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REGISTERED NUMBER: 15672943 (England and Wales)

GAVIN GRIFFITHS GROUP LTD

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 MARCH 2025

GAVIN GRIFFITHS GROUP LTD (REGISTERED NUMBER: 15672943) |

CONTENTS OF THE 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 | 5 |

| Consolidated Statement of Comprehensive Income | 9 |

| Consolidated Balance Sheet | 10 |

| Company Balance Sheet | 11 |

| Consolidated Statement of Changes in Equity | 12 |

| Company Statement of Changes in Equity | 13 |

| Consolidated Cash Flow Statement | 14 |

| Notes to the Consolidated Cash Flow Statement | 15 |

| Notes to the Consolidated Financial Statements | 16 |

| GAVIN GRIFFITHS GROUP LTD |

COMPANY INFORMATION

FOR THE YEAR ENDED 31 MARCH 2025

| DIRECTORS: | J Stephens

| G T J Griffiths

| A H Davies

| REGISTERED OFFICE: | Beechwood House Bryntywod

| Llangyfelach

| Swansea

| SA5 7LP

| REGISTERED NUMBER: | 15672943 (England and Wales)

| AUDITORS: | Bevan Buckland Audit Ltd

| Chartered Accountants

| And Statutory Auditors

| Ground Floor Cardigan House

| Castle Court

| Swansea Enterprise Park

| Swansea

| SA7 9LA

GAVIN GRIFFITHS GROUP LTD (REGISTERED NUMBER: 15672943) |

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 MARCH 2025

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

REVIEW OF BUSINESS

Gavin Griffiths Group delivers integrated waste management and recycling, haulage and contracting services, supported by owned operational sites and fleet, and property used by group companies. Activities include collection and treatment of construction and commercial wastes, soil treatment and recycling, skip and bulk haulage, specialist contracting and related services across the United Kingdom. Key delivery entities include Gavin Griffiths Recycling Ltd (collection/treatment), Gavin Griffiths Contracting Ltd (remediation/contracting), Gavin Griffiths Haulage Ltd (road haulage), and Gavin Griffiths Property Ltd (group property).

The Group achieved revenue of £24.0m (2024: £21.7m), gross profit of £7.10m (2024: £6.39m) and operating profit of £1.57m (2024: £1.92m). Profit after tax was £0.63m (2024: £1.19m). Continued investment in fleet and plant increased tangible fixed assets to £14.90m (2024: £13.59m). Operating cash generation was £2.87m (2024: £3.68m).

PRINCIPAL RISKS AND UNCERTAINTIES

The Group regularly reviews principal risks affecting its model, performance and solvency:

- Market & economic conditions: Demand linked to construction and infrastructure activity; inflation and interest rates can influence pricing and volumes.

- Regulatory & environmental: Operations are subject to environmental permitting, waste and transport regulations; non-compliance could restrict operations or increase costs.

- Operational & asset intensity: High utilisation of plant, MRF/soil treatment assets and fleet; downtime and supply chain delays can impact service levels and margins.

- Credit & counterparty: Exposure to construction and commercial customers; managed through credit control and provisioning.

- Treasury & liquidity: Secured bank loans and hire purchase obligations require ongoing cash generation and covenant compliance; interest rate exposure on variable-rate facilities.

FINANCIAL RISK MANAGEMENT

The Group’s operations expose it primarily to liquidity, interest rate and credit risks. Borrowings comprise secured bank loans and hire purchase obligations over plant and vehicles, with interest at fixed rates of 2.5% / 3.37% or variable rates 2.0% - 3.03% above base rate, with repayments aligned to asset lives. Credit risk arises from a diversified commercial customer base and is mitigated through credit checks, limits and active collection procedures.

KEY PERFORMANCE INDICATORS

The directors consider KPIs that communicate the financial performance and strength of the Group as a whole, namely turnover, gross profit, operating profit and profit before taxation as presented in the income statement. These provide measures of activity and core profitability before taxation. The directors choose not to disclose operational KPIs for commercial reasons.

FUTURE OUTLOOK

As set out below, the Group has invested approximately £2.6m in a bespoke recycling facility in the Swansea site. The recycling plant is due to come on line in June 2026 once all testing has been complete.

The facility will increase capacity by around 6 times existing capacity due to the move away from manual operation to AI supported automated sorting of recyclable materials. Additionally, the automation will increase the amount of recyclable material that can be resold (such as A grade wood and plastics) and improve the quality of the refuse derived fuel which reduces the cost of disposal to typically UK power plants. The amount of material transferred to landfill will substantially reduce resulting in in reduction in landfill fees and haulage costs.

The Group has also made a substantial investment in the UK's first chemical free knot weed removal equipment. The equipment has been in trouble free operation since the Autumn 2025 and based on current pipeline is likely pay for the investment within twelve months. This is an exciting innovation and is in line with the Group's desire to divert material from landfill and to be a business to be aligned with Welsh Government policy of Beyond Recycling and circular economy.

The group has made investment in its IT system for Finance, Health and Safety, HR and Payroll and Transport that improve fuel consumption, driver performance, and compliance.

GAVIN GRIFFITHS GROUP LTD (REGISTERED NUMBER: 15672943) |

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 MARCH 2025

GROUP REORGANISATION (MERGER ACCOUNTING)

The parent company was incorporated on 23 April 2024 and became the new holding company via a share-for-share exchange. As this was a group reconstruction under common control, the Group applied merger accounting; the consolidated financial statements are presented as if the Group had always existed. Further details are found in the accounting policies.

GOING CONCERN

The Group operates within asset-intensive sectors and utilises a combination of bank borrowings and hire purchase facilities to fund its operational sites, fleet, plant and equipment. The repayment profile of these obligations, which are amortised monthly over the useful lives of the underlying assets, can give rise to a net current liability position at the year end. Notwithstanding this, the Group continues to maintain strong net assets and holds significant tangible fixed assets, including freehold property, plant, heavy vehicles and other operational equipment, which provide both operational capacity and asset backing for the Group's financing arrangements.

The directors have reviewed detailed cash flow forecasts extending for at least twelve months from the date of approval of these financial statements, including severe but plausible downside scenarios. They have also assessed the Group's capital structure, debt repayment schedules and banking covenants, and note that the Group continues to maintain comfortable covenant headroom and adequate access to funding.

