MDW Holdings Limited Group accounts (Group and Company)

COMPANY REGISTRATION NUMBER: 04332089

MDW Holdings Limited

Financial Statements

31 August 2025

MDW Holdings Limited

Financial Statements

Year ended 31 August 2025

Contents	Page

Strategic report	1

Directors' report	3

Independent auditor's report to the members	5

Consolidated statement of comprehensive income	9

Consolidated statement of financial position	10

Company statement of financial position	12

Consolidated statement of changes in equity	14

Company statement of changes in equity	15

Consolidated statement of cash flows	16

Notes to the financial statements	17

MDW Holdings Limited

Strategic Report

Year ended 31 August 2025

The company is holding company to a group, the principal activities of which were the provision of environmental and waste services, haulage contractors, plant leasing and the processing and trading in metal. Principal objectives and strategy Your company's principal objectives are profitability and growth to provide a return on investment to shareholders. The group has made significant investment into plant and equipment, operating systems, compliance, information technology and site infrastructure, which have impacted on the recorded profits but which will have a considerable impact on the performance of the group going forward. Key performance indicators The directors consider the key performance indicators to be the following:

	2025	2024	2023	2022
	£	£	£	£
Turnover	25,457,595	24,715,824	22,793,019	16,013,653
Gross profit	4,167,622	4,073,440	3,556,319	2,907,553
Gross profit margin	16	16	16	18
EBITDA	2,342,349	1,980,892	1,883,279	1,665,599
Asset cover	2	2	2	2

Results and dividends The EBITDA amounted to £2,342,349 (2024: 1,980,892). No interim dividends were paid, and the directors do not recommend any final dividend for the year. The directors anticipate that the group will continue to grow in the foreseeable future. The investment in infrastructure together with greater emphasis on cost control will also contribute to improved margins in the foreseeable future. The group aims to consolidate its growing reputation as a secure and reliable waste operator for public bodies and large contractors in Wales. The group has continued to generate cash, ensuring the availability of adequate funding to meet all obligations under financial instruments as they fall due and invest in future growth. Principal risks and uncertainties The group's principal risk is maintaining adequate solvency and longer term liquidity through management of working capital during the period of continued growth. The board remains satisfied with the group's funding and liquidity position. The group operated within its current bank facility both throughout the period under review and subsequently. The group's forecasts and projections indicate that the group should continue to operate within current bank facilities. The board considers that the group has sufficient financial resources to fund further growth. As a consequence, the board believes that the group is well placed to manage its business risks successfully. Strategic risks The group faces a number of strategic risks. Management has developed long term business plans to manage the impact of these risks to ensure that the group delivers a satisfactory performance in future years. The main strategic risks faced by the business are maintaining competitiveness and profit margins. To mitigate these risks the group recognises the need to make appropriate capital investments into operating systems, compliance, information technology and site infrastructure. Financial risks There has been no change during the year, or since the year end, to the type of financial risks faced by the group or the management of those risks. These key risks are credit risk, liquidity risk and interest rate risk.

This report was approved by the board of directors on 20 March 2026 and signed on behalf of the board by:

Mr O.D.W. Hazell

Director

MDW Holdings Limited

Directors' Report

Year ended 31 August 2025

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

Directors

The directors who served the company during the year were as follows:

Mr M.D.W. Hazell
Mrs L.A. Hazell
Mr O.D.W. Hazell
Mr W.G.R. Hazell
Mr H.H. Hazell

Dividends

The directors do not recommend the payment of a dividend.

Directors' responsibilities statement

The directors are responsible for preparing the strategic report, directors' 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 the company and 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 judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's 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. Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.

