REGISTERED NUMBER: 05493140 (England and Wales)

Strategic Report,

Report of the Directors and

Financial Statements

for the Year Ended 31 December 2024

for

RUSHLIFT LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

6

Statement of Directors' Responsibilities

10

Report of the Independent Auditors

11

Statement of Comprehensive Income

14

Balance Sheet

15

Statement of Changes in Equity

16

Notes to the Financial Statements

17

Directors:

J W Park

D H Kim

Registered office:

Unit 12

Kilvey Road

Brackmills Industrial Estate

Northampton

Northamptonshire

NN4 7BQ

Registered number:

05493140 (England and Wales)

Senior statutory auditor:

Lee Harris BSc (Hons) FCCA

Auditors:

Mitchell Gordon LLP

Accountants and Statutory Auditor

43 Coniscliffe Road

Darlington

Co. Durham

DL3 7EH

The directors present their strategic report for the year ended 31 December 2024.

Review of business

The Principal activity of the Company is that of the sale, hire, repair, servicing and fleet management of powered mechanical equipment.

Overall turnover achieved was £47,002k (2023: £44,157k). the Company declared dividends during the year amounting to £Nil (2023: £Nil). There are no proposed dividends at the balance sheet date.

The Company made an operating profit for the financial year of £3,788k (2023: £4,204k) and loss before tax for the financial year of £218k (2023: profit £1,026k) as shown in the statement of comprehensive income. The Company had net assets of £6,858k (2023: £7,673k) at year end.

KEY PERFORMANCE INDICATORS

The Directors consider that the following key performance indicators are the most effective measures of the performance of the business. These measures are reviewed each month by senior management.

Key Performance Indicator (£'000)

2024

2023

Revenue

47,002

44,157

EBIT

3,788

4,204

Operational key performance indicators include fleet utilisation of 90%, service response times of 4 hours, reduction in fleet maintenance spend, chargeable service revenue growth, 85% contract renewal rates, customer fleet uptime of 96%.

Principal risks and uncertainties

Foreign exchange risk

The Company has a nominal number of foreign currency denominated transactions each year. No significant currency balances are held at any one time.

Credit Risk

All customers are credit checked upon opening a new account and subsequently monitored for changes in credit history. STARK Group is the Company's largest customer and equates to more than 20% of revenue.

All customers are rechecked prior to commencement of any new contract. Where trucks are sold rather than leased, sales are generally transacted once cleared funds are received by the company.

Liquidity Risk

The Company has a rigorous cash forecasting process to assess cash requirements. The Company has consistently shown strong cash generation.

Interest rate risk

The Company's hire purchase borrowings are in the main subject to fixed interest charges. This allows Rushlift Limited to mitigate the risk of fluctuating rates of interest.

Section 172(1) statement

The Board of Directors of the Company have acted in a way that they considered, in good faith, to be most likely to promote the success of the Company for the benefit of its members as a whole, and in doing so have regard amongst other matters to:

- the likely consequences of any decision in the long term;

- the interests of the Company's employees;

- the need to foster the Company's business relationships with suppliers, customers and others;

- the impact of the Company's operations on the community and the environment;

- the desirability of the Company maintaining a reputation for high standards of business conduct; and

- the need to act fairly as between members of the Company.

Considering the Company's stakeholders is an important way the board makes decisions, although in balancing those different perspectives, it won't always be possible to deliver everyone's desired outcome.

Decision making

Rushlift Limited is led by an Executive Leadership Team, comprising of the Vice President, General Manager and a number of directors, to provide strategic and operational leadership for the Company. Budgets are prepared by senior management to bear in mind the long term impact to the business and discussed with Doosan Bobcat EMEA S.R.O on an annual basis.

Doosan Bobcat EMEA S.R.O is the only shareholder of Rushlift Limited. The purpose of Rushlift Limited is to sell, hire, repair, service and the management of powered mechanical equipment.

Strategy

Stakeholders are at the core of the Company's business which is focused on building trusted and long-lasting relationships.

