REGISTERED NUMBER: 11877576 (England and Wales)

Ensco 1330 Limited

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31st March 2025

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

6

Report of the Independent Auditors

10

Consolidated Income Statement

13

Consolidated Balance Sheet

14

Company Balance Sheet

15

Consolidated Statement of Changes in Equity

16

Company Statement of Changes in Equity

17

Consolidated Cash Flow Statement

18

Notes to the Consolidated Cash Flow Statement

19

Notes to the Consolidated Financial Statements

20

DIRECTORS:

C Judah

Y Judah

S Bland

M Simpson

F J Barnes

S T Lock

REGISTERED OFFICE:

Meridian House

Alexandra Dock North

Grimsby

DN31 3UA

REGISTERED NUMBER:

11877576 (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 March 2025.

FAIR REVIEW OF BUSINESS

The company's main activity is that of a holding company, providing services to Ensco 1331 Limited which in turn provides services to other group companies. The principal activity of the group is that of providing total end to end logistic services to major manufacturers, most predominantly automotive OEMs. This includes the operations of vessel loading and discharge, vehicle terminal management, vehicle handling and added value services, bodyshop/ workshop activities, transport services, FVL technology solutions, freight forwarding and ships agency services.

During the year under review, the company has continued to invest significantly into its technology led solutions business as it has its defleet (refurbishment) infrastructure, capacity and capability.

FY25 saw robust new vehicle volume following the prior year's return to meaningful levels post resolution of the global semiconductor supply crisis. Alongside stable underlying new-car activity, the company has continued to invest into its used vehicle refurbishment centres and complementary in-house technology in response to expanded demand in this sub-sector.

Within the year under review, the company cemented its increased footprint in its technical services division with the commencement and renewal of multiple used vehicle refurbishment (defleet) and PDI contracts.

PRINCIPAL RISKS AND UNCERTAINTIES

The market for finished vehicle automotive solutions continued to stabilise over the 12 months to 31 March 2025 following periods of significant supply disruption in the years prior.

The underlying market continues to expand in both complexity and opportunity. New customs and environmental tariff regimes in both Europe and the UK, each prone to political impulse, serve as sources of uncertainty to automotive OEMs, thus introducing an element of risk to future plans. Furthermore, changes introduced by the UK Government in response to an underperforming domestic economy continue to create an uncertain and at times counterproductive environment for employers of people. Regardless, the company remains demonstrably well placed to respond to volatility, howsoever arising.

The group is continually seeking new opportunities within the automotive logistics sector as well as providing added value services to its customers, in order to maintain steady, targeted and substantial growth. The group believes one of its main strengths is its customer relationships and the service level and reliability in execution it offers them. Underlying demand for the product each of the company's most significant customers remains strong and stable.

The group's credit risk is primarily attributable to its trade debtors. Credit risk is managed by running credit risk checks on new customers and by monitoring payments against contractual terms.

The group monitors cash flow as part of its day-to-day control procedures. The Board considers cash flow projections on a monthly basis and ensures the funds are available to be drawn upon as necessary to manage liquidity risk.

The Board works closely with its management team to anticipate and monitor all financial risks, as detailed above, in order to plan and react accordingly to ensure there is minimal effect on the financial performance of the group.

SECTION 172(1) STATEMENT

The following disclosure describes how the directors have had regard to the matters set out in section 172(1a) - (f) and forms the directors’ statement required under section 414CZA of the Companies Act 2006.

Promoting the success of the company

The Board believes that, individually and collectively, they have acted in the way they consider, in good faith, would be most likely to promote the success of the group for the benefit of its members as a whole, having regard to the stakeholders and matters set out in s172(1) (a-f) of the Companies Act 2006, as detailed below, in the decisions taken during the period ended 31 March 2025, when performing their duty to promote the success of the group:

a) the likely consequences of any decision in the long term,

b) the interests of the group's employees,

c) the need to foster the group's business relationships with suppliers, customers and others,

d) the impact of the group's operations on the community and the environment,

e) the desirability of the group maintaining a reputation for high standards of business conduct, and

f) the need to act fairly as between members of the group.

