Cogri Group Limited Group accounts (Group and Company)

COMPANY REGISTRATION NUMBER: 02425018

COGRI GROUP LIMITED

FINANCIAL STATEMENTS

31 December 2024

COGRI GROUP LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2024

Contents	Pages

Officers and professional advisers 1

Strategic report 2 to 3

Directors' report 4 to 5

Independent auditor's report to the members 6 to 8

Consolidated statement of comprehensive income 9

Consolidated statement of financial position 10 to 11

Company statement of financial position 12 to 13

Consolidated statement of changes in equity 14 to 15

Statement of changes in shareholders funds 16

Consolidated statement of cash flows 17

Notes to the financial statements 18 to 33

COGRI GROUP LIMITED

OFFICERS AND PROFESSIONAL ADVISERS

The board of directors	K J Dare
	L A Dare
	J H Dare

Company secretary	L A Dare

Registered office	Dene House
	North Road
	Kirkburton
	Huddersfield
	HD8 0RW

Auditor	Wheawill & Sudworth Limited
	Chartered Accountants & Statutory Auditor
	35 Westgate
	Huddersfield
	HD1 1PA

Bankers	National Westminster Bank plc
	8 Market Place
	Huddersfield
	West Yorkshire
	HD1 2AL

Solicitors	Ramsdens Solicitors LLP
	Oakley House
	1 Hungerford Road
	Huddersfield
	HD3 3AL

COGRI GROUP LIMITED

STRATEGIC REPORT

YEAR ENDED 31 DECEMBER 2024

The principal activity of the Group continued to be the provision of specialist industrial flooring services. Results, Performance and Developments during the year The Board is pleased with the Group's strong performance this year. Despite challenging market conditions over the past two years, our relentless focus on operational efficiency has propelled the Group forward, delivering robust growth in profitability compared to last year. Market momentum has accelerated throughout 2025, driven by increased customer investment in Automation and Robotics solutions-areas where the Group stands as a global leader, perfectly positioned to seize these opportunities. We continue to expand our global footprint, forging new subsidiaries and strategic partnerships in Canada, LATAM, and other key regions to strengthen our presence and unlock new growth avenues. Principal risks and uncertainties The Directors consider that the key risks and principal uncertainties faced by the Group are: Global economic and political instability The global footprint of the Group means that it always faces a risk of instability in some of the areas in which it operates. However, this is mitigated by predominantly operating only in politically steady, Westernised nations and for large multinational customers. We have had no instances of political issues during this year and have operated unimpeded. Exchange rate volatility Exchange rates move frequently as part of natural conditions. To mitigate this the Group maintains cash balances in domestic currencies and only converts them when required or if market conditions make it preferable. This means that physical losses (or gains) on currencies due to market movements are minimised as much as possible. Potential skills shortages The Group invests in training and skills for its workforce globally in order to ensure staff remain capable of undertaking the work required. Many staff have long tenure with the Group, which speaks to the ability to retain and value our employees. Financial Instruments Due to the nature of the financial instruments used by the company there is no material exposure to price risk. The group's approach to managing other risk applicable to the financial instruments concerned are shown below. In respect of bank balances the liquidity risk is managed by maintaining a balance between short term balances and longer term savings. Trade debtors are managed in respect of credit and cash flow by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. Customers are predominantly large, blue-chip, multinational corporations which carry a lower risk than smaller entities. Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due. Key Performance Indicators Key performance indicators monitored by management include the contract pipeline, gross margin, overhead levels and cash generation. Outlook 2025 is already indicating an improvement to general market conditions due to the significant investment by our customers in robotics and automation systems. As a global market leader in supporting these systems, we are confident of the outlook for 2025 and beyond.

This report was approved by the board of directors on 12 December 2025 and signed on behalf of the board by:

L A Dare Director

COGRI GROUP LIMITED

DIRECTORS' REPORT

YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements of the group for the year ended 31 December 2024 .

Directors

The directors who served the company during the year were as follows:

K J Dare
L A Dare

Dividends

Particulars of recommended dividends are detailed in note 14 to the financial statements.

Disclosure of information in the strategic report

In accordance with Section 414C(11), Companies Act 2006, the following information required to be contained in this report is set out in the company's Strategic Report on page 2: principal activities, business review and financial risks.

Directors' responsibilities statement

The directors are responsible for preparing the strategic report, directors' report 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 group and the company and 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 judgments 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 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. They 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.

Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.

This report was approved by the board of directors on 12 December 2025 and signed on behalf of the board by:

L A Dare Director

COGRI GROUP LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF COGRI GROUP LIMITED

YEAR ENDED 31 DECEMBER 2024

Opinion

We have audited the financial statements of Cogri Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, statement of changes in shareholders funds, consolidated statement of cash flows 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 FRS 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's affairs as at 31 December 2024 and of the group's profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 auditor's 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 or 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 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. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 the parent company 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 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 directors' responsibilities statement, 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 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.

