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Registered number: 10241871 EDI HOLDINGS LIMITED GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
EDI HOLDINGS LIMITED COMPANY INFORMATION
Directors | R H T Davies
| E T Davies
| J B Pace
Company secretary | R H T Davies
Registered number | 10241871
Registered office | Wentwood House
| Langstone Business Village
| Langston
| Newport
| NP18 2HJ
Independent auditor | MHA
| Swansea
| United Kingdom
EDI HOLDINGS LIMITED CONTENTS
| Page
Group Strategic Report | 1 - 2
Directors' Report | 3 - 4
Independent Auditor's Report | 5 - 8
Consolidated Profit and Loss Account | 9
Consolidated Balance Sheet | 10
Company Balance Sheet | 11
Consolidated Statement of Changes in Equity | 12
Company Statement of Changes in Equity | 13
Consolidated Statement of Cash Flows | 14 - 15
Consolidated Analysis of Net Debt | 16
Notes to the Financial Statements | 17 - 40
EDI HOLDINGS LIMITED GROUP STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2025
Introduction
The directors present their strategic report of the company and the group for the year ended 31 December 2025.
Principal activity
The principal activity of the group in the year under review was that of bespoke vehicle design and conversions.
Business review
The Income Statement and Balance Sheet for the year which includes all relevant key performance indicators is set out in the annexed financial statements. 2025 saw the first full year of production at the Ford Dagenham site for the business, whilst the Pontypool site continued to expand its product range of vehicles built outside of the MS-RT brand. The company enjoys a number of competitive advantages including strong brand recognition, where it consistently achieves a strong market share; a well-established reputation for price competitiveness; a knowledgeable and enthusiastic workforce and a strong customer focus throughout the business.
Financial key performance indicators
The group's key performance indicators (KPI's) are summarised below:
KPI's - Year ended | 31 December 2025 | 31 December 2024
Turnover | £38,782k | £22,852k
Cash at bank | £2,350k | £1,623k
Net current assets | £2,633k | £2,170k
Net assets | £7,666k | £5,953k
Future Developments
The strategy of the business remains to increase its market share by focusing on new product offerings for both existing and new partners in 2026. Continuing to invest in our Design and Engineering services and production process automation. Page 1
EDI HOLDINGS LIMITED GROUP STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Principal risks and uncertainties
The management of the business and the execution of the group's strategy are subject to a number of risks. The key business risks affecting the group are considered to relate to competitor activity and employee retention and are summarised as follows :
Risk | Potential impact | Mitigation
Competition | The market in which the company operates is subject to intense competition. The impact of such competition could impact on margins. | The company continues to invest heavily in new product design, providing customers with a choice of options. This coupled with a strong focus on customer service, results in a high level of repeat business.
People | The business could be impacted by the loss of key individuals. | The business looks to increase staff engagement through (1) opportunities to give feedback and influence future business developments and (2) training and progression opportunities.
Price risk
The group is not exposed to significant commodity price risk as a result of its operations.
Credit risk
The group's financial assets are cash and trade debtors. The group's credit risk is primarily attributable to its trade debtors which are presented in the balance sheet net of allowances for doubtful debts. The group has implemented policies that require appropriate credit checks on potential customers before sales are made.
Liquidity risk
The group actively maintains a mixture of long-term and short-term debt finance that is designed to ensure that the group has sufficient funds for operations and planned expansions.
Interest rate cash flow risk
The group has both interest bearing assets and interest-bearing liabilities. Interest bearing assets comprise only cash balances, which earn interest at floating rates. The group has a policy of maintaining debt at floating rates. The directors will revisit the appropriateness of this policy should the group's operations change in size or nature. This report was approved by the board and signed on its behalf.
J B Pace Director
Date: 25 June 2026
Page 2
EDI HOLDINGS LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The directors present their report and the financial statements of the company and the group for the year ended 31 December 2025.
Directors' responsibilities statement
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements of the company and the group in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements of the company and the group for each financial year. Under that law the directors have elected to prepare the financial statements of the company and the group in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 of the company and the group unless they are 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 of the company and the group, the directors are required to: ∙select suitable accounting policies for the Group's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙prepare the financial statements of the company and the group on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to enable them to ensure that the financial statements of the company and the group comply with the Companies Act 2006. They are 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.
