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REGISTERED NUMBER: 06550655 (England and Wales)

| WALTET LIMITED |

| GROUP STRATEGIC REPORT, |

| REPORT OF THE DIRECTOR AND |

| CONSOLIDATED FINANCIAL STATEMENTS |

| FOR THE PERIOD 1 AUGUST 2023 TO 31 OCTOBER 2024 |

WALTET LIMITED (REGISTERED NUMBER: 06550655)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD 1 AUGUST 2023 TO 31 OCTOBER 2024

Page |

Company Information | 1 |

Group Strategic Report | 2 |

Report of the Director | 5 |

Report of the Independent Auditors | 6 |

Consolidated Statement of Comprehensive Income | 9 |

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 | 18 |

WALTET LIMITED

COMPANY INFORMATION

FOR THE PERIOD 1 AUGUST 2023 TO 31 OCTOBER 2024

| DIRECTOR: | M R Howard

| REGISTERED OFFICE: | Unit 4

| Andes Road

| Nursling Industrial Estate

| Southampton

| Hampshire

| SO16 0YZ

| REGISTERED NUMBER: | 06550655 (England and Wales)

| SENIOR STATUTORY AUDITOR: | Gary Brown FCCA ACA

| AUDITORS: | Hopper Williams & Bell Limited

| Statutory Auditor

| Highland House

| Mayflower Close

| Chandler's Ford

| Eastleigh

| Hampshire

| SO53 4AR

| BANKERS: | Svenska Handelsbanken AB

| 3 Carlton Crescent

| Southampton

| Hampshire

| SO15 2EY

WALTET LIMITED (REGISTERED NUMBER: 06550655)

GROUP STRATEGIC REPORT

FOR THE PERIOD 1 AUGUST 2023 TO 31 OCTOBER 2024

The director presents his strategic report of the company and the group for the period 1 August 2023 to 31 October 2024.

REVIEW OF BUSINESS

The group continues to offer a full range of ethical waste disposal, supplying, quality construction materials, providing transport services including grab lorries, skip hire and an extensive fleet of skip and waste collection services.

The results of the group show an operating profit of £230,616 on a turnover of £11,038,722.

Business Environment

The group has performed well in difficult circumstances absorbing extra costs due to geopolitical influences and again a very wet winter. Our plan is very much on target and having invested heavily in the business in order to get back to growth we are delighted that the investment is now bearing fruit.

We took the opportunity to realign our year end with the reality of our seasonally affected business. Within the period accounted for the 12 months from November 2023 to October 2024 justified the decision as this shows an increase in sales for the 12 month period to £9.3m compared with £7.5m in July 2023. This growth comes from our brands reputation for service and is being seen in every facet of our services. Our waste division continuing to grow impressively, tipper, grabs and our recycling division are all very much on the up with our pipeline looking full for this year.

The addition of our new wash-plant is starting to contribute after what was a relatively long commissioning period. It is an important strategic move increasing throughput and our recycling efficiency.

It is our aim to repeat double figure percentage growth again this financial year. We have had some 'exceptional' one-off costs that affected profit and in particular the very difficult market for second-hand trucks. We will contract hire replacements and wait for the market to recover to normal rates.

The overall business investment has seen replacement of 50% of our truck fleet and a 30% increase in skip bins to fuel our ambitions for our recycling businesses success. We have returned to highway, utility sourced business and the relationships have continued to increase revenue and opportunities this financial year. The EBITDA has increased in this financial year as we pay off debt, increase sales and prune back any unmerited costs.

Our customers are growing and very loyal. We pride ourselves on service and are constantly tweaking these areas too.

Strategy

The group is focussing on its key performance indicators in all areas including logistics, investment returns, sales and marketing, recovery days and efficiencies across the board. The investment will not stop, with a new CRM system, electronic weighbridge upgrade and increases in production through the wash-plant and efficiencies over all of the many business channels.

The key elements are thus:

- Broadening the product range

- Efficiency in terms of trips and logistics

- Solid reporting and KPI analysis including SWOT analysis

- Investment

- Good recruiting where necessary

WALTET LIMITED (REGISTERED NUMBER: 06550655)

GROUP STRATEGIC REPORT

FOR THE PERIOD 1 AUGUST 2023 TO 31 OCTOBER 2024

Future Outlook

The 2024/25 year has been a busy one already and we are confident that the company has returned to the high standards of reliable financial performance which its renowned for as we enter into our 30th year of trading.

In essence, the business is climbing back to its previous heights with old business channels reopened, new business channels opening and existing expanding rapidly. We have already factored in the changes in the recent Budget and our forecasts are strong as we enter into the really profitable months of the Spring and onwards.

PRINCIPAL RISKS AND UNCERTAINTIES

The director is acutely aware of the tough business environment that the group operates in. The director has been continuing to strengthen across all departments and is highly accountable to each of their teams. Information flow is much clearer, new channels of work identified and in some cases new ideas bringing greater performance and logistical economies.

The director is confident that they have done everything possible to mitigate most risks associated with the uncertain environment all UK businesses operate in but are comforted in the knowledge that the current UK trading picture is not isolated as they look across to the Continent and beyond.

The management do look at risks to the business and they review them regularly and the key risks identified are as below:

Competition

It is a very competitive market and so an eye is always on margin when prospecting for work. Not being the cheapest in the market does have a risk but this is countered by excellent service levels. Operating on the customer experience is key and fulfilling orders promptly is a KPI that is carefully watched. We also review the state of the current competition. It's a constant process. We are focusing less on an expanded area but trying to minimise costs by keeping it at a local level and this is working well.

Employee

The director realises that they are not going to achieve the excellence that the company is capable of without a well-trained and dedicated team. Team meetings are regular because of the threat to the group of departures that materially affect a section. The director and team are compensated for their loyalty, skill and dedication but are acutely aware of areas where there may be a single point of failure and are equipped to respond accordingly.

Supply Chain

The group has a diverse range of suppliers due to the stock range. They are also exposed to external threats and so the group always has in mind alternatives for this purpose. The group has been very fortunate to have great suppliers for decades and the relationships are kept strong. Insurance is kept in place for eventualities as indeed it is for the group's activities.

