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REGISTERED NUMBER: 01240380 (England and Wales)

Morris & Co. (Handlers) Limited

Strategic Report, Report of the Directors and

Financial Statements For The Year Ended 1 October 2025

| Morris & Co. (Handlers) Limited (Registered number: 01240380) |

Contents of the Financial Statements

For The Year Ended 1 October 2025

Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Report of the Directors | 4 |

| Report of the Independent Auditors | 6 |

| Statement of Comprehensive Income | 9 |

| Balance Sheet | 10 |

| Statement of Changes in Equity | 11 |

| Cash Flow Statement | 12 |

| Notes to the Cash Flow Statement | 13 |

| Notes to the Financial Statements | 15 |

| Morris & Co. (Handlers) Limited |

Company Information

For The Year Ended 1 October 2025

| DIRECTORS: | A E Morris

| S A Morris

| T E Morris

| D S Morris

| REGISTERED OFFICE: | The Water Tower

| J3 Business Park

| Carr Hill, Balby

| Doncaster

| South Yorkshire

| DN4 8DE

| REGISTERED NUMBER: | 01240380 (England and Wales)

| AUDITORS: | Kingswood Allotts Limited, Statutory Auditor

| Chartered Accountants

| Sidings Court

| Lakeside

| Doncaster

| South Yorkshire

| DN4 5NU

| Morris & Co. (Handlers) Limited (Registered number: 01240380) |

Strategic Report

For The Year Ended 1 October 2025

The directors present their strategic report for the year ended 1 October 2025.

REVIEW OF BUSINESS

In 2025, the company saw a profit before tax of £468,598, down from £1,158,952 in the year ending 1 October 2024.

The capital and reserves at the end of the year amounted to £5,048,568 (2024: £4,934,585).

While the directors are disappointed with the results for the year, they remain confident that with improved trading conditions the company will return to profitability in the coming period.

PRINCIPAL RISKS AND UNCERTAINTIES

Within the commercial activities, the main risk facing the company continues to be fluctuations in commodity prices which impacts margins and liquidity risk.

SECTION 172(1) STATEMENT

Morris & Co (Handlers) Limited is strategically operated by the board of directors. As a board, we make strategic decisions to enable the business to grow, with an aim to develop the company, ensuring the decision making process provides benefit to employees and stakeholders while fairness is maintained.

Engaging With Stakeholders

Our key stakeholders and the ways in which we engage with them are as follows:

Employees

The company relies on staff to ensure production levels and production quality is maintained. Staff are remunerated at the relevant level dependent on role, qualifications and experience. Staff in key roles are involved in decision making processes to ensure they represent interests, increase communication and align expectations within the business.

Customers

We strive to maintain a high level of service and quality. We promote and pursue feedback from customers to ensure that levels are achieved and maintained.

Suppliers

Supply chain is vital to ensure service and quality. We maintain positive relationships with key suppliers to ensure this is retained.

Our Community

We take any community feedback very seriously and take action where any issues have been reported.

Our Planet

We always try to be environmentally friendly in how we operate. We engage with specialists, to monitor and understand our energy consumption. With more informed knowledge this allows the board to make more energy efficient decisions for both energy usage and emissions.

KEY PERFORMANCE INDICATORS

During the year the company employed 62 people (61 in 2024) producing a turnover of £39,123,102 (2024: £44,503,384). The turnover shows a decrease of 12.1% compared with the previous year.

| Morris & Co. (Handlers) Limited (Registered number: 01240380) |

Strategic Report

For The Year Ended 1 October 2025

STREAMLINED ENERGY AND CARBON REPORTING

UK Greenhouse gas emissions and energy use data as required by the Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 the company's energy use and greenhouse gas (GHG) emissions for the period 2 October 2024 to 1 October 2025 are set out below:

| Consumption |  | Conversion Factor |  | CO2 Emissions |

Combustion of gas own use |  | - |  | - |  | - |

Consumption of fuel for the purpose of transport (Litres) |  | 600,890 |  | 2.72417 |  | 1,636,927 |

Consumption of electricity (kWh) |  | 7,705,704 |  | 0.20493 |  | 1,347,651 |

Consumption of fuel for the purpose of own use (Litres) |  | 185,445 |  | 2.54 |  | 470,590 |

| 3,455,168 |

The comparative UK Greenhouse gas emissions and energy use date for the period 02 October 2023 to 1 October 2024 is shown below:

| Consumption |  | Conversion Factor |  | CO2 Emissions |

Combustion of gas own use |  | - |  | - |  | - |

Consumption of fuel for the purpose of transport (Litres) |  | 537,807 |  | 2.72417 |  | 1,465,078 |

Consumption of electricity (kWh) |  | 4,612,072 |  | 0.20493 |  | 945,152 |

Consumption of fuel for the purpose of own use (Litres) |  | 135,062 |  | 2.48 |  | 334,954 |

| 2,745,184 |

| ` |  |  |  |

ON BEHALF OF THE BOARD:

D S Morris - Director

30 June 2026

| Morris & Co. (Handlers) Limited (Registered number: 01240380) |

Report of the Directors

For The Year Ended 1 October 2025

The directors present their report with the financial statements of the company for the year ended 1 October 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the sale of salvaged and reclaimed materials.

