GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

EVOGO GROUP LTD

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

6

Report of the Independent Auditors

8

Consolidated Statement of 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:

J D Levine

J J Levine

REGISTERED OFFICE:

201 Upwell Street

Sheffield

South Yorkshire

S4 8AL

REGISTERED NUMBER:

11388495 (England and Wales)

SENIOR STATUTORY AUDITOR:

Oliver Jenkins ACCA

AUDITORS:

Hewitt Card Limited

Statutory Auditors

70-72 Nottingham Road

Mansfield

Nottinghamshire

NG18 1BN

The directors present their strategic report of the company and the group for the year ended 31 December 2024.

About the company

The principal activities of the business is the sales of motor vehicles and related services and the hiring of motor vehicles.

The motor vehicle sales and related services operate from a retail site in Sheffield, and trade under the name of 'Mike Brewer Motors'. In addition to the garage itself, customers are served via telephone and email communication channels or via the website www.mikebrewermotors.com where details of vehicles in stock can be viewed. In addition to this the business also operates it's vehicle rental service from the same facility in Sheffield under the Evogo name.

REVIEW OF BUSINESS

The directors are pleased with the overall performance of the group for the year, in what has been a challenging environment, both politically and as a result of the ongoing lack of availability of new rental vehicles.

The key performance indicators by which financial performance is measured are as follows:-

2024

2023

Revenue

£38.0m

£41.6m

Gross profit %

8.11%

13.92%

Number of vehicles sold

1,432

1,508

Live vehicle hire agreements

786

1,066

Total equity

£16.4m

£18.7m

The directors are confident that the business can maintain the current level of activity, despite their expectation that the economic environment will remain difficult throughout the next year due to the availability of new cars.

Employee Strategy

To meet the demand of a such fast paced growing business the directors have continued to recruit new employees to meet customer demand.

The directors have continued to invest in internal training and all staff are encouraged to attend a minimum level of training workshops within the year. As well as learning new skills the directors feel the training programmes give the employees greater knowledge of the wider business and improve the efficiency in which they can work together.

The directors feel that the internal training has supported the development of many of the team who have progress to new roles within the company. This also reflect our intention to promote within where possible.

PRINCIPAL RISKS AND UNCERTAINTIES

The management and execution of the business strategy is subject to a number of risks in addition to those noted in the Directors' report. The key risks to delivering the strategy of the business include but are not limited to:

Competition

The UK vehicle market is highly competitive and customers have a broad choice of retailers. The company primarily competes on the basis of a customer proposition which is focused on choice, value and service. If it fails to compete effectively in any of these areas, does not adapt effectively and quickly to changes in the competitive landscape, the company may fail to attract new customers and lose repeat customers

Market risk

Due to the market the company operates within, the hire and sale of vehicle operations result in the company acquiring and disposing of significant quantities of vehicles and as such the state of the car market, particularly with regards to residual values, is identified as a potential risk. This risk is minimised by an experienced team who control the acquisition and disposal of vehicles to ensure this risk is minimised.

Brand and reputation

Developing and maintaining the reputation of the company's brands is of importance to its success, as brand identity is a critical factor in attracting new and repeat customers. Failure to maintain the customer proposition of choice, value and service could damage the company's reputation and brand, result in a loss of customer confidence and impact levels of business. Unfavourable publicity concerning the company or the industry in which it operates could also have an adverse impact.

Availability and terms of customer finance

Customer demand and thus vehicle sales revenue is exposed to the risk of lending institutions reducing, terminating or materially altering the terms and conditions on which they are willing to offer consumer credit to the company's customers. Commission income revenue generated by the company acting as a regulated credit broker could be impacted if either the number of such arrangements reduces, or the structure and amount of commissions earned is altered.

Availability of supply

As the company continues to grow there is a risk that vehicle supply is insufficient to satisfy customer demand or the company's business plan. Relationships with key suppliers are longstanding, however, the company does not have long-term contractual supply arrangements and a reduction in the supply of vehicles could have a material adverse effect on the business.

Regulatory risk

The markets the company operates within are regulated by the FCA. The company has various FCA "permissions" to carry on consumer credit activities from which it derives income. There is a risk that increased regulation or restrictions on the sales process or nature of these products would restrict the income available to the company.

In addition, whilst the directors believe that the company conducts its business in accordance with all applicable regulations and will endeavour to continue to do so, there remains a risk that the regulator will find that the business has not complied fully with such regulations. In such circumstances, the impact to the business of any regulatory fines and other costs, reputations damage and / or loss of FCA authorisation could be material.

