REGISTERED NUMBER: 10487556 (England and Wales)

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

AUDITED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

SUDHIR POWER (UK) LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

8

Consolidated Income Statement

11

Consolidated Other Comprehensive Income

12

Consolidated Statement of Financial Position

13

Company Statement of Financial Position

14

Consolidated Statement of Changes in Equity

15

Company Statement of Changes in Equity

16

Consolidated Statement of Cash Flows

17

Notes to the Consolidated Statement of Cash Flows

18

Notes to the Consolidated Financial Statements

19

DIRECTORS:

P Munjal

S Seth

REGISTERED OFFICE:

Unit 2 Charnwood Edge Business Park

Syston Road

Cossington

United Kingdom

LE7 4UZ

REGISTERED NUMBER:

10487556 (England and Wales)

AUDITORS:

Magma Audit LLP

16 Davy Court

Castle Mound Way

Rugby, CV23 0UZ

Magma Audit LLP is part

Of the Dains Group

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

REVIEW OF BUSINESS

The Group consists of four main trading entities operating in the Plant Hire sector - a branch in UAE; Star Platforms Limited and Star Power Hire Limited - both UK based subsidiaries and Sudhir Equipment Rental Company - a Saudi Arabia based subsidiary.

Star Platforms Limited generated a profit on ordinary activities before taxation for the year ended 31 March 2025 of £1,707,334, supported by Sudhir Equipment Rental Company's pre-tax profits of £16,683,532 - this has been offset slightly by a small loss for Star Power Hire of £344,782 included within these financial statements.

Loss on ordinary activities for the company rose to £390,522 for the year ended 31 March 2025 (2024: 95,757). The total Shareholders' Funds at the year-end stood at £476,099 (2024: £720,594).

Profit on ordinary activities before taxation for the Group rose to £16,005,939 for the year ended 31 March 2025 (2024: 8,416,157). The total Shareholders' Funds at the year-end stood at £25,212,234 (2024: £13,424,170).

Given the impacts of inflation and increasing interest rates on the global economy, the performance over the financial year has been quite remarkable. The Group has expanded fleet in all the markets it operates in, won market share and maintained high utilisation levels.

STRATEGY

The Group will continue to use its reputation within the market to build a profitable customer base. Sudhir Equipment Rental Company entered two new product segments of Excavators and Mud Skips, which have proved to be successful. It is always open to the idea of further sustainable expansion.

Due to the success of the current financial year and strong forecasted utilisation levels the Group will further invest in capital equipment to further enhance its fleet offering.

The Group also recognises the importance of its staff and staff retention. The aim is always to be the employer of choice within the industry. Wages and working conditions therefore reflect this and the staff enjoy several benefits, including bonuses, private health care, excellent holiday entitlement and promotion opportunities as the group looks to promote from within.

KEY PERFORMANCE INDICATORS ('KPIs')

As well as turnover and profitability the Group also monitors its plant hire utilisation. It targets a utilisation level of 70% or higher to be able to grow sustainably. Star Platforms Limited achieved an average of over 70% over the course of the financial year, whereas Star Power Hire Limited didn't quite meet expectations at just under 60%. Sudhir Equipment Rental Company achieved an average utilisation of around 75% off the back of very robust demand. The Group also uses return on capital employed as a key performance indicator, particularly the payback period of individual fleet items. The combination of both utilisation and payback allows the Group to make informed decisions on what areas of the fleet offering need further investment

PRINCIPAL RISKS AND UNCERTAINTIES

In the UK, along with general market conditions, pricing and competition, the changing interest rate climate presents the greatest challenge to the Group and the hire industry at large over the coming months and years. A sharp unexpected fall in the oil price could dampen economic activity in Saudi Arabia, however this is not very likely. A sharp slowdown in China has caused surplus capacity amongst major plant machine manufacturers. This coupled with the recent tariffs imposed on them in Europe and the US has restricted and focused their sales activity to limited regions in the world. This is resulting in downward pressure on pricing. As a customer of these products, this may be considered as favourable, but it could lead to downward pressure on hire rates across the industry in the medium term.

