REGISTERED NUMBER: 01566906 (England and Wales)

Quinta Raddison Limited

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

For The Year Ended

31st December 2025

Page

Company Information

1

Group Strategic Report

2

to

3

Report of the Directors

4

to

5

Report of the Independent Auditors

6

to

7

Consolidated Income Statement

8

Consolidated Other Comprehensive Income

9

Consolidated Balance Sheet

10

Company Balance Sheet

11

Consolidated Statement of Changes in Equity

12

Company Statement of Changes in Equity

13

Consolidated Cash Flow Statement

14

Notes to the Consolidated Cash Flow Statement

15

Notes to the Consolidated Financial Statements

16

to

27

DIRECTORS:

Mr A J Muir

Mrs S R Muir

Mr R P Harris

SECRETARY:

Mr R Allerton-Austin

REGISTERED OFFICE:

Stour House

High Lift Road

Langham

Colchester

Essex

C04 5TD

REGISTERED NUMBER:

01566906 (England and Wales)

AUDITORS:

TC Group

Statutory Auditor

Suite 4

New Kings Court

Tollgate

Eastleigh

SO53 3LG

The directors present their strategic report of the company and the group for the year ended 31st December 2025.

REVIEW OF BUSINESS

2025 was a year to reassess and fine tune our operation. Through promoting experienced personnel to key management positions, we improved customer service to certain important regions with a view to increase growth in those regions accordingly.

The year continued to present challenges with the impact of the war in Ukraine and the Israel-Gaza war.

There was a small reduction in turnover from 2024, falling to £53.5m with gross margin similar to 2024.

An improved quotation to order conversion ratio meant the business was more successful with less enquiries through 2025. This was the result of continuous evaluation and implementation of improvements in our supply chain by our procurement teams.

As competition continues to increase, these supply chain improvements are key to Quinta Raddison maintaining its position as a top supplier of OEM spares to heavy industry worldwide.

In April 2025, QR Automation Limited, a wholly owned subsidiary, commenced operation in the UK. We are confident that in 2026, this company will contribute to the growth of the group.

The group continues to investigate new regions and opportunities that will yield growth.

During 2025, the solar power installation at the UK head office has generated 33119 kWh of electricity of which 20605 kWh was exported to the National Grid. The remaining 12514 kWh (38%) was used by the office.

PRINCIPAL RISKS AND UNCERTAINTIES

The directors are responsible for managing financial risks to which the group may be exposed.

The group is exposed to foreign currency risk due to its overseas customer base. The group limits the exposure by maintaining bank accounts and funds in frequently used currencies and with the occasional use of forward contracts.

The group is at risk from its customers defaulting in making payments for goods that have been supplied to them. To minimise this risk, the group has a policy of only trading with customers who are end users and do not sell through intermediaries.

Another risk associated with being a global business is that of a political nature. The group takes every precaution to ensure that we only operate appropriate jurisdictions, but it is always possible instability, particularly in the Middle East, could have an impact on the business.

The group regularly engages with its staff and believes that as a profitable growing group, it continues to offer opportunities that will enable retention and recruitment of suitable personnel.

SECTION 172(1) STATEMENT

The directors recognise their duty under section 172 of the Companies Act 2006 to promote the success of the business for the benefit of its members as a whole, while having regard to the broader matters set out in section 172(1). In fulfilling this duty during the year, the Board considered the long-term consequences of its decisions, the interests of employees, relationships with key stakeholders, the impact of operations on communities and the environment, the maintenance of high standards of business conduct, and the fair treatment of shareholders.

Long-term decision making

The group operates in a competitive global engineering market, with a significant proportion of sales derived from supplying equipment to the oil and energy sector, particularly in the Middle East. Strategic decisions are made with a view to securing sustainable growth and resilience, including investment in research and development to enhance equipment efficiency, reliability and safety. The Board regularly reviews international market trends, geopolitical risks and the transition of the energy sector to ensure the business remains agile and well-positioned for the future.

Employees

Our employees are central to the delivery of high-quality engineering solutions. The Board places significant emphasis on investing in technical training, skills development and health and safety. The group maintains open communication channels to engage staff, encourage feedback and ensure their wellbeing. A culture of collaboration and innovation is fostered to retain and attract skilled engineers and specialists.