Auditor's 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: Obtained an understanding of the legal and regulatory framework applicable to the entity and how the entity is complying with that framework; Assessment of the susceptibility of the entity’s financial statements to material misstatement, including how fraud might occur; Ensured whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations; Gained clear understanding of the entity’s current activities, the scope of its authorisation and confirmed the effectiveness of its control environment where the entity is a regulated entity; As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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 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 company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

David Butterworth

(Senior Statutory Auditor)

For and on behalf of

Wheawill & Sudworth Limited

Chartered Accountants & Statutory Auditor

35 Westgate

Huddersfield

HD1 1PA

12 December 2025

COGRI GROUP LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

YEAR ENDED 31 DECEMBER 2024

		2024	2023
Note		£	£
Turnover	4	25,344,124	26,869,059

Cost of sales	( 8,495,868)	( 10,756,647)
	-------------	-------------
Gross profit	16,848,256	16,112,412

Distribution costs		( 4,704)	( 1,786)
Administrative expenses		( 12,622,126)	( 11,990,978)
Other operating income	5	24,243	829
		-------------	-------------
Operating profit	6	4,245,669	4,120,477

Share of profit of associates	17	52,952	447,673
Other interest receivable and similar income	10	97,053	78,625
Impairment of investments	11	–	86,670
Interest payable and similar expenses	12	( 48,834)	( 35,325)
		-------------	-------------
Profit before taxation		4,346,840	4,698,120

Tax on profit	13	( 808,208)	( 876,861)
		------------	------------
Profit for the financial year		3,538,632	3,821,259
		------------	------------

Share of other comprehensive income of associates	( 144,620)	( 253,739)
Remeasurements of net defined benefit liability in associates	( 4,769)	( 13,825)
	------------	------------
Other comprehensive income for the year	( 149,389)	( 267,564)
	------------	------------
Total comprehensive income for the year	3,389,243	3,553,695
	------------	------------

Profit for the financial year attributable to:

The owners of the parent company	3,119,507	3,649,665
Non-controlling interests	419,125	171,594
	------------	------------
	3,538,632	3,821,259
	------------	------------

Total comprehensive income for the year attributable to:

The owners of the parent company	2,970,118	3,382,101
Non-controlling interests	419,125	171,594
	------------	------------
	3,389,243	3,553,695
	------------	------------

All the activities of the group are from continuing operations.

COGRI GROUP LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

31 December 2024

	2024	2023
Note	£	£

Fixed assets

Intangible assets	15	25,922	7,929
Tangible assets	16	4,611,293	4,133,166
Investments:	17
Investments in associates		1,886,049	2,364,996
		------------	------------
		6,523,264	6,506,091

Current assets

Stocks	18	906,776	693,919
Debtors	19	10,719,748	7,492,104
Cash at bank and in hand		9,578,914	9,676,894
		-------------	-------------
		21,205,438	17,862,917

Creditors: amounts falling due within one year	20	( 4,128,953)	( 3,708,793)
		-------------	-------------
Net current assets		17,076,485	14,154,124
		-------------	-------------
Total assets less current liabilities		23,599,749	20,660,215

Creditors: amounts falling due after more than one year	21	( 413,696)	( 610,849)

Provisions

Taxation including deferred tax	23	( 174,400)	( 171,850)
		-------------	-------------
Net assets		23,011,653	19,877,516
		-------------	-------------

COGRI GROUP LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (continued)

31 December 2024

	2024	2023
Note	£	£

Capital and reserves

Called up share capital	27	100	100
Revaluation reserve	28	181,153	186,353
Other reserves, including the fair value reserve	28	( 398,359)	( 253,739)
Profit and loss account	28	22,309,021	19,189,083
		-------------	-------------
Equity attributable to the owners of the parent company		22,091,915	19,121,797

Non-controlling interests	919,738	755,719
	-------------	-------------
	23,011,653	19,877,516
	-------------	-------------

These financial statements were approved by the board of directors and authorised for issue on 12 December 2025 , and are signed on behalf of the board by:

K J Dare Director

Company registration number: 02425018

COGRI GROUP LIMITED

COMPANY STATEMENT OF FINANCIAL POSITION

31 December 2024

	2024	2023
Note	£	£

Fixed assets

Intangible assets	15	18,874	–
Tangible assets	16	2,827,754	2,160,820
Investments	17	565,328	564,812
		------------	------------
		3,411,956	2,725,632

Current assets

Stocks	18	–	144,045
Debtors	19	5,249,837	3,548,388
Cash at bank and in hand		2,735,141	1,152,055
		------------	------------
		7,984,978	4,844,488

