REGISTERED NUMBER: 04156069 (England and Wales)

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 30 June 2025

for

MGF LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

6

Report of the Independent Auditors

9

Consolidated Statement of 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

20

Directors:

J Durr

J H Tully

C Whitworth

J G Woodward

Secretary:

K J Harrison

Registered office:

Grant House,

South Lancashire Industrial Estate

Lockett Road

Wigan

Lancashire

WN4 8DE

Registered number:

04156069 (England and Wales)

Auditors:

S&W Audit

Northern Assurance Buildings

9-21 Princess Street

Manchester

M2 4DN

The directors present their strategic report of the Company and the Group for the year ended 30 June 2025.

Fair review of business

Our goal is to be the leading manufacturer and supplier of specialist engineered solutions for excavation, lifting, and structural support within the construction industry. With over four decades of experience, MGF has built a reputation as an industry innovator dedicated to excellence. Through a collaborative approach, we deliver engineering solutions that not only meet but exceed industry standards, ensuring our customers receive high-quality, reliable equipment every time.

Our commitment to exceeding customer expectations has driven strong financial performance. The Group is reporting net profit before taxation of £25,839,362 (2024: £22,907,151) and net profit before tax plus depreciation of £31,901,978 (2024: £28,232,962). The directors are pleased with these results and believe they are a direct result of the exceptional customer service the Group's employees deliver day after day.

The Group's overall performance is heavily reliant on the trading performance of its core business, MGF (Trench Construction Systems) Limited, which recorded an increased net profit before taxation of £19,326,894 (2024: £15,880,632). This strong profitability has resulted from substantially increased revenues, driven by significant investment from the UK water industry and the development of notable export activity during the year. Both gross and operating profit margins also showed slight improvement. The directors remain confident that MGF (Trench Construction Systems) Limited is well positioned to reinforce its leadership in its core markets while accelerating growth through the related, diversified activities it has successfully developed in recent years.

The Group's trading results were complemented by gains of £5,248,269 (2024: £6,461,375) from its holdings of financial securities, reflecting positive if volatile global market conditions driven by earnings growth together with falling inflation and interest rates. These returns contributed meaningfully to overall results and were in line with the directors' expectations, underscoring the resilience of the Group's investment strategy.

Looking ahead, while valuations across many asset classes appear stretched, the Board anticipates that returns from financial securities will keep pace with inflation over the medium term. Consequently, the Group remains committed to its strategy of maintaining significant holdings in financial securities alongside cash reserves. This approach ensures flexibility to seize strategic opportunities without reliance on external funding - a strategy that has consistently contributed to our success.

The directors believe this disciplined approach, combined with a strong balance sheet and prudent risk management, positions the Group to deliver sustainable growth and long-term shareholder value.

Principal risks and uncertainties

The principal risks faced by the business are:

- Adverse economic conditions.

- Credit risk - difficulty collecting trade receivables.

- Competitor actions.

- Legislative changes.

- Health & safety risks.

- Product obsolescence.

- Business continuity.

- Control failures.

The Group operates in diverse markets and proactively manages risks through robust frameworks and governance. Our objectives focus on:

- Aligning risk management with strategic goals to maximise value and resilience.

- Driving continuous improvement and informed decision-making.

- Prioritising resources for critical and emerging risks.

- Maintaining competitive advantage through proactive opportunity management.

- Strengthening operational effectiveness via investment in controls and compliance.

- Building stakeholder trust by mitigating major risks whilst delivering our objectives.

- Ensuring full regulatory compliance and maintaining accreditations.

Notwithstanding the above, the Group also maintains a strong balance sheet to respond effectively to unforeseen risks and uncertainties.

Section 172(1) statement

Section 172 of the Companies Act 2006 requires a director of a Group to act in the way he or she considers, in good faith, would most likely promote the success of the Group for the benefit of its members as a whole. In doing this, section 172 requires the directors to have regard to, amongst other matters:

- the likely consequences of any decisions in the long-term;

- the interests of the Group's employees;

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

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

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

- the need to act fairly as between the members of the Group.

