Company registration number 14619137 (England and Wales)
EUSTON HOLDCO VII LIMITED
CONSOLIDATED ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
EUSTON HOLDCO VII LIMITED
COMPANY INFORMATION
DIRECTORS
Mr M J Dominik
Mr T R E Normanton
Mr M G Silver
COMPANY NUMBER
14619137
REGISTERED OFFICE
73 Cornhill
London
EC3V 3QQ
AUDITOR
JW Hinks LLP
19 Highfield Road
Edgbaston
Birmingham
B15 3BH
EUSTON HOLDCO VII LIMITED
CONTENTS
PAGE
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 29
EUSTON HOLDCO VII 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

On 14 March 2023, the Company’s 58.37% owned subsidiary, Dudley Industrial Holdings Limited, acquired 100% of the share capital of Hammond Chemicals Limited.

Hammond Chemicals Limited is the only trading company within the Group, and its trading activities and results are therefore reported in its own Strategic Report.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks to the group are a general economic downturn and supply chain shortages. These can cause imbalances in supply, demand and value.

While the group is broad based, a multi-sector downturn could impact our end customers' business and hence lower demand or increase credit issues.

Supply chain issues can extend beyond just the main purchase of solvents. The group needs equipment, parts and other materials to continue operations. As such, the broad supply chain shortages for items like lorries could be a risk to the group.

DEVELOPMENT AND PERFORMANCE

We continue to invest in the group to add capacity, meet regulatory requirements and exploit commercial opportunities.

For the reasons stated above, we expect the business environment to remain challenging but we continue to actively manage the situation.

On behalf of the board

Mr T R E Normanton
DIRECTOR
20 August 2026
EUSTON HOLDCO VII 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 group continued to be that of blending, packing and distribution of industrial solvents to a wide variety of industrial and commercial sectors predominantly within the UK.

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 further dividend.

DIRECTORS

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

Mr M J Dominik
Mr T R E Normanton
Mr M G Silver
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 auditor of the company 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 auditor of the company is aware of that information.

On behalf of the board
Mr T R E Normanton
DIRECTOR
20 August 2026
EUSTON HOLDCO VII LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -

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

United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company 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 group and parent company, and of the profit or loss of the group for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable U nited K ingdom 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 group and parent company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent 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 group and parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

EUSTON HOLDCO VII LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF EUSTON HOLDCO VII LIMITED
- 4 -
OPINION

We have audited the financial statements of Euston Holdco VII Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group 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 group's and the parent company's affairs as at 31 December 2025 and of the group's profit for the year then ended;

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

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

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

OTHER INFORMATION

The 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:

- T he 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.

EUSTON HOLDCO VII LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF EUSTON HOLDCO VII LIMITED
- 5 -
MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

In the light of the knowledge and understanding of the group and the parent company and their 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- the parent company financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

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

RESPONSIBILITIES OF DIRECTORS

As explained more fully in the directors' 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 group's and parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or parent 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

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.

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements and discussed the policies and procedures regarding compliance.

Specific areas considered were as follows:

- Enquiring with management and others to gain an understanding of the organisation itself including operations, financial reporting and known fraud or error.

- Evaluating and understanding the internal control system.

- Performing analytical procedures as expected or unexpected variances in account balances or classes of transactions appear.

- Testing documentation supporting account balances or classes of transactions.

- Observing the physical stock count.

- Confirming accounts receivable and other accounts with a third party.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards.

This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities 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.

EUSTON HOLDCO VII LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF EUSTON HOLDCO VII LIMITED
- 6 -
USE OF OUR REPORT

This report is made solely to the parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