This report was approved by the board of directors on 20 March 2026 and signed on behalf of the board by:

Mr O.D.W. Hazell

Director

MDW Holdings Limited

Independent Auditor's Report to the Members of MDW Holdings Limited

Year ended 31 August 2025

Opinion

We have audited the financial statements of MDW Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 August 2025 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of cash flows and the related notes, 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the group's and of the parent company'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; - 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 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 the provisions available for small entities, in the circumstances set out below, 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 or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The 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. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the strategic report and the directors' report 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.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. 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' responsibilities statement, 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 group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

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. 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 is detailed below: Assessing the susceptibility of the financial statements to material misstatement, including fraud and non-compliance with laws, considering the nature of the industry and sector, the laws and regulations relevant to the sector, the control environment, the business performance and the remuneration structure. Evaluating the legal and regulatory framework applicable and identifying any instances of non-compliance. Evaluating the effectiveness of the internal controls established to mitigate risk of fraud or non-compliance with laws and regulations. Evaluating any potential indicators of fraud including knowledge of any actual, suspected or alleged fraud. Ensuring the audit engagement team were made aware of potential fraud risks and had the appropriate competence and capabilities to identify fraud or non-compliance with laws and regulations and detail the findings accordingly. Identifying the opportunities and incentives that exist within the organisation for fraud including an assessment of key performance indicators, judgements made in making accounting estimates and evaluating any significant transactions that are unusual or outside the normal course of business. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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.

Mr D.R. Thomas FCA

(Senior Statutory Auditor)

For and on behalf of

Haasco Limited

Chartered accountants & statutory auditor

4A Brecon Court

William Brown Close

Llantarnam Industrial Park

NP44 3AB

20 March 2026

MDW Holdings Limited

Consolidated Statement of Comprehensive Income

Year ended 31 August 2025

		2025	2024
Note		£	£
Turnover	4	25,457,595	24,715,824

Cost of sales	21,289,973	20,642,384
	-------------	-------------
Gross profit	4,167,622	4,073,440

Administrative expenses		3,539,948	3,719,479
Other operating income	5	86,767	65,000
		------------	------------
Operating profit	6	714,441	418,961

Other interest receivable and similar income	10	–	1,345
Interest payable and similar expenses	11	379,858	307,090
		------------	------------
Profit before taxation		334,583	113,216

Tax on profit	12	149,003	158,416
		---------	---------
Profit/(loss) for the financial year and total comprehensive income		185,580	( 45,200)
		---------	---------

All the activities of the group are from continuing operations.

MDW Holdings Limited

Consolidated Statement of Financial Position

31 August 2025

	2025	2024
Note	£	£

Fixed assets

Intangible assets	13	1,033,062	1,180,642
Tangible assets	14	17,034,105	15,903,118
		-------------	-------------
		18,067,167	17,083,760

Current assets

Stocks	16	1,163,431	1,213,874
Debtors	17	5,437,349	4,180,572
Investments	18	395,000	395,000
Cash at bank and in hand		664,518	289,966
		------------	------------
		7,660,298	6,079,412

Creditors: amounts falling due within one year
Bank loans and overdrafts		1,310,583		1,087,194
Trade creditors		2,296,517		1,851,501
Other creditors including taxation and social security	19	2,153,954		3,768,929
Accruals and deferred income		937,635		853,500
		------------		------------
		6,698,689		7,561,124
		------------		------------
Net current assets/(liabilities)			961,609	( 1,481,712)
			-------------	-------------
Total assets less current liabilities			19,028,776	15,602,048

Creditors: amounts falling due after more than one year
Bank loans and overdrafts		2,213,694		2,328,824
Other creditors including taxation and social security	20	11,174,407		8,080,245
		-------------		-------------
			13,388,101	10,409,069

Provisions

Taxation including deferred tax	22	834,010	571,895
		-------------	-------------
Net assets		4,806,665	4,621,084
		-------------	-------------

Capital and reserves

Called up share capital	26	120	120
Share premium account	27	598,071	598,071
Revaluation reserve	27	1,051,390	1,051,390
Profit and loss account	27	3,157,084	2,971,503
		------------	------------
Shareholders funds		4,806,665	4,621,084
		------------	------------

MDW Holdings Limited

Consolidated Statement of Financial Position (continued)

31 August 2025

These financial statements were approved by the board of directors and authorised for issue on 20 March 2026 , and are signed on behalf of the board by:

Mr M.D.W. Hazell	Mr O.D.W. Hazell
Director	Director

Company registration number: 04332089

MDW Holdings Limited

Company Statement of Financial Position

31 August 2025

	2025	2024
Note	£	£

Fixed assets

Tangible assets	14	9,340,078	8,684,686
Investments	15	4,976,917	4,976,917
		-------------	-------------
		14,316,995	13,661,603

Current assets

Debtors	17	3,056,653	2,366,545
Investments	18	395,000	395,000
Cash at bank and in hand		14,063	21,000
		------------	------------
		3,465,716	2,782,545

Creditors: amounts falling due within one year
Trade creditors		60,301		38,165
Amounts owed to group undertakings		100		13,630
Other creditors including taxation and social security	19	275,914		2,205,400
Accruals and deferred income		14,875		5,150
		------------		------------
		351,190		2,262,345
		------------		------------
Net current assets			3,114,526	520,200
			-------------	-------------
Total assets less current liabilities			17,431,521	14,181,803

Creditors: amounts falling due after more than one year
Bank loans and overdrafts		2,213,694		2,328,824
Other creditors including taxation and social security	20	9,699,539		6,833,914
		-------------		------------
			11,913,233	9,162,738

Provisions

Taxation including deferred tax	22	167,725	41,280
		-------------	-------------
Net assets		5,350,563	4,977,785
		-------------	-------------

Capital and reserves

Called up share capital	26	120	120
Share premium account	27	598,071	598,071
Profit and loss account	27	4,752,372	4,379,594
		------------	------------
Shareholders funds		5,350,563	4,977,785
		------------	------------

The profit for the financial year of the parent company was £ 372,778 (2024: £ 1,337,267 ).

MDW Holdings Limited

Company Statement of Financial Position (continued)

31 August 2025

These financial statements were approved by the board of directors and authorised for issue on 20 March 2026 , and are signed on behalf of the board by:

Mr M.D.W. Hazell	Mr O.D.W. Hazell
Director	Director

Company registration number: 04332089

MDW Holdings Limited

Consolidated Statement of Changes in Equity

Year ended 31 August 2025

	Called up share capital	Share premium account	Revaluation reserve	Profit and loss account	Total
	£	£	£	£	£
At 1 September 2023	120	598,071	1,051,390	3,016,703	4,666,284

Loss for the year				( 45,200)	( 45,200)
	----	---------	------------	------------	------------
Total comprehensive income for the year	–	–	–	( 45,200)	( 45,200)

At 31 August 2024	120	598,071	1,051,390	2,971,504	4,621,085

Profit for the year				185,580	185,580
	----	---------	------------	------------	------------
Total comprehensive income for the year	–	–	–	185,580	185,580

	----	---------	------------	------------	------------
At 31 August 2025	120	598,071	1,051,390	3,157,084	4,806,665
	----	---------	------------	------------	------------

MDW Holdings Limited

Company Statement of Changes in Equity

Year ended 31 August 2025

		Called up share capital	Share premium account	Profit and loss account	Total
		£	£	£	£
At 1 September 2023		120	598,071	5,742,327	6,340,518

Profit for the year				1,337,267	1,337,267
Other comprehensive income for the year:
	User defined other comprehensive income movement 2	–	–	(2,700,000)	(2,700,000)
		----	---------	------------	------------
Total comprehensive income for the year		–	–	( 1,362,733)	( 1,362,733)

At 31 August 2024		120	598,071	4,379,594	4,977,785

Profit for the year				372,778	372,778
		----	---------	------------	------------
Total comprehensive income for the year		–	–	372,778	372,778

		----	---------	------------	------------
At 31 August 2025		120	598,071	4,752,372	5,350,563
		----	---------	------------	------------

MDW Holdings Limited

Consolidated Statement of Cash Flows

Year ended 31 August 2025

	2025	2024
	£	£

Cash flows from operating activities

Profit/(loss) for the financial year	185,580	( 45,200)

