REGISTERED NUMBER: 08155306 (England and Wales)

MICHCO 1205 LIMITED

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

3

Consolidated Income Statement

6

Consolidated Other Comprehensive Income

7

Consolidated Balance Sheet

8

Company Balance Sheet

9

Consolidated Statement of Changes in Equity

10

Company Statement of Changes in Equity

11

Notes to the Consolidated Financial Statements

12

DIRECTORS:

R J H Randall

D M Friend

REGISTERED OFFICE:

The Long Barn

Manor Courtyard

Stratton-On-The-Fosse

Radstock

BA3 4QF

REGISTERED NUMBER:

08155306 (England and Wales)

AUDITORS:

Rothmans Audit LLP

Statutory Auditors

Chartered Accountants

Fryern House

125 Winchester Road

Chandlers Ford

Eastleigh

Hampshire

SO53 2DR

The directors present their report with the financial statements of the company and the group for the year ended 30 June 2025.

RESULTS

The Consolidated Income Statement is set out on page 6 and shows the profit for the year.

DIRECTORS

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

R J H Randall

D M Friend

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

Company law requires the 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, Rothmans Audit LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

D M Friend - Director

15 December 2025

Opinion

We have audited the financial statements of Michco 1205 Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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 30 June 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 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Directors has 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 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; or

-	the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Group Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page two, 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.

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

We obtained an understanding of the legal and regulatory framework that the Group operates in, focusing on those laws and regulations that had a direct effect on the Financial Statements or that had a fundamental effect on the operations of the Group. The key laws and regulations we considered in this context included the UK Companies Act and Health & Safety regulations.

Discussions were held within the engagement team regarding how and where fraud might occur in the Financial Statements and any potential indicators of fraud. As part of this discussion, we identified potential risk areas such as the completeness of revenue. Audit procedures were designed to ensure all of the risks were addressed.

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

•

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

•

reviewing any correspondence with regulators and the Group's legal advisors; and

•

reviewing engineering reports for the solar parks energy yields.

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

•

performed analytical procedures to identify any unusual or unexpected relationships; and

•

tested journal entries to identify unusual transactions; and

•

assessed whether judgements and assumptions contained any indication of potential bias.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

Liz Martyn FCA (Senior Statutory Auditor)

for and on behalf of Rothmans Audit LLP

Statutory Auditors

Chartered Accountants

Fryern House

125 Winchester Road

Chandlers Ford

Eastleigh

Hampshire

SO53 2DR

15 December 2025

TURNOVER

3

6,596,033

5,863,798

Cost of sales

1,095,351

937,049

GROSS PROFIT

5,500,682

4,926,749

Administrative expenses

874,494

868,918

OPERATING PROFIT

5

4,626,188

4,057,831

Interest receivable and similar income

477,821

277,619

5,104,009

4,335,450

Interest payable and similar expenses

6

3,315,686

3,296,121

PROFIT BEFORE TAXATION

1,788,323

1,039,329

Tax on profit

7

344,601

208,646

PROFIT FOR THE FINANCIAL YEAR

1,443,722

830,683

Profit attributable to:

Owners of the parent

1,443,722

830,683

PROFIT FOR THE YEAR

1,443,722

830,683

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,443,722

830,683

Total comprehensive income attributable to:

Owners of the parent

1,443,722

830,683

FIXED ASSETS

Tangible assets

9

10,261,692

11,118,302

Investments

10

-

-

10,261,692

11,118,302

CURRENT ASSETS

Debtors

11

6,553,251

5,452,501

Cash at bank

12

8,192,300

7,390,268

14,745,551

12,842,769

CREDITORS

Amounts falling due within one year

13

2,042,492

1,605,793

NET CURRENT ASSETS

12,703,059

11,236,976

TOTAL ASSETS LESS CURRENT LIABILITIES

22,964,751

22,355,278

CREDITORS

Amounts falling due after more than one year

14

(33,942,745

)

(34,765,991

)

PROVISIONS FOR LIABILITIES

17

(1,080,267

)

(1,091,269

)

NET LIABILITIES

(12,058,261

)

(13,501,982

)

CAPITAL AND RESERVES

Called up share capital

18

1,103,120

1,103,120

Merger reserve

19

(17,484,122

)

(17,484,122

)

Retained earnings

19

4,322,741

2,879,020

SHAREHOLDERS' FUNDS

(12,058,261

)

(13,501,982

)

