IRIS Accounts Production v25.3.0.601 14938024 Board of Directors 31.1.25 1.2.24 31.1.25 31.1.25 Medium entities These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Wholesale trade of motor vehicle parts and accessories Retail trade of motor vehicle parts and accessories Activities of other holding companies not elsewhere classified 0 true true true false true true false false false true false 0 B1 Ordinary 1.00000 B2 Ordinary 1.00000 B3 Ordinary 1.00000 C1 Ordinary 1.00000 1.00000 1.00000 1.00000 1.00000 iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh 14938024 2024-01-31 14938024 2025-01-31 14938024 2024-02-01 2025-01-31 14938024 2024-01-31 14938024 ns15:EnglandWales 2024-02-01 2025-01-31 14938024 ns14:PoundSterling 2024-02-01 2025-01-31 14938024 ns10:Director1 2024-02-01 2025-01-31 14938024 ns10:Consolidated 2025-01-31 14938024 ns10:ConsolidatedGroupCompanyAccounts 2024-02-01 2025-01-31 14938024 ns10:PrivateLimitedCompanyLtd 2024-02-01 2025-01-31 14938024 ns10:Consolidated ns10:MediumEntities 2024-02-01 2025-01-31 14938024 ns10:Consolidated ns10:Audited 2024-02-01 2025-01-31 14938024 ns10:Medium-sizedCompaniesRegimeForDirectorsReport 2024-02-01 2025-01-31 14938024 ns10:Medium-sizedCompaniesRegimeForAccounts 2024-02-01 2025-01-31 14938024 ns10:Consolidated 2024-02-01 2025-01-31 14938024 ns10:Consolidated ns10:Medium-sizedCompaniesRegimeForDirectorsReport 2024-02-01 2025-01-31 14938024 ns10:Consolidated ns10:Medium-sizedCompaniesRegimeForAccounts 2024-02-01 2025-01-31 14938024 ns10:FullAccounts 2024-02-01 2025-01-31 14938024 1 2024-02-01 2025-01-31 14938024 ns10:OrdinaryShareClass2 2024-02-01 2025-01-31 14938024 ns10:OrdinaryShareClass3 2024-02-01 2025-01-31 14938024 ns10:OrdinaryShareClass4 2024-02-01 2025-01-31 14938024 ns10:OrdinaryShareClass5 2024-02-01 2025-01-31 14938024 2 ns10:OrdinaryShareClass2 2024-02-01 2025-01-31 14938024 ns10:OrdinaryShareClass3 3 2024-02-01 2025-01-31 14938024 4 ns10:OrdinaryShareClass4 2024-02-01 2025-01-31 14938024 ns10:OrdinaryShareClass5 5 2024-02-01 2025-01-31 14938024 ns10:Director2 2024-02-01 2025-01-31 14938024 ns10:Director3 2024-02-01 2025-01-31 14938024 ns10:Director4 2024-02-01 2025-01-31 14938024 ns10:Director5 2024-02-01 2025-01-31 14938024 ns10:Director6 2024-02-01 2025-01-31 14938024 ns10:RegisteredOffice 2024-02-01 2025-01-31 14938024 ns5:CurrentFinancialInstruments 2025-01-31 14938024 ns5:ShareCapital 2025-01-31 14938024 ns5:ShareCapital 2024-02-01 2025-01-31 14938024 ns5:RetainedEarningsAccumulatedLosses 2025-01-31 14938024 1 2024-02-01 2025-01-31 14938024 ns5:NetGoodwill 2024-02-01 2025-01-31 14938024 ns5:IntangibleAssetsOtherThanGoodwill 2024-02-01 2025-01-31 14938024 ns5:ComputerSoftware 2024-02-01 2025-01-31 14938024 ns5:LongLeaseholdAssets ns5:LandBuildings 2024-02-01 2025-01-31 14938024 ns5:PlantMachinery 2024-02-01 2025-01-31 14938024 ns5:MotorVehicles 2024-02-01 2025-01-31 14938024 ns5:ComputerEquipment 2024-02-01 2025-01-31 14938024 ns5:AdditionsToInvestments 2025-01-31 14938024 ns5:CostValuation 2025-01-31 14938024 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2025-01-31 14938024 ns10:OrdinaryShareClass2 2025-01-31 14938024 ns10:OrdinaryShareClass3 2025-01-31 14938024 ns10:OrdinaryShareClass4 2025-01-31 14938024 ns10:OrdinaryShareClass5 2025-01-31 14938024 ns5:RetainedEarningsAccumulatedLosses 2024-02-01 2025-01-31