Creditors: amounts falling due within one year	20	( 671,488)	( 282,346)
		------------	------------
Net current assets		7,313,490	4,562,142
		-------------	------------
Total assets less current liabilities		10,725,446	7,287,774

Creditors: amounts falling due after more than one year	21	( 127,536)	( 189,032)

Provisions

Taxation including deferred tax	23	( 125,000)	( 103,000)
		-------------	------------
Net assets		10,472,910	6,995,742
		-------------	------------

COGRI GROUP LIMITED

COMPANY STATEMENT OF FINANCIAL POSITION (continued)

31 December 2024

	2024	2023
Note	£	£

Capital and reserves

Called up share capital	27	100	100
Revaluation reserve	28	181,153	186,353
Profit and loss account	28	10,291,657	6,809,289
		-------------	------------
Shareholders funds		10,472,910	6,995,742
		-------------	------------

The profit for the financial year of the parent company was £ 3,477,168 (2023: £ 2,530,671 ).

These financial statements were approved by the board of directors and authorised for issue on 12 December 2025 , and are signed on behalf of the board by:

K J Dare Director

Company registration number: 02425018

COGRI GROUP LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

YEAR ENDED 31 DECEMBER 2024

			Called up share capital	Revaluation reserve	Other reserves, including the fair value reserve	Profit and loss account	Equity attributable to the owners of the parent company	Non-controlling interests	Total
			£	£	£	£	£	£	£
At 1 January 2023			100	191,553	–	17,460,130	17,651,783	712,444	18,364,227

Profit for the year						3,649,665	3,649,665	171,594	3,821,259
Other comprehensive income for the year:
	Share of other comprehensive income of associates		–	–	( 253,739)	–	( 253,739)	–	( 253,739)
	Reclassification from revaluation reserve to profit and loss account		–	( 5,200)	–	5,200	–	–	–
	Remeasurements of net defined benefit liability in associates		–	–	–	( 13,825)	( 13,825)	–	( 13,825)
			------------	------------	------------	-------------	-------------	------------	-------------
Total comprehensive income for the year			–	( 5,200)	( 253,739)	3,641,040	3,382,101	171,594	3,553,695

Issue of shares			–	–	–	–	–	262	262
Dividends paid and payable		14	–	–	–	( 1,912,087)	( 1,912,087)	( 128,581)	( 2,040,668)
			------------	------------	------------	-------------	-------------	------------	-------------
Total investments by and distributions to owners			–	–	–	( 1,912,087)	( 1,912,087)	( 128,319)	( 2,040,406)

At 31 December 2023			100	186,353	( 253,739)	19,189,083	19,121,797	755,719	19,877,516

Profit for the year						3,119,507	3,119,507	419,125	3,538,632
Other comprehensive income for the year:
	Share of other comprehensive income of associates		–	–	( 144,620)	–	( 144,620)	–	( 144,620)
	Reclassification from revaluation reserve to profit and loss account		–	( 5,200)	–	5,200	–	–	–
	Remeasurements of net defined benefit liability in associates		–	–	–	( 4,769)	( 4,769)	–	( 4,769)
			------------	------------	------------	-------------	-------------	------------	-------------
Total comprehensive income for the year			–	( 5,200)	( 144,620)	3,119,938	2,970,118	419,125	3,389,243

COGRI GROUP LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (continued)

YEAR ENDED 31 DECEMBER 2024

		Called up share capital	Revaluation reserve	Other reserves, including the fair value reserve	Profit and loss account	Equity attributable to the owners of the parent company	Non-controlling interests	Total
		£	£	£	£	£	£	£
Dividends paid and payable	14	–	–	–	–	–	( 255,106)	( 255,106)
		------------	------------	------------	------------	------------	------------	------------
Total investments by and distributions to owners		–	–	–	–	–	( 255,106)	( 255,106)

		------------	------------	------------	-------------	-------------	------------	-------------
At 31 December 2024		100	181,153	( 398,359)	22,309,021	22,091,915	919,738	23,011,653
		------------	------------	------------	-------------	-------------	------------	-------------

COGRI GROUP LIMITED

STATEMENT OF CHANGES IN SHAREHOLDERS FUNDS

YEAR ENDED 31 DECEMBER 2024

			Called up share capital	Revaluation reserve	Profit and loss account	Total
			£	£	£	£
At 1 January 2023			100	191,553	6,185,505	6,377,158

Profit for the year					2,530,671	2,530,671
Other comprehensive income for the year:
	Reclassification from revaluation reserve to profit and loss account		–	( 5,200)	5,200	–
			------------	------------	------------	------------
Total comprehensive income for the year			–	( 5,200)	2,535,871	2,530,671

