ACCOUNTS - Final Accounts

An analysis of turnover by class of business is as follows:

Registered number: 11703378

BREAL CAPITAL (BEAGLE) LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

BREAL CAPITAL (BEAGLE) LIMITED

COMPANY INFORMATION

Directors	M A Welden
	R Robinson


Company secretary	J Robinson


Registered number	11703378


Registered office	14th Floor
	33 Cavendish Square
	London
	W1G 0PW


Independent auditors	Sumer Auditco Limited
	Chartered Accountants & Statutory Auditors
	14th Floor
	33 Cavendish Square
	London
	W1G 0PW

BREAL CAPITAL (BEAGLE) LIMITED

CONTENTS

	Page
Group strategic report	1 - 2
Directors' report	3 - 4
Independent auditors' report	5 - 9
Consolidated statement of comprehensive income	10
Consolidated balance sheet	11
Company balance sheet	12
Consolidated statement of changes in equity	13 - 14
Company statement of changes in equity	15
Consolidated statement of cash flows	16
Consolidated analysis of net debt	17
Notes to the financial statements	18 - 37

BREAL CAPITAL (BEAGLE) LIMITED

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction

The directors present their strategic report for the period ended 31 December 2024.
The principal activity of the Company during the year was that of a holding company.
The principal activity of the Company's main subsidiary undertaking is disclosed in note 14 to the accounts.
The Company's principal risk relates to the performance of its subsidiary undertaking.

Business review

Sales in the year were £11.4m, being a significant increase on the prior year. This was due to growth with existing customers and the introduction of new customers. The company continues to invest in plant and machinery to enhance current capabilities and support the growth.
The Group’s commitment to research and development (“R&D”) has all been accounted for in the profit and loss, the R&D activity in the year focused on the company’s core capabilities using innovative solutions.
Since 31 December 2024, the Group has undergone a restructure of the business including several changes within the Senior Leadership Team and the operations headcount to re-energise and streamline the business ensuring it is ideally positioned to take advantage of growth opportunities within the market.
The Shareholders of the Group has also added a new company to the Group, which also operates in the aerospace market. This acquisition will see the formation of a strategic Group and will drive additional opportunities within the Group as the shareholders continue to support this sector. This is further evidenced by additional investment in shareholder loan to the subsidiary in mid-2025, which will drive further investment in key capabilities and to deliver the growth opportunities presented.

Principal risks and uncertainties

The risks to which the Group is exposed are identified and reviewed by the Board of Directors on a monthly basis. The previously identified risk of over-exposure to any significant customers has continued to be managed by adding several new customers across a range of platforms and type of work. The Group's shareholder loans and financing facilities are regularly reviewed.
The Group's financial instruments principally comprise of trade debtors, bank loans, trade creditors, cash at bank, asset based financing and shareholder loans. It is, and has been throughout the year under review, the company's policy that no trading in financial instruments shall be undertaken.
The main risk arising from the Group's financial instruments is liquidity, interest and credit risk. The Board reviews and agrees policies for managing each of these risks and they are summarised below. These policies have remained unchanged throughout the period.
Liquidity risk
The Group actively manages its working capital requirement to ensure it has sufficient liquid resources to meet the operating needs of the business.
Interest risk
The Group's interest rate exposure arises mainly from its interest-bearing borrowings. The Group monitors the financial risk of interest rate movements on a regular basis, and the impact rises would have on profitability while fixed rate borrowings expose the entity to fair value risk. The Group regularly reviews its funding arrangements to ensure they are competitive in the market place.

Page 1

BREAL CAPITAL (BEAGLE) LIMITED

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Foreign exchange risk
The Group's foreign exchange risk arises from sales in dollars, although this is only approximately 2% of total sales.
Credit risk
The recipients of all loans are subject to credit verification procedures by the Board. Debtors are reviewed on a regular basis and a provision is made for doubtful debts when necessary.

Financial key performance indicators

The Group maintains a tight control over both fixed and variable overheads. In addition, therefore to the monthly detailed cost reviews undertaken by Management, the Group monitors its performance by means of key performance indicators, Turnover and EBITDA are used.


					2024	2023
					£000	£000


Turnover	11,365	10,186
EBITDA pre-exceptional items	1,040	1,064

The board considers that the financial results show continuing recovery from the impact of the pandemic with the growth in targeted achieved.
The Group has experienced significant order book growth over the past year with an expectation that this trend will continue and is ensuring that this growth can be achieved through recruitment and investment into equipment.