Dividends
Dividends of £1,000,000 was distributed for the year ended 31 December 2025 (31 December 2024 - £100,000).
Directors
The directors who served during the year were:
R H T Davies
E T Davies
J B Pace
Disclosure of information to auditor
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information. Page 3
EDI HOLDINGS LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Going concern
The financial statements have been prepared on a going concern basis which assumes that the group will continue in operational existence for the foreseeable future. In making their assessment the directors have reviewed the balance sheet, the likely future cash flows of the business and have considered the facilities that are in place at the date of signing the report. The group meets its day to day working capital requirements from its cash reserves. At the date of signing the report, sales to all key markets have continued to meet budgeted levels. With no indication that at the current time this position will change, the group's forecast and projections show that the group will be able to operate sufficiently. At the time of approving the financial statements, the directors have reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue adopt the going concern basis of accounting in preparing the financial statements.
Disclosure in the strategic report
Included in the group's strategic report is a review of the business and description of the principal risks and uncertainties facing the group.
Post balance sheet events
There have been no significant events affecting the Group since the year end.
Auditor
The auditor, MHA, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
J B Pace Director
Date: 25 June 2026
Page 4
EDI HOLDINGS LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EDI HOLDINGS LIMITED
Opinion
We have audited the financial statements of EDI Holdings Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2025, which comprise the Consolidated Profit and Loss Account, the Consolidated Analysis of Net Debt, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity 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 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's affairs as at 31 December 2025 and of the Group's profit for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's 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. Page 5
EDI HOLDINGS LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EDI HOLDINGS LIMITED (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinion 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Group 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 Group 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. Page 6
EDI HOLDINGS LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EDI HOLDINGS LIMITED (CONTINUED)
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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 Group 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: - Enquiry of management and those charged with governance around actual, potential or suspected litigation, claims, non-compliance with applicable laws and regulations and fraud. - Review of legal and professional fees for evidence of legal work undertaken or fines/penalties incurred. - Reviewing of financial statements disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. - Performing audit work over the risk of management override, including testing of journal entries and other adjustments for appropriateness. - Evaluating the business rationale of significant transactions outside the normal course of business, and reviewing accounting estimates for bias; - Discussions amongst the engagement team in relation to how and where fraud might occur in the financial statements and any potential indicators of fraud. - Discussions with management over any potential or suspected fraud. - Performing audit work over the recognition of revenue on deliveries of services occurring at the year end to provide assurance over cut-off. - Performing substantive tests of detail over the existence of income within the financial system. 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 Auditor's Report. Page 7
EDI HOLDINGS LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EDI HOLDINGS LIMITED (CONTINUED)
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. James Dobson BSc(Hons) FCA (Senior Statutory Auditor) for and on behalf of MHA Swansea United Kingdom 25 June 2026 MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542). Page 8
EDI HOLDINGS LIMITED CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 38,781,829 | 22,851,989
Cost of sales |  | (23,226,594) | (14,627,390)
Gross profit |  | 15,555,235 | 8,224,599
Administrative expenses |  | (11,995,254) | (9,906,728)
Other operating income |  | 270,426 | -
Operating profit/(loss) | 6 | 3,830,407 | (1,682,129)
Interest receivable and similar income |  | 27,340 | -
Interest payable and similar expenses | 10 | (176,059) | (314,152)
Profit/(loss) before tax |  | 3,681,688 | (1,996,281)
Tax on profit/(loss) | 11 | (968,826) | 423,668
Profit/(loss) for the financial year |  | 2,712,862 | (1,572,613)
Profit/(loss) for the year attributable to: |  |  |
Owners of the Parent Company |  | 2,712,862 | (1,572,613)
|  | 2,712,862 | (1,572,613)
There are no items of other comprehensive income for 2025 or 2024 other than the profit/(loss) for the year. As a result, no separate Statement of Comprehensive Income has been presented.
The notes on pages 17 to 40 form part of these financial statements.
