REGISTERED NUMBER: 06482514 (England and Wales)

FRESHLINC GROUP LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD

4 FEBRUARY 2024 TO 1 FEBRUARY 2025

Page

Company Information

1

Group Strategic Report

2

to

5

Report of the Directors

6

to

7

Report of the Independent Auditors

8

to

11

Consolidated Income Statement

12

Consolidated Other Comprehensive Income

13

Consolidated Statement of Financial Position

14

Company Statement of Financial Position

15

Consolidated Statement of Changes in Equity

16

Company Statement of Changes in Equity

17

Consolidated Statement of Cash Flows

18

Notes to the Consolidated Statement of Cash Flows

19

to

20

Notes to the Consolidated Financial Statements

21

to

35

DIRECTORS:

A E Day

R Hancox

M J Tate

L S Juniper

S J King

SECRETARY:

A E Day

REGISTERED OFFICE:

Wool Hall Farm

Cross Gate

Wykeham

Spalding

Lincolnshire

PE12 6HW

REGISTERED NUMBER:

06482514 (England and Wales)

AUDITORS:

Duncan & Toplis Audit Limited, Statutory Auditor

Enterprise Way

Pinchbeck

Spalding

Lincolnshire

PE11 3YR

The directors present their strategic report of the company and the group for the period 4 February 2024 to 1 February 2025.

Business Review

Turnover reduced by 3% during the year, this reduction relating to a downturn in volumes from our existing customer base, but additional revenues through our Ambient consolidation centre and our frozen operations have helped minimise the impact of the volume reduction.

The underlying profitability of the business during the year was not only affected by the reduction in revenues, but also several other unforeseen circumstances.

Key factors driving business performance during the year were: -

-The initial volume ramp up within our start-up frozen transport operation was slower than initially indicated.

- Our recently acquired freehold facility at Stephenson Avenue, offering packing and cold storage solutions, dealt with less volume throughput than anticipated, with committed volumes not honoured due to supply chain changes.

- The Specialist building sector operations were both affected by a considerable drop in demand.

- Our FloraLinc division saw a dramatic reduction in sales following a buoyant post-covid period, as customer spending on their gardens diminished; however, our North Sea import sector saw an increase in revenues through our Customs and Plant Passporting services.

FUTURE OUTLOOK

Whilst future headwinds including the increased national Living Wage and Employers NI contributions lie ahead, our focus remains to correct commercial rate structures, whilst seeing out contractual periods, along with developing and reassessing the divisional business units, ensuring each one is positively contributing.

We will continue to exploit the opportunities that exist, especially within our Ambient and Frozen transport operations and we will continue to invest in our driver training program with delegated examiner status, to recruit, train and retain tomorrow’s drivers.

Our track record of sustained investment in the scale of operations, geographic and network coverage, together with the high service levels we and our customers demand, will continue to differentiate us from our peers and enable us to further enhance our service scope and offerings.

Dedicated, experienced and committed employees remain our key asset in delivering our future success.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal financial risk facing the group would be the loss of its customer base. However, the group has performed very well historically by winning new business through its focus on cost control and high service levels and given the growth and diversification of the recent past, our reliance on any one key contract has been reduced significantly.

The group is also subject to environmental and health and safety risks and mitigates these by a focus on training, equipment maintenance, fleet replacement programme and stringent internal audit controls.

Market Risk

Market risk encompasses three types of risk, being currency risk, fair value interest rate and price risk.

The group’s policies for managing fair value interest rate risk are considered along with those for managing cash flow interest rate risk and are set out in the section entitled "interest rate risk" below.

Liquidity Risk

The parent company and the group seeks to manage liquidity risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably.

Short-term flexibility is achieved by an asset backed bank lending facility.

Interest Rate Risk

The group finances its operations through a mixture of retained profits, bank borrowings and hire purchase agreements. The company’s exposure to interest rate fluctuations on its borrowings is mitigated by the use of fixed interest hire purchase agreements.