Based on this review, together with the Group's established trading performance, strong asset base and resilience of demand across its operating divisions, the directors are satisfied that the Group has sufficient resources to continue in operational existence for the foreseeable future. Accordingly, the going concern basis continues to be adopted in preparing the financial statements.

At the balance sheet date of 31 March 2025, the Group's current liabilities exceeded its current assets, resulting in a net current liability position. The directors wish to draw attention to the circumstances giving rise to this position, which they consider to be temporary in nature.

During the year, the Group committed began the construction of a bespoke mechanical recycling facility which will result in total capital expenditure of over approximately £2.6m. The recycling plant has been designed to materially increase the volume of waste that can be recycled and diverted from landfill. Soon to be operational, the plant will enable the Group to recover and process a greater proportion of incoming waste streams into saleable recycled products, including refuse derived fuel, aggregates, plastics and other secondary materials. This will generate additional revenue whilst simultaneously reducing the Group's exposure to landfill disposal costs and the associated landfill tax liability. The recycling facility is also expected to deliver meaningful efficiency gains over the existing processing methods it will replace.

The recycling facility could not be procured as a single unit from a manufacturer. It has been assembled from numerous separate acquisitions of plant and machinery, some of which were sourced second-hand. The bespoke and incremental nature of the build programme made it impractical to arrange asset finance in advance of completion, as the value of the assembled asset could not readily be demonstrated to a lender until the individual components had been brought together into a functioning whole. As a consequence, the Group funded the construction of the wash plant from operating cash flow during the year, which was the principal driver of the net current liability position at the year end.

The Group is in advanced discussions to secure asset finance of approximately £2m, to be secured against the completed recycling facility. The funders have provided assurances that, subject to the satisfactory provision of certain information, funding will be made available shortly. Whilst there can be no absolute certainty that the finance will be approved, the directors consider it highly likely that these facilities will be finalised and drawn down by June 2026, at which point the proceeds will be received into the Group and are expected to restore the Group's net current asset position.

In light of the above, the directors are satisfied that the net current liability position at 31 March 2025 is a temporary consequence of the timing of the wash plant investment and the necessarily sequential nature of its financing. The directors remain confident in the Group's ability to meet its liabilities as they fall due and refer to the going concern assessment set out elsewhere in these financial statements.

ON BEHALF OF THE BOARD:

G T J Griffiths - Director

15 April 2026

GAVIN GRIFFITHS GROUP LTD (REGISTERED NUMBER: 15672943) |

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 MARCH 2025

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

DIVIDENDS

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

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

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

J Stephens - appointed 23 April 2024

G T J Griffiths - appointed 23 April 2024

A H Davies - appointed 23 April 2024

DISCLOSURE IN THE STRATEGIC REPORT

In accordance with s414C(11) Companies Act 2006, information on future developments, financial risk management and principal risks is set out in the Strategic Report.

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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Bevan Buckland Audit Ltd, will be proposed for re-appointment.

ON BEHALF OF THE BOARD:

G T J Griffiths - Director

15 April 2026

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

GAVIN GRIFFITHS GROUP LTD

Opinion

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

In our opinion the financial statements:

- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 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.

Other matter - comparative information not audited

The comparative information for the year ended 31 March 2024 was not audited. As part of our audit of the current year’s financial statements, we have performed audit procedures on the opening balances as at 1 April 2024 in order to obtain reasonable assurance that they did not contain material misstatements which would affect the current year’s financial statements.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

GAVIN GRIFFITHS GROUP LTD

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 four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

GAVIN GRIFFITHS GROUP LTD

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:

Extent to which the audit was considered capable of detecting irregularities, including fraud

We identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, and then, design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

We discussed our audit independence complying with the Revised Ethical Standard 2024 with the engagement team members whilst planning the audit and continually monitored our independence throughout the process.

Identifying and assessing potential risks related to irregularities.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

- |  | enquiring of management, including obtaining and reviewing supporting documentation, concerning the Group's policies and procedures relating to: |

| - |  | identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; |

| - |  | detecting and responding to the risks of fraud and whether they have knowledge of any actual. suspected or alleged fraud; |

| - |  | the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations; |

- |  | discussing among the engagement team how and where fraud might occur in the Financial Statements and any potential indicators of fraud. As part of this discussion, we identified potential for fraud in the following areas; |

| - |  | Assumptions used when valuing amounts recoverable on contract |

- |  | obtaining an understanding of the legal and regulatory frameworks that the Group operates in, focusing on those laws and regulations that had a direct effect on the Financial Statements or that had a fundamental effect on the operations of the Group, The key laws and regulations we considered in this context included the UK Companies Act and relevant tax legislation. |

Audit response to risks identified

In addition to the above, our procedures to respond to risks identified included the following:

- |  | reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations; |

- |  | enquiring of management concerning actual and potential litigation and claims; performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |

- |  | reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC; and |

- |  | in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; |

- |  | assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and |

- |  | evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

GAVIN GRIFFITHS GROUP LTD

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.

Michael Jones (Senior Statutory Auditor)

for and on behalf of Bevan Buckland Audit Ltd

Chartered Accountants

And Statutory Auditors

Ground Floor Cardigan House

Castle Court

Swansea Enterprise Park

Swansea

SA7 9LA

15 April 2026

GAVIN GRIFFITHS GROUP LTD (REGISTERED NUMBER: 15672943) |

CONSOLIDATED

STATEMENT OF COMPREHENSIVE

INCOME

FOR THE YEAR ENDED 31 MARCH 2025

| 2025 |  | 2024

| Notes | £ | £ |

TURNOVER | 4 | 24,004,047 |  | 21,714,506 |  |

Cost of sales | 16,903,734 |  | 15,325,777 |  |

GROSS PROFIT | 7,100,313 |  | 6,388,729 |  |

Administrative expenses | 5,531,499 |  | 4,588,261 |  |

1,568,814 |  | 1,800,468 |  |

Other operating income | - |  | 120,229 |  |

OPERATING PROFIT | 6 | 1,568,814 |  | 1,920,697 |  |

Interest receivable and similar income | 157 |  | - |  |

1,568,971 |  | 1,920,697 |  |

Interest payable and similar expenses | 7 | 638,948 |  | 386,896 |  |

PROFIT BEFORE TAXATION | 930,023 |  | 1,533,801 |  |

Tax on profit | 8 | 304,307 |  | 341,987 |  |

PROFIT FOR THE FINANCIAL YEAR | 625,716 |  | 1,191,814 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 625,716 |  | 1,191,814 |  |