Stakeholder relationships

The group's success depends on strong, long-term relationships with customers, suppliers, agents and business partners worldwide. In particular, the Board has ensured regular engagement with customers in the Middle East to understand their operational needs and evolving requirements. We work closely with suppliers to maintain robust supply chains and uphold standards of quality, integrity and reliability. Local representatives and distributors are supported to provide on-the-ground expertise and service, enhancing trust and reputation in key export markets.

Community and environment

The Board is mindful of the environmental footprint of engineering and manufacturing activities. Investment was made in 2024 in solar panels at our offices in Langham. The group also contributes to the local community through sponsorships and donations.

High standards of business conduct

Operating globally, the group is committed to maintaining compliance with UK and international laws, regulations and ethical business practices. Anti-bribery and corruption policies, export control compliance and regular training are in place to safeguard the company’s reputation and ensure responsible trading.

Fairness between members

The Board ensures that all shareholders are treated equally and that transparent, timely information is provided. The interests of shareholders are considered in capital allocation decisions and in balancing investment for long-term growth with returns to members.

In summary, the Board is satisfied that it has acted in a manner consistent with its duties under section 172(1) of the Companies Act 2006 and that its approach supports the groups long-term sustainable success.

POST BALANCE SHEET EVENTS

Due to the logistical difficulties bought on by the USA/Iran conflict, the opening of the Middle East office has been paused temporarily. Continuous evaluation of the conflict will determine when we recommence this project.

FUTURE DEVELOPMENTS

The group currently has no immediate plans, although the purchase of a warehouse remains under consideration and increasing our local presence in both the countries we sell and purchase from is under review.

BRANCHES

The group has operating branches in Australia, Germany and South Africa.

NON FINANCIAL KEY PERFORMANCE INDICATORS

Non-Financial KPIs were in-line with expectations. Feedback from customers during visits remain positive with our communication and response times of most importance and highly appreciated.

Client retention remains stable with 20 new clients against a loss of 30 clients. This reduction is based on existing clients not placing orders during 2025.

ON BEHALF OF THE BOARD:

Mr R P Harris - Director

14th September 2026

The directors present their report with the financial statements of the company and the group for the year ended 31st December 2025.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of exporting engineering equipment and associated products.

DIVIDENDS

Interim dividends totalling £49,285 per share were paid on the Ordinary B £1 shares during the year. No dividends were paid on any other classes of shares.

The total distribution of dividends for the year ended 31 December 2025 will be £3,449,960.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

The directors shown below have held office during the whole of the period from 1st January 2025 to the date of this report.

Mr A J Muir

Mrs S R Muir

Mr R P Harris

Other changes in directors holding office are as follows:

Mr D S Linscott - resigned 1st November 2025

FINANCIAL INSTRUMENTS

The Group has various financial instruments which arise in the normal course of its business.

The following risks are limited by the group's financial management policies and practices as described below:

Foreign currency risk

The group is exposed to foreign currency risk due to its overseas customer base. The group limits the exposure by maintaining bank accounts in frequently used currencies and with the occasional use of forward contracts.

Credit risk

The group is at risk from its customers defaulting in making payments for goods that have been supplied to them. To minimise this risk, the group has a policy of only trading with customers who are end users and do not sell through intermediaries. In addition, the majority of customers are large and well established multinational companies, or are government-owned. The group's exposure and its customers' creditworthiness are continually monitored so that any potential problems are detected at an early stage. At the end of the reporting date, the directors did not consider that the group was exposed to any significant credit risk in respect of trade receivables.

Price risk

The group is at risk from fluctuations in commodity prices and the impact these have on its customers' income stream and hence buying power. This risk is minimised by dealing with well established plants which have an ongoing requirement for equipment and spares despite such fluctuations.

Liquidity and cash flow risk

The directors have ultimate responsibility for liquidity risk management in maintaining adequate reserves, banking facilities and reserve borrowing facilities. They do this by continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities. In addition, the Group has an available overdraft facility which can be utilised, if required, to support working capital needs and finance the fulfilment of larger orders. The directors consider that this provides adequate financial flexibility to meet the Group's obligations as they fall due.

Interest rate risk

The group has no significant exposure to interest rate risk through the impact of rate changes on interest-bearing borrowings as it has no significant interest bearing liabilities.In the opinion of the directors, it has no significant exposure to interest rate risk on its interest bearing assets as the majority of these are with reliable banks.