REGISTERED NUMBER: 14938024 (England and Wales)

| GROUP STRATEGIC REPORT, |

| REPORT OF THE DIRECTORS AND |

| CONSOLIDATED FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31ST JANUARY 2025 |

| FOR |

| CHARLES TRENT HOLDCO 2 LIMITED |

CHARLES TRENT HOLDCO 2 LIMITED (REGISTERED NUMBER: 14938024) |

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST JANUARY 2025

Page |

| Company Information | 1 |

| Group Strategic Report | 2 |

| Report of the Directors | 4 |

| Report of the Independent Auditors | 6 |

| Consolidated Statement of Comprehensive Income | 10 |

| Consolidated Balance Sheet | 11 |

| Company Balance Sheet | 12 |

| Consolidated Statement of Changes in Equity | 13 |

| Company Statement of Changes in Equity | 14 |

| Consolidated Cash Flow Statement | 15 |

| Company Cash Flow Statement | 16 |

| Notes to the Cash Flow Statements | 17 |

| Notes to the Consolidated Financial Statements | 19 |

| CHARLES TRENT HOLDCO 2 LIMITED |

COMPANY INFORMATION

FOR THE YEAR ENDED 31ST JANUARY 2025

| DIRECTORS: | Mrs C Trent

| J Trent

| M J Trent

| Mrs M Trent

| N Trent

| Mrs S D Trent

| REGISTERED OFFICE: | 43 Richmond Hill

| Bournemouth

| BH2 6LR

| REGISTERED NUMBER: | 14938024 (England and Wales)

| AUDITORS: | Cook & Partners Limited

| Statutory Auditor

| Manufactory House

| Bell Lane

| Hertford

| Hertfordshire

| SG14 1BP

CHARLES TRENT HOLDCO 2 LIMITED (REGISTERED NUMBER: 14938024) |

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31ST JANUARY 2025

The directors present their strategic report of the company and the group for the year ended 31st January 2025.

REVIEW OF BUSINESS

The parent of the group Charles Trent Holdco 2 Limited has no material income or costs.

Review of Business: Charles Trent Limited (formerly Charles Trent Newco Limited) - Acquired on 30th January 2025

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 HOLDCO 2 LIMITED (REGISTERED NUMBER: 14938024) |

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31ST JANUARY 2025

PRINCIPAL RISKS AND UNCERTAINTIES

Charles Trent Limited

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 HOLDCO 2 LIMITED (REGISTERED NUMBER: 14938024) |

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31ST JANUARY 2025

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

INCORPORATION

The group was incorporated on 15th June 2023 .

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.

Mrs C Trent

J Trent

M J Trent

Mrs M Trent

N Trent

Mrs S D Trent

All the directors, being eligible, offer themselves for election at the forthcoming first Annual General Meeting.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- | select suitable accounting policies and then apply them consistently;

- | make judgements and accounting estimates that are reasonable and prudent;

- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

CHARLES TRENT HOLDCO 2 LIMITED (REGISTERED NUMBER: 14938024) |

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31ST JANUARY 2025

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 HOLDCO 2 LIMITED

Opinion

We have audited the financial statements of Charles Trent Holdco 2 Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st January 2025 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement, Company Cash Flow Statement and Notes to the Cash Flow Statements, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- | give a true and fair view of the state of the group's and of the parent company affairs as at 31st January 2025;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

CHARLES TRENT HOLDCO 2 LIMITED

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

CHARLES TRENT HOLDCO 2 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 HOLDCO 2 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 HOLDCO 2 LIMITED (REGISTERED NUMBER: 14938024) |

CONSOLIDATED

STATEMENT OF COMPREHENSIVE

INCOME

FOR THE YEAR ENDED 31ST JANUARY 2025

| Notes | £ |

| TURNOVER | - |  |

| OPERATING PROFIT and |

| PROFIT BEFORE TAXATION | - |  |

| Tax on profit | 5 | - |  |

| PROFIT FOR THE FINANCIAL YEAR | - |  |

| OTHER COMPREHENSIVE INCOME | - |  |

| TOTAL COMPREHENSIVE INCOME FOR THE YEAR | - |  |

| Profit attributable to:

| Owners of the parent | - |  |

| Total comprehensive income attributable to:

| Owners of the parent | - |  |

CHARLES TRENT HOLDCO 2 LIMITED (REGISTERED NUMBER: 14938024) |

CONSOLIDATED BALANCE SHEET

31ST JANUARY 2025

| Notes | £ | £ |

| FIXED ASSETS

| Intangible assets | 7 | 1,106,232 |  |

| Tangible assets | 8 | 5,120,976 |  |

| Investments | 9 | - |  |

6,227,208 |  |

| CURRENT ASSETS

| Stocks | 10 | 5,811,600 |  |  |

| Debtors | 11 | 1,931,642 |  |  |

| Cash in hand | 74,397 |  |  |

7,817,639 |  |

| CREDITORS

| Amounts falling due within one year | 12 | 12,449,566 |  |

| NET CURRENT LIABILITIES | (4,631,927 | ) |

| TOTAL ASSETS LESS CURRENT LIABILITIES | 1,595,281 |  |

| CREDITORS

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

| NET ASSETS | 479,988 |  |

| CAPITAL AND RESERVES

| Called up share capital | 18 | 479,988 |  |

| SHAREHOLDERS' FUNDS | 479,988 |  |

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 HOLDCO 2 LIMITED (REGISTERED NUMBER: 14938024) |

COMPANY BALANCE SHEET

31ST JANUARY 2025

| Notes | £ | £ |

| FIXED ASSETS

| Intangible assets | 7 | - |  |

| Tangible assets | 8 | - |  |

| Investments | 9 | 482,387 |  |

482,387 |  |

| CURRENT ASSETS

| Debtors | 11 | 1 |  |  |

| CREDITORS

| Amounts falling due within one year | 12 | 2,400 |  |

| NET CURRENT LIABILITIES | (2,399 | ) |

| TOTAL ASSETS LESS CURRENT LIABILITIES | 479,988 |  |

| CAPITAL AND RESERVES

| Called up share capital | 18 | 479,988 |  |

| SHAREHOLDERS' FUNDS | 479,988 |  |

| Company's profit for the financial year | - |  |

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 HOLDCO 2 LIMITED (REGISTERED NUMBER: 14938024) |

CONSOLIDATED 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 | 479,988 |  | - |  | 479,988 |  |

Balance at 31st January 2025 | 479,988 |  | - |  | 479,988 |  |

CHARLES TRENT HOLDCO 2 LIMITED (REGISTERED NUMBER: 14938024) |

COMPANY 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 | 479,988 |  | - |  | 479,988 |  |

Balance at 31st January 2025 | 479,988 |  | - |  | 479,988 |  |

CHARLES TRENT HOLDCO 2 LIMITED (REGISTERED NUMBER: 14938024) |

CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 31ST JANUARY 2025

| Notes | £ |

| Cash flows from operating activities

| Cash generated from operations | 1 | - |  |

| Cash flows from financing activities

| Overdraft transferred on acquisition | (3,921,224 | ) |

| Net cash from financing activities | (3,921,224 | ) |

| Decrease in cash and cash equivalents | (3,921,224 | ) |

| Cash and cash equivalents at beginning of year | 2 | - |  |

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

CHARLES TRENT HOLDCO 2 LIMITED (REGISTERED NUMBER: 14938024) |

COMPANY CASH FLOW STATEMENT

FOR THE YEAR ENDED 31ST JANUARY 2025

| Notes | £ |

| Cash flows from operating activities

| Cash generated from operations | 1 | (1 | ) |

| Net cash from operating activities | (1 | ) |

| Cash flows from investing activities

| Purchase of fixed asset investments | (2,400 | ) |

| Net cash from investing activities | (2,400 | ) |

| Cash flows from financing activities

| Share issue | 1 |  |

| Intercompany loan movements | 2,400 |  |

| Net cash from financing activities | 2,401 |  |

| Increase in cash and cash equivalents | - |  |

| Cash and cash equivalents at beginning of year | 2 | - |  |

| Cash and cash equivalents at end of year | 2 | - |  |

CHARLES TRENT HOLDCO 2 LIMITED (REGISTERED NUMBER: 14938024) |

NOTES TO THE CASH FLOW STATEMENTS

FOR THE YEAR ENDED 31ST JANUARY 2025

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

| Group

£ |

| Profit before taxation | - |  |

| Cash generated from operations | - |  |

| Company

£ |

| Profit before taxation | - |  |

| Increase in trade and other debtors | (1 | ) |

| Cash generated from operations | (1 | ) |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Cash Flow Statements in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