Adjustments for:
Depreciation of tangible assets	1,480,328	1,221,108
Amortisation of intangible assets	147,580	340,821
Government grant income	( 86,767)	( 65,000)
Other interest receivable and similar income	–	( 1,345)
Interest payable and similar expenses	379,858	307,090
Loss/(gains) on disposal of tangible assets	111,126	( 39,873)
Tax on profit	149,003	158,416
Accrued expenses/(income)	84,135	( 72,300)

Changes in:
Stocks	50,443	( 15,764)
Trade and other debtors	( 1,256,777)	391,870
Trade and other creditors	( 1,593,040)	1,670,879
	------------	------------
Cash generated from operations	( 348,531)	3,850,702

Interest paid	( 379,858)	( 307,090)
Interest received	–	1,345
Tax received	–	108
	---------	------------
Net cash (used in)/from operating activities	( 728,389)	3,545,065
	---------	------------

Cash flows from investing activities

Purchase of tangible assets	( 3,118,285)	( 4,679,652)
Proceeds from sale of tangible assets	395,844	456,222
Purchases of other investments	–	(285,000)
	------------	------------
Net cash used in investing activities	( 2,722,441)	( 4,508,430)
	------------	------------

Cash flows from financing activities

Proceeds from borrowings	3,392,598	249,977
Government grant income	86,767	65,000
Payments of finance lease liabilities	232,904	652,595
	------------	------------
Net cash from financing activities	3,712,269	967,572
	------------	------------

Net increase in cash and cash equivalents	261,439	4,207
Cash and cash equivalents at beginning of year	289,966	254,041
	---------	---------
Cash and cash equivalents at end of year	551,405	258,248
	---------	---------

MDW Holdings Limited

Notes to the Financial Statements

Year ended 31 August 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Nash Road, Newport, NP18 2BS.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Disclosure exemptions

The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:

(a) Disclosures in respect of each class of share capital have not been presented.

(b) No cash flow statement has been presented for the company.

(c) Disclosures in respect of financial instruments have not been presented.

(d) No disclosure has been given for the aggregate remuneration of key management personnel.

Consolidation

The financial statements consolidate the financial statements of MDW Holdings Limited and all of its subsidiary undertakings.

The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.

The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold buildings	-	2% straight line
Plant and machinery	-	10% straight line
Fixtures and fittings	-	20% straight line
Equipment	-	25 % straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the associate.

Investments in joint ventures

Investments in joint ventures are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the joint venture.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Turnover

Turnover arises from:

	2025	2024
	£	£
Sale of goods	10,373,589	11,040,425
Rendering of services	15,084,006	13,675,399
	-------------	-------------
	25,457,595	24,715,824
	-------------	-------------

The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.

5. Other operating income

	2025	2024
	£	£
Government grant income	86,767	65,000
	--------	--------

6. Operating profit

Operating profit or loss is stated after charging/crediting:

	2025	2024
	£	£
Amortisation of intangible assets	147,580	340,821
Depreciation of tangible assets	1,480,328	1,221,108
Loss/(gains) on disposal of tangible assets	111,126	( 39,873)
Impairment of trade debtors	28,544	2,338
Foreign exchange differences	2,313	( 1,925)
	------------	------------

7. Auditor's remuneration

	2025	2024
	£	£
Fees payable for the audit of the financial statements	25,301	23,525
	--------	--------

8. Staff costs

The average number of persons employed by the group during the year, including the directors, amounted to:

	2025	2024
	No.	No.
Production staff	109	105
Administrative staff	21	18
Management staff	10	10
	----	----
	140	133
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2025	2024
	£	£
Wages and salaries	5,228,656	4,345,434
Social security costs	531,221	387,186
Other pension costs	125,546	116,205
	------------	------------
	5,885,423	4,848,825
	------------	------------

9. Directors' remuneration

The directors' aggregate remuneration in respect of qualifying services was:

	2025	2024
	£	£
Remuneration	255,594	228,300
Company contributions to defined contribution pension plans	2,668	2,084
	---------	---------
	258,262	230,384
	---------	---------

