REGISTERED NUMBER: 14380655 (England and Wales)

Econ Engineering Group Limited

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31st March 2025

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

6

Report of the Independent Auditors

8

Consolidated Income Statement

12

Consolidated Other Comprehensive Income

13

Consolidated Balance Sheet

14

Company Balance Sheet

15

Consolidated Statement of Changes in Equity

16

Company Statement of Changes in Equity

17

Consolidated Cash Flow Statement

18

Notes to the Consolidated Cash Flow Statement

19

Notes to the Consolidated Financial Statements

21

DIRECTORS:

J R Lupton

Mrs B J Shepherd

T Ward

T Lupton

SECRETARY:

Mrs B J Shepherd

REGISTERED OFFICE:

Econ Engineering

Boroughbridge Road

Ripon

North Yorkshire

HG4 1UE

REGISTERED NUMBER:

14380655 (England and Wales)

AUDITORS:

Smailes Goldie

Chartered Accountants

Statutory Auditor

Regent's Court

Princess Street

Hull

East Yorkshire

HU2 8BA

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

REVIEW OF BUSINESS

Econ has had a successful year of trading, with increased operations at Ripon from maximising new technology, increased efficiency and additional plant and machinery. New products including our new electric trailer has been added to our sales catalogue. Our research and development team is continuously looking at improvements and new products to ensure we meet the needs of our customers.

Sowerby Service centre continues to operate at full capacity servicing the hire fleet and preparing vehicles for the Secondhand market. Alloa, Cardiff and Halesworth depots have increased the number of vehicles they can service. This has allowed the company to continue to expand the hire fleet and provide excellent customer service across the country.

Improvement works have continued across our sites with emphasis on lowering our energy usage with significant investment in solar panels at Ripon and Sowerby. Investment in our IT has also been a priority this year and work has commenced on introducing a new bespoke fleet system and upgrading our ERP system.

RESEARCH AND DEVELOPMENT

The technical development team at Econ have been working hard developing our next generation of electric vehicles including the Electric trailer and work is still ongoing to ensure we develop our product range further. Electrification of commercial vehicles are important with the environmental targets set by the government, and we are committed to be able to offer electric winter maintenance vehicles to our customers. Econ continues to research the use of other environmentally friendly vehicle solutions in conjunction with our current electric range.

Other significant work has been undertaken to design a new distributor. The design, testing and manufacturing has been completed, and a patent has been granted this year.

Continuous development of navigational aids to assist drivers and the routes to be gritted are of upmost importance to our customers and Econ are developing control systems which are driver friendly whilst increasing the performance and accuracy of the gritter bodies.

PRINCIPAL RISKS AND UNCERTAINTIES

The management of the business and the execution of the Company's strategy are subject to a number of risks. The key business risks include but not limited to rising costs for materials used in production, availability of components and labour, increase in energy costs, delays and disruption to the company's supply chain, wars and other conflict between Russia and Ukraine.

The company reviews its performance on a monthly basis by reviewing sales, human resources, supply chain, health and safety and market share as well as financial performance.

The company effectively monitors its risk and has systems in place that seeks to limit the effect on financial performance. The company is ISO 9001-2015 accredited and ensures that quality is maintained, and systems are in place to deal with supply chain and production issues.

The company also seeks to protect itself from exposure to regulatory risks in particular areas of product liability and health and safety legislation by closely monitoring technical and regulatory developments.

KPI's

The company's key performance indicators used by Econ are the hire utilisation rates exceeding the 90% barrier, to maintain a market share of 85% of the winter maintenance market (excluding the Highways England Contract), warranty costs being less than 2% of turnover, production rework being less than 1% of production hours, works orders delivered on time to be more than 80% and monitoring the manufacturing routes to increase efficiencies in the manufacturing process. During the year all KPI's were achieved. Once the new ERP system is integrated more KPI's will be reported.

SECTION 172(1) STATEMENT

The Directors have considered the matters set out in s172 part (1) (a) to (f) when performing their duty to promote the success of the company and actively consider the strategy most likely to promote success for its investors for the long term. This strategy has regard to the interests of the company's employees and other stakeholders, including the impact of its activities on our community, the environment and the company's reputation when making key decisions.