DIVIDENDS

The total distribution of interim dividends for the year ended 1 October 2025 was £280,000 (2024: £1,541,250).

The directors recommend that no final dividend be paid.

FUTURE DEVELOPMENTS

The directors constantly review opportunities to improve profitability and performance including production efficiencies.

The overseas subsidiary, located in the Netherlands, remained inactive for the year ended 1 October 2025.

DIRECTORS

The directors shown below have held office during the whole of the period from 2 October 2024 to the date of this report.

A E Morris

S A Morris

T E Morris

D S Morris

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

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

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

- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

| Morris & Co. (Handlers) Limited (Registered number: 01240380) |

Report of the Directors

For The Year Ended 1 October 2025

AUDITORS

The auditors, Kingswood Allotts Limited, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

D S Morris - Director

30 June 2026

Report of the Independent Auditors to the Members of

Morris & Co. (Handlers) Limited

Opinion

We have audited the financial statements of Morris & Co. (Handlers) Limited (the 'company') for the year ended 1 October 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 1 October 2025 and of its profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Report of the Independent Auditors to the Members of

Morris & Co. (Handlers) Limited

Responsibilities of directors

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

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

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:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, employment, environmental (including Scrap Metal Dealers Act 2013 (England & Wales only)) and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company’s legal advisors.

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.

Report of the Independent Auditors to the Members of

Morris & Co. (Handlers) Limited

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.

Mark Garrison BCom FCA DChA (Senior Statutory Auditor)

for and on behalf of Kingswood Allotts Limited, Statutory Auditor

Chartered Accountants

Sidings Court

Lakeside

Doncaster

South Yorkshire

DN4 5NU

1 July 2026

| Morris & Co. (Handlers) Limited (Registered number: 01240380) |

Statement of Comprehensive

Income

For The Year Ended 1 October 2025

| 2025 |  | 2024

| Notes | £ | £ |

TURNOVER | 3 | 39,123,102 |  | 44,503,384 |  |

Cost of sales | 36,361,069 |  | 38,616,266 |  |

GROSS PROFIT | 2,762,033 |  | 5,887,118 |  |

Administrative expenses | 3,974,531 |  | 4,085,166 |  |

(1,212,498 | ) | 1,801,952 |  |

Other operating income | 4 | 2,250,000 |  | - |  |

OPERATING PROFIT | 6 | 1,037,502 |  | 1,801,952 |  |

Interest receivable and similar income | 12,962 |  | 9,782 |  |

1,050,464 |  | 1,811,734 |  |

Interest payable and similar expenses | 7 | 581,866 |  | 652,782 |  |

PROFIT BEFORE TAXATION | 468,598 |  | 1,158,952 |  |

Tax on profit | 8 | 74,615 |  | 457,153 |  |

PROFIT FOR THE FINANCIAL YEAR | 393,983 |  | 701,799 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 393,983 |  | 701,799 |  |

| Morris & Co. (Handlers) Limited (Registered number: 01240380) |

Balance Sheet

1 October 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 10 | 12,823,436 |  | 12,669,290 |  |

Investments | 11 | 657 |  | 657 |  |

12,824,093 |  | 12,669,947 |  |

CURRENT ASSETS

Stocks | 12 | 6,073,879 |  | 6,443,443 |  |

Debtors | 13 | 6,652,599 |  | 5,383,315 |  |

Cash in hand | 115,329 |  | 136,994 |  |

12,841,807 |  | 11,963,752 |  |

CREDITORS

Amounts falling due within one year | 14 | 16,560,879 |  | 15,468,077 |  |

NET CURRENT LIABILITIES | (3,719,072 | ) | (3,504,325 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 9,105,021 |  | 9,165,622 |  |

CREDITORS

Amounts falling due after more than one year | 15 | (1,820,076 | ) | (2,139,025 | ) |