Disaster Recovery and Business Continuity

The Company has an understandable reliance on its place of business, IT systems and people. The loss of key components could cause temporary disruption to business processes, whilst the company implements its established and detailed disaster recovery plan, which includes access to offsite facilities available for immediate use.

SECTION 172(1) STATEMENT

The directors consider, both individually and collectively, that in the decisions taken during the financial year they have satisfied the requirements of section 172 of the Companies Act 2006 ("s172") in performing their duties, to promote the success of the group and company for the benefit of its members, as a whole, and in doing so having regard to the stakeholders and matters outlined in that section which will have an impact on the long-term success of the company.

The directors recognise that they have an important role in assessing and monitoring that the desired culture is embedded in the values, attitudes and behaviours that the group demonstrates, including our activities and stakeholder relationships.

When making decisions, each director ensures that he considers, in good faith, what would most likely promote the company's success for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to:

" the likely consequences of any decision in the long term, by setting the regular process of budgeting and reforecasting over the short term in the context of the longer-term strategic plan.

" the interests of the company's employees, as the directors recognise that employees are fundamental and core to our business and the delivery of our strategic ambitions. The success of our business is dependent upon attracting, retaining and motivating employees and ensuring that we remain a responsible employer, from pay and benefits to our health, safety and workplace environment. The directors factor the implications of decisions on employees and the wider workforce, where relevant and feasible.

" the need to foster the company's business relationships with suppliers, customers and others, to develop strong, mutually beneficial relationships to deliver our strategy.

" the impacts of the company's operations on the community and the environment, the directors seek to recognise the effects of their long-term decisions, and the ongoing operational activities in the context of the communities in which it operates, as well as the environment in general.

" the desirability of the company maintaining a reputation for high standards of business conduct, and in recognising that the company needs to provide its solutions and services in ways which are economically, environmentally and socially responsible and seeks to make its long-term decisions and undertake its daily operations in that context.

INDUSTRY RISKS

Vehicle pricing

Fluctuations in prices in the nearly-new and used vehicle market could impact the company's business as it rental fleet of vehicles held within property, planet and equipment would be affected by this in addition to significant inventory of such vehicles.

OEM behaviour

Although the company stocks a diverse range of OEM's s' (Original Equipment Manufacturer) vehicles, should a key OEM fail or experience a significant adverse reputational issue such as a regulatory non-compliance or health and safety based recall which negatively impacts on the desirability of some or all of its models, the Company could be required to dispose of vehicles at a loss or at a substantial discount.

In addition, if the current model of vehicle sales changes (for example, if OEMs fundamentally alter the value chain of new vehicles and their routes to market), the Company's customer base might be altered. Similarly, if the current model of individuals purchasing and owning their own vehicles changes significantly, demand for the Company's services could be adversely affected. Technological advancements could create a different model for owning, buying and selling vehicles which could challenge the Company's business.

Economic conditions

The Company operates in Great Britain and therefore its business is affected by overall economic conditions and the level of customer confidence and spending in the country, including changes in factors such as unemployment, exchange rates, inflation or deflation and the cost of fuel. Whilst the Company's recent performance has remained robust and customer demand for nearly-new and used vehicles is generally considered to be less cyclical than customer demand for new vehicles, there remains a risk that economic conditions could deteriorate and suppress demand for nearly-new and used vehicles.

Liquidity and financing

The Company uses a selection of finance facilities to fund its operations, including a stock financing facility, which is secured against its retail vehicle stocks. A change in the pricing or a reduction in funding parameters and facility limits could significantly constrain the company's ability to trade or the company could be required to dispose of assets at below their market value or at a substantial discount.

Financial instrument risk

The company's principal financial instruments consist of cash, cash equivalents and hire purchase contracts.

Interest rate risk: Hire purchase contracts are entered into with a mix of fixed and variable interest rates, therefore the company can be affected by changes in interest rates.

Liquidity risk: The company minimises this risk by actively managing cash generated from its ordinary activities.

ON BEHALF OF THE BOARD:

J D Levine - Director

24 September 2025

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of motor vehicle sales and related services, rental of motor vehicles, rental of forklift trucks, hire of lighting equipment and public houses and restaurants.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2024.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

J D Levine

J J Levine

Other changes in directors holding office are as follows:

L Streets - resigned 9 April 2024

ENGAGEMENT WITH EMPLOYEES

It is company policy that there should be effective communication with all employees who, subject to practical and commercial considerations, should be consulted on and involved in decisions that affect their current jobs and future prospects.

The achievement of this policy has to be treated flexibly in accordance with the varying circumstances and needs of the company but, in all cases, the emphasis is on communication at the local level.

The company actively encourages the promotion of safe working conditions and procedures and the development of practices which secure and enhance the health and welfare at work of employees.