Throughout the year, there are quarterly strategic and operational business reviews initiated by the Board of Directors in order to assist business planning. In addition to this, a programme of Executive level engagement with respective customer counterparts is planned to manage the strategic agenda and maintain relationships from Board level through to operational delivery.

Rushlift Limited is a people-based organisation and the Board of Directors place people strategy high on their agenda. On an annual basis, the Board of Directors appraises the people strategy to ensure critical talent and key skills are maintained and developed within the organisation to meet the short and long-term business goals. By having this people strategy implemented ensures that the Directors acts fairly among the members of the Company.

Driving towards a lower carbon future has taken ever greater prominence in the strategic direction and focus of the Board of Directors and its management team.

Business conduct

Rushlift Limited's reputation lies not only in the quality of its products, but also in the value of its service. Rushlift Limited offers its customers one of the strongest warranties in the industry, providing the customers not only a peace of mind but also an added value to the product.

Engagement with employees

The Directors of Rushlift Limited regards its employees as its most important resource. Its customers work with the Company because of the skills, competence and standards that its people bring to delivering their projects. The Board recognises that its workforce must be fully aligned to their individual and the Company success measures. To support this the Directors drive and encourage Inhwa. Inhwa means harmonious teamwork in the truest sense of the word, enshrined in our definition of fairness and camaraderie. Our idea of Inhwa inspires every colleague to behave and communicate with freedom, transparency and dignity, under a common set of fair rules.

As part of the Company's strategy the Directors regularly review benefits made available in support of employees.

Disabled employees

The practice of the Company is to seek to encourage and assist the employment of disabled persons, subject to their ability to perform the duties of the job without exposing themselves or other employees to abnormal risk. The training, career development and promotion of disabled persons is similarly encouraged and assisted. Arrangements are made wherever possible for retraining employees who become disabled to enable them to perform work identified as appropriate to their aptitudes and ability.

Engagement with suppliers, customers and others

Customers

Ensuring customer satisfaction is central to the values of the Board of Directors. Through its customers the Company generates and maintains a reputation that will extend across its markets and assist in the growth of the business. To maintain this harmonious relationship between our customers it is essential for Rushlift Limited to remain fair and transparent with our customers.

Key customers are engaged at many levels across the business, starting with the Directors and cascading down. Customer relationship plans are developed to ensure that engagement with clients is at the appropriate level within each organization. Rushlift Limited has collaborative relationships with many of its key customers, promoting open communication and discussion at all levels, leading to joint development of projects and speedy resolution of any challenges encountered.

The Board discusses the interactions with the customers of the organisation at all levels. Through this the Directors gain an understanding of the customer's problems, requirements and drivers. This allows the Directors to guide the tailoring of Company products and offerings to meet the aspects that customers deem most important to their businesses. Rushlift Limited continue to develop the services of the business in order to meet the needs of its customers.

Suppliers

Rushlift Limited has more than 100 active supply stakeholders that it works with throughout the year. The vast majority of these are within the UK, though some are local subsidiaries of larger international companies. The Board has initiated and approved processes that mean the Company treats these stakeholders fairly and ensures appropriate competition within its supply markets to help drive improving standards, service, specifications, environmental performance and overall cost.

The Board policy is to focus its strategic procurement activities and reduce suppliers in major supply categories. Using these suppliers, activities are limited to a small circle of partners that the organisation works with on a recurrent basis, using framework agreements, including agreed terms and conditions of trade, cost and rebate structures. Close contact is maintained with these suppliers giving them the opportunity to exchange information to help drive further performance (on both sides).

Community and environment

The Directors' goal is to develop and grow alongside society, as a trusted and trustworthy partner and make sure wherever the Company operates, it does so transparently and lawfully. The Directors aim to contribute to the development of talent in society and our community service activities promote both corporate and social development.

The Board of Rushlift Limited is committed to tackling the challenge to lower its carbon footprint. Rushlift Limited has installed electric charging bays to promote our stakeholders with environmentally friendly vehicle options. In addition to this, employees are no longer provided options on company car policies where CO2 emission is deemed to be high.

