REGISTERED NUMBER: 02663209 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

EUROTEK FOUNDRY PRODUCTS LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Statement of Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Notes to the Financial Statements

13

DIRECTORS:

R Catchpole

B W Johnson

J Crystal-Black

REGISTERED OFFICE:

c/o Eurotek Foundry Products Limited

Wistons Lane

Elland

West Yorkshire

HX5 9DT

REGISTERED NUMBER:

02663209 (England and Wales)

AUDITORS:

Walter Dawson & Son

Chartered Accountants

First Floor Offices, Unit A4

Old Power Way

Lowfields Business Park

Elland

HX5 9DE

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

The principal activities of the company continued to be the manufacture and distribution of foundry binder systems and ancillary products. This accounts for over 95 percent of the business.

REVIEW OF BUSINESS DURING 2025

2025 was a year of change and consolidation for Eurotek. The appointment of new CEO Brian Johnson in February marked a change in management structure for the company with the founders of the business stepping into consultant roles whilst the new management team brought new and different ideas to the business.

The market proved to be challenging in 2025, with a handful of customers closing down their businesses in a controlled manner, although overall demand continued at a similar level to H2 2024 and remained steady across the range of customers.

Ancillary products such as Airopure and engineering hardware have continued to make progress during the year with good take up overseas for these new developments.

The India JV continued to develop with turnover and profitability improving through the year based on an expanding market. The manufacturing plant remains on track for a relocation and expansion in early 2027 to support the growing demand.

Safety is fundamental to all activities of Eurotek and we remain committed to the well-being of our employees, our neighbours and the environment. In 2025 there were zero lost time injuries on site, which is always our target. New health and safety aspects under the COMAH regime have been addressed with the operations team fine-tuning procedures and working with the regulators to ensure compliance against the requirements. All aspects have been addressed and costs to maintain the system will reduce going forward.

PRINCIPAL RISKS AND UNCERTAINTIES

Geo-political instability, notably the US-Iran conflict, the Russia-Ukraine war and the Middle East in general, is a continuous threat to market stability, particularly impacting raw material costs and availability as well as logistics costs.

Growing economic pressures in the UK and Europe, with potential recession a reality, and generally high energy costs are a risk to market recovery. No real recovery in demand took place in 2025 and the outlook is not optimistic for 2026 or 2027.

FUTURE

The Eurotek business is based upon a solid platform of quality products supported by excellent service levels and high flexibility. The team has developed new product offerings which will deliver new products to new and existing customers alongside the traditional business in 2026. Plans are also in place for additional growth through geographic expansion and new product introductions.

The Joint Venture with a key partner in India began trading in 2024, commenced manufacturing in 2025 and is growing ahead of schedule.

2026 and 2027 outlook for Eurotek is underpinned by the conviction that the team are putting the right foundations in place for the Company and its customers for the future.

RESEARCH AND DEVELOPMENT

Eurotek continues to focus on sustainability and the environment throughout the manufacturing process. Raw materials are constantly assessed and replaced with more environmentally friendly alternatives wherever possible. A number of new products with an improved profile are being developed and will be launched in 2026.

In 2024 Eurotek rolled out a new technology which significantly improves the working conditions in many foundries by reducing odours and removing hazardous airborne particles. This technology grew in 2025 and will continue in 2026.

ON BEHALF OF THE BOARD:

B W Johnson - Director

16 September 2026

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

DIVIDENDS

Particulars of recommended dividends are detailed in the notes to the accounts.

DIRECTORS

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

R Catchpole

J Crystal-Black

Other changes in directors holding office are as follows:

D C C Crystal - resigned 31 May 2025

R A Higgins - resigned 31 May 2025

B W Johnson - appointed 18 February 2025

QUALIFYING INDEMNITY PROVISION

The company has made qualifying third party indemnity provisions for the benefit of its directors which were made during the year and remain in force at the date of this report.

DISCLOSURE IN THE STRATEGIC REPORT

Certain matters required by regulation to be dealt with in the annual report have been dealt with in the strategic report rather than in the directors report. These include the review of business and the principal risks and uncertainties.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

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

-	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 transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT 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 company'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 company's auditors are aware of that information.