The financial statements were approved by the Board of Directors and authorised for issue on 15 December 2025 and were signed on its behalf by:

D M Friend - Director

FIXED ASSETS

Tangible assets

9

-

-

Investments

10

4,656,771

4,656,771

4,656,771

4,656,771

CURRENT ASSETS

Cash at bank

12

3,673,415

3,508,558

CREDITORS

Amounts falling due within one year

13

3,656,174

3,491,317

NET CURRENT ASSETS

17,241

17,241

TOTAL ASSETS LESS CURRENT LIABILITIES

4,674,012

4,674,012

CAPITAL AND RESERVES

Called up share capital

18

1,103,120

1,103,120

Retained earnings

19

3,570,892

3,570,892

SHAREHOLDERS' FUNDS

4,674,012

4,674,012

Company's profit for the financial year

-

-

The financial statements were approved by the Board of Directors and authorised for issue on 15 December 2025 and were signed on its behalf by:

D M Friend - Director

Called up

share

Retained

Merger

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 July 2023

1,103,120

2,048,337

(17,484,122

)

(14,332,665

)

Changes in equity

Total comprehensive income

-

830,683

-

830,683

Balance at 30 June 2024

1,103,120

2,879,020

(17,484,122

)

(13,501,982

)

Changes in equity

Total comprehensive income

-

1,443,722

-

1,443,722

Balance at 30 June 2025

1,103,120

4,322,742

(17,484,122

)

(12,058,260

)

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 July 2023

1,103,120

3,570,892

4,674,012

Changes in equity

Balance at 30 June 2024

1,103,120

3,570,892

4,674,012

Changes in equity

Balance at 30 June 2025

1,103,120

3,570,892

4,674,012

1.	COMPANY INFORMATION

Michco 1205 Limited was incorporated on 24 July 2012 under the Companies Act 2006, as a private limited company and is registered in England and Wales. The company is a holding company and the Group's principal activity is that of generation of electricity. The address of its head office and registered office is The Long Barn, Manor Courtyard, Stratton-On-The-Fosse, Radstock, England, BA3 4QF.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The presentation currency is £ sterling.

Going concern

The financial statements are prepared on the going concern basis. Management have prepared cashflow forecasts extending at least 12 months from approval of the financial statements which support that the group can meet its liabilities as they fall due.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

-

the requirements of Section 7 Statement of Cash Flows;

-

the requirement of Section 3 Financial Statement Presentation paragraph 3.17(d);

-

the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

-

the requirement of Section 33 Related Party Disclosures paragraph 33.7.

Basis of consolidation

The consolidated financial statements incorporate the results of Michco 1205 Limited and all of its subsidiary undertakings as at 30 June 2025 using the acquisition method of accounting as required. Where the acquisition method is used, the results of subsidiary undertakings are included from the date of acquisition.

In 2012, the group purchased a business which was accounted for as a merger. See note 19 for more details.

Related party exemption

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

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

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date, and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Indication of impairment of investments

Management must use judgement to determine if there any indicators of impairment, triggering an impairment review.

Leases

A lease that does not transfer substantially all of the risks and rewards of ownership is classified as an operating lease and is therefore not included in the statement of financial position.

Other key sources of estimation uncertainty

Recoverable amount of investments

In the event of an impairment review, there are various estimates involved in calculating the recoverable amount of an investment, including expected future cash flows.

Decommissioning costs

As part of the measurement and recognition of assets and liabilities in the year, the company has recognised a provision for decommissioning obligations associated with the solar parks. In determining the present value of the provision, assumptions and estimates are made in relation to the expected cost to dismantle the solar parks, the expected timing and the discount rates.

Amortised cost of loans

The amortised cost is calculated using estimated future cash flows, which include an estimated rate for future inflation. The rate is based on economic information available at the time.

Turnover

Turnover represents consideration receivable for electricity generated in the ordinary course of the group's activities. Revenue is recognised when the electricity is generated. Revenue is shown net of VAT, discounts and rebates.

Tangible fixed assets

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.

The cost of fixed assets recognised includes its purchase price and any cost that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in a manner intended by management.

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over it's useful economic life as follows:

Solar parks

- 4% per annum straight line

Decommissioning provision

- straight line over the remaining life of the operating lease

Motor vehicles

- 20% per annum straight line

The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is adjusted for prospectively.

