Company registration number 03477965 (England and Wales)
MMR HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
MMR HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr R M Rees
Mr T J M Rees
(Appointed 27 February 2026)
Mr A M Rees
(Appointed 20 April 2026)
Secretary
C T Thomas
Company number
03477965
Registered office
Llanelli Gate Business Park
Dafen
Llanelli
Carmarthenshire
SA14 8LQ
Auditor
Harris Bassett Limited
5 New Mill Court
Phoenix Way
Enterprise Park
Swansea
SA7 9FG
Bankers
Lloyds TSB plc
King Street
Carmarthen
HSBC Bank plc
92a Taff Street
Pontypridd
CF37 4SR
NatWest plc
Harlech House
Phoenix Way
Swansea
SA7 9FN
MMR HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5 - 6
Independent auditor's report
7 - 9
Group statement of comprehensive income
10
Group statement of financial position
11
Company statement of financial position
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Notes to the financial statements
16 - 32
MMR HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2025
- 1 -

The directors present the strategic report for the year ended 31 August 2025.

Business Overview and Principal Activities

Nature of the Group

MMR Holdings Limited (company number 03477965, incorporated in England and Wales) is the ultimate parent of a privately owned group of companies headquartered at Llanelli Gate Business Park, Dafen, Llanelli, Wales. The group operates across two principal and complementary areas of activity: the provision of workforce services and specialist contract services to commercial customers across the United Kingdom, and the acquisition, development and management of a commercial and residential investment property portfolio in Wales.

Trading Subsidiaries

The group's trading activities are conducted through three operating subsidiaries. Databail Limited, providing workforce and specialist cleaning services, Securicall UK Limited, providing security guarding, commercial cleaning and facilities services, and CSA Site Services Limited providing plant, vehicle and equipment hire.

Property Investment and Development

MMR Holdings directly owns and manages a portfolio of investment properties. The portfolio comprises commercial property — principally industrial estates, trade counter units, office accommodation and open yard space available for commercial let — together with a portfolio of residential properties located in Wales.

Strategy and Objectives

Group Strategy

The group's overarching strategy is to build long-term, sustainable value for shareholders through two reinforcing activities: growing a profitable, compliant and well-regarded workforce services and contract services business in Wales and the wider UK, and compounding the group's capital base through disciplined property acquisition and development.

The directors do not seek rapid growth at the expense of quality, compliance or financial discipline. The group grows where it has demonstrable competitive advantage and invests in property where it can add value through active development rather than passive holding.

Mission and Values

Our mission

Our mission across the Group is to create safe, hygienic spaces in which we place people first.

This mission drives our approach to building a profitable and diversified group of businesses — one that supports our customers, our people and our partners at every point of engagement.

Our mission resonates across every aspect of what we do: whether supporting a client with front-line production colleagues, or providing a growing business with its first commercial space. The common thread is a commitment to enabling the people and organisations we work with to thrive.

We build long-term business partnerships. Our purpose is to allow our customers to focus on what they do best, while we take care of the surrounding requirements — labour supply, security, facilities services and property — with the same rigour and professionalism we apply to our own business.

In doing so, we aim to create a genuinely circular group: one where our customers are well served, our divisions support one another, and the strength of each part of the business reinforces the whole.

MMR HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 2 -

Our Values

The group's activities are guided by four core values that define how it operates and how it engages with clients, workers, partners and communities:

- Communication — open, honest and timely communication with all stakeholders, underpinning trust and effective working relationships.

- Professionalism — maintaining the highest standards of conduct, compliance and service quality across every division and every client interaction.

- Thoughtfulness — considered decision-making that recognises the impact of the group's activities on its workers, clients, communities and the wider environment.

- Delivery — a consistent focus on doing what we say we will do, meeting our commitments to clients and creating the conditions for long-term partnership.