Credit Risk

The group’s principal financial assets are cash and trade debtors.

In order to manage credit risk, the directors set limits for customers based on a combination of payment history, and third-party credit references. Credit limits are reviewed on a regular basis in conjunction with debt ageing and collection history.

SECTION 172(1) STATEMENT

FreshLinc Limited: Stakeholder Engagement

As the Board at FreshLinc Group, we have a legal responsibility under section 172 of the Companies Act 2006 to act in the way we consider, in good faith, would be most likely to promote the company’s success for the benefit of its members as a whole, and to have regard to the long-term effect of our decisions on the group and its stakeholders. This statement addresses the ways in which we as a Board manage this responsibility.

Promoting the group's success for its members

FreshLinc Ltd was started as part of Lincolnshire Field Products Limited in 2000 by Robin Hancox and two other stakeholders of that business in 2000 and was incorporated as a separate trading entity in 2008. The company continues to be owned and controlled by the original 3 stakeholders, with Robin Hancox continuing to be the majority shareholder. We're proud of the way in which, over the last decade or so, the company has continued to achieve consistent long term growth and has provided employment, training and financial reward for an increasing number of colleagues, together with its owners.

We aim to be the best in class haulier within all the marketplaces in which we trade and have demonstrated a strong history of customer service in the chilled logistics arena. In a competitive market, dominated by several large 4PL businesses, we strive to continue to grow our business through further opportunities with our current customers and through new business based on our reputation for quality of service, accessibility to colleagues at all levels within our business, and personal relationships developed over time with our customer base.

We acknowledge that, in order to progress to the next phase in the company's future, it is likely that we will need to enhance our asset base, and form strategic partnerships with other companies and groups in the sectors within which we operate. We continue to explore possibilities along these lines. In doing so, our twin aims are to maximise the company's ability to grow profits and market share whilst returning the highest possible value to the shareholders.

We make strategic decisions based on long-term objectives. In particular, this has meant significant investment in our warehousing and IT infrastructures, to enable us to offer visibility of our operation to our customer base to meet their varied and time critical needs. Investment will continue over the coming years to ensure we continue to offer state of the art facilities and IT systems as the company continues to grow in both scale and diversity of goods handled.

Engaging with stakeholders

Our key stakeholders, and the ways in which we engage with them, are as follows:

Our employees

Our distribution operations rely heavily on a skilled team including warehouse operatives, HGV drivers operations staff and management on a twenty four hour, 7 day a week basis, as well as a focused central team of business development, finance, HR and IT professionals. We are renowned for our customer service, which requires us to adapt to last-minute changes and challenges faced in operating over 300 vehicles and 800 trailers, delivering to multiple locations on a daily basis, to tight delivery schedules and ever-increasing demands for the order process to be just in time. We cannot achieve this without our team.

Recruitment and retention of staff is therefore a critical business activity. We help to engage with team members by:

- setting remuneration at market-leading rates,

- providing training and career development support,

Our customers and suppliers

We invest heavily in our fleet replacement programme ensuring we have the most fuel efficient and environmentally beneficial vehicles, together with a robust driver training and compliance system, to ensure we can continue to offer customers the best quality distribution service for their products to marketplace. We meet with key customers at least every quarter to review new opportunities.

Our business model prioritises quality and delivery. We believe we are competitive in our chosen marketplaces, but feel it is our consistently high service levels that differentiate us from our peers. Our customers value the high degree of interaction and expertise, from the tender process through to renewal of contracts.

We have built and will maintain a reputation for transparency and fair dealing in our interaction with customers and suppliers.

Our community

We are a private company with the original three shareholders, all of whom continue to work within the group businesses, with our roots in farming the fertile soils around Spalding, and we continue to be a significant employer in the local community. We provide distribution services to several local charities at Christmas time and at various other religious festivals on an annual basis.

Our planet

Our industry contributes to environmental pollution, and we are working hard to minimise the impact of our operations. We operate exclusively Euro VI vehicles within our fleet and our focus on driver behaviour enables us to ensure our impact on the environment is minimised.