Page 9
EDI HOLDINGS LIMITED REGISTERED NUMBER: 10241871 CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 13 |  | 1,322,084 |  | 1,537,586
Tangible assets | 14 |  | 4,906,696 |  | 6,002,385
|  |  | 6,228,780 |  | 7,539,971
Current assets |  |  |  |  |
Stocks | 16 | 4,021,004 |  | 4,435,537 |
Debtors: amounts falling due within one year | 17 | 4,226,452 |  | 2,388,200 |
Cash at bank and in hand |  | 2,349,505 |  | 1,622,680 |
|  | 10,596,961 |  | 8,446,417 |
Creditors: amounts falling due within one year | 18 | (7,963,523) |  | (6,276,572) |
Net current assets |  |  | 2,633,438 |  | 2,169,845
Total assets less current liabilities |  |  | 8,862,218 |  | 9,709,816
Creditors: amounts falling due after more than one year | 19 |  | (328,734) |  | (2,768,011)
Provisions for liabilities |  |  |  |  |
Deferred taxation | 22 | (867,522) |  | (988,705) |
|  |  | (867,522) |  | (988,705)
Net assets |  |  | 7,665,962 |  | 5,953,100
Capital and reserves |  |  |  |  |
Called up share capital | 23 |  | 253 |  | 253
Share premium account |  |  | 999,960 |  | 999,960
Merger reserve |  |  | 336,977 |  | 336,977
Profit and loss account |  |  | 6,328,772 |  | 4,615,910
Equity attributable to owners of the Parent Company |  |  | 7,665,962 |  | 5,953,100
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 June 2026.
J B Pace
Director
The notes on pages 17 to 40 form part of these financial statements. Page 10
EDI HOLDINGS LIMITED REGISTERED NUMBER: 10241871 COMPANY BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Investments | 15 |  | 1,000,063 |  | 1,000,063
|  |  | 1,000,063 |  | 1,000,063
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 17 | 50 |  | 100,050 |
|  | 50 |  | 100,050 |
Creditors: amounts falling due within one year | 18 | - |  | (100,000) |
Net current assets |  |  | 50 |  | 50
Total assets less current liabilities |  |  | 1,000,113 |  | 1,000,113
Net assets |  |  | 1,000,113 |  | 1,000,113
Capital and reserves |  |  |  |  |
Called up share capital | 23 |  | 253 |  | 253
Share premium account |  |  | 999,960 |  | 999,960
Profit and loss account brought forward |  | (100) |  | (100) |
Profit for the year |  | 1,000,000 |  | 100,000 |
Other changes in the profit and loss account |  | (1,000,000) |  | (100,000) |
Profit and loss account carried forward |  |  | (100) |  | (100)
|  |  | 1,000,113 |  | 1,000,113
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 June 2026.
J B Pace
Director
The notes on pages 17 to 40 form part of these financial statements. Page 11
EDI HOLDINGS LIMITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
| Called up share capital | Share premium account | Merger reserve | Profit and loss account | Total equity
| £ | £ | £ | £ | £
At 1 January 2024 | 253 | 999,960 | 336,977 | 6,288,523 | 7,625,713
Loss for the year | - | - | - | (1,572,613) | (1,572,613)
Dividends paid | - | - | - | (100,000) | (100,000)
At 1 January 2025 | 253 | 999,960 | 336,977 | 4,615,910 | 5,953,100
Profit for the year | - | - | - | 2,712,862 | 2,712,862
Dividends paid | - | - | - | (1,000,000) | (1,000,000)
At 31 December 2025 | 253 | 999,960 | 336,977 | 6,328,772 | 7,665,962
| The notes on pages 17 to 40 form part of these financial statements.
Page 12
EDI HOLDINGS LIMITED COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
| Called up share capital | Share premium account | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 January 2024 | 253 | 999,960 | (100) | 1,000,113
Profit for the year | - | - | 100,000 | 100,000
Dividends paid | - | - | (100,000) | (100,000)
At 1 January 2025 | 253 | 999,960 | (100) | 1,000,113
Profit for the year | - | - | 1,000,000 | 1,000,000
Dividends paid | - | - | (1,000,000) | (1,000,000)
At 31 December 2025 | 253 | 999,960 | (100) | 1,000,113
| The notes on pages 17 to 40 form part of these financial statements.