Financial Review

The year ended 31 August 2025 was a year of continued growth and capital value creation for the group. Consolidated revenues grew strongly year on year, and the investment property portfolio increased in value in-line with expectations. The results reflect both the operational performance of the trading subsidiaries and the continued execution of the group's property development strategy.

The directors monitor the group's performance against a number of financial key performance indicators. The principal measures used are set out below.

| FY2025 | FY2024 | FY2023
Turnover | £18,977,822 | £16,275,624 | £11,620,998
Gross profit | £3,063,940 | £2,886,181 | £2,505,264
Gross profit % | 16.14% | 17.73% | 21.56%
Profit before tax | £2,721,866 | £1,672,717 | £1,742,860
Profit before tax % | 14.34% | 10.28% | 15.00%
Net assets | £12,400,574 | £10,606,197 | £9,695,378

Principal Risks & Uncertanties

The directors have identified the following principal risks and uncertainties that could affect the group's ability to execute its strategy or achieve its financial objectives. The group manages these risks through a combination of operational controls, contractual protections, regulatory compliance and financial management.

Employment Cost and Statutory Wage Inflation

The group's workforce services businesses are highly sensitive to changes in statutory minimum wage rates and associated employment costs. Annual increases to the National Living Wage, employer National Insurance contributions, and changes introduced by the Employment Rights Act 2025 create ongoing upward pressure on the cost of service delivery. The group mitigates this risk through proactive contract pricing reviews and operational efficiency improvements. Failure to pass through cost increases in a timely manner has a direct and material impact on gross margins.

MMR HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 3 -

Property Market and Valuation Risk

Changes in commercial property market conditions, including changes in yield rates, tenant demand, and general economic conditions in Wales, could result in revaluation decreases in future periods. The group mitigates this risk through portfolio diversification across property types and tenants, active asset management, and a conservative approach to debt financing.

Interest Rate and Financing Risk

The group's property portfolio is financed in part by bank borrowings, and changes in interest rates affect the cost of servicing these facilities. The group monitors its financing costs and maintains close relationships with its banking counterparties.

Client Concentration and Contract Risk

The workforce services divisions serve a range of customers across various sectors. The loss of one or more significant contracts could have a material impact on revenue and profitability. The group manages this risk through diversification of its client base, investment in service quality, and the development of long-term contractual relationships with key clients.

Section 172 Statement

The directors of MMR Holdings Limited are required by section 172 of the Companies Act 2006 to act in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole, having regard to the matters set out in that section. The principal matters to which the directors have had regard in discharging this duty during the year are set out below.

Long-Term Consequences of Decisions

The directors' approach to both the trading and property activities of the group is deliberately long-term. Investment decisions in the property portfolio — particularly the acquisition and development of underutilised commercial sites — are evaluated over multi-year horizons and are intended to create durable capital value rather than short-term returns. The directors have maintained this long-term orientation throughout the year, including accepting that development projects in progress carry value that will only be reflected in the accounts upon completion and letting.

Workers and Engagement

During the year, the group engaged over 1,700 workers across all trading entities, reflecting the significant scale of its workforce operations and its role as a major engager of labour across the regions in which it operates. This figure encompasses directly engaged staff, temporary agency workers placed with clients, and short-term assignments, and reflects the breadth and flexibility of the group's workforce services model. The directors recognise that the group's people are central to its ability to deliver quality services to customers and to maintain its regulatory standing. The group is committed to fair working practices, compliance with all applicable employment and agency worker legislation, and the provision of a safe and respectful working environment. During the year the group invested in staff training and recruitment infrastructure to support its growth.

Disabled Persons

The group's policy is to recruit disabled workers for those vacancies that they are able to fill. All necessary assistance with initial training courses is given. Once engaged, a career plan is developed so as to ensure suitable opportunities for each disabled person. Arrangements are made, wherever possible, for retraining workers who become disabled, to enable them to perform work identified as appropriate to their aptitudes and abilities.