This report was approved by the board on 29 September 2025 and signed on its behalf.

M A Welden

Director

Page 2

BREAL CAPITAL (BEAGLE) LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

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

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Group's financial statements 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 Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to 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.

Results and dividends

The profit for the year, after taxation, amounted to £356,946 (2023 - 424,025).

Directors

The director who served during the year was:

M A Welden

R Robinson was appointed as a director to the parent company on 24 February 2025.

Matters covered in the strategic report

The directors have chosen to disclose information on the following, required by the Companies Act to be included in the Director's Report, within the Strategic Report, found on pages 1 and 2.
- Information on financial instruments, financial risk management and policies and;
- Information regarding future developments of the business.

Page 3

BREAL CAPITAL (BEAGLE) LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Auditors

The auditors, Sumer Auditco Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 29 September 2025 and signed on its behalf.

M A Welden

Director

Page 4

BREAL CAPITAL (BEAGLE) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BREAL CAPITAL (BEAGLE) LIMITED

Opinion

We have audited the financial statements of Breal Capital (Beagle) Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, 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's 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 United Kingdom, including the Financial Reporting Council'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 or 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.

Page 5

BREAL CAPITAL (BEAGLE) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BREAL CAPITAL (BEAGLE) LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.

Opinion 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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Group strategic report and the Directors' report 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 Directors' report.

We have nothing to report in respect of the following matters in relation to which 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.

Page 6

BREAL CAPITAL (BEAGLE) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BREAL CAPITAL (BEAGLE) LIMITED (CONTINUED)

Responsibilities of directors

As explained more fully in the Directors' responsibilities statement set out on page 3, 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 is 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.

Page 7

BREAL CAPITAL (BEAGLE) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BREAL CAPITAL (BEAGLE) LIMITED (CONTINUED)

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 an Auditors' report 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
In order to identify and assess the risks of material misstatements, including fraud and non-compliance with laws and regulations that could be expected to have a material impact on the financial statements, we have considered:

∙the results of our enquiries of management and those charged with governance of their assessment of the risks of fraud and irregularities;

∙the nature of the company, including its management structure and control systems, including the opportunity for management to override such controls;

∙management’s incentives and opportunities for fraudulent manipulation of the financial statements including the company’s remuneration and bonus policies and performance targets; and

∙the industry and environment in which it operates.

We also considered UK tax and pension legislation and laws and regulations relating to employment and the preparation and presentation of the financial statements such as the Companies Act 2006.
Based on this understanding we identified the following matters as being of significance to the entity:

∙laws and regulations considered to have a direct effect on the financial statements including UK financial reporting standards, Company Law, tax and pension legislation and distributable profits legislation;

∙the timing of the recognition of commercial income;

∙compliance with legislation relating to GDPR, health and safety, environmental legislation;

∙management bias in selecting accounting policies and determining estimates;

∙inappropriate journal entries;

∙completeness of dividend income; and

∙recoverability of debtors.

We communicated the outcomes of these discussions and enquiries, as well as consideration as to where and how fraud may occur in the entity, to all engagement team members.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised:

∙enquiries of management and those charged with governance as to whether the entity complies with such laws and regulations;

∙enquiries with the same concerning any actual or potential litigation or claims;

∙discussion with the same regarding any known or suspected instances of non-compliance with laws and regulation and fraud;

∙inspection of relevant legal correspondence;

Page 8

BREAL CAPITAL (BEAGLE) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BREAL CAPITAL (BEAGLE) LIMITED (CONTINUED)

∙assessment of matters reported to management and the result of the subsequent investigation;

∙obtaining an understanding of the relevant controls and testing their operation during the period;

∙obtaining an understanding of the policies and controls over the recognition of income and testing their implementation during the year;

∙challenging assumptions made by management in their specific accounting policies and estimates;

∙identifying and testing journal entries, in particular any journal entries posted with unusual account combinations or crediting revenue or cash;

∙assessing the recovery of debtors in the period since the balance sheet date and challenging assumptions made by management regarding the recovery of balances which remain outstanding;

∙agreeing dividends received and paid to documentation and intercompany accounts;

∙reviewing the financial statements for compliance with the relevant disclosure requirements;

∙performing analytical procedures to identify any unusual or unexpected relationships or unexpected movements in account balances which may be indicative of fraud;

∙reviewing the minutes of Board meetings and correspondence with HMRC;

∙evaluating the underlying business reasons for any unusual transactions; and

∙considered the implementation of controls during the year.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).
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 Auditors' report.

