REGISTERED NUMBER: 10086030 (England and Wales)

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 December 2024

for

Coxbridge Group Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

6

Consolidated Income Statement

9

Consolidated Other Comprehensive Income

10

Consolidated Balance Sheet

11

Company Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Company Statement of Changes in Equity

14

Consolidated Cash Flow Statement

15

Notes to the Consolidated Cash Flow Statement

16

Notes to the Consolidated Financial Statements

18

DIRECTORS:

P Marsh

P R Marsh

REGISTERED OFFICE:

Chancery House

30 St Johns Road

Woking

Surrey

GU21 7SA

BUSINESS ADDRESS:

Impression House

31 Invincible Road

Farnborough

Hampshire

GU14 7QU

REGISTERED NUMBER:

10086030 (England and Wales)

AUDITORS:

WP Audit Services LLP

Chancery House

30 St Johns Road

Woking

Surrey

GU21 7SA

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

REVIEW OF BUSINESS

The Board aims to present a review of the development and performance of the group during the year under review and its position at the year end. This review is consistent with the size and nature of the group and is written in the context of risks and uncertainties it faces.

During the period under review, the directors are pleased to report an increase in revenue of 16.6% over the previous year from £34,919,569 to £40,699,106 arising from both organic growth and acquisitions made during 2024.

On 18 September 2024, the group acquired 100% of the share capital of Phoenix Hire & Sales Ltd and Safety Survey & Training Ltd and on 25 September 2024, the group acquired 100% of the share capital of Rabbit & Dowling Plant Hire Limited. This takes the total number of hire depots operated by the group to 18.

The group has also continued to reinvest the profits of the business into ensuring a modern fleet of equipment is available to customers, with the only external financing being through hire purchase liabilities relating to the hire fleet. As a result of the above the net book value of the plant and machinery increased by £10.9m from £41.7m to £52.6m.

The group considers that its key performance indicators are those that communicate the financial performance and strength of the group, primarily turnover, operating profit, EBITDA and net assets. Both turnover and net assets increased compared to the prior year, with the decrease in operating profit and EBITDA due to a combination of ensuring that the group remains price competitive for customers, whilst seeing the cost of labour, parts and other materials increase in the year, in addition to investing in the resources of the group to ensure it is well placed to capture the next phase of the group's growth.

The directors aim to maintain the group's existing management policies which have resulted in the group's successful period of trading. These policies include the intention to grow sales and maintain control over costs.

The directors are pleased with the overall results for the period and are confident that the group will continue to trade profitably in the future. The continuing profitability has left the group in a sound financial position at the end of the year and is in line with the group's expectations.

The directors consider that the group is in a strong position to take advantage of any profitable opportunities which may arise in the future.

KEY PERFORMANCE INDICATORS

The group considers its Key Performance Indicators to be turnover, gross profit, net assets and cash.

2024

2023

2022

£

£

£

Turnover

40,699,106

34,919,569

24,801,972

Operating profit

9,296,159

10,456,739

8,737,167

Net assets

40,186,173

34,402,843

28,099,926

Cash generated from operations

12,233,753

12,044,723

9,090,645

EBITDA

12,587,623

12,926,534

10,237,465

PRINCIPLE RISKS AND UNCERTAINTIES AND FINANCIAL RISK MANAGEMENT

The management of the group and the nature of its trading strategy are subject to a number of risks. The group operates a thorough risk assessment and management process which involves a formal review of all the risks identified and introducing processes to monitor and mitigate each risk, where possible.

The group's principal financial instruments comprise bank balances, inventories, trade debtors, trade creditors and hire purchase finance. The main purpose of these instruments is to provide funds for the group's operations. Their existence exposes the group to a number of financial risks, which have been considered and are managed as follows:

Cost inflation and supply chain

The group continues to have a strong supply chain system, which allows it to negotiate better purchasing terms and work with suppliers to improve supply chain efficiency. However, the group remains exposed to periods of cost inflation and continually assesses any risks identified with the aim of mitigating the threats these may have on the group's operations and profitability.