Relationships with Suppliers and Customers

The group maintains positive long-term relationships with its key customers and suppliers. The directors are mindful that the group's reputation for reliability, compliance and service quality is a principal competitive asset in regulated sectors such as food industry labour supply and security guarding. Commercial decisions, including pricing reviews and contract negotiations, are conducted with due regard for the long-term health of these relationships.

MMR HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 4 -

Impact on the Community and Environment

The directors are conscious of the group's role as a significant local employer and its impact on the communities in which it operates. The group actively supports grassroots sport and community life in the region, providing sponsorship to a number of local clubs. The directors regard this community investment as an integral part of the group's identity and values.

The group also participates in social value initiatives, recognising the importance of measurable community benefit in its commercial and procurement activities. Where relevant, the group supports clients and contracting authorities in meeting their social value objectives through its recruitment and employment practices, including the provision of employment opportunities to individuals facing barriers to work.

The group's property development activities have a particular community dimension: the redevelopment of disused and dilapidated industrial sites into productive, let commercial estates contributes to the regeneration of the local economy and the improvement of the built environment in Wales. The group is committed to operating responsibly and to considering the broader impact of its activities on the communities it serves.

Maintaining a Reputation for High Standards

The directors place significant value on the group's regulatory accreditations and its reputation for operating to high standards of compliance and governance. The GLAA licence and SIA ACS status held by the trading subsidiaries require ongoing adherence to exacting regulatory standards, and the directors regard the maintenance of these accreditations as a core responsibility.

Environmental Matters

The group is committed to conducting its operations in an environmentally responsible manner and maintains a formal environmental policy which applies across its activities. The group complies with all applicable environmental legislation and regulation, including all legally required environmental assessments in connection with its property development and acquisition activities. The group monitors its energy consumption and waste management practices across its operational sites and seeks to minimise its environmental impact where practicable.

On behalf of the board

Mr R M Rees
Director
5 May 2026
MMR HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2025
- 5 -

The directors present their annual report and the audited consolidated financial statements for the year ended 31 August 2025.

Principal activities

The principal activity of the company continued to be that of a holding and investment company, providing management services, secure storage facilities, and commercial accommodation. The group provides agency workers (Databail Limited), security services (Securicall UK Limited) and supply of vehicles, plant and equipment (CSA Site Services Limited).

Results and dividends

The results for the year are set out on page 10.

Ordinary dividends were paid amounting to £251,858. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr R M Rees
Mr T J M Rees
(Appointed 27 February 2026)
Mr A M Rees
(Appointed 20 April 2026)
Auditor

In accordance with the company's articles, a resolution proposing that Harris Bassett Limited be reappointed as auditor of the group will be put at a General Meeting.

Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

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

- state whether applicable UK 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 group and company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

MMR HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 6 -
Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr R M Rees
Director
5 May 2026
MMR HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MMR HOLDINGS LIMITED
- 7 -
Opinion

We have audited the financial statements of MMR Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 August 2025 which comprise the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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 the parent company's affairs as at 31 August 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- T he information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

MMR HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MMR HOLDINGS LIMITED
- 8 -
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 their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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

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

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

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

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

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, 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 is 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 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 an auditor's report 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.

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

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

- Results of our enquiries of management about their own identification and assessment of the risks of irregularities;

- The nature of the industry and sector, control environment and business performance;

- Any matters we identified having obtained and reviewed the group’s policies and procedures relating to:

  - Identifying, evaluation and complying with laws and regulations and whether they were aware of any instances of noncompliance;

  - 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 of fraud or non-compliance with laws and regulations;

- The matters discussed among the audit engagement team including component audit teams regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

MMR HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MMR HOLDINGS LIMITED
- 9 -

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in revenue recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the group operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and local tax legislation.

Audit response to risks identified

Our procedures to respond to risks identified included the following:

- Enquiry of management around potential litigation and claims.

- Enquiry of entity staff to identify any instances of non-compliance with laws and regulations.

- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness; and assessing whether the judgements made in making accounting estimates are indicative of a potential bias.