STREAMLINED ENERGY AND CARBON REPORTING

The greenhouse gas emissions, energy consumption and energy efficiency disclosures not given as the group energy consumption is less than 40,000kWh of energy.

In June 2024 solar panels were installed at our offices in Langham, which are expected to generate 31506 kWh over a typical year. 32% (9937 kWh) of the electricity generated is expected to be used directly in the property. The remaining generation (21569 kWh) is exported to the National Grid. Over the course of the year a total of 20163 kWh is expected to be imported to the offices.

DISCLOSURE IN THE STRATEGIC REPORT

Certain disclosure items required under Sch. 7 to be disclosed in the directors' report, are set out in the strategic report in accordance with s.414C(11) CA 2006.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 the group 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 accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, TC Group, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr R P Harris - Director

14th September 2026

Opinion

We have audited the financial statements of Quinta Raddison Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st December 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 of the parent company affairs as at 31st 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 Auditors' 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 and the 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 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 the audit:

-	the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

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 its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

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 five, 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 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.

Auditors' 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 a Report of the Auditors 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:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the group and determined that the most significant frameworks which are directly relevant so specific assertions in the financial statements are those that relate to the reporting framework (UK GAAP and the Companies Act 2006) and the relevant tax compliance regulations in the UK.

We understood how the group is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures. We corroborated our enquiries through review of board minutes and discussions with those charged with governance.

We assess the susceptibility of the company's financial statements to material misstatement, including how fraud might occur, by discussion with management from various parts of the business to understand where they considered there was a susceptibility to fraud. We considered the procedures and controls that the company has established to prevent and detect fraud, and how these are monitored by management, and also any enhanced risk factors such as performance targets.

Based on our understanding, we designed our audit procedures to identify any non-compliance with laws

and regulations identified in the paragraphs above.

We also performed audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant

transactions outside the normal course of business and reviewing accounting estimates for bias.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.

Richard Gillespie FCCA (Senior Statutory Auditor)

for and on behalf of TC Group

Statutory Auditor

Suite 4

New Kings Court

Tollgate

Eastleigh

SO53 3LG

14th September 2026

TURNOVER

4

53,453,603

54,629,506

Cost of sales

41,501,362

43,135,388

GROSS PROFIT

11,952,241

11,494,118

Administrative expenses

8,679,310

8,581,191

3,272,931

2,912,927

Other operating income

1,537

3,002

OPERATING PROFIT

3,274,468

2,915,929

Income from shares in group undertakings

-

29,588

Interest receivable and similar income

564,351

605,305

564,351

634,893

3,838,819

3,550,822

Interest payable and similar expenses

6

-

757

PROFIT BEFORE TAXATION

7

3,838,819

3,550,065

Tax on profit

8

951,987

861,324

PROFIT FOR THE FINANCIAL YEAR

2,886,832

2,688,741

Profit attributable to:

Owners of the parent

2,882,301

2,684,479

Non-controlling interests

4,531

4,262

2,886,832

2,688,741

PROFIT FOR THE YEAR

2,886,832

2,688,741

OTHER COMPREHENSIVE INCOME

Foreign exchange reserve movement

(10,785

)

5,609

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

(10,785

)

5,609

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

2,876,047

2,694,350

Total comprehensive income attributable to:

Owners of the parent

2,871,516

2,690,088

Non-controlling interests

4,531

4,262

2,876,047

2,694,350

FIXED ASSETS

Intangible assets

11

443,563

-

Tangible assets

12

1,408,580

1,824,270

Investments

13

Interest in joint venture

Share of gross assets

11,122

11,122

11,122

11,122

Interest in associate

3,772

3,772

1,867,037

1,839,164

CURRENT ASSETS

Stocks

14

2,332,879

2,173,666

Debtors

15

10,172,114

9,689,154

Cash at bank

15,363,911

17,696,634

27,868,904

29,559,454

CREDITORS

Amounts falling due within one year

16

4,675,413

5,786,177

NET CURRENT ASSETS

23,193,491

23,773,277

TOTAL ASSETS LESS CURRENT LIABILITIES

25,060,528

25,612,441

PROVISIONS FOR LIABILITIES

18

122,000

100,000

NET ASSETS

24,938,528

25,512,441

CAPITAL AND RESERVES

Called up share capital

19

76

76

Revaluation reserve

20

27,100

27,100

Capital redemption reserve

20

24

24

Other reserves

20

(5,176

)