Dividends paid and payable		14	–	–	( 1,912,087)	( 1,912,087)
			------------	------------	------------	------------
Total investments by and distributions to owners			–	–	( 1,912,087)	( 1,912,087)

At 31 December 2023			100	186,353	6,809,289	6,995,742

Profit for the year					3,477,168	3,477,168
Other comprehensive income for the year:
	Reclassification from revaluation reserve to profit and loss account		–	( 5,200)	5,200	–
			------------	------------	------------	------------
Total comprehensive income for the year			–	( 5,200)	3,482,368	3,477,168

			------------	------------	-------------	-------------
At 31 December 2024			100	181,153	10,291,657	10,472,910
			------------	------------	-------------	-------------

COGRI GROUP LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

YEAR ENDED 31 DECEMBER 2024

	2024	2023
	£	£

Cash flows from operating activities

Profit for the financial year	3,538,632	3,821,259

Adjustments for:
Depreciation of tangible assets	853,444	663,114
Amortisation of intangible assets	2,851	881
Impairment of investments	–	( 86,670)
Share of profit of associates	( 52,952)	( 447,673)
Other interest receivable and similar income	( 97,053)	( 78,625)
Interest payable and similar expenses	48,834	35,325
Gains on disposal of tangible assets	( 740)	( 7,881)
Remeasurements of net defined benefit liability in associates	( 4,769)	( 13,825)
Unrealised foreign currency gains	(144,620)	(253,739)
Tax on profit	808,208	876,861

Changes in:
Stocks	( 212,857)	338,908
Trade and other debtors	( 2,759,239)	943,522
Trade and other creditors	42,871	151,850
	------------	------------
Cash generated from operations	2,022,610	5,943,307

Interest paid	( 48,834)	( 35,325)
Interest received	97,053	78,625
Tax paid	( 633,401)	( 616,878)
	------------	------------
Net cash from operating activities	1,437,428	5,369,729
	------------	------------

Cash flows from investing activities

Purchase of tangible assets	( 1,334,232)	( 1,473,622)
Proceeds from sale of tangible assets	51,526	79,928
Purchase of intangible assets	( 20,844)	–
Loans to associated undertakings	240,716	( 551,218)
	------------	------------
Net cash used in investing activities	( 1,062,834)	( 1,944,912)
	------------	------------

Cash flows from financing activities

Proceeds from issue of ordinary shares	–	262
Repayments of borrowings	( 69,910)	( 55,936)
Payments of finance lease liabilities	( 147,558)	( 86,781)
Dividends paid	( 255,106)	( 2,040,668)
	------------	------------
Net cash used in financing activities	( 472,574)	( 2,183,123)
	------------	------------

Net (decrease)/increase in cash and cash equivalents	( 97,980)	1,241,694
Cash and cash equivalents at beginning of year	9,676,894	8,435,200
	------------	------------
Cash and cash equivalents at end of year	9,578,914	9,676,894
	------------	------------

COGRI GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Dene House, North Road, Kirkburton, Huddersfield, HD8 0RW.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Disclosure exemptions

The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:

(a) Disclosures in respect of each class of share capital have not been presented.

(b) No cash flow statement has been presented for the company.

(c) Disclosures in respect of financial instruments have not been presented.

(d) No disclosure has been given for the aggregate remuneration of key management personnel.

Consolidation

The financial statements consolidate the financial statements of the Group and all of its subsidiary undertakings. For certain subsidiary undertakings their data is extracted from unaudited financial statements prepared by independent accountants. For subsidiaries with non-conterminous financial year ends, management accounts have been used to assist in the preparation of the consolidated financial statements. The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes. The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not included its individual statement of comprehensive income.

Non-controlling interests

Minority interests in the net assets of consolidated subsidiaries are identified separately from the Group’s equity. Minority interests consist of the amount of those interests at the date of the original business combination and the minority’s share of changes in equity since the date of the combination.

The proportions of profit or loss and changes in equity allocated to the owners of the parent and to the minority interests are determined on the basis of existing ownership interests and do not reflect the possible exercise or conversion of options or convertible instruments.

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. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Transactions in foreign currencies are translated at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities in foreign currencies are translated at the rates of exchange ruling at the balance sheet date. Where exchange differences result from the translation of foreign currency borrowings raised to acquire foreign assets they are taken to reserves and offset against the differences arising from the translation of those assets. All other exchange differences are dealt with through the profit and loss account.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

Goodwill	-	Over 5 years
Patents	-	over 20 years

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold Property	-	2% straight line
Plant and Machinery	-	20% straight line
Fixtures and Fittings	-	20% straight line
Motor Vehilcles	-	17% reducing balance
Computer Equipment	-	33% straight line

An amount equal to the excess of the annual depreciation charge on revalued assets over the notional historical cost depreciation charge on those assets is transferred annually from the revaluation reserve to the profit and loss account.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the associate.

