REGISTERED NUMBER: 12280604 (England and Wales)

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH SEPTEMBER 2025

FOR

PHOENIX UK GROUP LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Director

5

Report of the Independent Auditors

6

Consolidated Income Statement

10

Consolidated Other Comprehensive Income

11

Consolidated Balance Sheet

12

Company Balance Sheet

13

Consolidated Statement of Changes in Equity

14

Company Statement of Changes in Equity

15

Consolidated Cash Flow Statement

16

Notes to the Consolidated Cash Flow Statement

17

Notes to the Consolidated Financial Statements

18

DIRECTOR:

Mr C P Watson

SECRETARY:

Mrs K A Rousell

REGISTERED OFFICE:

Unit 2 Plymouth Avenue

Brookhill Industrial Estate

Pinxton

Derbyshire

NG16 6RA

REGISTERED NUMBER:

12280604 (England and Wales)

AUDITORS:

Shaw Gibbs (Audit) Limited

Statutory Auditor

Fleming Court

Leigh Road

Eastleigh

Southampton

Hampshire

SO50 9PD

The director presents his Group Strategic Report for Phoenix UK Group Limited (the "Company") and its subsidiary undertakings (together, the "Group") for the year ended 30 September 2025.

REVIEW OF THE BUSINESS

Phoenix UK Group Limited is the parent company of Phoenix Brickwork (UK) Limited and Phoenix Drywall (UK) Limited, together forming one of central England's established specialist contractors in masonry, drywall and steel framing systems. The Group also holds Brick Care Ltd, which remained dormant during the year.

The present Group structure follows the strategic demerger and restructuring completed in June 2023, which separated the former combined group into two independent groups: Phoenix UK Group Limited as parent of the Phoenix Brickwork and Phoenix Drywall businesses, and BMH Group Holdings Limited as parent of B M H Scaffolding Limited. Now into its second full year of trading within this clarified structure, the Group has continued to trade profitably, to reinvest in its operational asset base, and to deepen its relationships with the United Kingdom's leading main contractors.

Phoenix Brickwork (UK) Limited is a leading masonry, drywall and steel framing systems contractor, regularly securing work in association with the principal construction companies operating in the United Kingdom. The business delivers contracts of up to £5m in value, frequently spanning multiple years, across a diverse portfolio of commercial, refurbishment and residential schemes, including large-scale projects for public use such as prisons and hospitals.

During the year the business continued to pursue its strategy of securing fewer, but larger, contracts with main contractors in favoured geographies - many of which the business holds approved or preferred supply-chain status with - thereby concentrating resource on the most attractive opportunities and reducing the overhead associated with a high volume of concurrent sites.

Phoenix Drywall (UK) Limited is a prominent drywall and steel framing systems contractor, likewise working in association with the United Kingdom's major construction companies on contracts of up to £4m in value spanning multiple years, across commercial, refurbishment and residential workstreams. During the year the business focused on managing the mix of drywall and steel framing activity to a targeted split of turnover, optimising profitability without the need to expand its overhead base.

All operating companies within the Group demonstrated continued resilience over the period. Management remained close to clients and supply-chain partners, maintained rigorous standards of health and safety, and ensured minimal disruption to delivery. The Group ended the year profitable, with a sound net asset position, a materially reduced borrowings profile and an enlarged, modernised asset base from which to deliver its forward order book.

FINANCIAL PERFORMANCE

Key performance indicators

2025

2024

Turnover

£15.9m

£18.2m

Profit before tax

£0.3m

£1.9m

Gross profit margin

20.6%

27.5%

Profit before tax margin

1.8%

10.5%

Return on capital employed

9.4%

49.6%

Turnover for the year was £15.9m (2024: £18.2m). The movement reflects the Group's deliberate strategy of prioritising a smaller number of larger, higher-quality contracts, together with the natural phasing of major multi-year projects and a United Kingdom construction market that remained subdued during the period. The Group remained profitable throughout, delivering profit before tax of £0.3m (2024: £1.9m) and a profit for the financial year of £0.2m (2024: £1.1m).