- Our audit testing typically involves selecting a limited number of items for testing, rather than testing complete populations. We will often seek to target particular items for testing based on their size or risk characteristics. In other cases, we will use audit sampling to enable us to draw a conclusion about the population from which the sample is selected.

We also communicated relevant laws and regulations and potential fraud risks to all engagement team members and component audit teams, and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 an auditor's report 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.

Nicholas Bassett (Senior Statutory Auditor)
For and on behalf of Harris Bassett Limited, Statutory Auditor
5 New Mill Court
Phoenix Way
Enterprise Park
Swansea
SA7 9FG
5 May 2026
MMR HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2025
- 10 -
2025
2024
Notes
£
£
Revenue
3
18,977,882
16,275,624
Cost of sales
(15,913,942)
(13,389,443)
Gross profit
3,063,940
2,886,181
Administrative expenses
(1,766,088)
(1,536,654)
Other operating income
-
0
16,926
Operating profit
4
1,297,852
1,366,453
Investment income
8
3,232
7,843
Finance costs
9
(238,425)
(211,579)
Other gains and losses
10
1,659,207
510,000
Profit before taxation
2,721,866
1,672,717
Tax on profit
11
(675,631)
(506,398)
Profit for the financial year
26
2,046,235
1,166,319
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.

The income statement has been prepared on the basis that all operations are continuing operations.

MMR HOLDINGS LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2025
31 August 2025
- 11 -
2025
2024
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
13
703,531
635,195
Investment property
14
16,635,722
13,239,099
Investments
15
27,000
27,000
17,366,253
13,901,294
Current assets
Trade and other receivables
17
4,596,378
3,842,537
Cash and cash equivalents
986,290
641,579
5,582,668
4,484,116
Current liabilities
18
(3,344,891)
(2,302,822)
Net current assets
2,237,777
2,181,294
Total assets less current liabilities
19,604,030
16,082,588
Non-current liabilities
19
(5,862,087)
(4,567,461)
Provisions for liabilities
Deferred tax liability
22
1,341,369
908,930
(1,341,369)
(908,930)
Net assets
12,400,574
10,606,197
Equity
Called up share capital
25
550
550
Retained earnings
26
12,400,024
10,605,647
Total equity
12,400,574
10,606,197

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 5 May 2026 and are signed on its behalf by:
05 May 2026
Mr R M Rees
Director
Company registration number 03477965 (England and Wales)
MMR HOLDINGS LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2025
31 August 2025
- 12 -
2025
2024
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
13
493,550
431,006
Investment property
14
16,635,722
13,239,099
Investments
15
27,010
27,010
17,156,282
13,697,115
Current assets
Trade and other receivables
17
2,864,527
2,497,170
Cash and cash equivalents
750,742
430,730
3,615,269
2,927,900
Current liabilities
18
(3,332,117)
(2,308,222)
Net current assets
283,152
619,678
Total assets less current liabilities
17,439,434
14,316,793
Non-current liabilities
19
(5,838,375)
(4,515,128)
Provisions for liabilities
Deferred tax liability
22
1,293,231
862,556
(1,293,231)
(862,556)
Net assets
10,307,828
8,939,109
Equity
Called up share capital
25
550
550
Retained earnings
26
10,307,278
8,938,559
Total equity
10,307,828
8,939,109