Stocks

Stocks are stated at the lower of cost and net realisable value.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are capitalised in the balance sheet at their fair value and depreciated over their expected useful lives. The interest element of leasing payments represents a constant proportion of the capital balance outstanding and is charged to the profit and loss account over the period of the lease. All other leases are regarded as operating leases and the payments made under them are charged to the profit and loss account on a straight line basis over the lease term.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Defined contribution plans

The company operates a defined contribution pension scheme. The amount charged to the profit and loss account in respect of pension costs is the contributions payable in the year.

4. Turnover

Turnover arises from:

	2024	2023
	£	£
Rendering of services	25,344,124	26,869,059
	-------------	-------------

The percentage of turnover derived from supplying geographical markets outside the United Kingdom is not given as in the opinion of the directors its disclosure would be prejudicial to the interests of the group.

5. Other operating income

	2024	2023
	£	£
Other operating income	24,243	829
	------------	------------

6. Operating profit

Operating profit or loss is stated after charging/crediting:

	2024	2023
	£	£
Amortisation of intangible assets	2,851	881
Depreciation of tangible assets	853,444	663,114
Gains on disposal of tangible assets	( 740)	( 7,881)
Impairment of trade debtors	5,719	339,484
Foreign exchange differences	750,735	315,615
	------------	------------

7. Auditor's remuneration

	2024	2023
	£	£
Fees payable for the audit of the financial statements	22,000	14,000
	------------	------------

8. Staff costs

The average number of persons employed by the group during the year, including the directors, amounted to:

	2024	2023
	No.	No.
Number of employees	195	180
	------------	------------

The aggregate payroll costs incurred during the year, relating to the above, were:

	2024	2023
	£	£
Wages and salaries	8,114,112	7,749,727
Social security costs	803,694	649,457
Other pension costs	411,773	359,138
	------------	------------
	9,329,579	8,758,322
	------------	------------

9. Directors' remuneration

The directors' aggregate remuneration in respect of qualifying services was:

	2024	2023
	£	£
Remuneration	83,460	65,313
Company contributions to defined contribution pension plans	15,816	15,816
	------------	------------
	99,276	81,129
	------------	------------

The number of directors who accrued benefits under company pension plans was as follows:

	2024	2023
	No.	No.
Defined contribution plans	2	2
	------------	------------

10. Other interest receivable and similar income

	2024	2023
	£	£
Interest on loans and receivables	88,557	69,160
Interest on cash and cash equivalents	8,496	9,465
	------------	------------
	97,053	78,625
	------------	------------

11. Impairment of investments

	2024	2023
	£	£
Impairment of investments in associates	–	( 86,670)
	------------	------------

12. Interest payable and similar expenses

	2024	2023
	£	£
Interest on banks loans and overdrafts	27,815	19,900
Interest on obligations under finance leases and hire purchase contracts	21,019	15,425
	------------	------------
	48,834	35,325
	------------	------------

13. Tax on profit

Major components of tax expense

	2024	2023
	£	£

Current tax:

UK current tax expense	413,451	685,823
Adjustments in respect of prior periods	–	( 27,452)
	------------	------------
Total UK current tax	413,451	658,371

Foreign current tax income	392,207	268,940
	------------	------------
Total current tax	805,658	927,311
	------------	------------

Deferred tax:

Origination and reversal of timing differences	2,550	( 50,450)
	------------	------------
Tax on profit	808,208	876,861
	------------	------------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is lower than (2023: lower than) the standard rate of corporation tax in the UK of 25 % (2023: 25 %).

	2024	2023
	£	£
Profit on ordinary activities before taxation	4,346,840	4,698,120
	------------	------------
Profit on ordinary activities by rate of tax	1,086,710	1,174,531
Adjustment to tax charge in respect of prior periods	–	( 27,452)
Effect of expenses not deductible for tax purposes	29,356	22,355
Effect of capital allowances and depreciation	16,687	6,709
Effect of revenue exempt from tax	25,334	( 133,585)
Effect of different UK tax rates on some earnings	–	(43,189)
Utilisation of tax losses	–	( 35,887)
Effect of research & development claim	–	( 41,396)
Foreign tax loss (utilisation) / loss	( 355)	( 804)
Foreign profits taxed at different rate to UK corporation tax	( 349,524)	( 44,421)
	------------	------------
Tax on profit	808,208	876,861
	------------	------------

14. Dividends

Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):

	2024	2023
	£	£
Equity dividends on ordinary shares	255,106	2,040,668
	------------	------------