STREAMLINED ENERGY AND CARBON REPORTING

Greenhouse gas emissions, energy consumption and energy efficiency disclosures have not been provided as the company's energy consumption for year ended 31st December 2023 was less than 40,000 kWh.

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, Hewitt Card Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

J D Levine - Director

24 September 2025

Opinion

We have audited the financial statements of Evogo Group Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 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 December 2024 and of the group's loss 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 six, 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.

We have adopted a risk based approach based upon analytical procedures and knowledge of the clients systems and environment it operates in.

This enables us to design and perform audit procedures responsive to those risks; and obtain audit evidence that is sufficient and appropriate to provide a basis for the audit opinion.

To obtain an understanding of internal control where relevant to the audit to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.

To evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

To conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the entity's ability to continue as a going concern.

The likelihood of detecting irregularities is inherently difficult and we have designed our tests and procedures to reduce this risk.

- We have enquired of management and the company's solicitors around actual and potential litigation and claims.

- Review of company minutes of meetings of those charged with governance.

- Reviewing financial statements disclosure and testing supporting documentation to assess compliance with applicable laws and regulations

- Review and testing of management override of controls, including through testing journal entries and other adjustments for appropriateness and evaluating the business rationale of significant transactions.

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.

Oliver Jenkins ACCA (Senior Statutory Auditor)

for and on behalf of Hewitt Card Limited

Statutory Auditors

70-72 Nottingham Road

Mansfield

Nottinghamshire

NG18 1BN

24 September 2025

TURNOVER

38,035,073

41,583,760

Cost of sales

34,948,654

35,793,517

GROSS PROFIT

3,086,419

5,790,243

Administrative expenses

6,520,097

5,244,311

(3,433,678

)

545,932

Other operating income

116,753

113,878

GROUP OPERATING (LOSS)/PROFIT

4

(3,316,925

)

659,810

Share of operating (loss)/profit in

Joint ventures

(24,451

)

3,457

Interest receivable and similar income

187,672

160,770

(3,153,704

)

824,037

Interest payable and similar expenses

5

1,586,045

2,132,039

LOSS BEFORE TAXATION

(4,739,749

)

(1,308,002

)

Tax on loss

6

(1,406,774

)

246,607

LOSS FOR THE FINANCIAL YEAR

(3,332,975

)

(1,554,609

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(3,332,975

)

(1,554,609

)

Loss attributable to:

Owners of the parent

(3,332,975

)

(1,554,609

)

Total comprehensive income attributable to:

Owners of the parent

(3,357,426

)

(1,551,152

)

Non-controlling interests

24,451

(3,457

)

(3,332,975

)

(1,554,609

)

FIXED ASSETS

Intangible assets

8

1,054,863

2,122,460

Tangible assets

9

29,186,254

35,744,310

Investments

10

250,000

100,000

30,491,117

37,966,770

CURRENT ASSETS

Stocks

11

2,717,633

5,663,721

Debtors

12

7,711,218

6,422,270

Cash at bank and in hand

1,947,313

1,964,265

12,376,164

14,050,256

CREDITORS

Amounts falling due within one year

13

17,190,654

21,506,814

NET CURRENT LIABILITIES

(4,814,490

)

(7,456,558

)

TOTAL ASSETS LESS CURRENT LIABILITIES

25,676,627

30,510,212

CREDITORS

Amounts falling due after more than one year

14

(8,966,882

)

(11,538,165

)

PROVISIONS FOR LIABILITIES

18

(307,665

)

(261,443

)

NET ASSETS

16,402,080

18,710,604

CAPITAL AND RESERVES

Called up share capital

19

21,000,000

20,000,000

Share premium

20

6,999,990

6,999,990

Capital redemption reserve

20

64,806

64,806

Merger reserve

20

(19,964,804

)

(19,964,804

)

Retained earnings

20

8,374,235

11,707,210

SHAREHOLDERS' FUNDS

16,474,227

18,807,202

NON-CONTROLLING INTERESTS

(72,147

)

(96,598

)

TOTAL EQUITY

16,402,080

18,710,604

The financial statements were approved by the Board of Directors and authorised for issue on 24 September 2025 and were signed on its behalf by:

J D Levine - Director

FIXED ASSETS

Intangible assets

8

-

-

Tangible assets

9

-

-

Investments

10

21,642,068

21,642,068

21,642,068

21,642,068

CURRENT ASSETS

Debtors

12

5,494,206

7,486,080

Cash in hand

2

2

5,494,208

7,486,082

CREDITORS

Amounts falling due within one year

13

9,083,322

9,252,676

NET CURRENT LIABILITIES

(3,589,114

)

(1,766,594

)