AUDITORS

The auditors, Walter Dawson & Son, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

B W Johnson - Director

16 September 2026

Opinion

We have audited the financial statements of Eurotek Foundry Products Limited (the 'company') for the year ended 31 December 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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 company's affairs as at 31 December 2025 and of its profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The directors are responsible for the other information. The other information comprises the information in the 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 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 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or

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

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

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

Responsibilities of directors

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

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: Our approach to identifying and assessing the risk of material

misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations,

was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate

competence, capabilities and skills to identify or recognise non-compliance with applicable laws and

regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and

other management, and form our commercial knowledge and experience of the sector;

- we focussed on specific laws and regulations which considered may have a direct material effect on the

financial statements or the operations of the company, including the Companies Act 2006, taxation

legislation, data protection, anti-bribery, employment, environmental and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making

enquiries of management and inspecting any legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team

remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including

obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was a susceptibility to fraud, their

knowledge of actual, suspected and alleged fraud; and

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

regulations.

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

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

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates and where

indicative of potential bias; and

- investigated the rationale behind any significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed

procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing any correspondence with HMRC, relevant regulators including the Health and Safety Executive,

and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and

regulations are from financial transactions, the less likely it is that we would become aware of

non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance

with laws and regulations to enquiry of the directors and other management and the inspection of

regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as

they may involve deliberate concealment or collusion.

A further description of our responsibilities 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.

John Richard Hall (Senior Statutory Auditor)

for and on behalf of Walter Dawson & Son

Chartered Accountants

First Floor Offices, Unit A4

Old Power Way

Lowfields Business Park

Elland

HX5 9DE

16 September 2026

TURNOVER

3

8,592,528

10,904,232

Cost of sales

5,713,234

7,350,723

GROSS PROFIT

2,879,294

3,553,509

Distribution costs

568,740

677,129

Administrative expenses

2,233,563

2,306,759

2,802,303

2,983,888

OPERATING PROFIT

5

76,991

569,621

Interest receivable and similar income

6

16,138

648

PROFIT BEFORE TAXATION

93,129

570,269

Tax on profit

7

2,754

92,577

PROFIT FOR THE FINANCIAL YEAR

90,375

477,692

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

90,375

477,692

FIXED ASSETS

Tangible assets

8

73,378

102,678

Investments

9

667,084

667,084

740,462

769,762

CURRENT ASSETS

Stocks

10

683,560

835,904

Debtors

11

5,698,466

6,020,981

Cash at bank and in hand

447,971

362,071

6,829,997

7,218,956

CREDITORS

Amounts falling due within one year

12

1,523,765

2,031,252

NET CURRENT ASSETS

5,306,232

5,187,704

TOTAL ASSETS LESS CURRENT LIABILITIES

6,046,694

5,957,466

PROVISIONS FOR LIABILITIES

14

9,451

10,598

NET ASSETS

6,037,243

5,946,868

CAPITAL AND RESERVES

Called up share capital

15

1,000

1,000

Share premium

39,851

39,851

Capital redemption reserve

149

149

Profit and loss account

5,996,243

5,905,868

SHAREHOLDERS' FUNDS

6,037,243

5,946,868

The financial statements were approved by the Board of Directors and authorised for issue on 16 September 2026 and were signed on its behalf by:

B W Johnson - Director

Called up

Profit

Capital

share

and loss

Share

redemption

Total

capital

account

premium

reserve

equity

£

£

£

£

£

Balance at 1 January 2024

1,000

5,428,176

39,851

149

5,469,176

Changes in equity

Profit for the year

-

477,692

-

-

477,692

Total comprehensive income

-

477,692

-

-

477,692

Balance at 31 December 2024

1,000

5,905,868

39,851

149

5,946,868

Changes in equity

Profit for the year

-

90,375

-

-

90,375

Total comprehensive income

-

90,375

-

-

90,375

Balance at 31 December 2025

1,000

5,996,243

39,851

149

6,037,243

1.	STATUTORY INFORMATION

Eurotek Foundry Products Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Office equipment

-

20% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

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

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development

Expenditure on research is written off in the year in which it is incurred.

Development expenditure incurred is capitalised as an intangible asset only when all of he following criteria are met:

- It is technically feasible to complete the intangible asset so that it will be available for use or sale;

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

- There is the ability to use or sell the intangible asset;

- The use or sale of the intangible asset will generate probable future economic benefits;

- There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and

- The expenditure attributable to the intangible asset during its development can be measured reliably.

