REGISTERED NUMBER: 16093368 (England and Wales)

STAR WILLOW TOPCO LIMITED

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD 21 NOVEMBER 2024 TO 30 APRIL 2025

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Consolidated Income Statement

8

Consolidated Other Comprehensive Income

9

Consolidated Balance Sheet

10

Company Balance Sheet

11

Consolidated Statement of Changes in Equity

12

Company Statement of Changes in Equity

13

Consolidated Cash Flow Statement

14

Notes to the Consolidated Cash Flow Statement

15

Notes to the Consolidated Financial Statements

17

DIRECTORS:

Ms L Carballo

M R Coxall

P M Jones

D G Timmins

A J Wright

REGISTERED OFFICE:

33 Cavendish Square

London

W1G 0PW

REGISTERED NUMBER:

16093368 (England and Wales)

AUDITORS:

Cooper Parry

1st Floor, Abbey Square,

Davidson House, The Forbury

Reading

RG1 3EU

The directors present their strategic report of the company and the group for the period 21 November 2024 to 30 April 2025.

REVIEW OF BUSINESS

The STAR Willow Group (SW Group) was formed on 21 November 2024 to acquire the entire share capital of GenAir UK Limited and its subsidiary. STAR Willow Topco Limited (the "Company") owns 100% of STAR Willow Midco Limited, which indirectly owns 100% of GenAir UK Limited.

STAR Willow Topco Limited is owned by the funds managed by Star Capital Partnership LLP (Star) and previous shareholders of GenAir UK Limited.

The strategic objective of STAR Willow Group is to continue to grow GenAir UK Limited and its subsidiaries.

The main Key Performance Indicators for the Group are the performances in terms of Turnover and Profit of its subsidiaries.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks and uncertainties of the SW Group include:

- Market conditions: Activity in core sectors is linked to wider economic performance. A slowdown could reduce demand.

- Competition and pricing: Pressure from other providers could impact hire rates.

- Fleet reliability: Equipment failure or supply chain delays could reduce utilisation.

- Health & safety compliance: Operating in high-risk environments requires strict safety standards.

- Environmental regulation: Growing demand for lower-emission equipment may impact older fleet.

- Funding: Fleet renewal depends on access to finance and stable cash flow.

- Skilled staff: Retention and recruitment of engineers are critical to service delivery.

Mitigation measures include investment in modern fleet and systems, strong supplier and customer relationships, ongoing health and safety focus, and prudent financial management.

ON BEHALF OF THE BOARD:

Ms L Carballo - Director

30 October 2025

The directors present their report with the financial statements of the company and the group for the period 21 November 2024 to 30 April 2025.

INCORPORATION

The group was incorporated on 21 November 2024 and commenced trading on the same date.

PRINCIPAL ACTIVITY

The principal activity of the group in the period under review was that of hire of generators and other equipment.

DIVIDENDS

No dividends will be distributed for the period ended 30 April 2025.

FUTURE DEVELOPMENTS

The directors anticipate the business environment will remain competitive. They believe that the group will in a good financial position after a full year of trade and that the risks that have been identified are being well managed. The directors are confident in the group's ability to maintain and build on this position, to increase its turnover, profitability and grow its market share.

DIRECTORS

The directors who have held office during the period from 21 November 2024 to the date of this report are as follows:

Ms L Carballo - appointed 21 November 2024

M R Coxall - appointed 21 November 2024

P M Jones - appointed 5 February 2025

D G Timmins - appointed 5 February 2025

A J Wright - appointed 5 February 2025

All the directors who are 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.

AUDITORS

The auditors, Cooper Parry, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Ms L Carballo - Director

30 October 2025

Opinion

We have audited the financial statements of Star Willow Topco Limited (the 'group') for the year ended 30 April 2025, which comprise the profit and loss account, the balance sheet, the statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the group's affairs as at 30 April 2025 and of its profit for the year then ended;

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

Practice; and

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

Basis for opinion

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

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

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

- adequate accounting records have not been kept, 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 directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's 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 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 an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

We gained an understanding of the legal and regulatory framework applicable to the group and the industry in which it operates, and considered the risk of acts by the group that were contrary to applicable laws and regulations, including fraud. We discussed with the Directors the policies and procedures in place regarding compliance with laws and regulations. We discussed amongst the audit team the identified laws and regulations, and remained alert to any indications of non-compliance.

During the audit we focused on laws and regulations which could reasonably be expected to give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation.