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 an Auditors' report 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.

Andrew Hill (Senior statutory auditor)

for and on behalf of

Sumer Auditco Limited

Chartered Accountants

Statutory Auditors

14th Floor

33 Cavendish Square

London

W1G 0PW

29 September 2025

Page 9

BREAL CAPITAL (BEAGLE) LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2024

	2024	2023
Note	£	£


Turnover	4	11,365,940	10,185,885
Cost of sales		(7,282,638)	(6,319,804)
Gross profit		4,083,302	3,866,081
Administrative expenses		(3,468,704)	(3,092,158)
Exceptional administrative expenses		(43,966)	(36,541)
Operating profit	6	570,632	737,382
Interest payable and expenses	9	(498,686)	(367,476)
Profit before taxation		71,946	369,906
Tax on profit	10	285,000	160,000
Profit for the financial year		356,946	529,906

Profit for the year attributable to:
Non-controlling interests	-	105,881
Owners of the parent Company	356,946	424,025
	356,946	529,906

The notes on pages 18 to 37 form part of these financial statements.

Page 10

BREAL CAPITAL (BEAGLE) LIMITED

REGISTERED NUMBER: 11703378

CONSOLIDATED BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Tangible assets	13		1,885,636		1,775,650
			1,885,636		1,775,650
Current assets
Stocks	15	3,753,327		3,572,662
Debtors: amounts falling due within one year	16	3,999,491		2,827,146
Cash at bank and in hand	17	53,344		70,125
		7,806,162		6,469,933
Creditors: amounts falling due within one year	18	(6,365,679)		(5,149,869)
Net current assets			1,440,483		1,320,064
Total assets less current liabilities			3,326,119		3,095,714
Creditors: amounts falling due after more than one year	19		(1,296,538)		(1,249,142)
Net assets			2,029,581		1,846,572

Capital and reserves
Called up share capital	22	100	100
Revaluation reserve	23	198,727	293,005
Profit and loss account	23	1,830,754	1,183,071
Equity attributable to owners of the parent Company		2,029,581	1,476,176
Non-controlling interests		-	370,396
		2,029,581	1,846,572

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 September 2025.

M A Welden

Director

The notes on pages 18 to 37 form part of these financial statements.

Page 11

BREAL CAPITAL (BEAGLE) LIMITED

REGISTERED NUMBER: 11703378

COMPANY BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Investments	14		80		80
			80		80
Current assets
Debtors: amounts falling due within one year	16	20		20
		20		20
Total assets less current liabilities			100		100


Net assets			100		100

Capital and reserves
Called up share capital	22	100	100
		100	100

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 September 2025.

M A Welden

Director

The notes on pages 18 to 37 form part of these financial statements.

Page 12

BREAL CAPITAL (BEAGLE) LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Revaluation reserve	Profit and loss account	Equity attributable to owners of parent Company	Non-controlling interests	Total equity
	£	£	£	£	£	£
As restated at 1 January 2024	100	293,005	1,183,071	1,476,176	370,396	1,846,572
Comprehensive income for the year
Profit for the year	-	-	356,946	356,946	-	356,946
Total comprehensive income for the year	-	-	356,946	356,946	-	356,946
Contributions by and distributions to owners
Revaluation of fixed assets in the year	-	(173,937)	-	(173,937)	-	(173,937)
Transfer of NCI reserve	-	79,659	290,737	370,396	(370,396)	-
Total transactions with owners	-	(94,278)	290,737	196,459	(370,396)	(173,937)
At 31 December 2024	100	198,727	1,830,754	2,029,581	-	2,029,581

The notes on pages 18 to 37 form part of these financial statements.

During the year ended 31 December 2024, the Group repurchased 20 B Ordinary Shares of £1 each from the minority shareholder in the subsidiary. These shares were subsequently cancelled. As a consequence, the non controlling interest reserve comprising £79,659 of revaluation transactions and £290,737 of accumulated profits were transferred to the profit & loss reserve, reflecting the 100% ownership of the Group.

