REGISTERED NUMBER: 09964786 (England and Wales)

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

CENTRAL CONNECT TRANSPORT LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

7

Report of the Independent Auditors

9

Consolidated Statement of Income and Retained Earnings

12

Consolidated Balance Sheet

13

Company Balance Sheet

14

Consolidated Cash Flow Statement

15

Notes to the Consolidated Cash Flow Statement

16

Notes to the Consolidated Financial Statements

18

DIRECTORS:

P J Nathanail

D A Rezai-Kalantary

REGISTERED OFFICE:

29 Arboretum Street

Nottingham

Nottinghamshire

NG1 4JA

BUSINESS ADDRESS:

Advanced Technology & Innovation Centre

5 Oakwood Drive

Loughborough

Leicestershire

LE11 3QF

REGISTERED NUMBER:

09964786 (England and Wales)

AUDITORS:

Lemans

Statutory Auditor

29 Arboretum Street

Nottingham

Nottinghamshire

NG1 4JA

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

This strategic report documents the performance, strategy and vision for the company and its subsidiaries (together the Group) for the year ended 31st March 2025. It aims to provide stakeholders with a fair, balanced and understandable review of the group's core operations, risks and opportunities.

This report also sets out how the directors comply with the requirements of Section 172(1) of the Companies Act 2006 and how these requirements have impacted the Board's decision making throughout the period.

REVIEW OF BUSINESS

Business Performance

The group is a leading operator of local bus and coach services across the East of England. Now one of the UK's largest independently owned providers of passenger transport solutions, the group maintain a core aim to deliver reliable high-quality services to passengers across multiple brands.

Key Developments

The group continued to execute a highly successful inorganic growth strategy, building on two strategic acquisitions in FY24 including one of Suffolk's oldest family-run coach businesses, Simonds of Botesdale in May 2024.

Implementing standardisation measures, whilst making small changes to the brand and unique cultures of the acquired businesses continued to be of core strategic importance to the group. Networks benefitted from iterative improvements and fleets from capital expenditure, ensuring passengers receive the same reliable, safe and high-quality transport services post-acquisition remained the directors' top priority.

Following a full strategic review, the directors deemed the school technology division, known as Vectare to be non-core to operations and lacking in synergies with the predominately Public Service Vehicles (PSV) focussed business and was subsequently carved-out of the wider group structure in August 2024.

PRINCIPAL RISKS AND UNCERTAINTIES

Demand

The company continues to face challenges to its core business, including reduced ridership post COVID-19 in the face of hybrid working, combined with the decline in high-street footfalls in response to growth in online shopping.

Government Support

Uncertainty over the medium to long term status and extent of government funding for registered bus services makes forecasting revenues accurately beyond the current financial period very challenging. However, the business continues to grow organically, benefitting from several Section 106 and Community Infrastructure Levy (CIL) funded agreements along with various DfT mileage focussed subsidies.

Technology

Whilst driverless and automated technologies will continue to dominate the headlines in the long-term, the group are actively exploring and developing less disruptive, more iterative, but still effective forms of technological advancement, particularly in the area of data and analytics. The group benefits immensely from being born out of transport SAAS developer Vectare in the last half a decade, from being cloud native, to developing most operational information systems in-house, the group are agile to constantly re-thinking and improve the systems which provide colleagues with maximum efficiency and passengers with maximum satisfaction.

ENGAGEMENT WITH EMPLOYEES

In regards to employees, two-way communication is essential in ensuring all colleagues are informed, engaged and empowered. Throughout the year, regular communications were shared via email, "townhalls" and depot noticeboards. The first edition of the group's quarterly newsletter was circulated in Spring 2025, whereby updates included financial performance, industry trends and customer feedback.

Employee perspectives were integral to the Board's consideration of key decisions, including working conditions, depot investment plans and the group's decarbonisation strategy. Day-to-day, local managers hold regular drop-in sessions to share group updates and gather feedback from employees.