The group operates one of the newest hire fleets in the industry and is well placed to provide asset availability as a result of better reliability. The age profile also allows the group to optimise capital expenditure management whilst maintaining customer service.

Construction market conditions

The group is directly impacted by the construction industry with demand and pricing of the group's products dependant on the success in this sector. The group mitigates this risk by ensuring it monitors the market to ensure asset holding levels are closely monitored with its pricing strategy being constantly assessed by comparison to competitors rates.

Operational risk

Operational risk is the risk of a direct or indirect loss resulting from the inadequacies or failures of processes or controls due to technology, staff, organisation or external factors. To monitor and control operational risk, the group maintains a system of comprehensive policies and a control framework which is designed to provide a sound and well-controlled operational environment.

Liquidity risk

Liquidity risk is the risk that the group will have insufficient resources to meet its financial liabilities as they fall due. The group's strategy to managing liquidity risk is to ensure that the group has sufficient funds to meet all its potential liabilities as they fall due. In respect of bank balances, the liquidity risk is managed by maintaining a substantial cash balance at all times. In respect of the hire purchase finance, these are short term on low interest rates. The liquidity risk is therefore managed by ensuring there are always sufficient funds available to meet all monthly liabilities.

Price risk

Price risk is the risk that financial performance of the group will be adversely affected by pricing changes or price pressure from competitors. The group has managed this risk by securing long term contracts with its key suppliers that sets out defined parameters and pricing.

Interest rate risk

Interest rate risk is the risk that the financial performance of the group will be adversely affected by adverse fluctuations on interest rates being charged to the company on its financial instruments. The interest rate risk is managed by using short term agreements with fixed low interest rates. This is deemed sufficient to mitigate this risk.

Credit risk

The group has a significant and diverse customer base, ranging from large contractors to individual operations. This, combined with undertaking stringent credit checks and the implementation of further safeguards, where necessary, minimises credit risk.

Currency risk

Currency risk is the risk that the financial performance of the group will be adversely affected by adverse fluctuations in foreign currencies used by the group. The group has minimal exposure to foreign currency risk.

The directors review the principal risks and uncertainties facing the company on a regular basis and ensure systems and policies are continuously updated to reflect any changes, they work in an efficient manner to minimise those risks and help achieve the company's objectives.

GOING CONCERN

The group's business activities, together with the factors likely to affect its future development, performance and position are set out above.

After making enquiries, the directors have an expectation that the group's cash at bank as at 31 December 2024 of £3.5m and the group's forecasts and projections for a period of 12 months from the accounts signing date are more than sufficient to provide adequate resources to continue in operational existence for the foreseeable future. The directors have therefore concluded that it is appropriate to prepare the financial statements on a going concern basis.

ON BEHALF OF THE BOARD:

P R Marsh - Director

30 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 the hire and supply of plant and tools.

DIVIDENDS

Interim dividends of £600,000 (2023: £600,000) were paid in the year. The directors recommend that no final dividend be paid.

DIRECTORS

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

P Marsh

P R Marsh

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, WP Audit Services LLP, have indicated their willingness to continue in office.

ON BEHALF OF THE BOARD:

P R Marsh - Director

30 September 2025

Opinion

We have audited the financial statements of Coxbridge Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2024 and of the group's profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory framework that the company operates in, focussing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context include the Companies Act and tax legislation. In addition we considered the provisions of other laws and regulations that do not have an effect on the financial statements but compliance with which may be fundamental to the company's ability to incur or to avoid a material penalty, including the company's operating licences and environmental regulations.

Our procedures in response to the risks identified included reviewing the financial statements disclosures and testing supporting documentation to assess compliance with the provisions of relevant laws and regulations considered to have a direct effect in the financial statements, enquiring of management concerning actual or potential litigation and claims, performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud, reading minutes of meetings of those charged with governance, reviewing correspondence with relevant regulatory authorities and in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments, assessing whether the judgements made in making accounting estimates are indicative of a potential bias and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential audit risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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.