Page 13

BREAL CAPITAL (BEAGLE) LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2023

	Called up share capital	Revaluation reserve	Profit and loss account	Equity attributable to owners of parent Company	Non-controlling interests	Total equity
	£	£	£	£	£	£
At 1 January 2023 (as previously stated)	100	159,807	892,244	1,052,151	456,552	1,508,703
Prior year adjustment	-	133,198	(133,198)	-	-	-
At 1 January 2023 (as restated)	100	293,005	759,046	1,052,151	456,552	1,508,703
Comprehensive income for the year
Profit for the year	-	-	424,025	424,025	105,881	529,906
Total comprehensive income for the year	-	-	424,025	424,025	105,881	529,906
Contributions by and distributions to owners
Dividends paid	-	-	-	-	(192,037)	(192,037)
Total transactions with owners	-	-	-	-	(192,037)	(192,037)
As restated at 31 December 2023	100	293,005	1,183,071	1,476,176	370,396	1,846,572

The notes on pages 18 to 37 form part of these financial statements.

Page 14


		BREAL CAPITAL (BEAGLE) LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Total equity
	£	£

At 1 January 2023	100	100

Profit for the year	-	-
Total comprehensive income for the year	-	-

At 1 January 2024	100	100

Profit for the year	-	-
Total comprehensive income for the year	-	-
At 31 December 2024	100	100

The notes on pages 18 to 37 form part of these financial statements.

Page 15

BREAL CAPITAL (BEAGLE) LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2024

			2024	2023
			£	£

Cash flows from operating activities
Profit for the financial year	356,946	529,906
Adjustments for:
Amortisation of intangible assets	-	(154,814)
Depreciation of tangible assets	463,094	395,540
Gain on disposal of tangible assets	(9,891)	(20,000)
Interest paid	498,868	370,771
Taxation charge	(285,000)	(160,000)
(Increase) in stocks	(180,665)	(402,903)
(Increase) in debtors	(1,172,345)	(473,473)
(Decrease) in creditors	(60,623)	(53,924)
Corporation tax received	-	338,418
Net cash generated from operating activities	(389,616)	369,521

Cash flows from investing activities
Purchase of tangible fixed assets	(49,385)	(300,084)
Sale of tangible fixed assets	9,891	20,000
HP interest paid	(74,478)	(28,576)
Net cash from investing activities	(113,972)	(308,660)
Cash flows from financing activities
Repayment of other loans	(183,601)	(90,803)
Repayment of/new finance leases	(265,469)	(566)
Movements on invoice discounting	1,338,645	467,636
Interest paid	(402,768)	(296,234)
Dividends paid to non-controlling interests	-	(192,037)
Net cash used in financing activities	486,807	(112,004)
Net (decrease) in cash and cash equivalents	(16,781)	(51,143)
Cash and cash equivalents at beginning of year	70,125	121,268
Cash and cash equivalents at the end of year	53,344	70,125

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	53,344	70,125

Page 16

BREAL CAPITAL (BEAGLE) LIMITED

CONSOLIDATED ANALYSIS OF NET DEBT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

CONSOLIDATED ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 31 DECEMBER 2024


At 1 January 2024	Cash flows	Additions in the year	Other non-cash changes	At 31 December 2024
£	£	£	£	£

Cash at bank and in hand	70,125	(16,781)	-	-	53,344
Debt due after 1 year	(1,067,022)	-	-	169,369	(897,653)
Debt due within 1 year	(155,556)	155,556	-	(155,556)	(155,556)
Finance leases	(356,790)	265,469	(705,022)	-	(796,343)
	(1,509,243)	404,244	(705,022)	13,813	(1,796,208)

The notes on pages 18 to 37 form part of these financial statements.

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BREAL CAPITAL (BEAGLE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

The is a private company limited by shares and is incorporated in England and Wales. The registered office address is 14th Floor, 33 Cavendish Square, London, W1G 0PW. The principal trading address of the group is Stony Lane, Christchurch, Dorset, BH23 1EX.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

In the year to 31 December 2024, the parent company did not trade and the profit & loss for the period was £NIL. (2023: £NIL)
Parent Company disclosure exemptions
In preparing the separate financial statements of the parent Company, advantage has been taken of the following disclosure exemptions available in FRS 102:
• No Statement of Cash Flows has been presented for the parent Company;
• Disclosures in respect of the parent Company's financial instruments have not been presented as equivalent disclosures have been provided in respect of the Group as a whole; and
• No disclosures have been given for the aggregate remuneration of the key management personnel of the parent Company as their remuneration is included in the totals for the Group as a whole.