Regulators

The Board recognises the importance of open and continuous dialogue with its regulatory stakeholders to ensure legal and regulatory compliance. Accordingly, the Company corresponds with Companies House on a regular basis. The Company has relevant policies and procedures in place, and these are reviewed on a regular basis. Individual Directors engage with the key stakeholders of the Company, carry out various assessments to ensure compliance and mitigate potential regulatory issues.

When regulation requires compliance through employees, processes are in place to cascade these requirements through the Company in order to make sure they are adhered to and meet regulatory requirements and deadlines.

On behalf of the board:

D H Kim - Director

10 November 2025

The Board of Directors present their report with the financial statements of the company for the year ended 31 December 2024.

Dividends

During the year, no interim dividend was paid. The Board of Directors also recommended that no final dividend be paid.

The total distribution of dividends for the year ended 31 December 2024 will be £Nil (2023: £Nil).

Future developments

The Global Market is experiencing a switch to Electric Fork Trucks to reduce the environmental impact from Diesel and Gas trucks. Doosan's range of electric Battery trucks has been well received into the market and has facilitated market share increases.

The Directors believe the prospects for the Company are increasingly positive in the medium term, despite operating in mature and price competitive markets.

Events since the end of the year

Information relating to events since the end of the year is given in the notes to the financial statements.

Directors

J W Park has held office during the whole of the period from 1 January 2024 to the date of this report.

Other changes in directors holding office are as follows:

S Park - resigned 1 June 2024

D H Kim - appointed 1 June 2024

T J Willett and J Mcnally ceased to be directors after 31 December 2024 but prior to the date of this report.

Financial instruments

a) Recognition, initial measurement and derecognition

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the financial instrument and are measured initially at fair value adjusted for transaction costs, except for those carried at fair value through profit or loss which are measured initially at fair value. Subsequent measurement of financial assets and financial liabilities is described below.

Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire, or when the financial asset and all substantial risks and rewards are transferred. A financial liability is derecognised when it is extinguished, discharged, cancelled or expires.

b) Financial assets

The Company's accounting policy is as follows:

These assets are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They arise principally through the provision of goods and services to customers (trade receivables), but also incorporate other types of contractual monetary asset. They are initially recognised at fair value plus transaction costs that are directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment.

c) Financial liabilities

The Company classifies its financial liabilities into categories, depending on the purpose for which the asset was acquired. The Company's accounting policy for each category is as follows:

Other financial liabilities include trade payables, amounts due to group undertakings and other short-term monetary liabilities. Group undertakings include all companies owned or controlled by Doosan Corporation, the ultimate parent undertaking of the Company. They are initially recognised at fair value and subsequently carried at amortised cost using the effective interest method.

The Company does not hold or issue derivative instruments for speculative purposes or for hedging purposes.

d) Impairment

IFRS 9 requires that credit losses on financial assets are measured and recognised using the 'expected credit loss' (ECL) approach. Credit losses are the difference between the present value (PV) of all contractual cashflows and the PV of expected future cash flows. The Company has applied the simplified approach and records lifetime expected losses on all trade receivables, amounts due from customers and bank balances.

Going concern

As part of preparation of the financial statements, the Directors have carried out a review with respect to going concern. The Directors have examined the order book going forward and the prospects of the business given the current economic climate. They have reviewed cash flow forecasts associated with that order book and those prospects. The Directors have considered a period of at least twelve months from the date of signing the financial statements.

The Directors have at the date of approving these financial statements, a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

DIRECTORS' INDEMNITIES

The Company has in place Directors and Officers Indemnity Insurance to cover against legal claims.

Streamlined energy and carbon reporting

Environmental matters and sustainability is an important topic for the Company and our partners. Rushlift Limited is part of a European initiative, within the trend towards green logistics, to lead the industry on impact reduction through responsible energy use and minimising CO2 emissions in material handling.

We collaborate with our customers to minimise CO2 emissions in their operations through promoting efficient driver training techniques that reduce energy usage and improving energy efficiency in new products. All of our partner factories in Europe, and Bobcat, have ISO14001 certified environmental management systems, recognising our effort of responsible manufacturing.