FINANCIAL KEY PERFORMANCE INDICATORS

The parent company and the group measures its financial performance using the following measures:

1) Growth in turnover is a key measure of the group’s success in winning new business and retaining existing customers. Turnover in the period of £135,352,900 shows a 3.1% decrease on the previous year’s turnover of £139,696,742, reflecting the downturn in chilled retail volume, offset in part by increased Ambient and Frozen transport revenues.

2) Gross profit of £15,925,686 was 11.8% of turnover and compared to £16,253,163 (11.6% of turnover) in the previous year, this represents a 0.2% margin improvement year on year.

3) Operating Profit of £465,428 in the period is stated after other operating charges of £16,554,429 and other operating income of £1,094,171 and represents 0.3% of turnover, compared to the £2,347,908 operating profit and 1.7% margin achieved during the previous period.

OTHER KEY PERFORMANCE INDICATORS

The parent company and the group measures its non-financial performance in several areas as follows:

1) The securing of new business is a critical area if the business is to continue to grow. The value of contracts won during the period is therefore closely monitored by the directors.

2) The service delivery to key customers is measured and reported on a daily, weekly and monthly basis, in conjunction with those key customers in areas such as delivery on time, service availability and quality scores.

3) A number of operating KPI’s relating to vehicle operation are monitored within the business to ensure operational efficiency is maximized, especially through all seasonal peaks.

ON BEHALF OF THE BOARD:

R Hancox - Director

31 October 2025

The directors present their report with the financial statements of the company and the group for the period 4 February 2024 to 1 February 2025.

PRINCIPAL ACTIVITY

The principal activity of the Group is haulage and freight transport of temperature controlled and ambient FMCG, together with general distribution services within the UK and Europe.

DIVIDENDS

No dividends will be distributed for the period ended 1 February 2025.

DIRECTORS

The directors shown below have held office during the whole of the period from 4 February 2024 to the date of this report.

A E Day

R Hancox

M J Tate

L S Juniper

S J King

POLITICAL DONATIONS AND EXPENDITURE

The donation costs totalled £11,926 (2024: £16,123), they are not political donations.

EMPLOYEE INVOLVEMENT

Company personnel policies ensure that all employees are made aware on a regular basis of the parent company and the group's policies and progress.

DISABLED EMPLOYEES

The parent company and the group gives full consideration to applications for employment from disabled persons where the requirements of the job can be adequately fulfilled by a handicapped or disabled person. Where existing employees become disabled, it is the parent company and the group's policy wherever practicable to provide continuing employment under normal terms and conditions and to provide training and career development and promotion to disabled employees wherever appropriate.

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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

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

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

ON BEHALF OF THE BOARD:

R Hancox - Director

31 October 2025

Opinion

We have audited the financial statements of FreshLinc Group Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 1 February 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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 1 February 2025 and of the group's loss for the period then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

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

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

Auditors' responsibilities for the audit of the financial statements

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

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

We have identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with Directors and other management obtained as part of the work required by auditing standards. We have also discussed with the Directors and other management the policies and procedures relating to compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of non-compliance throughout the audit.

The potential impact of different laws and regulations varies considerably. Firstly, the company is subject to laws and regulations that directly impact the financial statements (for example financial reporting legislation) and we have assessed the extent of compliance with such laws as part of our financial statements audit. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates and judgemental areas of the financial statements such as depreciation of tangible fixed assets, as well as the risk of inappropriate journal entries to increase reported profitability. Audit procedures performed by the engagement team included the identification and testing of material and unusual journal entries and challenging management on key accounting estimates, assumptions and judgements made in the preparation of the financial statements. We carried out detailed substantive tests on accounting estimates, including reviewing the methods used by management to make those estimates, re-performing the calculation, and reviewing the outcome of prior year estimates.