TOTAL ASSETS LESS CURRENT LIABILITIES

18,052,954

19,875,474

CAPITAL AND RESERVES

Called up share capital

19

21,000,000

20,000,000

Retained earnings

(2,947,046

)

(124,526

)

SHAREHOLDERS' FUNDS

18,052,954

19,875,474

Company's loss for the financial year

(2,822,520

)

(124,526

)

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 24 September 2025 and were signed on its behalf by:

J D Levine - Director

Called up

Capital

share

Retained

Share

redemption

capital

earnings

premium

reserve

£

£

£

£

Balance at 1 January 2023

20,000,000

13,261,819

6,999,990

64,806

Changes in equity

Total comprehensive income

-

(1,554,609

)

-

-

Balance at 31 December 2023

20,000,000

11,707,210

6,999,990

64,806

Changes in equity

Issue of share capital

1,000,000

-

-

-

Total comprehensive income

-

(3,332,975

)

-

-

Balance at 31 December 2024

21,000,000

8,374,235

6,999,990

64,806

Merger

Non-controlling

Total

reserve

Total

interests

equity

£

£

£

£

Balance at 1 January 2023

(19,964,804

)

20,361,811

(93,141

)

20,268,670

Changes in equity

Total comprehensive income

-

(1,554,609

)

(3,457

)

(1,558,066

)

Balance at 31 December 2023

(19,964,804

)

18,807,202

(96,598

)

18,710,604

Changes in equity

Issue of share capital

-

1,000,000

-

1,000,000

Total comprehensive income

-

(3,332,975

)

24,451

(3,308,524

)

Balance at 31 December 2024

(19,964,804

)

16,474,227

(72,147

)

16,402,080

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

20,000,000

-

20,000,000

Changes in equity

Total comprehensive income

-

(124,526

)

(124,526

)

Balance at 31 December 2023

20,000,000

(124,526

)

19,875,474

Changes in equity

Issue of share capital

1,000,000

-

1,000,000

Total comprehensive income

-

(2,822,520

)

(2,822,520

)

Balance at 31 December 2024

21,000,000

(2,947,046

)

18,052,954

Cash flows from operating activities

Cash generated from operations

1

6,346,666

4,584,888

Interest paid

(188,959

)

(455,803

)

Interest element of hire purchase payments paid

(1,397,086

)

(1,676,236

)

Tax paid

(1,447,490

)

(481,821

)

Net cash from operating activities

3,313,131

1,971,028

Cash flows from investing activities

Purchase of tangible fixed assets

(18,055,762

)

(23,389,496

)

Purchase of fixed asset investments

(150,000

)

(100,000

)

Sale of intangible fixed assets

-

1,006

Sale of tangible fixed assets

19,300,611

21,148,328

Interest received

187,672

160,770

Net cash from investing activities

1,282,521

(2,179,392

)

Cash flows from financing activities

Amounts owed to associates

(1,568,830

)

-

Capital repayments in year

(3,842,249

)

(9,954,577

)

Amount introduced by directors

1,300,000

9,235,362

Amount withdrawn by directors

(1,501,525

)

-

Share issue

1,000,000

-

Net cash from financing activities

(4,612,604

)

(719,215

)

Decrease in cash and cash equivalents

(16,952

)

(927,579

)

Cash and cash equivalents at beginning of year

2

1,964,265

2,891,844

Cash and cash equivalents at end of year

2

1,947,313

1,964,265

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

2024

2023

£

£

Loss before taxation

(4,739,749

)

(1,308,002

)

Depreciation charges

5,691,277

5,830,440

Loss/(profit) on disposal of fixed assets

95,327

(272,950

)

Share of (profit)/loss in joint ventures

24,451

(3,457

)

Impairment of goodwill

765,191

-

Government grants

-

(1,663

)

Finance costs

1,586,045

2,132,039

Finance income

(187,672

)

(160,770

)

3,234,870

6,215,637

Decrease/(increase) in stocks

2,946,088

(625,587

)

Decrease/(increase) in trade and other debtors

1,061,214

(1,319,461

)

(Decrease)/increase in trade and other creditors

(895,506

)

314,299

Cash generated from operations

6,346,666

4,584,888

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 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

1,947,313

1,964,265

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

1,964,265

2,891,844

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank and in hand

1,964,265

(16,952

)

1,947,313

1,964,265

(16,952

)

1,947,313

Debt

Finance leases

(17,508,819

)

3,851,703

(13,657,116

)

Debts falling due within 1 year

(2,986,087

)

1,258,408

(1,727,679

)

(20,494,906

)

5,110,111

(15,384,795

)

Total

(18,530,641

)

5,093,159

(13,437,482

)