The following principal accounting policies have been applied:

2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquirees identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 18

BREAL CAPITAL (BEAGLE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.3

Going concern

After reviewing the Group’s forecast and projections and based on the continued support of the Group’s principal lenders, the directors have a reasonable expectation that the Company and Group has adequate resources to continue in operational existence for the foreseeable future. The Company and Group therefore continues to adopt the going concern basis in preparing the financial statements.

2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Group has transferred the significant risks and rewards of ownership to the buyer;

∙the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Group will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 19

BREAL CAPITAL (BEAGLE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.5

Revenue (continued)

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Group will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.6

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.7

Leased assets: the Group as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 20

BREAL CAPITAL (BEAGLE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.10

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

2.11

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

2.12

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.

2.13

Intangible assets

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 is amortised on a straight line basis to the Consolidated statement of comprehensive income over its useful economic life.

2.14

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 21

BREAL CAPITAL (BEAGLE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.14

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property	-	3%	straight-line
Plant and machinery	-	10%	to 25% straight-line
Fixtures and fittings	-	10%	straight-line
Other fixed assets	-	20%	to 100% straight-line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.15

Revaluation of tangible fixed assets

Plant and machinery are carried at fair value less any subsequent accumulated depreciation and impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

2.16

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.17

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a standard costing basis. Work in progress and finished goods include labour and attributable overheads
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.18

Debtors

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

Page 22

BREAL CAPITAL (BEAGLE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.19

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

2.20

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.21

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Group's Balance sheet when the Group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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

Page 23

BREAL CAPITAL (BEAGLE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.21

Financial instruments (continued)

asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the

Page 24

BREAL CAPITAL (BEAGLE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.21

Financial instruments (continued)

transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

2.22

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The Group makes estimates and assumptions concerning the future. Actual results may differ from these estimates. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Stock provision
Management has implemented specific provisions against slow-moving inventories based on their experience of the Group's stock holding and the period of time that an inventory line has not moved. The provision is offset against the stock balance.
Tangible fixed assets
Tangible fixed assets, other than plant and machinery, are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
Plant and machinery are held on a depreciated valuation basis, which is assessed by management at each balance sheet date with reference to recent professional valuations.

Page 25

BREAL CAPITAL (BEAGLE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Metallics	11,121,637	9,915,289
Composites	244,303	270,596
	11,365,940	10,185,885

Analysis of turnover by country of destination:

					2024	2023
					£	£

United Kingdom	11,122,686	9,764,670
Rest of Europe	3,372	63,382
Rest of the world	239,882	357,833
	11,365,940	10,185,885

5.	Exceptional items
		2024	2023
		£	£

Staff redundancy and settlement costs

43,966

36,541

Research & development charged as an expense	2,974,430	1,843,326
Exchange differences	5,842	(8,705)
Other operating lease rentals	388,527	360,711
Depreciation	465,094	395,540
Amortisation of goodwill	-	(154,814)
Gain on disposal of tangible assets	(9,891)	(20,000)

Page 26

BREAL CAPITAL (BEAGLE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements	6,500	6,500
Audit-related assurance services	30,775	31,750
Taxation services	-	8,500
All other services	6,372	3,663

8.	Employees
	Staff costs, including directors' remuneration, were as follows:

		Group	Group
		2024	2023
		£	£


Wages and salaries	5,160,632	4,142,673
Social security costs	514,213	416,808
Cost of defined contribution scheme	159,220	104,041
	5,834,065	4,663,522

The average monthly number of employees, including the directors, during the year was as follows:

	2024	2023
	No.	No.

Directors	1	1
Sales, administrative and distribution	14	12
Manufacturing	104	83

	119	96

Key management personnel remuneration during the year was £160,975 (2023: £196,549).

