REGISTERED NUMBER: 13076994 (England and Wales)

Constellation Cold Logistics UK Midco

Limited

Group Strategic Report, Report of the Directors and

Audited Consolidated Financial Statements for the Year Ended 31st December 2024

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

8

Consolidated Income Statement

12

Consolidated Other Comprehensive Income

13

Consolidated Balance Sheet

14

Company Balance Sheet

15

Consolidated Statement of Changes in Equity

16

Company Statement of Changes in Equity

17

Consolidated Cash Flow Statement

18

Notes to the Consolidated Cash Flow Statement

19

Notes to the Consolidated Financial Statements

21

DIRECTORS:

Mr J C R Marquez

Mr T Hughes

Mr A A N Maharaj

Mrs S Ireland

REGISTERED OFFICE:

Birchin Way

Grimsby

NE Lincolnshire

DN31 2SG

REGISTERED NUMBER:

13076994 (England and Wales)

AUDITORS:

Smailes Goldie

Chartered Accountants

Statutory Auditor

Regent's Court

Princess Street

Hull

East Yorkshire

HU2 8BA

The directors present their strategic report of the company and the group for the year ended 31st December 2024.

REVIEW OF BUSINESS

The principal activity of the group is of an operator 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

£

£

Turnover

35,332,120

38,668,395

Operating (loss)

(5,819,184)

(3,659,364

)

(Loss) after tax

(9,267,003)

(5,129,282

)

Equity shareholder funds

14,563,059

23,830,062

During the year the transport assets of Constellation Cold Logistics UK 2 Limited were hived up into Constellation Cold Logistics UK Limited, transport in Grimsby from 1 May and in Wolverhampton from 1 June.

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 group'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 group utilises available resources provided from within the group. Effective cash flow forecasting allows for the provision of group resources for any significant cash outflows that could not be covered by the company individually.

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.

SECTION 172(1) STATEMENT

This statement describes how the Directors have had regard to the matters set out in section 172(1) (a) to (f) Companies Act 2016, in exercising their duty to promote the success of the company for the benefit of its members, and in doing so, to have regard to the following six factors:

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

- The interests of the company's employees

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

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

- The reputation for a high standard of business conduct;

- The need to act fairly between members of the company;

The Constellation Group of Companies has set out a vision which describes what we aim to achieve in the long term, this is to deliver cold logistics excellence with local market expertise throughout Europe. The directors of the company incorporate this vision into their specific country planning and decision-making processes.

The directors' approach to promoting the long term success of the business and providing shareholder value is driven by an annual business planning cycle with input from all stakeholders and a robust quality management system. This has continued throughout the reported financial year. Moving forwards into 2025, a quarterly financial reforecast system has been put in place from the start of the year, these are rigorously reviewed by the Senior Leadership Team and the Constellation Group Board before approval. As part of this process, company risks and opportunities are reviewed and kept up to date.

Operational KPI data for warehousing and transport is collated each month and presented for review at both local level within the monthly Senior Leadership Team Meeting and at group level within the Monthly Board Review. These KPI's aid decision making to ensure the business remains on track to achieve it's annual business plan. These KPI's include warehouse utilisation and throughput, value added services, energy usage, labour hours, transport load count and trailer utilisation and fuel consumption.

As part of a high energy usage industry, the company is conscious about sustainability, reducing its energy usage and subsequently any negative effects on the environment. In 2023 a £2.2m invest was made in solar panels for 3 of its cold stores in the Grimsby and Redditch locations, new solar investment is expected to go live in January 2026. In 2025 further investment has been made at the Estate Rd 2 site, with a 36,000 pallet extension to the current cold store. The whole site will go live with solar power to both areas of the building, and, as part of the investment, a new more efficient refrigeration plant has been included leading to an enhanced efficient consumption of energy. This increased capacity investment adds both employment security for the future to the existing workforce and provides the platform for increased headcount as the site utilisation grows.

The directors of the company, as part of the Constellation Cold Group of Companies, have committed to further cold storage investment in 2025 with a planning application being made for an extension of the existing Wolverhampton location expecting to break ground in 2026.

The company continues to monitor customer satisfaction via an annual survey and regular reviews with key customers. Feedback remains positive with good customer retention and organic growth as well as a strong pipeline for new business.