MARCUS ROSE FCA CTA (SENIOR STATUTORY AUDITOR)
FOR AND ON BEHALF OF JW HINKS LLP (CHARTERED ACCOUNTANTS)
19 HIGHFIELD ROAD
Edgbaston
Birmingham
B15 3BH
20 August 2026
EUSTON HOLDCO VII LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 7 -
2025
2024
Notes
£
£
TURNOVER
3
16,594,043
17,845,678
Cost of sales
(11,394,433)
(12,909,460)
GROSS PROFIT
5,199,610
4,936,218
Distribution costs
(905,543)
(858,922)
Administrative expenses
(2,168,551)
(2,048,530)
Other operating income
978
2,778
OPERATING PROFIT
4
2,126,494
2,031,544
Interest receivable and similar income
7
55,044
111,164
Interest payable and similar expenses
8
(886,070)
(1,171,641)
PROFIT BEFORE TAXATION
1,295,468
971,067
Tax on profit
9
(521,547)
(456,891)
PROFIT FOR THE FINANCIAL YEAR
773,921
514,176
Profit for the financial year is attributable to:
- Owners of the parent company
451,738
298,999
- Non-controlling interests
322,183
215,177
773,921
514,176
EUSTON HOLDCO VII LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -
2025
2024
£
£
PROFIT FOR THE YEAR
773,921
514,176
OTHER COMPREHENSIVE INCOME
-
-
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
773,921
514,176
Total comprehensive income for the year is attributable to:
- Owners of the parent company
451,738
298,999
- Non-controlling interests
322,183
215,177
773,921
514,176
EUSTON HOLDCO VII LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 9 -
2025
2024
Notes
£
£
£
£
FIXED ASSETS
Goodwill
10
5,635,507
6,421,857
Other intangible assets
10
40,425
60,336
Total intangible assets
5,675,932
6,482,193
Tangible assets
11
865,878
905,558
Investments
12
1,207,647
1,159,324
7,749,457
8,547,075
CURRENT ASSETS
Stocks
14
554,700
535,071
Debtors
15
2,485,270
2,549,619
Cash at bank and in hand
993,422
822,685
4,033,392
3,907,375
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
16
(2,426,879)
(2,791,254)
NET CURRENT ASSETS
1,606,513
1,116,121
TOTAL ASSETS LESS CURRENT LIABILITIES
9,355,970
9,663,196
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
17
(7,096,687)
(8,166,698)
PROVISIONS FOR LIABILITIES
Deferred tax liability
20
202,196
213,332
(202,196)
(213,332)
NET ASSETS
2,057,087
1,283,166
CAPITAL AND RESERVES
Called up share capital
22
100
100
Profit and loss reserves
1,199,514
747,776
EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT COMPANY
1,199,614
747,876
NON-CONTROLLING INTERESTS
857,473
535,290
TOTAL EQUITY
2,057,087
1,283,166
The financial statements were approved by the board of directors and authorised for issue on 20 August 2026 and are signed on its behalf by:
20 August 2026
Mr T R E Normanton
DIRECTOR
Company registration number 14619137 (England and Wales)
EUSTON HOLDCO VII LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2025
31 December 2025
- 10 -
2025
2024
Notes
£
£
£
£
FIXED ASSETS
Investments
12
58
58
CURRENT ASSETS
Cash at bank and in hand
38
40
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
16
(900)
(2,700)
NET CURRENT LIABILITIES
(862)
(2,660)
NET LIABILITIES
(804)
(2,602)
CAPITAL AND RESERVES
Called up share capital
22
100
100
Profit and loss reserves
(904)
(2,702)
TOTAL EQUITY
(804)
(2,602)

As permitted by section 408 of the Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £1,799 (2024 - £202 loss).