Page 27

BREAL CAPITAL (BEAGLE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

9.	Interest payable and similar expenses
		2024	2023
		£	£

Bank interest payable	27,212	206,213
Other loan interest payable	126,510	132,687
Finance leases and hire purchase contracts	74,865	28,576
Other interest payable	270,099	-
	498,686	367,476

Corporation tax
Current tax on profits for the year	(285,000)	(160,000)


	Taxation credit on profit on ordinary activities	(285,000)	(160,000)

Page 28

BREAL CAPITAL (BEAGLE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

10.Taxation (continued)

Profit on ordinary activities before tax

71,946

369,906

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)	17,987	92,477
Effects of:
Non-tax deductible amortisation of goodwill and impairment	-	(38,704)
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	1,650	15,514
Non-taxable income less expenses not deductible for tax purposes, other than goodwill and impairment	(82,145)	(5,000)
Utilisation of R&D tax credits	(285,000)	(160,000)
Additional deduction from R&D expenditure	(639,503)	(441,235)
Surrender of tax losses for R&D tax credit refund	702,011	361,872
Unrelieved tax losses carried forward	-	15,076
Total tax charge for the year	(285,000)	(160,000)

Factors that may affect future tax charges

The Group has estimated losses of £3.8m (2023: £3.7m) to carry forward against future profits. These losses in part are offset against the Group’s deferred tax liability arising from accelerated capital allowances. The balance of any losses available to offset against future trading profits are estimated at £1.2m (2023: £1.2m). No deferred tax asset has been recognised in respect of the losses arising due to the uncertainty as to when the asset will be recovered.

11.	Dividends
		2024	2023
		£	£


	Dividends paid	-	192,037

Page 29

BREAL CAPITAL (BEAGLE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

12.	Intangible assets
	Group and Company

		Goodwill
		£
	Cost
	At 1 January 2024	774,074
	At 31 December 2024	774,074
	Amortisation
	At 1 January 2024	(774,074)
	At 31 December 2024	(774,074)
	Net book value
	At 31 December 2024	-
	At 31 December 2023	-

Page 30

BREAL CAPITAL (BEAGLE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

13.	Tangible fixed assets
	Group

	Plant and machinery	Fixtures and fittings	Computer equipment	Other fixed assets	Total
	£	£	£	£	£
Cost or valuation
At 1 January 2024	2,124,913	463,921	442,231	249,543	3,280,608
Additions	709,358	4,468	23,534	9,657	747,017
Disposals	-	-	-	(13,088)	(13,088)
Revaluations	(450,018)	-	-	-	(450,018)
At 31 December 2024	2,384,253	468,389	465,765	246,112	3,564,519
Depreciation
At 1 January 2024	763,004	271,340	325,718	144,896	1,504,958
Charge for the year on owned assets	354,864	23,991	43,239	41,000	463,094
Disposals	-	-	-	(13,088)	(13,088)
On revalued assets	(276,081)	-	-	-	(276,081)
At 31 December 2024	841,787	295,331	368,957	172,808	1,678,883
Net book value
At 31 December 2024	1,542,466	173,058	96,808	73,304	1,885,636
At 31 December 2023	1,361,909	192,581	116,513	104,647	1,775,650

The main subsidiary undertaking's plant and machinery was subject to a revaluation of £1,291,500 on 28 April 2025 by Hilco Appraisal Limited, professional valuation specialists. The directors consider this valuation to be appropriate, at the balance sheet date. The historical cost of the plant and machinery is £2,633,559 (2023: £2,100,854) and accumulated depreciation is £1,607,527 (2023: £1,477,223).

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
	2024	2023
	£	£


	Plant and machinery	1,015,348	504,169

Page 31

BREAL CAPITAL (BEAGLE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

14.	Fixed asset investments

	Company

		Investments in subsidiary companies
		£
	Cost
	At 1 January 2024	80
	At 31 December 2024	80

Subsidiary undertakings
The following were subsidiary undertakings of the Company:
Name	Principal activity	Class of shares	Holding

Beagle Group Limited	Holding company	Ordinary	100%
Beagle Technology Group Limited*	Manufacturing of aerospace metallic and composite assemblies and components.	Ordinary	100%
Qbic Technologies Limited**	Software development and engineering design activities.	Ordinary	100%
BTG Design Services Limited**	Dormant	Ordinary	100%
Beagle Aerospace Limited**	Dormant	Ordinary	100%
Beagle Composites Limited**	Dormant	Ordinary	100%
Manky Dog Limited**	Dormant	Ordinary	100%
Beagle MRO Limited**	Dormant	Ordinary	100%
Beagle Precision Limited**	Dormant	Ordinary	100%
Beagle Treatments Limited**	Dormant	Ordinary	100%
Beagle Aircraft Limited**	Dormant	Ordinary	100%

*shares held via Beagle Group Limited
** shares held via Beagle Technology Group Limited
All of the above companies are registered in England and Wales, and all have the same registered office address at Stony Lane, Christchurch, Dorset, BH23 1EX.