Our procedures in relation to fraud included but were not limited to: inquires of management whether they have any knowledge of any actual, suspected or alleged fraud, and discussions amongst the audit team regarding risk of fraud such as opportunities for fraudulent manipulation of financial statements. We determined that the principal risks related to posting manual journal entries to manipulate financial performance and management bias through judgements in accounting estimates. We also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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 group'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 group's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the group and the group's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Roslyn McFarlane (Senior Statutory Auditor)

for and on behalf of Cooper Parry

1st Floor, Abbey Square,

Davidson House, The Forbury

Reading

RG1 3EU

30 October 2025

TURNOVER

3

3,774,631

Cost of sales

956,789

GROSS PROFIT

2,817,842

Administrative expenses

2,149,554

OPERATING PROFIT

5

668,288

Interest receivable and similar income

757

669,045

Interest payable and similar expenses

6

1,745,770

LOSS BEFORE TAXATION

(1,076,725

)

Tax on loss

7

1,720,768

LOSS FOR THE FINANCIAL PERIOD

(2,797,493

)

Loss attributable to:

Owners of the parent

(2,797,493

)

LOSS FOR THE PERIOD

(2,797,493

)

OTHER COMPREHENSIVE INCOME

Capital contribution

900

Income tax relating to other comprehensive income

-

OTHER COMPREHENSIVE INCOME FOR THE PERIOD, NET OF INCOME TAX

900

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

(2,796,593

)

Total comprehensive income attributable to:

Owners of the parent

(2,796,593

)

FIXED ASSETS

Intangible assets

9

49,493,463

Tangible assets

10

15,368,332

Investments

11

-

64,861,795

CURRENT ASSETS

Debtors

12

4,804,288

Cash at bank and in hand

2,435,155

7,239,443

CREDITORS

Amounts falling due within one year

13

36,086,361

NET CURRENT LIABILITIES

(28,846,918

)

TOTAL ASSETS LESS CURRENT LIABILITIES

36,014,877

CREDITORS

Amounts falling due after more than one year

14

(37,123,000

)

PROVISIONS FOR LIABILITIES

18

(1,591,470

)

NET LIABILITIES

(2,699,593

)

CAPITAL AND RESERVES

Called up share capital

19

9,700

Share premium

20

87,300

Capital redemption reserve

20

900

Retained earnings

20

(2,797,493

)

SHAREHOLDERS' FUNDS

(2,699,593

)

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

Ms L Carballo - Director

FIXED ASSETS

Intangible assets

9

-

Tangible assets

10

-

Investments

11

12,320,000

12,320,000

CURRENT ASSETS

Debtors

12

12,320,900

CREDITORS

Amounts falling due within one year

13

12,666,574

NET CURRENT LIABILITIES

(345,674

)

TOTAL ASSETS LESS CURRENT LIABILITIES

11,974,326

CREDITORS

Amounts falling due after more than one year

14

12,223,000

NET LIABILITIES

(248,674

)

CAPITAL AND RESERVES

Called up share capital

19

9,700

Share premium

20

87,300

Capital redemption reserve

20

900

Retained earnings

20

(346,574

)

SHAREHOLDERS' FUNDS

(248,674

)

Company's loss for the financial year

(346,574

)

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

Ms L Carballo - Director

Called up

Capital

share

Retained

Share

redemption

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Changes in equity

Issue of share capital

9,700

-

87,300

-

97,000

Total comprehensive income

-

(2,797,493

)

-

900

(2,796,593

)

Balance at 30 April 2025

9,700

(2,797,493

)

87,300

900

(2,699,593

)

Called up

Capital

share

Retained

Share

redemption

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Changes in equity

Issue of share capital

9,700

-

87,300

-

97,000

Total comprehensive income

-

(346,574

)

-

900

(345,674

)

Balance at 30 April 2025

9,700

(346,574

)

87,300

900

(248,674

)

Cash flows from operating activities

Cash generated from operations

1

1,814,820

Interest paid

(530,002

)

Tax paid

(271,173

)

Net cash from operating activities

1,013,645

Cash flows from investing activities

Purchase of tangible fixed assets

(14,863,891

)

Acquisition of subsidiary, net of cash

(53,942,017

)

Net cash from investing activities

(68,805,908

)

Cash flows from financing activities

New loans in year

70,505,418

Loan repayments in year

(375,000

)

Share issue

97,000

Net cash from financing activities

70,227,418

Increase in cash and cash equivalents

2,435,155

Cash and cash equivalents at beginning of period

2

-

Cash and cash equivalents at end of period

2

2,435,155

1.	RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

£

Loss before taxation

(1,076,725

)