Whilst negative passenger interactions form a key part of day-to-day HR processes, positive interactions are equally celebrated, with positive feedback passed on to drivers who have gone beyond expectations to create positive experiences for drivers.

Post year-end, the arrival of the new Group Finance Director has bought additional structure to the department, with multiple new initiatives aimed at furthering employee engagement, including the planned re-introduction of a regular employee satisfaction survey and employee engagement events recognising colleague achievements.

Equal Opportunities

The group provides equal opportunities in all aspects of employment to ensure that no person is treated less favourably on the grounds of disability. Applications for employment by disabled persons are always fully and fairly considered, bearing in mind the aptitudes and abilities of the individual concerned and the requirements of the role. The Company makes reasonable adjustments where necessary to ensure disabled applicants are not disadvantaged during the recruitment process or are retained and accommodated for where existing employees become disabled during their employment.

The Company is committed to ensuring that disabled employees have equal access to training, development, and promotion opportunities. Training materials and facilities are adapted where necessary, and line managers receive guidance on supporting disabled colleagues' progression. The Company's inclusion strategy reinforces its commitment to a workplace where ability, performance, and potential are the sole bases for advancement.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS

The Board recognises that maintaining strong and sustainable relationships with our key stakeholders, including local authorities, suppliers, customers, and community partners is fundamental to the long-term success of the business.

The Directors regularly meet with local councillors to ensure they understand exactly what the community and their individual passengers expect from our bus services. The group are vehemently committed to the region and so the quality of relationships at all levels with the local authorities that govern them are paramount. The board consult with these partners when planning any major changes to the business, including new acquisitions, network amendments and real estate planning.

Social value is of course a major element of the role of a local bus operator, particularly in the often underserved, rural areas in which the group is a leading player.

STREAMLINED ENERGY AND CARBON REPORTING

Sustainability Strategy

The group are committed to driving growth in a sustainable manner, with the journey to electrification, thereby minimising CO2 emissions being the most discussed talking point on the ESG agenda.

Whilst limited in scale, the introduction of electric vehicles in the East Midlands highlights the group's commitment to environmental sustainability, paving the way for more ambitious electrification plans in the long-term.

Additional investment into brand new, low emission buses and depot infrastructure further supports the group's ongoing desire to mitigate the environmental impact of continuing operations, noting however that travel by bus remains the greener choice for passengers.

Energy and Carbon Reporting

The following information is provided in accordance with the UK Companies (Directors' Report) and Limited Liability Partnerships (Amendment) Regulations 2018, Schedule 7, Section 20D. The figures represent energy consumption and greenhouse gas emissions for activities within the UK for the financial year ended 31 March 2025.

Greenhouse Gas Emissions (Tonnes CO2e)

Source of Emissions

FY25

Combustion of Gas

62

Consumption of fuel for transport purposes

7,302

Purchase of electricity for own use

64

Total emissions (Tonnes CO2e)

7,428

Energy Consumption (kWh)

Source

FY25

Energy consumed from combustion of gas

338,471

Energy consumed from fuel for transport (diesel, biodiesel, gas oil)

29,779,584

Energy consumed from purchased electricity

308,866

Total UK Energy Consumption (kWh)

30,426,921

Methodologies Used

Emissions have been calculated in accordance with the UK Government's Environmental Reporting Guidelines: Including Streamlined Energy and Carbon Reporting Requirements (March 2019), using the 2024 UK Government GHG Conversion Factors for Company Reporting.

- Energy consumption and emissions data relating to fuel used by the vehicle fleet, is derived from actual mileage inputs used to compile BSOG returns, converted to estimated fuel consumption using average MPG (miles per gallon) ratios per vehicle type and to emissions consumption using average KG/KM (kilograms of CO2 per kilometre driven) ratios.

- Electricity and gas usage data are taken from supplier invoices and smart meter readings at the depot level.