PROVISIONS FOR LIABILITIES | 19 | (2,236,377 | ) | (2,092,012 | ) |

NET ASSETS | 5,048,568 |  | 4,934,585 |  |

CAPITAL AND RESERVES

Called up share capital | 20 | 1,000 |  | 1,000 |  |

Revaluation reserve | 21 | 193,878 |  | 238,610 |  |

Capital redemption reserve | 21 | 250 |  | 250 |  |

Retained earnings | 21 | 4,853,440 |  | 4,694,725 |  |

SHAREHOLDERS' FUNDS | 5,048,568 |  | 4,934,585 |  |

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

D S Morris - Director

| Morris & Co. (Handlers) Limited (Registered number: 01240380) |

Statement of Changes in Equity

For The Year Ended 1 October 2025

| Called up |  | Capital |

| share |  | Retained |  | Revaluation |  | redemption |  | Total

| capital |  | earnings |  | reserve |  | reserve |  | equity

£ | £ | £ | £ | £ |

Balance at 2 October 2023 | 1,000 |  | 5,489,362 |  | 283,424 |  | 250 |  | 5,774,036 |  |

Changes in equity

Dividends | - |  | (1,541,250 | ) | - |  | - |  | (1,541,250 | ) |

Total comprehensive income | - |  | 746,613 |  | (44,814 | ) | - |  | 701,799 |  |

Balance at 1 October 2024 | 1,000 |  | 4,694,725 |  | 238,610 |  | 250 |  | 4,934,585 |  |

Changes in equity

Dividends | - |  | (280,000 | ) | - |  | - |  | (280,000 | ) |

Total comprehensive income | - |  | 438,715 |  | (44,732 | ) | - |  | 393,983 |  |

Balance at 1 October 2025 | 1,000 |  | 4,853,440 |  | 193,878 |  | 250 |  | 5,048,568 |  |

| Morris & Co. (Handlers) Limited (Registered number: 01240380) |

Cash Flow Statement

For The Year Ended 1 October 2025

| 2025 |  | 2024

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 3,523,489 |  | 5,275,114 |  |

Tax paid | (69,751 | ) | (194,993 | ) |

Net cash from operating activities | 3,453,738 |  | 5,080,121 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (1,459,696 | ) | (1,420,125 | ) |

Sale of tangible fixed assets | 139,200 |  | 1,229,581 |  |

Interest received | - |  | 1,377 |  |

Net cash from investing activities | (1,320,496 | ) | (189,167 | ) |

Cash flows from financing activities

Increase/(decrease) in loan | 620,461 |  | (1,503,507 | ) |

Invoice financing charges paid | (136,946 | ) | (406,832 | ) |

Hire purchase repayments | (1,078,678 | ) | (1,862,263 | ) |

Amount withdrawn by directors | (977,879 | ) | (1,129,329 | ) |

Interest paid | (581,865 | ) | (652,782 | ) |

Net cash from financing activities | (2,154,907 | ) | (5,554,713 | ) |

Decrease in cash and cash equivalents | (21,665 | ) | (663,759 | ) |

Cash and cash equivalents at beginning of year | 2 | 136,994 |  | 800,753 |  |

Cash and cash equivalents at end of year | 2 | 115,329 |  | 136,994 |  |

| Morris & Co. (Handlers) Limited (Registered number: 01240380) |

Notes to the Cash Flow Statement

For The Year Ended 1 October 2025

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

| 2025 |  | 2024

£ | £ |

| Profit before taxation | 468,598 |  | 1,158,952 |  |

| Depreciation charges | 2,006,017 |  | 1,924,103 |  |

| (Profit)/loss on disposal of fixed assets | (8,426 | ) | 65,547 |  |

| Invoice financing charges paid | 136,946 |  | 406,832 |  |

| Uplift on share value of investment | - |  | (282 | ) |

| Finance costs | 581,866 |  | 652,782 |  |

| Finance income | (12,962 | ) | (9,782 | ) |

3,172,039 |  | 4,198,152 |  |

| Decrease in stocks | 369,564 |  | 398,060 |  |

| (Increase)/decrease in trade and other debtors | (570,789 | ) | 2,443,753 |  |

| Increase/(decrease) in trade and other creditors | 552,675 |  | (1,764,851 | ) |

| Cash generated from operations | 3,523,489 |  | 5,275,114 |  |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

| Year ended 1 October 2025

| 1.10.25 |  | 2.10.24

£ | £ |

| Cash and cash equivalents | 115,329 |  | 136,994 |  |

| Year ended 1 October 2024

| 1.10.24 |  | 2.10.23

£ | £ |

| Cash and cash equivalents | 136,994 |  | 800,753 |  |

| Morris & Co. (Handlers) Limited (Registered number: 01240380) |

Notes to the Cash Flow Statement

For The Year Ended 1 October 2025

3. | ANALYSIS OF CHANGES IN NET DEBT

| Other |

| non-cash |

| At 2.10.24 | Cash flow | changes | At 1.10.25

£ | £ | £ | £ |

| Net cash |

| Cash at bank

| and in hand | 136,994 |  | (21,665 | ) | 115,329 |  |

136,994 |  | (21,665 | ) | 115,329 |  |

| Debt

| Finance leases | (2,571,060 | ) | 422,661 |  | (175,224 | ) | (2,323,623 | ) |

| Debts falling due

| within 1 year | (7,262,537 | ) | (272,405 | ) | (406,390 | ) | (7,941,332 | ) |