Our approach to reporting is based on the GHG Protocol Corporate Accounting and Reporting Standard. In line with the guidance on Streamlined Energy and Carbon Reporting Regulation (SECR) we have included the energy and emissions for the buildings we lease where we are responsible for energy consumption.

The Company continues to improve on energy efficiency including:

-

the installation of LED lighting and light sensors throughout a number of business locations;

-

installation of electric charging bays;

-

limiting the number of vehicle journeys by working with our outsourced transport providers;

-

continuing development of green technologies within the hire fleet; and

-

the promotion of electric/hybrid vehicles across our non-commercial vehicle fleet.

The Company is committed to reducing its Greenhouse Gas emissions (GHG) and will continue to identify means to improve energy efficiency and monitor our impact on the environment.

The table below sets out a summary of the Company's energy usage and associated emissions.

Utility

2023 Consumption (kWh)

2023 Consumption (tC02e)

Intensity Ratio (GHG/£'000 of turnover)

Grid Supplied Electricity

290,409

60.14

Gaseous and Other Fuels

416,825

83.36

Total

707,234

143.46

3.25

Utility

2024 Consumption (kWh)

2024 Consumption (tC02e)

Intensity Ratio (GHG/£'000 of turnover)

Grid Supplied Electricity

340,456

70.50

Gaseous and Other Fuels

575,301

115.06

Total

915,757

185.56

3.95

Details of methodology used to calculate the figures in the above table:

Where possible, energy consumption expressed in kWh has been taken from supplier invoices. Estimates used in this calculation include the correction factor and calorific value which was taken from the December 2024 invoice and applied to the total unit movement in the year. The impact of transport has been excluded as this is outsourced to a third party.

CO2 emission data and emission factor database used are considered with the 2024 UK Government environmental reporting guidance.

Statement as to disclosure of information to auditors

The Board of Directors consider that the annual report and accounts, taken as a whole, is fair, balances and understandable and provides the information necessary for shareholders to assess the Company's position and performance, business model and strategy.

In the case of each director in office at the date the Directors' Report is approved:

-

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

-

they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Auditors

A resolution to re-appoint Mitchell Gordon LLP as auditors for the ensuing year has been decided on by the Board of Directors.

On behalf of the board:

D H Kim - Director

10 November 2025

The Board of Directors' are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the Board of Directors to prepare financial statements for each financial year. Under law the Board of Directors have elected to prepare the financial statements in accordance with international financial reporting standards. Under company law the Board of 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 Board of 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 IFRSs have been followed, subject to any material departures disclosed and explained in the financial statements; and

-

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

The Board of Directors 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.

The Board of 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.

Opinion

We have audited the financial statements of Rushlift Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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 101 'Reduced Disclosure Framework' (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 31 December 2024 and of its loss 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, the Report of the Directors and the Statement of Directors' Responsibilities, 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.

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 ten, 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.

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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

-

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

-

we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sectors in which the company operates;

-

we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection compliance, anti-bribery, employment, environmental and health and safety legislation;

-

we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

-

identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

These procedures did not identify any potentially material actual or suspected non-compliance.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

-

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

-

considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

-

performed analytical procedures to identify any unusual or unexpected relationships;

-

reviewed material journal entries to identify unusual transactions or posting by unusual users;

-

assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

-

investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

-

agreeing financial statement disclosures to underlying supporting documentation;

-

reading the minutes of meetings of those charged with governance;

-

enquiring of management as to actual and potential litigation and claims; and

-

reviewing correspondence with HMRC and the company's legal advisors.

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. For example, 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.

In addition, as with any audit, there remains a higher risk of non-detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance of fraud and cannot be expected to detect non-compliance with all laws & 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.