Depreciation charges

610,967

Goodwill

1,180,069

Finance costs

1,745,770

Finance income

(757

)

2,459,324

Increase in trade and other debtors

(1,372,752

)

Increase in trade and other creditors

728,248

Cash generated from operations

1,814,820

2.	CASH AND CASH EQUIVALENTS

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

Period ended 30 April 2025

30/4/25

21/11/24

£

£

Cash and cash equivalents

2,435,155

-

3.	ANALYSIS OF CHANGES IN NET DEBT

On

acquisition

of

At 21/11/24

Cash flow

subsidiary

At 30/4/25

£

£

£

£

Net cash

Cash at bank

and in hand

-

1,292,686

1,142,469

2,435,155

-

1,292,686

1,142,469

2,435,155

Debt

Debts falling due

within 1 year

-

(33,881,612

)

-

(33,881,612

)

Debts falling due

after 1 year

-

(37,123,000

)

-

(37,123,000

)

-

(71,004,612

)

-

(71,004,612

)

Total

-

(69,711,926

)

1,142,469

(68,569,457

)

4.	ACQUISITION OF BUSINESS

The acquisitions in the year increased cash at bank and in hand by £1,142,469.

1.	STATUTORY INFORMATION

Star Willow Topco 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.

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

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.

Basis of consolidation

The group consolidated financial statements include the financial statements of the company and all of its

subsidiary undertakings together with the group’s share of the results of associates made up to 30 April.

Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary

financial statements to apply the group’s accounting policies when preparing the consolidated financial

statements.

Any subsidiary undertakings or associates sold or acquired during the year are included up

to, or from, the dates of change of control or change of significant influence respectively.

All subsidiaries acquired are recognised under the purchase method.

Related party exemption

The group has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Significant judgements and estimates

In the application of the group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The following key judgements and estimates have been made in the process of applying the company's accounting policies that have had the most significant effect on amounts recognised in the financial statements:

Depreciation - the useful economic lives of fixed assets can vary. Management review the policies and determine their appropriateness based on historic experience and the current expectations of useful

life.

Amortisation - the goodwill is being amortised evenly over its useful economic life of ten years. Management review the policy and determine its appropriateness based on historic experience and the current expectations of useful life.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The group recognises revenue for hire services, adjusted for rebates, on a straight line basis as the equipment is available evenly over the period of hire. Revenue is recognised for transport services provided at the point at which delivery or collection is completed. Revenue for repairs to equipment damaged whilst on hire is recognised from the point the damage is identified.

Goodwill

Goodwill arising on acquisition of a business is carried at cost less accumulated amortisation and impairment loses, if any. Amortisation is calculated on a straight-line basis over the useful economic life of 10 years.

The year of acquisition of subsidiaries was 2025.

For the purpose of impairment testing, goodwill is allocated to each of the company's cash-generating units (or groups of cash-generating units) that is expected to benefit from the synergies of the combination.

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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% on reducing balance and 15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

At each balance sheet date, the group reviews the carrying amounts of its property, plant and equipment to determine whether there is any indication that any items of property, plant and equipment have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, 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 period 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

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

Pension costs and other post-retirement benefits

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

Financial instruments

The group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, cash and bank balances and loans to or from related parties. All such instruments are measured initially and subsequently at the transaction price.

At the end of each reporting period debt financial assets are assessed for impairment, and their carrying value reduced if necessary. Any impairment is recognised in the profit and loss account.

Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown in borrowing in current liabilities.

Going concern

The directors have assessed the ability of the company and group to continue trading for a minimum period of 12 months from the date of authorising the financial statements.

The directors are satisfied that it remains appropriate for the financial statements to be prepared on a going concern basis.

3.

TURNOVER

The turnover and loss before taxation are attributable to the one principal activity of the group.

An analysis of turnover by geographical market is given below:

£

United Kingdom

3,774,631

3,774,631

All revenue from the rendering of services is earned in the UK from its principal activity.

4.	EMPLOYEES AND DIRECTORS

£

Wages and salaries

397,918

Social security costs

44,678

Other pension costs

6,291

448,887

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

Engineer

12

Driver

9

Admin

8

Senior management

8

37

£

Directors' remuneration

72,048

Directors' pension contributions to money purchase schemes

330

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

1

5.	OPERATING PROFIT

The operating profit is stated after charging:

£

Other operating leases

35,063

Depreciation - owned assets

1,212,227

Goodwill amortisation

1,180,069

Auditors' remuneration

50,000

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

£

Loan interest

1,745,770