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REGISTERED NUMBER: 02246348 (England and Wales)

London City Bond Limited

Strategic Report,

Report of the Directors and

Financial Statements

for the year ended

30 September 2025

London City Bond Limited (Registered number: 02246348)

Contents of the Financial Statements

for the year ended 30 September 2025

| Page |

Company Information | 1 |

Strategic Report | 2 |  | to |  | 3

Report of the Directors | 4 |  | to |  | 6

Report of the Independent Auditors | 7 |  | to |  | 10

Income Statement | 11 |

Other Comprehensive Income | 12 |

Statement of Financial Position | 13 |

Statement of Changes in Equity | 14 |

Statement of Cash Flows | 15 |

Notes to the Statement of Cash Flows | 16 |  | to |  | 17

Notes to the Financial Statements | 18 |  | to |  | 30

London City Bond Limited

Company Information

for the year ended 30 September 2025

| DIRECTORS: | A J Allington

| B J Davis

| D Hogg

| J M Renwick

| M Stone

| C S Cripps

| REGISTERED OFFICE: | Olympus

| 91-101 River Road

| Barking

| Essex

| IG11 0EG

| REGISTERED NUMBER: | 02246348 (England and Wales)

| AUDITORS: | TC Group

| 10 Bridge St

| Christchurch

| BH23 1EF

London City Bond Limited (Registered number: 02246348)

Strategic Report

for the year ended 30 September 2025

The directors present their strategic report for the year ended 30 September 2025.

REVIEW OF BUSINESS

The principal activity of the company continues to be the provision of warehousing and distribution services.

The results for the year ended 30 September 2025 showed turnover up on the previous year, this was driven mainly by price increases in line with inflation. As a business we have experienced significant price increases on business rates and employers' national insurance during the year but have remained resilient and responded to these with cost control measures.

The director's are pleased to report that EBITDA has increased to £2,627,452 (2024 - £2,353,210).

We have made significant investment in new warehouses and equipment which will take time to contribute to company profits. We have made some good progress in filling these new spaces but still have more to do.

The large investments in additional space we have made in recent years qualify for enhanced capital allowances which means we do not have a corporation tax charge in the year. Due to taxation regulations relating to capital allowances, we have a large provision for deferred tax which we expect to be released in future years.

During the year we were audited for ISO9001, 14001 and 50001 standards with no non-conformances reported, which is a positive sign of our robust systems and procedures.

At the year end the company had net assets of £5.34m (2024 - £5.16m). We have continued to invest in many areas across the business to enable us to continue to provide excellent service to our customers.

PRINCIPAL RISKS AND UNCERTAINTIES

We have an established risk management process to identify, assess and monitor the principal risks that we face as a business.

The principal risks identified this year were again the uncertainty relating to the war in Ukraine and inflationary pressures within the economy. We have kept a close eye on our cost base and have taken appropriate decisions to ensure we deliver strong performance in a challenging economic climate.

The principal risks in the year ahead relate to the economic uncertainty due to ongoing hostilities in Ukraine and the Middle East and having empty warehouse space if expected new sales do not materialise.

Revenue growth could also stagnate due to uncertainty in the market and the possible effects of international tariffs and uncertainty of how businesses will react.

It is our intention to continue to improve all aspects of our business over the coming years and to maintain profitability, whilst ensuring that our customers continue to enjoy the highest level of service available.

London City Bond Limited (Registered number: 02246348)

Strategic Report

for the year ended 30 September 2025

SECTION 172(1) STATEMENT

The company considers its key Stakeholders to be Employees, Customers, Suppliers, Banks, HMRC and Shareholders. At the Board meetings the needs and effects of these parties are considered.

Rising costs dominated the board meetings at the start of the year, and we continued discussions with customers and employees to ensure that increases in prices and salaries were appropriate and fair.

Our employee discounts and wellbeing platform has helped support our staff during challenging economic times and we will continue to invest in our people via staff training and development in the coming years.

ON BEHALF OF THE BOARD:

A J Allington - Director

30 April 2026

London City Bond Limited (Registered number: 02246348)

Report of the Directors

for the year ended 30 September 2025

The directors present their report with the financial statements of the company for the year ended 30 September 2025.

DIVIDENDS

No dividends will be distributed for the year ended 30 September 2025.

DIRECTORS

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

A J Allington

B J Davis

D Hogg

J M Renwick

M Stone

Other changes in directors holding office are as follows:

C S Cripps was appointed as a director after 30 September 2025 but prior to the date of this report.

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The company's activities expose it to a number of financial risks including price risk, credit risk, liquidity risk, and cash flow risk.

Price risk

The group's principal activity is that of a warehouse operator and the company has leases on several different warehouses. The company has signed a number of long-term leases to ensure continuity of premises and to obtain certainty over the level of future rents. The directors also monitor the marketplace for alternative premises to ensure that they are paying a cost-effective level of rent. For these reasons the directors consider the company's exposure to price risk is at an acceptable level.