WALTET LIMITED (REGISTERED NUMBER: 06550655)

GROUP STRATEGIC REPORT

FOR THE PERIOD 1 AUGUST 2023 TO 31 OCTOBER 2024

KEY PERFORMANCE INDICATORS

We have made significant progress in the year on the group's overriding objective and elements of our strategy for growth. The board monitors progress on the overall strategy and the individual strategic elements by reference to our Key Performance Indicators (KPIs).

Performance during the period, together with historical trend data is set out in the table below:

| 2024 |  |  | 2023 |  |  | Definition, method of calculation |

Growth in sales (annualised) (%) |  | 16.9% |  |  | 1.2% |  |  | Year on year sales growth expressed as a percentage. Sales have grown in the period, off the back of greater investment and logistical efficiencies. |

Gross margin (%) |  | 27.6% |  |  | 29.1% |  |  | Gross margin is the ratio of gross profit before exceptional items expressed as a percentage. This has remained stable during the period. |

ON BEHALF OF THE BOARD:

M R Howard - Director

19 June 2025

WALTET LIMITED (REGISTERED NUMBER: 06550655)

REPORT OF THE DIRECTOR

FOR THE PERIOD 1 AUGUST 2023 TO 31 OCTOBER 2024

The director presents his report with the financial statements of the company and the group for the period 1 August 2023 to 31 October 2024.

DIVIDENDS

The total distribution of dividends for the period ended 31 October 2024 will be £49,000 (31 July 2023: £139,083). The directors recommend that no final dividend be paid.

DIRECTOR

M R Howard held office during the whole of the period from 1 August 2023 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 director is 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 he 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.

ON BEHALF OF THE BOARD:

M R Howard - Director

19 June 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

WALTET LIMITED

Opinion

We have audited the financial statements of Waltet Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 October 2024 which comprise the Consolidated Statement of 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 October 2024 and of the group's loss for the period then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, 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 Director 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 Director have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

WALTET LIMITED

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 Director.

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 director's remuneration specified by law are not made; or

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

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page five, the director is 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 director determines 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 director is 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 director either intends to liquidate the group or the parent company or to cease operations, or has 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:

- We obtained an understanding of the legal and regulatory frameworks that are applicable to the group, and the industry in which it operates. These include but are not limited to compliance with the Companies Act 2006, UK Generally Accepted Accounting Principles and the relevant tax compliance regulations for the group.

- We obtained an understanding of how the group is complying with these frameworks through discussions with management.

- We enquired with management whether there were any instances of non-compliance with laws and regulations or whether they had knowledge of actual or suspected fraud. These enquiries are corroborated through follow-up audit procedures including but not limited to a review of legal and professional costs and correspondence.

- We assessed the susceptibility of the group's financial statements to material misstatement, including the risk of fraud and management override of controls. We designed our audit procedures to respond to this assessment, including the identification and testing of any related party transactions and the testing of journal transactions that arise from management estimates, that are determined to be of significant value or unusual in their nature.

- We assessed the appropriateness of the collective competence and capabilities of the engagement team, including consideration of the engagement team's knowledge and understanding of the industry in which the group operates in, and their practical experience through training and participation with audit engagements of a similar nature.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

WALTET LIMITED

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.

Gary Brown FCCA ACA (Senior Statutory Auditor)

for and on behalf of Hopper Williams & Bell Limited

Statutory Auditor

Highland House

Mayflower Close

Chandler's Ford

Eastleigh

Hampshire

SO53 4AR

20 June 2025

WALTET LIMITED (REGISTERED NUMBER: 06550655)

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE PERIOD 1 AUGUST 2023 TO 31 OCTOBER 2024

Period |  |

1.8.23 |  |

to | Year Ended |

31.10.24 | 31.7.23 |

| Notes | £ | £

TURNOVER | 11,038,722 |  | 7,556,078 |  |

Cost of sales | (7,986,712 | ) | (5,353,529 | ) |

GROSS PROFIT | 3,052,010 |  | 2,202,549 |  |

Administrative expenses | (3,055,017 | ) | (2,079,054 | ) |

(3,007 | ) | 123,495 |  |

Other operating income | 233,623 |  | 10,514 |  |

OPERATING PROFIT | 4 | 230,616 |  | 134,009 |  |

Interest receivable and similar income | 1,172 |  | - |  |

231,788 |  | 134,009 |  |

Amounts written off investments | 5 | - |  | (200 | ) |

231,788 |  | 133,809 |  |

Interest payable and similar expenses | 6 | (582,635 | ) | (266,009 | ) |

LOSS BEFORE TAXATION | (350,847 | ) | (132,200 | ) |

Tax on loss | 7 | (13,738 | ) | (36,673 | ) |

LOSS FOR THE FINANCIAL PERIOD | (364,585 | ) | (168,873 | ) |

OTHER COMPREHENSIVE INCOME |

Revaluation of tangible fixed assets | 808,477 |  | - |  |

Income tax relating to other comprehensive income | (214,619 | ) | - |  |

OTHER COMPREHENSIVE INCOME FOR THE PERIOD, NET OF INCOME TAX | 593,858 |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD | 229,273 |  | (168,873 | ) |

Loss attributable to:

Owners of the parent | (364,585 | ) | (168,873 | ) |

Total comprehensive income attributable to:

Owners of the parent | 229,273 |  | (168,873 | ) |

WALTET LIMITED (REGISTERED NUMBER: 06550655)

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE PERIOD 1 AUGUST 2023 TO 31 OCTOBER 2024

Period |  |

1.8.23 |  |

to | Year Ended |

31.10.24 | 31.7.23 |

| £ | £

WALTET LIMITED (REGISTERED NUMBER: 06550655)