In discharging their section 172 duties, the directors have given regard to all the matters set out above and have adopted the following core values:

Collaborative:

building partnerships / trusted provider / passionate / communication

Responsible:

safety / high quality products / engineering excellence / reliable

Dedicated:

customer-centric / environmentally led / our people / well-being

Groundbreaking:

innovative / evolving / industry leading / solutions provider

The directors are regularly provided with information by way of written reports and meetings with the Group's executive leadership teams. Such engagement allows them to regularly:

- set, approve and execute business strategy, plans and policies;

- review business performance;

- manage risk; and

- make decisions relating to material business initiatives and other matters.

The Group's key stakeholders are its shareholders, employees, customers and suppliers and the directors have regard to the views of all these stakeholders in their decision making. Engagement with these stakeholders occurs through various channels, including:

Shareholders:

Monthly performance reporting and regular meetings with the directors.

Employees:

The Group provides regular briefings, rolled out by team leaders, which inform all employees of recent developments and future plans and seeks feedback from them on all aspects of the business. In addition, an anonymous feedback comment card system is in operation at all the Group's places of work. This is primarily aimed at providing focus on health and safety in the workplace but is also used to receive suggestions from employees on any ways in which their wellbeing could be improved.

Customers:

The Group enhances its relationships with its customers through site meetings, attendance at trade conferences and free professional development sessions via webinars or 'lunch and learn' sessions.

Suppliers:

The Group maintains close relationships with its suppliers though regular feedback and periodic meetings. Contract terms ensure that the interests of the Group and its suppliers are closely aligned.

Amongst others, the Group has ISO9001, ISO14001 and ISO 45001 accreditations, which demonstrates the directors' commitment to promoting continual improvement in the management of quality, environmental and occupational health and safety matters.

Future developments

Housebuilding, a significant source of the Group's revenues, remained subdued throughout the last financial year amid general economic uncertainty. The outlook for housebuilding is also cautious, with a projected slight contraction in 2025 followed by a gradual recovery in 2026, supported by expected interest rate cuts and government infrastructure projects, though significant challenges remain. Demand is held back by stretched affordability, while on the supply side, constraints and a collapse in planning consents are slowing down delivery, despite policy efforts.

In the Group's key infrastructure sectors, the outlook remains extremely promising. The water industry's watchdog for England and Wales, Ofwat, determines five yearly spending programmes for the various water companies, termed Asset Management Programmes (AMP). The latest of these, AMP7 delivered significant revenues during the last financial year before ending in April 2025, and its successor AMP8 began, with a planned spend of £104bn, almost double that of AMP7. Although these spending programmes tend to be back end loaded, with very little being spent in the first year or so, the sheer scale of AMP8 should provide the Group's core markets with ample work over the next five years and an increase in workload expected from spring 2026 onwards.

The similarly determined five yearly spending plans of the rail sector is also underway with Control Period 7 expected to see £45bn spent between April 2024 and March 2029. Network Rail's £8.8bn spend in the first year of CP7 was down about 5% on the prior year, but unlike CP6, CP7 does not cover major infrastructure improvements and enhancements, but rather the operation, maintenance, and renewal of existing rail infrastructure. Hence, the UK Government's June 2025 spending review that announced £10bn for rail infrastructure improvements alongside long-term projects such as the TransPennine Route Upgrade and East West Rail was extremely welcome news and again provides a solid pipeline of work for the Group over the next few years. Likewise, the continued spend on HS2 and the revenues from it continue to be strong and are expected to be so for a number of years to come.

In the energy and transmission sectors, the UK's commitment to invest approximately £40bn annually between 2025 and 2030 to upgrade its electricity grid, coupled with projects like Sizewell C, will drive demand for our specialist solutions.

Internationally, our strategic partnership with National Trench Safety (NTS) in the United States is gaining momentum, creating a new revenue channel and expanding our global footprint. This collaboration involves NTS distributing the Group's advanced hydraulic bracing systems and other products in the United States, expanding our market reach. Further overseas opportunities are being actively explored to diversify and strengthen our growth trajectory.

As described above, the Group's core infrastructure markets present significant long-term potential. That coupled with the anticipated expansion of overseas markets means the directors remain confident in delivering sustainable growth and long-term value for shareholders, supported by continued investment in people, innovation, and operational capacity.