Lee Harris BSc (Hons) FCCA (Senior Statutory Auditor)

for and on behalf of Mitchell Gordon LLP

Accountants and Statutory Auditor

43 Coniscliffe Road

Darlington

Co. Durham

DL3 7EH

10 November 2025

Turnover

3

47,002

44,157

Cost of sales

35,242

33,452

Gross profit

11,760

10,705

Administrative expenses

7,972

6,501

Operating profit

3,788

4,204

Interest receivable and similar income

5

9

23

3,797

4,227

Interest payable and similar expenses

6

4,015

3,201

(Loss)/profit before taxation

7

(218

)

1,026

Tax on (loss)/profit

8

580

(58

)

(Loss)/profit for the financial year

(798

)

1,084

Other comprehensive income

-

-

Total comprehensive income for the year

(798

)

1,084

Assets

Fixed assets

Owned

Tangible assets

9

66,266

65,658

Right-of-use

Tangible assets

9, 17

3,096

3,794

69,362

69,452

Current assets

Stocks

10

4,461

1,941

Debtors

11

16,482

10,477

Cash at bank

2,516

2,917

23,459

15,335

92,821

84,787

Capital, reserves and liabilities

Capital and reserves

Called up share capital

12

-

-

Retained earnings

6,875

7,673

Shareholders' funds

6,875

7,673

Provisions for liabilities

13

3,322

2,911

Creditors

Amounts falling due within one year

14

21,864

17,019

Amounts falling due after more than one year

15

60,760

57,184

82,624

74,203

92,821

84,787

The financial statements were approved by the Board of Directors and authorised for issue on 10 November 2025 and were signed on its behalf by:

D H Kim - Director

Called up

share

Retained

Total

capital

earnings

equity

£'000

£'000

£'000

Balance at 1 January 2023

-

6,589

6,589

Changes in equity

Total comprehensive income

-

1,084

1,084

Balance at 31 December 2023

-

7,673

7,673

Changes in equity

Total comprehensive income

-

(798

)

(798

)

Balance at 31 December 2024

-

6,875

6,875

1.	STATUTORY INFORMATION

The company is a private company limited by share capital incorporated in and domiciled in England in the United Kingdom. The address of its registered office is:

Unit 12 Kilvey Road

Brackmills Industrial Estate

Northampton

NN4 7BQ

The principal activity of the company is that of the sale, hire, repair, servicing and fleet management of powered mechanical equipment.

The presentational currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparation

These financial statements have been prepared in accordance with Financial Reporting Standard 101 "Reduced Disclosure Framework" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements

In accordance with the provisions of Section 401 of The Companies Act 2006, and paragraph 4 of IFRS 10 (Consolidated Financial Statements) the company is exempt from the obligation to prepare and deliver group financial statements as the company is included in the audited consolidated financial statements of its ultimate parent undertaking. Accordingly these financial statements present information about the company as an individual undertaking and not as a group.

Going concern

As part of preparation of the financial statements, the Directors have carried out a review with respect to going concern. The Directors have examined the order book going forward and the prospects of the business given the current economic climate. They have reviewed cash flow forecasts associated with that order book and those prospects. the Directors have considered at least a period of twelve months from the date of signing the financial statements.

Current liabilities exceed current assets as at the balance sheet date, the liabilities consist of lease liabilities due on tangible assets which are generating monthly hire revenue. This monthly revenue contributes to the monthly commitment of these lease liabilities.

The Directors have at the date of approving these financial statements, a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 101 "Reduced Disclosure Framework":

-

the requirements of paragraphs 45(b) and 46 to 52 of IFRS 2 Share-based Payment;

-

the requirements of paragraphs 62, B64(d), B64(e), B64(g), B64(h), B64(j) to B64(m), B64(n)(ii), B64(o)(ii), B64(p), B64(q)(ii), B66 and B67 of IFRS 3 Business Combinations;

-

the requirements of paragraph 33(c) of IFRS 5 Non Current Assets Held for Sale and Discontinued Operations;

-

the requirements of IFRS 7 Financial Instruments: Disclosures;

-

the requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of IFRS 16 Leases;

-

the requirements of paragraph 58 of IFRS 16;

-

the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers;

-

the requirement in paragraph 38 of IAS 1 Presentation of Financial Statements to present comparative information in respect of:

-

paragraph 79(a)(iv) of IAS 1;

-

paragraph 73(e) of IAS 16 Property, Plant and Equipment;

