REGISTERED NUMBER: 03221176 (England and Wales)

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

FIRESPRAY INTERNATIONAL LTD

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

4

Income Statement

8

Other Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

Notes to the Financial Statements

15

DIRECTORS:

P Daeseleire

T Van Gyseghem

SECRETARY:

T Van Gyseghem

REGISTERED OFFICE:

Railview Lofts

19c Commercial Road

Eastbourne

East Sussex

BN21 3XE

REGISTERED NUMBER:

03221176 (England and Wales)

AUDITORS:

LMDB Limited

t/a LMDB Accountants

Statutory Auditors

Railview Lofts

19c Commercial Road

Eastbourne

East Sussex

BN21 3XE

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the development and marketing of fire protection products worldwide incorporating passive fire protection of ductwork and allied systems, including research and development into new technology.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2025.

DIRECTORS

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

P Daeseleire

T Van Gyseghem

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing 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;

-	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 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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

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

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

T Van Gyseghem - Director

14 September 2026

Opinion

We have audited the financial statements of Firespray International Ltd (the 'company') for the year ended 31 December 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 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 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Directors has 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 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, 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.

- Enquiry of management and those charged with governance on the actual and potential litigation and claims, and also any instances of non-compliance with laws and regulations.

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

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

- Professional scepticism in the course of the audit and with audit sampling in material audit areas.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. 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 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.

Mr Stuart Andrew Murray FCCA (Senior Statutory Auditor)

for and on behalf of LMDB Limited

t/a LMDB Accountants

Statutory Auditors

Railview Lofts

19c Commercial Road

Eastbourne

East Sussex

BN21 3XE

22 September 2026

TURNOVER

3

2,889,476

2,350,830

Cost of sales

1,267,083

1,042,204

GROSS PROFIT

1,622,393

1,308,626

Administrative expenses

859,259

944,525

763,134

364,101

Other operating income

37,679

48,589

OPERATING PROFIT

5

800,813

412,690

Interest receivable and similar income

30,398

-

831,211

412,690

Interest payable and similar expenses

6

21

23

PROFIT BEFORE TAXATION

831,190

412,667

Tax on profit

7

205,656

(26,094

)

PROFIT FOR THE FINANCIAL YEAR

625,534

438,761

PROFIT FOR THE YEAR

625,534

438,761

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

625,534

438,761

FIXED ASSETS

Intangible assets

8

389,422

363,521

Tangible assets

9

977

2,042

390,399

365,563

CURRENT ASSETS

Stocks

10

181,593

99,516

Debtors

11

1,219,004

891,345

Cash at bank

1,915,715

1,783,418

3,316,312

2,774,279

CREDITORS

Amounts falling due within one year

12

286,270

350,635

NET CURRENT ASSETS

3,030,042

2,423,644

TOTAL ASSETS LESS CURRENT LIABILITIES

3,420,441

2,789,207

PROVISIONS FOR LIABILITIES

13

93,127

87,427

NET ASSETS

3,327,314

2,701,780

CAPITAL AND RESERVES

Called up share capital

14

2

2

Retained earnings

15

3,327,312

2,701,778

SHAREHOLDERS' FUNDS

3,327,314

2,701,780

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

T Van Gyseghem - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2024

2

2,263,017

2,263,019

Changes in equity

Total comprehensive income

-

438,761

438,761

Balance at 31 December 2024

2

2,701,778

2,701,780

Changes in equity

Total comprehensive income

-

625,534

625,534

Balance at 31 December 2025

2

3,327,312

3,327,314

Cash flows from operating activities

Cash generated from operations

1

257,470

802,477

Interest paid

(21

)

(23

)

Tax paid

17,716

(139,000

)

Net cash from operating activities

275,165

663,454

Cash flows from investing activities

Purchase of intangible fixed assets

(191,314

)

(163,428

)

Purchase of tangible fixed assets

-

(439

)

Sale of intangible fixed assets

18,048

-

Interest received

30,398

-

Net cash from investing activities

(142,868

)

(163,867

)

Increase in cash and cash equivalents

132,297

499,587

Cash and cash equivalents at beginning of year

2

1,783,418

1,283,831

Cash and cash equivalents at end of year

2

1,915,715

1,783,418

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

Profit before taxation

831,190

412,667

Depreciation charges

148,720

131,994

Profit on disposal of fixed assets

(290

)

-

Finance costs

21

23

Finance income

(30,398

)

-

949,243

544,684

(Increase)/decrease in stocks

(82,077

)

8,863

(Increase)/decrease in trade and other debtors

(429,045

)

280,252

Decrease in trade and other creditors

(180,651

)

(31,322

)

Cash generated from operations

257,470

802,477

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2025

31.12.25

1.1.25

£

£

Cash and cash equivalents

1,915,715

1,783,418

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

1,783,418

1,283,831

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.25

Cash flow

At 31.12.25

£

£

£

Net cash

Cash at bank

1,783,418

132,297

1,915,715

1,783,418

132,297

1,915,715

Total

1,783,418

132,297

1,915,715

1.	STATUTORY INFORMATION

Firespray International Ltd 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.

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.

The financial statements are presented in Sterling (£).

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Estimated useful life of Development Costs

Development costs are written off evenly over their estimated useful economic life of 5 years. There is uncertainty surrounding the length of the useful economic life relating to development costs. To mitigate the level of uncertainty in this area, the directors undertake an impairment review annually as a minimum and where an impairment is identified a corresponding entry is made into the financial statements.