Credit risk

The company's principal financial assets are trade debtors and cash at bank. The company's primary credit risk comes from its trade debtors. All trade debtors are monitored on an ongoing basis by the directors and a provision for impairment is made when the recovery of balances is considered doubtful. All trade debtors are covered by a lien over customer inventories. Therefore, the directors do not consider the company's exposure to credit risk to be significant.

Liquidity and cash flow risk

In order to maintain liquidity and ensure that funds are available for ongoing operations and future development, the company uses a mixture of long-term and short-term bank and hire purchase finance. The cash flow performance of the company is monitored on a regular basis and the directors prepare forecasts to monitor longer term requirements and ensure that all obligations with financial liabilities will be met.

DISABLED PERSONS

The company's policy is to give full consideration to applications for employment from disabled persons where the requirements of the job can be adequately fulfilled. Where existing employees become disabled, it is the company's policy wherever practicable to provide continuing employment under normal terms and conditions and to provide training, career development and promotion wherever appropriate.

London City Bond Limited (Registered number: 02246348)

Report of the Directors

for the year ended 30 September 2025

ENGAGEMENT WITH EMPLOYEES

The company's policy is to consult and discuss with employee matters likely to affect their interests.

Information of matters of concern to employees is given through information bulletins and reports which seek a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.

The company has always operated a policy of Directors meeting regularly with their managers to discuss any staff issues. Any issues that relate to staff wellbeing are then discussed at Board level and a strategy is devised, this will then be communicated to employees via company announcements on the companies HR system and benefits platform.

STREAMLINED ENERGY AND CARBON REPORTING

The company recognises the role that the government Energy Savings Opportunity Scheme (ESOS) plays in reducing the country's carbon footprint. To this end, information is provided on a monthly basis on each sites carbon output and this is reviewed in the board meetings. The company also maintains ISO9001, 14001 and 50001 which cover all ESOS and SECR requirements.

The company produces annual key ratios using methodology and conversion rates on The Carbon Trust Website. These are shown below.

2025 2024

ELECTRICITY

Total kWh 7,389,010 7,969,970

Total kWh per Sq Ft 3.05 3.29

Total kgCO2e 1,530,072 1,650,373

Total tCO2e 1,530 1,650

Total kgCO2e per Sq Ft 0.63 0.68

GAS

Total kWh 203,577 193,095

Total kWh per Sq Ft 0.08 0.08

Total kgCO2e 36,644 34,757

Total tCO2e 37 35

Total kgCO2e per Sq Ft 0.02 0.01

LPG

kWh Eq 1,461,698 1,329,345

kWh per Sq Ft 0.60 0.55

kgCO2e 306,957 279,162

tCO2e 307 279

Total kgCO2e per Sq Ft 0.13 0.12

DIESEL

kWh Eq 106,943 125,381

kWh per Sq Ft 0.04 0.05

kgCO2e 25,666 34,757

tCO2e 26 35

kgCO2e per Sq Ft 0.01 0.01

TOTAL

Total kWh 9,161,228 9,617,792

London City Bond Limited (Registered number: 02246348)

Report of the Directors

for the year ended 30 September 2025

Total kWh per Sq Ft 3.79 3.98

Total kgCO2e 1,899,339 1,999,049

Total tCO2e 1,899 1,999

Total kgCO2e per Sq Ft 0.79 0.83

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

- | select suitable accounting policies and then apply them consistently;

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

ON BEHALF OF THE BOARD:

A J Allington - Director

30 April 2026

Report of the Independent Auditors to the Members of

London City Bond Limited

Opinion

We have audited the financial statements of London City Bond Limited (the 'company') for the year ended 30 September 2025 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- | give a true and fair view of the state of the company's affairs as at 30 September 2025 and of its 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Report of the Independent Auditors to the Members of

London City Bond Limited

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page six, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Report of the Independent Auditors to the Members of

London City Bond Limited

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:

We have performed our own assessment of the susceptibility of the financial statements to material misstatement, including how fraud might occur, and concentrated our audit work in these areas in order to detect any material misstatements which may exist.

We have performed substantive testing of all material year end balances, and also performed substantive testing of a sample of other transactions during the year and of other year end balances.

We have performed preliminary analytical procedures to identify any unusual or unexpected relationships that may indicate an increased risk of material misstatement as a result of fraud.

We have performed substantive testing on a sample of journal entries made in the period in order to address the risk of fraud due to management override of controls.

We had a planning meeting with directors and management prior to performing the audit, to establish the laws and regulations which are significant to the company, and to obtain an understanding of the entity's policies and procedures to ensure compliance with these laws and regulations, including documentation of any instances of non-compliance.

We identified that HMRC bonded warehouse regulations have a fundamental effect on the operations of the entity.

We received HMRC Excise Warehousing Authorised Warehousekeeper Registration Certificates for all sites operated during the period.