Despite the Group's strong performance for the year, the prospect of a global recession and a long road to recovery are very real. Furthermore, there are potential knock-on effects of the war in Ukraine. Despite this, the directors remain confident that the Group can continue to strengthen its current level of performance and has the procedures, polices and internal controls in place to mitigate any potential risk.

FUTURE DEVELOPMENTS

Star Platforms Limited are facing continued competitive pressures regarding pricing, therefore it is critical the Group maintains its market leading levels of service to ensure utilisation and margin targets are achieved. Star Power is expected to bounce back and deliver strong numbers moving forward.

Sudhir Equipment Rental Company is experiencing significant growth due to favourable market conditions and is budgeted to continue its recent rate of growth. It is predicted the global economy will continue to be impacted by a changing interest rate environment, however governments have continued to commit to an increase in public spending, which will include construction activities. In the meantime, the company will continue to focus on increasing market share further using its current strategy which has been extremely effective to date.

SECTION 172(1) STATEMENT

The board of directors at Sudhir Power (UK) and throughout the Group fully understand its duties and responsibilities to act in a way that would be considered in good faith. In doing so, they have taken decisions that would most likely promote the success of the Group for the benefit of its members and stakeholders. In line with Section 172(1) the board have taken the necessary steps to ensure adequate considerations have taken place on the following:

-

likely consequences of any decisions in the long term;

-

interests of the company's employees;

-

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

-

impact of the Group's operations on the community and environment;

-

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

-

need to act fairly between members of the company.

The board considers that the groups outlined below represent the Group's key stakeholders. It is imperative that quality engagement is achieved throughout all stakeholder relationships, and this is at the forefront of Sudhir Power (UK)'s decision making processes; a few examples of which are set out below:

Customers

-

In such a competitive market, The Group prides itself on maintaining high levels of customer service which is highlighted throughout our customer retention statistics.

-

Within the Group we have employed dedicated professionals to manage customer relationships and have even taken this a step further by employing a Customer Experience Manager. This enables us to continuously improve both our performance and our image with our customers.

Employees

-

The Group recognises the importance of its people and staff retention. Employees are a reflection of the company, so we ensure that our staff's values align with that of the business.

-

The aim is always to be the employer of choice within the industry. Wages and working conditions therefore reflect this and the staff enjoy several benefits, including bonuses, private health care, excellent holiday entitlement and promotion opportunities as the group always looks to promote from within.

Suppliers

-

Our aim is to build long lasting and positive relationships with our suppliers. We are constantly communicating with one another to ensure both parties benefit from the business relationship.

-

Health and Safety is paramount throughout the supply chain; therefore, we ensure that our suppliers adhere to acceptable product standards and make recommendations for improvements where appropriate.

Community and Environment

-

The board recognises the increased scrutiny on carbon footprints; therefore, we pride ourselves on having a fleet made up of mainly electric equipment. We have also invested heavily in batteries as a more sustainable source of energy over diesel generators.

-

The Group also understands the importance of having that connection with local communities, therefore it invests heavily in local sports clubs and businesses. On top of this the business also gets involved with charitable fundraising - highlighted by all revenue from one fleet item being donated for good causes within the local area.

Finance Providers

-

One key strength of the Group is our relationships throughout the banking industry. Funders provide the company with capital resource at very competitive rates to purchase equipment, therefore enabling growth and the ability to service an increased customer base.

-

As a result, we recognise the importance of ensuring that we protect and manage their investments through both informed and commercially viable capital expenditure decisions.

The Board of Directors regularly reviews and updates the above as it sees fit. Any updates are communicated to employees and can be accessed at any point in time. The Group understands that stakeholders are critical to the success of any business and will continue to ensure that the requirements of Section 172 are adhered to.

