REGISTERED NUMBER: 08444296 (England and Wales)

Sweeptech Environmental Services Limited

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 March 2025

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Consolidated Income Statement

10

Consolidated Other Comprehensive Income

11

Consolidated Balance Sheet

12

Company Balance Sheet

13

Consolidated Statement of Changes in Equity

15

Company Statement of Changes in Equity

16

Consolidated Cash Flow Statement

17

Notes to the Consolidated Cash Flow Statement

18

Notes to the Consolidated Financial Statements

20

DIRECTORS:

Mr S D Carter

Mrs S Gilbert

Mr M A Smith

REGISTERED OFFICE:

Sweeptech House

London Road

Hickstead

Haywards Heath

West Sussex

RH17 5LZ

REGISTERED NUMBER:

08444296 (England and Wales)

AUDITORS:

Swindells LLP

Chartered Accountants

and Statutory Auditor

Atlantic House

8 Bell Lane

Bellbrook Industrial Estate

Uckfield

East Sussex

TN22 1QL

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

REVIEW OF BUSINESS

FY25 was a transformational year for Sweeptech, driven by the successful acquisition and integration of Go Plant in May 2024. This development has solidified our position as the United Kingdom's largest dedicated road sweeping company, and it represents a significant step forward in our wider strategy to grow our tanker and waste management services nationwide.

Turnover increased by 173% to £33.1 million, benefiting from the continued strengthening of our contract portfolio. Several multi-year agreements were secured or extended with Infrastructure, Airport and Authority customers, providing improved workload visibility and greater certainty over future activity.

Gross margin reflected considerable one-off integration costs and broader macro-economic pressures. However, despite these factors, the underlying business remained resilient and continued to support reinvestment in fleet renewal, enhanced systems and operational improvements. These actions strengthened our capability and supported consistent service delivery across the group.

We continued to reinvest in ESG-driven improved practices, enhanced health and safety standards and compliance-led systems that increase operational efficiency and strengthen the value we deliver to customers, including improving their own reporting capability.

PRINCIPAL RISKS AND UNCERTAINTIES

Financial risk management

The company uses various financial instruments to manage the financial risk in the company. These include loans, cash, trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the company's operations.

Interest rate risk

The company finances its operations through a mixture of retained profits, hire purchase and finance lease agreements and bank borrowings. The company's exposure to interest rate fluctuations on its borrowings is managed by the use of both fixed and floating facilities.

Liquidity risk

The company seeks to manage liquidity risk by ensuring sufficient liquidity is available to meet its foreseeable needs and to invest cash assets safely and profitably. The directors review the company's cash projections on a regular basis to ensure the business has adequate liquidity and working capital.

Credit risk

In order to manage credit risk, the operational management team set limits for customers based on a combination of payment history and third-party credit references. Credit limits are reviewed on a regular basis in conjunction with debt ageing and collection history.

DEVELOPMENT AND PERFORMANCE

The Group delivered a year of solid operational progress, with increased activity levels across all major service lines. Improved deployment of our sweeper and tanker fleets resulted in stronger utilisation and greater operational resilience throughout the year. Following the Go Plant acquisition, the Group also introduced more than 170 upgraded road sweepers into its operating fleet, ensuring that we work with the latest and safest equipment across our national operations.

A key development during the year was the introduction of an enhanced senior management structure. This created clearer accountability across operational and commercial functions and has already contributed to improved cost efficiencies, more effective day to day management control and stronger coordination across the national network.

Operational efficiency was further improved through the implementation of new company-wide digitisation, strengthening the consistency and reliability of service delivery.

The Group enters FY26 with a broader and more secure customer base, wider geographic coverage and improved organisational alignment. The directors expect these factors to support continuing revenue growth and steady margin improvement as the operational efficiencies introduced during the year become fully embedded.

KEY PERFORMANCE INDICATORS

In the year to 31 March 2025 the group achieved a turnover of £33,127,031 (2024 - £12,132,058) and an operating loss of £108,621 (2024 - operating profit of £534,903). Net assets were £684,281 (2024 - £2,249,150).

2025

2024

2023

£

£

£

Turnover

33,127,031

12,132,058

11,185,699

Turnover growth

173.0%

8.5%

14%

Gross margin

16.45%

22.40%

19.73%

ON BEHALF OF THE BOARD:

Mr S D Carter - Director

19 December 2025

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

PRINCIPAL ACTIVITY

The company operates within three main activities:

-

Specialist waste management, covering: landfill site services, glycol recovery, onsite liquid waste solutions, waste haulage, waste consultancy and materials recycling.