The board continued to promote the success of the group through accelerated investment which includes, but is not limited to:

-

Targeted skills and career development programmes - with the introduction of a tailored e-learning platform;

-

Technical equipment renewals & additions - inclusive of state of the art refurbishment and remarketing systems; and

-

Technological advancements - by way of both infrastructure deployments; with the onboarding of two new state of the art data centres and accelerated levels of in-house and specialised software development.

The group's stakeholder engagement aims to create trusted relationships to understand the needs of all of our stakeholders so that we can deliver value and build a resilient business:

Customers

Focusing on the needs of our customers is critical to the success of our business. We maintain a high degree of customer interaction in order to anticipate and understand the future needs of our customers, building on our years of experience in delivering logistics services for our markets. We collaborate and innovate with our customers to improve service performance and value creation.

All accounts engage in regularised operational reviews alongside our customers on a weekly, monthly and quarterly basis, subject to the nature of a specific operation, inclusive of both management and more often than not, Board level representation.

By engaging meaningfully with our customers and looking beyond immediate demands, we are able to allocate resource to develop solutions for tomorrow’s challenges ahead of materialised demand. GBA’s continued investment in its Automotive Technical Centres (ATC, ATC2 and its High Performance Centre) offers a prime example of such commitments to the future of our customer base.

Employees

Employee engagement is critical to our success. We work to create a diverse and inclusive workplace where every employee can reach their full potential and be at their best. We engage with our people to ensure we are delivering to their expectations, encouraging feedback, supporting wellbeing and making the right business decisions. This ensures we can retain and develop the best talent. Engagement is formalised by way of the GBA Annual Conference, event-led Board Level communiqué via Director Level memos, the GBA "Director’s Table" programme and digitised employee surveys. This is further underpinned by Management’s open-door policy.

Partners

Our external supply chain and our suppliers are vital to our ongoing performance. We engage with them to build trusted relationships from which we can mutually benefit and to ensure they are performing to our standards and conducting business according to our expectations.

Communities

We are committed to building positive relations with the communities in which we operate. We support communities, groups, and charities relevant to our operations and core values.

Governing bodies and regulators

We engage with government, national and transnational agencies and key politicians and regulators to ensure that we can help shape policy, have licences to operate, attract funding, enable markets and ultimately win business.

The group engages meaningfully with its key stakeholders following a structured communication strategy employing the following (non-exhaustive) forums:

Shareholders

Formal Board Meetings & Major Project Reviews (Executive & Non-Executive Directors) Executive Level - Director Table

Employees

Two-way communication encouraged via Management Structure, Director Memos, Initiative Tables, Lead Management Forums & the GBA Annual Conference; hosted by the Managing Director

Customers

Operational and Account Level monthly reviews (F2F & Virtual)

Suppliers

Operational and Account Level monthly reviews (F2F & Virtual)

Regulators

Division/Unit specific communication where relevant/ QSHE department where applicable

The group also engages its key stakeholders in respect to environmental matters via the "GBA Sustainability Forum". The forum terms of reference and objectives include driving measurable improvement in respect to the group's own contribution of carbon emissions together with those of its customers and suppliers. The forum is sponsored by the Board of Directors, and welcomes input from all levels across the business. The Board itself dedicates a minimum of 15% of all Board Meetings to Environmental Social and Corporate Governance (ESG) matters.

ENGAGEMENT WITH EMPLOYEES

Employee engagement is critical to our success. We work to create a diverse and inclusive workplace where every employee can reach therir full potential and be at their best. We engage with our people to ensure we are delivering to their expectations, encouraging feedback, supporting wellbeing and making the right business decisions. This ensures we can retain and develop the best talent. Engagement is formalised by way of the GBA Annual Conference, event-led Board Level communique via Director Level memos, the GBA "Directors Table" programme and digitised employee surveys.