-

paragraph 118(e) of IAS 38 Intangible Assets;

-

paragraphs 76 and 79(d) of IAS 40 Investment Property; and

-

paragraph 50 of IAS 41 Agriculture;

-

the requirements of paragraphs 10(d), 10)(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D and 111 of IAS 1 Presentation of Financial Statements;

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the requirements of paragraphs 134 to 136 of IAS 1 Presentation of Financial Statements;

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the requirements of IAS 7 Statement of Cash Flows;

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the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors;

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the requirements of paragraphs 17 and 18A of IAS 24 Related Party Disclosures;

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the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group;

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the requirements of paragraphs 134(d) to 134(f) and 135(c) to 135(e) of IAS 36 Impairments of Assets.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. However, the nature of estimation means that actual outcomes could differ from those estimates.

The following accounting policy paragraphs detail the key source of estimation uncertainty and judgement that the Board of Directors have made in the process of applying the company's accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

Revenue

Revenue represents the invoiced value of goods and services supplied, excluding the value added tax and trade discounts. Revenue in respect of goods sold is recognised when substantially all of the risks and rewards of ownership have been transferred to the customer, generally being at the point at which goods are dispatched.

There are no significant judgements required in either determining the company's performance obligations, because the majority of the company's revenue is recognised when goods are provided to the customer, or in the timing of revenue recognition. As revenue is typically recognised at amounts agreed in advance with customers, no significant estimates are required in determining transaction prices. Revenue is calculated at cost plus margin.

Revenue from operating lease contract is recognised in the amount of the lease instalments over the term of the contracts using the straight-line method.

All revenue arose in the United Kingdom.

Property, plant and equipment

Property, plant and equipment are stated at cost, which includes the purchase cost plus costs directly associated with bringing the asset into use including interest, where required, less accumulated depreciation and impairment losses.

Improvements to property

Straight line over the term of the lease

Hire fleet

Straight line over the useful life of the asset

Plant, equipment, furniture and fittings

Straight line over the useful life of the asset

Motor vehicles

25% on cost and 10% on cost

Computer equipment

33% on cost

Financial instruments

a) Recognition, initial measurement and derecognition

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the financial instrument and are measured initially at fair value adjusted for transaction costs, except for those carried at fair value through profit or loss which are measured initially at fair value. Subsequent measurement of financial assets and financial liabilities is described below.

Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire, or when the financial asset and all substantial risks and rewards are transferred. A financial liability is derecognised when it is extinguished, discharged, cancelled or expires.

b) Financial assets

The Company classifies its financial assets as loans and receivables. The Company's accounting policy is as follows:

These assets are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They arise principally through the provision of goods and services to customers (trade receivables), but also incorporate other types of contractual monetary asset. They are initially recognised at fair value plus transaction costs that are directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment.

c) Financial liabilities

The Company classifies its financial liabilities into categories, depending on the purpose for which the asset was acquired. The Company's accounting policy for each category is as follows:

Other financial liabilities include trade payables, amounts due to group undertakings and other short-term monetary liabilities. Group undertakings include all companies owned or controlled by Doosan Corporation, the parent undertaking of the company. They are initially recognised at fair value and subsequently carried at amortised cost using the effective interest method.

The Company does not hold or issue derivative instruments for speculative purposes or for hedging purposes. The company does not hold any financial liabilities classified as held for trading.

d) Impairment

The carrying amounts of the company's assets are reviewed at each balance sheet date to determine whether there is any indication of impairment. If any such indication exists, the asset's recoverable amount is estimated.

An impairment loss is recognised whenever the carrying amount of an asset or its cash-generating unit exceeds its recoverable amount. Impairment losses are recognised in the income statement.

Inventories

Inventories are stated at the lower of cost and net realisable value (being the estimated selling price in the ordinary course of business less estimated costs of completion and selling expenses) on a first in, first out basis.

Inventory costs comprise of the purchase price. Cost of good sold includes purchase price, direct labour and appropriate production overheads based on the normal levels of business activity.

Income tax

The income tax expense for the year is the tax payable on the current year’s taxable income based on the applicable income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and unused tax losses.

