REGISTERED NUMBER: 04874009 (England and Wales)

Constellation Cold Logistics UK Limited

Strategic Report, Report of the Directors and

Audited Financial Statements for the Year Ended 31st December 2024

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Income Statement

9

Other Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Notes to the Financial Statements

13

DIRECTORS:

Mr T Hughes

Mrs S Ireland

REGISTERED OFFICE:

Birchin Way

Grimsby

NE Lincolnshire

DN31 2SG

REGISTERED NUMBER:

04874009 (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 for the year ended 31st December 2024.

REVIEW OF BUSINESS

The principal activity is the operation of cold storage premises located in Grimsby, Redditch, Wolverhampton and Tewkesbury and the subsequent transport services from these storage locations out to its customers. Supplies are entirely within the UK.

The key financial performance indicators during the year were as follows:

2024

2023

Change

£

£

%

Turnover

23,979,006

20,728,268

+16%

Operating (loss)/profit

(2,287,488

)

572,442

-499%

(Loss) after tax

(7,228,126

)

(678,388

)

-965%

Equity shareholders funds

10,020,165

17,248,291

-42%

During the year the transport assets of Constellation Cold Logistics UK 2 Limited were hived up into the company, transport in Grimsby from 1 May and in Wolverhampton from 1 June. This has led to an increase in turnover during the year.

Higher costs, ultimately driven by the age of the assets transferred under the hive up, have driven the operating loss during the year.

On 24th June it was announced that the ultimate parent company, Arcus Infrastructure Partners, had agreed to sell the whole of the Constellation Cold Group to EQT, a global investment organisation with assets in Europe, Asia-Pacific and the Americas. The acquisition completed on 31 October 2024.

PRINCIPAL RISKS AND UNCERTAINTIES

The company's activities expose it to a number of financial risks including cash flow risk.

Liquidity risk

In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the company utilises available resources with support from close related parties. Effective cash flow forecasting is sufficient to enable the effective provision of resources and any significant cash outflows are adequately budgeted for.

Energy costs

Due to high levels of electricity required to run the cold stores, and fuel for haulage operations, the directors monitor prices regularly and take steps to mitigate the effect of price increases on profitability.

FUTURE DEVELOPMENTS

The directors anticipate that the business environment will remain competitive. They believe that the company is in a good position and that the risks that have been identified are being well managed. The directors are confident in the company's ability to maintain and build on the current position.

FINANCIAL INSTRUMENTS

The company has a normal level of exposure to price, credit, liquidity and cash flow risks arising from trading activities which are almost entirely conducted in sterling. The company does not enter into any formally designated hedging arrangements.

The company has, for a number of years, used invoice discounting to assist working capital, however, from October 2024, following the purchase of the Constellation Cold Group of companies by EQT, this method of financing has ceased.

EVENTS SINCE THE YEAR END

The business of Constellation Cold Logistics UK 2 Limited has been hived up into Constellation Cold Logistics UK Limited, in three stages with the final stage being completed in January 2025. The assets of the transport business were transferred, being limited to trucks and trailers and this was done on 1 May 2024 for the transport function in Grimsby and on 1 June 2024 for the function in Wolverhampton. All cold store assets were hived up from 1 January 2025, leaving the hive up process complete.

During 2024, the development of a new cold store commenced at the Estate Road 2, Grimsby location. This building went live in September 2025. During 2025 the site has switched to using the new plant installed as part of the new 36,000 pallet Estate Road 2 facility, leading to an enhanced efficient consumption of energy. The solar panels installed as part of this expansion is expected to go live in January 2026.

During July and August 2025, the company took delivery of 22 tractor units, in addition, the company took delivery of 43 trailers in November 2025.

A planning application for a new cold store on the Wolverhampton site has been submitted in 2025, this is expected to break ground in 2026.

ON BEHALF OF THE BOARD:

Mr T Hughes - Director

23rd December 2025

The directors present their report with the financial statements of the company for the year ended 31st December 2024.

DIVIDENDS

No dividends will be distributed for the year ended 31st December 2024.

DIRECTORS

The directors who have held office during the period from 1st January 2024 to the date of this report are as follows:

Mr A J Howard - resigned 31st October 2024

Mrs A Wiltshire - appointed 23rd August 2024

Mr T Hughes - appointed 23rd October 2024

Mrs S Ireland was appointed as a director after 31st December 2024 but prior to the date of this report.

Mrs A Wiltshire ceased to be a director after 31st December 2024 but prior to the date of this report.

GOING CONCERN

At the year end the company reported a loss before tax of £7,228,126 (2023: loss £816,692) and net current liabilities of £54,235,388 (2023: net current liabilities £15,662,016) which gives rise to a going concern risk. Accordingly, the directors have prepared financial forecasts covering a period of beyond 12 months from the date these financial statements were approved in conjunction with a turnaround plan for the business. The financial forecasts show that the business remains reliant on the continued financial support from the company's ultimate parent company. As such confirmation has been received from the ultimate controlling parent pledging their continued financial support through a period of 12 months from the date of approval of these financial statements.