Gross profit was £3.3m (2024: £5.0m), a gross margin of 20.6% (2024: 27.5%). The reduction in reported margin reflects contract mix and the continuing inflationary pressure on materials and labour experienced across the construction sector. The Group's centralised procurement function and disciplined commercial controls remain firmly focused on protecting and rebuilding margin as the contract base matures.

Beneath the gross result, the Group made encouraging progress across a number of measures:

- Other operating income rose 21% to £0.36m (2024: £0.30m), reflecting growth in management charges and sundry receipts;

- Interest receivable increased markedly to £75,697 (2024: £10,346), reflecting improved returns on Group balances and intra-group financing;

- Finance costs were reduced by 27% to £176,033 (2024: £242,462) as the Group continued to pay down borrowings, including its Government-backed Coronavirus Business Interruption Loan Scheme facilities; and

- Distributions to the owners of the parent increased to £295,778 (2024: £157,678), underlining the Board's confidence in the underlying cash generation of the business.

Return on capital employed of 9.4% (2024: 49.6%) reflects the lower operating result for the year. The prior-year comparatives across all measures benefited from an exceptionally strong trading performance, and the directors regard the current-year position as a sound platform from which to grow.

The director considers the Group's financial position at the year end to be robust. Net assets stood at £3.4m (2024: £3.7m), the modest reduction being attributable to the increased distributions to shareholders made during the year. Cash balances reduced to £0.5m (2024: £1.2m), reflecting planned investment in work in progress and contract debtors as larger schemes progressed, together with the year's capital expenditure programme. The director continues to monitor working capital closely, with liquidity ratios and work-in-progress days reported and managed on an ongoing basis.

Investment in plant, equipment and capability

A defining feature of the year was the Group's further investment in its operational capability. Additions to tangible fixed assets were £243,757 (2024: £312,726), principally comprising investment in the Group's vehicle fleet (£206,503) alongside plant and machinery, fixtures and fittings, and computer equipment. This reinvestment renews and extends the asset base, supports safe and efficient delivery on site, and positions the Group to service larger and more complex contracts as activity levels recover.

Alongside this capital programme, the Group reduced its secured borrowings by 38% to £0.68m (2024: £1.10m), demonstrating the directors' commitment to a prudent and resilient capital structure. The Group also grew its workforce, with average headcount rising to 56 (2024: 52), reflecting continued investment in the skilled people on whom delivery depends.

PRINCIPAL RISKS AND UNCERTAINTIES

Cashflow and liquidity

Maintaining sufficient liquidity is fundamental to the business. The Group manages this risk through constant monitoring of liquidity ratios and work-in-progress days, refined procurement procedures with key performance indicators on supplier credit terms, and investment in back-office systems and software to support timely cash collection. Capital expenditure and borrowing are restricted to essential purposes only.

Inflationary and input-cost pressure

As contract costs are central to profitability, movements in the rate of inflation remain a key risk. The Group mitigates this by avoiding fixed-price commitments likely to result in losses, by recognising losses on contracts as soon as they are foreseen, and through the work of an experienced centralised procurement team that regularly assesses costs across the business.

Project management

The Group maintains strong controls over project spending, supported by improved real-time commercial reporting that enables management to respond quickly to issues on live projects. A company-wide ethos incentivises employees to control project costs and challenge non-essential spend.

Organisational and people risk

The Group maintains standards that exceed the requirements of United Kingdom law and holds a range of accreditations. Reward structures are linked to the performance of the Group, the business structure is reviewed regularly, and incentives are in place to retain key personnel. The Group invests heavily in operative and staff training to ensure legislative compliance, high safety standards and continued professional development.