We recognise that our employees are an invaluable asset to the company and make every effort to regularly cascade relevant information to them and give an opportunity to them to provide feedback. As a responsible employer, we consider the implications of decisions on our colleagues and strive to provide a safe and rewarding working environment for all employed by the company. We actively encourage participation in Health & Safety training and ensure all colleagues receive training appropriate to their role and responsibilities. This training is available throughout the organisation to enable the company's employees to continue to develop their skill set.

The Directors, and all employees, value our customers, and the provision of high-quality service is at the forefront of our decision making. Our relationship with our suppliers is also highly important to both our strategic goals and our ways of working. We aim to develop long term working relationships with both customers and suppliers by trading with them fairly and transparently, and promoting our mutual success.

STREAMLINED ENERGY AND CARBON REPORTING

This report has been prepared in accordance with the UK Streamlined Energy and Carbon Reporting (SECR) framework and in compliance with The Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018. It sets out Econ Engineering Ltd's greenhouse gas (GHG) emissions, intensity metrics, and carbon reduction actions for the calendar years 2023 and 2024. Data is derived from supplier invoices, meter readings, and fuel purchase records. Emissions are calculated using UK Government GHG Conversion Factors (2023)

Greenhouse Gas Emissions (tCO2e)

2023

2024

Scope 1 (Gas)

336

420

Scope 2 (Electricity)

315

321

Total

8,926

8,776

Reporting methodology

Emissions have been calculated using the UK Government GHG Conversion Factors for Company Reporting (2023). Data sources include energy supplier invoices, meter readings, and fuel purchase records.

The organizational boundary for reporting is based on the operational control approach, meaning Econ Engineering Ltd reports on all emissions from operations where it has full control over policies and practices.

Scopes covered are:

- Scope 1: Direct gas combustion.

- Scope 2: Purchased electricity.

- Scope 3: Transport fuels, heating fuels, and other raw materials.

These represent the main contributors to CO? emissions within the company and are the most quantifiable in relation to our processes, ensuring accuracy and consistency in reporting.

Electricity figures reported are location-based (grid average) and cover all Econ Engineering production and service sites. The company also has renewable electricity generated from on-site photovoltaic (PV) systems; however, as these systems have not yet been in operation for a full reporting year, they have not been reported separately on a market-based basis. Future reporting years will reflect the full contribution of renewable-backed electricity as these installations become established.

This methodology, and the disclosures in this report, comply with the requirements of The Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018.

Completed Carbon Reduction Initiatives

- Commissioning of the new spray booth in the service depot with integrated energy-efficient controls.

- Deployment of waste minimization programs across facilities, including recycling streams and reduced landfill disposal.

- Switch to low-emission company vehicles for non-gritter fleet, cutting fuel consumption and Scope 3 transport emissions.

- Implementation of digital systems to reduce paper use and streamline processes.

- Greenspace and biodiversity projects around the main sites, contributing to offsetting and resilience.

- Behavioral change and workforce training programs on energy efficiency and sustainability.

Future Carbon Reduction Initiatives

- Major PV (solar) expansion across factory and service depots.

- Development and rollout of fully electric gritters and fleet vehicles.

- Installation of heat recovery systems on existing plant.

- Full LED lighting systems across all sites.

- Investment in lower-power plant, machinery, and production tools.

- Supplier and procurement strategy to reduce embodied carbon in raw materials.

ON BEHALF OF THE BOARD:

J R Lupton - Director

11th December 2025

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

DIVIDENDS

The interim dividends for the period ended 31 March 2025 was £2,650,809.

Subsequent to the year end, the Directors approved a dividend of £0.071p a share in relation to financial year 2025.

DIRECTORS

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

J R Lupton

Mrs B J Shepherd

T Ward

T Lupton

GOING CONCERN

The financial statements have been prepared on the going concern basis. In making their assessment, the Directors have considered the financial position of the company and the forecasts and funding available to it over the going concern assessment period to December 2026. The Directors have concluded that there are no indications of material uncertainties that may cast doubt on the company's ability to continue to trade as a going concern and therefore continue to adopt the going concern basis of preparation.