The above factors have led the directors to conclude that the going concern basis remains appropriate.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the 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 of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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 company'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 company'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:

Mr T Hughes - Director

23rd December 2025

Opinion

We have audited the financial statements of Constellation Cold Logistics UK Limited (the 'company') for the year ended 31st December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31st December 2024 and of its loss 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 company 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 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 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 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 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or

-	the 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 four, 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 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 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:

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, tax 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; and

-

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

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

23rd December 2025

TURNOVER

23,979,006

20,728,268

Cost of sales

15,767,483

11,148,253

GROSS PROFIT

8,211,523

9,580,015

Administrative expenses

14,347,067

9,616,060

(6,135,544

)

(36,045

)

Other operating income

792,805

608,487

OPERATING (LOSS)/PROFIT

4

(5,342,739

)

572,442

Exceptional item

5

-

41,958

(5,342,739

)

530,484

Interest payable and similar expenses

6

1,885,387

1,347,176

LOSS BEFORE TAXATION

(7,228,126

)

(816,692

)

Tax on loss

7

-

(138,304

)

LOSS FOR THE FINANCIAL YEAR

(7,228,126

)

(678,388

)

LOSS FOR THE YEAR

(7,228,126

)

(678,388

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(7,228,126

)

(678,388

)

FIXED ASSETS

Tangible assets

8

52,216,673

29,306,822

Investments

9

21,784,464

25,600,809

74,001,137

54,907,631

CURRENT ASSETS

Stocks

10

97,436

85,205

Debtors

11

7,931,034

5,481,929

Cash at bank and in hand

708,159

315

8,736,629

5,567,449

CREDITORS

Amounts falling due within one year

12

62,972,017

21,229,465

NET CURRENT LIABILITIES

(54,235,388

)

(15,662,016

)

TOTAL ASSETS LESS CURRENT LIABILITIES

19,765,749

39,245,615

CREDITORS

Amounts falling due after more than one year

13

(7,879,230

)

(20,130,970

)

PROVISIONS FOR LIABILITIES

17

(1,866,354

)

(1,866,354

)

NET ASSETS

10,020,165

17,248,291

CAPITAL AND RESERVES

Called up share capital

18

1,716

1,716

Share premium

19

13,404,996

13,404,996

Merger reserve

19

2,999,870

2,999,870

Retained earnings

19

(6,386,417

)

841,709

SHAREHOLDERS' FUNDS

10,020,165

17,248,291

The financial statements were approved by the Board of Directors and authorised for issue on 23rd December 2025 and were signed on its behalf by:

Mr T Hughes - Director

Called up

share

Retained

Share

Merger

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1st January 2023

1,133

1,520,097

-

2,999,870

4,521,100

Changes in equity

Issue of share capital

583

-

13,404,996

-

13,405,579

Total comprehensive income

-

(678,388

)

-

-

(678,388

)

Balance at 31st December 2023

1,716

841,709

13,404,996

2,999,870

17,248,291

Changes in equity

Total comprehensive income

-

(7,228,126

)

-

-

(7,228,126

)

Balance at 31st December 2024

1,716

(6,386,417

)

13,404,996

2,999,870

10,020,165

1.	STATUTORY INFORMATION

Constellation Cold Logistics UK Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Going Concern

At the year end the company reported a loss before tax of £7,228,126 (2023: £816,692) and net current liabilities of £54,235,388 (2023: £15,662,016) which gives rise to a going concern risk. Accordingly, the directors have prepared financial forecasts covering a period beyond 12 months from the date these financial statements were approved in conjunction with a turnaround plan for the business. The financial forecasts show that the business remains reliant on the continued financial support from the company's ultimate parent company. As such confirmation has been received from the ultimate controlling parent pledging their continued financial support through a period of 12 months from the date of approval of these financial statements.

The above factors have led the directors to conclude that the going concern basis remains appropriate.

Financial Reporting Standard 102 - reduced disclosure exemptions

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

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of paragraph 3.17(d);

•

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

•

the requirement of paragraph 33.7.

Preparation of consolidated financial statements

The financial statements contain information about Constellation Cold Logistics UK Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption

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

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset (once brought into use) over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold Property

- 20% on cost and 5% on cost

Improvement to Property

- 20% on cost and 5% on cost

Plant and Machinery

- 33% on cost and 20% on cost

Fixtures and Fittings

- 33% on cost and 20% on cost

Motor vehicles

- 20% on cost

Government grants

Government grants are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate, or over the useful life of the related asset.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are valued at the lower of costs and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

All financial assets and liabilities are initially measured at transaction price, including transaction costs, except for those financial assets classified at fair value through profit or loss, which are initially measured at fair value (at transaction price excluding transaction costs) unless the arrangement constitutes a financing transaction.