-

A leading provider of road sweeping and gully waste recycling into local authority, commercial and domestic customers.

-

The provision of tanker and CCTV services covering: silt and sludge removal, desilting ponds, lakes and watercourses, interceptor cleaning, gully cleaning, emergency flood support, grease trap installation and cleaning, confined space working, blocked drain cleaning, foul waste management, CCTV drainage and asset surveying.

DIVIDENDS

Ordinary dividends of £480,000 were declared on 1 May 2024, but the financial statements for the year ended 31 March 2025 report a deficit in retained earnings. Preliminary accounts for the year ended 31 March 2024 combined with initial trading results for the period to the date of the dividend indicated that there were sufficient profits available for distribution. On this basis, the directors consider that the dividend was not illegal but acknowledge that no further dividend distributions can be made until there are sufficient profits available for that purpose.

RESEARCH AND DEVELOPMENT

The group has developed a patented wet waste receptor which is now in use across the group and with customers. The group continually looks at new technologies and processes to improve compliance, performance, etc.

FUTURE DEVELOPMENTS

There are no future developments to note.

DIRECTORS

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

Mrs S Gilbert

Mr M A Smith

Other changes in directors holding office are as follows:

Mr S D Carter - appointed 1 February 2025

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 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:

Mr S D Carter - Director

19 December 2025

Opinion

We have audited the financial statements of Sweeptech Environmental Services Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2025 and of the group's 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 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 five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditors' responsibilities for the audit of the financial statements

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

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

-

the group's internal controls have been discussed with management and understood prior to our audit testing. Internal controls have been tested through walkthrough testing, to assess whether controls are adequate, whether they are being followed, and whether irregularities and fraud are prevented.

-

deficiencies in internal controls have been highlighted and explained to management, along with recommendations as to how deficiencies can be improved and the risk of irregularity and fraud occurrence minimised.

-

representations have been provided by management that there were no identified cases of fraud or instances of non-compliance during or since the accounting period.

-

substantive testing has been carried out to test the validity of transactions, with entries in the accounting system vouched to corresponding third party documentation and evidence of appropriate authorisation.

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.

Melanie Richardson (BA Hons) FCA (Senior Statutory Auditor)

for and on behalf of Swindells LLP

Chartered Accountants

and Statutory Auditor

Atlantic House

8 Bell Lane

Bellbrook Industrial Estate

Uckfield

East Sussex

TN22 1QL

23 December 2025

TURNOVER

33,127,031

12,132,058

Cost of sales

27,676,237

9,414,085

GROSS PROFIT

5,450,794

2,717,973

Administrative expenses

5,615,678

2,222,394

(164,884

)

495,579

Other operating income

56,263

39,324

OPERATING (LOSS)/PROFIT

4

(108,621

)

534,903

Interest receivable and similar income

-

115

(108,621

)

535,018

Interest payable and similar expenses

5

1,219,117

511,854

(LOSS)/PROFIT BEFORE TAXATION

(1,327,738

)

23,164

Tax on (loss)/profit

6

(242,869

)

8,746

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(1,084,869

)

14,418

(Loss)/profit attributable to:

Owners of the parent

(1,084,869

)

14,418

(LOSS)/PROFIT FOR THE YEAR

(1,084,869

)

14,418

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(1,084,869

)

14,418

Total comprehensive income attributable to:

Owners of the parent

(1,084,869

)

14,418

FIXED ASSETS

Intangible assets

9

1,889,615

-

Tangible assets

10

10,992,148

10,660,966

Investments

11

-

-

12,881,763

10,660,966

CURRENT ASSETS

Stocks

12

170,652

53,164

Debtors

13

9,512,736

2,101,371

Cash at bank and in hand

155

387,126

9,683,543

2,541,661

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

14

14,945,527

5,130,793

NET CURRENT LIABILITIES

(5,261,984

)

(2,589,132

)

TOTAL ASSETS LESS CURRENT LIABILITIES

7,619,779

8,071,834

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

15

(6,029,578

)

(4,673,895

)

PROVISIONS FOR LIABILITIES

19

(905,920

)

(1,148,789

)

NET ASSETS

684,281

2,249,150

CAPITAL AND RESERVES

Called up share capital

20

10,000

10,000

Revaluation reserve

21

1,627,432

1,627,432

Retained earnings

21

(953,151

)

611,718

SHAREHOLDERS' FUNDS

684,281

2,249,150

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:

Mr S D Carter - Director

FIXED ASSETS

Intangible assets

9

65,036

-

Tangible assets

10

10,818,243

10,660,966

Investments

11

2,219,129

-

13,102,408

10,660,966

CURRENT ASSETS

Stocks

12

144,558

53,164

Debtors

13

9,868,812

2,101,371

Cash at bank and in hand

-

387,126

10,013,370

2,541,661

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

14

14,663,105

5,130,793

NET CURRENT LIABILITIES

(4,649,735

)

(2,589,132

)

TOTAL ASSETS LESS CURRENT LIABILITIES

8,452,673

8,071,834

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

15

(6,029,578

)

(4,673,895

)

PROVISIONS FOR LIABILITIES

19

(1,079,432

)

(1,148,789

)

NET ASSETS

1,343,663

2,249,150

CAPITAL AND RESERVES

Called up share capital

20

10,000

10,000

Revaluation reserve

21

1,627,432

1,627,432

Retained earnings

21

(293,769

)

611,718

SHAREHOLDERS' FUNDS

1,343,663

2,249,150

Company's (loss)/profit for the financial year

(425,487

)

14,418

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:

Mr S D Carter - Director

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 April 2023

10,000

965,300

1,627,432

2,602,732

Changes in equity

Dividends

-

(368,000

)

-

(368,000

)

Total comprehensive income

-

14,418

-

14,418

Balance at 31 March 2024

10,000

611,718

1,627,432

2,249,150

Changes in equity

Dividends

-

(480,000

)

-

(480,000

)

Total comprehensive income

-

(1,084,869

)

-

(1,084,869

)

Balance at 31 March 2025

10,000

(953,151

)

1,627,432

684,281

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 April 2023

10,000

965,300

1,627,432

2,602,732

Changes in equity

Dividends

-

(368,000

)

-

(368,000

)

Total comprehensive income

-

14,418

-

14,418

Balance at 31 March 2024

10,000

611,718

1,627,432

2,249,150

Changes in equity

Dividends

-

(480,000

)

-

(480,000

)

Total comprehensive income

-

(425,487

)

-

(425,487

)

Balance at 31 March 2025

10,000

(293,769

)

1,627,432

1,343,663

Cash flows from operating activities

Cash generated from operations

1

2,459,453

1,600,448

Interest paid

(932,574

)

(292,079

)

Interest element of hire purchase payments paid

(286,543

)

(219,775

)

Tax paid

43,005

(115

)

Net cash from operating activities

1,283,341

1,088,479

Cash flows from investing activities

Purchase of intangible fixed assets

(2,079,746

)

(10,000

)

Purchase of tangible fixed assets

(542,757

)

(190,120

)

Sale of tangible fixed assets

-

194,664

Interest received

-

115

Net cash from investing activities

(2,622,503

)

(5,341

)

Cash flows from financing activities

New loans in year

1,750,000

311,101

Loan repayments in year

(856,210

)

(174,123

)

Hire purchase refinancing

768,299

-

Hire purchase repayments in year

(730,813

)

(1,042,099

)

Equity dividends paid

(480,000

)

(368,000

)

Net cash from financing activities

451,276

(1,273,121

)

Decrease in cash and cash equivalents

(887,886

)

(189,983

)

Cash and cash equivalents at beginning of year

2

387,126

577,109

Cash and cash equivalents at end of year

2

(500,760

)

387,126

1.	RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

(Loss)/profit before taxation

(1,327,738

)

23,164

Depreciation charges

1,005,634

879,045

Loss on disposal of fixed assets

-

92,810

Finance costs

1,219,117

511,854

Finance income

-

(115

)

897,013

1,506,758

Increase in stocks

(117,488

)

(7,820

)

Increase in trade and other debtors

(7,454,370

)

(137,125

)

Increase in trade and other creditors

9,134,298

238,635

Cash generated from operations

2,459,453

1,600,448

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

155

387,126

Bank overdrafts

(500,915

)

-

(500,760

)

387,126

Year ended 31 March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

387,126

577,109

3.	ANALYSIS OF CHANGES IN NET DEBT

Other

non-cash

At 1.4.24

Cash flow

changes

At 31.3.25

£

£

£

£

Net cash

Cash at bank

and in hand

387,126

(386,971

)

155

Bank overdrafts

-

(500,915

)

(500,915

)

387,126

(887,886

)

(500,760

)

Debt

Finance leases

(2,374,616

)

(37,486

)

-

(3,016,030

)

Debts falling due

within 1 year

(412,185

)

(70,683

)

-

(482,868

)

Debts falling due

after 1 year

(3,198,237

)

(823,107

)

-

(4,021,344

)

(5,985,038

)

(931,276

)

-

(7,520,242

)

Total

(5,597,912

)

(1,819,162

)

-

(8,021,002

)