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;

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

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

ON BEHALF OF THE BOARD:

J R Lupton - Director

11th December 2025

Opinion

We have audited the financial statements of Econ Engineering Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st March 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, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 31st 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.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation. An understanding of these laws and regulations and the extent of compliance was obtained through discussion with management and inspecting legal and regulatory correspondence.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

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

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

- tested journal entries to identify unusual transactions;

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

- investigated the rationale behind significant or unusual transactions.

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

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

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

- reviewing correspondence with HMRC, relevant regulators and the company's legal advisors.

Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. 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.

The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the 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.

Matthew Fox FCCA (Senior Statutory Auditor)

for and on behalf of Smailes Goldie

Chartered Accountants

Statutory Auditor

Regent's Court

Princess Street

Hull

East Yorkshire

HU2 8BA

12th December 2025

TURNOVER

58,292,535

55,647,871

Cost of sales

39,534,568

40,485,468

GROSS PROFIT

18,757,967

15,162,403

Distribution costs

1,155,674

1,527,256

Administrative expenses

2,299,556

2,138,181

3,455,230

3,665,437

15,302,737

11,496,966

Other operating income

26,270

19,357

OPERATING PROFIT

4

15,329,007

11,516,323

Exceptional item

5

-

10,099,049

15,329,007

21,615,372

Interest receivable and similar income

1,419,674

1,027,107

16,748,681

22,642,479

Interest payable and similar expenses

6

1,464,133

1,464,081

PROFIT BEFORE TAXATION

15,284,548

21,178,398

Tax on profit

7

4,063,847

2,837,622

PROFIT FOR THE FINANCIAL YEAR

11,220,701

18,340,776

Profit attributable to:

Owners of the parent

11,220,701

18,340,776

PROFIT FOR THE YEAR

11,220,701

18,340,776

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

11,220,701

18,340,776

Total comprehensive income attributable to:

Owners of the parent

11,220,701

18,340,776

FIXED ASSETS

Exceptional item

10

(900,000

)

(1,200,000

)

Tangible assets

11

69,718,716

61,902,300

Investments

12

-

-

Investment property

13

74,010

62,790

68,892,726

60,765,090

CURRENT ASSETS

Stocks

14

6,210,192

5,870,622

Debtors

15

15,960,490

15,728,587

Cash at bank

28,084,703

21,101,280

50,255,385

42,700,489

CREDITORS

Amounts falling due within one year

16

32,402,284

21,890,794

NET CURRENT ASSETS

17,853,101

20,809,695

TOTAL ASSETS LESS CURRENT LIABILITIES

86,745,827

81,574,785

CREDITORS

Amounts falling due after more than one year

17

(18,563,471

)

(22,240,619

)

PROVISIONS FOR LIABILITIES

20

(2,895,119

)

(2,256,314

)

NET ASSETS

65,287,237

57,077,852

CAPITAL AND RESERVES

Called up share capital

21

40,600,000

40,600,000

Retained earnings

22

24,687,237

16,477,852

SHAREHOLDERS' FUNDS

65,287,237

57,077,852

The financial statements were approved by the Board of Directors and authorised for issue on 11th December 2025 and were signed on its behalf by:

J R Lupton - Director

FIXED ASSETS

Exceptional item

10

-

-

Tangible assets

11

-

-

Investments

12

56,323,954

56,323,954

Investment property

13

-

-

56,323,954

56,323,954

CREDITORS

Amounts falling due within one year

16

9,473,821

6,566,961

NET CURRENT LIABILITIES

(9,473,821

)

(6,566,961

)