Page 13
EDI HOLDINGS LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit/(loss) for the financial year | 2,712,862 | (1,572,613)
Adjustments for: |  |
Amortisation of intangible assets | 619,491 | 251,075
Depreciation of tangible assets | 1,818,754 | 1,511,896
Impairments of intangible assets | 196,200 | -
Loss on disposal of tangible assets | (13,197) | 100,922
Interest paid | 176,059 | 314,152
Taxation charge | 968,826 | (423,668)
Decrease/(increase) in stocks | 414,533 | (2,797,271)
(Increase)/decrease in debtors | (2,240,973) | 1,035,504
(Decrease)/increase in creditors | (1,298,799) | 3,611,856
Corporation tax received/(paid) | 384,160 | (816,453)
Bank interest paid | (133,574) | (239,057)
Hire purchase interest paid | (42,485) | (75,095)
Net cash generated from operating activities | 3,561,857 | 901,248
Cash flows from investing activities |  |
Purchase of intangible fixed assets | (600,189) | (1,624,957)
Purchase of tangible fixed assets | (805,547) | (1,707,732)
Sale of tangible fixed assets | 95,678 | -
Net cash from investing activities | (1,310,058) | (3,332,689)
Cash flows from financing activities |  |
New secured loans | - | 2,500,000
Repayment of loans | (500,000) | (250,000)
Repayment of/new finance leases | (24,974) | (9,750)
Loans due from/(repaid to) directors | - | (698,674)
Dividends paid | (1,000,000) | (100,000)
Net cash used in financing activities | (1,524,974) | 1,441,576
Net increase/(decrease) in cash and cash equivalents | 726,825 | (989,865)
Cash and cash equivalents at beginning of year | 1,622,680 | 2,612,545
Cash and cash equivalents at the end of year | 2,349,505 | 1,622,680
Cash and cash equivalents at the end of year comprise: |  |
Page 14
EDI HOLDINGS LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
|  | 2025 | 2024
|  | £ | £
Cash at bank and in hand | 2,349,505 | 1,622,680
| 2,349,505 | 1,622,680
The notes on pages 17 to 40 form part of these financial statements.
Page 15
EDI HOLDINGS LIMITED CONSOLIDATED ANALYSIS OF NET DEBT FOR THE YEAR ENDED 31 DECEMBER 2025
| At 1 January 2025 | Cash flows | Other non-cash changes | At 31 December 2025
| £ | £ | £ | £
Cash at bank and in hand | 1,622,682 | 726,823 | - | 2,349,505
Debt due after 1 year | (2,500,000) | 500,000 | 2,000,000 | -
Debt due within 1 year | - | - | (2,000,000) | (2,000,000)
Finance leases | (565,981) | 24,974 | - | (541,007)
| (1,443,299) | 1,251,797 | - | (191,502)
The notes on pages 17 to 40 form part of these financial statements.
Page 16
EDI HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
EDI Holdings Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 10241871 and registered office address is Wentwood House, Langstone Business Village, Priory Drive, Langstone, Newport, NP18 2HJ. The presentation currency of the financial statements is the Pound Sterling (£). Monetary amounts in these financial statements are rounded to nearest £. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies. The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and Loss Account in these financial statements. The following principal accounting policies have been applied:
| 2.2 | Basis of consolidation
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Profit and Loss Account from the date on which control is obtained. They are deconsolidated from the date control ceases.
| 2.3 | Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. Page 17
EDI HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.4 | Significant judgement and estimates
In the application of the group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors which are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision only effects that period or in the period of the revision and future periods if the revision affects both current and future periods.
| 2.5 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Group has transferred the significant risks and rewards of ownership to the buyer; ∙the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Group will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Group will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably. Page 18
EDI HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.6 | Operating leases: the Group as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.7 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.8 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.9 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and ∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Page 19
EDI HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.10 | Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. Development costs are amortised on a straight-line basis over their estimated useful economic life of four years. Computer software is being amortised evenly over its estimated useful life of four years. Amortisation is included in 'administrative expenses' in the profit and loss account.