Fixed assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between net disposal proceeds and the carrying amount is recognised in the Consolidated Income Statement.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in Consolidated Other Comprehensive Income or directly in equity.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Financial instruments

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

Finance income and costs

Finance income and costs are charged to the Consolidated Income Statement over the term of the debt using the effective interest rate method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Operating lease commitments

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the Consolidated Income Statement on a straight line basis over the period of the lease. Any incentives related to the lease have been spread over the life of the lease.

3.

TURNOVER

All revenue comprises income generated from electricity generation by means of photovoltaic cells solely in the UK.

4.	EMPLOYEES AND DIRECTORS

There were no staff costs for the year ended 30 June 2025 nor for the year ended 30 June 2024.

The average number of employees during the year was NIL (2024 - NIL).

2025

2024

£

£

Directors' remuneration

-

-

5.	OPERATING PROFIT

The operating profit is stated after charging:

2025

2024

£

£

Depreciation - owned assets

856,610

858,930

Auditors' remuneration

1,350

1,300

Operating leases

563,246

507,906

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Eurobond interest

3,265,904

3,246,510

Decommissioning interest

49,782

49,115

Other similar charges

-

496

3,315,686

3,296,121

7.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2025

2024

£

£

Current tax:

UK corporation tax

405,384

260,184

Deferred tax

(60,783

)

(51,538

)

Tax on profit

344,601

208,646

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2025

2024

£

£

Profit before tax

1,788,323

1,039,329

Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2024 - 25 %)

447,081

259,832

Effects of:

Utilisation of tax losses

(119,455

)

(69,405

)

Permanent differences

16,975

18,219

Total tax charge

344,601

208,646

The Group has unrelieved trading losses of £Nil (2024: £Nil) carried forward.

8.	INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.

9.	TANGIBLE FIXED ASSETS

Group

Motor

Solar Parks

vehicles

Totals

£

£

£

COST

At 1 July 2024

and 30 June 2025

20,899,596

48,000

20,947,596

DEPRECIATION

At 1 July 2024

9,792,494

36,800

9,829,294

Charge for year

847,010

9,600

856,610

At 30 June 2025

10,639,504

46,400

10,685,904

NET BOOK VALUE

At 30 June 2025

10,260,092

1,600

10,261,692

At 30 June 2024

11,107,102

11,200

11,118,302

The solar parks are secured under a fixed charge in favour of US Bank Trustees Limited, the security trustee to the Eurobond.

Included within the solar parks net book value is the capitalised decommissioning provision which is depreciated over the remaining life of the operating lease.

10.	FIXED ASSET INVESTMENTS

Company

Shares in

group

undertakings

£

COST

At 1 July 2024

and 30 June 2025

4,656,771

NET BOOK VALUE

At 30 June 2025

4,656,771

At 30 June 2024

4,656,771

Subsidiary undertakings

The principal undertakings in which the company's interest at the period end is 20% or more are as follows:

Subsidiary undertakings

Country of incorporation or registration

Class of share capital held

Proportion of share capital held

Nature of business

Michco 1204 Limited

England

Ordinary

100%

Operation of solar parks and provision of finance

Higher Hill Farm (Solar Power) Ltd

England

Ordinary

100%*

Dormant

Park Wood (Solar Power) Limited

England

Ordinary

100%*

Dormant

*- Indirectly held through Michco 1204 Limited.

The total cost above represents the shares in Michco 1204 Limited which are secured by a fixed charge in respect of Eurobond debt provided to the subsidiary undertaking.

The registered office for all of the above companies is The Long Barn, Manor Courtyard, Stratton-On-The-Fosse, Radstock, BA3 4QF.

11.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group

2025

2024

£

£

Trade debtors

2,589,870

527,762

Other debtors

3,963,381

4,924,739

6,553,251

5,452,501

12.	CASH AT BANK

Included within the consolidated cash balances is £4,479,962 (2024: £3,809,111) of cash held in secured restricted accounts with the Facility Agent to the £40m Eurobond debt.

13.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group

Company

2025

2024

2025

2024

£

£

£

£

Other loans (see note 15)

1,011,136

959,892

-

-

Trade creditors

286,636

87,908

-

-

Amounts owed to group undertakings

-

-

3,656,174

3,491,317

Corporation tax

195,218

118,788

-

-

VAT

72,772

44,279

-

-

Other creditors

476,730

394,926

-

-

2,042,492

1,605,793

3,656,174

3,491,317

14.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group

2025

2024

£

£

Other loans (see note 15)

33,942,745

34,765,991