The number of directors who accrued benefits under company pension plans was as follows:

	2025	2024
	No.	No.
Defined contribution plans	5	5
	----	----

10. Other interest receivable and similar income

	2025	2024
	£	£
Interest on cash and cash equivalents	–	1,345
	----	-------

11. Interest payable and similar expenses

	2025	2024
	£	£
Interest on banks loans and overdrafts	175,170	194,242
Interest on obligations under finance leases and hire purchase contracts	180,317	103,635
Interest payable - MDW Pension Trust	24,371	9,213
	---------	---------
	379,858	307,090
	---------	---------

12. Tax on profit

Major components of tax expense

	2025	2024
	£	£

Current tax:

Adjustments in respect of prior periods	–	( 108)

Deferred tax:

Origination and reversal of timing differences	149,003	158,524
	---------	---------
Tax on profit	149,003	158,416
	---------	---------

13. Intangible assets

Group	Goodwill
	£
Cost
At 1 September 2024 and 31 August 2025	3,408,214
	------------
Amortisation
At 1 September 2024	2,227,572
Charge for the year	147,580
	------------
At 31 August 2025	2,375,152
	------------
Carrying amount
At 31 August 2025	1,033,062
	------------
At 31 August 2024	1,180,642
	------------

The company has no intangible assets.

14. Tangible assets

Group	Freehold land and buildings	Plant and machinery	Fixtures and fittings	Equipment	Freehold investment property	Total
	£	£	£	£	£	£
Cost
At 1 Sep 2024	6,082,872	17,069,125	265,544	132,463	1,939,904	25,489,908
Additions	916,941	2,201,344	–	–	–	3,118,285
Disposals	–	( 924,258)	–	–	–	( 924,258)
	------------	-------------	---------	---------	------------	-------------
At 31 Aug 2025	6,999,813	18,346,211	265,544	132,463	1,939,904	27,683,935
	------------	-------------	---------	---------	------------	-------------
Depreciation
At 1 Sep 2024	520,018	8,783,406	155,244	128,122	–	9,586,790
Charge for the year	89,001	1,382,148	7,101	2,078	–	1,480,328
Disposals	–	( 417,288)	–	–	–	( 417,288)
	------------	-------------	---------	---------	------------	-------------
At 31 Aug 2025	609,019	9,748,266	162,345	130,200	–	10,649,830
	------------	-------------	---------	---------	------------	-------------
Carrying amount
At 31 Aug 2025	6,390,794	8,597,945	103,199	2,263	1,939,904	17,034,105
	------------	-------------	---------	---------	------------	-------------
At 31 Aug 2024	5,562,854	8,285,719	110,300	4,341	1,939,904	15,903,118
	------------	-------------	---------	---------	------------	-------------

Company	Freehold land and buildings	Plant and machinery	Fixtures and fittings	Freehold investment property	Total
	£	£	£	£	£
Cost
At 1 September 2024	5,551,805	1,637,195	143,096	1,939,904	9,272,000
Additions	794,496	89,500	–	–	883,996
	------------	------------	---------	------------	-------------
At 31 August 2025	6,346,301	1,726,695	143,096	1,939,904	10,155,996
	------------	------------	---------	------------	-------------
Depreciation
At 1 September 2024	191,723	361,481	34,110	–	587,314
Charge for the year	49,880	172,670	6,054	–	228,604
	------------	------------	---------	------------	-------------
At 31 August 2025	241,603	534,151	40,164	–	815,918
	------------	------------	---------	------------	-------------
Carrying amount
At 31 August 2025	6,104,698	1,192,544	102,932	1,939,904	9,340,078
	------------	------------	---------	------------	-------------
At 31 August 2024	5,360,082	1,275,714	108,986	1,939,904	8,684,686
	------------	------------	---------	------------	-------------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

Group	Plant and machinery
	£
At 31 August 2025	2,231,011
	------------
At 31 August 2024	3,066,542
	------------

Company	Plant and machinery
	£
At 31 August 2025	1,044,731
	------------
At 31 August 2024	1,275,714
	------------

15. Investments

The group has no investments.

