Registration number: 16132550

Cubic Topco Limited

Contents

Company Information	1
Strategic Report	2
Directors' Report	3
Statement of Directors' Responsibilities	4
Independent Auditor's Report	5 to 6
Consolidated Profit and Loss Account	7
Consolidated Balance Sheet	8
Balance Sheet	9
Consolidated Statement of Changes in Equity	10
Statement of Changes in Equity	11
Consolidated Statement of Cash Flows	12
Notes to the Financial Statements	13 to 28

Cubic Topco Limited

Company Information

Directors

S Igout R R J Kay D A Moore J F Perry H Van Loenen

Registered office

33 Glasshouse Street London W1B 5DG

Auditors

Hazlewoods LLP Windsor House Bayshill Road Cheltenham GL50 3AT

Cubic Topco Limited

Strategic Report for the period from 12 December 2024 to 31 December 2025

The directors present their strategic report for the period from 12 December 2024 to 31 December 2025.

Principal activity

The principal activity of the group is providing dentists with products, training and workflows which enable them to provide high quality dental services to patients.

The principal activity of the company is that of a holding company.

Fair review of the business

The results for the period which are set out in the profit and loss account show turnover of £10,191,440 and an operating loss of £963,871 At 31 December 2025 the group had total assets less current liabilities of £12,879,630. The directors consider the performance for the period and the financial position at the period end to be satisfactory.

Key performance indicators
The directors use Key Performance Indicators (KPI's) to assist in the understanding and development, performance and the position of the business of the group. These include group turnover, gross profit margin, operating profit and total equity.

Principal risks and uncertainties

The management of the business and the execution of the group's strategy are subject to a number of risks. The main financial risks faced by the group are market risk, liquidity risk and currency risk. The group is also exposed to foreign currency risk with multiple foreign subsidiaries and suppliers. The group seeks to minimise these risks through its policies and management activities.

Future developments

The Group has continued to trade profitably since the year end and results remain in-line with expectations.
The Group intends to continue to drive growth to meet the strategic objectives as set by the Board.

Approved by the Board on 10 September 2026 and signed on its behalf by:

S Igout
Director

Cubic Topco Limited

Directors' Report for the Period from 12 December 2024 to 31 December 2025

The directors present their report and the for the period from 12 December 2024 to 31 December 2025.

Incorporation

The company was incorporated on 12 December 2024.

Directors of the company

The directors who held office during the period were as follows:

S Igout (appointed 12 December 2024)

R R J Kay (appointed 12 December 2024)

D A Moore (appointed 1 February 2025)

J F Perry (appointed 1 February 2025)

H Van Loenen (appointed 23 January 2025)

Going concern

In preparing the financial statements, the Directors are required to assess the group and company's ability to continue to trade as a going concern for the foreseeable future.

In undertaking this assessment, the Directors have considered appropriate measures to respond to operational and financial risks to ensure the group remains a going concern for a period of at least 12 months.

The Directors have reviewed cash flow forecasts for the business covering a period of at least 12 months from the date of approval of these financial statements, and together with the projected revenues and cash generation, they are confident that sufficient funding is available to support ongoing trading activities.

The financial statements have therefore been prepared on a going concern basis.

Disclosure of information to the auditor

Each director has taken the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Appointment of auditors

Hazlewoods LLP were appointed auditors to the group during the period and have expressed their willingness to continue in office.

Approved by the Board on 10 September 2026 and signed on its behalf by:

S Igout
Director

Cubic Topco Limited

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, Directors' 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 group and 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 apply them consistently;
•	make judgements and accounting estimates that are reasonable and prudent;
•	state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
•	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

Cubic Topco Limited

Independent Auditor's Report to the Members of Cubic Topco Limited

Opinion

We have audited the financial statements of Cubic Topco Limited (the 'parent company') and its subsidiaries (the 'group') for the period from 12 December 2024 to 31 December 2025, which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

•	give a true and fair view of the state of the group's and the parent company's affairs as at 31 December 2025 and of the group's loss for the period 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 responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

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

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

•	the information given in the Strategic Report and Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and

•	the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

Cubic Topco Limited

Independent Auditor's Report to the Members of Cubic Topco Limited

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

•	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
•	the parent company financial statements are not in agreement with the accounting records and returns; or
•	certain disclosures of directors' remuneration specified by law are not made; or
•	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 4, 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 the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor 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:

•	identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
•	understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
•	challenging assumptions and judgements made by management in its significant accounting estimates; and
•	identifying and testing journal entries, in particular any journal entries with unusual characteristics.

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

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

James Morter (Senior Statutory Auditor)
For and on behalf of Hazlewoods LLP, Statutory Auditor

Windsor House
Bayshill Road
Cheltenham
GL50 3AT

10 September 2026

Cubic Topco Limited

Consolidated Profit and Loss Account for the Period from 12 December 2024 to 31 December 2025

	Note	2025 £
Turnover	3	10,191,440
Cost of sales		(6,776,326)
Gross profit		3,415,114
Administrative expenses		(4,378,985)
Operating loss	4	(963,871)
Other interest receivable and similar income		183
Interest payable and similar expenses	5	(1,653,947)
Loss before tax		(2,617,635)
Tax on loss	9	71,822
Loss for the financial period		(2,545,813)

The above results were derived from continuing operations.

The group has no other comprehensive income for the year.

Cubic Topco Limited

(Registration number: 16132550)
Consolidated Balance Sheet as at 31 December 2025

	Note	31 December 2025  £
Fixed assets
Intangible assets	10	11,591,845
Tangible assets	11	493,924
		12,085,769
Current assets
Stocks	14	197,450
Debtors	15	1,385,875
Cash at bank and in hand		1,040,901
		2,624,226
Creditors: Amounts falling due within one year	16	(1,830,365)
Net current assets		793,861
Total assets less current liabilities		12,879,630
Creditors: Amounts falling due after more than one year	16	15,251,761
Capital and reserves
Called up share capital	19	919
Share premium reserve		152,280
Other reserves		20,483
Profit and loss account		(2,545,813)
Total equity		(2,372,131)
Total capital, reserves and long term liabilities		12,879,630

Approved and authorised by the Board on 10 September 2026 and signed on its behalf by:
 

S Igout
Director

Cubic Topco Limited

(Registration number: 16132550)
Balance Sheet as at 31 December 2025

	Note	2025 £
Fixed assets
Investments	12	1
Current assets
Debtors	15	10,324,505
Creditors: Amounts falling due within one year	16	(32,654)
Net current assets		10,291,851
Total assets less current liabilities		10,291,852
Creditors: Amounts falling due after more than one year	16	10,437,786
Capital and reserves
Called up share capital	19	919
Share premium reserve		152,280
Profit and loss account		(299,133)
Total equity		(145,934)
Total capital, reserves and long term liabilities		10,291,852

The company made a loss after tax for the financial period of £299,133.

Approved and authorised by the Board on 10 September 2026 and signed on its behalf by:
 

S Igout
Director

Cubic Topco Limited

Statement of Changes in Equity for the Period from 12 December 2024 to 31 December 2025

	Share capital £	Share premium £	Profit and loss account £	Total £
Loss for the period	-	-	(299,133)	(299,133)
New share capital subscribed	919	152,280	-	153,199
At 31 December 2025	919	152,280	(299,133)	(145,934)