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REGISTERED NUMBER: 14938085 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |

| FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31ST JANUARY 2025 |

| FOR |

| CHARLES TRENT LIMITED |

| CHARLES TRENT LIMITED (REGISTERED NUMBER: 14938085) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST JANUARY 2025

Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Report of the Directors | 4 |

| Report of the Independent Auditors | 5 |

| Statement of Comprehensive Income | 9 |

| Balance Sheet | 10 |

| Statement of Changes in Equity | 11 |

| Cash Flow Statement | 12 |

| Notes to the Cash Flow Statement | 13 |

| Notes to the Financial Statements | 15 |

| CHARLES TRENT LIMITED |

COMPANY INFORMATION

FOR THE YEAR ENDED 31ST JANUARY 2025

| DIRECTORS: | J Trent

| M J Trent

| N Trent

| REGISTERED OFFICE: | 8 St. Georges Avenue

| Avenue Parkstone

| Poole

| Dorset

| BH12 4ND

| REGISTERED NUMBER: | 14938085 (England and Wales)

| AUDITORS: | Cook & Partners Limited

| Statutory Auditor

| Manufactory House

| Bell Lane

| Hertford

| Hertfordshire

| SG14 1BP

| CHARLES TRENT LIMITED (REGISTERED NUMBER: 14938085) |

STRATEGIC REPORT

FOR THE YEAR ENDED 31ST JANUARY 2025

The directors present their strategic report for the year ended 31st January 2025.

REVIEW OF BUSINESS

The last two years have been focused on investment and transformation rather than profitability. Significant investment has been made in the business which will show in years to come. Transitioning from a traditional vehicle recycler to a reverse production and technology-led business, one of only two of its kind globally, has been a costly but deliberate climb. What we now have is a unique, proven model built on hard-won IP, digitised workflows, and embedded systems ready for scale.

What We’ve Learned

This journey wasn’t just about changing what we do it changed how we think. We’ve engineered a complete operational reset, where process, technology, and data now drive value extraction from vehicles in a way the traditional model never could. The learning curve was steep: integrating automation, digitising workflows, and building a system capable of replicable efficiency and scale. But these lessons have now been learnt and efficiencies follow.

Why It Was Worth It

The investment both financial and human has laid the foundations for long-term advantage. We now operate with a data-first mindset, backed by systems that give us visibility, precision, and control. This transformation enables us to unlock value per vehicle at a rate that competitors, bound by legacy models, simply can’t reach.

Where We Stand

We’ve created more than a new operating model we’ve built a platform. One that’s not only commercially scalable but also extremely difficult to copy. With IP embedded across process, technology, and culture, we’ve raised the bar for what vehicle recovery and recycling can be. The next chapter is about acceleration and growth with profitability and positive cash flows now forecast for the next twelve months.

Year three - 2025: Scaling with purpose

2025 marks the beginning of the scale phase the point where investment meets return. After two intense years of transformation, development, and refinement, we now move into execution. This is the year we prove not only that the model works, but that it delivers exceptional commercial and operational value.

We’re no longer testing or learning we are deploying. The infrastructure is in place. The systems are live. The team is ready. With every vehicle processed, we’re generating cleaner data, greater margin, and stronger commercial insight.

Our focus for 2025 is simple but critical:

>Scale throughput with precision

>Expand margin through system optimisation

>Demonstrate model superiority against legacy operators

>Position the platform for regional and national replication

This is not just growth that is targeted, it’s controlled, intelligent scale. We now have a platform, a playbook, and the confidence to execute both.

| CHARLES TRENT LIMITED (REGISTERED NUMBER: 14938085) |

STRATEGIC REPORT

FOR THE YEAR ENDED 31ST JANUARY 2025

PRINCIPAL RISKS AND UNCERTAINTIES

It has been deemed that the following items listed below are the principal risks and uncertainties:

Scrap commodity prices

Salvage returns can be affected by used car prices/ fixed price contracts

Cost of fuel

Wage costs due to changes in governmental policy

Staffing

Energy prices

The directors constantly monitor the principal risks and act on any changes to ensure these risks are reduced to a minimum.

ON BEHALF OF THE BOARD:

M J Trent - Director

30th July 2025

| CHARLES TRENT LIMITED (REGISTERED NUMBER: 14938085) |

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31ST JANUARY 2025

The directors present their report with the financial statements of the company for the year ended 31st January 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of vehicle recycling.

DIVIDENDS

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

DIRECTORS

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

J Trent

M J Trent

N Trent

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the 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 of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 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 company'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 company's auditors are aware of that information.