CONSOLIDATED BALANCE SHEET

31 OCTOBER 2024

2024 | 2023 |

| Notes | £ | £

FIXED ASSETS

Intangible assets | 10 | 346,667 |  | 427,917 |  |

Tangible assets | 11 | 9,081,015 |  | 7,457,832 |  |

Investments | 12 | - |  | - |  |

9,427,682 |  | 7,885,749 |  |

CURRENT ASSETS

Stocks | 13 | 705,135 |  | 554,922 |  |

Debtors | 14 | 2,576,918 |  | 2,045,969 |  |

Cash at bank and in hand | 251,902 |  | 381,192 |  |

3,533,955 |  | 2,982,083 |  |

CREDITORS

Amounts falling due within one year | 15 | (4,132,188 | ) | (3,054,537 | ) |

NET CURRENT LIABILITIES | (598,233 | ) | (72,454 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 8,829,449 |  | 7,813,295 |  |

CREDITORS

Amounts falling due after more than one year | 16 | (5,800,436 | ) | (5,373,335 | ) |

PROVISIONS FOR LIABILITIES | 20 | (745,687 | ) | (336,907 | ) |

NET ASSETS | 2,283,326 |  | 2,103,053 |  |

CAPITAL AND RESERVES

Called up share capital | 21 | 200 |  | 200 |  |

Non-distributable profit and loss reserve | 22 | 643,858 |  | 50,000 |  |

Retained earnings | 22 | 1,639,268 |  | 2,052,853 |  |

SHAREHOLDERS' FUNDS | 2,283,326 |  | 2,103,053 |  |

The financial statements were approved by the director and authorised for issue on 19 June 2025 and were signed by:

M R Howard - Director

WALTET LIMITED (REGISTERED NUMBER: 06550655)

COMPANY BALANCE SHEET

31 OCTOBER 2024

2024 | 2023 |

| Notes | £ | £

FIXED ASSETS

Intangible assets | 10 | - |  | - |  |

Tangible assets | 11 | 5,192,519 |  | 4,239,795 |  |

Investments | 12 | 200 |  | 200 |  |

5,192,719 |  | 4,239,995 |  |

CURRENT ASSETS

Debtors | 14 | 680,761 |  | 960,176 |  |

Cash at bank | 524 |  | 803 |  |

681,285 |  | 960,979 |  |

CREDITORS

Amounts falling due within one year | 15 | (96,605 | ) | (80,856 | ) |

NET CURRENT ASSETS | 584,680 |  | 880,123 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 5,777,399 |  | 5,120,118 |  |

CREDITORS

Amounts falling due after more than one year | 16 | (4,154,577 | ) | (3,895,955 | ) |

PROVISIONS FOR LIABILITIES | 20 | (214,619 | ) | - |  |

NET ASSETS | 1,408,203 |  | 1,224,163 |  |

CAPITAL AND RESERVES

Called up share capital | 21 | 200 |  | 200 |  |

Non-distributable profit and loss reserve | 22 | 643,858 |  | 50,000 |  |

Retained earnings | 22 | 764,145 |  | 1,173,963 |  |

SHAREHOLDERS' FUNDS | 1,408,203 |  | 1,224,163 |  |

Company's loss for the financial year | (360,818 | ) | (56,963 | ) |

The financial statements were approved by the director and authorised for issue on 19 June 2025 and were signed by:

M R Howard - Director

WALTET LIMITED (REGISTERED NUMBER: 06550655)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD 1 AUGUST 2023 TO 31 OCTOBER 2024

Non-distributable |  |

Called up | profit and |  |

share | Retained | loss | Total |

capital | earnings | reserve | equity |

| £ | £ | £ | £

Balance at 1 August 2022 | 200 |  | 2,360,809 |  | 50,000 |  | 2,411,009 |  |

Changes in equity

Total comprehensive income | - |  | (168,873 | ) | - |  | (168,873 | ) |

Dividends | - |  | (139,083 | ) | - |  | (139,083 | ) |

Balance at 31 July 2023 | 200 |  | 2,052,853 |  | 50,000 |  | 2,103,053 |  |

Changes in equity

Total comprehensive income | - |  | (364,585 | ) | 593,858 |  | 229,273 |  |

Dividends | - |  | (49,000 | ) | - |  | (49,000 | ) |

Balance at 31 October 2024 | 200 |  | 1,639,268 |  | 643,858 |  | 2,283,326 |  |

WALTET LIMITED (REGISTERED NUMBER: 06550655)

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD 1 AUGUST 2023 TO 31 OCTOBER 2024

Non-distributable |  |

Called up | profit and |  |

share | Retained | loss | Total |

capital | earnings | reserve | equity |

| £ | £ | £ | £

Balance at 1 August 2022 | 200 |  | 1,370,009 |  | 50,000 |  | 1,420,209 |  |

Changes in equity

Total comprehensive income | - |  | (56,963 | ) | - |  | (56,963 | ) |

Dividends | - |  | (139,083 | ) | - |  | (139,083 | ) |

Balance at 31 July 2023 | 200 |  | 1,173,963 |  | 50,000 |  | 1,224,163 |  |

Changes in equity

Total comprehensive income | - |  | (360,818 | ) | 593,858 |  | 233,040 |  |

Dividends | - |  | (49,000 | ) | - |  | (49,000 | ) |

Balance at 31 October 2024 | 200 |  | 764,145 |  | 643,858 |  | 1,408,203 |  |

WALTET LIMITED (REGISTERED NUMBER: 06550655)

CONSOLIDATED CASH FLOW STATEMENT

FOR THE PERIOD 1 AUGUST 2023 TO 31 OCTOBER 2024

Period |  |

1.8.23 |  |

to | Year Ended |

31.10.24 | 31.7.23 |

| Notes | £ | £

Cash flows from operating activities

Cash generated from operations | 1 | 658,731 |  | (289,752 | ) |

Interest paid | (296,940 | ) | (151,502 | ) |

Interest element of hire purchase payments paid | (285,695 | ) | (114,507 | ) |

Taxation refund | 108,433 |  | 80,098 |  |

Net cash from operating activities | 184,529 |  | (475,663 | ) |

Cash flows from investing activities

Purchase of tangible fixed assets | (305,240 | ) | (229,475 | ) |

Sale of tangible fixed assets | 484,133 |  | 275,567 |  |

Interest received | 1,172 |  | - |  |

Net cash from investing activities | 180,065 |  | 46,092 |  |

Cash flows from financing activities

Net loan income / (repayments) | 166,933 |  | 398,750 |  |

Net hire purchase income / (repayments) | (1,177,046 | ) | (37,455 | ) |

Amount introduced by directors | 576,133 |  | 68,031 |  |

Amount withdrawn by directors | (205,768 | ) | (139,574 | ) |

Increase in invoice financing | 194,864 |  | 410,794 |  |

Equity dividends paid | (49,000 | ) | (139,083 | ) |

Net cash from financing activities | (493,884 | ) | 561,463 |  |

(Decrease)/increase in cash and cash equivalents | (129,290 | ) | 131,892 |  |

Cash and cash equivalents at beginning of period | 2 | 381,192 |  | 249,300 |  |

Cash and cash equivalents at end of period | 2 | 251,902 |  | 381,192 |  |

WALTET LIMITED (REGISTERED NUMBER: 06550655)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT

FOR THE PERIOD 1 AUGUST 2023 TO 31 OCTOBER 2024

1. | RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

Period |  |

1.8.23 |  |

to | Year Ended |

31.10.24 | 31.7.23 |

| £ | £

| Loss before taxation | (350,847 | ) | (132,200 | ) |

| Depreciation charges | 561,747 |  | 378,953 |  |

| Loss/(profit) on disposal of fixed assets | 69,607 |  | (668 | ) |

| Finance costs | 582,635 |  | 266,009 |  |

| Finance income | (1,172 | ) | - |  |

861,970 |  | 512,094 |  |

| Increase in stocks | (150,213 | ) | (509,721 | ) |

| Increase in trade and other debtors | (458,959 | ) | (587,515 | ) |

| Increase in trade and other creditors | 405,933 |  | 295,390 |  |

| Cash generated from operations | 658,731 |  | (289,752 | ) |

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:

| Period ended 31 October 2024

| 31.10.24 |  | 1.8.23

| £ | £

| Cash and cash equivalents | 251,902 |  | 381,192 |  |

| Year ended 31 July 2023

| 31.7.23 |  | 1.8.22

| £ | £

| Cash and cash equivalents | 381,192 |  | 249,300 |  |

WALTET LIMITED (REGISTERED NUMBER: 06550655)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT

FOR THE PERIOD 1 AUGUST 2023 TO 31 OCTOBER 2024

3. | ANALYSIS OF CHANGES IN NET DEBT

| At 1.8.23 | Cash flow | At 31.10.24

| £ | £ | £

| Net cash |

| Cash at bank and in hand | 381,192 |  | (129,290 | ) | 251,902 |  |

381,192 |  | (129,290 | ) | 251,902 |  |

| Debt

| Finance leases | (1,958,444 | ) | (366,657 | ) | (2,325,101 | ) |

| Debts falling due within 1 year | - |  | (79,155 | ) | (79,155 | ) |

| Debts falling due after 1 year | (1,862,250 | ) | (87,778 | ) | (1,950,028 | ) |

(3,820,694 | ) | (533,590 | ) | (4,354,284 | ) |

| Total | (3,439,502 | ) | (662,880 | ) | (4,102,382 | ) |

WALTET LIMITED (REGISTERED NUMBER: 06550655)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD 1 AUGUST 2023 TO 31 OCTOBER 2024

1. | STATUTORY INFORMATION

| Waltet 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 company's year end has been extended from 31 July 2024 to 31 October 2024 to align the reporting date with the groups subsidiary company. As a result of this change, comparative amounts presented in the financial statements are not entirely comparable.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with "The Financial Reporting Standards applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006, including the provisions of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008.

| The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

| The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value and revaluation of certain financial assets. The principal accounting policies adopted are set out below.

| Financial Reporting Standard 102 - reduced disclosure exemptions

| The group 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 requirement of paragraph 33.7.

| Basis of consolidation

| The consolidated financial statements incorporate the results of Waltet Limited and all of its subsidiary undertakings as at the balance sheet date using the acquisition method of accounting from the date of acquisition.

| 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.

| Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

| Turnover

| Turnover represents the sale of goods, services provided for treatment and disposal of non-hazardous waste, and the hire of equipment based on usage, net of VAT and trade discounts.

| Where services are supplied, turnover represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due.

| Turnover is recognised when the goods or services are physically provided to the customer.

| Turnover is attributable to the one principle activity of the group and is generated principally from sales within the United Kingdom.

WALTET LIMITED (REGISTERED NUMBER: 06550655)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE PERIOD 1 AUGUST 2023 TO 31 OCTOBER 2024

2. | ACCOUNTING POLICIES - continued

| Goodwill

| Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of the group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses.

| Goodwill generated on business combinations in 2020 is being amortised on a straight line basis to the Statement of Comprehensive Income over its useful economic life of ten years.

| Tangible fixed assets

| Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

| Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life, or if held under a finance lease, over the lease term, whichever is the shorter.

| Freehold property |  | - 2% straight line |  |

| Improvements to property |  | - Straight line over 10 - 20 years |  |

| Plant and machinery |  | - 10% reducing balance and straight line over 20 years |  |

| Fixtures and fittings |  | - 25% reducing balance |  |

| Motor vehicles |  | - 25% reducing balance |  |

| Computer equipment |  | - Straight line over 3 years |  |

| No depreciation is provided on Freehold land.

| The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is recognised in the income statement.

| Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.

| Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in income statement or a revaluation loss exceeds the accumulated revaluation gains recognised in equity, such gains and losses are recognised in the income statement.

| Stocks

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

| Cost is determined using the weighted average cost method.

| Taxation

| Taxation for the period comprises current and deferred tax. Tax is recognised in the Consolidated 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.