GROWTH AND EXPANSION

During the year, Phoenix Brickwork (UK) Limited continued to strengthen its reputation within the industry, winning larger contracts on the strength of its ability to deliver high-quality work to programme. The Group's standing as a trusted supplier within the construction supply chain was reinforced, positioning the businesses for further, well-controlled growth. There are no immediate plans to change the business model in the short term.

The Group's management team brings diverse expertise and experience, contributing to improved operational efficiency, enhanced customer service and effective resource allocation. The combination of selective contract pursuit, a renewed asset base and a strengthened balance sheet leaves the Group well placed to convert its forward pipeline into profitable activity.

FUTURE OUTLOOK

Looking ahead, the Group is well positioned for continued success. It will leverage its strong market presence, skilled workforce and technological capability to capture new opportunities, while continuing to assess its portfolio to ensure that only positive, well-priced projects are taken on.

Strategic focus will remain on sustainable growth, innovation and customer-centricity, supported by continued investment in good-quality resources and the systems that underpin delivery. With finance costs and borrowings materially reduced and the asset base renewed during the year, the directors view the outlook for the Group with confidence.

RESEARCH AND DEVELOPMENT

The Group continued to invest in research and development during the year. Phoenix Brickwork (UK) Limited progressed development of a bespoke in-house application enabling efficient and accurate real-time record keeping, with ongoing work to integrate the application with internal software - a long-term, continually evolving project that has been well received by internal users and clients alike.

The business also advanced research into fire barriers and protection for the brickwork trades, with testing completed during the year. Within the drywall division, fire testing was carried out jointly with a client to achieve product warranties. Qualifying expenditure supported a research and development tax credit recognised in the year.

ENGAGEMENT WITH STAKEHOLDERS

The director recognises that the long-term success of the Group depends on maintaining strong relationships with its key stakeholders. Close and regular communication is maintained with clients and supply-chain partners to ensure minimal disruption to delivery; employees are supported through training, development and performance-linked reward; and the Group works constructively with its lenders and advisers to maintain a prudent capital structure.

The Board considers the likely consequences of its decisions over the long term and the impact of the Group's operations on the wider community and environment in the conduct of the business.

ON BEHALF OF THE BOARD:

Mr C P Watson - Director

25th June 2026

The director presents his report with the financial statements of the company and the group for the year ended 30th September 2025.

DIVIDENDS

The total distribution of dividends for the year ended 30th September 2025 amounted to £295,778 (2024: £157,678).

EVENTS SINCE THE END OF THE YEAR

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

DIRECTOR

Mr C P Watson held office during the whole of the period from 1st October 2024 to the date of this report.

DISCLOSURE IN THE STRATEGIC REPORT

Items required under Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports Regulations) 2008 to be disclosed in the Report of the Directors are set out in the Strategic Report in accordance with section 414C(11) of the Companies Act 2006.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

-	select suitable accounting policies and then apply them consistently;

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

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Shaw Gibbs (Audit) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr C P Watson - Director

25th June 2026

Opinion

We have audited the financial statements of Phoenix UK Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30th September 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 30th September 2025 and of the group's profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page five, the director is 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 director determines 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 director is 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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:

As part of our audit planning procedures we identify the significant laws and regulations applicable to the group based upon our knowledge of the group, the industry in which it operates and from making enquiries with management. We consider those laws and regulations where non-compliance may have a material effect on the financial statements and those which have a direct impact on the financial statements. We identified that the most significant laws and regulations applicable during the year were compliance with the requirements of the Companies Act 2006, compliance with Health and Safety Regulations, ISO certification and compliance via ISOcomply.

Audit procedures performed by the engagement team in relation to laws and regulations include making enquiries of management as to any known or suspected instances of non-compliance, maintaining awareness throughout the course of the audit as to any indications of instances of non-compliance, reviewing legal and professional invoices and undertaking a review of the disclosures in the financial statements to supporting information and to disclosure checklists.