AUDITORS

The auditors, Cook & Partners Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

M J Trent - Director

30th July 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

CHARLES TRENT LIMITED

Opinion

We have audited the financial statements of Charles Trent Limited (the 'company') for the year ended 31st January 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 31st January 2025 and of its 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 company 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 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 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 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 Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

CHARLES TRENT LIMITED

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or

- | the 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 four, 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 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 company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

CHARLES TRENT LIMITED

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:

Explanation as to what extent the audit was considered capable of detecting irregularities, including Fraud.

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:

Auditors approach to assessing the risks of material misstatement due to irregularities, including fraud.

Our approach was as follows:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity. The following laws and regulations are considered to be significant to the entity:

Financial reporting Standard 102

Companies Act 2006

UK General Data Protection Regulation

Environmental Agency

We assessed the risks of material misstatement in respect of fraud as follows:

> Discussed the risk of material misstatement due to irregularities, including fraud with management at the planning stage to confirm that risks had been adequately identified and that the controls in place are sufficient for the size and nature of the business to reduce those risks to an acceptably low level.

> Undertook an initial analytical review of the financial statements to identify any potentially unusual or unexpected relationships or high risk audit areas.

> Completed a risk assessment checklist to aid in the identification of risks for a company of this size and nature.

> We considered the risk of fraud through management override of controls, a common risk in a company of this size and nature, in response; we incorporated testing of manual journal entries into our audit approach and undertook a purely substantive approach to the audit with no reliance placed on controls.

> Accounting policies were reviewed at the planning stage to identify any subjective measurements or complex transactions where management would have the potential to show bias.

> Ensured all in the audit team are aware of the risks identified and particular areas that were susceptible to misstatement and during the audit planning meeting.

> Throughout the audit additional substantive testing was undertaken in areas where there was perceived to be a medium or high risk of misstatement.

> Audit testing was undertaken in a manner that was unpredictable in nature, selection and timing when compared to previous years work.

> The engagement Partners final review of the audit file and financial statements included a detailed review of all areas of medium or high risk identified at the planning stage of the audit.

Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above:

> Financial reporting Standard 102, Companies Act 2006 and UK General Data Protection Regulation. The audit team all have a good understanding of the requirements under these laws and regulations common to most trading businesses and were alert throughout the audit to any potential instances of non-compliance.

> Further, at both the planning and completion stage of the audit enquiries where made of management any known instances of fraud or non-compliance with laws and regulations

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

CHARLES TRENT LIMITED

> These representations were corroborated where possible through the review of board minutes. No contradictory evidence was noted.

We consider that the work detailed above has ensured that the likelihood of detection of irregularities including fraud is considered to be high both at management level and during our audit approach. It is however worth noting that there is an inherent difficulty in detecting irregularities and there is no guarantee that all irregularities have been identified.

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.

Jeffrey Oliver (Senior Statutory Auditor)

for and on behalf of Cook & Partners Limited

Statutory Auditor

Manufactory House

Bell Lane

Hertford

Hertfordshire

SG14 1BP

30th July 2025

| CHARLES TRENT LIMITED (REGISTERED NUMBER: 14938085) |

STATEMENT OF COMPREHENSIVE

INCOME

FOR THE YEAR ENDED 31ST JANUARY 2025

| Period

| 15.6.23

| Year Ended |  | to

| 31.1.25 |  | 31.1.24

| Notes | £ | £ |

TURNOVER | 43,523,492 |  | 14,110,418 |  |

Cost of sales | 33,850,300 |  | 11,490,443 |  |

GROSS PROFIT | 9,673,192 |  | 2,619,975 |  |

Administrative expenses | 10,630,329 |  | 3,396,754 |  |

OPERATING LOSS | 4 | (957,137 | ) | (776,779 | ) |

Write back intercompany loan | 5 | 1,804,383 |  | - |  |

847,246 |  | (776,779 | ) |

Interest payable and similar expenses | 6 | 776,323 |  | 127,490 |  |

PROFIT/(LOSS) BEFORE TAXATION | 70,923 |  | (904,269 | ) |

Tax on profit/(loss) | 7 | (235,385 | ) | (191,140 | ) |

PROFIT/(LOSS) FOR THE FINANCIAL YEAR | 306,308 |  | (713,129 | ) |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 306,308 |  | (713,129 | ) |

| CHARLES TRENT LIMITED (REGISTERED NUMBER: 14938085) |

BALANCE SHEET

31ST JANUARY 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 8 | 217,123 |  | 190,390 |  |

Tangible assets | 9 | 5,120,977 |  | 5,751,521 |  |

5,338,100 |  | 5,941,911 |  |

CURRENT ASSETS

Stocks | 10 | 5,811,600 |  | 4,246,946 |  |

Debtors | 11 | 1,931,642 |  | 1,476,285 |  |

Cash in hand | 74,397 |  | 126,499 |  |

7,817,639 |  | 5,849,730 |  |

CREDITORS

Amounts falling due within one year | 12 | 12,447,167 |  | 10,558,870 |  |

NET CURRENT LIABILITIES | (4,629,528 | ) | (4,709,140 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 708,572 |  | 1,232,771 |  |