The financial statements were approved by the board of directors and authorised for issue on 20 August 2026 and are signed on its behalf by:
20 August 2026
Mr T R E Normanton
DIRECTOR
Company registration number 14619137 (England and Wales)
EUSTON HOLDCO VII LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
Share capital
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
£
£
£
£
£
BALANCE AT 1 JANUARY 2024
100
448,777
448,877
320,113
768,990
PERIOD ENDED 31 DECEMBER 2024:
Profit and total comprehensive income
-
298,999
298,999
215,177
514,176
BALANCE AT 31 DECEMBER 2024
100
747,776
747,876
535,290
1,283,166
YEAR ENDED 31 DECEMBER 2025:
Profit and total comprehensive income
-
451,738
451,738
322,183
773,921
BALANCE AT 31 DECEMBER 2025
100
1,199,514
1,199,614
857,473
2,057,087
EUSTON HOLDCO VII LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 12 -
Share capital
Profit and loss reserves
Total
£
£
£
BALANCE AT 1 JANUARY 2024
100
(2,500)
(2,400)
PERIOD ENDED 31 DECEMBER 2024:
Loss and total comprehensive income for the period
-
(202)
(202)
BALANCE AT 31 DECEMBER 2024
100
(2,702)
(2,602)
YEAR ENDED 31 DECEMBER 2025:
Profit and total comprehensive income
-
1,798
1,798
BALANCE AT 31 DECEMBER 2025
100
(904)
(804)
EUSTON HOLDCO VII LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 13 -
2025
2024
Notes
£
£
£
£
CASH FLOWS FROM OPERATING ACTIVITIES
Cash generated from operations
27
3,231,578
3,210,267
Interest paid
(886,070)
(1,171,641)
Income taxes paid
(509,271)
(469,062)
Net cash inflow from operating activities
1,836,237
1,569,564
INVESTING ACTIVITIES
Purchase of intangible assets
-
(9,419)
Purchase of tangible fixed assets
(144,400)
(155,478)
Proceeds from disposal of tangible fixed assets
5,001
10,250
Interest received on investments
48,323
558,523
Interest received
55,044
111,164
Net cash (used in)/generated from investing activities
(132,678)
515,040
FINANCING ACTIVITIES
Repayment of borrowings
(1,071,151)
(1,380,624)
Repayment of bank loans
(400,438)
(1,105,263)
Payment of finance leases obligations
(61,233)
(43,411)
Net cash used in financing activities
(1,532,822)
(2,529,298)
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS
170,737
(444,694)
Cash and cash equivalents at beginning of year
822,685
1,267,379
CASH AND CASH EQUIVALENTS AT END OF YEAR
993,422
822,685
EUSTON HOLDCO VII LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 14 -
1
ACCOUNTING POLICIES
COMPANY INFORMATION

Euston Holdco VII Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 73 Cornhill, London, EC3V 3QQ.

The group consists of Euston Holdco VII Limited and all of its subsidiaries.

1.1
BASIS OF PREPARATION

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

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

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

1.2
BUSINESS COMBINATIONS

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
BASIS OF CONSOLIDATION

The consolidated group financial statements consist of the financial statements of the parent company Euston Holdco VII Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 December 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.4
GOING CONCERN

A t the time of approving the financial statements, t he directors have a reasonable expectation that the group and parent company ha ve adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

EUSTON HOLDCO VII LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
ACCOUNTING POLICIES
(Continued)
- 15 -
1.5
REVENUE

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.6
INTANGIBLE FIXED ASSETS - GOODWILL

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
INTANGIBLE FIXED ASSETS OTHER THAN GOODWILL

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Software
33% straight line
1.8
TANGIBLE FIXED ASSETS

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

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

Freehold land and buildings
4% straight line
Plant and equipment
15% reducing balance
Computers
33% straight line
Motor vehicles
25% reducing balance
EUSTON HOLDCO VII LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
ACCOUNTING POLICIES
(Continued)
- 16 -

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 profit and loss account.

1.9
FIXED ASSET INVESTMENTS

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the g roup’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

In the parent c ompany financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.10
IMPAIRMENT OF FIXED ASSETS

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible 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. The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

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.

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

EUSTON HOLDCO VII LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
ACCOUNTING POLICIES
(Continued)
- 17 -
1.11
STOCKS

Stocks 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 stocks to their present location and condition.

Stocks 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.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.12
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.

1.13
FINANCIAL INSTRUMENTS

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

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

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

Basic financial assets

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

Other financial assets

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

Impairment of financial assets

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

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

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

EUSTON HOLDCO VII LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
ACCOUNTING POLICIES
(Continued)
- 18 -
Derecognition of financial assets

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

Classification of financial liabilities

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

Basic financial liabilities

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

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

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

Other financial liabilities

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

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

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.14
EQUITY INSTRUMENTS

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

1.15
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 profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

EUSTON HOLDCO VII LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
ACCOUNTING POLICIES
(Continued)
- 19 -
Deferred tax

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

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

1.16
EMPLOYEE BENEFITS

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

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

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

1.17
RETIREMENT BENEFITS

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

1.18
LEASES
As lessee

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

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.