Profit attributable to:

Owners of the parent | 625,716 |  | 1,191,814 |  |

Total comprehensive income attributable to:

Owners of the parent | 625,716 |  | 1,191,814 |  |

GAVIN GRIFFITHS GROUP LTD (REGISTERED NUMBER: 15672943) |

CONSOLIDATED BALANCE SHEET

31 MARCH 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 11 | - |  | - |  |

Tangible assets | 12 | 14,899,644 |  | 13,589,353 |  |

Investments | 13 | - |  | - |  |

14,899,644 |  | 13,589,353 |  |

CURRENT ASSETS

Stocks | 14 | 82,674 |  | 149,860 |  |

Debtors | 15 | 4,799,700 |  | 5,173,326 |  |

Cash at bank and in hand | 1,050,692 |  | 991,608 |  |

5,933,066 |  | 6,314,794 |  |

CREDITORS

Amounts falling due within one year | 16 | 6,855,187 |  | 6,994,468 |  |

NET CURRENT LIABILITIES | (922,121 | ) | (679,674 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 13,977,523 |  | 12,909,679 |  |

CREDITORS

Amounts falling due after more than one year | 17 | (5,170,091 | ) | (5,004,429 | ) |

PROVISIONS FOR LIABILITIES | 21 | (1,470,667 | ) | (1,194,201 | ) |

NET ASSETS | 7,336,765 |  | 6,711,049 |  |

CAPITAL AND RESERVES

Called up share capital | 22 | 100 |  | 100 |  |

Share premium | 23 | 302 |  | 302 |  |

Retained earnings | 23 | 7,336,363 |  | 6,710,647 |  |

SHAREHOLDERS' FUNDS | 7,336,765 |  | 6,711,049 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 15 April 2026 and were signed on its behalf by:

G T J Griffiths - Director

GAVIN GRIFFITHS GROUP LTD (REGISTERED NUMBER: 15672943) |

COMPANY BALANCE SHEET

31 MARCH 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 11 | - |  | - |  |

Tangible assets | 12 | - |  | - |  |

Investments | 13 | 401 |  | 401 |  |

401 |  | 401 |  |

CURRENT ASSETS

Cash in hand | 1 |  | 1 |  |

NET CURRENT ASSETS | 1 |  | 1 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 402 |  | 402 |  |

CAPITAL AND RESERVES

Called up share capital | 22 | 100 |  | 100 |  |

Share premium | 23 | 302 |  | 302 |  |

SHAREHOLDERS' FUNDS | 402 |  | 402 |  |

Company's profit for the financial year | - |  | - |  |

The financial statements were approved by the Board of Directors and authorised for issue on 15 April 2026 and were signed on its behalf by:

G T J Griffiths - Director

GAVIN GRIFFITHS GROUP LTD (REGISTERED NUMBER: 15672943) |

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2025

| Called up |

| share |  | Retained |  | Share |  | Total

| capital |  | earnings |  | premium |  | equity

£ | £ | £ | £ |

Balance at 1 April 2023 | 100 |  | 5,519,833 |  | 302 |  | 5,520,235 |  |

Changes in equity

Dividends | - |  | (1,000 | ) | - |  | (1,000 | ) |

Total comprehensive income | - |  | 1,191,814 |  | - |  | 1,191,814 |  |

Balance at 31 March 2024 | 100 |  | 6,710,647 |  | 302 |  | 6,711,049 |  |

Changes in equity

Total comprehensive income | - |  | 625,716 |  | - |  | 625,716 |  |

Balance at 31 March 2025 | 100 |  | 7,336,363 |  | 302 |  | 7,336,765 |  |

GAVIN GRIFFITHS GROUP LTD (REGISTERED NUMBER: 15672943) |

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2025

| Called up |

| share |  | Retained |  | Share |  | Total

| capital |  | earnings |  | premium |  | equity

£ | £ | £ | £ |

Balance at 1 April 2023 | 100 |  | - |  | - |  | 100 |  |

Changes in equity

Issue of share capital | - |  | - |  | 302 |  | 302 |  |

Balance at 31 March 2024 | 100 |  | - |  | 302 |  | 402 |  |

Changes in equity

Issue of share capital | - |  | - |  | 302 |  | 302 |  |

Balance at 31 March 2025 | 100 |  | - |  | 604 |  | 704 |  |

GAVIN GRIFFITHS GROUP LTD (REGISTERED NUMBER: 15672943) |

CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 MARCH 2025

| 2025 |  | 2024

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 3,581,672 |  | 4,009,335 |  |

Interest paid | (118,084 | ) | (102,816 | ) |

Interest element of hire purchase payments paid | (520,864 | ) | (284,080 | ) |

Tax paid | (76,378 | ) | 55,557 |  |

Net cash from operating activities | 2,866,346 |  | 3,677,996 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (103,299 | ) | (3,626,446 | ) |

Sale of tangible fixed assets | 1,302,999 |  | 200,575 |  |

Interest received | 157 |  | - |  |

Net cash from investing activities | 1,199,857 |  | (3,425,871 | ) |

Cash flows from financing activities

New loans in year | 406,000 |  | 202,000 |  |

Loan repayments in year | (99,999 | ) | (88,090 | ) |

Capital repayments in year | (4,313,120 | ) | (657,648 | ) |

Amount introduced by directors | - |  | 18,826 |  |

Amount withdrawn by directors | - |  | (17,069 | ) |

Equity dividends paid | - |  | (1,000 | ) |

Net cash from financing activities | (4,007,119 | ) | (542,981 | ) |

Increase/(decrease) in cash and cash equivalents | 59,084 |  | (290,856 | ) |

Cash and cash equivalents at beginning of year | 2 | 991,608 |  | 1,282,464 |  |

Cash and cash equivalents at end of year | 2 | 1,050,692 |  | 991,608 |  |

GAVIN GRIFFITHS GROUP LTD (REGISTERED NUMBER: 15672943) |

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 MARCH 2025

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

| 2025 |  | 2024

£ | £ |

| Profit before taxation | 930,023 |  | 1,533,801 |  |

| Depreciation charges | 2,194,526 |  | 1,830,651 |  |

| Profit on disposal of fixed assets | (423,270 | ) | (33,174 | ) |

| Finance costs | 638,948 |  | 386,896 |  |

| Finance income | (157 | ) | - |  |

3,340,070 |  | 3,718,174 |  |

| Decrease in stocks | 67,186 |  | 128,187 |  |

| Decrease/(increase) in trade and other debtors | 342,240 |  | (173,026 | ) |

| (Decrease)/increase in trade and other creditors | (167,824 | ) | 336,000 |  |

| Cash generated from operations | 3,581,672 |  | 4,009,335 |  |

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 | 1,050,692 |  | 991,608 |  |

| Year ended 31 March 2024

| 31.3.24 |  | 1.4.23

£ | £ |

| Cash and cash equivalents | 991,608 |  | 1,283,066 |  |

| Bank overdrafts | - |  | (602 | ) |

991,608 |  | 1,282,464 |  |

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 | 991,608 |  | 59,084 |  | 1,050,692 |  |