We have made enquiries of management of any known instances of non-compliance or suspected non-compliance with laws and regulations, and requested copies of all correspondence with HMRC during and after the period.

We had a planning meeting with directors and management prior to performing the audit, to obtain an understanding of the entity's policies and procedures on fraud risk, including knowledge of any actual, suspected or alleged fraud, as well as considering management assessment of the susceptibility of the financial statements to fraud.

We performed walk-through tests of sales. purchases, payroll, VAT and bank systems to ensure that systems operated as documented.

The engagement team was selected to ensure that they collectively had the appropriate competences and capabilities to identify and recognise non-compliance with laws and regulations. We have 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.

We have tested amounts recorded as owed to and receivable from other group companies and agreed these amounts to the corresponding accounting records of those other group companies.

Our audit did not identify any matters relating to the detection of irregularities including fraud.

Report of the Independent Auditors to the Members of

London City Bond Limited

However, because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Ian Rodd BSc FCA FCCA (Senior Statutory Auditor)

for and on behalf of TC Group

10 Bridge St

Christchurch

BH23 1EF

30 April 2026

London City Bond Limited (Registered number: 02246348)

Income Statement

for the year ended 30 September 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

TURNOVER | 3 | 76,306,545 |  | 74,165,032 |  |

Cost of sales | 38,717,367 |  | 37,306,518 |  |

GROSS PROFIT | 37,589,178 |  | 36,858,514 |  |

Administrative expenses | 36,567,592 |  | 35,983,253 |  |

OPERATING PROFIT | 5 | 1,021,586 |  | 875,261 |  |

Income from shares in group undertakings | - |  | 49,900 |  |

Interest receivable and similar income | - |  | 1,504 |  |

|  |  | - |  |  |  |  | 51,404 |  |

1,021,586 |  | 926,665 |  |

Amounts written off investments | 6 | - |  | 60,450 |  |

1,021,586 |  | 866,215 |  |

Interest payable and similar expenses | 7 | 750,334 |  | 695,316 |  |

PROFIT BEFORE TAXATION | 271,252 |  | 170,899 |  |

Tax on profit | 8 | 87,911 |  | (225,000 | ) |

PROFIT FOR THE FINANCIAL YEAR | 183,341 |  | 395,899 |  |

London City Bond Limited (Registered number: 02246348)

Other Comprehensive Income

for the year ended 30 September 2025

| 2025 |  | 2024

| Notes | £ | £ |

PROFIT FOR THE YEAR | 183,341 |  | 395,899 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 183,341 |  | 395,899 |  |

London City Bond Limited (Registered number: 02246348)

Statement of Financial Position

30 September 2025

| 2025 |  | 2024

| Notes | £ | £ |

FIXED ASSETS

Tangible assets | 9 | 14,788,922 |  | 15,272,592 |  |

Investments | 10 | 106 |  | 106 |  |

14,789,028 |  | 15,272,698 |  |

CURRENT ASSETS

Stocks | 11 | 85,484 |  | 72,350 |  |

Debtors | 12 | 21,820,113 |  | 20,485,243 |  |

Cash at bank | 3,326,520 |  | 3,240,751 |  |

25,232,117 |  | 23,798,344 |  |

CREDITORS

Amounts falling due within one year | 13 | (28,117,814 | ) | (26,445,157 | ) |

NET CURRENT LIABILITIES | (2,885,697 | ) | (2,646,813 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 11,903,331 |  | 12,625,885 |  |

CREDITORS

Amounts falling due after more than one year | 14 | (5,226,276 | ) | (6,220,082 | ) |

PROVISIONS FOR LIABILITIES | 18 | (1,337,911 | ) | (1,250,000 | ) |

NET ASSETS | 5,339,144 |  | 5,155,803 |  |

CAPITAL AND RESERVES

Called up share capital | 19 | 100 |  | 100 |  |

Retained earnings | 20 | 5,339,044 |  | 5,155,703 |  |

SHAREHOLDERS' FUNDS | 5,339,144 |  | 5,155,803 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 30 April 2026 and were signed on its behalf by:

A J Allington - Director

London City Bond Limited (Registered number: 02246348)

Statement of Changes in Equity

for the year ended 30 September 2025

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1 October 2023 | 100 |  | 4,759,804 |  | 4,759,904 |  |

Changes in equity

Total comprehensive income | - |  | 395,899 |  | 395,899 |  |

Balance at 30 September 2024 | 100 |  | 5,155,703 |  | 5,155,803 |  |

Changes in equity

Total comprehensive income | - |  | 183,341 |  | 183,341 |  |

Balance at 30 September 2025 | 100 |  | 5,339,044 |  | 5,339,144 |  |

London City Bond Limited (Registered number: 02246348)

Statement of Cash Flows

for the year ended 30 September 2025

| 2025 |  | 2024

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 3,283,748 |  | (100,806 | ) |