5,609

Retained earnings

20

24,887,378

25,455,037

SHAREHOLDERS' FUNDS

24,909,402

25,487,846

NON-CONTROLLING INTERESTS

29,126

24,595

TOTAL EQUITY

24,938,528

25,512,441

The financial statements were approved by the Board of Directors and authorised for issue on 14th September 2026 and were signed on its behalf by:

Mr R P Harris - Director

FIXED ASSETS

Intangible assets

11

443,563

-

Tangible assets

12

937,842

1,321,065

Investments

13

30,576

30,476

1,411,981

1,351,541

CURRENT ASSETS

Stocks

14

2,324,412

2,145,504

Debtors

15

10,257,804

9,577,874

Cash at bank

15,255,116

17,591,699

27,837,332

29,315,077

CREDITORS

Amounts falling due within one year

16

4,268,838

5,124,075

NET CURRENT ASSETS

23,568,494

24,191,002

TOTAL ASSETS LESS CURRENT LIABILITIES

24,980,475

25,542,543

PROVISIONS FOR LIABILITIES

18

122,000

100,000

NET ASSETS

24,858,475

25,442,543

CAPITAL AND RESERVES

Called up share capital

19

76

76

Revaluation reserve

20

27,100

27,100

Capital redemption reserve

20

24

24

Retained earnings

20

24,831,275

25,415,343

SHAREHOLDERS' FUNDS

24,858,475

25,442,543

Company's profit for the financial year

2,865,892

2,606,910

The financial statements were approved by the Board of Directors and authorised for issue on 14th September 2026 and were signed on its behalf by:

Mr R P Harris - Director

Called up

Capital

share

Retained

Revaluation

redemption

capital

earnings

reserve

reserve

£

£

£

£

Balance at 1st January 2024

76

22,770,558

27,100

24

Changes in equity

Total comprehensive income

-

2,684,479

-

-

Balance at 31st December 2024

76

25,455,037

27,100

24

Changes in equity

Dividends

-

(3,449,960

)

-

-

Total comprehensive income

-

2,882,301

-

-

Balance at 31st December 2025

76

24,887,378

27,100

24

Other

Non-controlling

Total

reserves

Total

interests

equity

£

£

£

£

Balance at 1st January 2024

-

22,797,758

20,333

22,818,091

Changes in equity

Total comprehensive income

5,609

2,690,088

4,262

2,694,350

Balance at 31st December 2024

5,609

25,487,846

24,595

25,512,441

Changes in equity

Dividends

-

(3,449,960

)

-

(3,449,960

)

Total comprehensive income

(10,785

)

2,871,516

4,531

2,876,047

Balance at 31st December 2025

(5,176

)

24,909,402

29,126

24,938,528

Called up

Capital

share

Retained

Revaluation

redemption

Total

capital

earnings

reserve

reserve

equity

£

£

£

£

£

Balance at 1st January 2024

76

22,808,433

27,100

24

22,835,633

Changes in equity

Total comprehensive income

-

2,606,910

-

-

2,606,910

Balance at 31st December 2024

76

25,415,343

27,100

24

25,442,543

Changes in equity

Dividends

-

(3,449,960

)

-

-

(3,449,960

)

Total comprehensive income

-

2,865,892

-

-

2,865,892

Balance at 31st December 2025

76

24,831,275

27,100

24

24,858,475

Cash flows from operating activities

Cash generated from operations

1

1,319,237

3,969,807

Interest paid

-

(757

)

Tax paid

(650,156

)

(1,074,438

)

Net cash from operating activities

669,081

2,894,612

Cash flows from investing activities

Purchase of tangible fixed assets

(151,070

)

(357,801

)

Interest received

564,351

605,305

Dividends received

-

29,588

Net cash from investing activities

413,281

277,092

Cash flows from financing activities

Amount withdrawn by directors

(2,305

)

-

Equity dividends paid

(3,449,960

)

-

Net cash from financing activities

(3,452,265

)

-

(Decrease)/increase in cash and cash equivalents

(2,369,903

)

3,171,704

Cash and cash equivalents at beginning of year

2

17,696,634

14,595,982

Effect of foreign exchange rate changes

37,180

(71,052

)

Cash and cash equivalents at end of year

2

15,363,911

17,696,634