Development and performance

The Group and its directors remain committed to growth and keeping at the forefront of the UK shoring market but are increasingly seeking to exploit overseas opportunities that allow it leverage its intellectual property and core competencies. Alongside this, in the UK significant growth is also being pursued in its Structural Support Solutions and Lifting divisions with the aim of achieving truly national coverage and becoming a leading supplier in both markets.

Whilst growth or consolidation of its position in all its markets remains the primary focus of the Group's strategic plans, it continues to seek out other opportunities in new and related markets, where it can leverage its core skills of temporary works design and asset rental.

Key performance indicators

Profitability and net profit before tax plus depreciation are the principal key performance indicators (KPI's) monitored by the directors, and these are included in the fair review of the business above.

Going concern

The directors have considered a range of possible scenarios for a period of at least 12 months from the date of signature of the financial statements. The directors are satisfied that the Group will be able to continue to operate as a going concern for the foreseeable future.

The going concern basis of preparation of these financial statements is discussed further in the Accounting Policies note.

On behalf of the board:

J G Woodward - Director

19 December 2025

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

Results

The profit for the year, after taxation, was £19,965,199 (2024: £17,701,565).

Principal activity

The principal activity of the group in the year under review was that of the design, manufacture and distribution of specialised excavation support equipment for both hire and sale to the civil engineering and construction industries. Principal activities include the sale of both new and used equipment.

Dividends

The Company paid a dividend of £5,256,825 in the year (2024: £4,239,375).

Directors

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

J Durr

J H Tully

C Whitworth

Other changes in directors holding office are as follows:

M O'Hara - resigned 3 May 2025

G Nowicki - resigned 31 March 2025

J G Woodward - appointed 30 June 2025

Disabled employees

The Group's policy is to not discriminate against disabled workers. All necessary assistance with initial training courses is given. Once employed, a career plan is developed so as to ensure suitable opportunities for each disabled person. Arrangements are made, wherever possible, for retaining employees who become disabled, to enable them to perform work identified as appropriate to their aptitudes and abilities

Strategic report

The information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 has been included in the separate Strategic Report in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013.

Energy and emissions

In accordance with the Companies (Directors' Report) Regulations 2018, the Group has prepared the following energy and carbon declaration detailing its UK energy consumption and greenhouse emissions in respect of natural gas, electricity and transport fuel.

The directors ensure that the Group continually records and reviews its energy usage and regularly considers ways in which it can reduce its CO2e emissions. Such reduction measures taken in the year include the phasing out of diesel cars, in favour of hybrid and full electric vehicles, and the installation of electric vehicle charging points at several of the Group's premises. Further details of the Group's road map to net zero carbon are available on its website.

The Group's main trading company, MGF (Trench Construction Systems) Limited, is registered and compliant with the Energy Saving Opportunities Scheme, has the ISO14001 accreditation and also holds Gold Membership of the Supply Chain Sustainability School which involves working with customers and suppliers to reduce our combined energy consumption.

Methodology

The following standards have been used in the calculation of the disclosures below:

- March 2019 UK Government's Environmental Reporting Guidelines

- Greenhouse Gas (GHG) Reporting Protocol - Corporate Standard

- UK Government's Conversion Factors for Company Reporting (2025)

In the year the Group's calculated total gas and electricity energy usage was 1,561,481 kWh (2024: 1,684,570 kWh). Its total CO2e emissions were 2,845 tonnes (2024: 2,760 tonnes) which is equivalent to 43 tonnes per million pounds of turnover (2024: 50 tonnes), excluding any emissions associated with getting fuel from well-to-tank.

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.

On behalf of the board:

J G Woodward - Director

19 December 2025

Opinion

We have audited the financial statements of MGF Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2025 which comprise the Consolidated Statement of 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 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 other information comprises the information included in the report of the directors, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the report of the directors. 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. 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 course of 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.

We obtained a general understanding of the company's legal and regulatory framework through enquiry of management concerning their understanding of relevant laws and regulations, the entity's policies and procedures regarding compliance, and how they identify, evaluate and account for litigation cliams. We also drew on our existing understanding of the company's industry and regulation.

We understand that the company complies with the framework through outsourcing accounts preparation and tax compliance to external experts.