The company has been certified to meet the British Retail Consortium's Global Standard for Storage and Distribution in all its cold stores. The cold stores are also certified under either the Soil Association to store organic produce or OF & G Organic to store, pack and freeze organic produce. The directors see it as a priority to progress and embrace the requirements of standards dictated by market requirements and hence contribute to ensuring the long-term future of the business.

The Constellation Group of Companies has set out a number of values which describe how we should conduct ourselves to ensure the success of the company. These are the behaviours that we value as a company, which are also critical to achieving our vision. These values are:

- Trust

- Excellence

- Entrepreneurship

- One Team

The business is committed to the full employee experience, giving our employees a voice by implementing a companywide engagement survey, with additional forums and communication channels across all areas of the business. Our employee surveys and communication programs ensure that employees feel valued and more engaged with the business objectives, gives the business opportunities to spot problems before they become major issues and can aid the leadership team to make more informed choices based on real data not assumptions.

The company continues to review the hybrid working policy to promote flexible working and continue to improve the employee experience. As an extension to this policy, the company benefits from being opened up to increased workforce availability.

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 group 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 group does not enter into any formally designated hedging arrangements.

The group has, for a number of years, used invoice discounting to assist working capital, however from October 2024, follow 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 subsidiary company Constellation Cold Logistics UK 2 Limited has been hived up into fellow subsidiary company 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 plant installed as part of the new 36,000 pallet expansion at the Estate Road 2 facility, leading to an enhanced efficient consumption of energy. The new solar plant at Estate Road 2 is expected to go live in early 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 and the group for the year ended 31st December 2024.

DIVIDENDS

No dividends were paid in the year. The director's do not recommend payment of a final dividend.

DIRECTORS

Mr J C R Marquez has held office during the whole of the period from 1st January 2024 to the date of this report.

Other changes in directors holding office are as follows:

Mr A J Howard - resigned 31st October 2024

Mr T Hughes - appointed 23rd October 2024

Mr A A N Maharaj and Mrs S Ireland were appointed as directors 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 group reported a loss before tax of £9,267,003 (2023: £5,129,282) and net current liabilities of £43,139,167 (2023: £4,273,162) which gives rise to a going concern risk. Accordingly, the directors have prepared financial forecasts covering a period of 12 months to 31 December 2026 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.

STREAMLINED ENERGY AND CARBON REPORTING

We have reported on all required sources of GHG emissions and energy usage as required under The Large and Medium-Sized Companies and Groups (Accounts and Reports) Regulations 2008 as amended.

The table below presents the companies greenhouse gas footprint, within the scope of Streamlined Energy and Carbon Reporting (SECR), for the financial period ended 31 December 2024.

SECR Inventory (1st January - 31st December)

2023

2024

Energy consumption used to calculate tCO2e/kWh

51,667,115

53,343,689

Scope 1 Emissions from Gas & Transport tCO2e

6,723

6,752

Scope 2 Emissions from purchased Electricity & Transport tCO2e

4,723

4,729

Scope 3 Emissions from business travel in rental cars or employee owned vehicles tCO2e

0

0

Total gross tCO2e based on above

11,447

11,480

Intensity metric 1 tCO2e gross per £   ,000 sales revenue

296.02

326.06

Notes to the Energy & Carbon Report:

- The intensity ratio is based on the total revenue for the 2024 financial year £35,210,102 (2023: £38,668,395), expressed in units of £1m.

- The company demonstrated little change in GHG emissions (tCO2e - tonnes carbon dioxide equivalent) year on year, with Scope 1 transport fuel and Scope 2 grid electric being almost in line. However, the total energy consumption did increase by 3.2% due to the increase in usage of solar power.

- The solar volume increased in 2024 by 293% to 2.4m kWh, as investment of £2.2m brought additional volume generation to 2 of the sites in Grimsby and the Redditch site.

- Of this 293%, 87% was fed back to the grid though. This was a learning curve for the company to ensure that refrigeration controls were set to maximise solar usage vs grid usage. Progress was made and the second half of 2024 was much improved subsequently feeding into a better 2025 position.