DEVELOPMENT AND PERFORMANCE

The group's growth strategy has to-date focussed on organic expansion led by the demands and requirements of the core OEM base. This strategy will be maintained, with an increasing focus on opportunities generated as a result of external market evolution and GBA's ability to offer improved technical service capability and advanced technical capacity, by way of its latest technical centres situated along the Humber. The group will continue to invest in technology, skills, capability and capacity nationwide to the benefit of the customer.

KEY PERFORMANCE INDICATORS

The profit and loss account is set out on page 13 and shows a profit for the year after tax of £6,149,726 (2024: loss of £390,364) and after amortisation of £4,728,974 (2024: £6,407,920).

The group has many operational KPI's specific to the business and its contracts. Regarding other financial KPI's, the group's directors are of the opinion that these are not essential for an understanding of the business and its performance given its operational success which is underpinned by sound commercial agreements.

The group has remained robust into the current year as the underlying addressable market and associated demand for GBA's total finished vehicle solutions continues to grow in both size and complexity. The group has been successful in establishing new contracts and significant operations. The group is continually seeking new opportunities within the automotive logistics sector as well as providing expanding services to its present customers, in order to maintain its record of robust and sustainable growth. The group believes one of its many strengths is its longstanding customer relationships and the service level it offers such customers, who represent some of the world's largest and most successful automotive manufacturers and shipping lines.

INFLATION

Levels of inflation continue to be monitored by the group, with susceptible areas of the business receiving increased focus on cost control and, where required, renegotiation of price.

With contracts and service lines varied across the group, certain areas are naturally more exposed to such pressures in comparison to those in which structural protection (e.g. energy escalator mechanisms) exist. The Directors remain satisfied with the responsiveness of the group from both an operational and commercial perspective with regard to cost management and pricing methodologies, and continue to act both swiftly and prudently.

ON BEHALF OF THE BOARD:

C Judah - Director

22nd December 2025

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

DIVIDENDS

No dividends will be distributed for the year ended 31st March 2025.

EVENTS SINCE THE END OF THE YEAR

On 30 June 2025, the subsidiary Shipping & Forwarding Limited ceased trading. This event, and the decision by the parent groups behind it, occurred after the balance sheet date and is considered a non-adjusting post balance sheet event. Subsequently the board intends for the company to remain dormant.

DIRECTORS

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

C Judah

Y Judah

S Bland

M Simpson

F J Barnes

S T Lock

Other changes in directors holding office are as follows:

J Knoll - resigned 29th October 2024

A Roy - appointed 16th April 2024 - resigned 29th October 2024

Qualifying third party indemnity provisions

The group has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

Going concern

The directors have prepared the 31 March 2025 financial statements on a going concern basis. In recent years, the company's activities have increased owing to the acquisition of new sizeable and complex service contracts, together with the further recovery and stabilisation of new vehicle supply. In light of relatively volatile inflationary and regulatory costs, the company has been increasingly selective in respect to those services and contracts with which it engages, ensuring long term economic sustainability.

The directors are of the opinion that the company has sufficient resources to continue as a going concern after considering the above issues. The directors have taken appropriate steps to mitigate the impacts of changing macro-economic conditions on the company's trading activity and cash flow.

They therefore believe that the company has adequate resources available to meet its liabilities as they fall due allowing the company to continue in operational existence for a period of at least twelve months from the date of the approval of these financial statements.

Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

DISABLED PERSONS

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

EMPLOYEE INVOLVEMENT

The group's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests. Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

Disclosure in the strategic report

The company has chosen in accordance with Companies Act 2006, s.414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of future developments, financial risk management, employee information and engagement with others.

STREAMLINED ENERGY AND CARBON REPORTING

Energy management at The GBA Group of Companies

The GBA Group takes action to improve company energy efficiency every year as part of its drive for continual improvement in both energy performance and in the delivery of its ISO14001 Environmental Management System (EMS). The EMS monitors and reports on energy performance year-on-year. Certification to ISO14001 was first awarded in 2007 by Lloyd's Register and has been held continuously since this date. All subsequent facilities, partnerships and endeavours have been included in the EMS certificate schedule.