As permitted by s408 Companies Act 2006, the c ompany has not presented its own income statement and related notes. The c ompany’s profit for the year was £1,620,578 (2024 - £746,978 profit).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 5 May 2026 and are signed on its behalf by:
05 May 2026
Mr R M Rees
Director
Company registration number 03477965 (England and Wales)
MMR HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2025
- 13 -
Share capital
Retained earnings
Total
Notes
£
£
£
Balance at 1 September 2023
550
9,694,828
9,695,378
Year ended 31 August 2024:
Profit and total comprehensive income
-
1,166,319
1,166,319
Dividends
12
-
(255,500)
(255,500)
Balance at 31 August 2024
550
10,605,647
10,606,197
Year ended 31 August 2025:
Profit and total comprehensive income
-
2,046,235
2,046,235
Dividends
12
-
(251,858)
(251,858)
Balance at 31 August 2025
550
12,400,024
12,400,574
MMR HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2025
- 14 -
Share capital
Retained earnings
Total
Notes
£
£
£
Balance at 1 September 2023
550
8,447,080
8,447,630
Year ended 31 August 2024:
Profit and total comprehensive income for the year
-
746,979
746,979
Dividends
12
-
(255,500)
(255,500)
Balance at 31 August 2024
550
8,938,559
8,939,109
Year ended 31 August 2025:
Profit and total comprehensive income
-
1,620,577
1,620,577
Dividends
12
-
(251,858)
(251,858)
Balance at 31 August 2025
550
10,307,278
10,307,828
MMR HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2025
- 15 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
30
1,744,292
341,781
Interest paid
(238,425)
(211,579)
Income taxes paid
(381,387)
(234,875)
Net cash inflow/(outflow) from operating activities
1,124,480
(104,673)
Investing activities
Purchase of property, plant and equipment
(233,957)
(44,014)
Proceeds on disposal of property, plant and equipment
-
9,250
Purchase of investment property
(1,739,666)
(397,075)
Proceeds on disposal of investment property
2,250
-
Proceeds from other investments and loans
(103,119)
(246,483)
Interest received
3,232
7,843
Net cash used in investing activities
(2,071,260)
(670,479)
Financing activities
Repayment of bank loans
1,611,616
(79,256)
Payment of finance leases obligations
(68,265)
(122,066)
Dividends paid to equity shareholders
(251,858)
(255,500)
Net cash generated from/(used in) financing activities
1,291,493
(456,822)
Net increase/(decrease) in cash and cash equivalents
344,713
(1,231,974)
Cash and cash equivalents at beginning of year
641,579
1,873,559
Cash and cash equivalents at end of year
986,290
641,579
MMR HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
- 16 -
1
Accounting policies
Company information

MMR Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Llanelli Gate Business Park, Dafen, Llanelli, Carmarthenshire, SA14 8LQ.

The group consists of MMR Holdings Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

- Section 4 ‘Statement of Financial Position’ – Reconciliation of the opening and closing number of shares;

- Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash f low and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ – Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 33 ‘Related Party Disclosures’ – Compensation for key management personnel.

1.2
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

MMR HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 17 -
1.3
Basis of consolidation

The consolidated financial statements incorporate those of MMR Holdings Limited and all of its material subsidiaries (ie entities that the g roup controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.

All financial statements are made up to 31 August 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group statement of financial position at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Revenue

Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.6
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

MMR HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 18 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
20% - 25% per annum of cost
Fixtures, fittings & equipment
10% - 25% per annum of cost
Motor vehicles
25% - 33% per annum of cost

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 recognised in the income statement.

1.7
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

1.8
Non-current investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the g roup’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

In the parent c ompany financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

MMR HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 19 -
1.9
Impairment of non-current assets

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11
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 group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and 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 m ethod 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. Financial assets classified as receivable within one year are not amortised.

MMR HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 20 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

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, loans from fellow group companies and preference shares 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 paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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. Amounts 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.

Derecognition of financial liabilities

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

1.12
Equity instruments

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

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

MMR HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 21 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.16
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

MMR HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 22 -
1.17
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty
In the application of the group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Revenue

An analysis of the group's revenue is as follows:

2025
2024
£
£
Revenue analysed by class of business
Supply of labour
16,867,138
14,470,189
Rent
1,918,932
1,713,162
Other
191,812
92,273
18,977,882
16,275,624
2025
2024
£
£
Other revenue
Interest income
3,232
7,843

All revenue was generated within the United Kingdom during the reporting period.