- Of the 3.2% increase in energy usage, 1.3% related to the Estate Rd 2 site in Grimsby where refrigeration plant issues started in May 2024. Attempts were made to resolve, but it was clear that more investment was needed.

During 2024 an investment to add a 36,000 pallet extension to the Estate Rd 2 site was started. This investment included new refrigeration plant and solar volume and became operational as a cold store in September 2025. This will solve the increased usage at the original site, hence it was agreed to progress in the short term with the current

usage levels. 0.8% of the increased usage related to the Lewis Howard Avenue site in Grimsby and additional blast freezing volume year on year.

Future Plans:

- The solar volume on the extension at Estate Rd 2 in Grimsby is expected to go live in January 2026. The solar investment included is expected to generate 3120 MWh of power. As a result, alongside the exiting site, no further grid electric is expected following the expansion.

- A new warehouse at the Wolverhampton site is in the planning stage with an application submitted in 2025, this is expected to break ground in 2026. This will include more efficient refrigeration plant and solar generated power.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

-	select suitable accounting policies and then apply them consistently;

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

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

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

ON BEHALF OF THE BOARD:

Mr T Hughes - Director

23rd December 2025

Opinion

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

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31st December 2024 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 six, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditors' responsibilities for the audit of the financial statements

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

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

3

35,332,120

38,668,395

Cost of sales

25,869,945

28,418,813

GROSS PROFIT

9,462,175

10,249,582

Distribution costs

1,746,667

1,554,168

Administrative expenses

13,846,463

12,559,546

15,593,130

14,113,714

(6,130,955

)

(3,864,132

)

Other operating income

4

311,771

204,768

OPERATING LOSS

7

(5,819,184

)

(3,659,364

)

Exceptional item

8

790,783

98,713

(6,609,967

)

(3,758,077

)

Interest receivable and similar income

9

-

13,957

(6,609,967

)

(3,744,120

)

Interest payable and similar expenses

10

2,657,036

1,913,482

LOSS BEFORE TAXATION

(9,267,003

)

(5,657,602

)

Tax on loss

11

-

(528,320

)

LOSS FOR THE FINANCIAL YEAR

(9,267,003

)

(5,129,282

)

Loss attributable to:

Owners of the parent

(9,267,003

)

(5,129,282

)

LOSS FOR THE YEAR

(9,267,003

)

(5,129,282

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(9,267,003

)

(5,129,282

)

Total comprehensive income attributable to:

Owners of the parent

(9,267,003

)

(5,129,282

)

FIXED ASSETS

Intangible assets

14

15,768,917

18,440,884

Tangible assets

15

65,367,374

43,886,595

Investments

16

-

-

81,136,291

62,327,479

CURRENT ASSETS

Stocks

17

97,436

153,419

Debtors

18

14,532,610

8,921,988

Cash at bank and in hand

1,147,633

942,328

15,777,679

10,017,735

CREDITORS

Amounts falling due within one year

19

58,916,846

14,291,347

NET CURRENT LIABILITIES

(43,139,167

)

(4,273,612

)

TOTAL ASSETS LESS CURRENT LIABILITIES

37,997,124

58,053,867

CREDITORS

Amounts falling due after more than one year

20

(21,809,065

)

(33,389,588

)

PROVISIONS FOR LIABILITIES

24

(1,625,000

)

(834,217

)

NET ASSETS

14,563,059

23,830,062

CAPITAL AND RESERVES

Called up share capital

25

13,113

13,113

Share premium

26

32,842,315

32,842,315

Retained earnings

26

(18,292,369

)

(9,025,366

)

SHAREHOLDERS' FUNDS

14,563,059

23,830,062

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

FIXED ASSETS

Intangible assets

14

-

-

Tangible assets

15

-

-

Investments

16

33,287,480

33,332,560

33,287,480

33,332,560

CURRENT ASSETS

Debtors

18

110,779

110,779

CREDITORS

Amounts falling due within one year

19

204,014

229,934

NET CURRENT LIABILITIES

(93,235

)

(119,155

)

TOTAL ASSETS LESS CURRENT LIABILITIES

33,194,245

33,213,405

CAPITAL AND RESERVES

Called up share capital

25

13,113

13,113

Share premium

26

32,842,315

32,842,315

Retained earnings

26

338,817

357,977

SHAREHOLDERS' FUNDS

33,194,245

33,213,405

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

(19,160

)