ON BEHALF OF THE BOARD:

P Munjal - Director

26 September 2025

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

PRINCIPAL ACTIVITY

The principal activities of the group in the year under review was that of leasing of powered access hire equipment, construction and building or demolition equipment, motor equipment, mining and oilfield equipment, cranes for construction purposes, scaffolding, containers and onshore and offshore oil and gas fields and facilities services.

DIVIDENDS

No dividends will be distributed for the year ended 31 March 2025 (2024: none)

The directors do not recommend payment of a dividend.

DIRECTORS

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

P Munjal

S Seth

FINANCIAL INSTRUMENTS

The principal financial instruments of the Group comprise bank balances and borrowings, trade creditors, trade debtors and hire purchase contracts. The main purpose of these instruments is to raise funds for the Group's operations and to finance its continuing operations. Liquidity risk is managed by the use of bank balances and overdraft facilities along with efficient monitoring and forecasting of cash flow to ensure there are sufficient funds to meet liabilities. Trade debtors are managed in respect of credit and cash flow risk by policies monitoring the credit offered to customers, and regular monitoring of amounts outstanding for both time and credit limits.

POLITICAL DONATIONS AND EXPENDITURE

Neither the company nor group made any political donations during the current or preceding year.

BRANCHES OUTSIDE THE UK

The group operates a foreign branch in Abu Dhabi.

STREAMLINED ENERGY AND CARBON REPORTING

The Group aims to minimise the lasting impact of its operations on the environment. We monitor closely our electricity, gas, and fuel usage. The following tables detail energy consumption and greenhouse gas emissions (GHG) from the activities of the Group during the period 1 April 2024 to March 2025. Our greenhouse gas emissions, reportable under SECR during the period specified above, were 2,134.36 (2024: 1.974.46) tonnes CO2e. This figure has been calculated using the UK Government's most recent CHG Conversion Factors for Company Reporting (28 June 2023), This is in line with standard industry practice and allows fair comparison with other UK businesses.

This figure includes all the material Scope 1 and Scope 2 emissions, required to be disclosed by the specified legislation. There were no additional Scope 3 emissions to include.

The following figures make up the baseline reporting for Group. Scope 1 consumption and emissions relate to direct combustion of natural gas, and fuels utilised for transportation operations, such as company vehicle fleets. Scope 2 consumption and emissions relate to indirect emissions relating to the consumption of purchased electricity in day-to-day business operations. There were no Scope 3 consumption and emissions relate to emissions resulting from sources not directly owned by the reporting company.

The total consumption (kWh) figures for energy supplies reportable by the Group are as follows:

Utility

31 March 2025

31 March 2024

Natural Gas

66,091

333,794

Company Owned Vehicles

8,133,513

6,728,917

Purchased Electricity

874,309

918,353

Total

9,073,913 kWh

7,981,009 kWh

The total emission (tCO2e) figures for energy supplies reportable by the Group are as follows:

Utility and Scope

31 March 2025

31 March 2024

Natural Gas (Scope 1)

12.09

61.05

Company Owned Vehicles (Scope 1)

181.03

190.17

Electricity (Scope 2)

1,941.25

1,723.24

Total

1,723.24 tCO2e

1,974.46 tCO2e

An intensity metric of tCO2e per Em turnover has been applied for the annual total emissions of the Group. The result of this analysis is as follows:

Intensity measure

298.46

7.15 of CO2e per £100'000

Reporting Boundary, Methodology and Exclusions

We have reported on all sources of GHG emissions and energy usage, associated emissions, energy efficiency actions and energy performance for EVO Group Limited, under the government policy Streamlined Energy & Carbon Reporting (SECR), as implemented by the Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018.

We have followed the 2019 UK Government environmental reporting guidance. We have used the GHG Protocol Corporate Accounting and Reporting Standard (revised edition) and emission factors from the UK Government's GHG Conversion Factors for Company Reporting 2019 to calculate the above disclosure. There are no material omissions from the mandatory reporting scope. The reporting period is 1 April 2024 to March 2025, as per the financial statements.

Engagement with Suppliers, Customers and Others

Details of engagement with suppliers, customers and others can be found in the section 172(1) statement on page 7 of the Strategic Report.