Stuart Wright (Senior Statutory Auditor)

for and on behalf of WP Audit Services LLP

Chancery House

30 St Johns Road

Woking

Surrey

GU21 7SA

30 September 2025

REVENUE

3

40,699,106

34,919,569

Cost of sales

(19,334,989

)

(16,570,771

)

GROSS PROFIT

21,364,117

18,348,798

Administrative expenses

(12,135,458

)

(7,892,059

)

9,228,659

10,456,739

Other operating income

67,500

149,946

OPERATING PROFIT

5

9,296,159

10,606,685

Interest receivable and similar income

360,655

5,502

9,656,814

10,612,187

Interest payable and similar expenses

6

(1,193,769

)

(873,825

)

PROFIT BEFORE TAXATION

8,463,045

9,738,362

Tax on profit

7

(1,929,715

)

(2,610,445

)

PROFIT FOR THE FINANCIAL YEAR

6,533,330

7,127,917

Profit attributable to:

Owners of the parent

5,484,537

5,938,883

Non-controlling interests

1,048,793

1,189,034

6,533,330

7,127,917

PROFIT FOR THE YEAR

6,533,330

7,127,917

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

6,533,330

7,127,917

Total comprehensive income attributable to:

Owners of the parent

5,484,537

5,938,883

Non-controlling interests

1,048,793

1,189,034

6,533,330

7,127,917

FIXED ASSETS

Intangible assets

10

2,028,657

564,943

Property, plant and equipment

11

58,955,619

46,658,614

Investments

12

-

-

60,984,276

47,223,557

CURRENT ASSETS

Inventories

13

2,009,942

241,511

Debtors

14

10,233,706

6,258,805

Prepayments and accrued income

430,657

160,288

Cash at bank and in hand

3,543,974

8,360,484

16,218,279

15,021,088

CREDITORS

Amounts falling due within one year

15

(14,583,189

)

(9,328,123

)

NET CURRENT ASSETS

1,635,090

5,692,965

TOTAL ASSETS LESS CURRENT LIABILITIES

62,619,366

52,916,522

CREDITORS

Amounts falling due after more than one year

16

(13,610,144

)

(12,654,646

)

PROVISIONS FOR LIABILITIES

20

(8,823,049

)

(5,859,033

)

NET ASSETS

40,186,173

34,402,843

CAPITAL AND RESERVES

Called up share capital

21

200

200

Retained earnings

22

35,888,367

31,003,830

SHAREHOLDERS' FUNDS

35,888,567

31,004,030

NON-CONTROLLING INTERESTS

4,297,606

3,398,813

TOTAL EQUITY

40,186,173

34,402,843

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2025 and were signed on its behalf by:

P R Marsh - Director

FIXED ASSETS

Intangible assets

10

-

-

Property, plant and equipment

11

1,197,194

1,215,026

Investments

12

100

100

1,197,294

1,215,126

CURRENT ASSETS

Debtors

14

15,816,040

14,461,705

Cash at bank

1,916,610

2,012,505

17,732,650

16,474,210

CREDITORS

Amounts falling due within one year

15

(231,802

)

(176,050

)

NET CURRENT ASSETS

17,500,848

16,298,160

TOTAL ASSETS LESS CURRENT LIABILITIES

18,698,142

17,513,286

CAPITAL AND RESERVES

Called up share capital

21

200

200

Retained earnings

18,697,942

17,513,086

SHAREHOLDERS' FUNDS

18,698,142

17,513,286

Company's profit for the financial year

1,784,856

2,187,154

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

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2025 and were signed on its behalf by:

P R Marsh - Director

Called up

share

Retained

Other

capital

earnings

reserves

£

£

£

Balance at 1 January 2023

200

25,433,668

231,279

Changes in equity

Dividends

-

(600,000

)

-

Total comprehensive income

-

6,170,162

(231,279

)

Balance at 31 December 2023

200

31,003,830

-

Changes in equity

Dividends

-

(600,000

)

-

Total comprehensive income

-

5,484,537

-

Balance at 31 December 2024

200

35,888,367

-

Non-controlling

Total

Total

interests

equity

£

£

£

Balance at 1 January 2023

25,665,147

2,434,779

28,099,926

Changes in equity

Dividends

(600,000

)