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

2
JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the group’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.

EUSTON HOLDCO VII LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 20 -
3
TURNOVER AND OTHER REVENUE
2025
2024
£
£
TURNOVER ANALYSED BY CLASS OF BUSINESS
Sales of goods
16,594,043
17,845,678
2025
2024
£
£
TURNOVER ANALYSED BY GEOGRAPHICAL MARKET
United Kingdom
16,494,106
17,750,893
Ireland
99,937
94,785
16,594,043
17,845,678
2025
2024
£
£
OTHER REVENUE
Interest income
55,044
111,164
4
OPERATING PROFIT
2025
2024
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of tangible fixed assets
96,261
115,988
Depreciation of tangible fixed assets held under finance leases
81,360
60,490
Loss/(profit) on disposal of tangible fixed assets
1,458
(3,571)
Amortisation of intangible assets
806,261
815,295
Operating lease charges
50,000
50,000
5
AUDITOR'S REMUNERATION
2025
2024
Fees payable to the company's auditor and associates:
£
£
FOR AUDIT SERVICES
Audit of the financial statements of the group and company
900
2,900
Audit of the financial statements of the company's subsidiaries
10,400
11,590
11,300
14,490
FOR OTHER SERVICES
All other non-audit services
3,200
3,200
EUSTON HOLDCO VII LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 21 -
6
EMPLOYEES

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

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Directors and management
3
3
-
-
Administration
5
5
-
-
Production
11
10
-
-
Selling and delivery
8
7
-
-
Total
27
25
0
0

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
1,214,584
1,117,879
-
0
-
0
Social security costs
114,894
88,098
-
-
Pension costs
17,459
15,063
-
0
-
0
1,346,937
1,221,040
-
0
-
0
7
INTEREST RECEIVABLE AND SIMILAR INCOME
2025
2024
£
£
INTEREST INCOME
Interest on bank deposits
53,562
109,891
Other interest income
1,482
1,273
Total income
55,044
111,164
8
INTEREST PAYABLE AND SIMILAR EXPENSES
2025
2024
£
£
Interest on bank overdrafts and loans
745,684
978,955
Other interest on financial liabilities
119,365
172,118
Interest on finance leases and hire purchase contracts
20,880
19,423
Other interest
141
1,144
Total finance costs
886,070
1,171,641
EUSTON HOLDCO VII LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 22 -
9
TAXATION
2025
2024
£
£
CURRENT TAX
UK corporation tax on profits for the current period
534,752
422,991
Adjustments in respect of prior periods
(2,069)
-
0
Total current tax
532,683
422,991
DEFERRED TAX
Origination and reversal of timing differences
(11,136)
33,900
Total tax charge
521,547
456,891

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

2025
2024
£
£
Profit before taxation
1,295,468
971,067
EXPECTED TAX CHARGE BASED ON THE STANDARD RATE OF CORPORATION TAX IN THE UK OF 25% (2024: 25%)
323,867
242,767
Effects of:
Expenses that are not deductible in determining taxable profit
196,791
196,717
Utilisation of tax losses not previously recognised
(449)
-
0
Unutilised tax losses carried forward
-
0
51
Permanent capital allowances in excess of depreciation
14,544
(16,544)
Tax under/(over) provided in prior years
(2,069)
-
0
Deferred Tax Movement
(11,137)
33,900
TAXATION CHARGE IN THE FINANCIAL STATEMENTS
521,547
456,891
10
INTANGIBLE FIXED ASSETS
GROUP
Goodwill
Software
Total
£
£
£
COST
At 1 January 2025 and 31 December 2025
7,863,499
89,281
7,952,780
AMORTISATION AND IMPAIRMENT
At 1 January 2025
1,441,642
28,945
1,470,587
Amortisation charged for the year
786,350
19,911
806,261
At 31 December 2025
2,227,992
48,856
2,276,848
EUSTON HOLDCO VII LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
10
INTANGIBLE FIXED ASSETS
(Continued)
- 23 -
CARRYING AMOUNT
At 31 December 2025
5,635,507
40,425
5,675,932
At 31 December 2024
6,421,857
60,336
6,482,193
11
TANGIBLE FIXED ASSETS
GROUP
Freehold land and buildings
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
£
COST
At 1 January 2025
391,975
1,584,010
138,596
938,404
3,052,985
Additions
-
0
127,787
16,458
155
144,400
Disposals
-
0
(50,850)
-
0
(83,000)
(133,850)
At 31 December 2025
391,975
1,660,947
155,054
855,559
3,063,535
DEPRECIATION AND IMPAIRMENT
At 1 January 2025
388,719
1,053,754
129,190
575,764
2,147,427
Depreciation charged in the year
148
80,706
6,162
90,605
177,621
Eliminated in respect of disposals
-
0
(46,418)
-
0
(80,973)
(127,391)
At 31 December 2025
388,867
1,088,042
135,352
585,396
2,197,657
CARRYING AMOUNT
At 31 December 2025
3,108
572,905
19,702
270,163
865,878
At 31 December 2024
3,256
530,256
9,406
362,640
905,558
12
FIXED ASSET INVESTMENTS
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
58
58
Listed investments
1,207,647
1,159,324
-
0
-
0
1,207,647
1,159,324
58
58
EUSTON HOLDCO VII LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
12
FIXED ASSET INVESTMENTS
(Continued)
- 24 -
MOVEMENTS IN FIXED ASSET INVESTMENTS
GROUP
Investments
£
COST OR VALUATION
At 1 January 2025
1,159,324
Interest received
48,323
At 31 December 2025
1,207,647
CARRYING AMOUNT
At 31 December 2025
1,207,647
At 31 December 2024
1,159,324
MOVEMENTS IN FIXED ASSET INVESTMENTS
COMPANY
Shares in subsidiaries
£
COST OR VALUATION
At 1 January 2025 and 31 December 2025
58
CARRYING AMOUNT
At 31 December 2025
58
At 31 December 2024
58
13
SUBSIDIARIES