New GBA Group departments and business areas are designed with energy efficiency at the forefront, including LED lighting, heat pump technologies for heating and cooling, smart meters and smart controls. These principles have been applied to the distribution centre extension and new head office build project. Inherent business practices to reduce the group carbon footprint are also employed such as the continuous review of terminal layouts to ensure the most efficient operating environments.

The Energy Management System is composed of various methodologies and activities central to which is the formation of the group, "Sustainability and Energy Forum" responsible for: ensuring group energy policy remains aligned. Review and observation for benchmarking against industry best practices. Highlighting of energy management risks & opportunities based upon the analysis of site energy performance metrics and the implementation and tracking of realistic energy targets. The sustainability and energy forum reports directly to the group board of management where a minimum time of fifteen percent at board meetings is delegated to ESG discussions and initiatives including OEM and partnership requirements; including but not limited to: the procurement of clean EV terminal vehicles, integration of solar PV cells, end-to-end digitisation (paper-free), fleet vehicle telematics.

The scope of this energy and carbon report includes all activities and sites operated and controlled by The GBA Group. All sites and activities take place in the UK.

Methodology

Energy data has been collected from the following sources:

Date Type

Scope 1 Data Source

Mains Gas Consumption

Collated data using supplier invoicing - Cubic metres and kWh.

LPG Consumption

Invoiced LPG as per purchasing records in kilogrammes.

Fleet and Operations Diesel Consumption

Monthly invoicing in litres. Combination of reimbursement, fuel cards and fleet on board telematics.

Operations Petroleum Consumption

Monthly invoicing in litres

Fuel Oil Consumption

Invoiced Fuel Oil as per purchasing records in litres.

Company mileage reimbursed to employees

Monthly invoicing price per mile.

Data Type

Scope 2 Data Source

Electricity Consumption

Collated data using supplier invoicing - recorded in kWh.

Once the above data was collated, DEFRA's "Greenhouse Gas Reporting - Conversion Factors 2025" have been used to convert all energy units to Kilowatt-Hours (kWh) and Terajoules (TJ). DEFRA's Conversion Factors were also utilised to convert the energy, now recorded in kWh and TJ, to TCO2e.

Data Verification

Several processes are in place to ensure data collected is accurate, transparent and auditable. A series of records have been retained which contain the data utilised in this report.

Invoicing for fleet diesel, LPG and fuel oil is managed robustly by the Finance Department, as part of The GBA Group Limited's accounting processes. LPG and fuel oil are purchased in standard size cylinders and containers, no meters are required for monitoring consumption. The use of fuel cards for purchasing diesel ensures company drivers obtain diesel from regulated commercial forecourts. For mains gas consumption, data is collated using verified account invoicing directly from the supplier or via the respective landowner.

An annual ISO 14001 and 50001 Continuing Assessment is carried out by Lloyd's Register across all sites over a total of twenty-two days per annum, which independently assures the completeness of our energy data and the effectiveness of the energy performance improvement actions taken. Additionally, the Energy Management System is designed to increase awareness to energy usage activities and actively reduce the group energy consumption through a three-stage strategy: Reduce energy consumption, convert activities and methodologies to alternatives less reliant on non-renewable energy sources. And finally, to compensate for outstanding carbon emissions remaining as a result of activities through the procurement of approved carbon credits in order to ensure a net-zero carbon footprint.

Energy consumption data is compared to the previous year, as per the ISO 14001 and 50001 monitoring and measurement process. Energy performance data is reviewed by top management as part of internal communication and Management Review processes.

Greenhouse Gas Emissions

Tonnes CO2e

2025

2024

Scope 1 emissions from gas, transport and further fuel use

6,615.54

5,503.56

Scope 2 emissions from electricity

1,000.11

688.57

Scope 3 emissions from indirect sources

Not recorded

Not recorded

Total greenhouse gas emissions

7,615.65

6,192.13

Greenhouse gas emissions per £m sales revenue

68.9

76.63

In FY25 our total scopes 1 & 2 emissions increased by approximately 23% compared to the previous year.