| Group |  | Company |

| Year ended 31st January 2025

| 31.1.25 |  | 1.2.24 |  | 31.1.25 |  | 1.2.24

£ | £ | £ | £ |

| Cash and cash equivalents | 74,397 |  | - |  | - |  | - |  |

| Bank overdrafts | (3,995,621 | ) | - |  | - |  | - |  |

(3,921,224 | ) | - |  | - |  | - |  |

CHARLES TRENT HOLDCO 2 LIMITED (REGISTERED NUMBER: 14938024) |

NOTES TO THE CASH FLOW STATEMENTS

FOR THE YEAR ENDED 31ST JANUARY 2025

3. | ANALYSIS OF CHANGES IN NET DEBT

| Group

| Acquisition |

| of |

| At 1.2.24 | Cash flow | subsidiary | At 31.1.25

£ | £ | £ | £ |

| Net cash |

| Cash at bank

| and in hand | - |  | - |  | 74,397 |  | 74,397 |  |

| Bank overdrafts | - |  | - |  | (3,995,621 | ) | (3,995,621 | ) |

- |  | - |  | (3,921,224 | ) | (3,921,224 | ) |

| Debt

| Finance leases | - |  | - |  | (1,879,073 | ) | (1,879,073 | ) |

| Debts falling due

| within 1 year | - |  | - |  | (318,182 | ) | (318,182 | ) |

| Debts falling due

| after 1 year | - |  | - |  | (159,091 | ) | (159,091 | ) |

- |  | - |  | (2,356,346 | ) | (2,356,346 | ) |

| Total | - |  | - |  | (6,277,570 | ) | (6,277,570 | ) |

| Company

| At 1.2.24 | Cash flow | At 31.1.25

£ | £ | £ |

4. | ACQUISITION OF BUSINESS

| On 30th January 2025 the group acquired 100% of the share capital in Charles Trent Limited this was achieved via the issue of shares in a share for share exchange totalling £479,988.

5. | MAJOR NON-CASH TRANSACTIONS

| Group

| As the acquisition of Charles Trent Limited on 30th January 2025 was via a share for share exchange, and is therefore a non-cash transaction, the subsequent inclusion of the assets and liabilities of the company on consolidation is not reflected in the cash flow statement. The inclusion of the cash and overdraft balances is for reconciliation purposes.

CHARLES TRENT HOLDCO 2 LIMITED (REGISTERED NUMBER: 14938024) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST JANUARY 2025

1. | STATUTORY INFORMATION

| Charles Trent Holdco 2 Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

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.

| Acquisitions

| On 30th January 2025 the company acquired 100% of the share capital in Charles Trent Limited (formerly Charles Trent Newco Limited) this was achieved via the issue shares in a share for share exchange totalling £479,988.

| Going Concern Justification

| Charles Trent Limited

| 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.

| Basis of consolidation

| The consolidated statement of other comprehensive income, balance sheet, statement of changes in equity, cash flow statement and notes include the results of the company and its subsidiaries made up to 31st January 2025 on the following basis.

| Charles Trent Limited has been consolidated from 30th January 2025 on an acquisition basis.

| On 30th January 2025 the group acquired 100% of the share capital in Charles Trent Limited, as part of a group restructuring, this was achieved via the issue of shares in a share for share exchange totalling £479,988. Deemed to be the fair value of the company.

| The net assets and liabilities of Charles Trent Limited at the acquisition date were (£409,121). Therefore Goodwill has been recognised on acquisition of £889,109 which will be amortised over 10 years.

| All companies are registered in the United Kingdom

CHARLES TRENT HOLDCO 2 LIMITED (REGISTERED NUMBER: 14938024) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST JANUARY 2025

2. | ACCOUNTING POLICIES - continued

| Goodwill

| Goodwill, being the amount paid in connection with the acquisition of a business in 2025, is being amortised evenly over its estimated useful life of ten years.

| 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 each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

| Long leasehold | - | 5% on cost

| Plant and machinery | - | 15% on cost

| Motor vehicles | - | 20% on cost

| Computer equipment | - | 20% on cost

| Stocks

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

| 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 Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

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

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

| 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.

| 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.

CHARLES TRENT HOLDCO 2 LIMITED (REGISTERED NUMBER: 14938024) |

NOTES TO THE CONSOLIDATED 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.

3. | EMPLOYEES AND DIRECTORS

| There were no staff costs for the year ended 31st January 2025.

| The average number of employees during the year was NIL.