In the context of the audit, we considered those laws and regulations which determine the form and content of the financial statements, which are central to the company's ability to conduct its business, and where there is a risk that failure to comply could result in material penalties. We identified the following laws and regulations as being of significance in the context of the company:

- The Companies Act 2006 and FRS 102 in respect of the preparation and presentation of the financial statements

- UK taxation law

- ISO, FORS and ROSPA accreditation

The senior statutory auditor led a discussion with senior members of the engagement team regarding the susceptibility of the entity's financial statements to material misstatement including how fraud might occur. The areas identified in this discussion were:

- Manipulation of financial statements, especially revenue via fraudulent entries.

These areas were communicated to the other members of the engagement team not present at the discussion.

The procedures we carried out to gain evidence in the above areas included:

- Substantive work on material areas affecting profits;

-Revenue recognition, to ensure cut off we have sampled sales invoices bordering the year end, in addition to performing analytical procedures on the average daily hire revenue , aswell as a reconciliation of revenue recognised per Insphire to revenue recognised per financial statement, investigating any material adjustments and testing a sample of contracts to gain comfort over completness of revenue.

- Testing journal entries, focusing particularly on posting to unexpected or unusual accounts and those posted at unusual items.

Overall, the senior statutory auditor was satisfied that the engagement team collectively had the appropriate competence and capabilities to identify or recognise irregularities.

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.

Antony Sassen (Senior Statutory Auditor)

for and on behalf of S&W Audit

Northern Assurance Buildings

9-21 Princess Street

Manchester

M2 4DN

19 December 2025

Turnover

5

65,918,195

55,428,397

Cost of sales

(12,827,396

)

(10,084,079

)

Gross profit

53,090,799

45,344,318

Administrative expenses

(32,513,199

)

(29,050,361

)

20,577,600

16,293,957

Fair value gains on investments

3,626,660

5,012,722

Operating profit

8

24,204,260

21,306,679

Income from listed investments net of management fees

1,621,609

1,448,653

Interest receivable and similar income

9

90,470

152,308

25,916,339

22,907,640

Interest payable and similar expenses

10

(76,977

)

(491

)

Profit before taxation

25,839,362

22,907,149

Tax on profit

11

(5,874,163

)

(5,205,586

)

Profit for the financial year

19,965,199

17,701,563

Fixed assets

Tangible assets

14

50,203,835

42,465,704

Investments

15

70,430,319

61,501,240

120,634,154

103,966,944

Current assets

Stocks

16

4,186,043

5,665,733

Debtors

17

11,979,982

13,214,632

Investments

18

21,322,475

20,961,438

Cash and cash equivalents

3,415,038

2,267,188

40,903,538

42,108,991

Creditors

Amounts falling due within one year

19

10,512,710

10,692,273

Net current assets

30,390,828

31,416,718

Total assets less current liabilities

151,024,982

135,383,662

Provisions for liabilities

20

5,559,859

4,626,913

Net assets

145,465,123

130,756,749

Capital and reserves

Called up share capital

21

4,845

4,845

Merger reserve

22

21,655

21,655

Capital redemption reserve

22

1,500

1,500

Retained earnings

22

145,437,123

130,728,749

Shareholders' funds

145,465,123

130,756,749

The financial statements were approved by the Board of Directors and authorised for issue on 19 December 2025 and were signed on its behalf by:

J G Woodward - Director

Fixed assets

Tangible assets

14

-

-

Investments

15

70,436,833

61,507,754

70,436,833

61,507,754

Current assets

Debtors

17

16,531,605

12,429,941

Investments

18

21,322,475

20,961,438

Cash at bank

1,650,998

1,148,065

39,505,078

34,539,444

Creditors

Amounts falling due within one year

19

331,967

57,070

Net current assets

39,173,111

34,482,374

Total assets less current liabilities

109,609,944

95,990,128

Provisions for liabilities

20

2,809,413

2,454,426

Net assets

106,800,531

93,535,702

Capital and reserves

Called up share capital

21

4,845

4,845

Capital redemption reserve

22

1,500

1,500

Retained earnings

22

106,794,186

93,529,357

Shareholders' funds

106,800,531

93,535,702

Company's profit for the financial year

18,521,654

17,987,633

The financial statements were approved by the Board of Directors and authorised for issue on 19 December 2025 and were signed on its behalf by:

J G Woodward - Director

Called up

Capital

share

Retained

Merger

redemption

Total

capital

earnings

reserve

reserve

equity

£

£

£

£

£

Balance at 1 July 2023

4,845

117,266,561

21,655

1,500

117,294,561

Changes in equity

Dividends

-

(4,239,375

)

-

-

(4,239,375

)

Total comprehensive income

-

17,701,563

-

-

17,701,563

Balance at 30 June 2024

4,845

130,728,749

21,655

1,500

130,756,749

Changes in equity

Dividends

-

(5,256,825

)

-

-

(5,256,825

)

Total comprehensive income

-

19,965,199

-

-

19,965,199

Balance at 30 June 2025

4,845

145,437,123

21,655

1,500

145,465,123

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 July 2023

4,845

79,781,099

1,500

79,787,444

Changes in equity

Dividends

-

(4,239,375

)

-

(4,239,375

)

Total comprehensive income

-

17,987,633

-

17,987,633

Balance at 30 June 2024

4,845

93,529,357

1,500

93,535,702

Changes in equity

Dividends

-

(5,256,825

)

-

(5,256,825

)

Total comprehensive income

-

18,521,654

-

18,521,654

Balance at 30 June 2025

4,845

106,794,186

1,500

106,800,531

Cash flows from operating activities

Cash generated from operations

1

23,030,196

18,909,791

Interest paid

(76,977

)

(491

)

Tax paid

(4,972,913

)

(3,709,614

)

Net cash from operating activities

17,980,306

15,199,686

Cash flows from investing activities

Purchase of tangible fixed assets

(7,805,025

)

(7,537,383

)

Purchase of fixed asset investments

(16,971,997

)

(14,627,712

)

Sale of tangible fixed assets

196,885

192,751

Sale of fixed asset investments

11,669,578

13,452,364

Purchase of current asset investments

(5,361,037

)

(7,274,979

)

Sale of current asset investments

5,000,000

2,000,000

Interest received

90,470

152,308

Dividends received

1,621,609

1,448,653

Net cash from investing activities

(11,559,517

)

(12,193,998

)

Cash flows from financing activities

Capital introduced in the year

-

307,661

Amount withdrawn by directors

(16,114

)

-

Equity dividends paid

(5,256,825

)

(4,239,375

)

Net cash from financing activities

(5,272,939

)

(3,931,714

)

Increase/(decrease) in cash and cash equivalents

1,147,850

(926,026

)

Cash and cash equivalents at beginning of year

2

2,267,188

3,193,214

Cash and cash equivalents at end of year

2

3,415,038

2,267,188

1.	Reconciliation of profit before taxation to cash generated from operations

2025

2024

£

£

Profit before taxation

25,839,362

22,907,149

Depreciation charges

6,062,615

5,325,811

Profit on disposal of fixed assets

(132,013

)

(130,949

)

Gain on revaluation of fixed assets

(3,626,660

)

(5,012,722

)

Net book value of hire fleet transferred

2,270,178

2,716,014

Purchase of plant & machinery assets

(8,340,264

)

(7,302,138

)

Finance costs

76,977

491

Finance income

(1,712,079

)

(1,600,961

)

20,438,116

16,902,695

Decrease in stocks

1,479,690

505,651

Decrease/(increase) in trade and other debtors

1,249,389

(2,525,125

)

(Decrease)/increase in trade and other creditors

(136,999

)

4,026,570

Cash generated from operations

23,030,196

18,909,791

2.	Cash and cash equivalents

The amounts disclosed on the Cash Flow Statement relates to the cash held at bank and in hand. The cash and cash equivalents in respect of the Balance Sheet amounts are:

2025

2024

£

£

Cash at bank and in hand

3,415,038

2,267,188

Short term deposits (included in current asset investments)

21,322,475

20,961,438

24,737,513

23,228,626

3.	Analysis of changes in net funds

At 1/7/24

Cash flow

At 30/6/25

£

£

£

Net cash

Cash and cash equivalents

2,267,188

1,147,850

3,415,038

2,267,188

1,147,850

3,415,038

Liquid resources

Current asset investments

20,961,438

361,037

21,322,475

20,961,438

361,037

21,322,475

Total

23,228,626

1,508,887

24,737,513