Page 32

BREAL CAPITAL (BEAGLE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

15.	Stocks
		Group	Group
		2024	2023
		£	£

Raw materials and consumables	2,365,111	2,243,435
Work in progress	1,038,833	1,034,280
Finished goods and goods for resale	349,383	294,947
	3,753,327	3,572,662

16.

Debtors

Group	Group	Company	Company
2024	2023	2024	2023
£	£	£	£


Trade debtors	3,301,719	2,431,367	-	-
Amounts owed by group undertakings	-	-	1	1
Other debtors	2,950	3,774	19	19
Prepayments and accrued income	249,822	232,005	-	-
Tax recoverable	445,000	160,000	-	-
	3,999,491	2,827,146	20	20

17.	Cash and cash equivalents
		Group	Group
		2024	2023
		£	£

	Cash at bank and in hand	53,344	70,125

Page 33

BREAL CAPITAL (BEAGLE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

18.	Creditors: Amounts falling due within one year
		Group	Group
		2024	2023
		£	£

Bank loans	155,556	155,556
Trade creditors	843,849	1,345,477
Other taxation and social security	589,024	367,254
Obligations under finance lease and hire purchase contracts	397,458	174,670
Proceeds of factored debts	3,133,641	1,794,996
Other creditors	176,269	415,308
Accruals and deferred income	1,069,882	896,608
	6,365,679	5,149,869

Credit facilities, other loans and loans within other creditors are secured by way of fixed and floating charges over the assets of the company, totalling £3,289,197 (2023: £1,950,552).
Finance lease and hire purchase creditors are secured against the assets to which they relate.

19.	Creditors: Amounts falling due after more than one year
		Group	Group
		2024	2023
		£	£

Bank loans	-	155,556
Net obligations under finance leases and hire purchase contracts	398,885	182,120
Other creditors	897,653	911,466
	1,296,538	1,249,142

Credit facilities, other loans and loans within other creditors are secured by way of fixed and floating charges over the assets of the company, totalling £897,653 (2023: £1,067,022).

Page 34

BREAL CAPITAL (BEAGLE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

20.	Loans
	Analysis of the maturity of loans is given below:
		Group	Group
		2024	2023
		£	£

Amounts falling due within one year
Bank loans	155,556	155,556

Amounts falling due 2-5 years
Bank loans	-	155,556

	155,556	311,112

21.	Hire purchase and finance leases
	Minimum lease payments under hire purchase fall due as follows:
		Group	Group
		2024	2023
		£	£

Within one year	408,647	220,931
Between 1-5 years	410,901	241,692
	819,548	462,623

22.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

10,000 (2023 - 10,000) Ordinary shares of £0.01 each	100	100

There is a single class of ordinary shares. There are no restrictions on distribution of dividends and the repayment of capital.

Page 35

BREAL CAPITAL (BEAGLE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

23.

Reserves

Revaluation reserve

Being cumulative gains on tangible fixed assets held at valuation.

Profit and loss account

Being cumulative profits and losses from activities, together with any capital contributions.

24.	Prior year adjustment

The revaluation reserve has been credited by £133,316 and the profit and loss reserve debited by the same amount to correct a misallocation of revaluation transactions in previous years. This is shown in the statement of changes in equity.

25.	Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £159,220 (2023 - £104,041). Contributions totalling £34,397 (2023 - £25,468) were payable to the fund at the balance sheet date and are included in creditors.

26.	Commitments under operating leases
	At 31 December 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
		Group	Group
		2024	2023
		£	£

Not later than 1 year	389,987	305,000
Later than 1 year and not later than 5 years	2,075,398	789,000
Later than 5 years	2,762,500	-
	5,227,885	1,094,000

Page 36

BREAL CAPITAL (BEAGLE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

27.

Related party transactions

At the balance sheet date, included in creditors due in more than one year was an amount of £897,653 (2023: £911,466) due from shareholders of the Group and entities in which directors of the Group have a material interest.
At the balance sheet date, included in creditors, due in less than one year . was an amount of £129,389 (2023: £342,106) due to shareholders of the group and entities in which directors of the company have a material interest.
Interest on the above loans was charged at 10% per annum and the charge for the year was £96,100 (2023: £132,687) and remains unpaid at the balance sheet date.

Page 37