991,608 |  | 59,084 |  | 1,050,692 |  |

| Debt

| Finance leases | (6,973,045 | ) | 4,313,120 |  | (4,281,247 | ) | (6,941,172 | ) |

| Debts falling due

| within 1 year | (96,179 | ) | (214,050 | ) | - |  | (310,229 | ) |

| Debts falling due

| after 1 year | (1,508,822 | ) | (91,951 | ) | - |  | (1,600,773 | ) |

(8,578,046 | ) | 4,007,119 |  | (4,281,247 | ) | (8,852,174 | ) |

| Total | (7,586,438 | ) | 4,066,203 |  | (4,281,247 | ) | (7,801,482 | ) |

GAVIN GRIFFITHS GROUP LTD (REGISTERED NUMBER: 15672943) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1. | STATUTORY INFORMATION

| Gavin Griffiths Group Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

| The presentation currency of the financial statements is the Pound Sterling (£).

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

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

| Going Concern

| These financial statements have been prepared on a going concern basis. The Group operates across waste management, recycling, haulage and contracting activities that require ongoing investment in vehicles, plant and machinery. As a result, the Group utilises hire purchase and bank loan facilities which are repaid through monthly instalments. The amortisation profile of these obligations may result in a net current liabilities position at the reporting date.

| The Group benefits from strong net assets and holds substantial tangible fixed assets, including freehold land and buildings, plant, machinery and commercial vehicles. These assets provide a stable operational platform and underpin the Group’s borrowing facilities through fixed and floating charges.

| In assessing the appropriateness of the going concern basis, the directors have reviewed cash flow forecasts covering a period of at least twelve months from the date of approval of these financial statements. The forecasts incorporate reasonable and severe but plausible downside scenarios, expected trading performance, capital expenditure requirements, and the scheduled repayment of bank loans and hire purchase obligations. The directors have also considered the Group’s current and forecast compliance with its banking covenants and expect the Group to maintain sufficient covenant headroom throughout the assessment period.

| Based on this assessment, and given the Group’s strong asset backing, profitability and continued access to finance, the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements continue to be prepared on a going concern basis.

GAVIN GRIFFITHS GROUP LTD (REGISTERED NUMBER: 15672943) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

2. | ACCOUNTING POLICIES - continued

| Basis of consolidation

| These financial statements are the first prepared for the Group following a share-for-share exchange in which Gavin Griffiths Group Limited became the new parent company of the subsidiaries. As the transaction represents a group reconstruction and did not result in a change in the ultimate ownership of the consolidated entities, the combination has been accounted for using merger accounting in accordance with FRS 102.

| Under merger accounting:

| - |  | The consolidated financial statements are prepared as if the Group had always existed. |  |

| - |  | The assets, liabilities and reserves of the subsidiaries are included at their existing carrying amounts, without fair value adjustments. |  |

| - |  | The comparative information presented is restated on a combined basis as though the existing group structure had been in place throughout the comparative period. |  |

| - |  | The difference, if any, between the consideration issued by the parent and the share capital of the subsidiaries is recorded within equity. |  |

| Business combinations occurring after the formation of the Group are accounted for using the acquisition method. Subsidiaries are fully consolidated from the date control is obtained and are de-consolidated from the date control ceases.

| Control is presumed to exist when the parent:

| - |  | owns, directly or indirectly, more than 50% of the voting rights, |  |

| - |  | has the power to appoint or remove a majority of the board of directors, or |  |

| - |  | has the ability to exercise dominant influence through contractual arrangements. |  |

| Minority interests (non-controlling interests) are presented in the consolidated balance sheet within equity and separately from the parent’s equity.

| The financial statements of all subsidiaries included in the consolidation are prepared to the same reporting date as the parent and using consistent accounting policies. Where necessary, adjustments are made to align subsidiary accounting policies with those of the Group.

| All intra-group balances, transactions, income, expenses and unrealised gains and losses are eliminated on consolidation.

| As a consolidated profit and loss account is published, Gavin Griffiths Group Limited has taken advantage of section 408 of the Companies Act 2006 and has not presented its own separate profit and loss account.

| Related party exemption

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

| Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

GAVIN GRIFFITHS GROUP LTD (REGISTERED NUMBER: 15672943) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

2. | ACCOUNTING POLICIES - continued

| Turnover

| Goods and services

| Turnover represents net invoiced sales of goods and services, excluding value added tax.

| Turnover includes revenue earned from the sale of goods and from the rendering of services which includes but not limited to waste collection, waste disposal, haulage, muck away, excavation, sale of recycled waste and haulage.

| Sale of goods are recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Revenue from services is recognised when the service is performed.

| In certain cases, payments are received from customers prior to satisfaction of performance obligations and recognised as deferred income. These balances are considered contract liabilities and are typically related to prepayments for third party expenses that are incurred shortly after billing.

| Vehicle hire

| Income from the hire of vehicles is recognised on a straight-line basis over the period of hire, as the customer obtains the benefit of the service during that period. Where hire charges are invoiced in advance, any amounts relating to future hire periods are deferred and included within contract liabilities (deferred income) until the service is provided.

| Rental income

| Rental income is recognised on a straight-line basis over the term of the lease, unless another systematic basis is more representative of the time pattern in which benefits from the property are derived. Any rent received in advance is deferred and recognised in the period to which it relates, ensuring that income is matched to the appropriate accounting period.