| Debts falling due

| after 1 year | (536,116 | ) | 58,335 |  | - |  | (477,781 | ) |

(10,369,713 | ) | 208,591 |  | (581,614 | ) | (10,742,736 | ) |

| Total | (10,232,719 | ) | 186,926 |  | (581,614 | ) | (10,627,407 | ) |

4. | MAJOR NON-CASH TRANSACTIONS

| During the year the company entered into hire purchase and finance lease arrangements in respect of assets with a total capital value at the inception of the leases of £831,245 (2024: £1,434,050).

| Morris & Co. (Handlers) Limited (Registered number: 01240380) |

Notes to the Financial Statements

For The Year Ended 1 October 2025

1. | STATUTORY INFORMATION

| Morris & Co. (Handlers) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

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

| The directors are aware of the year end net current liabilities of the company and have taken steps to ensure the company has adequate financial resource to continue trading over the next twelve months . The directors have produced forecasts which show that the company can continue to operate within its financial resources for twelve months from the date of this report and management accounts indicate these projections should be achieved. Consequently the directors are confident that the financial statements are properly prepared on a going concern basis.

| Accounting reference date

| The company has taken advantage of the provisions in section 390 of the Companies Act 2006 which allow the company to make accounts up to a date within seven days of the accounting reference date and consequently these financial statements are made up to 30th September 2025 (2024: 30th September 2024).

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.Turnover is recognised when the company has a right to the consideration, which is deemed to be the point where the outgoing freight is measured on weighbridges on the exit of the company's sites.

| Tangible fixed assets

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

| Freehold property | - | 4% on cost

| Short leasehold | - | at varying rates on cost

| Plant and machinery | - | 10% on cost

| Fixtures and fittings | - | 25% on cost

| Motor vehicles | - | 25% on cost

| Computer equipment | - | 33% on cost

| Investments in subsidiaries

| Investments in subsidiary undertakings are recognised at cost.

| Investments comprise a 100% shareholding in Morris & Co (Netherlands) B.V. a company incorporated in the Netherlands.

| The company has been dormant through out the year and group accounts have not been prepared due to the immaterial amounts involved.

| Stocks

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

| The disposal cost of stock waste is accounted for when the cost is incurred.

| Morris & Co. (Handlers) Limited (Registered number: 01240380) |

Notes to the Financial Statements - continued

For The Year Ended 1 October 2025

2. | ACCOUNTING POLICIES - continued

| Financial instruments

| The company holds basic financial instruments as defined by FRS102. The financial assets and financial liabilities of the company and their measurement basis are as follows:

| Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments.

| Cash at bank - is classified as a basic financial instrument and is measured at face value.

| Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument.

| The company enters into foreign exchange forward contracts to manage its exposure to foreign currency risk. These derivatives are measured at fair value, net of transactions costs.

| Taxation

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

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

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

| Deferred tax

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

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

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

| Foreign currencies

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

| Hire purchase and leasing commitments

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

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

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

| Pension costs and other post-retirement benefits

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

| Morris & Co. (Handlers) Limited (Registered number: 01240380) |

Notes to the Financial Statements - continued

For The Year Ended 1 October 2025

2. | ACCOUNTING POLICIES - continued

| Judgements and key estimates

| In the application of the company’s accounting policies, which are described in note 1, the following judgements and key estimates have been made by the directors:

| Estimated used life of tangible fixed assets

| At the date of capitalising tangible fixed assets, the company estimates the useful economic life of the asset based on management’s judgement and experience. Due to the significance of the capital investment to the company, variance between actual and estimated useful economic lives could impact results both positively and negatively.

3. | TURNOVER

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

| An analysis of turnover by geographical market is given below:

| 2025 |  | 2024

£ | £ |

| United Kingdom | 8,202,595 |  | 24,268,589 |  |

| Europe | 16,708,709 |  | 20,234,795 |  |

| Rest of World | 14,211,798 |  | - |  |

39,123,102 |  | 44,503,384 |  |

| All turnover relates to the sale of goods.