15. Intangible assets

Group	Goodwill	Patents	Total
	£	£	£
Cost
At 1 January 2024	23,560	32,778	56,338
Additions from internal developments	–	20,844	20,844
	------------	------------	------------
At 31 December 2024	23,560	53,622	77,182
	------------	------------	------------
Amortisation
At 1 January 2024	15,631	32,778	48,409
Charge for the year	881	1,970	2,851
	------------	------------	------------
At 31 December 2024	16,512	34,748	51,260
	------------	------------	------------
Carrying amount
At 31 December 2024	7,048	18,874	25,922
	------------	------------	------------
At 31 December 2023	7,929	–	7,929
	------------	------------	------------

Company	Patents
	£
Cost
At 1 January 2024	32,778
Additions from internal developments	20,844
	------------
At 31 December 2024	53,622
	------------
Amortisation
At 1 January 2024	32,778
Charge for the year	1,970
	------------
At 31 December 2024	34,748
	------------
Carrying amount
At 31 December 2024	18,874
	------------
At 31 December 2023	–
	------------

16. Tangible assets

Group	Freehold Property	Plant and Machinery	Fixtures and Fittings	Motor vehicles	Computer Equipment	Total
	£	£	£	£	£	£
Cost
At 1 Jan 2024	2,297,595	3,682,698	172,299	1,448,858	97,344	7,698,794
Additions	678,197	497,887	–	205,249	1,024	1,382,357
Disposals	–	( 10,381)	–	( 61,479)	–	( 71,860)
	------------	------------	------------	------------	------------	------------
At 31 Dec 2024	2,975,792	4,170,204	172,299	1,592,628	98,368	9,009,291
	------------	------------	------------	------------	------------	------------
Depreciation
At 1 Jan 2024	311,018	2,605,796	167,514	395,653	85,647	3,565,628
Charge for the year	32,257	518,317	2,684	295,784	4,402	853,444
Disposals	–	( 9,569)	–	( 11,505)	–	( 21,074)
	------------	------------	------------	------------	------------	------------
At 31 Dec 2024	343,275	3,114,544	170,198	679,932	90,049	4,397,998
	------------	------------	------------	------------	------------	------------
Carrying amount
At 31 Dec 2024	2,632,517	1,055,660	2,101	912,696	8,319	4,611,293
	------------	------------	------------	------------	------------	------------
At 31 Dec 2023	1,986,577	1,076,902	4,785	1,053,205	11,697	4,133,166
	------------	------------	------------	------------	------------	------------

Company	Freehold Property	Plant and Machinery	Fixtures and Fittings	Computer Equipment	Total
	£	£	£	£	£
Cost
At 1 January 2024	2,297,595	1,498,473	139,728	37,430	3,973,226
Additions	678,197	121,736	–	–	799,933
	------------	------------	------------	------------	------------
At 31 December 2024	2,975,792	1,620,209	139,728	37,430	4,773,159
	------------	------------	------------	------------	------------
Depreciation
At 1 January 2024	311,018	1,326,602	137,356	37,430	1,812,406
Charge for the year	32,257	99,210	1,532	–	132,999
	------------	------------	------------	------------	------------
At 31 December 2024	343,275	1,425,812	138,888	37,430	1,945,405
	------------	------------	------------	------------	------------
Carrying amount
At 31 December 2024	2,632,517	194,397	840	–	2,827,754
	------------	------------	------------	------------	------------
At 31 December 2023	1,986,577	171,871	2,372	–	2,160,820
	------------	------------	------------	------------	------------

Tangible assets held at valuation

The original freehold property was revalued at 31 December 2009 by independent Chartered Surveyors on an existing use market value basis.

In respect of tangible assets held at valuation, aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:

Group and company	Freehold property
	£
At 31 December 2024
Aggregate cost	465,077
Aggregate depreciation	(204,660)
	------------
Carrying value	260,417
	------------

At 31 December 2023
Aggregate cost	465,077
Aggregate depreciation	(195,360)
	------------
Carrying value	269,717
	------------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

Group	Motor vehicles
	£
At 31 December 2024	490,342
	------------
At 31 December 2023	611,876
	------------

The company has no tangible assets held under finance lease or hire purchase agreements.

17. Investments

Group	Interests in associates
	£
Share of net assets/cost
At 1 January 2024	2,364,996
Share of profit or loss	52,952
Dividends received	( 382,510)
Movements in equity	( 149,389)
	------------
At 31 December 2024	1,886,049
	------------
Impairment
At 1 January 2024 and 31 December 2024	–
	------------

Carrying amount
At 31 December 2024	1,886,049
	------------
At 31 December 2023	2,364,996
	------------

Company	Shares in group undertakings
	£
Cost
At 1 January 2024 and 31 December 2024	565,328
	------------
Impairment
At 1 January 2024 and 31 December 2024	–
	------------

Carrying amount
At 1 January 2024 and 31 December 2024	565,328
	------------
At 31 December 2023	565,328
	------------

The company owns 100% of the issued ordinary share capital of Concrete Grinding Limited and CG Flooring Systems Limited, both of which are floor rectification contractors. The company also owns 100% of the issued ordinary share capital of Face Consultants Limited a floor rectification consultancy company, and 100% of the issued share capital of Cogri Engineering Limited which provides engineering services.

