,633)
Liability at 31 December 2025
240,403
GEISMAR (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 21 -
22
Share capital
2025
2024
£
£
Ordinary share capital
Issued and fully paid
1,000,000 Ordinary shares of £1 each
1,000,000
1,000,000
23
Revaluation reserve
2025
2024
£
£
At beginning of year
822,184
840,480
Revaluation surplus transfer to Profit & Loss reserve
(18,296)
(18,296)
At end of year
803,888
822,184
24
Profit and loss reserves
2025
2024
£
£
At the beginning of the year
1,331,779
2,032,159
Adjusted balance
1,331,779
2,032,159
Loss for the year
(237,151)
(718,676)
Transfer to reserves
18,296
18,296
At the end of the year
1,112,924
1,331,779
25
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
67,657
88,573

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.

GEISMAR (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 22 -
26
Related party transactions

Remuneration of key management personnel is set out in note 7 to these financial statements.

The Company has normal commercial trading arrangements with its Parent Company and its fellow subsidiaries.

Group transactions during the year were as follows:-

Inter Group Sales of goods and services amounted to £3 60,622 (2024: £351,139).

Inter Group Purchases and Charges amounted to £863,736 (2024: £2,387,440).

During the reporting year the Geismar Group went through a restructuring process and the share capital in Geismar UK Limited was acquired by Geismar Rail Industry Technologies & Services SAS (a company incorporated in France). A s part of the group restructuring process, Geismar UK Limited has written of £134,416 of group trade debtor balances and £439,585 of loans made to the group.

At the year end the company was owed £299,939 (2024: £101,162) by Group companies and this figure is included in debtors. The company also owed £733,345 (20 24: £659,161) to Group companies and this is included in creditors.

27
Ultimate controlling party

During the reporting year Geismar SAS, the previous parent company went through a restructuring process and as a result Geismar Rail Industry Technologies & Services SAS acquired the shares of Geismar UK Limited. Geismar Rail Industry Technologies & Services SAS, incorporated in France is regarded as the company's ultimate parent company.

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