CREDITORS

Amounts falling due after more than one year | 13 | 1,115,293 |  | 1,945,800 |  |

NET LIABILITIES | (406,721 | ) | (713,029 | ) |

CAPITAL AND RESERVES

Called up share capital | 17 | 100 |  | 100 |  |

Retained earnings | 18 | (406,821 | ) | (713,129 | ) |

SHAREHOLDERS' FUNDS | (406,721 | ) | (713,029 | ) |

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

M J Trent - Director

| CHARLES TRENT LIMITED (REGISTERED NUMBER: 14938085) |

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31ST JANUARY 2025

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Changes in equity

Issue of share capital | 100 |  | - |  | 100 |  |

Total comprehensive income | - |  | (713,129 | ) | (713,129 | ) |

Balance at 31st January 2024 | 100 |  | (713,129 | ) | (713,029 | ) |

Changes in equity

Total comprehensive income | - |  | 306,308 |  | 306,308 |  |

Balance at 31st January 2025 | 100 |  | (406,821 | ) | (406,721 | ) |

| CHARLES TRENT LIMITED (REGISTERED NUMBER: 14938085) |

CASH FLOW STATEMENT

FOR THE YEAR ENDED 31ST JANUARY 2025

| Period

| 15.6.23

| Year Ended |  | to

| 31.1.25 |  | 31.1.24

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | (855,182 | ) | (190,342 | ) |

Interest paid | (763,159 | ) | (127,490 | ) |

Net cash from operating activities | (1,618,341 | ) | (317,832 | ) |

Cash flows from investing activities

Purchase of intangible fixed assets | (88,065 | ) | - |  |

Purchase of tangible fixed assets | (705,111 | ) | (486,832 | ) |

Sale of tangible fixed assets | 125,099 |  | 173,806 |  |

Related party loan in year | (199,413 | ) | - |  |

Net cash from investing activities | (867,490 | ) | (313,026 | ) |

Cash flows from financing activities

Loan repayments in year | (265,152 | ) | (79,545 | ) |

Related party loan in year | 1,747,934 |  | (133,471 | ) |

New hire purchase in year | 497,296 |  | 315,616 |  |

Capital repayments in year | (896,615 | ) | (366,781 | ) |

Amount introduced by directors | 108,760 |  | - |  |

Amount withdrawn by directors | - |  | 547 |  |

Share issue | - |  | 100 |  |

Bank overdraft transferred from group | - |  | (1,749,359 | ) |

Cash balances transferred from group | - |  | 16,135 |  |

Net cash from financing activities | 1,192,223 |  | (1,996,758 | ) |

Decrease in cash and cash equivalents | (1,293,608 | ) | (2,627,616 | ) |

Cash and cash equivalents at beginning of year | 2 | (2,627,616 | ) | - |  |

Cash and cash equivalents at end of year | 2 | (3,921,224 | ) | (2,627,616 | ) |

| CHARLES TRENT LIMITED (REGISTERED NUMBER: 14938085) |

NOTES TO THE CASH FLOW STATEMENT

FOR THE YEAR ENDED 31ST JANUARY 2025

1. | RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| Period

| 15.6.23

| Year Ended |  | to

| 31.1.25 |  | 31.1.24

£ | £ |

| Profit/(loss) before taxation | 70,923 |  | (904,269 | ) |

| Depreciation charges | 1,360,957 |  | 520,144 |  |

| Profit on disposal of fixed assets | (89,068 | ) | (82,877 | ) |

| Write back of intercompany loan | (1,804,382 | ) | - |  |

| Finance costs | 776,323 |  | 127,490 |  |

314,753 |  | (339,512 | ) |

| Increase in stocks | (1,564,654 | ) | (708,778 | ) |

| (Increase)/decrease in trade and other debtors | (20,559 | ) | 721,005 |  |

| Increase in trade and other creditors | 415,278 |  | 136,943 |  |

| Cash generated from operations | (855,182 | ) | (190,342 | ) |

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 31st January 2025

| 31.1.25 |  | 1.2.24

£ | £ |

| Cash and cash equivalents | 74,397 |  | 126,499 |  |

| Bank overdrafts | (3,995,621 | ) | (2,754,115 | ) |

(3,921,224 | ) | (2,627,616 | ) |

| Period ended 31st January 2024

| 31.1.24 |  | 15.6.23

£ | £ |

| Cash and cash equivalents | 126,499 |  | - |  |

| Bank overdrafts | (2,754,115 | ) | - |  |

(2,627,616 | ) | - |  |

| CHARLES TRENT LIMITED (REGISTERED NUMBER: 14938085) |

NOTES TO THE CASH FLOW STATEMENT

FOR THE YEAR ENDED 31ST JANUARY 2025

3. | ANALYSIS OF CHANGES IN NET DEBT

| At 1.2.24 | Cash flow | At 31.1.25

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 126,499 |  | (52,102 | ) | 74,397 |  |