The material influences on this performance were as follows:

The greatest increases in CO2 emissions have been due to: Diesel and Petroleum. Whereas there have been fewer vehicle deliveries by GBAT for FY25 compared to FY24, there have been a greater number of dedicated loads outside of the M62 corridor - these include 4PL options for Smart and Ineos brands with a greater distance required for each load. Whereas Petroleum usage is accounted for as a scope 1 metric, the actual usage of energy sourced from Petroleum does not take place.

Adding Petroleum to vehicles is an inherent part of the vehicle PDI process for customer handover. Technical centre PDI volumes have seen a greater number of vehicles requiring Petroleum (a shift away from DERV) has therefore yielding a greater Petroleum burden. The GBA Group therefore reports on Petroleum usage in order to assist with downstream carbon reporting requirements.

DIRECTORS' RESPONSIBILITIES STATEMENT

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:

C Judah - Director

22nd December 2025

Opinion

We have audited the financial statements of Ensco 1330 Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st March 2025 which comprise the Consolidated Income Statement, 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 March 2025 and of the group's profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page nine, 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 United Kingdom Accounting Standards FRS 102, the Companies Act 2006 and tax legislation. We also considered those laws and regulations that may have an indirect material effect on the financial statements including 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;

-

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

-

reviewing correspondence with relevant regulators and the company's legal advisors.

Due to 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. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

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.

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

4

111,464,059

80,801,435

Cost of sales

89,086,228

65,775,111

GROSS PROFIT

22,377,831

15,026,324

Administrative expenses

13,123,608

14,406,232

9,254,223

620,092

Other operating income

-

17,168

OPERATING PROFIT

7

9,254,223

637,260

Interest receivable and similar income

9

322,179

247,824

9,576,402

885,084

Gain/loss on revaluation of investments

9,467

(15,880

)

9,585,869

869,204

Interest payable and similar expenses

10

563,054

651,564

PROFIT BEFORE TAXATION

9,022,815

217,640

Tax on profit

11

2,873,089

608,004

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

6,149,726

(390,364

)

FIXED ASSETS

Intangible assets

13

24,465,298

28,690,159

Tangible assets

14

11,885,145

12,471,110

Investments

15

57,226

47,759

36,407,669

41,209,028

CURRENT ASSETS

Stocks

16

749,833

461,680

Debtors

17

27,115,708

25,264,017

Cash at bank and in hand

7,803,873

6,194,098

35,669,414

31,919,795

CREDITORS

Amounts falling due within one year

18

21,358,848

19,606,137

NET CURRENT ASSETS

14,310,566

12,313,658

TOTAL ASSETS LESS CURRENT LIABILITIES

50,718,235

53,522,686

CREDITORS

Amounts falling due after more than one year

19

(2,995,000

)

(3,712,500

)

PROVISIONS FOR LIABILITIES

22

(5,193,986

)

(5,680,663

)

NET ASSETS

42,529,249

44,129,523

CAPITAL AND RESERVES

Called up share capital

23

72,113

74,702

Share premium

24

64,861,331

64,861,331

Capital redemption reserve

24

2,589

-

Retained earnings

24

(22,406,784

)

(20,806,510

)

42,529,249

44,129,523

The financial statements were approved by the Board of Directors and authorised for issue on 22nd December 2025 and were signed on its behalf by:

C Judah - Director

FIXED ASSETS

Intangible assets

13

-

-

Tangible assets

14

-

-

Investments

15

2,700

2,700

2,700

2,700

CURRENT ASSETS

Debtors

17

64,933,482

65,111,993

Cash at bank

437,538

356

65,371,020

65,112,349

CREDITORS

Amounts falling due within one year

18

147,375

135,490

NET CURRENT ASSETS

65,223,645

64,976,859

TOTAL ASSETS LESS CURRENT LIABILITIES

65,226,345

64,979,559

CAPITAL AND RESERVES

Called up share capital

23

72,113

74,702

Share premium

24

64,861,331

64,861,331

Capital redemption reserve

24

2,589

-

Retained earnings

24

290,312

43,526

65,226,345

64,979,559

Company's profit for the financial year

7,996,786

9,511

The financial statements were approved by the Board of Directors and authorised for issue on 22nd December 2025 and were signed on its behalf by:

C Judah - Director

Called up

Capital

share

Retained

Share

redemption

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1st April 2023

78,625

(20,416,146

)

64,861,331

-

44,523,810

Changes in equity

Issue of share capital

(3,923

)

-

-

-

(3,923

)

Total comprehensive income

-

(390,364

)

-

-

(390,364

)

Balance at 31st March 2024

74,702

(20,806,510

)

64,861,331

-

44,129,523

Changes in equity

Reduction in share capital

(2,589

)

(7,750,000

)

-

2,589

(7,750,000

)

Total comprehensive income

-

6,149,726

-

-

6,149,726

Balance at 31st March 2025

72,113

(22,406,784

)

64,861,331

2,589

42,529,249

Called up

Capital

share

Retained

Share

redemption

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1st April 2023

74,702

34,015

64,861,331

-

64,970,048

Changes in equity

Total comprehensive income

-

9,511

-

-

9,511

Balance at 31st March 2024

74,702

43,526

64,861,331

-

64,979,559

Changes in equity

Reduction in share capital

(2,589

)

(7,750,000

)

-

2,589

(7,750,000

)

Total comprehensive income

-

7,996,786

-

-

7,996,786

Balance at 31st March 2025

72,113

290,312

64,861,331

2,589

65,226,345

Cash flows from operating activities

Cash generated from operations

1

12,788,037

7,099,617

Interest paid

(563,054

)

(651,122

)

Interest element of hire purchase or finance lease rental payments paid

-

(442

)

Tax paid

(1,276,368

)

(772,873

)

Net cash from operating activities

10,948,615

5,675,180

Cash flows from investing activities

Purchase of intangible fixed assets

(335,824

)

(306,683

)

Purchase of tangible fixed assets

(987,336

)

(1,442,199

)

Sale of tangible fixed assets

120,891

79,252

Interest received

322,179

162,232

Net cash from investing activities

(880,090

)

(1,507,398

)

Cash flows from financing activities

New loans in year

-

7,500,000

Loan repayments in year

(708,750

)

(11,607,276

)

Capital repayments in year

-

(65,745

)

Share buyback

(7,750,000

)

-

Net cash from financing activities

(8,458,750

)

(4,173,021

)

Increase/(decrease) in cash and cash equivalents

1,609,775

(5,239

)

Cash and cash equivalents at beginning of year

2

6,194,098

6,199,337

Cash and cash equivalents at end of year

2

7,803,873

6,194,098

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

2025

2024

£

£

Profit before taxation

9,022,815

217,640

Depreciation charges

6,104,928

7,822,366

Profit on disposal of fixed assets

(91,833

)

(12,098

)

(Gain)/loss on revaluation of fixed assets

(9,467

)

15,880

Finance costs

563,054

651,564

Finance income

(322,179

)

(247,824

)

15,267,318

8,447,528

Increase in stocks

(288,153

)

(46,567

)

Increase in trade and other debtors

(1,788,402

)

(7,349,772

)

(Decrease)/increase in trade and other creditors

(402,726

)

6,048,428

Cash generated from operations

12,788,037

7,099,617

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 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

7,803,873

6,194,098

Year ended 31st March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

6,194,098

6,199,337

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Cash at bank and in hand

6,194,098

1,609,775

7,803,873

6,194,098

1,609,775

7,803,873

Debt

Debts falling due within 1 year

(1,000,000

)

(8,750

)

(1,008,750

)

Debts falling due after 1 year

(3,712,500

)

717,500

(2,995,000

)

(4,712,500

)

708,750

(4,003,750

)

Total

1,481,598

2,318,525

3,800,123