The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the entities in the company operates and generates taxable income.

Deferred tax

Deferred tax assets and liabilities are recognised for all temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and their respective tax bases, at the tax rates expected to apply when the assets are recovered or liabilities settled, based on those rates which are enacted or substantially enacted. Deferred tax is not recognised if it arises from the initial recognition of goodwill. Deferred tax assets are only recognised for deductible temporary differences and unused tax losses if it is probable that future taxable amounts will be available to utilise those temporary differences and losses.

Current and deferred tax on items that are accounted for in other comprehensive income or equity are recognised in other comprehensive income and equity respectively. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and the deferred taxes relate to the same taxable entity and the same taxing authority.

Leases

Leases are recognised as finance leases. The lease liability is initially recognised at the present value of the lease payments which have not yet been made and subsequently measured under the amortised cost method. The initial cost of the right-of-use asset comprises the amount of the initial measurement of the lease liability, lease payments made prior to the lease commencement date, initial direct costs and the estimated costs of removing or dismantling the underlying asset per the conditions of the contract.

Where ownership of the right-of-use asset transfers to the lessee at the end of the lease term, the right-of-use asset is depreciated over the asset’s remaining useful life. If ownership of the right-of-use asset does not transfer to the lessee at the end of the lease term, depreciation is charged over the shorter of the useful life of the right-of-use asset and the lease term.

Operating expenses

Operating expenses are recognised in profit or loss upon utilisation of the service or as incurred. Expenditure for warranties is recognised when the group incurs an obligation, which is typically when the goods are sold or services provided.

IAS 27 - Separate Financial Statements

The company prepares separate financial statements as consolidation is prepared by the ultimate parent company in Korea for the shareholders and the Korean stock market.

Trade and other receivables

Trade and other receivables are recognised initially at fair value and subsequently at their amortised cost less impairment losses based on the Board of Directors' view of the collectability of those receivables. The amount of provision is the difference between the assets carrying amount and the present value of estimated future cash flows.

Cash and cash equivalents

Cash and cash equivalents includes cash in hand, deposits held at call with banks and other short term highly liquid investments with original maturities of three months or less.

Trade and other payables

Trade and other payables are recognised initially at fair value and subsequently stated at amortised cost.

Provisions

A provision is recognised in the balance sheet if, as a result of a past event, there is a present legal or constructive obligation that can be measured reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation.

Foreign currency translation

(a) Functional and presentation currency

Items included in the financial statements of the company are measured using the currency of the primary economic environment in which the company operates ('the functional currency'). The financial statements are presented in 'Pounds Sterling' (£), which is also the company's functional currency.

(b) Transactions and balances

In the financial statements, all assets and liabilities expressed in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date or at the agreed contractual rate. Income and expenses have been translated using the rate ruling at the date of the transaction. Exchange differences are charged or credited to profit or loss.

Non-monetary items are not retranslated at the year-end and are measured at historical cost, translated using the exchange rates at the transaction date.

Employee benefit costs

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate.

3.

TURNOVER

The turnover and loss (2023 - profit) before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

31/12/24

31/12/23

Restated

£'000

£'000

Sale of goods

4,066

3,668

Sale of services

7,658

6,816

Hire revenue

34,840

33,124

Maintenance revenue

438

549

47,002

44,157

Revenue represents the invoiced value of goods and services supplied, excluding the value added tax and trade discounts. Revenue in respect of goods sold is recognised when substantially all of the risks and rewards of ownership have been transferred to the customer, generally being at the point at which goods are dispatched.

Revenue from operating lease contracts is recognised as the amount of the lease instalments over the term of the contracts using the straight-line method.

All revenue arose in the United Kingdom.

4.	EMPLOYEES AND DIRECTORS

31/12/24

31/12/23

Restated

£'000

£'000

Wages and salaries

10,711

9,053

Social security costs

1,203

1,086

Other pension costs

320

249

12,234

10,388

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

31/12/24

31/12/23

Restated

Sales, servicing, stores and repairs

196

175

Administration

22

24

218

199