57,453

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

capital

earnings

premium

£

£

£

Balance at 1st January 2023

8,001

(4,196,608

)

25,463,522

Changes in equity

Issue of share capital

5,112

-

9,378,793

Reduction in share capital

-

2,000,000

(2,000,000

)

Dividends

-

(1,699,476

)

-

Total comprehensive income

-

(5,129,282

)

-

Balance at 31st December 2023

13,113

(9,025,366

)

32,842,315

Changes in equity

Total comprehensive income

-

(9,267,003

)

-

Balance at 31st December 2024

13,113

(18,292,369

)

32,842,315

Non-controlling

Total

Total

interests

equity

£

£

£

Balance at 1st January 2023

21,274,915

-

21,274,915

Changes in equity

Issue of share capital

9,383,905

-

9,383,905

Dividends

(1,699,476

)

-

(1,699,476

)

Total comprehensive income

(5,129,282

)

-

(5,129,282

)

Balance at 31st December 2023

23,830,062

-

23,830,062

Changes in equity

Total comprehensive income

(9,267,003

)

-

(9,267,003

)

Balance at 31st December 2024

14,563,059

-

14,563,059

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1st January 2023

8,001

-

25,463,522

25,471,523

Changes in equity

Issue of share capital

5,112

-

9,378,793

9,383,905

Reduction in share capital

-

2,000,000

(2,000,000

)

-

Dividends

-

(1,699,476

)

-

(1,699,476

)

Total comprehensive income

-

57,453

-

57,453

Balance at 31st December 2023

13,113

357,977

32,842,315

33,213,405

Changes in equity

Total comprehensive income

-

(19,160

)

-

(19,160

)

Balance at 31st December 2024

13,113

338,817

32,842,315

33,194,245

Cash flows from operating activities

Cash generated from operations

1

(156,571

)

5,589,206

Interest paid

(2,278,158

)

(1,730,824

)

Interest element of hire purchase payments paid

(378,878

)

(182,658

)

Net cash from operating activities

(2,813,607

)

3,675,724

Cash flows from investing activities

Purchase of intangible fixed assets

-

(343,070

)

Purchase of tangible fixed assets

(23,178,524

)

(3,578,901

)

Sale of tangible fixed assets

24,456

417

Payment to acquire subsidiary

-

(17,902,582

)

Cash acquired with subsidiary

-

1,600,001

Interest received

-

13,957

Net cash from investing activities

(23,154,068

)

(20,210,178

)

Cash flows from financing activities

New loans in year

-

4,021,674

Loan repayments in year

(15,163,599

)

(836,401

)

Capital repayments in year

(4,027,236

)

(1,222,926

)

Amount introduced by directors

712

93,303

Amount withdrawn by directors

-

(712

)

Share issue

-

9,383,905

Compound element of interest paid

671,217

564,490

Introduced by unconsolidated group co's

43,901,103

1,213,274

Non-cash reserves movement

790,783

300,524

Net cash from financing activities

26,172,980

13,517,131

Increase/(decrease) in cash and cash equivalents

205,305

(3,017,323

)

Cash and cash equivalents at beginning of year

2

942,328

3,959,651

Cash and cash equivalents at end of year

2

1,147,633

942,328

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

2024

2023

£

£

Loss before taxation

(9,267,003

)

(5,657,602

)

Depreciation charges

8,489,692

6,875,428

Loss on disposal of fixed assets

245,290

197,461

Government grants

(171,411

)

(171,411

)

Finance costs

2,657,036

1,913,482

Finance income

-

(13,957

)

1,953,604

3,143,401

Decrease in stocks

55,983

14,348

(Increase)/decrease in trade and other debtors

(6,504,544

)

1,794,799

Increase in trade and other creditors

4,338,386

636,658

Cash generated from operations

(156,571

)

5,589,206

2.	CASH AND CASH EQUIVALENTS

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

Year ended 31st December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

1,147,633

942,328

Year ended 31st December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

942,328

4,020,365

Bank overdrafts

-

(60,714

)

942,328

3,959,651