CHARLES TRENT HOLDCO 2 LIMITED (REGISTERED NUMBER: 14938024) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST JANUARY 2025

3. | EMPLOYEES AND DIRECTORS - continued

| The average number of employees by undertakings that were proportionately consolidated during the year was NIL.

£ |

| Directors' remuneration | - |  |

4. | OPERATING PROFIT

| The operating profit is stated after charging:

£ |

| Auditors remuneration | 1,000 |  |

| Auditors remuneration - Non audit services | 1,000 |  |

5. | TAXATION

| Analysis of the tax charge

| No liability to UK corporation tax arose for the year.

6. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

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

7. | INTANGIBLE FIXED ASSETS

| Group

| Computer |

| Goodwill |  | software |  | Totals

£ | £ | £ |

| COST

| Additions | 889,109 |  | 217,123 |  | 1,106,232 |  |

| At 31st January 2025 | 889,109 |  | 217,123 |  | 1,106,232 |  |

| NET BOOK VALUE

| At 31st January 2025 | 889,109 |  | 217,123 |  | 1,106,232 |  |

8. | TANGIBLE FIXED ASSETS

| Group

| Freehold |  | Long |  | Plant and

| property |  | leasehold |  | machinery

£ | £ | £ |

| COST

| Additions | 33,627 |  | 1,074,823 |  | 3,057,482 |  |

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

| NET BOOK VALUE

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

CHARLES TRENT HOLDCO 2 LIMITED (REGISTERED NUMBER: 14938024) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST JANUARY 2025

8. | TANGIBLE FIXED ASSETS - continued

| Group

| Motor |  | Computer |

| vehicles |  | equipment |  | Totals

£ | £ | £ |

| COST

| Additions | 838,277 |  | 116,767 |  | 5,120,976 |  |

| At 31st January 2025 | 838,277 |  | 116,767 |  | 5,120,976 |  |

| NET BOOK VALUE

| At 31st January 2025 | 838,277 |  | 116,767 |  | 5,120,976 |  |

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

| Plant and |  | Motor |

| machinery |  | vehicles |  | Totals

£ | £ | £ |

| COST

| Additions | 2,245,361 |  | 678,754 |  | 2,924,115 |  |

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

| NET BOOK VALUE

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

9. | FIXED ASSET INVESTMENTS

| Company

| Shares in

| group

| undertakings

£ |

| COST

| Additions | 482,387 |  |

| At 31st January 2025 | 482,387 |  |

| NET BOOK VALUE

| At 31st January 2025 | 482,387 |  |

CHARLES TRENT HOLDCO 2 LIMITED (REGISTERED NUMBER: 14938024) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST JANUARY 2025

9. | FIXED ASSET INVESTMENTS - continued

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

| Subsidiary

| Charles Trent Limited

| Registered office: 8 St. Georges Avenue, Avenue Parkstone,Poole, Dorset, England,BH12 4ND

| Nature of business: Vehicle Recycling

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

2025 |  |

£ | £ |

| Aggregate capital and reserves | (406,821 | ) | (713,129 | ) |

| Profit/(loss) for the year | 306,308 |  | (713,129 | ) |

10. | STOCKS

| Group |

£ |

| Stocks | 5,811,600 |  |

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

| Group |  | Company |

£ | £ |

| Trade debtors | 615,070 |  | - |  |

| Other debtors | 410,133 |  | 1 |  |

| Tax | 38,201 |  | - |  |

| Deferred tax asset | 498,325 |  | - |  |

| Prepayments and accrued income | 369,913 |  | - |  |

1,931,642 |  | 1 |  |

| Deferred tax asset

| Group |  | Company |

£ | £ |

| Deferred tax | 498,325 |  | - |  |

CHARLES TRENT HOLDCO 2 LIMITED (REGISTERED NUMBER: 14938024) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST JANUARY 2025

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

| Group |  | Company |

£ | £ |

| Bank loans and overdrafts (see note 14) | 4,313,803 |  | - |  |

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

| Trade creditors | 1,616,110 |  | - |  |

| Amounts owed to group undertakings | - |  | 2,400 |  |

| Social security and other taxes | 338,774 |  | - |  |

| VAT | 2,277,957 |  | - |  |

| Other creditors | 1,903,248 |  | - |  |

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

| Accruals and deferred income | 967,496 |  | - |  |

12,449,566 |  | 2,400 |  |

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

| Group |

£ |

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

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

1,115,293 |  |

14. | LOANS

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

| Group |

£ |

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

| Bank overdrafts | 3,995,621 |  |

| Bank loans | 318,182 |  |

4,313,803 |  |

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

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

CHARLES TRENT HOLDCO 2 LIMITED (REGISTERED NUMBER: 14938024) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST JANUARY 2025

15. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Group

| Hire

| purchase

| contracts

£ |

| Net obligations repayable:

| Within one year | 922,871 |  |

| Between one and five years | 956,202 |  |

1,879,073 |  |

16. | SECURED DEBTS

| The following secured debts are included within creditors:

| Group |

£ |

| Bank overdraft | 3,995,621 |  |

| Bank loans | 477,273 |  |

| Hire purchase contracts | 1,879,073 |  |

6,351,967 |  |

| There is a debenture and charge dated 1st April 2025 in favour of Lloyds Bank Plc over the assets of the group.

17. | DEFERRED TAX

| Group

£ |

| Acquisition of subsidiary | (498,325 | ) |

| Balance at 31st January 2025 | (498,325 | ) |

18. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal

| value: | £ |

| 153,996 | B1 Ordinary | o1 | 153,996 |  |

| 153,996 | B2 Ordinary | o1 | 153,996 |  |

| 153,996 | B3 Ordinary | o1 | 153,996 |  |

| 6,000 | C1 Ordinary | o1 | 6,000 |  |

| 6,000 | C2 Ordinary | o1 | 6,000 |  |

| 6,000 | C3 Ordinary | o1 | 6,000 |  |

479,988 |  |

CHARLES TRENT HOLDCO 2 LIMITED (REGISTERED NUMBER: 14938024) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST JANUARY 2025

18. | CALLED UP SHARE CAPITAL - continued

| The following shares were issued during the year for cash at par :

| 153,995 B1 Ordinary shares of o1

| 153,996 B2 Ordinary shares of o1

| 153,996 B3 Ordinary shares of o1

| 6,000 C1 Ordinary shares of o1

| 6,000 C2 Ordinary shares of o1

| 6,000 C3 Ordinary shares of o1

19. | RESERVES

| Group

| Retained

| earnings

£ |

| Profit for the year | - |

| At 31st January 2025 | - |  |

| Company

| Retained

| earnings

£ |

| Profit for the year | - |

| At 31st January 2025 | - |  |

20. | PENSION COMMITMENTS

| In the group Charles Trent Limited operates a defined contribution pension scheme. The pension cost for the year represents contributions payable by the company to the scheme and amounted to £Nil (2024: £Nil). At the year end contributions of £37,880 (2024: £Nil) remained unpaid.

21. | CAPITAL COMMITMENTS

|  | 2025 |  | 2024 |  |

| £ |  | £ |  |

| Capital Commitments |  | 317,848 |  | - |  |

| At the year end it has been confirmed that there are capital commitments.

| The values shown above are those commitments which have been contracted for but delivery/completion is not expected until the next financial year.

CHARLES TRENT HOLDCO 2 LIMITED (REGISTERED NUMBER: 14938024) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST JANUARY 2025

22. | RELATED PARTY DISCLOSURES

| Included in the consolidated accounts are the following related party transactions

| Charles Trent Limited (RBS)

| Retirement Benefit Scheme

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

| Motorwise Online Services Limited

| Common Directors and Shareholders..

| Included in Trade Creditors is £458,819 (2024: £Nil) owed by the group to Motorwise Online Services Limited.

| TT Industries LLP

| Partnership under common control.

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

| MNJ 2018 Limited

| Common directors and share holders.

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

| Charles Trent Holdings Limited

| From 30th January 2025 related by nature of common directors and shareholders.

| Included in Other Debtors is a loan balance of £351,502 (2024: £Nil) owed to the group by Charles Trent Holdings Limited.

| Charles Trent Holdco 1 Limited

| From 30th January 2025 related by nature of common directors and shareholders.

| Included in Other Debtors is a loan balance of £51,015 (2024: £Nil) owed to the group by Charles Trent Holdco 1 Limited.

| Charles Trent Property Limited

| From 30th January 2025 related by nature of common directors and shareholders.

| Included in Other Creditors is a loan balance of £1,817,568(2024: £Nil) owed by the group to Charles Trent Property Limited.

23. | ULTIMATE CONTROLLING PARTY

| The ultimate controlling parties of the group are M Trent, J Trent and N Trent as the majority share holders.