4. | OTHER OPERATING INCOME

| 2025 |  | 2024

£ | £ |

| Income from claims in relation to historic fires | 2,250,000 |  | - |  |

5. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 2,523,392 |  | 2,498,171 |  |

| Social security costs | 327,575 |  | 278,640 |  |

| Other pension costs | 61,019 |  | 59,835 |  |

2,911,986 |  | 2,836,646 |  |

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

| 2025 |  | 2024

| Site operatives | 45 |  | 43 |  |

| Administration | 14 |  | 15 |  |

| Directors | 3 |  | 3 |  |

62 |  | 61 |  |

| 2025 |  | 2024

£ | £ |

| Directors' remuneration | 192,953 |  | 253,109 |  |

| Directors' pension contributions to money purchase schemes | 11,825 |  | 11,825 |  |

| Morris & Co. (Handlers) Limited (Registered number: 01240380) |

Notes to the Financial Statements - continued

For The Year Ended 1 October 2025

5. | EMPLOYEES AND DIRECTORS - continued

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

| Money purchase schemes | 1 |  | 1 |  |

6. | OPERATING PROFIT

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

| 2025 |  | 2024

£ | £ |

| Hire of plant and machinery | 767,363 |  | 905,902 |  |

| Depreciation - owned assets | 1,071,667 |  | 1,022,262 |  |

| Depreciation - assets on hire purchase contracts | 934,350 |  | 901,841 |  |

| (Profit)/loss on disposal of fixed assets | (8,426 | ) | 65,547 |  |

| Auditors' remuneration | 14,500 |  | 14,000 |  |

| Other non- audit services | 9,650 |  | 6,400 |  |

| Operating leases - rent | 441,050 |  | 252,750 |  |

7. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£ | £ |

| Bank loan interest | 406,390 |  | 466,920 |  |

| Interest payable | 252 |  | 2,144 |  |

| Hire purchase | 175,224 |  | 183,718 |  |

581,866 |  | 652,782 |  |

8. | TAXATION

| Analysis of the tax charge

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

| 2025 |  | 2024

£ | £ |

| Current tax:

| UK corporation tax | - |  | 69,750 |  |

| Adjustment for earlier years | (69,750 | ) | 9,110 |  |

| Total current tax | (69,750 | ) | 78,860 |  |

| Deferred tax | 144,365 |  | 378,293 |  |

| Tax on profit | 74,615 |  | 457,153 |  |

| Morris & Co. (Handlers) Limited (Registered number: 01240380) |

Notes to the Financial Statements - continued

For The Year Ended 1 October 2025

8. | TAXATION - continued

| Reconciliation of total tax charge included in profit and loss

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

| 2025 |  | 2024

£ | £ |

| Profit before tax | 468,598 |  | 1,158,952 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 117,150 |  | 289,738 |  |

| Effects of:

| Expenses not deductible for tax purposes | 16,837 |  | 55,810 |  |

| Adjustments to tax charge in respect of previous periods | (69,750 | ) | 99,509 |  |