| Bank overdrafts | (2,754,115 | ) | (1,241,506 | ) | (3,995,621 | ) |

(2,627,616 | ) | (1,293,608 | ) | (3,921,224 | ) |

| Debt

| Finance leases | (2,278,392 | ) | 399,319 |  | (1,879,073 | ) |

| Debts falling due within 1 year | (265,152 | ) | (53,030 | ) | (318,182 | ) |

| Debts falling due after 1 year | (477,272 | ) | 318,181 |  | (159,091 | ) |

(3,020,816 | ) | 664,470 |  | (2,356,346 | ) |

| Total | (5,648,432 | ) | (629,138 | ) | (6,277,570 | ) |

4. | MAJOR NON-CASH TRANSACTIONS

| On the 29th September 2023 the trade, assets and liabilities of Charles Trent Oldco Limited (Formally Charles Trent Limited) were transferred at no gain no loss to the company the net value of the trading assets at 29th September 2023 was £1,804,382.

| Included within the transfer of assets and liabilities was a bank overdraft of £1,749,359 and cash or cash equivalent balances of £16,135 as reflected in the cash flow statement.

| This created an intercompany loan balance of £1,804,382 that during the year ending 31st January 2025 was assigned to the ultimate parent company (at the time Charles Trent Holdings Limited) and then subsequently written back.

| CHARLES TRENT LIMITED (REGISTERED NUMBER: 14938085) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST JANUARY 2025

1. | STATUTORY INFORMATION

| Charles Trent Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

| CHARLES TRENT LIMITED (REGISTERED NUMBER: 14938085) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST JANUARY 2025

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| Going concern assumption

| After two years of intense transformation, the company has moved from a traditional vehicle recycler to a reverse production, technology-led platform. One of only two globally. It’s taken significant financial and operational investment to reach this position, but the outcome is a unique, proven model built on hard-won IP, digitized workflows, and embedded systems ready for scale.

| The infrastructure is now in place after years of investment, the systems are operational, and efficiencies are being delivered. The company is no longer investing but is starting to see the profitability and cash flow improvements that come from this project. The commercial focus for the next twelve months is firmly on throughput, margin expansion, and proving the model’s superiority over legacy operators.

| Due to the increased working capital requirements of these new systems the company will continue to receive the support of the directors, cash generated from the sale of non-core assets held within related parties, alongside other investment from the directors will provide circa £11m of cash, which gives sufficient headroom to support operations for twelve months from the date of signing this report.

| Forecasts show a return to profitability and sustained positive cashflow over the next 12 months.

| The directors review budgets, cash flow forecasts, and management accounts on a regular basis and act on the results accordingly to ensure that the company can continue to trade and meet its liabilities as they fall due.

| On that basis, the directors believe it remains appropriate to prepare the financial statements on a going concern basis.

| Acquisition of trade and assets

| On the 29th September 2023 the company acquired the trade, assets and liabilities of a fellow subsidiary company Charles Trent Oldco Limited on a no gain no loss basis.

| The profit and loss account comparative therefore only reflects 4 months of trading at 31st January 2024.

| For the previous 8 months comparative profit and loss and balance sheet information please refer to the financial statements of Charles Trent Oldco Limited (Registered number: 02121148) or the consolidated accounts of Charles Trent Holdings Limited (Registered number: 12215966)

| On the 29th September 2023 the assets and liabilities acquired from Charles Trent Oldco Limited (formerly Charles Trent Limited) were as follows:

| Intangible assets |  | £210,665 |  |

| Tangible assets |  | £5,855,487 |  |

| Stock |  | £3,538,168 |  |

| Debtors |  | £1,693,045 |  |

| Taxation assets |  | £110,001 |  |

| Cash and cash equivalents |  | £16,135 |  |

| Creditors |  | (£3,343,240 | ) |

| Social security and other taxes |  | (£1,374,993 | ) |

| Bank overdraft |  | (£1,749,359 | ) |

| Bank loans |  | (£821,969 | ) |

| Hire purchase liabilities |  | (£2,329,557 | ) |

| Net assets acquired via intercompany loan |  | £1,804,382 |  |

| CHARLES TRENT LIMITED (REGISTERED NUMBER: 14938085) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST JANUARY 2025