The company owns 100% of the issued share capital of Cogri USA Inc, 75% of the issued share capital of Cogri Australia Pty Limited and 75% of CoGri New Zealand Limited all non-UK registered companies operating in the floor rectification sector.

The company owns 100% of the issued share capital of Face Consultants Sp. z.o.o, Face Consultants GmbH, and 75% of the issued share capital of Face Australia Pty Limited and Face Consultants New Zealand Limited all non-UK registered companies operating in the floor rectification consultancy sector.

The company also owns non-controlling interests in various non-UK registered companies operating in the floor rectification sector.

18. Stocks

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Raw materials and consumables	906,776	659,693	–	144,045
Work in progress	–	34,226	–	–
	------------	------------	------------	------------
	906,776	693,919	–	144,045
	------------	------------	------------	------------

19. Debtors

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Trade debtors	4,159,307	3,455,013	172,156	4,835
Amounts owed by group undertakings (note 31)	–	–	2,573,608	3,081,046
Prepayments and accrued income	996,837	1,001,678	46,619	67,321
Directors loan account	1,321,954	–	1,321,954	–
Amounts owed by associated undertakings (note 31)	2,759,231	2,469,065	677,536	392,157
Other debtors	1,482,419	566,348	457,964	3,029
	-------------	------------	------------	------------
	10,719,748	7,492,104	5,249,837	3,548,388
	-------------	------------	------------	------------

20. Creditors: amounts falling due within one year

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Bank loans and overdrafts	61,572	64,910	61,572	64,910
Trade creditors	855,619	1,420,102	5,515	117,813
Amounts owed to associated undertakings (note 31)	–	1,016	–	–
Accruals and deferred income	1,330,225	1,089,510	100,741	12,058
Corporation tax	812,371	461,876	488,627	72,532
Social security and other taxes	775,761	454,382	–	–
Obligations under finance leases and hire purchase contracts	163,752	127,528	–	–
Director loan accounts	–	5,076	–	–
Other creditors	129,653	84,393	15,033	15,033
	------------	------------	------------	------------
	4,128,953	3,708,793	671,488	282,346
	------------	------------	------------	------------

21. Creditors: amounts falling due after more than one year

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Bank loans and overdrafts	127,536	189,032	127,536	189,032
Obligations under finance leases and hire purchase contracts	286,160	421,817	–	–
	------------	------------	------------	------------
	413,696	610,849	127,536	189,032
	------------	------------	------------	------------

Part of the bank loans are repayable more than five years after the balance sheet date.

22. Finance leases and hire purchase contracts

The total future minimum lease payments under finance leases and hire purchase contracts are as follows:

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Not later than 1 year	158,582	148,415	–	–
Later than 1 year and not later than 5 years	329,833	460,987	–	–
	------------	------------	------------	------------
	488,415	609,402	–	–
Less: future finance charges	( 38,503)	( 60,057)	–	–
	------------	------------	------------	------------
Present value of minimum lease payments	449,912	549,345	–	–
	------------	------------	------------	------------

23. Provisions

Group	Deferred tax (note 25)
	£
At 1 January 2024	171,850
Charge against provision	2,550
	------------
At 31 December 2024	174,400
	------------

Company	Deferred tax (note 25)
	£
At 1 January 2024	103,000
Charge against provision	22,000
	------------
At 31 December 2024	125,000
	------------

24. Secured liabilities

Group

	2024	2023
	£	£
Aggregate amount of secured liabilities	639,020	803,288
	------------	------------

Company

	2024	2023
	£	£
Aggregate amount of secured liabilities	189,108	253,942
	------------	------------

25. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Included in provisions (note 23)	174,400	171,850	125,000	103,000
	------------	------------	------------	------------

The deferred tax account consists of the tax effect of timing differences in respect of:

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Accelerated capital allowances	174,400	171,850	125,000	103,000
	------------	------------	------------	------------

26. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution pension plans was £ 395,957 (2023: £ 343,322 ).

27. Called up share capital

Issued, called up and fully paid

	2024		2023
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
	------------	------------	------------	------------

28. Reserves

Revaluation reserve - This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income. Other reserves, including the fair value reserves- This reserve records foreign currency differences with associated companies. Profit and loss account - This reserve records retained earnings and accumulated losses.