Expenditure that does not meet the above criteria is expensed as incurred.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Income recognition

Income is recognised when goods have been delivered to customers such that the risks and rewards of ownership have transferred to them.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2025

2024

£

£

United Kingdom

4,237,586

4,691,817

Europe

4,354,942

6,212,415

8,592,528

10,904,232

4.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

1,195,495

1,088,536

Social security costs

-

97,049

Other pension costs

31,934

29,685

1,227,429

1,215,270

The average number of employees during the year was as follows:

2025

2024

Production staff

8

8

Administrative and sales staff

10

10

18

18

2025

2024

£

£

Directors' remuneration

306,495

282,873

Directors' pension contributions to money purchase schemes

10,223

8,857

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

2

2

Information regarding the highest paid director is as follows:

2025

2024

£

£

Emoluments etc

124,417

112,050

Pension contributions to money purchase schemes

4,977

4,482

5.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2025

2024

£

£

Hire of plant and machinery

18,433

17,605

Other operating leases

119,978

127,462

Depreciation - owned assets

16,524

28,248

Profit on disposal of fixed assets

(2,300

)

(4,897

)

Auditors' remuneration

15,649

13,860

Loss/(gain) on foreign exchange

23,464

28,437

6.

INTEREST RECEIVABLE AND SIMILAR INCOME

2025

2024

£

£

Deposit account interest

183

648

Other interest received

15,955

-

16,138

648

7.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2025

2024

£

£

Current tax:

UK corporation tax

3,901

90,459

Deferred tax

(1,147

)

2,118

Tax on profit

2,754

92,577

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2025

2024

£

£

Profit before tax

93,129

570,269

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

23,282

142,567

Effects of:

Expenses not deductible for tax purposes

2,528

2,428

Depreciation in excess of capital allowances

2,486

2,236

Adjustments to tax charge in respect of previous periods

(36

)

(35

)

Group relief

(24,515

)

(54,619

)

Leased Vehicles

156

-

Deferred Tax Adjustment

(1,147

)

-

Total tax charge

2,754

92,577

8.	TANGIBLE FIXED ASSETS

Plant and

Motor

Office

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 January 2025

384,485

78,842

125,272

588,599

Additions

-

-

5,320

5,320

Disposals

-

(57,030

)

-

(57,030

)

At 31 December 2025

384,485

21,812

130,592

536,889

DEPRECIATION

At 1 January 2025

341,364

56,242

88,315

485,921

Charge for year

8,524

496

7,504

16,524

Eliminated on disposal

-

(33,580

)

-

(33,580

)

Charge written back

(1,368

)

(2,833

)

(1,153

)

(5,354

)

At 31 December 2025

348,520

20,325

94,666

463,511

NET BOOK VALUE

At 31 December 2025

35,965

1,487

35,926

73,378

At 31 December 2024

43,121

22,600

36,957

102,678

9.	FIXED ASSET INVESTMENTS

Interest

in other

participating

interests

£

COST

At 1 January 2025

and 31 December 2025

667,084

NET BOOK VALUE

At 31 December 2025

667,084

At 31 December 2024

667,084

The investment consists of a 100% shareholding in Eurotek Polska Sp.z.o.o. whose registered office is Ul. Skladowa 9, Starachowice, Swietokrzyskie, Poland, 27-200

10.

STOCKS

2025

2024

£

£

Raw materials

241,583

317,320

Finished goods

441,977

518,584

683,560

835,904

11.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

1,785,633

2,346,032

Amounts owed by participating interests

3,866,112

3,592,684

Other debtors

1,550

1,850

VAT

-

32,055

Prepayments and accrued income

45,171

48,360

5,698,466

6,020,981

12.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts (see note 13)

698,285

696,125

Trade creditors

752,114

1,194,975

Tax

3,938

90,494

Social security and other taxes

29,093

29,782

VAT

16,105

-

Other creditors

-

(1,763

)

Accruals and deferred income

24,230

21,639

1,523,765

2,031,252

13.

LOANS

An analysis of the maturity of loans is given below:

2025

2024

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

698,285

696,125

14.	PROVISIONS FOR LIABILITIES

2025

2024

£

£

Deferred tax

9,451

10,598

Deferred

tax

£

Balance at 1 January 2025

10,598

Provided during year

(1,147

)

Balance at 31 December 2025

9,451