Energy Efficiency Measures

During the year, the Company implemented several initiatives aimed at reducing energy consumption and emissions:

- Installed LED lighting and motion sensors across all depots, estimated to reduce electricity usage significantly

- Expanded driver training on fuel-efficient driving techniques

- Educated engineers on correct tyre pressure techniques leading to further efficiencies

Limitations on data

All material sources of energy consumption and emissions within the Company's operational control have been included. Minor exclusions where consumption data is not available at the time of reporting may lead to small differences in the reported figures to actual fuel and emissions consumption. These omissions are not considered material to the overall results.

KEY METRICS

Metric

FY25

FY24

% Change

Group Turnover

£25.0m

£16.0m

56%

Profit Before Tax

£1.7m

£2.5m

(32%

)

Cash at Bank

£2.0m

£1.6m

25%

Net current assets/liabilities

£(1.8m

)

£0.0m

-

Total Debt

£18.9m

£10.9m

73%

Debt:Equity Ratio

5.1

3.8

34%

Capital Expenditure

£8.7m

£4.9m

78%

Colleagues

347

250

39%

Consolidated Statement of Income

The group saw a significant growth in revenues in the period, largely driven by the acquisition of Simonds of Botesdale Limited early in the period, but also thanks to expansion of the local bus network in East Anglia.

Profitability at the operating and net level decreased both from an absolute and a margin perspective, again largely driven by the acquisition of the loss-making subsidiary, compounded by a series of one-off group costs and management initiatives spent integrating the two operations. This short-term investment in resources and time was necessary to unlock the various synergies identified through the acquisition and integration process, which were starting to materialise towards the end of the financial period.

Rising prices have been a major issue across the whole sector over the last few years, with volatile fuel prices, upward pressure on labour costs and driver shortages leading to an erosion of margins in the current year. As such, management have needed to look inwards for cost savings and efficiency gains to compensate.

The group do not currently employ the use of hedges (or any other financial instruments) however as the group grows, the need to reduce volatility of the cost base is becoming more important and as such the finance function are investigating potential methods of fixing input costs in the short to medium term.

Consolidated Balance Sheet

As expected, the acquisition in the period significantly strengthened the group's balance sheet in gross and net terms, mainly driven by the addition of owned and leased PSVs to the fleet via the acquisition and a marked increase in the level of capital expenditure in the period.

In terms of external debt, the group continues to finance operations solely via hire purchase contracts secured on the fleet, meaning no other external debt facilities, such as working capital finance bank debt or long-term cash flow facilities have been used.

The group's cash position, which is closely monitored by the board was robust at year end (£2.0m FY25) as in the prior year (£1.6m FY24). The position improved as a result of both the generating cash profits, but also due to the aforementioned change in the working capital dynamics of the combined group. The group continue to invest this free cash into growing the business and improving the fleet.

FUTURE DEVELOPMENTS

Looking forward to future periods, this highly active M&A strategy remains key to achieving the group's growth goals. Since year-end, the group successfully made its largest acquisition to date, adding Go-Ahead's East Anglian operations under the Konectbus brand. The deal creates a joined-up network of services from Clacton-on-Sea in the South, to Dereham in the North, taking the group to a headcount upward of 800 colleagues and a fleet of over 380 vehicles. A thorough strategic review is currently being undertaken by the board to unlock synergies from the acquisition whilst maintaining service quality.

Post year-end the group also made key senior new-hires to accommodate for the scaling-up of operations and the related complexities which accompany inorganic growth. The group welcomed a new Group Finance Director, whilst shortly after, a highly experienced Health & Safety manager joined at group level to provide additional structure and control in a function that the group have invested heavily in as it has grown.

ON BEHALF OF THE BOARD:

D A Rezai-Kalantary - Director

16 December 2025

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

DIVIDENDS

An interim dividend of £10,000 per share was paid on 30 April 2024 (£10,000 - 20 March 2024). The directors recommend that no final dividend be paid.