29. Analysis of changes in net debt

	At 1 Jan 2024	Cash flows	At 31 Dec 2024
	£	£	£
Cash at bank and in hand	9,676,894	(97,980)	9,578,914
Debt due within one year	(198,530)	(26,794)	(225,324)
Debt due after one year	(610,849)	197,153	(413,696)
	------------	------------	------------
	8,867,515	72,379	8,939,894
	------------	------------	------------

30. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Not later than 1 year	228,878	26,120	–	–
Later than 1 year and not later than 5 years	524,878	403,188	–	–
	------------	------------	------------	------------
	753,756	429,308	–	–
	------------	------------	------------	------------

31. Directors' advances, credits and guarantees

Included in debtors at note 19 is a loan of £1,321,954 (2023: £nil) to the directors. This loan is unsecured, with interest charged at the HMRC official rate and repayable on demand.

COGRI GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 DECEMBER 2024

32. Related party transactions

Group

Included in debtors are balances with associated and connected undertakings as follows: Face Consultants (Korea) Limited: £11,936 (2023: £202,573) (40% issued share capital held by K J Dare) Cogri Asia Limited: £34,287 (2023: £35,195) (50% issued share capital held by Cogri Group Limited) Cogri Asia Pacific PTE Limited: £385,774 (2023: £145,563) (100% issued share capital held by Cogri Asia Limited) Cogri Japan £nil (2023: £10,062) (100% issued share capital held by Cogri Asia Limited) Cogri Korea Co Limited: £22,610 (2023: £3,193) (80% issued share capital held by Cogri Asia Limited) Face Floor Consultants China Co Limited: £nil (2023: £1,812) (100% issued share capital held by Cogri China Co Limited) Face Middle East Fzc: £162,697 (2023: £132,433) (49% share capital held by K J Dare) Cogri Middle East LLC £1,837,153 (2023: £1,713,415) (49% issued share capital held by K J Dare) DC 21 Limited: £30,605 (2023: £30,618) (20% issued share capital held by K J Dare) DC 21 (Operations) Limited: £1,522 (2023: £1,440) (20% issued share capital held by K J Dare) DC 21 Engineering Limited: £35,000 (2023: £35,000) (40% issued share capital held by K J Dare) Cogri KSA £184,706 (2023: £35,430) (75% issued share capital held by Cogri Middle East LLC) Eurostick SL: £18,101 (2023: £12,517) (50% issued share capital held by Cogri Group Limited) Cogri Malaysia Sdn BHd: £16,101 (2023: £885) (100% issued share capital held by Cogri Asia Limited) CoGri-Gespap £13,718 (2023: £nil) (50% issued share capital held by Cogri Group Limited) Included in creditors are balances with associated and connected undertakings as follows: Face Middle East Fzc: £408 (2023: £nil) (49% share capital held by K J Dare) These have arisen in the normal course of trading.

Company

Included in debtors are balances with group, associated and connected undertakings as follows: Concrete Grinding Limited: £865,833 (2023: £1,836,328) (100% Subsidiary of Cogri Group Limited) Face Consultants Limited: £370,167 (2023: £404,994) (100% Subsidiary of Cogri Group Limited) CG Flooring Systems Limited: £759,960 (2023: £719,732) (100% Subsidiary of Cogri Group Limited) Cogri Engineering Limited: £3,715 (2023: £39,480) (100% issued share capital held by Cogri Group Limited) Face Consultants Sp Z.o.o: £50,938 (2023: £50,938) (100% issued share capital held by Cogri Group Limited) Face Consultants (New Zealand) Limited £64,675 (2023: £29,607) (75% issued share capital held by Cogri Group Limited) Cogri Asia Pacific PTE Limited: £384,701 (2023: £15,246) (100% issued share capital held by Cogri Asia Limited) Face Middle East Fzc: £14,000 (2023: £14,000) (49% share capital held by K J Dare) Cogri Middle East LLC £225,374 (2023: £224,708) (49% issued share capital held by K J Dare) DC 21 (Operations) Limited: £177 (2023: £160) (20% issued share capital held by K J Dare) DC 21 Engineering Limited: £35,000 (2023: £35,000) (40% issued share capital held by K J Dare) Cogri KSA £6,520 (2023: £430) (75% issued share capital held by Cogri Middle East LLC) CoGri-Pep £11,763 (2023: £nil) (50% issued share capital held by Cogri Group Limited) Dewdrop Group Limited £65,000 (2023: £nil) (51% of Cogri Group Limited share capital held These have arisen in the normal course of trading. Rents were charged to the following group companies, Concrete Grinding Limited £35,441 (2023: £33,754), CG Flooring Systems Limited £55,597 (2023: £52,950), Face Consultants Limited £56,980 (2023: £54,266) and Cogri Engineering Limited £17,915 (2023: £17,062). During the year Dewdrop Group Limited acquired a controlling 51% of the share capital of the company. The first accounts for Dewdrop Group Limited will be aligned with Cogri Group Limited in 2025. The company is controlled by K J Dare.