Company	Shares in group undertakings
	£
Cost
At 1 September 2024 and 31 August 2025	4,976,917
	------------
Impairment
At 1 September 2024 and 31 August 2025	–
	------------

Carrying amount
At 1 September 2024 and 31 August 2025	4,976,917
	------------
At 31 August 2024	4,976,917
	------------

Subsidiaries, associates and other investments

	2025	2024
	£	£
G.D. Environmental Services Limited	2,908,915	2,908,915
MDW (Europe) Limited	2	2
W. Harold John (Metals) Limited	2,067,900	2,067,900
Integrated Services Group Limited	100	100
	------------	------------
	4,976,917	4,976,917
	------------	------------

The company owns 100% of the issued share capital of G.D. Environmental Services Limited, a company incorporated in England and Wales. The company owns 100% of the issued share capital of MDW (Europe) Limited, a company incorporated in England and Wales. The company owns 100% of the issued share capital of W. Harold John (Metals) Limited, a company incorporated in England and Wales. The company owns 100% of the issued share capital of Integrated Services Group Limited, a company incorporated in England and Wales. The company owns 100% of the issued share capital of Fred Lloyd and Sons Limited, a company incorporated in England and Wales.

16. Stocks

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Raw materials and consumables	851,428	930,357	–	–
Work in progress	312,003	283,517	–	–
	------------	------------	----	----
	1,163,431	1,213,874	–	–
	------------	------------	----	----

17. Debtors

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Trade debtors	3,821,151	3,109,478	129,964	85,748
Amounts owed by group undertakings	–	–	2,926,689	2,266,162
Deferred tax asset	683,305	570,193	–	–
Prepayments and accrued income	641,929	335,078	–	–
Corporation tax repayable	4,449	4,449	–	–
Staff loans	2,485	2,485	–	–
Other debtors	284,030	158,889	–	14,635
	------------	------------	------------	------------
	5,437,349	4,180,572	3,056,653	2,366,545
	------------	------------	------------	------------

18. Investments

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Other investments	395,000	395,000	395,000	395,000
	---------	---------	---------	---------

19. Other creditors including taxation and social security falling

due within one year

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Social security and other taxes	674,231	423,971	11,314	995
Obligations under finance leases	1,088,336	882,194	264,600	282,705
Other creditors	391,387	2,462,764	–	1,921,700
	------------	------------	---------	------------
	2,153,954	3,768,929	275,914	2,205,400
	------------	------------	---------	------------

20. Other creditors including taxation and social security falling

due after more than one year

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Obligations under finance leases	1,955,325	1,928,563	575,007	742,247
Director loan accounts	6,036,260	2,751,921	6,035,426	2,751,921
MDW Pension Trust	652,822	869,761	559,106	809,746
Other creditors	2,530,000	2,530,000	2,530,000	2,530,000
	-------------	------------	------------	------------
	11,174,407	8,080,245	9,699,539	6,833,914
	-------------	------------	------------	------------

21. Finance leases and hire purchase contracts

The total future minimum lease payments under finance leases and hire purchase contracts are as follows:

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Not later than 1 year	1,265,763	1,028,237	317,613	339,068
Later than 1 year and not later than 5 years	2,272,487	2,261,108	671,546	879,614
	------------	------------	---------	------------
	3,538,250	3,289,345	989,159	1,218,682
Less: future finance charges	( 494,590)	( 478,587)	( 149,552)	( 193,730)
	------------	------------	---------	------------
Present value of minimum lease payments	3,043,660	2,810,758	839,607	1,024,952
	------------	------------	---------	------------

22. Provisions

Group	Deferred tax (note 23)
	£
At 1 September 2024	571,895
Additions	262,115
	---------
At 31 August 2025	834,010
	---------

Company	Deferred tax (note 23)
	£
At 1 September 2024	41,280
Additions	126,445
	---------
At 31 August 2025	167,725
	---------

23. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Included in debtors (note 17)	683,305	570,193	–	–
Included in provisions (note 22)	( 834,010)	( 571,895)	( 167,725)	( 41,280)
	---------	---------	---------	--------
	( 150,705)	( 1,702)	( 167,725)	( 41,280)
	---------	---------	---------	--------

24. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 125,546 (2024: £ 116,205 ).