Secondly, the company is subject to other laws and regulations where the consequence for non-compliance could have a material effect on the amounts or disclosures in the financial statements. We identified the following areas as those most likely to have such an effect: Health and Safety regulations, Food Safety regulations, Haulage and Operator regulations and Employment laws.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management and inspection. This inspection included a review of the external audits conducted during the year for any evidence of non-compliance, in addition to an assessment of the company's employment and health and safety controls. Through these procedures, if we became aware of any non-compliance, we considered the impact on the procedures performed on the related financial statement items.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. As with any audit, there is a greater risk of non-detection of irregularities as these may involve collusion, intentional omissions of the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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.

Alistair Main FCA (Senior Statutory Auditor)

for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor

Enterprise Way

Pinchbeck

Spalding

Lincolnshire

PE11 3YR

31 October 2025

TURNOVER

3

135,352,900

139,696,742

Cost of sales

119,427,214

123,443,579

GROSS PROFIT

15,925,686

16,253,163

Administrative expenses

16,554,429

14,612,593

(628,743

)

1,640,570

Other operating income

1,094,171

707,338

OPERATING PROFIT

6

465,428

2,347,908

Interest receivable and similar income

6,676

6,804

472,104

2,354,712

Impairment on revaluation of

tangible assets

(547,804

)

-

(75,700

)

2,354,712

Interest payable and similar expenses

8

1,522,999

1,283,857

(LOSS)/PROFIT BEFORE TAXATION

(1,598,699

)

1,070,855

Tax on (loss)/profit

9

88,112

569,287

(LOSS)/PROFIT FOR THE FINANCIAL PERIOD

(1,686,811

)

501,568

(Loss)/profit attributable to:

Owners of the parent

(1,686,811

)

501,568

(LOSS)/PROFIT FOR THE PERIOD

(1,686,811

)

501,568

OTHER COMPREHENSIVE INCOME

Revaluation of tangible assets

1,332,000

-

Movement on deferred tax relating to

tangible assets

470,004

-

Income tax relating to components of other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE PERIOD, NET OF INCOME TAX

1,802,004

-

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

115,193

501,568

Total comprehensive income attributable to:

Owners of the parent

115,193

501,568

FIXED ASSETS

Intangible assets

12

277,177

406,190

Tangible assets

13

22,588,340

21,886,354

Investments

14

-

-

Investment property

15

426,243

426,243

23,291,760

22,718,787

CURRENT ASSETS

Stocks

16

197,725

259,085

Debtors

17

35,412,512

35,407,785

Cash at bank

18,220

11,446

35,628,457

35,678,316

CREDITORS

Amounts falling due within one year

18

35,591,941

36,147,334

NET CURRENT ASSETS/(LIABILITIES)

36,516

(469,018

)

TOTAL ASSETS LESS CURRENT LIABILITIES

23,328,276

22,249,769

CREDITORS

Amounts falling due after more than one year

19

(8,425,063

)

(7,454,901

)

PROVISIONS FOR LIABILITIES

24

(2,234,850

)

(1,849,705

)

NET ASSETS

12,668,363

12,945,163

CAPITAL AND RESERVES

Called up share capital

25

1,000

1,000

Revaluation reserve

26

872,890

-

Retained earnings

26

11,794,473

12,944,163

SHAREHOLDERS' FUNDS

12,668,363

12,945,163

The financial statements were approved by the Board of Directors and authorised for issue on 31 October 2025 and were signed on its behalf by:

R Hancox - Director

FIXED ASSETS

Intangible assets

12

-

-

Tangible assets

13

12,656,630

11,073,744

Investments

14

652,287

652,287

Investment property

15

-

-

13,308,917

11,726,031

CURRENT ASSETS

Debtors

17

-

24,122

Cash at bank

5,890

5,419

5,890

29,541

CREDITORS

Amounts falling due within one year

18

4,401,779

5,401,640

NET CURRENT LIABILITIES

(4,395,889

)

(5,372,099

)

TOTAL ASSETS LESS CURRENT LIABILITIES

8,913,028

6,353,932

CREDITORS

Amounts falling due after more than one year

19

(7,505,000

)