| Where lease incentives such as rent-free periods or reduced rents are granted to tenants, these are accounted for as a reduction in rental income and spread evenly over the lease term. This treatment ensures that reported turnover reflects the effective rental income earned across the duration of the lease.

| Rental income is recognised only when collection is probable. If tenants default on payments, amounts previously recognised but deemed irrecoverable are written off as an expense in the period in which the impairment is identified.

| Interest received

| Interest received is recognised on receipt.

| Goodwill

| Goodwill, being the amount paid in connection with the acquisition of a business in 2021, is being amortised evenly over its estimated useful life of three years.

| Intangible assets

| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

GAVIN GRIFFITHS GROUP LTD (REGISTERED NUMBER: 15672943) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

2. | ACCOUNTING POLICIES - continued

| Tangible fixed assets

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

| Freehold property | - | 2% on cost and Straight line over 10 - 50 years

| Plant and Machinery | - | 20% on cost, 15% on cost and Straight line over 5 years

| Fixtures and fittings | - | 20% on cost and Straight line over 5 years

| Motor vehicles | - | 20% on cost and 15% on cost

| If there is an indication that there has been a significant change in the depreciation rate or residual value of an asset, the depreciation of that asset is revised prospectively to reflect the new expectations.

| Freehold land is not depreciated.

| All property, plant and equipment, other than Freehold property, use the cost model and are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

| Cost comprises the purchase price of the asset and expenditure directly attributable to the acquisition of the item. On transition to FRS 102 the group measured revalued assets at deemed cost.

| A fixed asset is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the income statement.

| An amount equal to the excess of the annual depreciation charge on revalued assets over the notional historical cost depreciation charge on those assets is transferred annually from the revaluation reserve to the profit and loss reserve.

| Impairment of fixed assets

| The group performs impairment testing where there are any indicators of impairment. Impairment is calculated as the difference between the carrying value and the recoverable value of the asset. Recoverable value is the higher of net realisable value and estimated value in use at the date the impairment loss is recognised. Value in use represents the present value of expected future discounted cash flows. If incurred, impairment is recognised immediately in the income statement.

| Where an impairment loss subsequently reverses, the carrying value of the asset is increased to the revised estimate of the recoverable amount, but so that the increased carrying value does not exceed the carrying value that would have been determined if no impairment loss had been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately as a credit to the income statement.

| Investments in subsidiaries

| Investments in subsidiaries are held at cost less accumulated impairment losses.

| Stocks

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

| Debtors

| Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

| Cash at bank and cash in hand

| Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

| The group holds a bank account in relation to a charity bank account. The bank account has not been included within the financial statements as the money is not deemed to be part of the group's funds.

GAVIN GRIFFITHS GROUP LTD (REGISTERED NUMBER: 15672943) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

2. | ACCOUNTING POLICIES - continued

| Financial instruments

| The Group has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

| Financial instruments are recognised in the Group's statement of financial position when the company becomes party to the contractual provisions of the instrument.

| Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

| Basic financial assets

| Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

| Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

| Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

| Derecognition of financial assets

| Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

| Classification of financial liabilities

| Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

| Basic financial liabilities

| Basic financial liabilities, including trade and other payables, bank loans and loans from fellow group companies that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

| Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

| Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

| Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into, An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

| Derecognition of financial liabilities

| Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

| Creditors and provisions

| Creditors and provisions are recognised where the company has a present obligation (legal and constructive) resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

GAVIN GRIFFITHS GROUP LTD (REGISTERED NUMBER: 15672943) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

2. | ACCOUNTING POLICIES - continued

| Taxation

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

| Current or deferred taxation assets and liabilities are not discounted.

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

| Deferred tax

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

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

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

| Foreign currencies

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

| The group's functional and presentational currency is £.

| Hire purchase and leasing commitments

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

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

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

| Pension costs and other post-retirement benefits

| The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

| Equity instruments

| Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

GAVIN GRIFFITHS GROUP LTD (REGISTERED NUMBER: 15672943) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

3. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

| In preparing these financial statements, management has made judgements, estimates and assumptions that affect the amounts recognised in the financial statements. These judgements and estimates are based on historical experience, current operational and market conditions, and other factors that management considers reasonable. Actual results may differ from these estimates. The areas involving the most significant judgement and estimation uncertainty are as follows:

| Revenue recognition

| The Group operates across waste management, haulage, contracting, remediation and recycling activities, sometimes involving complex service arrangements and multi-element contracts.

| Judgement is required in determining:

| - |  | the stage of completion of contracts at the reporting date; |  |

| - |  | whether performance obligations have been satisfied over time or at a point in time; |  |

| - |  | whether amounts invoiced in advance should be recognised as contract liabilities. |  |

| Management assesses each contract individually, considering work completed to date, agreed customer milestones, expected costs to complete and the point at which control transfers. Contract valuations inherently require assumptions on unforeseen costs, customer variations and recoverability of amounts billed. These judgements directly affect both turnover and accrued/deferred income.

| Provision against potential bad debts

| The Group has substantial trade receivables arising from haulage, skip hire, contracting, waste management and recycling services. Several group entities operate in sectors sensitive to economic conditions and customer liquidity.

| Management reviews outstanding debts on a customer-specific basis, considering:

| - |  | ageing analysis; |  |

| - |  | historical default rates; |  |

| - |  | known disputes; |  |

| - |  | current market conditions within construction and waste sectors. |  |

| Given rising cost pressures and wider sector risk, the directors have increased the provision for doubtful debts. The estimation of irrecoverable amounts remains inherently uncertain.

| Useful economic lives and residual values of tangible fixed assets

| The Group holds a significant portfolio of heavy plant, machinery, commercial vehicles, and freehold property. Depreciation charges are material and sensitive to key estimates.

| Judgement is required in determining:

| - |  | useful lives of plant and machinery used intensively in haulage, waste processing, recycling and contracting; |  |

| - |  | replacement cycles for vehicles and specialist equipment; |  |

| - |  | residual values, which fluctuate with the second-hand market for heavy equipment. |  |

| Given the Group’s continuing investment in plant (including fleet expansion), any changes to underlying usage patterns or technological changes could materially affect depreciation charges.

| Deferred tax provisioning

| Deferred tax balances are significant and sensitive to assumptions regarding:

| - |  | timing of reversal of capital allowance differences; |  |

| - |  | future profitability forecasts of individual subsidiaries within the Group; |  |

| - |  | tax rate expectations. |  |

| The Group’s considerable asset base and accelerated capital allowances make the deferred tax estimate heavily dependent on expected future taxable profits.