TOTAL ASSETS LESS CURRENT LIABILITIES

46,850,133

49,756,993

CREDITORS

Amounts falling due after more than one year

17

6,250,133

9,156,993

NET ASSETS

40,600,000

40,600,000

CAPITAL AND RESERVES

Called up share capital

21

40,600,000

40,600,000

SHAREHOLDERS' FUNDS

40,600,000

40,600,000

Company's profit for the financial year

3,011,316

1,862,924

The financial statements were approved by the Board of Directors and authorised for issue on 11th December 2025 and were signed on its behalf by:

J R Lupton - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Changes in equity

Issue of share capital

40,600,000

-

40,600,000

Dividends

-

(1,862,924

)

(1,862,924

)

Total comprehensive income

-

18,340,776

18,340,776

Balance at 31st March 2024

40,600,000

16,477,852

57,077,852

Changes in equity

Dividends

-

(3,011,316

)

(3,011,316

)

Total comprehensive income

-

11,220,701

11,220,701

Balance at 31st March 2025

40,600,000

24,687,237

65,287,237

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Changes in equity

Issue of share capital

40,600,000

-

40,600,000

Dividends

-

(1,862,924

)

(1,862,924

)

Total comprehensive income

-

1,862,924

1,862,924

Balance at 31st March 2024

40,600,000

-

40,600,000

Changes in equity

Dividends

-

(3,011,316

)

(3,011,316

)

Total comprehensive income

-

3,011,316

3,011,316

Balance at 31st March 2025

40,600,000

-

40,600,000

Cash flows from operating activities

Cash generated from operations

1

20,946,161

23,359,143

Interest paid

(121,234

)

(150,496

)

Interest element of hire purchase payments paid

(1,321,899

)

(1,291,549

)

Finance costs paid

(21,000

)

(22,036

)

Tax paid

3,227,647

(2,707,182

)

Net cash from operating activities

22,709,675

19,187,880

Cash flows from investing activities

Purchase of intangible fixed assets

-

14,161,007

Purchase of tangible fixed assets

(23,601,818

)

(20,079,284

)

Purchase of fixed asset investments

-

(56,323,952

)

Purchase of investment property

(11,220

)

-

Sale of tangible fixed assets

7,343,293

4,184,410

Cash acquired in subsidiary acquisition

-

20,062,029

Interest received

1,419,674

1,027,107

Net cash from investing activities

(14,850,071

)

(36,968,683

)

Cash flows from financing activities

Capital repayments in year

2,135,135

(1,254,993

)

Share issue

-

42,000,000

Equity dividends paid

(3,011,316

)

(1,862,924

)

Net cash from financing activities

(876,181

)

38,882,083

Increase in cash and cash equivalents

6,983,423

21,101,280

Cash and cash equivalents at beginning of year

2

21,101,280

-

Cash and cash equivalents at end of year

2

28,084,703

21,101,280

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

Period

27.9.22

Year ended

to

31.3.25

31.3.24

£

£

Profit before taxation

15,284,548

21,178,398

Depreciation charges

14,842,465

13,320,599

Profit on disposal of fixed assets

(6,400,355

)

(3,301,998

)

Exceptional item

-

(10,099,049

)

Amortisation of intangible fixed assets

(300,000

)

-

Finance costs

1,464,133

1,464,081

Finance income

(1,419,674

)

(1,027,107

)

23,471,117

21,534,924

(Increase)/decrease in stocks

(339,570

)

694,014

Increase in trade and other debtors

(231,903

)

(4,414,823

)

(Decrease)/increase in trade and other creditors

(1,953,483

)

5,545,028

Cash generated from operations

20,946,161

23,359,143

2.	CASH AND CASH EQUIVALENTS

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

Year ended 31st March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

28,084,703

21,101,280

Period ended 31st March 2024

31.3.24

27.9.22

£

£

Cash and cash equivalents

21,101,280

-

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Cash at bank

21,101,280

6,983,423

28,084,703

21,101,280

6,983,423

28,084,703

Debt

Finance leases

(22,948,355

)

(2,135,135

)

(25,083,490

)

Debts falling due after 1 year

(1,400,000

)

-

(1,400,000

)

(24,348,355

)

(2,135,135

)

(26,483,490

)

Total

(3,247,075

)

4,848,288

1,601,213