REGISTERED NUMBER: 16538525 (England and Wales)

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

EUSTON RESINS TOPCO LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Consolidated Profit and Loss Account

9

Consolidated Other Comprehensive Income

10

Consolidated Balance Sheet

11

Company Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Company Statement of Changes in Equity

14

Consolidated Cash Flow Statement

15

Notes to the Consolidated Cash Flow Statement

16

Notes to the Consolidated Financial Statements

17

DIRECTORS:

Mr M G Silver

Mr M Dominik

Mr T R E Normanton

REGISTERED OFFICE:

Unit 10

Oakhanger Farm Oakhanger Road

Oakhanger

Bordon

GU35 9JA

REGISTERED NUMBER:

16538525 (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 of the company and the group for the year ended 31 December 2025.

REVIEW OF BUSINESS

On 15 October 2025 Euston Resins TopCo Limited, through companies it controls an interest in (Euston Resins HoldCo Limited and Wigan Industries Limited) acquired a controlling interest in Bitrez Group Limited, a company that designs, develops and manufactures a range of specialist polymers that are supplied into a varied number of markets and applications.

The Group engages in Research & Development, in conjunction with collaboration with key partners that allows it to maintain its position at the forefront of specialist polymer innovation. This is the basis of the controlled growth strategy for the Group.

The company began trading in 2025, and had a successful year with turnover of nearly £8 million.

PRINCIPAL RISKS AND UNCERTAINTIES

At the time of compiling this summary we still face a world full of uncertainty and there remains numerous tensions and geo-political factors that are influencing business. With the continued Wars in Europe and the Middle East, we have seen disruption to feedstock supply, sometimes erratic pricing and surcharges to goods and/or transportation.

On the Domestic front there has been continued instability in the government leading to policy uncertainty. We still have a cost-of-living crisis that continues to present but we operate a living wage scheme and make efforts to support our personnel and maintain employee satisfaction.

RESEARCH AND DEVELOPMENT

We continue to see further requests for safer products, materials derived from sustainable feedstocks and/or offering improved recovery or recycling. This has further highlighted the competence of the Group and drawn us into consortium work with large organisations looking at our involvement in the generation of new systems through funded programs.

FUTURE DEVELOPMENTS

The company is likely to report significant growth in 2026 as it is the first full year of trading. Active recruitment is underway to strengthen the management team of the business and allow the company to expand its reach.

ON BEHALF OF THE BOARD:

Mr M Dominik - Director

30 September 2026

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

INCORPORATION

The group was incorporated on 24 June 2025 .

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of

DIVIDENDS

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

DIRECTORS

The directors who have held office during the period from 1 January 2025 to the date of this report are as follows:

Mr M G Silver - appointed 24 June 2025

Mr M Dominik - appointed 24 June 2025

Mr T R E Normanton - appointed 24 June 2025

All the directors who are eligible offer themselves for election at the forthcoming first Annual General Meeting.

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;

-	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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group'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:

Mr M Dominik - Director

30 September 2026

Opinion

We have audited the financial statements of Euston Resins Topco Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the Consolidated Profit and Loss Account, 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 31 December 2025 and of the group's profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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 three, 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.

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 discussion 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 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 set out in

note 2 and where indicative of potential bias; and

- investigated the rationale behind 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;

- reading the minutes of meetings of those charged with governance;

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

- reviewing 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 FCA (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

30 September 2026

TURNOVER

7,895,587

Cost of sales

4,525,860

GROSS PROFIT

3,369,727

Administrative expenses

1,460,856

OPERATING PROFIT

4

1,908,871

Interest receivable and similar income

1,693

1,910,564

Interest payable and similar expenses

5

390,819

PROFIT BEFORE TAXATION

1,519,745

Tax on profit

6

158,571

PROFIT FOR THE FINANCIAL YEAR

1,361,174

Profit attributable to:

Owners of the parent

672,760

Non-controlling interests

688,414

1,361,174

PROFIT FOR THE YEAR

1,361,174

OTHER COMPREHENSIVE INCOME

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,361,174

Total comprehensive income attributable to:

Owners of the parent

672,760

Non-controlling interests

688,414

1,361,174

FIXED ASSETS

Intangible assets

8

10,000,423

Tangible assets

9

1,313,040

Investments

10

-

11,313,463

CURRENT ASSETS

Stocks

11

9,053,340

Debtors

12

6,261,401

Cash at bank and in hand

2,190,543

17,505,284

CREDITORS

Amounts falling due within one year

13

2,172,086

NET CURRENT ASSETS

15,333,198

TOTAL ASSETS LESS CURRENT LIABILITIES

26,646,661

CREDITORS

Amounts falling due after more than one year

14

(25,021,466

)

PROVISIONS FOR LIABILITIES

16

(263,921

)

NET ASSETS

1,361,274

CAPITAL AND RESERVES

Called up share capital

17

100

Profit and loss account

18

672,760

SHAREHOLDERS' FUNDS

672,860

NON-CONTROLLING INTERESTS

688,414

TOTAL EQUITY

1,361,274

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2026 and were signed on its behalf by:

Mr M Dominik - Director

FIXED ASSETS

Intangible assets

8

-

Tangible assets

9

-

Investments

10

66

66

CURRENT ASSETS

Cash at bank

34

NET CURRENT ASSETS

34

TOTAL ASSETS LESS CURRENT LIABILITIES

100

CAPITAL AND RESERVES

Called up share capital

17

100

SHAREHOLDERS' FUNDS

100

Company's profit for the financial year

-

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2026 and were signed on its behalf by:

Mr M Dominik - Director

Called up

Profit

share

and loss

Non-controlling

Total

capital

account

Total

interests

equity

£

£

£

£

£

Changes in equity

Issue of share capital

100

-

100

-

100

Total comprehensive income

-

672,760

672,760

688,414

1,361,174

Balance at 31 December 2025

100

672,760

672,860

688,414

1,361,274

Called up

Profit

share

and loss

Total

capital

account

equity

£

£

£

Changes in equity

Issue of share capital

100

-

100

Balance at 31 December 2025

100

-

100

Cash flows from operating activities

Cash generated from operations

1

(8,330,437

)

Interest paid

(390,819

)

Tax paid

273,675

Net cash from operating activities

(8,447,581

)

Cash flows from investing activities

Purchase of intangible fixed assets

(10,000,423

)

Purchase of tangible fixed assets

(1,356,233

)

Interest received

1,693

Net cash from investing activities

(11,354,963

)

Cash flows from financing activities

New loans in year

21,992,987

Share issue

100

Net cash from financing activities

21,993,087

Increase in cash and cash equivalents

2,190,543

Cash and cash equivalents at beginning of year

2

-

Cash and cash equivalents at end of year

2

2,190,543

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

£

Profit before taxation

1,519,745

Depreciation charges

43,193

Provisions

218,466

Finance costs

390,819

Finance income

(1,693

)

2,170,530

Increase in stocks

(9,271,806

)

Increase in trade and other debtors

(6,076,228

)

Increase in trade and other creditors

4,847,067

Cash generated from operations

(8,330,437

)

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

2,190,543

-

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.1.25

Cash flow

At 31.12.25

£

£

£

Net cash

Cash at bank and in hand

-

2,190,543

2,190,543

-

2,190,543

2,190,543

Debt

Debts falling due after 1 year

-

(21,992,987

)

(21,992,987

)

-

(21,992,987

)

(21,992,987

)

Total

-

(19,802,444

)

(19,802,444

)

1.	STATUTORY INFORMATION

Euston Resins Topco 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 General 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.

Turnover

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

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Freehold property

-

2% on cost

Long leasehold

-

Over the term of the lease

Plant and machinery

-

33% on cost, 15% on reducing balance and 10% on reducing balance

Motor vehicles

-

25% 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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Profit and Loss Account, 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.

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

3.	EMPLOYEES AND DIRECTORS

£

Wages and salaries

888,447

Social security costs

111,998

Other pension costs

19,369

1,019,814

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

Production staff

59

Administration staff

28

Management

2

89

The average number of employees by undertakings that were proportionately consolidated during the year was 89 .

£

Directors' remuneration

71,523

4.	OPERATING PROFIT

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

£

Hire of plant and machinery

79,737

Other operating leases

57,953

Depreciation - owned assets

43,193

Auditors' remuneration

10,983

Auditors' remuneration for non audit work

500

Foreign exchange differences

(41,661

)

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

£

Bank loan interest

292,660

Other interest paid

98,159

390,819

6.

TAXATION

Analysis of the tax charge

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

£

Current tax:

UK corporation tax

150,787

Deferred tax

7,784

Tax on profit

158,571

7.	INDIVIDUAL PROFIT AND LOSS ACCOUNT

As permitted by Section 408 of the Companies Act 2006, the Profit and Loss Account of the parent company is not presented as part of these financial statements.

8.	INTANGIBLE FIXED ASSETS

Group

Goodwill

£

COST

Additions

10,000,423

At 31 December 2025

10,000,423

NET BOOK VALUE

At 31 December 2025

10,000,423

9.	TANGIBLE FIXED ASSETS

Group

Freehold

Long

Plant and

Motor

property

leasehold

machinery

vehicles

Totals

£

£

£

£

£

COST

Additions

98,617

10,799

1,245,734

1,083

1,356,233

At 31 December 2025

98,617

10,799

1,245,734

1,083

1,356,233

DEPRECIATION

Charge for year

164

1,168

40,778

1,083

43,193

At 31 December 2025

164

1,168

40,778

1,083

43,193

NET BOOK VALUE

At 31 December 2025

98,453

9,631

1,204,956

-

1,313,040

10.	FIXED ASSET INVESTMENTS

Company

Shares in

group

undertakings

£

COST

Additions

66

At 31 December 2025

66

NET BOOK VALUE

At 31 December 2025

66

11.

STOCKS

Group

£

Raw materials

6,937,101

Stock provision

(218,466

)

Finished goods

2,334,705

9,053,340