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

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Dudley Industrial Holdings Limited
73 Cornhill, London, England, EC3V 3QQ
Ordinary
58.37
-
Hammond Chemicals Limited
Canal St, Brierley Hill DY5 1JR
Ordinary
0
100.00
N & S Chemicals Limited
Canal St, Brierley Hill DY5 1JR
Ordinary
0
100.00
Hammond Solvents Limited
Canal St, Brierley Hill DY5 1JR
Ordinary
0
100.00
N And S Hammond Limited
Canal St, Brierley Hill DY5 1JR
Ordinary
0
100.00
Hamsol Limited
Canal St, Brierley Hill DY5 1JR
Ordinary
0
100.00
Hammond Organic Products Limited
Canal St, Brierley Hill DY5 1JR
Ordinary
0
100.00
EUSTON HOLDCO VII LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 25 -
14
STOCKS
Group
Company
2025
2024
2025
2024
£
£
£
£
Finished goods and goods for resale
554,700
535,071
-
0
-
0
15
DEBTORS
Group
Company
2025
2024
2025
2024
AMOUNTS FALLING DUE WITHIN ONE YEAR:
£
£
£
£
Trade debtors
2,425,131
2,499,114
-
0
-
0
Other debtors
4,421
-
0
-
0
-
0
Prepayments and accrued income
55,718
50,505
-
0
-
0
2,485,270
2,549,619
-
-
16
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans
18
699,996
1,105,263
-
0
-
0
Obligations under finance leases
19
81,507
68,100
-
0
-
0
Other borrowings
18
50,407
121,358
-
0
-
0
Trade creditors
920,829
947,609
-
0
-
0
Corporation tax payable
196,275
172,862
-
0
-
0
Other taxation and social security
268,541
225,169
-
0
-
0
Other creditors
26,020
12,142
-
0
-
0
Accruals and deferred income
183,304
138,751
900
2,700
2,426,879
2,791,254
900
2,700
17
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
18
6,241,671
6,236,842
-
0
-
0
Obligations under finance leases
19
154,918
229,558
-
0
-
0
Other borrowings
18
700,098
1,700,298
-
0
-
0
7,096,687
8,166,698
-
-
EUSTON HOLDCO VII LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 26 -
18
LOANS AND OVERDRAFTS
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank loans
6,941,667
7,342,105
-
0
-
0
Other loans
750,505
1,821,656
-
0
-
0
7,692,172
9,163,761
-
-
Payable within one year
750,403
1,226,621
-
0
-
0
Payable after one year
6,941,769
7,937,140
-
0
-
0

Shawbrook Bank Limited hold a cross-company guarantee between Dudley Industrial Holdings Limited, Hammond Chemicals Limited, Merion Holdco 1 Limited and Euston Holdco VII dated 14 March 2023 and 21st November 2025.