| 2.11 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Land and buildings | - | in accordance with the property
|  |  |  | Plant and machinery | - | at varying rates on cost
|  |  |  | Motor vehicles | - | 25% on cost
|  |  |  | Fixtures and fittings | - | 25% on cost
|  |  |  | Computer equipment | - | 20% on cost
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.12 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.13 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. Page 20
EDI HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.14 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.
| 2.15 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.16 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.17 | Financial instruments
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Group's Balance Sheet when the Group becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Other financial assets Page 21
EDI HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.17 | Financial instruments (continued)
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Basic financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Other financial instruments Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are Page 22
EDI HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.17 | Financial instruments (continued)
subsequently measured at fair value with changes in the profit or loss. Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy. Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.
| 2.18 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
| 2.19 | Research and development
Expenditure on research and development is written off in the year in which it is incurred.
| 2.20 | Foreign currencies
Functional and presentation currency The group's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Page 23
EDI HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.21 | Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the statement of financial position and are depreciated over the shorter of the lease term and the assets' useful lives. A corresponding liability is recognised for the lower of the fair value of the leased asset and the present value of the minimum lease payments are apportioned between the reduction of the lease liability and finance charges in the income statement so as to achieve a constant rate of interest on the remaining balance of the liability.
| 2.22 | Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
| 2.23 | Going concern
These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the group will continue in operational existence for the foreseeable future. The directors are confident in the group's ability to continue to trade for the foreseeable future and are prepared to provide the necessary financial support to enable it to do so. The financial statements have been prepared on a going concern basis on the assumption that the directors, the parent group and associated parties will continue to support the group to meet its working capital requirements as necessary. Page 24
EDI HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
In the application of the group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors which are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision only effects that period or in the period of the revision and future periods if the revision affects both current and future periods. The following are the critical judgements that the directors have made in the process of applying the group's accounting policies and that have the most significant effect on the amounts recognised in the financial statements. Depreciation and Impairment of tangible fixed assets The group estimates the useful economic lives of its tangible fixed assets based on historical experience and expected usage. In certain cases, assets are depreciated over the life of the associated product where this period is shorter. Changes in these estimates could impact the amount of depreciation charged. Assets are assessed for indicators of impairment at each balance sheet date. If there is evidence of impairment, an impairment loss is recognised in the income statement. Warranty provision The warranty provision represents management’s estimate of the expected costs required to settle obligations for vehicles sold that remain under warranty at the reporting date. This estimate is based on using the historical warranty claims data to estimate any expected future liability. Provisions for stock Provisions for inventory are made in respect of slow-moving, excess, or obsolete stock. These provisions are based on management’s assessment of the recoverable value of inventory, taking into account historical usage and likely future demand. Recoverability of trade receivables The recoverability of trade receivables is assessed on an ongoing basis. The group makes provisions for expected credit losses based on specific customer circumstances, past experience, and current economic conditions. Dilapidations provision The group assesses whether a provision is required for dilapidation costs at the end of lease terms. Based on the nature and extent of leasehold improvements made to date, management currently believes that any such liability is unlikely to arise. This judgement is reviewed periodically. Page 25
EDI HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Vehicle design & modification | 38,781,829 | 22,851,988
|  | 38,781,829 | 22,851,988
Analysis of turnover by country of destination:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| United Kingdom | 38,445,152 | 22,493,722
| Rest of Europe | 291,339 | 217,030
| Rest of the world | 45,338 | 141,236
|  | 38,781,829 | 22,851,988
5. | Other operating income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Government grants receivable | 270,426 | -
|  | 270,426 | -
Page 26
EDI HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
6. | Operating profit/(loss)
| The operating profit/(loss) is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Research and development charged as an expense | 88,652 | 55,776
| Stock write-off | 303,383 | -
| Exchange differences | 88,019 | 47,475
| Other operating lease rentals | 1,089,763 | 952,667
| Profit on disposal of fixed assets | (13,197) | 100,922
| Depreciation of owned tangible fixed assets | 1,568,932 | 1,323,516
| Depreciation of tangible fixed assets held under finance leases | 249,822 | 188,379
| Development costs amortisation | 405,854 | 228,683
| Development costs impairment | 196,200 | -
| Computer software amortisation | 21,017 | 22,392
| Auditors' remuneration - Company | 2,500 | 2,200
| Auditors' remuneration - Subsidiary | 22,500 | 19,500
| Auditors' remuneration - Non audit services | 7,750 | 6,700
| Hire of plant and machinery | 66,355 | 58,296
Page 27
EDI HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
7. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Wages and salaries | 8,995,089 | 6,092,664
|  | 8,995,089 | 6,092,664
| Included in the total above is employers national insurance of £719,482 (2024: £482,805) and employers pension contribution expense of £350,331 (2024: £536,520).