| Assessment of control and application of merger accounting

GAVIN GRIFFITHS GROUP LTD (REGISTERED NUMBER: 15672943) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

| Judgement was required in determining the appropriate treatment of the Group’s formation via a share-for-share exchange. As the combination involved entities under common ultimate control, management concluded that the transaction constituted a group reconstruction, requiring merger accounting under FRS 102.

| The judgement affects:

| - |  | the presentation of comparative information; |  |

| - |  | the brought forward reserves; |  |

| - |  | the recognition of asset and liability values at existing carrying amounts. |  |

| Going concern

| The group's business activities, together with details of its performance during the year and future developments, are set out in the strategic report. The group has total assets as of 31st March 2025 of £20,832,710 (2024: 19,904,147) and current liabilities as of 31st March 2025 of £6,855,187 (2024: £6,994,468). Leaving net current liabilities of £922,121 (2024: £679,674). The group generated a total comprehensive income for year of £625,716 for the year ended 31st March 2025 (2024: £1,191,882).

| In forming their judgement, the Directors have considered the Group's cash flow forecasts, including sensitivities reflecting reasonably possible adverse changes in trading performance and the timing of cash flows.

| The Directors have obtained written confirmation pledging financial support if necessary from the ultimate controlling party Gavin Griffiths, and that such support will remain available for a period of at least 12 months from the date of approval of these financial statements.

| Taking these matters into account, the Directors have concluded that it remains appropriate to prepare the Group financial statements on a going concern basis.

4. | TURNOVER

| The directors consider that disclosure of turnover by class of business would be seriously prejudicial to the interests of the company.

| All turnover is generated from one geographical market, the United Kingdom.

5. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 4,703,466 |  | 3,508,766 |  |

| Social security costs | 311,002 |  | 226,497 |  |

| Other pension costs | 55,432 |  | 37,489 |  |

5,069,900 |  | 3,772,752 |  |

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

| 2025 |  | 2024

| Driver | 52 |  | 48 |  |

| Yard | 23 |  | 20 |  |

| Fitter | 5 |  | 4 |  |

| Office | 35 |  | 30 |  |

115 |  | 102 |  |

| The average number of employees by undertakings that were proportionately consolidated during the year was NIL (2024 - NIL).

| The group operates defined contribution pension schemes. The assets of the schemes are held separately from those of the group in an independently administered fund.

| Contributions of £11,917 (2024: £7,795) were outstanding at the year end.

| 2025 |  | 2024

£ | £ |

| Directors' remuneration | 230,000 |  | 230,000 |  |

GAVIN GRIFFITHS GROUP LTD (REGISTERED NUMBER: 15672943) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

5. | EMPLOYEES AND DIRECTORS - continued

| The number of directors to whom retirement benefits were accruing was as follows:

| Money purchase schemes | 2 |  | 2 |  |

| Information regarding the highest paid director is as follows:

| 2025 |  | 2024

£ | £ |

| Emoluments etc | 65,000 |  | - |  |

6. | OPERATING PROFIT

| The operating profit is stated after charging/(crediting):

| 2025 |  | 2024

£ | £ |

| Hire of plant and machinery | 1,634,701 |  | 1,579,544 |  |

| Other operating leases | 266,194 |  | 192,711 |  |

| Depreciation - owned assets | 280,304 |  | 335,125 |  |

| Depreciation - assets on hire purchase contracts | 1,914,222 |  | 1,495,335 |  |

| Profit on disposal of fixed assets | (423,270 | ) | (54,938 | ) |

| Goodwill amortisation | - |  | 189 |  |

| Auditors' remuneration | 45,428 |  | - |  |

| Foreign exchange differences | - |  | 849 |  |

7. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£ | £ |

| Bank loan interest | 118,084 |  | 98,573 |  |

| Interest payable | - |  | 4,243 |  |

| Hire purchase | 520,864 |  | 284,080 |  |

638,948 |  | 386,896 |  |

8. | TAXATION

| Analysis of the tax charge

| The tax charge on the profit for the year was as follows:

| 2025 |  | 2024

£ | £ |

| Current tax:

| UK corporation tax | 27,841 |  | 26,090 |  |

| Deferred tax | 276,466 |  | 315,897 |  |

| Tax on profit | 304,307 |  | 341,987 |  |

GAVIN GRIFFITHS GROUP LTD (REGISTERED NUMBER: 15672943) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

8. | TAXATION - continued

| Reconciliation of total tax charge included in profit and loss

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

| 2025 |  | 2024

£ | £ |

| Profit before tax | 930,023 |  | 1,533,801 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2024 - 25 %) | 232,506 |  | 383,450 |  |

| Effects of:

| Expenses not deductible for tax purposes | 10,602 |  | 6,314 |  |

| Capital allowances in excess of depreciation | (837,217 | ) | (152,931 | ) |

| Utilisation of tax losses | 594,108 |  | (110,797 | ) |

| Adjustments to tax charge in respect of previous periods | 27,842 |  | (99,946 | ) |

| Deferred tax | 276,466 |  | 315,897 |  |

| Total tax charge | 304,307 |  | 341,987 |  |

| The deferred tax assets/liabilities at 31 March 2025 have been calculated at the rate of 25% (2024: 25%).

9. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.