At the end of the reporting period development costs had a carrying value of £394,922 (2024: £363,521).

Turnover

Turnover represents the amounts derived from the provision of goods to customers, excluding value added tax and discounts.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Tangible fixed assets

Depreciation is provided by the company to write off the cost less the estimated residual value of tangible fixed assets, by equal instalments over their estimated useful lives at the following rates:

Office equipment 3 to 10 years

Laboratory equipment 7 years

Stocks

Stocks are stated at the lower of cost and net realisable value. Cost is determined on a first in first out basis.

Financial instruments

Non-derivative financial instruments comprise of trade and other receivables, cash and cash equivalents, loans and borrowings and trade and other payables.

A financial instrument is recognised if the company becomes party to the contractual provisions of the instrument. Financial instruments are de-recognised if the company's contractual rights to the cash flows from the financial asset expire. Financial liabilities are derecognised if the company's obligations specified in the contract expire or are discharged or cancelled.

Taxation

Current tax is recognised for the amount of corporation tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised on all timing differences where the transactions or events that give the company an obligation to pay more tax in the future, or a right to pay less tax in the future, have occurred by the balance sheet date. Deferred tax assets are recognised when it is more likely than not that they will be recovered.

Deferred tax is calculated using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on the tax rates and laws enacted or substantively enacted at the balance sheet date.

Research and development

Research expenditure is charged to the profit and loss account in the period in which it is incurred. Development costs incurred on specific projects are capitalised when recoverability can be assessed with reasonable certainty and are amortised in line with the expected use arising from the projects, being 5 years. All other development costs are written off in the period of expenditure.

Foreign currencies

Transactions in foreign currencies are translated at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities in foreign currencies are translated at the rates of exchange ruling at the balance sheet date. Exchange differences are dealt with through the profit and loss account.

Pension costs and other post-retirement benefits

The company is a member of a group which operates a pension scheme providing benefits based on final pensionable pay. The assets of the scheme are held separately from those of the group. Contributions to the scheme are charged to the profit and loss account so as to spread the cost of pensions over employees' working lives with the group.

The group also operates an auto enrolment pension scheme and a group personal pension scheme. The assets of the schemes are held separately from those of the group in independently administered funds. The amount charged against profits represent the contributions payable to the schemes in respect of the accounting period.

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash and cash equivalents comprise cash in hand and on-demand deposits. Bank overdrafts are shown within Creditors: amounts falling within one year in the Statement of Financial Position.

Creditors

Short term trade creditors are measured at transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost.

3.

TURNOVER

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

The directors consider it would be prejudicial to the company to disclose the geographical split of turnover and as such have omitted this information from the financial statements.

4.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

241,403

184,725

Social security costs

13,645

25,039

Other pension costs

5,166

5,242

260,214

215,006

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

2025

2024

£

£

Wages and salaries

4

5

2025

2024

£

£

Directors' remuneration

-

-

5.	OPERATING PROFIT

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

2025

2024

£

£

Depreciation - owned assets

1,065

2,771

Profit on disposal of fixed assets

(290

)

-

Development costs amortisation

147,655

129,225

Auditors' remuneration

10,332

7,664

Taxation compliance services

2,703

2,522

Taxation advisory services

879

869

Other non- audit services

2,924

3,260

Foreign exchange differences

24,921

3,286

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Bank interest

21

23

7.

TAXATION

Analysis of the tax charge/(credit)

The tax charge/(credit) on the profit for the year was as follows:

2025

2024

£

£

Current tax:

UK corporation tax

199,956

(43,109

)

Deferred tax

5,700

17,015

Tax on profit

205,656

(26,094

)

Reconciliation of total tax charge/(credit) 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

831,190

412,667

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

207,798

103,167

Effects of:

Expenses not deductible for tax purposes

(2,142

)

178

enhanced expenditure

Tax adjustment in respect of enhanced expenditure - prior periods

-

(129,439

)

Total tax charge/(credit)

205,656

(26,094

)

8.	INTANGIBLE FIXED ASSETS

Development

costs

£

COST

At 1 January 2025

694,822

Additions

191,314

Disposals

(108,812

)

At 31 December 2025

777,324

AMORTISATION

At 1 January 2025

331,301

Amortisation for year

147,655

Eliminated on disposal

(91,054

)

At 31 December 2025

387,902

NET BOOK VALUE

At 31 December 2025

389,422

At 31 December 2024

363,521

European law dictates that since 2013 all fire rated duct and dampers must be tested to a new European standard (EN1366). The cost of testing to that standard is being capitalised and amortised over 5 years against the future economic benefits.

9.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

COST

At 1 January 2025

and 31 December 2025

31,284

31,026

62,310

DEPRECIATION

At 1 January 2025

31,284

28,984

60,268

Charge for year

-

1,065

1,065

At 31 December 2025

31,284

30,049

61,333

NET BOOK VALUE

At 31 December 2025

-

977

977

At 31 December 2024

-

2,042

2,042

10.

STOCKS

2025

2024

£

£

Raw materials

55,731

18,720

Finished goods

125,862

80,796

181,593

99,516

Stock recognised in cost of sales during the year as an expense was £1,267,083 (2024: £1,042,204).

No impairment losses (2024 £Nil) were recognised in cost of sales against stock during the year in respect of slow-moving and obsolete stock.

11.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

653,420

745,499

Other debtors

537,142

4,543

Tax

-

101,386

Prepayments

28,442

39,917

1,219,004

891,345