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 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.

AUDITORS

The auditors, Magma Audit LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

P Munjal - Director

26 September 2025

Opinion

We have audited the financial statements of Sudhir Power (UK) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 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 31 March 2025 and of the group's 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 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:

Based on our understanding of the Group and the industry, we identified the principle risks of non-compliance with laws and regulations, and considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, Employment Law and Health and Safety Regulations. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principle risks were related to posting inappropriate journal entries, and management bias in accounting estimates.

Audit procedures performed by the engagement team included:

-

Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulation, and fraud;

-

Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations, or with unusual descriptions;

-

Challenging assumptions made by management in their significant accounting estimates, in particular the useful economic lives of tangible assets and carrying value of investments and goodwill.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment.

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.

Victoria Craig (Senior Statutory Auditor)

for and on behalf of Magma Audit LLP

16 Davy Court

Castle Mound Way

Rugby, CV23 0UZ

Magma Audit LLP is part

Of the Dains Group

26 September 2025

TURNOVER

3

103,539,650

69,386,206

Cost of sales

(28,851,522

)

(17,295,045

)

GROSS PROFIT

74,688,128

52,091,161

Administrative expenses

(51,129,325

)

(39,002,364

)

23,558,803

13,088,797

Other operating income

23,993

57,544

OPERATING PROFIT

5

23,582,796

13,146,341

Interest receivable and similar income

477

2,875

23,583,273

13,149,216

Interest payable and similar expenses

6

(7,577,334

)

(4,733,059

)

PROFIT BEFORE TAXATION

16,005,939

8,416,157

Tax on profit

7

(3,286,014

)

(2,112,030

)

PROFIT FOR THE FINANCIAL YEAR

12,719,925

6,304,127

Profit attributable to:

Owners of the parent

12,719,925

6,304,127

PROFIT FOR THE YEAR

12,719,925

6,304,127

OTHER COMPREHENSIVE INCOME

Foreign exchange translation differences

(931,861

)

(298,783

)

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

(931,861

)

(298,783

)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

11,788,064

6,005,344

Total comprehensive income attributable to:

Owners of the parent

11,788,064

6,005,344

FIXED ASSETS

Intangible assets

9

6,581,344

7,729,942

Tangible assets

10

156,129,288

82,641,209

Investments

11

-

-

162,710,632

90,371,151

CURRENT ASSETS

Stocks

12

1,958,817

1,848,322

Debtors

13

38,061,526

17,583,263

Cash at bank and in hand

6,168,025

1,179,900

46,188,368

20,611,485

CREDITORS

Amounts falling due within one year

14

(145,150,739

)

(80,048,352

)

NET CURRENT LIABILITIES

(98,962,371

)

(59,436,867

)

TOTAL ASSETS LESS CURRENT LIABILITIES

63,748,261

30,934,284

CREDITORS

Amounts falling due after more than one year

15

(36,275,968

)

(14,938,112

)

PROVISIONS FOR LIABILITIES

19

(2,260,059

)

(2,572,002

)

NET ASSETS

25,212,234

13,424,170

CAPITAL AND RESERVES

Called up share capital

20

250,000

250,000

Retained earnings

21

24,962,234

13,174,170

SHAREHOLDERS' FUNDS

25,212,234

13,424,170

The financial statements were approved by the Board of Directors and authorised for issue on 26 September 2025 and were signed on its behalf by:

P Munjal - Director

FIXED ASSETS

Intangible assets

9

-

-

Tangible assets

10

1,088,358

64,491

Investments

11

17,052,411

17,052,411

18,140,769

17,116,902

CURRENT ASSETS

Debtors

13

85,082,834

45,069,052

Cash at bank

207,608

178,616

85,290,442

45,247,668

CREDITORS

Amounts falling due within one year

14

(103,031,629

)

(61,618,513

)

NET CURRENT LIABILITIES

(17,741,187

)

(16,370,845

)