10. | DIVIDENDS

| 2025 |  | 2024

£ | £ |

| Ordinary shares of 1 each

| Interim | - |  | 1,000 |  |

11. | INTANGIBLE FIXED ASSETS

| Group

| Goodwill

£ |

| COST

| At 1 April 2024

| and 31 March 2025 | 20,480 |  |

| AMORTISATION

| At 1 April 2024

| and 31 March 2025 | 20,480 |  |

| NET BOOK VALUE

| At 31 March 2025 | - |  |

| At 31 March 2024 | - |  |

GAVIN GRIFFITHS GROUP LTD (REGISTERED NUMBER: 15672943) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

12. | TANGIBLE FIXED ASSETS

| Group

| Fixtures

| Freehold |  | Plant and |  | and

| property |  | Machinery |  | fittings

£ | £ | £ |

| COST

| At 1 April 2024 | 3,187,095 |  | 14,103,946 |  | 15,000 |  |

| Additions | - |  | 4,118,123 |  | - |  |

| Disposals | - |  | (2,000,899 | ) | - |  |

| At 31 March 2025 | 3,187,095 |  | 16,221,170 |  | 15,000 |  |

| DEPRECIATION

| At 1 April 2024 | 118,862 |  | 3,982,695 |  | 9,250 |  |

| Charge for year | 35,287 |  | 2,017,957 |  | 3,000 |  |

| Eliminated on disposal | - |  | (1,140,629 | ) | - |  |

| At 31 March 2025 | 154,149 |  | 4,860,023 |  | 12,250 |  |

| NET BOOK VALUE

| At 31 March 2025 | 3,032,946 |  | 11,361,147 |  | 2,750 |  |

| At 31 March 2024 | 3,068,233 |  | 10,121,251 |  | 5,750 |  |

| Motor |  | Computer |

| vehicles |  | equipment |  | Totals

£ | £ | £ |

| COST

| At 1 April 2024 | 539,426 |  | 69,123 |  | 17,914,590 |  |

| Additions | 266,423 |  | - |  | 4,384,546 |  |

| Disposals | (62,437 | ) | - |  | (2,063,336 | ) |

| At 31 March 2025 | 743,412 |  | 69,123 |  | 20,235,800 |  |

| DEPRECIATION

| At 1 April 2024 | 175,629 |  | 38,801 |  | 4,325,237 |  |

| Charge for year | 121,338 |  | 16,944 |  | 2,194,526 |  |

| Eliminated on disposal | (42,978 | ) | - |  | (1,183,607 | ) |

| At 31 March 2025 | 253,989 |  | 55,745 |  | 5,336,156 |  |

| NET BOOK VALUE

| At 31 March 2025 | 489,423 |  | 13,378 |  | 14,899,644 |  |

| At 31 March 2024 | 363,797 |  | 30,322 |  | 13,589,353 |  |

GAVIN GRIFFITHS GROUP LTD (REGISTERED NUMBER: 15672943) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

12. | TANGIBLE FIXED ASSETS - continued

| Group

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

| Plant and |  | Motor |

| Machinery |  | vehicles |  | Totals

£ | £ | £ |

| COST

| At 1 April 2024 | 10,646,784 |  | 329,097 |  | 10,975,881 |  |

| Additions | 4,018,825 |  | 262,422 |  | 4,281,247 |  |

| Disposals | (168,775 | ) | - |  | (168,775 | ) |

| Transfer to ownership | (1,389,357 | ) | - |  | (1,389,357 | ) |

| At 31 March 2025 | 13,107,477 |  | 591,519 |  | 13,698,996 |  |

| DEPRECIATION

| At 1 April 2024 | 2,525,075 |  | 50,097 |  | 2,575,172 |  |

| Charge for year | 1,846,672 |  | 67,550 |  | 1,914,222 |  |

| Eliminated on disposal | (140,411 | ) | - |  | (140,411 | ) |

| Transfer to ownership | (691,860 | ) | - |  | (691,860 | ) |

| At 31 March 2025 | 3,539,476 |  | 117,647 |  | 3,657,123 |  |

| NET BOOK VALUE

| At 31 March 2025 | 9,568,001 |  | 473,872 |  | 10,041,873 |  |

| At 31 March 2024 | 8,121,709 |  | 279,000 |  | 8,400,709 |  |

13. | FIXED ASSET INVESTMENTS

| Company

| Shares in

| group

| undertakings

£ |

| COST

| At 1 April 2024

| and 31 March 2025 | 401 |  |

| NET BOOK VALUE

| At 31 March 2025 | 401 |  |

| At 31 March 2024 | 401 |  |

GAVIN GRIFFITHS GROUP LTD (REGISTERED NUMBER: 15672943) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

13. | FIXED ASSET INVESTMENTS - continued

| Details of Subsidiary Undertakings

| Nature |  | Name |  | Registered Office |  |

| Parent |  | Gavin Griffiths Group Ltd |  | Beechwood House, Bryntywod, Llangyfelach, Swansea, Wales, SA5 7LP |  |

| Subsidiary |  | Gavin Griffiths Contracting Ltd |  | Beechwood House, Bryntywod, Llangyfelach, Swansea, Wales, SA5 7LP |  |

| Subsidiary |  | Gavin Griffiths Haulage Ltd |  | Beechwood House, Bryntywod, Llangyfelach, Swansea, Wales, SA5 7LP |  |

| Subsidiary |  | Griffiths Waste Management Ltd |  | Beechwood House, Bryntywod, Llangyfelach, Swansea, Wales, SA5 7LP |  |

| Subsidiary |  | Gavin Griffiths Recycling Ltd |  | Beechwood House, Bryntywod, Llangyfelach, Swansea, Wales, SA5 7LP |  |

| Subsidiary |  | Gavin Griffiths Property Ltd |  | Former Jr Steel Works, Bryntywod, Llangyfelach, Swansea, Wales, SA5 7LP |  |

| Gavin Griffiths Group Ltd has a 100% holding of the share capital of each subsidiary.

| All companies listed above are included in the Group consolidated financial statements.

| The Group has taken advantage of the exemption permitted by the Companies Act 2006 not to disclose the aggregate amount of capital and reserves and the profit or loss for the financial year for each subsidiary undertaking. The directors consider that the Group qualifies for the medium-sized groups regime and that the required disclosures in respect of each subsidiary undertaking, beyond their name, country of incorporation and proportion of shares held, are not necessary for the financial statements to give a true and fair view.