4
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned property, plant and equipment
103,793
100,949
Depreciation of property, plant and equipment held under finance leases
61,828
51,946
Profit on disposal of property, plant and equipment
-
(6,930)
Operating lease charges
134,401
135,683
MMR HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 23 -
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
12,125
14,386
Audit of the financial statements of the company's subsidiaries
17,835
17,555
29,960
31,941
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Administration
48
39
5
5
Productive labour
384
362
-
-
Total
432
401
5
5

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
13,394,798
10,882,433
41,964
159,732
Pension costs
225,966
205,652
125,000
125,000
13,620,764
11,088,085
166,964
284,732
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
22,590
35,160
8
Investment income
2025
2024
£
£
Interest income
Interest on bank deposits
3,232
7,843
MMR HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 24 -
9
Finance costs
2025
2024
£
£
Interest on bank overdrafts and loans
188,785
166,837
Other interest on financial liabilities
38,191
31,996
Interest on finance leases and hire purchase contracts
11,449
12,746
Total finance costs
238,425
211,579
10
Other gains and losses
2025
2024
£
£
Changes in the fair value of investment properties
1,659,207
510,000
11
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
243,059
396,386
Deferred tax
Origination and reversal of timing differences
432,572
110,012
Total tax charge
675,631
506,398

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
2,721,866
1,672,717
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
680,467
418,179
Tax effect of expenses that are not deductible in determining taxable profit
49,192
39,910
Tax effect of income not taxable in determining taxable profit
(427,422)
(135,429)
Permanent capital allowances in excess of depreciation
(59,178)
(9,462)
S455 due
-
0
83,871
Deferred tax movements
432,572
109,329
Taxation charge
675,631
506,398
MMR HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 25 -
12
Dividends
2025
2024
Recognised as distributions to equity holders:
£
£
Interim paid
251,858
255,500
13
Property, plant and equipment
Group
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 September 2024
1,212,220
141,514
354,497
1,708,231
Additions
228,012
5,945
-
0
233,957
At 31 August 2025
1,440,232
147,459
354,497
1,942,188
Depreciation and impairment
At 1 September 2024
628,019
136,362
308,655
1,073,036
Depreciation charged in the year
145,980
2,517
17,124
165,621
At 31 August 2025
773,999
138,879
325,779
1,238,657
Carrying amount
At 31 August 2025
666,233
8,580
28,718
703,531
At 31 August 2024
584,201
5,152
45,842
635,195
Company
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 September 2024
665,438
123,501
134,080
923,019
Additions
135,868
857
-
0
136,725
At 31 August 2025
801,306
124,358
134,080
1,059,744
Depreciation and impairment
At 1 September 2024
258,077
122,920
111,016
492,013
Depreciation charged in the year
71,647
364
2,170
74,181
At 31 August 2025
329,724
123,284
113,186
566,194
Carrying amount
At 31 August 2025
471,582
1,074
20,894
493,550
At 31 August 2024
407,361
581
23,064
431,006
MMR HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
13
Property, plant and equipment
(Continued)
- 26 -

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2025
2024
2025
2024
£
£
£
£
Plant and machinery
50,700
83,300
-
0
-
0
Motor vehicles
4,853
15,367
-
0
-
0
55,553
98,667
-
-
14
Investment property
Group
Company
2025
2025
£
£
Fair value
At 1 September 2024
13,239,099
13,239,099
Additions through external acquisition
1,739,666
1,739,666
Disposals
(2,250)
(2,250)
Net gains or losses through fair value adjustments
1,659,207
1,659,207
At 31 August 2025
16,635,722
16,635,722

Investment property comprises residential property formerly occupied by employees within the group and more recently commercial land acquired for rental or development purposes. The fair value of the investment property has been arrived at on the basis of valuations carried out periodically since May 2016 by Lambert Smith Hampton Chartered Surveyors, and in May 2025 by Savilles Chartered Surveyors, neither of whom are connected with the company. The valuations were made on an open market value basis by reference to market evidence of transaction prices for similar properties. The director considers that the valuations reflect fair value at the year end.