Interest paid | (389,679 | ) | (372,812 | ) |

Interest element of hire purchase payments paid | (360,655 | ) | (322,504 | ) |

Taxation refund | - |  | 21,296 |  |

Early repayment interest | - |  | 1,178 |  |

Net cash from operating activities | 2,533,414 |  | (773,648 | ) |

Cash flows from investing activities

Purchase of tangible fixed assets | (130,744 | ) | (692,818 | ) |

Sale of tangible fixed assets | 2,000 |  | 16,969 |  |

Interest received | - |  | 326 |  |

Net cash from investing activities | (128,744 | ) | (675,523 | ) |

Cash flows from financing activities

New loans in year | - |  | 4,086,781 |  |

Repayment of other loans | (864,139 | ) | - |  |

Capital repayments on HP contracts | (1,454,762 | ) | (1,997,528 | ) |

Net cash from financing activities | (2,318,901 | ) | 2,089,253 |  |

Increase in cash and cash equivalents | 85,769 |  | 640,082 |  |

Cash and cash equivalents at beginning of year | 2 | 3,240,751 |  | 2,600,669 |  |

Cash and cash equivalents at end of year | 2 | 3,326,520 |  | 3,240,751 |  |

London City Bond Limited (Registered number: 02246348)

Notes to the Statement of Cash Flows

for the year ended 30 September 2025

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

| 2025 |  | 2024

£ | £ |

| Profit before taxation | 271,252 |  | 170,899 |  |

| Depreciation charges | 1,517,309 |  | 1,354,731 |  |

| Profit on disposal of fixed assets | (2,000 | ) | (16,969 | ) |

| Finance income not received cash | - |  | 49,900 |  |

| Amounts written off investments | - |  | 60,450 |  |

| Finance costs | 750,334 |  | 695,316 |  |

| Finance income | - |  | (51,404 | ) |

2,536,895 |  | 2,262,923 |  |

| (Increase)/decrease in stocks | (13,134 | ) | 33,207 |  |

| Increase in trade and other debtors | (1,334,870 | ) | (2,258,053 | ) |

| Increase/(decrease) in trade and other creditors | 2,094,857 |  | (138,883 | ) |

| Cash generated from operations | 3,283,748 |  | (100,806 | ) |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

| Year ended 30 September 2025

| 30.9.25 |  | 1.10.24

£ | £ |

| Cash and cash equivalents | 3,326,520 |  | 3,240,751 |  |

| Year ended 30 September 2024

| 30.9.24 |  | 1.10.23

£ | £ |

| Cash and cash equivalents | 3,240,751 |  | 2,600,669 |  |

London City Bond Limited (Registered number: 02246348)

Notes to the Statement of Cash Flows

for the year ended 30 September 2025

3. | ANALYSIS OF CHANGES IN NET DEBT

| Other |

| non-cash |

| At 1.10.24 | Cash flow | changes | At 30.9.25

£ | £ | £ | £ |

| Net cash |

| Cash at bank | 3,240,751 |  | 85,769 |  | 3,326,520 |  |

3,240,751 |  | 85,769 |  | 3,326,520 |  |

| Debt

| Finance leases | (3,477,753 | ) | 1,454,762 |  | 902,895 |  | (2,925,886 | ) |

| Debts falling due

| within 1 year | (10,426,845 | ) | 864,139 |  | - |  | (9,562,706 | ) |

(13,904,598 | ) | 2,318,901 |  | 902,895 |  | (12,488,592 | ) |

| Total | (10,663,847 | ) | 2,404,670 |  | 902,895 |  | (9,162,072 | ) |

4. | MAJOR NON-CASH TRANSACTIONS

| During the year the company entered into hire purchase arrangements in respect of fixed assets with a total capital value of £902,895 (30/9/2023 - £2,066,830).

London City Bond Limited (Registered number: 02246348)

Notes to the Financial Statements

for the year ended 30 September 2025

1. | STATUTORY INFORMATION

| London City Bond Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

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

| The financial statements have been prepared on the going concern basis, on the basis that the directors consider that the company will have sufficient cash flow and available resources to continue to operate for at least 12 months from the approval date of these financial statements.

| Preparation of consolidated financial statements

| The financial statements contain information about London City Bond Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 402 of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

| Significant judgements and estimates

| The following significant judgements have been made in the process of applying the accounting policies set out below:

| Dilapidations - The directors have reviewed their responsibilities under the company's property leases and whilst the majority of leases contain dilapidations clauses the directors have made a judgement that at 30 September 2025 the liability for any such costs would be immaterial and therefore have made no provision in this respect (30/9/24 - no provision). This judgement is based upon the fact that typically when signing a property lease there is substantial initial capital expenditure on the property, following by ongoing maintenance and repair work such that the properties are always kept in at least as good a state as repair as at the start of the lease.

| Depreciation - The determination of appropriate depreciation rates requires management to exercise significant judgement and make estimates regarding the useful lives, residual values, and depreciation methods applicable to the underlying assets.Management assesses the expected useful lives of assets based on historical experience, the anticipated usage of the assets, technical or commercial obsolescence, maintenance programs, and industry practices. Residual values are estimated by considering expected market conditions at the end of the asset’s useful life.These estimates directly affect the amount of depreciation expense recognised in the income statement . Depreciation is calculated on a systematic basis over the estimated useful lives of the assets using a method that reflects the pattern in which the asset’s future economic benefits are expected to be consumed.