| recognised in the year |

| Depreciation of ineligible assets | 10,378 |  | 12,096 |  |

| Total tax charge | 74,615 |  | 457,153 |  |

9. | DIVIDENDS

| 2025 |  | 2024

£ | £ |

| Interim | 280,000 |  | 1,541,250 |  |

10. | TANGIBLE FIXED ASSETS

| Freehold |  | Short |  | Plant and

| property |  | leasehold |  | machinery

£ | £ | £ |

| COST OR VALUATION

| At 2 October 2024 | 1,738,174 |  | 341,657 |  | 17,379,969 |  |

| Additions | 3,400 |  | - |  | 1,996,360 |  |

| Disposals | - |  | - |  | (152,150 | ) |

| At 1 October 2025 | 1,741,574 |  | 341,657 |  | 19,224,179 |  |

| DEPRECIATION

| At 2 October 2024 | 406,867 |  | 144,365 |  | 7,115,260 |  |

| Charge for year | 53,768 |  | 15,785 |  | 1,525,323 |  |

| Eliminated on disposal | - |  | - |  | (21,376 | ) |

| At 1 October 2025 | 460,635 |  | 160,150 |  | 8,619,207 |  |

| NET BOOK VALUE

| At 1 October 2025 | 1,280,939 |  | 181,507 |  | 10,604,972 |  |

| At 1 October 2024 | 1,331,307 |  | 197,292 |  | 10,264,709 |  |

| Morris & Co. (Handlers) Limited (Registered number: 01240380) |

Notes to the Financial Statements - continued

For The Year Ended 1 October 2025

10. | TANGIBLE FIXED ASSETS - continued

| Fixtures |

| and |  | Motor |  | Computer |

| fittings |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ |

| COST OR VALUATION

| At 2 October 2024 | 759,658 |  | 1,611,724 |  | 123,433 |  | 21,954,615 |  |

| Additions | 74,750 |  | 209,322 |  | 7,105 |  | 2,290,937 |  |

| Disposals | - |  | (151,034 | ) | - |  | (303,184 | ) |

| At 1 October 2025 | 834,408 |  | 1,670,012 |  | 130,538 |  | 23,942,368 |  |

| DEPRECIATION

| At 2 October 2024 | 423,494 |  | 1,090,865 |  | 104,474 |  | 9,285,325 |  |

| Charge for year | 145,569 |  | 250,952 |  | 14,620 |  | 2,006,017 |  |

| Eliminated on disposal | - |  | (151,034 | ) | - |  | (172,410 | ) |

| At 1 October 2025 | 569,063 |  | 1,190,783 |  | 119,094 |  | 11,118,932 |  |

| NET BOOK VALUE

| At 1 October 2025 | 265,345 |  | 479,229 |  | 11,444 |  | 12,823,436 |  |

| At 1 October 2024 | 336,164 |  | 520,859 |  | 18,959 |  | 12,669,290 |  |

| Included in cost or valuation of land and buildings is freehold land of £396,230 (2024: £396,230), which is not depreciated.

| Plant and machinery includes £1,034,898 (2024: £1,040,171) for assets in the course of construction. These assets have not yet been brought into use and have therefore not been depreciated.

| Cost or valuation at 1 October 2025 is represented by:

| Freehold |  | Short |  | Plant and

| property |  | leasehold |  | machinery

£ | £ | £ |

| Valuation in 2015 | - |  | - |  | 800,000 |  |

| Valuation in 2013 | 785,000 |  | - |  | - |  |

| Valuation in 2011 | - |  | - |  | 460,000 |  |

| Cost | 956,574 |  | 341,657 |  | 17,964,179 |  |

1,741,574 |  | 341,657 |  | 19,224,179 |  |

| Fixtures |

| and |  | Motor |  | Computer |

| fittings |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ |

| Valuation in 2015 | - |  | - |  | - |  | 800,000 |  |

| Valuation in 2013 | - |  | - |  | - |  | 785,000 |  |

| Valuation in 2011 | - |  | - |  | - |  | 460,000 |  |

| Cost | 834,408 |  | 1,670,012 |  | 130,538 |  | 21,897,368 |  |

834,408 |  | 1,670,012 |  | 130,538 |  | 23,942,368 |  |

| Morris & Co. (Handlers) Limited (Registered number: 01240380) |

Notes to the Financial Statements - continued

For The Year Ended 1 October 2025

10. | TANGIBLE FIXED ASSETS - continued

| The land and buildings were revalued on 16th December 2013 as the directors' believed that this provided a true and fair view of their value. Properties to the value of £700,000 were valued by Grice & Hunter (Chartered Surveyors) on an open market existing use basis. A further property to the value of £85,000 was valued by the directors at the same time. Furthermore the directors have taken advantage of the transitional provisions of FRS102 to retain the value of these at deemed cost at the transition date of 1 October 2016.

| Plant and machinery includes static plant that have been revalued by the directors at depreciated replacement cost in a prior year at £1,260,000.

| If property and static plant had not been revalued they would have been included at the following historical cost.

| Freehold Property

|  | 2025 |  | 2024 |  |

|  | £ |  | £ |  |

| Historical cost |  |  | 1,358,072 |  | 1,354,672 |  |

| Depreciation |  |  | (271,011 | ) | (231,830 | ) |

| Net book value |  |  | 1,087,061 |  | 1,122,842 |  |

| Plant and Machinery

|  | 2025 |  | 2024 |  |

|  | £ |  | £ |  |

| Historical cost |  |  | 18,808,842 |  | 16,964,632 |  |

| Depreciation |  |  | (8,203,870 | ) | (6,730,068 | ) |

| Net book value |  |  | 10,604,972 |  | 10,234,564 |  |

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

| Plant and |  | Motor |

| machinery |  | vehicles |  | Totals

£ | £ | £ |

| COST OR VALUATION

| At 2 October 2024 | 5,351,781 |  | 613,765 |  | 5,965,546 |  |

| Additions | 818,037 |  | 166,360 |  | 984,397 |  |

| Disposals | (89,000 | ) | (97,336 | ) | (186,336 | ) |

| At 1 October 2025 | 6,080,818 |  | 682,789 |  | 6,763,607 |  |

| DEPRECIATION

| At 2 October 2024 | 684,997 |  | 252,815 |  | 937,812 |  |

| Charge for year | 733,609 |  | 200,741 |  | 934,350 |  |

| Eliminated on disposal | (2,967 | ) | (97,336 | ) | (100,303 | ) |

| At 1 October 2025 | 1,415,639 |  | 356,220 |  | 1,771,859 |  |

| NET BOOK VALUE

| At 1 October 2025 | 4,665,179 |  | 326,569 |  | 4,991,748 |  |

| At 1 October 2024 | 4,666,784 |  | 360,950 |  | 5,027,734 |  |

| Morris & Co. (Handlers) Limited (Registered number: 01240380) |

Notes to the Financial Statements - continued

For The Year Ended 1 October 2025

11. | FIXED ASSET INVESTMENTS

| Shares in

| group

| undertakings

£ |

| COST

| At 2 October 2024

| and 1 October 2025 | 657 |  |

| NET BOOK VALUE

| At 1 October 2025 | 657 |  |

| At 1 October 2024 | 657 |  |

| The company's investments at the Balance Sheet date in the share capital of companies include the following:

| Morris & Co (Netherlands) B.V.