25. Government grants

The amounts recognised in the financial statements for government grants are as follows:

Group		Company
2025	2024	2025	2024
£	£	£	£

Recognised in other operating income:

Government grants recognised directly in income	86,767	65,000	–	–
	--------	--------	----	----

26. Called up share capital

Authorised share capital

	2025		2024
	No.	£	No.	£
Ordinary shares of £ 1 each	2,000	2,000	2,000	2,000
	-------	-------	-------	-------

Issued, called up and fully paid

	2025		2024
	No.	£	No.	£
Ordinary shares of £ 1 each	120	120	120	120
	----	----	----	----

27. Reserves

Share premium account - This reserve records the amount above the nominal value received for shares sold, less transaction costs.

28. Contingencies

A charge registered on 27th November 2025 by HSBC UK Bank Plc provides a fixed charge over the company's property at Unit 2c Nash Mead, Queensway Meadows Industrial Estate, Newport NP19 4SU (WA623049)on all monies due or to become due from the company to the chargee on any account whatsoever. A charge registered on 3rd February 2023 by HSBC UK Bank Plc provides a fixed charge over the company's property at Polo Grounds Industrial Estate, Pontypool NP4 0TW (CYM432302)on all monies due or to become due from the company to the chargee on any account whatsoever. A charge registered on 24th August 2022 by HSBC UK Bank Plc provides a fixed charge over the company's property at 33, 33A, 34 and 34A Leeway Industrial Estate, Newport NP19 4SL (WA857353)on all monies due or to become due from the company to the chargee on any account whatsoever. A charge registered on 23rd August 2022 by HSBC UK Bank Plc provides a fixed charge over the company's property lying to the west of Nash Road, Newport NP18 2BS (CYM692576)on all monies due or to become due from the company to the chargee on any account whatsoever. A charge registered on 3rd August 2022 by HSBC UK Bank Plc provides a fixed charge over the company's property at Nash Mead, Queensway Meadows Industrial Estate, Newport NP19 4SU (WA944634) on all monies due or to become due from the company to the chargee on any account whatsoever. A charge registered on 2nd August 2022 by HSBC UK Bank Plc provides a fixed charge over the company's property at West side, Nash Road, Newport NP18 2BS (CYM80185) on all monies due or to become due from the company to the chargee on any account whatsoever. A charge registered on 1st August 2022 by HSBC UK Bank Plc provides a fixed and floating charge over the company's property and assets present and future on all monies due or to become due from the company to the chargee on any account whatsoever. A mortgage registered on 15th June 2006 by MDW Pension Trust provides a fixed and floating charge over the company's property and assets present and future on all monies due or to become due from the company to the chargee, including all expenses of the chargee on a full and unqualified indemnity basis and all interest which the chargee may incur in relation to the borrower or in relation to this chattel mortgage. A cross guarantee with G.D. Environmental Services Limited, MDW (Europe) Limited and W. Harold John (Metals) Limited registered on 2nd August 2022 by HSBC Bank Plc provides a fixed and floating charge over the company's property and assets present and future on all monies due or to become due from the company to the chargee on any account whatsoever. G.D. Environmental Services Limited A debenture registered on 9th February 2024 by HSBC Bank Plc provides a fixed and floating charge over the company's property and assets present and future on all monies due or to become due from the company to the chargee on any account whatsoever. A debenture registered on 3rd April 2020 by MDW Holdings Limited provides a fixed charge over any company debt and a floating charge over the company's property and assets present and future on all monies due or to become due from the company to the chargee on any account whatsoever. A debenture registered on 9th May 2017 by HSBC Equipment Finance (UK) Ltd and HSBC Asset Finance (UK) Ltd provides a fixed charge over any company debt and a floating charge over the company's property and assets present and future on all monies due or to become due from the company to the chargee on any account whatsoever. A mortgage registered on 21st July 2014 by The Waste and Resources Action Programme provides a fixed charge over the hook loader and track excavator. A debenture registered on 10th July 2014 by HSBC Invoice Finance (UK) Ltd provides a fixed charge over any company debt and a floating charge over the company's property and assets present and future on all monies due or to become due from the company to the chargee on any account whatsoever. A debenture registered on 13th April 2005 by HSBC Bank Plc provides a fixed and floating charge over the company's property and assets present and future on all monies due or to become due from the company to the chargee on any account whatsoever. MDW (Europe) Limited A charge registered on 23rd August 2022 by HSBC UK Bank Plc provides a fixed charge over the company's property lying to the west of Nash Road, Newport NP18 2BS (CYM620788)on all monies due or to become due from the company to the chargee on any account whatsoever. A charge registered on 1st August 2022 by HSBC UK Bank Plc provides a fixed and floating charge over the company's property and assets present and future on all monies due or to become due from the company to the chargee on any account whatsoever. A charge registered on 1st August 2022 by HSBC UK Bank Plc provides a fixed charge over the company's property lying to the north of Nash Road, Newport NP18 2BS (CYM353786)on all monies due or to become due from the company to the chargee on any account whatsoever. W. Harold John (Metals) Limited A charge registered on 8th March 2024 by HSBC UK Bank Plc provides a legal assignment of contract monies. A charge registered on 28th September 2022 by HSBC UK Bank Plc provides a legal assignment of contract monies. A charge registered on 26th August 2022 by HSBC Invoice Finance (UK) Ltd provides a fixed charge over the company's property lying to the north of Nash Road, Newport NP18 2BS (CYM353786)on all monies due or to become due from the company to the chargee on any account whatsoever. A charge registered on 2nd August 2022 by HSBC UK Bank Plc provides a fixed and floating charge over the company's property and assets present and future on all monies due or to become due from the company to the chargee on any account whatsoever. A cross guarantee with G.D. Environmental Services Limited, MDW (Europe) Limited and MDW Holdings Limited registered on 2nd August 2022 by HSBC Bank Plc provides a fixed and floating charge over the company's property and assets present and future on all monies due or to become due from the company to the chargee on any account whatsoever.

29. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company and its subsidiary undertakings:

	2025
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr M.D.W. Hazell	( 751,921)	( 1,184,066)	( 1,935,987)
Mrs L.A. Hazell	( 2,000,000)	( 2,100,273)	( 4,100,273)
	------------	------------	------------
	( 2,751,921)	( 3,284,339)	( 6,036,260)
	------------	------------	------------

	2024
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr M.D.W. Hazell	( 2,166,475)	1,414,554	( 751,921)
Mrs L.A. Hazell	–	( 2,000,000)	( 2,000,000)
	------------	------------	------------
	( 2,166,475)	( 585,446)	( 2,751,921)
	------------	------------	------------

30. Related party transactions

Group

During the year the group entered into the following transactions with related parties:

	Transaction value		Balance owed by/(owed to)
	2025	2024	2025	2024
	£	£	£	£
MDW Pension Trust	(53,350)	(53,350)	( 652,822)	( 869,761)
Hillvale Properties Limited	80,000	80,000	–	–
	--------	--------	---------	---------

Transactions between the company and group undertakings, which are related parties, have been eliminated in the consolidated accounts and are not disclosed in this note.

Company

The company was under the control of Mr M.D.W. Hazell throughout the period. The following loans are due to related parties:

	2025	2024
	£	£
MDW Pension Trust	559,106	809,746
	---------	---------

The income statement includes the following income from Hillvale Properties Limited:

	2025	2024
	£	£
Management charges	80,000	80,000
	--------	--------

No other transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 102.