(6,125,428

)

PROVISIONS FOR LIABILITIES

24

(470,004

)

(68,672

)

NET ASSETS

938,024

159,832

CAPITAL AND RESERVES

Called up share capital

25

1,000

1,000

Revaluation reserve

26

872,890

-

Retained earnings

26

64,134

158,832

SHAREHOLDERS' FUNDS

938,024

159,832

Company's (loss)/profit for the financial year

(631,819

)

331,319

The financial statements were approved by the Board of Directors and authorised for issue on 31 October 2025 and were signed on its behalf by:

R Hancox - Director

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 29 January 2023

1,000

12,942,595

-

12,943,595

Changes in equity

Dividends

-

(500,000

)

-

(500,000

)

Total comprehensive income

-

501,568

-

501,568

Balance at 3 February 2024

1,000

12,944,163

-

12,945,163

Changes in equity

Total comprehensive income

-

(1,149,690

)

872,890

(276,800

)

Balance at 1 February 2025

1,000

11,794,473

872,890

12,668,363

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 29 January 2023

1,000

327,513

-

328,513

Changes in equity

Dividends

-

(500,000

)

-

(500,000

)

Total comprehensive income

-

331,319

-

331,319

Balance at 3 February 2024

1,000

158,832

-

159,832

Changes in equity

Total comprehensive income

-

(94,698

)

872,890

778,192

Balance at 1 February 2025

1,000

64,134

872,890

938,024

Cash flows from operating activities

Cash generated from operations

1

2,448,487

1,533,980

Interest paid

(1,413,006

)

(1,186,813

)

Interest element of hire purchase payments paid

(109,993

)

(97,044

)

Tax paid

231

(15,744

)

Net cash from operating activities

925,719

234,379

Cash flows from investing activities

Purchase of intangible fixed assets

(2,362

)

(27,698

)

Purchase of tangible fixed assets

(1,096,336

)

(5,737,558

)

Purchase of investment property

-

(186,243

)

Sale of tangible fixed assets

55,176

-

Interest received

6,676

6,804

Net cash from investing activities

(1,036,846

)

(5,944,695

)

Cash flows from financing activities

New loans in year

7,900,000

963,248

Loan repayments in year

(6,684,402

)

-

Capital repayments in year

(474,201

)

-

New Hire Purchases in the year

-

739,034

Equity dividends paid

-

(500,000

)

Net cash from financing activities

741,397

1,202,282

Increase/(decrease) in cash and cash equivalents

630,270

(4,508,034

)

Cash and cash equivalents at beginning of period

2

(12,714,600

)

(8,206,566

)

Cash and cash equivalents at end of period

2

(12,084,330

)

(12,714,600

)

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

Period

Period

4.2.24

29.1.23

to

to

1.2.25

3.2.24

£

£

(Loss)/profit before taxation

(1,598,699

)

1,070,855

Depreciation charges

1,821,333

1,468,927

Profit on disposal of fixed assets

(18,572

)

-

Loss on revaluation of fixed assets

547,804

-

Particiapting interest movement

(390,323

)

-

Insurance provision movement

(123,374

)

-

Finance costs

1,522,999

1,283,857

Finance income

(6,676

)

(6,804

)

1,754,492

3,816,835

Decrease in stocks

61,360

45,658

Decrease/(increase) in trade and other debtors

486,968

(4,888,778

)

Increase in trade and other creditors

145,667

2,560,265

Cash generated from operations

2,448,487

1,533,980

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Period ended 1 February 2025

1.2.25

4.2.24

£

£

Cash and cash equivalents

18,220

11,446

Bank overdrafts

(12,102,550

)

(12,726,046

)

(12,084,330

)

(12,714,600

)

Period ended 3 February 2024

3.2.24

29.1.23

£

£

Cash and cash equivalents

11,446

78,556

Bank overdrafts

(12,726,046

)

(8,285,122

)

(12,714,600

)

(8,206,566

)