| Registered office: Singel 250 1016 AB Amsterdam

| Nature of business: Dormant

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| During the year ended 1 October 2022 the company formed Morris & Co (Netherlands) B.V.

| The company has not traded since incorporation.

| In view of the immaterial amounts involved group accounts have not been prepared.

12. | STOCKS

2025 | 2024 |

£ | £ |

| Stocks | 6,073,879 |  | 6,443,443 |  |

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

2025 | 2024 |

£ | £ |

| Trade debtors | 2,968,276 |  | 3,756,116 |  |

| Other debtors | 2,507,834 |  | 1,379,118 |  |

| Directors' current accounts | 840,612 |  | - |  |

| Tax | 69,750 |  | - |  |

| Prepayments and accrued income | 266,127 |  | 248,081 |  |

6,652,599 |  | 5,383,315 |  |

| Morris & Co. (Handlers) Limited (Registered number: 01240380) |

Notes to the Financial Statements - continued

For The Year Ended 1 October 2025

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

2025 | 2024 |

£ | £ |

| Bank loans and overdrafts (see note 16) | 5,500,224 |  | 4,837,790 |  |

| Other loans (see note 16) | 2,441,108 |  | 2,424,747 |  |

| Hire purchase contracts (see note 17) | 981,328 |  | 968,151 |  |

| Trade creditors | 7,297,865 |  | 6,950,028 |  |

| Taxation | - |  | 69,750 |  |

| Social security and other taxes | 82,066 |  | 73,312 |  |

| Other creditors | 865 |  | 44,053 |  |

| Directors' current accounts | - |  | 82,246 |  |

| Accruals and deferred income | 257,423 |  | 18,000 |  |

16,560,879 |  | 15,468,077 |  |

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

2025 | 2024 |

£ | £ |

| Bank loans (see note 16) | 477,781 |  | 531,115 |  |

| Other loans (see note 16) | - |  | 5,001 |  |

| Hire purchase contracts (see note 17) | 1,342,295 |  | 1,602,909 |  |

1,820,076 |  | 2,139,025 |  |

16. | LOANS

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

2025 | 2024 |

£ | £ |

| Amounts falling due within one year or on demand:

| Bank loans | 5,500,224 |  | 4,837,790 |  |

| Other loans | 2,441,108 |  | 2,424,747 |  |

7,941,332 |  | 7,262,537 |  |

| Amounts falling due between one and two years:

| Bank loans | 53,333 |  | 53,333 |  |

| Other loans | - |  | 5,001 |  |

53,333 |  | 58,334 |  |

| Amounts falling due between two and five years:

| Bank loans | 424,448 |  | 477,782 |  |

| Other loans comprise an invoice discounting facility.

| Morris & Co. (Handlers) Limited (Registered number: 01240380) |

Notes to the Financial Statements - continued

For The Year Ended 1 October 2025

17. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Hire purchase |

| contracts |

2025 | 2024 |

£ | £ |

| Net obligations repayable:

| Within one year | 981,328 |  | 968,151 |  |

| Between one and five years | 1,342,295 |  | 1,602,909 |  |

2,323,623 |  | 2,571,060 |  |

| Non-cancellable |

| operating leases |

2025 | 2024 |

£ | £ |

| Within one year | 214,231 |  | 475,591 |  |

| Between one and five years | 50,910 |  | 245,141 |  |

265,141 |  | 720,732 |  |

18. | SECURED DEBTS

| The following secured debts are included within creditors:

2025 | 2024 |

£ | £ |

| Bank loans | 5,978,005 |  | 5,368,905 |  |

| Hire purchase contracts | 2,323,623 |  | 2,571,060 |  |

| Invoice Discounting | 2,436,107 |  | 1,035,770 |  |

10,737,735 |  | 8,975,735 |  |

| The bank loans are secured against the business property and additionally there is a charge over the other assets of the company. Further security over the bank loans is provided by personal guarantees from the directors amounting to £300,000.

| Finance leases and hire purchase creditors are secured on the assets concerned.

| The invoice discounting facility is secured by an all asset debenture.

19. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

£ | £ |

| Deferred tax

| Accelerated capital allowances | 2,342,924 |  | 2,092,012 |  |

| Tax losses carried forward | (106,547 | ) | - |  |

2,236,377 |  | 2,092,012 |  |

| Morris & Co. (Handlers) Limited (Registered number: 01240380) |

Notes to the Financial Statements - continued

For The Year Ended 1 October 2025

19. | PROVISIONS FOR LIABILITIES - continued

| Deferred |

| tax |

£ |

| Balance at 2 October 2024 | 2,092,012 |  |

| Provided during year | 250,912 |  |

| Tax losses carried forward | (106,547 | ) |

| Balance at 1 October 2025 | 2,236,377 |  |

| Deferred tax has been provided at 25% (2024: 25%). Approximately £132,000 (2024: £192,000) of the above is expected to reverse within one year.

20. | CALLED UP SHARE CAPITAL

| The allotted, issued and fully paid share capital of the company is as follows:

|  | 2025 |  | 2024 |  |

|  | £ |  | £ |  |

| 740 Ordinary A Shares of £1 each |  |  | 740 |  | 740 |  |

| 75 Ordinary B Shares of £1 each |  |  | 75 |  | 75 |  |

| 25 Ordinary C Shares of £1 each |  |  | 25 |  | 25 |  |

| 160 ordinary D Shares of £1 each |  |  | 160 |  | 160 |  |

|  | 1,000 |  | 1,000 |  |

21. | RESERVES

| Capital |

| Retained |  | Revaluation |  | redemption |

| earnings |  | reserve |  | reserve |  | Totals

£ | £ | £ | £ |

| At 2 October 2024 | 4,694,725 |  | 238,610 |  | 250 |  | 4,933,585 |  |

| Profit for the year | 393,983 |  | 393,983 |  |

| Dividends | (280,000 | ) | (280,000 | ) |

| Transfer | 44,732 |  | (44,732 | ) | - |  | - |  |

| At 1 October 2025 | 4,853,440 |  | 193,878 |  | 250 |  | 5,047,568 |  |

22. | CAPITAL COMMITMENTS

2025 | 2024 |

£ | £ |

| Contracted but not provided for in the

| financial statements | 272,500 |  | 52,500 |  |

| Morris & Co. (Handlers) Limited (Registered number: 01240380) |

Notes to the Financial Statements - continued

For The Year Ended 1 October 2025

23. | RELATED PARTY DISCLOSURES

| The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures" from disclosing transactions with entities which are a wholly owned part of the group. At the year end, group entities owed the company £148,293 (2024: £161,978). These amounts are interest free, unsecured and repayable on demand.

| During the year, the company had inflows from entities under common control of £1,017,256 (2024: £2,476,044) and outflows of £1,806,983 (2024: £2,966,492) to entities under common control. At the year end, the company owed entities under common control £226,536 (2024: owed the company £563,191). These amounts are interest free, unsecured and repayable on demand.

| During the year, the company paid expenses on behalf of Director A of £36,830 (2024: £87,969) and made payments to Director A of £73,200 (2024: £94,250). Dividends totalling £nil (2024: £101,250) reduced amounts owed by Director A. Director A made payments to the company of £nil (2024: £120,000) further reducing amounts owed by Director A. Interest totalling £1,745 (2024: £1,608) was charged to Director A in line with HMRC BIK rates. At the year end, Director A owed the company £103,038 (2024: company owed Director A £8,737).

| During the year, the company paid expenses on behalf of Director B of £261,334 (2024: £196,221) and made payments to Director B of £150,000 (2024: £162,500). Dividends totalling £nil (2024: £499,500) reduced amounts owed by Director B. Interest totalling £6,108 (2024: £3,491) was charged to Director B in line with HMRC BIK rates. At the year end, Director B owed the company £389,345 (2024: company owed director £28,097).

| In the opinion of the directors, the key management personnel are the same as the directors.

| During the year, the company paid expenses on behalf of Director C of £238,531 (2024: £175,826) and made payments to Director C of £150,000 (2024: £162,500). Dividends totalling £nil (2024: £499,500) reduced amounts owed by Director C. Interest totalling £5,109 (2024: £3,306) was charged to Director C in line with HMRC BIK rates. At the year end, Director C owed the company £348,229 (2024: company owed director £45,411).

| All director balances were repaid within 9 months of the balance sheet date and are unsecured and repayable on demand.

| During the year, the company paid expenses on behalf of other shareholders of £455,128 (2024: £333,823) and made payments to other shareholders of £36,240 (2024: £36,240). Dividends totalling £280,000 (2024: £441,000) reduced amounts owed by other shareholders. At the year end, other shareholders owed the company £167,315 (2024: company owed other shareholders £44,053). These amounts are interest free, unsecured and repayable on demand.

24. | ULTIMATE CONTROLLING PARTY

| In the opinion of the directors there is no ultimate controlling party