Financial assets and financial liabilities are only offset in the Group balance sheet when, and only when, there is a legally enforceable right to set off the recognised amounts and the Group intends to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Debt instruments (other than those repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the present value of the future cash flows and subsequently amortised using the effective interest method.

Creditors

Short-term creditors are measured at transaction price. Other financial liabilities, including bank

loans, are measured initially at fair value, net of transaction costs.

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are

measured initially at fair value, net of transaction costs.

Cash and cash equivalents

Cash is represented by cash on hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

In the consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts which are repayable on demand and form an integral part of the Group's cash management.

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated financial instrument.

Impairment

Financial assets measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the Group would receive for the asset if it were to be sold at the reporting date.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The Group operates a defined contribution pension plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a scheme whose assets are held separately in independently administered funds. Once the contributions have been paid, the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are presented as other creditors within creditors falling due within one year.

3.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

9,085,281

6,940,167

Social security costs

992,609

670,267

Other pension costs

290,468

140,112

10,368,358

7,750,546

The average number of employees during the year was as follows:

2024

2023

Average number of employees

183

152

2024

2023

£

£

Directors' remuneration

436,668

425,480

Information regarding the highest paid director is as follows:

2024

2023

£

£

Emoluments etc

436,668

425,480

4.	OPERATING (LOSS)/PROFIT

The operating loss (2023 - operating profit) is stated after charging:

2024

2023

£

£

Other operating leases

266,165

479,574

Depreciation - owned assets

1,779,733

2,036,351

Depreciation - assets on hire purchase contracts

2,062,769

1,157,478

Loss on disposal of fixed assets

3,855,589

-

Auditors' remuneration

38,150

25,000

Foreign exchange differences

5,910

-

5.	EXCEPTIONAL ITEMS

2024

2023

£

£

Cost of fundamental reorganisation

-

41,958

-

41,958

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

£

£

Bank interest

2,130

34,020

Bank loan interest

887,328

1,019,716

Factor interest and charges

153,736

110,782

Other interest payable

463,315

-

Hire purchase

378,878

182,658

1,885,387

1,347,176

7.

TAXATION

Analysis of the tax credit

The tax credit on the loss for the year was as follows:

2024

2023

£

£

Current tax:

Prior year over provision

-

1,651

Deferred tax

-

(139,955

)

Tax on loss

-

(138,304

)

Reconciliation of total tax credit included in profit and loss

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

2024

2023

£

£

Loss before tax

(7,228,126

)

(816,692

)

Loss multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 23.520%)

(1,807,032

)

(192,086

)

Effects of:

Expenses not deductible for tax purposes

16,088

59,851

Income not taxable for tax purposes

3,549

(40,317

)

Depreciation in excess of capital allowances

-

86,299

Adjustments to tax charge in respect of previous periods

-

1,651

Other tax adjustments, reliefs and transfers

782,825

(45,419

)

Remeasurement of deferred tax for changes in tax rates

-

(8,283

)

Additional deduction for land remediation expenditure

(26,056

)

-

Deferred tax not recognised

1,030,626

-

Total tax credit

-

(138,304

)

8.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1st January 2024

25,803,661

7,078,216

2,220,973

9,423,960

44,526,810

Additions

22,938,732

2,135,372

769,807

956,100

26,800,011

Disposals

(44,518

)

(584,741

)

(114,056

)

-

(743,315

)

At 31st December 2024

48,697,875

8,628,847

2,876,724

10,380,060

70,583,506

DEPRECIATION

At 1st January 2024

4,793,585

3,602,764

1,074,572

5,749,067

15,219,988

Charge for year

814,745

1,197,161

644,565

1,186,031

3,842,502

Eliminated on disposal

(37,716

)

(543,885

)

(114,056

)

-

(695,657

)

At 31st December 2024

5,570,614

4,256,040

1,605,081

6,935,098

18,366,833

NET BOOK VALUE

At 31st December 2024

43,127,261

4,372,807

1,271,643

3,444,962

52,216,673

At 31st December 2023

21,010,076

3,475,452

1,146,401

3,674,893

29,306,822

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1st January 2024

2,294,541

782,997

5,939,960

9,017,498

Additions

1,610,748

-

-

1,610,748

Transfer to ownership

-

-

(763,200

)

(763,200

)

At 31st December 2024

3,905,289

782,997

5,176,760

9,865,046

DEPRECIATION

At 1st January 2024

39,000

65,250

2,342,818

2,447,068

Charge for year

653,617

261,000

1,148,152

2,062,769

Transfer to ownership

-

-

(763,200

)

(763,200

)

At 31st December 2024

692,617

326,250

2,727,770

3,746,637

NET BOOK VALUE

At 31st December 2024

3,212,672

456,747

2,448,990

6,118,409

At 31st December 2023

2,255,541

717,747

3,597,142

6,570,430