On 31 May 2024, as part of a group re-organisation, a dividend in specie of £23,388 was declared. Further details of the group re-organisation during the year can be found in the notes to the accounts.

The total distribution of dividends for the year ended 31 March 2025 amounted to £123,388 (2024 - £100,000).

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

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

P J Nathanail

D A Rezai-Kalantary

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

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

ON BEHALF OF THE BOARD:

D A Rezai-Kalantary - Director

16 December 2025

Opinion

We have audited the financial statements of Central Connect Transport Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the Consolidated Statement of Income and Retained Earnings, Consolidated Balance Sheet, Company Balance Sheet, 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 31 March 2025 and of the group's profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

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

-	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page seven, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:

-

We exercise professional judgment and maintain professional scepticism throughout the planning and performance of the audit;

-

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 entity's internal control;

-

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. We are required to 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.

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

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

Use of our report

This report is made solely to the 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.

Mr Adrian Harby (Senior Statutory Auditor)

for and on behalf of Lemans

Statutory Auditor

29 Arboretum Street

Nottingham

Nottinghamshire

NG1 4JA

16 December 2025

TURNOVER

3

24,962,689

15,965,111

Cost of sales

9,585,475

5,842,274

GROSS PROFIT

15,377,214

10,122,837

Administrative expenses

15,617,247

8,274,300

(240,033

)

1,848,537

Other operating income

2,709,758

1,113,938

OPERATING PROFIT

5

2,469,725

2,962,475

Income from interest in associated undertakings

5,110

-

Interest receivable and similar income

27,241

15,519

32,351

15,519

2,502,076

2,977,994

Amounts written off investments

6

(33,018

)

25,125

2,535,094

2,952,869

Interest payable and similar expenses

7

845,814

425,960

PROFIT BEFORE TAXATION

1,689,280

2,526,909

Tax on profit

8

569,621

558,976

PROFIT FOR THE FINANCIAL YEAR

1,119,659

1,967,933

Retained earnings at beginning of year

2,802,375

934,460

Dividends

10

(123,388

)

(100,000

)

RETAINED EARNINGS FOR THE GROUP AT END OF YEAR

3,798,646

2,802,393

Profit attributable to:

Owners of the parent

1,052,054

1,967,915

Non-controlling interests

67,605

18

1,119,659

1,967,933

FIXED ASSETS

Intangible assets

11

157,844

200,436

Tangible assets

12

16,866,441

9,275,349

Investments

13

Interest in associate

40,110

-

17,064,395

9,475,785

CURRENT ASSETS

Stocks

14

-

12,677

Debtors

15

3,569,532

2,677,412

Cash at bank

2,024,130

1,615,615

5,593,662

4,305,704

CREDITORS

Amounts falling due within one year

16

7,437,638

4,305,532

NET CURRENT (LIABILITIES)/ASSETS

(1,843,976

)

172

TOTAL ASSETS LESS CURRENT LIABILITIES

15,220,419

9,475,957

CREDITORS

Amounts falling due after more than one year

17

(9,079,274

)

(5,059,116

)

PROVISIONS FOR LIABILITIES

21

(2,410,094

)

(1,511,411

)

NET ASSETS

3,731,051

2,905,430

CAPITAL AND RESERVES

Called up share capital

22

10

10

Retained earnings

23

3,731,041

2,802,375

SHAREHOLDERS' FUNDS

3,731,051

2,802,385

NON-CONTROLLING INTERESTS

24

-

103,045

TOTAL EQUITY

3,731,051

2,905,430

The financial statements were approved by the Board of Directors and authorised for issue on 16 December 2025 and were signed on its behalf by:

D A Rezai-Kalantary - Director

FIXED ASSETS

Intangible assets

11

-

-

Tangible assets

12

13,939,594

7,107,586

Investments

13

2,510,292

1,584,313

16,449,886

8,691,899

CURRENT ASSETS

Debtors

15

3,106,941

1,572,684

Cash at bank

1,316,233

1,417,478

4,423,174

2,990,162

CREDITORS

Amounts falling due within one year

16

8,104,427

3,990,418

NET CURRENT LIABILITIES

(3,681,253

)

(1,000,256

)

TOTAL ASSETS LESS CURRENT LIABILITIES

12,768,633

7,691,643

CREDITORS

Amounts falling due after more than one year

17

(8,495,729

)

(4,211,443

)

PROVISIONS FOR LIABILITIES

21

(1,772,506

)

(1,023,460

)

NET ASSETS

2,500,398

2,456,740

CAPITAL AND RESERVES

Called up share capital

22

10

10

Retained earnings

23

2,500,388

2,456,730

SHAREHOLDERS' FUNDS

2,500,398

2,456,740

Company's profit for the financial year

167,046

1,622,270

The financial statements were approved by the Board of Directors and authorised for issue on 16 December 2025 and were signed on its behalf by:

D A Rezai-Kalantary - Director

Cash flows from operating activities

Cash generated from operations

1

2,684,578

2,920,415

Interest paid

(5,637

)

(3,121

)

Interest element of hire purchase payments paid

(840,177

)

(422,839

)

Grants received

2,667,620

1,113,938

Net cash from operating activities

4,506,384

3,608,393

Cash flows from investing activities

Purchase of intangible fixed assets

(55,481

)

(85,349

)

Purchase of tangible fixed assets

(8,732,048

)

(4,881,490

)

Purchase of fixed asset investments

(903,517

)

(1,524,089

)

Sale of tangible fixed assets

209,638

665,523

Cash on acquisition

290,708

588,516

Interest received

27,241

15,519

Dividends received

5,110

-

Net cash from investing activities

(9,158,349

)

(5,221,370

)

Cash flows from financing activities

Loan repayments in year

(142,916

)

(5,185

)

Capital repayments in year

5,326,784

2,262,415

Amount withdrawn by directors

-

(20,000

)

Equity dividends paid

(123,388

)

(100,000

)

Net cash from financing activities

5,060,480

2,137,230

Increase in cash and cash equivalents

408,515

524,253

Cash and cash equivalents at beginning of year

2

1,615,615

1,091,362

Cash and cash equivalents at end of year

2

2,024,130

1,615,615

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

31.3.25

31.3.24

£

£

Profit before taxation

1,689,280

2,526,909

Depreciation charges

2,364,271

1,063,862

Loss on disposal of fixed assets

102,829

194,053

Amounts written off investments

-

25,125

Pre-acquisition profit

(18,891

)

404,713

Government grants

(2,667,620

)

(1,113,938

)

Finance costs

845,814

425,960

Finance income

(32,351

)

(15,519

)

2,283,332

3,511,165

Decrease in stocks

101,305

25,621

Decrease/(increase) in trade and other debtors

38,263

(656,586

)

Increase in trade and other creditors

261,678

40,215

Cash generated from operations

2,684,578

2,920,415

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 31 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

2,024,130

1,615,615

Year ended 31 March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

1,615,615

1,091,362

3.	ANALYSIS OF CHANGES IN NET DEBT

On

At 1.4.24

Cash flow

Acquisition

At 31.3.25

£

£

£

£

Net cash

Cash at bank

1,615,615

117,807

290,708

2,024,130

1,615,615

117,807

290,708

2,024,130

Debt

Finance leases

(7,001,297

)

(5,326,784

)

(67,578

)

(12,395,659

)

Debts falling due

within 1 year

(12,690

)

47,788

(35,098

)

-

Debts falling due

after 1 year

(31,725

)

95,128

(63,403

)

-

(7,045,712

)

(5,183,868

)

(166,079

)

(12,395,659

)

Total

(5,430,097

)

(5,066,061

)

124,629

(10,371,529

)