London City Bond Limited (Registered number: 02246348)

Notes to the Financial Statements - continued

for the year ended 30 September 2025

2. | ACCOUNTING POLICIES - continued

| Turnover

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

| The company provides warehousing, storage, and transport and distribution services. Turnover is recognised when the outcome of a transaction can be estimated reliably and it is probable that economic benefits will flow to the company.

| Income from warehousing and storage services is recognised on a daily basis over the term of the storage. Revenue is accrued for services provided but not yet invoiced at the reporting date. Revenue is deferred where it is invoiced in advance and the service has not yet been performed.

| Revenue from transport and distribution services is recognised when the service is performed, which is typically when goods are delivered to the customer or collection and delivery obligations under the contract have been fulfilled.

| Tangible fixed assets

| Tangible fixed assets are stated at historic cost less accumulated depreciation and any accumulated impairment losses. Historic cost includes all expenditure directly attributable in getting the asset to its current location and condition necessary to be capable of operating as intended.

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

| Leasehold improvements - over the lease term

| Plant and machinery - at varying rates on cost

| Fixtures and fittings - at varying rates on cost

| Motor vehicles - 25% and 33% on cost

| Investments in subsidiaries

| Investments in subsidiary undertakings are recognised at cost less any impairment.

| Stocks

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

| Cost is calculated at purchase price, plus all import duties, taxes, and transport costs directly attributable to the stock.

| Financial instruments

| Short term debtors are measured at transaction price, less any impairment.

| Short term creditors are measured at the transaction price.

London City Bond Limited (Registered number: 02246348)

Notes to the Financial Statements - continued

for the year ended 30 September 2025

2. | ACCOUNTING POLICIES - continued

| Taxation

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

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

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

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

| 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.

| Lease incentives are allocated to the income statement over the lease term on a straight line basis.

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate.

| Employee share ownership trust

| Company shares held by an Employment Share Ownership Trust (ESOT) are held for the future benefit of employees. The consideration paid for the shares is deducted from equity until the shares vest unconditionally with the employees. The administrative costs relating to the ESOT are charged to the income statement.

London City Bond Limited (Registered number: 02246348)

Notes to the Financial Statements - continued

for the year ended 30 September 2025

3. | TURNOVER

| The turnover and profit before taxation are attributable to the one principal activity of the company.

| An analysis of turnover by class of business is given below:

| 2025 |  | 2024

£ | £ |

| Sales of services | 75,987,454 |  | 73,809,691 |  |

| Sales of goods | 319,091 |  | 355,341 |  |

76,306,545 |  | 74,165,032 |  |

4. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 17,687,541 |  | 18,128,487 |  |

| Social security costs | 1,966,962 |  | 1,708,016 |  |

| Other pension costs | 334,213 |  | 316,885 |  |

19,988,716 |  | 20,153,388 |  |

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

| 2025 |  | 2024

| Administration | 130 |  | 149 |  |

| Warehousing and distribution | 445 |  | 464 |  |

575 |  | 613 |  |

| 2025 |  | 2024

£ | £ |

| Directors' remuneration | 528,461 |  | 517,094 |  |

| Directors' pension contributions to money purchase schemes | 16,999 |  | 16,999 |  |

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

| Money purchase schemes | 4 |  | 4 |  |

| Information regarding the highest paid director is as follows:

| 2025 |  | 2024

£ | £ |

| Emoluments etc | 194,003 |  | 193,513 |  |

| Pension contributions to money purchase schemes | 13,036 |  | 13,036 |  |

London City Bond Limited (Registered number: 02246348)

Notes to the Financial Statements - continued

for the year ended 30 September 2025

5. | OPERATING PROFIT

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

| 2025 |  | 2024

£ | £ |

| Depreciation - owned assets | 924,671 |  | 846,242 |  |

| Depreciation - assets on hire purchase contracts | 592,638 |  | 508,489 |  |

| Profit on disposal of fixed assets | (2,000 | ) | (16,969 | ) |

| Auditors' remuneration | 46,500 |  | 51,000 |  |

| Non-audit fees paid to auditor in respect of taxation compliance services | 3,500 |  | 3,000 |  |

| Non-audit fees paid to auditor in respect of other services | 2,000 |  | 1,720 |  |

| Operating lease rentals | 14,851,927 |  | 14,780,144 |  |

| Stock charged as an expense | 301,129 |  | 287,383 |  |

6. | AMOUNTS WRITTEN OFF INVESTMENTS |

| 2025 |  | 2024

£ | £ |

| Impairment of investments | - |  | 60,450 |  |

| In 2024, the investment in 100% subsidiary Vinotheque Ltd was impaired in line with its expected fair value, £60,450 was charged to the profit and loss as a result of the hive up of the subsidiary.

7. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£ | £ |

| Receivables financing | 389,679 |  | 372,812 |  |

| Hire purchase | 360,655 |  | 322,504 |  |

750,334 |  | 695,316 |  |

8. | TAXATION

| Analysis of the tax charge/(credit)

| The tax charge/(credit) on the profit for the year was as follows:

| 2025 |  | 2024

£ | £ |

| Deferred tax:

| Accelerated capital allowances | 87,911 |  | (225,000 | ) |

| Tax on profit | 87,911 |  | (225,000 | ) |

London City Bond Limited (Registered number: 02246348)

Notes to the Financial Statements - continued

for the year ended 30 September 2025

8. | TAXATION - continued

| Reconciliation of total tax charge/(credit) included in profit and loss

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

| 2025 |  | 2024

£ | £ |

| Profit before tax | 271,252 |  | 170,899 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 67,813 |  | 42,725 |  |

| Effects of:

| Expenses not deductible for tax purposes | 1,026 |  | 7,055 |  |

| Income not taxable for tax purposes | - |  | (12,475 | ) |

| Capital allowances in excess of depreciation | - |  | (215,156 | ) |

| Depreciation in excess of capital allowances | 175,588 |  | - |  |

| Utilisation of tax losses | (227,700 | ) | (295 | ) |

| (Decrease) / Increase in deferred tax provision | 87,911 |  | (225,000 | ) |

| Increase in unused tax losses | 5,158 |  | 178,146 |  |

| Trading expenses allowable | (21,885 | ) | - |  |

| Total tax charge/(credit) | 87,911 |  | (225,000 | ) |

| At the end of the reporting period the deferred tax lability relating to accelerated capital allowances is £2,237,911 (2024 - £2,350,000) and the deferred tax asset relating to unused tax losses is £900,000 (2024 - £1,100,000).

| There is not expected to be any net reversal of deferred tax assets and deferred tax liabilities in the next 12 months. This estimate is based on there being no significant fixed asset additions or disposals in the year to 30 September 2026..

| There is no expiry date for deferred tax timing differences and deferred tax assets.

London City Bond Limited (Registered number: 02246348)

Notes to the Financial Statements - continued

for the year ended 30 September 2025

9. | TANGIBLE FIXED ASSETS

| Fixtures |

| Leasehold |  | Plant and |  | and |  | Motor |

| improvements |  | machinery |  | fittings |  | vehicles |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 1 October 2024 | 11,120,877 |  | 1,978,052 |  | 12,453,275 |  | 995,376 |  | 26,547,580 |  |

| Additions | 376,800 |  | 45,388 |  | 531,082 |  | 80,369 |  | 1,033,639 |  |

| Disposals | (168,279 | ) | (1,592,522 | ) | (1,501,314 | ) | (98,967 | ) | (3,361,082 | ) |

| Reclassification/transfer | (360,000 | ) | - |  | 360,000 |  | - |  | - |  |

| At 30 September 2025 | 10,969,398 |  | 430,918 |  | 11,843,043 |  | 976,778 |  | 24,220,137 |  |

| DEPRECIATION

| At 1 October 2024 | 3,595,206 |  | 1,732,496 |  | 5,263,178 |  | 684,108 |  | 11,274,988 |  |

| Charge for year | 548,072 |  | 54,478 |  | 757,467 |  | 157,292 |  | 1,517,309 |  |

| Eliminated on disposal | (168,279 | ) | (1,592,522 | ) | (1,501,314 | ) | (98,967 | ) | (3,361,082 | ) |

| At 30 September 2025 | 3,974,999 |  | 194,452 |  | 4,519,331 |  | 742,433 |  | 9,431,215 |  |

| NET BOOK VALUE

| At 30 September 2025 | 6,994,399 |  | 236,466 |  | 7,323,712 |  | 234,345 |  | 14,788,922 |  |

| At 30 September 2024 | 7,525,671 |  | 245,556 |  | 7,190,097 |  | 311,268 |  | 15,272,592 |  |