19
FINANCE LEASE OBLIGATIONS
Group
Company
2025
2024
2025
2024
Amounts due:
£
£
£
£
Current liabilities
81,507
68,100
-
0
-
0
Non-current liabilities
154,918
229,558
-
0
-
0
236,425
297,658
-
-
Group
Company
2025
2024
2025
2024
Future minimum lease payments due:
£
£
£
£
Within one year
82,078
82,078
-
0
-
0
In two to five years
199,485
275,016
-
0
-
0
281,563
357,094
-
-
Less: future finance charges
(45,138)
(59,436)
-
0
-
0
236,425
297,658
-
0
-
0

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments. Finance leases are secured against the asset purchased.

EUSTON HOLDCO VII LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 27 -
20
DEFERRED TAXATION

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

Liabilities
Liabilities
2025
2024
GROUP
£
£
Accelerated capital allowances
202,196
213,332
The company has no deferred tax assets or liabilities.
Group
Company
2025
2025
MOVEMENTS IN THE YEAR:
£
£
Liability at 1 January 2025
213,332
-
Credit to profit or loss
(11,136)
-
Liability at 31 December 2025
202,196
-
21
RETIREMENT BENEFIT SCHEMES
2025
2024
DEFINED CONTRIBUTION SCHEMES
£
£
Charge to profit or loss in respect of defined contribution schemes
17,459
15,063

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

22
SHARE CAPITAL
GROUP AND COMPANY
2025
2024
2025
2024
ORDINARY SHARE CAPITAL
Number
Number
£
£
ISSUED AND FULLY PAID
A shares of 1p each
7,495
7,495
75
75
B shares of 1p each
2,505
2,505
25
25
10,000
10,000
100
100
23
OPERATING LEASE COMMITMENTS
AS LESSEE
EUSTON HOLDCO VII LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
23
OPERATING LEASE COMMITMENTS
(Continued)
- 28 -

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

Group
Company
2025
2024
2025
2024
£
£
£
£
Within 1 year
4,167
50,000
-
-
4,167
50,000
-
-
24
CAPITAL COMMITMENTS

Amounts contracted for but not provided in the financial statements:

Group
Company
2025
2024
2025
2024
£
£
£
£
Acquisition of tangible fixed assets
619,500
-
-
-
25
RELATED PARTY TRANSACTIONS
TRANSACTIONS WITH RELATED PARTIES

During the year the group entered into the following transactions with related parties:

Consultancy Fees
2025
2024
£
£
GROUP
Entities under common control
36,000
-

The following amounts were outstanding at the reporting end date:

AMOUNTS DUE TO RELATED PARTIES
2025
2024
£
£
GROUP
Entities under common control
36,000
-
OTHER INFORMATION

The company has taken advantage of exemption of Section 33 of FRS 102 Related Party Disclosures not to disclose related party transactions with other group companies.

EUSTON HOLDCO VII LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 29 -
26
CONTROLLING PARTY

The company is under the control of it's directors.

27
CASH GENERATED FROM GROUP OPERATIONS
2025
2024
£
£
Profit after taxation
773,922
514,176
ADJUSTMENTS FOR:
Taxation charged
521,547
456,891
Finance costs
886,070
1,171,641
Investment income
(55,044)
(111,164)
Loss/(gain) on disposal of tangible fixed assets
1,458
(3,571)
Amortisation and impairment of intangible assets
806,261
815,295
Depreciation and impairment of tangible fixed assets
177,621
176,478
MOVEMENTS IN WORKING CAPITAL:
(Increase)/decrease in stocks
(19,631)
114,639
Decrease in debtors
64,351
426,497
Increase/(decrease) in creditors
75,023
(350,615)
CASH GENERATED FROM OPERATIONS
3,231,578
3,210,267
28
ANALYSIS OF CHANGES IN NET DEBT - GROUP
1 January 2025
Cash flows
31 December 2025
£
£
£
Cash at bank and in hand
822,685
170,737
993,422
Borrowings excluding overdrafts
(9,163,761)
1,471,589
(7,692,172)
Payment of finance leases obligations
(297,658)
61,233
(236,425)
(8,638,734)
1,703,559
(6,935,175)
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