2. | ACCOUNTING POLICIES - continued

| Turnover

| Turnover represents amounts invoiced, excluding VAT, in respect of the sale of goods and services to customers, excepting third party storage and recovery charges. These charges represent amounts paid by Charles Trent Limited on behalf of their insurance company clients to compensate those third parties for the recovery and storage of the insured vehicle. These charges are charged, at cost, to the respective insurance company by Charles Trent Limited. The directors believe that such recharges do not constitute turnover, and to include them separately would distort the reporting of business performance. This policy is generally accepted by the sector.

| Intangible assets

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

| Computer software is being amortised evenly over its estimated useful life of five years.

| Tangible fixed assets

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

| Land and buildings |  | land is not depreciated and buildings are depreciated over 20 years |  |

| Long leasehold |  | Straight line over 20 years |  |

| Plant and machinery |  | 15% on cost |  |

| Motor vehicles |  | 20% on cost |  |

| Office equipment |  | 20% on cost |  |

| Stocks

| Salvage vehicle stock is valued at the lower of cost and net realisable value, after due regards for obsolete and slow moving stock. Net realisable value is based on selling price.

| Stock of parts from the breaking of vehicles are included at selling price less an estimated profit margin in line with FRS 102 Section 13.16 Inventories.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| CHARLES TRENT LIMITED (REGISTERED NUMBER: 14938085) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST JANUARY 2025

2. | ACCOUNTING POLICIES - continued

| Hire purchase and leasing commitments

| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

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

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

| Pension costs and other post-retirement benefits

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

| CHARLES TRENT LIMITED (REGISTERED NUMBER: 14938085) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST JANUARY 2025

2. | ACCOUNTING POLICIES - continued

| Critical accounting judgements and key sources of estimation uncertainty

| In the application of the Company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

| The Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

| The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:

| Stock Valuation

| The valuation of parts stock is considered a key source of estimation uncertainty.

| Salvage vehicle stock is valued at the lower of cost and net realisable value, after due regards for obsolete and slow moving stock. Net realisable value is based on selling price.

| Stock of parts from the breaking of vehicles are included at selling price less an estimated profit margin in line with FRS 102 Section 13.16 Inventories.

| The two key areas of estimation include:

| >Estimated selling price and margin

| >Obsolete and slow moving stock

| Selling price and margin

| Part valuation is undertaken by suitably qualified engineers and reviewed on a regular basis to confirm that estimated selling prices are at a market rate. Estimate margin is monitored regularly and adjusted where efficiencies are gained through technological advancement.

| Obsolete and slow moving stock

| Data insights to the purchasing, inventorying, and dismantling of parts have been developed to ensure that there is suitable demand for the stock that is going to be removed from the vehicle.

| Various software solutions have been developed to do this which uses live market demand and pricing data to calculate the following:

| > a maximum bid price when purchasing a vehicle to ensure that the price paid takes into account the value of parts where there is demand for them

| >only parts that have been specified are removed from the vehicle.

| With these tools and the associated data analysis, the need for an arbitrary obsolete stock provision based on age alone is now considered unnecessary.

| A detailed review of all stock items is undertaken at the year end and any stock items categorized as slow moving are provided for where demand for the part appears to have diminished on review of market data.

| Intangible assets

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

| CHARLES TRENT LIMITED (REGISTERED NUMBER: 14938085) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST JANUARY 2025

3. | EMPLOYEES AND DIRECTORS

| Period

| 15.6.23

| Year Ended |  | to

| 31.1.25 |  | 31.1.24

£ | £ |

| Wages and salaries | 7,397,174 |  | 2,335,708 |  |

| Social security costs | 724,868 |  | 222,904 |  |

| Other pension costs | 258,105 |  | 79,407 |  |

8,380,147 |  | 2,638,019 |  |

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

| Period

| 15.6.23

| Year Ended |  | to

| 31.1.25 |  | 31.1.24

| Admin and support | 73 |  | 66 |  |

| Production | 159 |  | 154 |  |

232 |  | 220 |  |

| Period

| 15.6.23

| Year Ended |  | to

| 31.1.25 |  | 31.1.24

£ | £ |

| Directors' remuneration | - |  | - |  |

4. | OPERATING LOSS

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

| Period

| 15.6.23

| Year Ended |  | to

| 31.1.25 |  | 31.1.24

£ | £ |

| Hire of plant and machinery | 9,307 |  | 3,121 |  |

| Depreciation - owned assets | 718,814 |  | 426,090 |  |

| Depreciation - assets on hire purchase contracts | 580,810 |  | 73,779 |  |

| Profit on disposal of fixed assets | (89,068 | ) | (82,877 | ) |

| Computer software amortisation | 61,332 |  | 20,275 |  |

| Auditors remuneration | 25,000 |  | 2,640 |  |

| Auditors remuneration for non audit services | 21,200 |  | 1,760 |  |

5. | EXCEPTIONAL ITEMS

| Period

| 15.6.23

| Year Ended |  | to

| 31.1.25 |  | 31.1.24

£ | £ |

| Write back intercompany loan | 1,804,383 |  | - |  |

| CHARLES TRENT LIMITED (REGISTERED NUMBER: 14938085) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST JANUARY 2025

| On the 29th September 2023 the assets and liabilities were acquired from Charles Trent Oldco Limited (formerly Charles Trent Limited) on a no gain no loss basis which created an intercompany loan of £1,804,382.(See the basis of preparation note in the accounting policies for more detail)

| During the financial year ending 31st January 2025 this loan was initially transferred to Charles Trent Holdings Limited (the parent company at the time) and then written back.

6. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| Period

| 15.6.23

| Year Ended |  | to

| 31.1.25 |  | 31.1.24

£ | £ |

| Bank overdraft interest | 249,542 |  | 54,529 |  |

| Bank loan interest | 50,996 |  | 22,246 |  |

| Hire purchase interest | 167,901 |  | 50,715 |  |

| Other interest | 307,884 |  | - |  |

776,323 |  | 127,490 |  |

7. | TAXATION

| Analysis of the tax credit

| The tax credit on the profit for the year was as follows:

| Period

| 15.6.23

| Year Ended |  | to

| 31.1.25 |  | 31.1.24

£ | £ |

| Deferred tax | (235,385 | ) | (191,140 | ) |

| Tax on profit/(loss) | (235,385 | ) | (191,140 | ) |

| Reconciliation of total tax credit included in profit and loss

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

| Period

| 15.6.23

| Year Ended |  | to

| 31.1.25 |  | 31.1.24

£ | £ |

| Profit/(loss) before tax | 70,923 |  | (904,269 | ) |

| Profit/(loss) multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 17,731 |  | (226,067 | ) |

| Effects of:

| Expenses not deductible for tax purposes | 10,989 |  | 11,813 |  |

| Losses surrendered to group | 186,991 |  | 105,929 |  |

| Deferred tax transferred with transfer of trade from fellow subsidiary | - |  | (82,480 | ) |

| Super deduction claimed | - |  | (335 | ) |

| Write back of intercompany loan | (451,096 | ) | - |  |

| Total tax credit | (235,385 | ) | (191,140 | ) |

| CHARLES TRENT LIMITED (REGISTERED NUMBER: 14938085) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST JANUARY 2025

8. | INTANGIBLE FIXED ASSETS

| Computer

| software

£ |

| COST

| At 1st February 2024 | 210,665 |  |

| Additions | 88,065 |  |

| At 31st January 2025 | 298,730 |  |

| AMORTISATION

| At 1st February 2024 | 20,275 |  |

| Amortisation for year | 61,332 |  |

| At 31st January 2025 | 81,607 |  |

| NET BOOK VALUE

| At 31st January 2025 | 217,123 |  |

| At 31st January 2024 | 190,390 |  |

9. | TANGIBLE FIXED ASSETS

| Freehold |  | Long |  | Plant and

| property |  | leasehold |  | machinery

£ | £ | £ |

| COST

| At 1st February 2024 | 36,413 |  | 1,122,846 |  | 4,096,202 |  |

| Additions | - |  | 47,625 |  | 140,975 |  |

| Disposals | - |  | (37,500 | ) | (48,209 | ) |

| At 31st January 2025 | 36,413 |  | 1,132,971 |  | 4,188,968 |  |

| DEPRECIATION

| At 1st February 2024 | 965 |  | 15,409 |  | 318,879 |  |

| Charge for year | 1,821 |  | 45,401 |  | 860,816 |  |

| Eliminated on disposal | - |  | (2,662 | ) | (48,209 | ) |

| At 31st January 2025 | 2,786 |  | 58,148 |  | 1,131,486 |  |

| NET BOOK VALUE

| At 31st January 2025 | 33,627 |  | 1,074,823 |  | 3,057,482 |  |

| At 31st January 2024 | 35,448 |  | 1,107,437 |  | 3,777,323 |  |

| CHARLES TRENT LIMITED (REGISTERED NUMBER: 14938085) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST JANUARY 2025