TOTAL ASSETS LESS CURRENT LIABILITIES

399,582

746,057

PROVISIONS FOR LIABILITIES

19

(69,886

)

(25,463

)

NET ASSETS

329,696

720,594

CAPITAL AND RESERVES

Called up share capital

20

250,000

250,000

Retained earnings

21

79,696

470,594

SHAREHOLDERS' FUNDS

329,696

720,594

Company's loss for the financial year

(390,522

)

(95,757

)

The financial statements were approved by the Board of Directors and authorised for issue on 26 September 2025 and were signed on its behalf by:

P Munjal - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2023

250,000

7,168,826

7,418,826

Changes in equity

Total comprehensive income

-

6,005,344

6,005,344

Balance at 31 March 2024

250,000

13,174,170

13,424,170

Changes in equity

Total comprehensive income

-

11,788,064

11,788,064

Balance at 31 March 2025

250,000

24,962,234

25,212,234

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2023

250,000

567,124

817,124

Changes in equity

Total comprehensive income

-

(96,530

)

(96,530

)

Balance at 31 March 2024

250,000

470,594

720,594

Changes in equity

Total comprehensive income

-

(390,898

)

(390,898

)

Balance at 31 March 2025

250,000

79,696

329,696

Cash flows from operating activities

Cash generated from operations

1

72,471,590

29,273,286

Tax paid

(2,141,831

)

(1,879,430

)

Net cash from operating activities

70,329,759

27,393,856

Cash flows from investing activities

Purchase of tangible fixed assets

(102,117,212

)

(27,839,850

)

Sale of tangible fixed assets

2,099,275

468,127

Interest received

477

2,875

Net cash from investing activities

(100,017,460

)

(27,368,848

)

Cash flows from financing activities

New loans in year

46,117,086

10,378,687

Loan repayments in year

(644,472

)

-

Hire purchase capital repayments in year

(4,527,285

)

(5,722,668

)

Hire purchase interest

(1,022,478

)

(997,787

)

Finance costs

(6,554,856

)

(3,732,377

)

Net cash from financing activities

33,367,995

(74,145

)

Increase/(decrease) in cash and cash equivalents

3,680,294

(49,137

)

Cash and cash equivalents at beginning of year

2

1,179,900

334,098

Effect of foreign exchange rate changes

1,307,831

894,939

Cash and cash equivalents at end of year

2

6,168,025

1,179,900

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

2025

2024

£

£

Profit before taxation

16,005,939

8,416,157

Depreciation charges

30,616,711

18,942,550

Profit on disposal of fixed assets

(194,304

)

(229,877

)

Amortisation charges

1,148,598

1,148,598

Finance costs

7,577,334

4,733,059

Finance income

(477

)

(2,875

)

55,153,801

33,007,612

Increase in stocks

(110,495

)

(921,285

)

Increase in trade and other debtors

(20,478,263

)

(2,257,296

)

Increase/(decrease) in trade and other creditors

37,906,547

(555,745

)

Cash generated from operations

72,471,590

29,273,286

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:

Year ended 31 March 2025

31/3/25

1/4/24

£

£

Cash and cash equivalents

6,168,025

1,179,900

Year ended 31 March 2024

31/3/24

1/4/23

£

£

Cash and cash equivalents

1,179,900

334,098

3.	ANALYSIS OF CHANGES IN NET DEBT

Other

non-cash

At 1/4/24

Cash flow

changes

At 31/3/25

£

£

£

£

Net cash

Cash at bank

and in hand

1,179,900

4,988,125

6,168,025

1,179,900

4,988,125

6,168,025

Debt

Finance leases

(21,262,122

)

6,285,524

-

(19,736,485

)

Debts falling due

within 1 year

-

(20,119,113

)

-

(20,119,113

)

Debts falling due

after 1 year

-

(4,511,306

)

-

(4,511,306

)

(21,262,122

)

(18,344,895

)

-

(44,366,904

)

Total

(20,082,222

)

(13,356,770

)

-

(38,198,879

)