WALTET LIMITED (REGISTERED NUMBER: 06550655)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE PERIOD 1 AUGUST 2023 TO 31 OCTOBER 2024

2. | ACCOUNTING POLICIES - continued

| 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 period 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

| Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value and depreciated over their estimated useful lives.

| The capital element of the future payments is treated as a liability and the interest element is charged to the profit and loss account over the relevant period.

| Operating lease agreements

| Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits 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.

| Financial instruments

| The group has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

| Financial assets

| Financial assets are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument.

| Basic financial assets, which include trade and other receivables and cash and bank balances are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

| Impairment of financial assets

| Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

| Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

| If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

WALTET LIMITED (REGISTERED NUMBER: 06550655)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE PERIOD 1 AUGUST 2023 TO 31 OCTOBER 2024

2. | ACCOUNTING POLICIES - continued

| Derecognition of financial assets

| Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

| Financial liabilities

| Basic financial liabilities, which include trade and other payables, are initially measured at transaction price and subsequently measured at amortised cost, unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

| Equity instruments

| Equity instruments issued by the group are recorded at the fair value of the proceeds received net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

3. | EMPLOYEES AND DIRECTORS

Period |  |

1.8.23 |  |

to | Year Ended |

31.10.24 | 31.7.23 |

| £ | £

| Wages and salaries | 3,069,830 |  | 2,323,024 |  |

| Social security costs | 309,705 |  | 234,625 |  |

| Other pension costs | 71,296 |  | 55,307 |  |

3,450,831 |  | 2,612,956 |  |

| The average number of employees during the period was as follows:

Period |  |

1.8.23 |  |

to | Year Ended |

31.10.24 | 31.7.23 |

| Office / Support | 26 |  | 28 |  |

| Drivers / Pickers | 43 |  | 44 |  |

69 |  | 72 |  |

Period |  |

1.8.23 |  |

to | Year Ended |

31.10.24 | 31.7.23 |

| £ | £

| Directors' remuneration | 26,551 |  | 14,667 |  |

WALTET LIMITED (REGISTERED NUMBER: 06550655)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE PERIOD 1 AUGUST 2023 TO 31 OCTOBER 2024

4. | OPERATING PROFIT

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

Period |  |

1.8.23 |  |

to | Year Ended |

31.10.24 | 31.7.23 |

| £ | £

| Depreciation - owned assets | 124,198 |  | 95,777 |  |

| Depreciation - assets on hire purchase contracts | 356,299 |  | 218,176 |  |

| Loss/(profit) on disposal of fixed assets | 69,607 |  | (668 | ) |

| Goodwill amortisation | 81,250 |  | 65,000 |  |

| Auditors' remuneration | 23,350 |  | 25,292 |  |

| Auditors' remuneration for non audit work | 18,622 |  | 28,344 |  |

| Operating lease rentals | 122,142 |  | 50,503 |  |

5. | AMOUNTS WRITTEN OFF INVESTMENTS |

Period |  |

1.8.23 |  |

to | Year Ended |

31.10.24 | 31.7.23 |

| £ | £

| Amounts written off investment | - |  | 200 |  |

6. | INTEREST PAYABLE AND SIMILAR EXPENSES |

Period |  |

1.8.23 |  |

to | Year Ended |

31.10.24 | 31.7.23 |

| £ | £

| Bank loan interest | 243,750 |  | 124,687 |  |

| Loan interest | 53,190 |  | 26,815 |  |

| Hire purchase | 285,695 |  | 114,507 |  |

582,635 |  | 266,009 |  |

WALTET LIMITED (REGISTERED NUMBER: 06550655)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE PERIOD 1 AUGUST 2023 TO 31 OCTOBER 2024

7. | TAXATION

| Analysis of the tax charge

| The tax charge on the loss for the period was as follows:

Period |  |

1.8.23 |  |

to | Year Ended |

31.10.24 | 31.7.23 |

| £ | £

| Current tax:

| UK corporation tax | (71,990 | ) | - |  |

| Prior year (over) / under provision | (108,433 | ) | - |  |

| Total current tax | (180,423 | ) | - |  |

| Deferred tax | 194,161 |  | 36,673 |  |

| Tax on loss | 13,738 |  | 36,673 |  |

| UK corporation tax has been charged at 25 % .

| Reconciliation of total tax charge included in profit and loss

| The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below:

Period |  |

1.8.23 |  |

to | Year Ended |

31.10.24 | 31.7.23 |

| £ | £

| Loss before tax | (350,847 | ) | (132,200 | ) |

| Loss multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 25 %) | (87,712 | ) | (33,050 | ) |

| Effects of:

| Expenses not deductible for tax purposes | 1,871 |  | 3,748 |  |

| Goodwill amortisation | 20,313 |  | 16,250 |  |

| Depreciation on non-qualifying assets | 1,259 |  | 860 |  |

| Impact of capital allowances super deduction | - |  | (17,425 | ) |

| Impact of Research and development credit 2023 on deferred tax losses | 97,797 |  | - |  |

| Research and development credit 2023 | (108,433 | ) | - |  |

| Impact of Research and development enhanced deduction 2024 | (65,226 | ) | - |  |

| Impact of losses surrendered for 2024 Research and development payable credit | 149,778 |  | - |  |

| Research and development credit 2024 | (71,990 | ) | - |  |

| Movement on unrecognised deferred tax asset | 76,081 |  | 41,972 |  |

| Derecognition of deferred tax asset | - |  | 24,318 |  |

| Total tax charge | 13,738 |  | 36,673 |  |

WALTET LIMITED (REGISTERED NUMBER: 06550655)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE PERIOD 1 AUGUST 2023 TO 31 OCTOBER 2024

7. | TAXATION - continued

| Tax effects relating to effects of other comprehensive income |

1.8.23 to 31.10.24 |

| Gross |  | Tax |  | Net |

| £ | £ | £

| Revaluation of tangible fixed assets | 808,477 |  | (214,619 | ) | 593,858 |  |

8. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.