9. | TANGIBLE FIXED ASSETS - continued

| Motor |  | Computer |

| vehicles |  | equipment |  | Totals

£ | £ | £ |

| COST

| At 1st February 2024 | 840,083 |  | 155,846 |  | 6,251,390 |  |

| Additions | 486,083 |  | 30,428 |  | 705,111 |  |

| Disposals | (176,910 | ) | - |  | (262,619 | ) |

| At 31st January 2025 | 1,149,256 |  | 186,274 |  | 6,693,882 |  |

| DEPRECIATION

| At 1st February 2024 | 148,748 |  | 15,868 |  | 499,869 |  |

| Charge for year | 337,948 |  | 53,638 |  | 1,299,624 |  |

| Eliminated on disposal | (175,717 | ) | - |  | (226,588 | ) |

| At 31st January 2025 | 310,979 |  | 69,506 |  | 1,572,905 |  |

| NET BOOK VALUE

| At 31st January 2025 | 838,277 |  | 116,768 |  | 5,120,977 |  |

| At 31st January 2024 | 691,335 |  | 139,978 |  | 5,751,521 |  |

| Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

| Plant and |  | Motor |

| machinery |  | vehicles |  | Totals

£ | £ | £ |

| COST

| At 1st February 2024 | 3,149,182 |  | 482,412 |  | 3,631,594 |  |

| Additions | 123,646 |  | 424,931 |  | 548,577 |  |

| Transfer to ownership | (491,047 | ) | (131,727 | ) | (622,774 | ) |

| At 31st January 2025 | 2,781,781 |  | 775,616 |  | 3,557,397 |  |

| DEPRECIATION

| At 1st February 2024 | 61,123 |  | 12,656 |  | 73,779 |  |

| Charge for year | 488,070 |  | 92,740 |  | 580,810 |  |

| Transfer to ownership | (12,773 | ) | (8,534 | ) | (21,307 | ) |

| At 31st January 2025 | 536,420 |  | 96,862 |  | 633,282 |  |

| NET BOOK VALUE

| At 31st January 2025 | 2,245,361 |  | 678,754 |  | 2,924,115 |  |

| At 31st January 2024 | 3,088,059 |  | 469,756 |  | 3,557,815 |  |

10. | STOCKS

2025 | 2024 |

£ | £ |

| Stocks | 5,811,600 |  | 4,246,946 |  |

| CHARLES TRENT LIMITED (REGISTERED NUMBER: 14938085) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST JANUARY 2025

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

2025 | 2024 |

£ | £ |

| Trade debtors | 615,070 |  | 765,213 |  |

| Amounts owed by group undertakings | - |  | 203,104 |  |

| Other debtors | 410,133 |  | 29,971 |  |

| Tax | 38,201 |  | 38,201 |  |

| Deferred tax asset | 498,325 |  | 262,940 |  |

| Prepayments and accrued income | 369,913 |  | 176,856 |  |

1,931,642 |  | 1,476,285 |  |

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

2025 | 2024 |

£ | £ |

| Bank loans and overdrafts (see note 14) | 4,313,803 |  | 3,019,267 |  |

| Hire purchase contracts (see note 15) | 922,871 |  | 809,864 |  |

| Trade creditors | 1,616,111 |  | 1,386,872 |  |

| Amounts owed to group undertakings | - |  | 1,874,016 |  |

| Social security and other taxes | 338,774 |  | 198,204 |  |

| VAT | 2,277,957 |  | 1,802,974 |  |

| Other creditors | 1,903,248 |  | 157,292 |  |

| Directors' current accounts | 109,307 |  | 547 |  |

| Accruals and deferred income | 965,096 |  | 1,309,834 |  |

12,447,167 |  | 10,558,870 |  |

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

2025 | 2024 |

£ | £ |

| Bank loans (see note 14) | 159,091 |  | 477,272 |  |

| Hire purchase contracts (see note 15) | 956,202 |  | 1,468,528 |  |

1,115,293 |  | 1,945,800 |  |

14. | LOANS

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

2025 | 2024 |

£ | £ |

| Amounts falling due within one year or on demand:

| Bank overdrafts | 3,995,621 |  | 2,754,115 |  |

| Bank loans | 318,182 |  | 265,152 |  |

4,313,803 |  | 3,019,267 |  |

| Amounts falling due between one and two years:

| Bank loans - 1-2 years | 159,091 |  | 318,182 |  |

| Amounts falling due between two and five years:

| Bank loans - 2-5 years | - |  | 159,090 |  |

| CHARLES TRENT LIMITED (REGISTERED NUMBER: 14938085) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST JANUARY 2025

15. | LEASING AGREEMENTS

| Minimum lease payments under hire purchase fall due as follows:

2025 | 2024 |

£ | £ |

| Net obligations repayable:

| Within one year | 922,871 |  | 809,864 |  |

| Between one and five years | 956,202 |  | 1,468,528 |  |

1,879,073 |  | 2,278,392 |  |

16. | SECURED DEBTS

| The following secured debts are included within creditors:

2025 | 2024 |

£ | £ |

| Bank overdrafts | 3,995,621 |  | 2,754,115 |  |

| Bank loans | 477,273 |  | 742,424 |  |

| Hire purchase contracts | 1,879,073 |  | 2,278,392 |  |

6,351,967 |  | 5,774,931 |  |

| There is debenture and charge dated 14 February 2020 in favour of Lloyds Bank Plc, that was transferred to the company on the 26 September 2023 and is over the assets of the company.

17. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 100 | Ordinary | £1 | 100 |  | 100 |  |

18. | RESERVES

| Retained

| earnings

£ |

| At 1st February 2024 | (713,129 | ) |

| Profit for the year | 306,308 |  |

| At 31st January 2025 | (406,821 | ) |

19. | PENSION COMMITMENTS

| The company operates a defined contribution pension scheme. The pension cost for the year represents contributions payable by the company to the scheme and amounted to £225,873 (2024: £74,906). At the year end contributions of £37,880 (2024: £38,054) remained unpaid.

| CHARLES TRENT LIMITED (REGISTERED NUMBER: 14938085) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST JANUARY 2025

20. | ULTIMATE PARENT COMPANY

| Charles Trent Holdco 2 Limited is regarded by the directors as being the company's ultimate parent company.

| On the 20th December 2024 the shares in the company were transferred from Charles Trent Holdings Limited to Charles Trent Holdco 1 Limited (within the same group).

| Then on the 30th January 2025 the shares of the company were transferred in a share for share exchange to Charles Trent Holdco 2 Limited as part of a group restructuring.

21. | CAPITAL COMMITMENTS

2025 | 2024 |

£ | £ |

| Contracted but not provided for in the

| financial statements | 317,848 |  | 450,096 |  |

| CHARLES TRENT LIMITED (REGISTERED NUMBER: 14938085) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST JANUARY 2025

22. | RELATED PARTY DISCLOSURES

| Charles Trent Limited (RBS)

| Retirement Benefit Scheme

| During the year the company was charged £306,000 (2024: £107,029) for rental of property by Charles Trent Limited (RBS).

| Included in trade creditors is £65,000 (2024: £Nil) owed by the company to Charles Trent RBS

| M Trent, J Trent and N Trent

| Company Directors

| During the year the company was charged £95,100 (2024: £31,090) for rental of property by its Directors.

| Motorwise Online Services Limited

| Common Directors and Shareholders.

| During the year the company was charged £292,599 (2024: £126,503) by Motorwise Online Services Limited for services provided.

| During the year the company charged £53,802 (2024; £11,829) to Motorwise Online Services Limited for expenses, rent and management fees.

| Included in Trade Debtors is £Nil (2024: £899) owed by Motorwise Online Services Limited.

| Included in Trade Creditors is £458,819 (2024: £397,764) owed by the company to Motorwise Online

| Services Limited.

| TT Industries LLP

| Partnership under common control

| During the year the company charged £4,997 (2024: £1,482) to TT Industries LLP for expenses.

| Included in Trade Debtors is £4,476 (2024: £9,245) due from TT Industries LLP.

| MNJ 2018 Limited

| Common directors and shareholders.

| Included in Other Debtors is £2,551 (2024: £2,551) owed to the company by MNJ 2018 Limited.

| Charles Trent Holdings Limited

| Immediate Parent until 20th December 2024

| Subsequently related by way of common directors and shareholders.

| An intercompany balance exists at the year end whereby £351,502 (2024: £203,104) is owed to the company by Charles Trent Holdings Limited. This is included in other debtors.

| Charles Trent Holdco 1 Limited

| Immediate Parent of Charles Trent Holdings Limited from 20th December 2024 - 30th January 2025

| Subsequently related by way of common directors and shareholders.

| An intercompany balance exists at the year end whereby £51,015 (2024: £Nil) is owed to the company by Charles Trent Holdco 1 Limited. This is included in other debtors.

| Charles Trent Property Limited

| Fellow subsidiary of Group until 30th January 2025

| Subsequently related by way of common directors and shareholders.

| CHARLES TRENT LIMITED (REGISTERED NUMBER: 14938085) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST JANUARY 2025

| During the year the company was charged £1,224,500 (2024: £428,865) by Charles Trent Property Limited for rent.

| During the year the company was charged management charges of £570,000 (2024: £239,000) by Charles Trent Property Limited.

| Included in trade creditors is £Nil (2024: £23,942) owed by the company to Charles Trent Property Limited.

| An intercompany balance exists at the year end whereby £1,817,568 (2024: £45,692) is owed by the company to Charles Trent Property Limited, this is included in other creditors.

| Charles Trent Oldco Limited

| Fellow subsidiary of Group until 30th January 2025

| Subsequently related by way of common directors and shareholders.

| An intercompany balance exists at the year end whereby £Nil (2024: £1,804,382) is owed by the company to Charles Trent Oldco Limited. See note 1- basis of preparation for detail regarding the transfer of trade, assets and liabilities that created this loan.

| During the year a loan of £1,804,382 was written back to the profit and loss account. This is disclosed within exceptional items note 5.