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

| Fixtures |

| Leasehold |  | and |  | Motor |

| improvements |  | fittings |  | vehicles |  | Totals

£ | £ | £ | £ |

| COST

| At 1 October 2024 | 2,880,020 |  | 4,902,948 |  | 603,998 |  | 8,386,966 |  |

| Additions | 376,800 |  | 255,335 |  | 77,142 |  | 709,277 |  |

| Transfer to ownership | (171,085 | ) | (1,384,187 | ) | (28,413 | ) | (1,583,685 | ) |

| At 30 September 2025 | 3,085,735 |  | 3,774,096 |  | 652,727 |  | 7,512,558 |  |

| DEPRECIATION

| At 1 October 2024 | 409,215 |  | 524,944 |  | 311,577 |  | 1,245,736 |  |

| Charge for year | 206,226 |  | 237,030 |  | 149,382 |  | 592,638 |  |

| Transfer to ownership | (98,679 | ) | (229,742 | ) | (28,413 | ) | (356,834 | ) |

| At 30 September 2025 | 516,762 |  | 532,232 |  | 432,546 |  | 1,481,540 |  |

| NET BOOK VALUE

| At 30 September 2025 | 2,568,973 |  | 3,241,864 |  | 220,181 |  | 6,031,018 |  |

| At 30 September 2024 | 2,470,805 |  | 4,378,004 |  | 292,421 |  | 7,141,230 |  |

London City Bond Limited (Registered number: 02246348)

Notes to the Financial Statements - continued

for the year ended 30 September 2025

10. | FIXED ASSET INVESTMENTS

| Shares in

| group

| undertakings

£ |

| COST

| At 1 October 2024

| and 30 September 2025 | 106 |  |

| NET BOOK VALUE

| At 30 September 2025 | 106 |  |

| At 30 September 2024 | 106 |  |

| The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

| Vinotheque Limited

| Registered office: Olympus, 91-101 River Road, Barking, Essex, IG11 0EG

| Nature of business: Dormant

| %

| Class of shares: | holding |

| £1 Ordinary | 100.00 |

2025 | 2024 |

£ | £ |

| Aggregate capital and reserves | 100 |  | 100 |  |

| Draftrule Limited

| Registered office: Yare House, 62-64 Thorpe Road, Norwich, Norfolk, NR1 1RY

| Nature of business: Dormant

| %

| Class of shares: | holding |

| £1 Ordinary | 100.00 |

2025 | 2024 |

£ | £ |

| Aggregate capital and reserves | 2 |  | 2 |  |

| Draftrule Limited was incorporated on 9 October 1997 and appointed trustee of the London City Bond Limited Employee Share Ownership Trust in November 1997. Under the terms of the trust, Draftrule Limited as trustee may from time to time acquire shares in London City Bond Limited and benefits may be conferred upon selected employees of London City Bond Limited at the discretion of the trustee.

| On 24 November 1997 Draftrule Limited, in its capacity as trustee of the London City Bond Limited Employee Share Ownership Trust, purchased 10 ordinary shares of £1 each in London City Bond Limited at a cost of £562,800.

London City Bond Limited (Registered number: 02246348)

Notes to the Financial Statements - continued

for the year ended 30 September 2025

10. | FIXED ASSET INVESTMENTS - continued

| LCB Tilbury Limited

| Registered office: Olympus, 91-101 River Road, Barking, Essex, IG11 0EG

| Nature of business: Dormant

| %

| Class of shares: | holding |

| £1 Ordinary | 100.00 |

2025 | 2024 |

£ | £ |

| Aggregate capital and reserves | 135 |  | 135 |  |

| LCB (Scotland) Limited

| Registered office: c/o London City Bond Limited, 100 Penilee Road, Hillington,Glasgow, G52 4UU

| Nature of business: Dormant

| %

| Class of shares: | holding |

| £1 Ordinary | 100.00 |

2025 | 2024 |

£ | £ |

| Aggregate capital and reserves | 1 |  | 1 |  |

| LCB Logistics Limited

| Registered office: Olympus, 91-101 River Road, Barking, Essex, IG11 0EG

| Nature of business: Dormant

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

2025 | 2024 |

£ | £ |

| Aggregate capital and reserves | 1 |  | 1 |  |

| LCB Distribution Limited

| Registered office: Olympus, 91-101 River Road, Barking, Essex, IG11 0EG

| Nature of business: Dormant

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

2025 | 2024 |

£ | £ |

| Aggregate capital and reserves | 1 |  | 1 |  |

London City Bond Limited (Registered number: 02246348)

Notes to the Financial Statements - continued

for the year ended 30 September 2025

11. | STOCKS

2025 | 2024 |

£ | £ |

| Goods for resale | 57,525 |  | 47,196 |  |

| Consumables | 27,959 |  | 25,154 |  |

85,484 |  | 72,350 |  |

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

2025 | 2024 |

£ | £ |

| Trade debtors | 11,246,466 |  | 11,039,944 |  |

| Duty debtors | 8,060,235 |  | 5,738,957 |  |

| Duty paid in advance | (4,013,553 | ) | (1,871,587 | ) |

| Other debtors | 267,660 |  | 45,375 |  |

| Prepayments and accrued income | 6,259,305 |  | 5,532,554 |  |

21,820,113 |  | 20,485,243 |  |

| Included in trade debtors are debts amounting to £11,246,466 (2024 - £11,039,844) which are subject to a receivables financing agreement.