15
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
16
27,000
27,000
27,010
27,010
MMR HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
15
Fixed asset investments
(Continued)
- 27 -
Movements in non-current investments
Group
Shares in subsidiaries
£
Cost or valuation
At 1 September 2024 and 31 August 2025
27,000
Carrying amount
At 31 August 2025
27,000
At 31 August 2024
27,000
Movements in non-current investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 September 2024 and 31 August 2025
27,010
Carrying amount
At 31 August 2025
27,010
At 31 August 2024
27,010
16
Subsidiaries

Details of the company's subsidiaries at 31 August 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
CSA Site Services Limited
England and Wales
Ordinary
100.00
Databail Limited
England and Wales
Ordinary
100.00
NewEuropeanstaff.com Limited
England and Wales
Ordinary
100.00
Securicall UK Limited
England and Wales
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
CSA Site Services Limited
469,604
33,312
Databail Limited
1,158,375
327,328
NewEuropeanstaff.com Limited
35,502
-
0
Securicall UK Limited
464,777
65,018

The registered office of the subsidiaries is Llanelli Gate Business Park, Dafen, Llanelli SA14 8LQ.

NewEuropeanstaff.com Limited is excluded from the consolidated accounts as it is dormant and immaterial.

MMR HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 28 -
17
Trade and other receivables
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade receivables
1,530,437
1,213,728
90,812
56,552
Amounts owed by undertakings in which the company has a participating interest
422,587
422,587
422,587
422,587
Other receivables
2,637,624
2,196,706
2,351,128
2,018,031
Prepayments and accrued income
5,730
9,383
-
0
-
0
4,596,378
3,842,404
2,864,527
2,497,170
Deferred tax asset (note 22)
-
0
133
-
0
-
0
4,596,378
3,842,537
2,864,527
2,497,170

The gross trade receivables under the debt factoring arrangement amount to £1,181,282 (2024: £876,996) within the group and nil within the company.

The amounts received under the debt factoring arrangements are included in current liabilities.

18
Current liabilities
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans
20
364,704
95,486
346,370
74,653
Obligations under finance leases
21
67,662
88,158
36,630
54,360
Trade payables
109,489
98,641
59,759
33,422
Amounts owed to group undertakings
-
0
-
0
2,021,210
1,637,365
Corporation tax payable
246,467
384,795
96,218
226,205
Other taxation and social security
1,058,543
714,567
66,879
6,358
Deferred income
23
27,876
38,148
27,876
38,148
Other payables
461,657
203,124
319,996
75,890
Accruals and deferred income
1,008,493
679,903
357,179
161,821
3,344,891
2,302,822
3,332,117
2,308,222

The invoice discounting facility for the group is secured on the book debts of Databail Limited and Securicall (UK) Limited.

19
Non-current liabilities
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
20
5,839,229
4,496,831
5,838,375
4,478,498
Obligations under finance leases
21
22,858
70,630
-
0
36,630
5,862,087
4,567,461
5,838,375
4,515,128
MMR HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 29 -
20
Borrowings
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank loans
6,203,933
4,592,317
6,184,745
4,553,151
Payable within one year
364,704
95,486
346,370
74,653
Payable after one year
5,839,229
4,496,831
5,838,375
4,478,498

The long-term loans are secured by fixed charges over the investment properties owned by the group. Interest rates on the loans are a combination of both fixed and variable rates.