We also consider areas that are at a higher risk of causing material misstatement in the financial statements due to irregularities, including those resulting from fraud and how such fraud may occur. We discuss with senior management the key controls in place to mitigate the risk of fraud and enquire as to whether they are aware of, or suspect, any fraudulent activities having taken place.

Throughout the audit, we maintain an appropriate level of professional scepticism when provided with information and explanations. We consider the appropriateness of significant accounting journals that were processed during the year, assess the reasonableness of any significant accounting estimates and consider whether there were any indications of bias by management during the year that represents a risk of material misstatement due to fraud. We also carry out analytical procedures to identify any unusual or unexpected variances to expectations as these may be an indication of management over-ride or management bias.

As group auditors we are required to communicate with component auditors to request identification of any instances of non-compliance with laws and regulations that could give rise to a material misstatement of the group financial statements. The engagement partner considers that the engagement team collectively has the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations.

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

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

Use of our report

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

Graham Taylor (Senior Statutory Auditor)

for and on behalf of Shaw Gibbs (Audit) Limited

Statutory Auditor

Fleming Court

Leigh Road

Eastleigh

Southampton

Hampshire

SO50 9PD

25th June 2026

TURNOVER

15,943,932

18,191,383

Cost of sales

12,667,360

13,174,833

GROSS PROFIT

3,276,572

5,016,550

Administrative expenses

3,243,073

3,162,865

33,499

1,853,685

Other operating income

360,675

298,738

OPERATING PROFIT

5

394,174

2,152,423

Interest receivable and similar income

75,697

10,346

469,871

2,162,769

Interest payable and similar expenses

6

176,033

242,462

PROFIT BEFORE TAXATION

293,838

1,920,307

Tax on profit

7

52,001

779,198

PROFIT FOR THE FINANCIAL YEAR

241,837

1,141,109

Profit attributable to:

Owners of the parent

160,853

1,018,063

Non-controlling interests

80,984

123,046

241,837

1,141,109

PROFIT FOR THE YEAR

241,837

1,141,109

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

241,837

1,141,109

Total comprehensive income attributable to:

Owners of the parent

160,853

1,018,063

Non-controlling interests

80,984

123,046

241,837

1,141,109

FIXED ASSETS

Intangible assets

10

-

-

Tangible assets

11

1,050,651

1,165,165

Investments

12

-

-

1,050,651

1,165,165

CURRENT ASSETS

Stocks

13

5,000

5,000

Debtors

14

7,657,359

5,868,527

Cash at bank and in hand

524,850

1,234,162

8,187,209

7,107,689

CREDITORS

Amounts falling due within one year

15

5,054,838

3,934,030

NET CURRENT ASSETS

3,132,371

3,173,659

TOTAL ASSETS LESS CURRENT LIABILITIES

4,183,022

4,338,824

CREDITORS

Amounts falling due after more than one year

16

(648,319

)

(551,837

)

PROVISIONS FOR LIABILITIES

20

(85,875

)

(98,996

)

NET ASSETS

3,448,828

3,687,991

CAPITAL AND RESERVES

Called up share capital

21

107

107

Share-based payments

22

111,572

118,820

Other reserves

22

(50,150

)

-

Retained earnings

22

3,033,276

3,234,784

3,094,805

3,353,711

NON-CONTROLLING INTERESTS

354,023

334,280

TOTAL EQUITY

3,448,828

3,687,991

The financial statements were approved by the director and authorised for issue on 25th June 2026 and were signed by:

Mr C P Watson - Director

FIXED ASSETS

Intangible assets

10

-

-

Tangible assets

11

-

-

Investments

12

160

200

160

200

CURRENT ASSETS

Debtors

14

108,964

61,383

Cash at bank and in hand

23,040

50,598

132,004

111,981

CREDITORS

Amounts falling due within one year

15

122,212

81,431

NET CURRENT ASSETS

9,792

30,550

TOTAL ASSETS LESS CURRENT LIABILITIES

9,952

30,750

CAPITAL AND RESERVES

Called up share capital

21

107

107

Share-based payments

22

8,864

13,282

Retained earnings

22

981

17,361

9,952

30,750

Company's profit for the financial year

279,398

174,662

The financial statements were approved by the director and authorised for issue on 25th June 2026 and were signed by:

Mr C P Watson - Director

Called up

share

Retained

Share-based

capital

earnings

payments

£

£

£

Balance at 1st October 2023

107

2,462,451

50,084

Changes in equity

Dividends

-

(157,678

)

-

Total comprehensive income

-

1,018,063

-

Equity settled share-based

payments

-

-

68,736

Changes in ownership interests in subsidiaries

-

(88,052

)

-

Balance at 30th September 2024

107

3,234,784

118,820

Changes in equity

Dividends

-

(295,778

)

-

Total comprehensive income

-

160,853

-

Equity settled share-based

payments

-

-

(7,248

)

Changes in ownership interests in subsidiaries

-

(66,583

)

-

Balance at 30th September 2025

107

3,033,276

111,572

Other

Non-controlling

Total

reserves

Total

interests

equity

£

£

£

£

Balance at 1st October 2023

-

2,512,642

258,973

2,771,615

Changes in equity

Dividends

-

(157,678

)

(135,791

)

(293,469

)

Total comprehensive income

-

1,018,063

123,046

1,141,109

Equity settled share-based

payments

-

68,736

-

68,736

Changes in ownership interests in subsidiaries

-

(88,052

)

88,052

-

Balance at 30th September 2024

-

3,353,711

334,280

3,687,991

Changes in equity

Dividends

-

(295,778

)

(267,764

)

(563,542

)

Total comprehensive income

-

160,853

80,984

241,837

Equity settled share-based

payments

-

(7,248

)

-

(7,248

)

Changes in ownership interests in subsidiaries

-

(66,583

)

206,523

139,940

Consideration paid in excess of non-controlling interest decrease

(50,150

)

(50,150

)

-

(50,150

)

Balance at 30th September 2025

(50,150

)

3,094,805

354,023

3,448,828

Called up

share

Retained

Share-based

Total

capital

earnings

payments

equity

£

£

£

£

Balance at 1st October 2023

107

377

1,124

1,608

Changes in equity

Dividends

-

(157,678

)

-

(157,678

)

Total comprehensive income

-

174,662

-

174,662

Equity settled share-based

payments

-

-

12,158

12,158

Balance at 30th September 2024

107

17,361

13,282

30,750

Changes in equity

Dividends

-

(295,778

)

-

(295,778

)

Total comprehensive income

-

279,398

-

279,398

Equity settled share-based

payments

-

-

(4,418

)

(4,418

)

Balance at 30th September 2025

107

981

8,864

9,952

Cash flows from operating activities

Cash generated from operations

1

(92,005

)

1,536,934

Interest paid

(140,032

)

(203,299

)

Interest element of hire purchase payments paid

(36,001

)

(39,163

)

Tax paid

206,029

(112,083

)

Net cash from operating activities

(62,009

)

1,182,389

Cash flows from investing activities

Purchase of tangible fixed assets

(243,757

)

(59,635

)

Purchase of fixed asset investments

(50,250

)

-

Sale of tangible fixed assets

108,452

247,455

Interest received

75,697

10,346

Net cash from investing activities

(109,858

)

198,166

Cash flows from financing activities

New loans in year

463,257

-

Loan repayments in year

(543,229

)

(668,795

)

Capital repayments in year

(33,973

)

(234,295

)

Subsidiary share issue

140,040

-

Equity dividends paid

(295,778

)

(157,678

)

Dividends paid to minority interests

(267,762

)

(135,791

)

Net cash from financing activities

(537,445

)

(1,196,559

)

(Decrease)/increase in cash and cash equivalents

(709,312

)

183,996

Cash and cash equivalents at beginning of year

2

1,234,162

1,050,166

Cash and cash equivalents at end of year

2

524,850

1,234,162