(225,000

)

(825,000

)

Total comprehensive income

5,938,883

1,189,034

7,127,917

Balance at 31 December 2023

31,004,030

3,398,813

34,402,843

Changes in equity

Dividends

(600,000

)

(150,000

)

(750,000

)

Total comprehensive income

5,484,537

1,048,793

6,533,330

Balance at 31 December 2024

35,888,567

4,297,606

40,186,173

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

200

15,925,932

15,926,132

Changes in equity

Dividends

-

(600,000

)

(600,000

)

Total comprehensive income

-

2,187,154

2,187,154

Balance at 31 December 2023

200

17,513,086

17,513,286

Changes in equity

Dividends

-

(600,000

)

(600,000

)

Total comprehensive income

-

1,784,856

1,784,856

Balance at 31 December 2024

200

18,697,942

18,698,142

Cash flows from operating activities

Cash generated from operations

1

12,233,753

12,044,723

Interest paid

(34,386

)

(81,253

)

Interest element of hire purchase payments paid

(1,159,383

)

(792,572

)

Tax paid

(2,321,827

)

(1,608,272

)

Net cash from operating activities

8,718,157

9,562,626

Cash flows from investing activities

Purchase of tangible fixed assets

(1,118,204

)

(3,398,490

)

Sale of tangible fixed assets

7,372,129

7,879,951

Sale of investment property

-

863,818

Purchase of subsidiary undertakings

(6,225,569

)

-

Cash acquired on acquisition

530,862

-

Interest received

360,655

5,502

Net cash from investing activities

919,873

5,350,781

Cash flows from financing activities

Loan repayments in year

(2,810,501

)

(166,023

)

Capital repayments in year

(10,363,235

)

(9,482,156

)

Amount introduced by directors

-

20,216

Amount withdrawn by directors

(917,846

)

(38,412

)

Change in related party funding

387,042

140,809

Equity dividends paid

(600,000

)

(600,000

)

Dividends paid to minority interests

(150,000

)

(225,000

)

Net cash from financing activities

(14,454,540

)

(10,350,566

)

(Decrease)/increase in cash and cash equivalents

(4,816,510

)

4,562,841

Cash and cash equivalents at beginning of year

2

8,360,484

3,797,643

Cash and cash equivalents at end of year

2

3,543,974

8,360,484

1.	RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM OPERATIONS

31/12/24

31/12/23

£

£

Profit for the financial year

6,533,330

7,127,917

Depreciation charges

3,291,464

2,545,441

Loss/(profit) on disposal of fixed assets

21,594

(39,038

)

Finance costs

1,193,769

873,825

Finance income

(360,655

)

(5,502

)

Taxation

1,929,715

2,610,445

12,609,217

13,113,088

Decrease in inventories

760,514

28,758

Increase in trade and other debtors

(470,703

)

(415,306

)

Decrease in trade and other creditors

(665,275

)

(681,817

)

Cash generated from operations

12,233,753

12,044,723

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

3,543,974

8,360,484

Year ended 31 December 2023

31/12/23

1/1/23

£

£

Cash and cash equivalents

8,360,484

3,797,643

3.	ANALYSIS OF CHANGES IN NET DEBT

Other

Arising on

non-cash

At 1/1/24

Cash flow

Acquisition

changes

At 31/12/24

£

£

£

£

£

Net cash

Cash at bank

and in hand

8,360,484

(5,347,372

)

530,862

3,543,974

8,360,484

(5,347,372

)

530,862

3,543,974

Debt

Finance leases

(18,848,884

)

10,363,235

(4,746,008

)

(9,402,628

)

(22,634,285

)

Debts falling due

within 1 year

(238,251

)

1,807,347

(1,569,096

)

-

-

Debts falling due

after 1 year

(1,003,154

)

1,003,154

-

-

-

(20,090,289

)

13,173,736

(6,315,104

)

(9,402,628

)

(22,634,285

)

Total

(11,729,805

)

7,826,364

(5,784,242

)

(9,402,628

)

(19,090,311

)