21
Finance lease obligations
Group
Company
2025
2024
2025
2024
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
67,662
88,158
36,630
54,360
In two to five years
22,858
70,630
-
0
36,630
90,520
158,788
36,630
90,990

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

22
Deferred taxation

Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
Assets
Assets
2025
2024
2025
2024
Group
£
£
£
£
Accelerated capital allowances
167,801
150,164
-
133
Revaluations
1,173,568
758,766
-
-
1,341,369
908,930
-
133
MMR HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
22
Deferred taxation
(Continued)
- 30 -
Liabilities
Liabilities
Assets
Assets
2025
2024
2025
2024
Company
£
£
£
£
Accelerated capital allowances
119,663
103,790
-
-
Revaluations
1,173,568
758,766
-
-
1,293,231
862,556
-
-
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 September 2024
908,797
862,556
Charge to profit or loss
432,572
430,675
Liability at 31 August 2025
1,341,369
1,293,231

The deferred tax asset set out above is expected to reverse within 24 months and relates to decelerated capital allowances. T he deferred tax liability set out above relates in part to accelerated capital allowances that are expected to reverse within the short term and provision for tax on property gains should those properties be disposed of.

23
Deferred income
Group
Company
2025
2024
2025
2024
£
£
£
£
Other deferred income
27,876
38,148
27,876
38,148
24
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
225,966
205,652

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

MMR HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 31 -
25
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
100
100
100
100
Ordinary B shares of £1 each
50
50
50
50
Ordinary C shares of £1 each
100
100
100
100
Ordinary D shares of £1 each
100
100
100
100
Ordinary E shares of £1 each
100
100
100
100
Ordinary F shares of £1 each
100
100
100
100
550
550
550
550
26
Reserves

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

Other reserves - represents the revaluation surplus arising on the reclassification of the group/company's properties as Investment Properties and is a non-distributable reserve.

Retained earnings - represents the accumulated profits, losses and distributions of the group/company.

27
Operating lease commitments
Lessee

The group rents its premises from the MMR Holdings Limited Retirement Benefits Scheme. Rent for the group amounted to £44,000 (company £6,000). There is no formal lease agreement in place.

28
Related party transactions
Transactions with related parties

At the year end, a creditor of £210,275 (2024: £2,270 debtor) was owed to MMR Holdings Ltd RBS, a related entity.

At the year end, a debtor of £103,445 (2024: £103,445) was owed by Swihart-Rees Limited, a company connected by virtue of family relationship to the group director.

At the year end, a debtor of £989,035 (2024: £1,095,273) was owed by Rees Building & Development Ltd, a company controlled by the group director.

At the year end, a debtor of £9,734 (2024: £9,734) was owed by Farmer Rees, a company controlled by the group director.

At the year end, a debtor of £2,985 (2024: £2,985) was owed by Labourforce, a company controlled by the group director.

At the year end, a debtor of £587,981 (2024: £183,366 creditor) was owed by Blackhorse Marketing Limited, a company controlled by the group director.

29
Directors' transactions

At the year end, the director owed the company £772,638 (2024: £669,519) these loans are interest-free, unsecured and repayable on demand.

MMR HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 32 -
30
Cash generated from group operations
2025
2024
£
£
Profit for the year after tax
2,046,235
1,166,319
Adjustments for:
Taxation charged
675,631
506,398
Finance costs
238,425
211,579
Investment income
(3,232)
(7,843)
Gain on disposal of property, plant and equipment
-
(6,930)
Depreciation and impairment of property, plant and equipment
165,621
152,895
Other gains and losses
(1,659,207)
(510,000)
Movements in working capital:
(Increase)/decrease in inventories
-
10,000
(Increase) in trade and other receivables
(666,934)
(672,918)
Increase/(decrease) in trade and other payables
958,026
(506,178)
(Decrease) in deferred income
(10,272)
(1,540)
Cash generated from operations
1,744,293
341,782
31
Analysis of changes in net debt - group
1 September 2024
Cash flows
31 August 2025
£
£
£
Cash at bank and in hand
641,579
344,711
986,290
Borrowings excluding overdrafts
(4,592,317)
(1,611,616)
(6,203,933)
Obligations under finance leases
(158,788)
68,268
(90,520)
(4,109,526)
(1,198,637)
(5,308,163)
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