14. | STOCKS

| Group |

2025 | 2024 |

£ | £ |

| Stocks | 82,674 |  | 149,860 |  |

15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |

2025 | 2024 |

£ | £ |

| Trade debtors | 3,933,181 |  | 4,091,573 |  |

| Bad debt provision | (168,745 | ) | (145,622 | ) |

| Amounts owed by related parties | 641,184 |  | 521,815 |  |

| Other debtors | 9,173 |  | 45,106 |  |

| Directors' current accounts | 20,310 |  | 20,310 |  |

| Tax | - |  | 31,386 |  |

| Prepayments and accrued income | 364,597 |  | 608,758 |  |

4,799,700 |  | 5,173,326 |  |

GAVIN GRIFFITHS GROUP LTD (REGISTERED NUMBER: 15672943) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |

2025 | 2024 |

£ | £ |

| Bank loans and overdrafts (see note 18) | 310,229 |  | 96,179 |  |

| Hire purchase contracts (see note 19) | 3,371,854 |  | 3,477,438 |  |

| Trade creditors | 2,241,412 |  | 3,148,622 |  |

| Amounts owed to related parties | 320,372 |  | 26,400 |  |

| Tax | - |  | 79,923 |  |

| Social security and other taxes | 105,291 |  | 60,631 |  |

| VAT | 318,264 |  | 8,627 |  |

| Other creditors | 79,286 |  | 57,630 |  |

| Accruals and deferred income | 108,479 |  | 39,018 |  |

6,855,187 |  | 6,994,468 |  |

17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

| Group |

2025 | 2024 |

£ | £ |

| Bank loans (see note 18) | 1,600,773 |  | 1,508,822 |  |

| Hire purchase contracts (see note 19) | 3,569,318 |  | 3,495,607 |  |

5,170,091 |  | 5,004,429 |  |

18. | LOANS

| An analysis of the maturity of loans is given below:

| Group |

2025 | 2024 |

£ | £ |

| Amounts falling due within one year or on | demand: |

| Bank loans | 310,229 |  | 96,179 |  |

| Amounts falling due between one and two | years: |

| Bank loans - 1-2 years | 110,246 |  | 302,700 |  |

| Amounts falling due between two and five | years: |

| Bank loans - 2-5 years | 347,839 |  | 310,041 |  |

| Amounts falling due in more than five years: |

| Repayable by instalments

| Bank loans more 5 yr by instal | 1,142,688 |  | 896,081 |  |

| The Group’s bank borrowings comprise a mixture of fixed-rate and variable-rate loan facilities used to finance capital expenditure and general operational activities. Repayment schedules vary by facility, with the majority of loans amortising through monthly instalments over contractual terms ranging between 6 and 20 years.

| Interest is charged at fixed rates of 2.5% or 3.37%, or at variable rates of between 2.0% and 3.03% above the Bank of England base rate, depending on the facility.

| In addition to its instalment facilities, the Group also has a short-term loan that is repayable in full 12 months after the date on which any amount is drawn down. This loan bears interest at a fixed rate of 2.07% and remained outstanding at the year end.

GAVIN GRIFFITHS GROUP LTD (REGISTERED NUMBER: 15672943) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

19. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Group

| Hire purchase |

| contracts |

2025 | 2024 |

£ | £ |

| Net obligations repayable:

| Within one year | 3,371,854 |  | 3,477,438 |  |

| Between one and five years | 3,569,318 |  | 3,495,607 |  |

6,941,172 |  | 6,973,045 |  |

20. | SECURED DEBTS

| The following secured debts are included within creditors:

| Group |

2025 | 2024 |

£ | £ |

| Bank loans | 1,911,002 |  | 1,605,001 |  |

| Hire purchase contracts | 6,941,172 |  | 6,973,045 |  |

8,852,174 |  | 8,578,046 |  |

| The Group’s bank borrowings and other financing facilities are secured by fixed and floating charges over certain assets of subsidiary undertakings.

| At the reporting date, the following companies within the Group had outstanding charges registered:

| Gavin Griffiths Property Ltd - three charges comprising two debentures in favour of Lloyds Bank PLC (dated 21 March 2017 and 18 April 2017) and a fixed charge in favour of National Westminster Bank PLC dated 22 February 2023.

| Gavin Griffiths Recycling Ltd - one fixed charge in favour of National Westminster Bank PLC, created on 24 January 2023.

| Hire purchases

| Hire purchase balances are secured against the asset they relate.

21. | PROVISIONS FOR LIABILITIES

| Group |

2025 | 2024 |

£ | £ |

| Deferred tax

| Accelerated capital allowances | 2,056,455 |  | 1,194,201 |  |

| Tax losses carried forward | (585,788 | ) | - |  |

1,470,667 |  | 1,194,201 |  |

| Group

| Deferred |

| tax |

£ |

| Balance at 1 April 2024 | 1,194,201 |  |

| Charge to Statement of Comprehensive Income during year | 276,466 |  |

| Balance at 31 March 2025 | 1,470,667 |  |

GAVIN GRIFFITHS GROUP LTD (REGISTERED NUMBER: 15672943) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

21. | PROVISIONS FOR LIABILITIES - continued

| Deferred tax assets and liabilities are offset where the group and company has a legally enforceable right to do so.

22. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 100 | Ordinary | 1 | 100 |  | 100 |  |

| Each share is entitled to:

| - One vote in any circumstances;

| - Pari passu to dividend or any other distribution; and

| - full participation in capital distributions.

23. | RESERVES

| Group

| Retained |  | Share |

| earnings |  | premium |  | Totals

£ | £ | £ |

| At 1 April 2024 | 6,710,647 |  | 302 |  | 6,710,949 |  |

| Profit for the year | 625,716 |  | 625,716 |  |

| At 31 March 2025 | 7,336,363 |  | 302 |  | 7,336,665 |  |

| Company

| Retained |  | Share |

| earnings |  | premium |  | Totals

£ | £ | £ |

| Profit for the year | - | - |

| Cash share issue | - |  | 302 |  | 302 |  |

| At 31 March 2025 | - |  | 302 |  | 302 |  |

| Called up share capital - represents the nominal value of shares that have been issued.

| Share premium - represents the amount received for shares issued by the company in excess of their nominal value.

| Retained earnings - included all current and prior period retained profits and losses.

24. | CAPITAL COMMITMENTS

2025 | 2024 |

£ | £ |

| Contracted but not provided for in the

| financial statements | 67,918 |  | - |  |

25. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

| Included in debtors is an amount owed by a director of the company of £20,310 (2024: £20,310). The loan is interest free and repayable on demand.

GAVIN GRIFFITHS GROUP LTD (REGISTERED NUMBER: 15672943) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

26. | RELATED PARTY DISCLOSURES

| Included in debtors are amounts owed to the company of £641,184 (2024: £521,815) by companies with a common director.

| Included in creditors are amounts owed by the company of £320,372 (2024: £26,400) to companies with a common director.

27. | POST BALANCE SHEET EVENTS

| There were no events after the reporting period that are material for disclosure in the financial statements.

28. | ULTIMATE CONTROLLING PARTY

| The ultimate controlling party is G T J Griffiths.