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

2025 | 2024 |

£ | £ |

| Other loans (see note 15) | 9,562,706 |  | 10,426,845 |  |

| Hire purchase contracts (see note 16) | 1,231,724 |  | 1,325,486 |  |

| Trade creditors | 6,819,853 |  | 6,004,997 |  |

| Amounts owed to group undertakings | 239 |  | 239 |  |

| Social security and other taxes | 436,431 |  | 379,702 |  |

| VAT | 854,686 |  | 777,308 |  |

| Other creditors | 98,991 |  | 140,507 |  |

| Duty creditors | 8,060,235 |  | 5,738,957 |  |

| Accruals and deferred income | 1,052,949 |  | 1,651,116 |  |

28,117,814 |  | 26,445,157 |  |

| Duty creditors relate to duty due on goods removed from the bonded warehouse. These amounts are recharged to customers and are usually recovered within a few days.

| The amounts recharged to customers for duty are disclosed within the Debtors note as Duty debtors. Amounts received from customers for duty are disclosed within the Debtors note as Duty paid in advance.

London City Bond Limited (Registered number: 02246348)

Notes to the Financial Statements - continued

for the year ended 30 September 2025

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

2025 | 2024 |

£ | £ |

| Hire purchase contracts (see note 16) | 1,694,162 |  | 2,152,267 |  |

| Accruals and deferred income | 3,532,114 |  | 4,067,815 |  |

5,226,276 |  | 6,220,082 |  |

| Included in Accruals and deferred income falling due after more than one year are balances falling due after more than 5 years, other than by instalments, of £2,406,994 (2024 - £2,970,074).

15. | LOANS

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

2025 | 2024 |

£ | £ |

| Amounts falling due within one year or on demand:

| Receivables financing | 9,562,706 |  | 10,426,845 |  |

16. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Hire purchase |

| contracts |

2025 | 2024 |

£ | £ |

| Net obligations repayable:

| Within one year | 1,231,724 |  | 1,325,486 |  |

| Between one and five years | 1,694,162 |  | 2,152,267 |  |

2,925,886 |  | 3,477,753 |  |

| Non-cancellable |

| operating leases |

2025 | 2024 |

£ | £ |

| Within one year | 14,380,062 |  | 14,507,180 |  |

| Between one and five years | 55,925,192 |  | 56,320,324 |  |

| In more than five years | 120,074,703 |  | 131,237,631 |  |

190,379,957 |  | 202,065,135 |  |

London City Bond Limited (Registered number: 02246348)

Notes to the Financial Statements - continued

for the year ended 30 September 2025

17. | SECURED DEBTS

| The following secured debts are included within creditors:

2025 | 2024 |

£ | £ |

| Hire purchase contracts | 2,925,886 |  | 3,477,753 |  |

| Receivables financing | 9,562,706 |  | 10,426,845 |  |

12,488,592 |  | 13,904,598 |  |

| Hire purchase contracts are secured on the assets concerned. The receivables financing creditor is secured by a charge over the assets in the company.

18. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

£ | £ |

| Deferred tax

| Accelerated capital allowances | 1,337,911 |  | 1,250,000 |  |

| Deferred |

| tax |

£ |

| Balance at 1 October 2024 | 1,250,000 |  |

| Provided during year | 87,911 |  |

| Balance at 30 September 2025 | 1,337,911 |  |

19. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

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

| value: | £ | £ |

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

| Each share has equal voting rights and rights to participate in dividend payments and any other distribution, including distributions arising from a winding up of the company.

20. | RESERVES

| Retained

| earnings

£ |

| At 1 October 2024 | 5,155,703 |  |

| Profit for the year | 183,341 |  |

| At 30 September 2025 | 5,339,044 |  |

London City Bond Limited (Registered number: 02246348)

Notes to the Financial Statements - continued

for the year ended 30 September 2025

21. | CAPITAL COMMITMENTS

2025 | 2024 |

£ | £ |

| Contracted but not provided for in the

| financial statements | 140,000 |  | 240,000 |  |

22. | RELATED PARTY DISCLOSURES

| 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.

| Warehouse space continued to be rented from persons with significant control in 2025, however no charge was made in 2025 for this.

| Persons with significant control

2025 | 2024 |

£ | £ |

| Rent paid to related parties | - |  | 200,000 |  |

| Amount due to related party | - |  | 200,000 |  |

| During the year, a total of key management personnel compensation of £ 603,488 (2024 - £ 588,699 ) was paid.

23. | ULTIMATE CONTROLLING PARTY

| The company is controlled by B A C Jones.

24. | EMPLOYEE SHARE OWNERSHIP TRUST

| Shareholders' funds were reduced in a prior year by £562,800 in respect of 10 shares in the company held by the Employee Share Ownership Trust. None of these shares held by the Trust had been vested in employees at 30 September 2025.