9. | DIVIDENDS

|  | 2024 |  | 2023 |  |

| £ |  | £ |  |

| Ordinary A shares of £1 each |  |

| Interim |  | 48,000 |  | 80,000 |  |

| Ordinary B shares of £1 each |  |

| Interim |  | - |  | 3,750 |  |

| Ordinary C shares of £1 each |  |

| Interim |  | 1,000 |  | 52,000 |  |

| Ordinary D shares of £1 each |  |

| Interim |  | - |  | 3,333 |  |

| Ordinary E shares of £1 each |  |

| Interim |  | - |  | - |  |

|  | 49,000 |  | 139,083 |  |

WALTET LIMITED (REGISTERED NUMBER: 06550655)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE PERIOD 1 AUGUST 2023 TO 31 OCTOBER 2024

10. | INTANGIBLE FIXED ASSETS

| Group

Goodwill |

| £

| COST

| At 1 August 2023

| and 31 October 2024 | 690,131 |  |

| AMORTISATION

| At 1 August 2023 | 262,214 |  |

| Amortisation for period | 81,250 |  |

| At 31 October 2024 | 343,464 |  |

| NET BOOK VALUE

| At 31 October 2024 | 346,667 |  |

| At 31 July 2023 | 427,917 |  |

| The amortisation charge for the period is included within administration expenses in the statement of comprehensive income.

11. | TANGIBLE FIXED ASSETS

| Group

Freehold | Improvements | Plant and |

property | to property | machinery |

| £ | £ | £

| COST OR VALUATION

| At 1 August 2023 | 4,000,000 |  | 178,295 |  | 4,879,273 |  |

| Additions | 141,523 |  | 32,315 |  | 1,671,272 |  |

| Disposals | - |  | - |  | (1,102,858 | ) |

| Revaluations | 808,477 |  | - |  | - |  |

| At 31 October 2024 | 4,950,000 |  | 210,610 |  | 5,447,687 |  |

| DEPRECIATION

| At 1 August 2023 | - |  | 67,786 |  | 1,654,086 |  |

| Charge for period | - |  | 16,226 |  | 411,488 |  |

| Eliminated on disposal | - |  | - |  | (551,946 | ) |

| At 31 October 2024 | - |  | 84,012 |  | 1,513,628 |  |

| NET BOOK VALUE

| At 31 October 2024 | 4,950,000 |  | 126,598 |  | 3,934,059 |  |

| At 31 July 2023 | 4,000,000 |  | 110,509 |  | 3,225,187 |  |

WALTET LIMITED (REGISTERED NUMBER: 06550655)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE PERIOD 1 AUGUST 2023 TO 31 OCTOBER 2024

11. | TANGIBLE FIXED ASSETS - continued

| Group

Fixtures |

and | Motor | Computer |

fittings | vehicles | equipment | Totals |

| £ | £ | £ | £

| COST OR VALUATION

| At 1 August 2023 | 65,856 |  | 185,275 |  | 199,733 |  | 9,508,432 |  |

| Additions | 995 |  | - |  | 2,838 |  | 1,848,943 |  |

| Disposals | - |  | (21,990 | ) | - |  | (1,124,848 | ) |

| Revaluations | - |  | - |  | - |  | 808,477 |  |

| At 31 October 2024 | 66,851 |  | 163,285 |  | 202,571 |  | 11,041,004 |  |

| DEPRECIATION

| At 1 August 2023 | 46,477 |  | 121,917 |  | 160,334 |  | 2,050,600 |  |

| Charge for period | 6,305 |  | 19,390 |  | 27,088 |  | 480,497 |  |

| Eliminated on disposal | - |  | (19,162 | ) | - |  | (571,108 | ) |

| At 31 October 2024 | 52,782 |  | 122,145 |  | 187,422 |  | 1,959,989 |  |

| NET BOOK VALUE

| At 31 October 2024 | 14,069 |  | 41,140 |  | 15,149 |  | 9,081,015 |  |

| At 31 July 2023 | 19,379 |  | 63,358 |  | 39,399 |  | 7,457,832 |  |

| Included in cost or valuation of land and buildings is freehold land of £4,950,000 (2023 - £4,000,000) which is not depreciated.

| Cost or valuation at 31 October 2024 is represented by:

Freehold | Improvements | Plant and |

property | to property | machinery |

| £ | £ | £

| Valuation in 2021 | 50,000 |  | - |  | - |  |

| Valuation in 2024 | 808,477 |  | - |  | - |  |

| Cost | 4,091,523 |  | 210,610 |  | 5,447,687 |  |

4,950,000 |  | 210,610 |  | 5,447,687 |  |

Fixtures |

and | Motor | Computer |

fittings | vehicles | equipment | Totals |

| £ | £ | £ | £

| Valuation in 2021 | - |  | - |  | - |  | 50,000 |  |

| Valuation in 2024 | - |  | - |  | - |  | 808,477 |  |

| Cost | 66,851 |  | 163,285 |  | 202,571 |  | 10,182,527 |  |

66,851 |  | 163,285 |  | 202,571 |  | 11,041,004 |  |

WALTET LIMITED (REGISTERED NUMBER: 06550655)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE PERIOD 1 AUGUST 2023 TO 31 OCTOBER 2024

11. | TANGIBLE FIXED ASSETS - continued

| Group

| Freehold property was valued on an open market basis on 13 March 2025 by Savills resulting in an increase in value to £4.95m.

| The net book value of tangible fixed assets includes £3,402,194 (2023: £2,302,625) in respect of assets held under hire purchase contracts.

| Depreciation charged on these assets during the period amounted to £356,299 (2023: £218,176).

| Company

Freehold | Improvements | Plant and |

property | to property | machinery | Totals |

| £ | £ | £ | £

| COST OR VALUATION

| At 1 August 2023 | 4,000,000 |  | 53,909 |  | 197,397 |  | 4,251,306 |  |

| Additions | 141,523 |  | 19,686 |  | - |  | 161,209 |  |

| Revaluations | 808,477 |  | - |  | - |  | 808,477 |  |

| At 31 October 2024 | 4,950,000 |  | 73,595 |  | 197,397 |  | 5,220,992 |  |

| DEPRECIATION

| At 1 August 2023 | - |  | 1,272 |  | 10,239 |  | 11,511 |  |

| Charge for period | - |  | 4,108 |  | 12,854 |  | 16,962 |  |

| At 31 October 2024 | - |  | 5,380 |  | 23,093 |  | 28,473 |  |

| NET BOOK VALUE

| At 31 October 2024 | 4,950,000 |  | 68,215 |  | 174,304 |  | 5,192,519 |  |

| At 31 July 2023 | 4,000,000 |  | 52,637 |  | 187,158 |  | 4,239,795 |  |

| Cost or valuation at 31 October 2024 is represented by:

Freehold | Improvements | Plant and |

property | to property | machinery | Totals |

| £ | £ | £ | £

| Valuation in 2021 | 50,000 |  | - |  | - |  | 50,000 |  |

| Valuation in 2024 | 808,477 |  | - |  | - |  | 808,477 |  |

| Cost | 4,091,523 |  | 73,595 |  | 197,397 |  | 4,362,515 |  |

4,950,000 |  | 73,595 |  | 197,397 |  | 5,220,992 |  |

WALTET LIMITED (REGISTERED NUMBER: 06550655)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE PERIOD 1 AUGUST 2023 TO 31 OCTOBER 2024

12. | FIXED ASSET INVESTMENTS

| Company

Shares in |

group |

undertakings |

| £

| COST

| At 1 August 2023 | 400 |  |

| Disposals | (200 | ) |

| At 31 October 2024 | 200 |  |

| PROVISIONS

| At 1 August 2023 | 200 |  |

| Eliminated on disposal | (200 | ) |

| At 31 October 2024 | - |  |

| NET BOOK VALUE

| At 31 October 2024 | 200 |  |

| At 31 July 2023 | 200 |  |

| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

| Subsidiaries

| Waltet Materials Limited (registered number 03230908)

| Registered office: Unit 4, Andes Road, Nursling Industrial Estate, Southampton, Hampshire, SO16 0YZ, United Kingdom

| Nature of business: Road haulage & Waste Recycling

% |

| Class of shares: | holding |

| Ordinary | 100.00 |

2024 | 2023 |

| £ | £

| Aggregate capital and reserves | 875,968 |  | 879,735 |  |

| (Loss)/profit for the period/year | (3,767 | ) | 27,213 |  |

WALTET LIMITED (REGISTERED NUMBER: 06550655)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE PERIOD 1 AUGUST 2023 TO 31 OCTOBER 2024

12. | FIXED ASSET INVESTMENTS - continued

| Waltet Recycling Limited (registered number 02276871)

| Registered office: Unit 4, Andes Road, Nursling Industrial Estate, Southampton, Hampshire, SO16 0YZ, United Kingdom

| Nature of business: Dormant

% |

| Class of shares: | holding |

| Ordinary | 100.00 |

2024 | 2023 |

| £ | £

| Aggregate capital and reserves | 59 |  | 59 |  |

| Loss for the period/year | - |  | (41 | ) |

13. | STOCKS

| Group |

2024 | 2023 |

| £ | £

| Stocks | 705,135 |  | 554,922 |  |

14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |  | Company |

2024 | 2023 | 2024 | 2023 |

| £ | £ | £ | £

| Trade debtors | 2,043,115 |  | 1,453,352 |  | - |  | - |  |

| Amounts owed by group undertakings | - |  | - |  | 640,381 |  | 881,959 |  |

| Other debtors | 461,825 |  | 592,629 |  | 40,370 |  | 78,217 |  |

| Tax | 71,978 |  | (12 | ) | - |  | - |  |

| VAT | - |  | - |  | 10 |  | - |  |

2,576,918 |  | 2,045,969 |  | 680,761 |  | 960,176 |  |

| Amounts owed by group undertakings are interest free and repayable on demand.

15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |  | Company |

2024 | 2023 | 2024 | 2023 |

| £ | £ | £ | £

| Other loans (see note 17) | 79,155 |  | - |  | - |  | - |  |

| Hire purchase contracts (see note 18) | 767,020 |  | 474,321 |  | - |  | - |  |

| Trade creditors | 1,177,746 |  | 715,739 |  | - |  | - |  |

| Social security and other taxes | 47,781 |  | 57,583 |  | - |  | - |  |

| VAT | 308,910 |  | 238,575 |  | - |  | - |  |

| Other creditors | 1,751,576 |  | 1,568,319 |  | 96,605 |  | 80,856 |  |

4,132,188 |  | 3,054,537 |  | 96,605 |  | 80,856 |  |

WALTET LIMITED (REGISTERED NUMBER: 06550655)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE PERIOD 1 AUGUST 2023 TO 31 OCTOBER 2024

16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

| Group |  | Company |

2024 | 2023 | 2024 | 2023 |

| £ | £ | £ | £

| Bank loans (see note 17) | 1,862,250 |  | 1,862,250 |  | 1,862,250 |  | 1,862,250 |  |

| Other loans (see note 17) | 87,778 |  | - |  | - |  | - |  |

| Hire purchase contracts (see note 18) | 1,558,081 |  | 1,484,123 |  | - |  | - |  |

| Other creditors | 439,971 |  | 544,971 |  | 439,971 |  | 544,971 |  |

| Directors' current accounts | 1,852,356 |  | 1,481,991 |  | 1,852,356 |  | 1,488,734 |  |

5,800,436 |  | 5,373,335 |  | 4,154,577 |  | 3,895,955 |  |

17. | LOANS

| An analysis of the maturity of loans is given below:

| Group |  | Company |

2024 | 2023 | 2024 | 2023 |

| £ | £ | £ | £

| Amounts falling due within one year or on | demand: |

| Other loans | 79,155 |  | - |  | - |  | - |  |

| Amounts falling due between one and two | years: |

| Bank loans - 1-2 years | 1,862,250 |  | - |  | 1,862,250 |  | - |  |

| Other loans - 1-2 years | 16,667 |  | - |  | - |  | - |  |

1,878,917 |  | - |  | 1,862,250 |  | - |  |

| Amounts falling due between two and five | years: |

| Bank loans - 2-5 years | - |  | 1,862,250 |  | - |  | 1,862,250 |  |

| Other loans - 2-5 years | 71,111 |  | - |  | - |  | - |  |

71,111 |  | 1,862,250 |  | - |  | 1,862,250 |  |

WALTET LIMITED (REGISTERED NUMBER: 06550655)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE PERIOD 1 AUGUST 2023 TO 31 OCTOBER 2024

18. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Group

| Hire purchase contracts |

2024 | 2023 |

| £ | £

| Gross obligations repayable:

| Within one year | 962,138 |  | 621,264 |  |

| Between one and five years | 1,899,231 |  | 1,634,202 |  |

2,861,369 |  | 2,255,466 |  |

| Finance charges repayable:

| Within one year | 195,118 |  | 146,943 |  |

| Between one and five years | 341,150 |  | 150,079 |  |

536,268 |  | 297,022 |  |

| Net obligations repayable:

| Within one year | 767,020 |  | 474,321 |  |

| Between one and five years | 1,558,081 |  | 1,484,123 |  |

2,325,101 |  | 1,958,444 |  |

| Group

Non-cancellable |

operating leases |

2024 | 2023 |

| £ | £

| Within one year | 113,755 |  | 89,458 |  |

| Between one and five years | 157,127 |  | 196,212 |  |

| In more than five years | - |  | 11,075 |  |

270,882 |  | 296,745 |  |

WALTET LIMITED (REGISTERED NUMBER: 06550655)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE PERIOD 1 AUGUST 2023 TO 31 OCTOBER 2024

19. | SECURED DEBTS

| The following secured debts are included within creditors:

| Group |

2024 | 2023 |

| £ | £

| Bank loans | 1,862,250 |  | 1,862,250 |  |

| Hire purchase contracts | 2,325,101 |  | 1,958,444 |  |

| Invoice Financing | 1,510,038 |  | 1,315,174 |  |

| Other loans | 62,488 |  | - |  |

5,759,877 |  | 5,135,868 |  |

| Bank loans are secured by a fixed charge and a negative pledge over property owned by the parent company. The director has provided a personal guarantee of £487,500 over the loan.

| The group's hire purchase liabilities are secured against the assets to which they relate.

| Invoice financing is an invoice discounting facility, secured over the trade receivables of Waltet Materials Limited.

| A personal guarantee is in place on the invoice discounting facility by a director.

| The other loans liability includes £62,488 which is secured by way of a personal guarantee by a director.

20. | PROVISIONS FOR LIABILITIES

| Group |  | Company |

2024 | 2023 | 2024 | 2023 |

| £ | £ | £ | £

| Deferred tax | 745,687 |  | 336,907 |  | 214,619 |  | - |  |

| Group

Deferred tax |

| £

| Balance at 1 August 2023 | 336,907 |  |

| Accelerated capital allowances | 209,833 |  |

| Deferred tax losses | (15,672 | ) |

| Revaluation of fixed assets | 214,619 |  |

| Balance at 31 October 2024 | 745,687 |  |

| Company

Deferred tax |

| £

| Revaluation of fixed assets | 214,619 |  |

| Balance at 31 October 2024 | 214,619 |  |

WALTET LIMITED (REGISTERED NUMBER: 06550655)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE PERIOD 1 AUGUST 2023 TO 31 OCTOBER 2024

21. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid: |  |

| Number: |  | Class: |  | Nominal |  | 2024 |  | 2023 |  |

|  | value: |  | £ |  | £ |  |

| 82 |  | Ordinary A |  | £1 |  | 82 |  | 82 |  |

| 88 |  | Ordinary B |  | £1 |  | 88 |  | 88 |  |

| 10 |  | Ordinary C |  | £1 |  | 10 |  | 10 |  |

| 10 |  | Ordinary D |  | £1 |  | 10 |  | 10 |  |

| 10 |  | Ordinary E |  | £1 |  | 10 |  | 10 |  |

|  | 200 |  | 200 |  |

| All share classes rank pari passu in all respects, except that the company in a general meeting may from time to time declare dividends on one class of share and not the other classes or of differing amounts for each class of share.

22. | RESERVES

| Group

Non-distributable |

profit and |

Retained | loss |

earnings | reserve | Totals |

| £ | £ | £

| At 1 August 2023 | 2,052,853 |  | 50,000 |  | 2,102,853 |  |

| Deficit for the period | (364,585 | ) | (364,585 | ) |

| Dividends | (49,000 | ) | (49,000 | ) |

| Revaluation of fixed assets | - |  | 808,477 |  | 808,477 |  |

| Deferred tax provided on revaluation | - |  | (214,619 | ) | (214,619 | ) |

| At 31 October 2024 | 1,639,268 |  | 643,858 |  | 2,283,126 |  |

| Company

Non-distributable |

profit and |

Retained | loss |

earnings | reserve | Totals |

| £ | £ | £

| At 1 August 2023 | 1,173,963 |  | 50,000 |  | 1,223,963 |  |

| Deficit for the period | (360,818 | ) | (360,818 | ) |

| Dividends | (49,000 | ) | (49,000 | ) |

| Revaluation of fixed assets | - |  | 808,477 |  | 808,477 |  |

| Deferred tax provided on revaluation | - |  | (214,619 | ) | (214,619 | ) |

| At 31 October 2024 | 764,145 |  | 643,858 |  | 1,408,003 |  |

WALTET LIMITED (REGISTERED NUMBER: 06550655)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE PERIOD 1 AUGUST 2023 TO 31 OCTOBER 2024

23. | PENSION COMMITMENTS

| The group operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

| The pension cost charge to the profit and loss for the period in respect of defined contributions payable by the group amounted to £71,296 (2023: £55,307).

| Employer's contributions totalling £1,791 (2023: £1,671) were payable to the scheme at the period end and are included within other creditors.

24. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

| During the period, advances totalling £576,133 (2023: £68,031) were made to a director. £205,768 (2023: £139,574) was repaid prior to the period end. The balance payable to the director at the period end was £1,852,356 (2023: £1,481,991). Interest is payable on elements of the balance at 10% per annum. The balance is repayable more than one year.

25. | RELATED PARTY DISCLOSURES

| Waltet Materials Limited EPP

| Waltet Materials Limited is the sponsoring employer and occupied properties owned by the scheme. One of the company directors, M R Howard, is also a scheme trustee. During the period, the company paid rent totalling £85,000 (year ended 2023: £68,000).

26. | ULTIMATE CONTROLLING PARTY

| The controlling party is M R Howard.