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Production, sales and operations | 158 | 113
|  | Administration | 16 | 16
|  | Directors | 4 | 4
|  |  | 178 | 133
| The Company has no employees other than the director, who did not receive any remuneration (2024 - £NIL)
8. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 806,708 | 568,209
|  | 806,708 | 568,209
| The highest paid director received remuneration of £329,385 (2024 - £236,023).
| The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £25,000 (2024 - £NIL).
Page 28
EDI HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
9. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 27,340 | -
|  | 27,340 | -
10. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | 133,574 | 239,057
| Finance leases and hire purchase contracts | 42,485 | 75,095
|  | 176,059 | 314,152
11. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 1,092,098 | (402,721)
| Adjustments in respect of previous periods | (2,089) | -
| Total current tax | 1,090,009 | (402,721)
| Deferred tax |  |
| Origination and reversal of timing differences | (121,183) | (20,947)
| Total deferred tax | (121,183) | (20,947)
| Tax on profit/(loss) | 968,826 | (423,668)
Page 29
EDI HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 11.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit/(loss) on ordinary activities before tax | 3,681,688 | (1,996,281)
| Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 920,422 | (499,070)
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 5,761 | 17,210
| Difference in tax rates for loss carry back | - | 25,332
| Adjustments to tax charge in respect of prior periods | (2,088) | -
| Fixed asset differences | 44,731 | 29,536
| Other differences | - | 3,324
| Total tax charge for the year | 968,826 | (423,668)
| Factors that may affect future tax charges
There were no factors that may affect future tax charges.
12. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Dividends | 1,000,000 | 100,000
|  | 1,000,000 | 100,000
| The dividend amount of £Nil (2024: £100,000) is included within 'Other creditors'' per note 18 at the balance sheet date.
Page 30
EDI HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
13. | Intangible assets
| Group
|  | Develop-ment costs | Computer software | Total
|  | £ | £ | £
| Cost |  |  |
| At 1 January 2025 | 1,895,169 | 117,070 | 2,012,239
| Additions | 407,569 | - | 407,569
| Disposals | (196,200) | - | (196,200)
| At 31 December 2025 | 2,106,538 | 117,070 | 2,223,608
| Amortisation |  |  |
| At 1 January 2025 | 390,862 | 83,791 | 474,653
| Charge for the year | 405,854 | 21,017 | 426,871
| At 31 December 2025 | 796,716 | 104,808 | 901,524
| Net book value |  |  |
| At 31 December 2025 | 1,309,822 | 12,262 | 1,322,084
| At 31 December 2024 | 1,504,307 | 33,279 | 1,537,586
| The individual intangible assets which are material to the financial statements are development expenditure. This expenditure relates to costs incurred over a period of time in developing the new models to ensure the business fulfils its strategy of bespoke design and modification of vehicles. The estimated life of these intangible assets is 4 years, this reflects the typical period before product facelifts are introduced, after which additional tooling costs are expected to be incurred.
Page 31
EDI HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
14. | Tangible fixed assets
| Group
|  | Short-term leasehold property | Plant and machinery | Motor vehicles | Fixtures and fittings | Computer equipment
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 1 January 2025 | 3,297,874 | 7,628,332 | 515,115 | 164,555 | 594,718
| Additions | 40,170 | 399,973 | 301,383 | 3,569 | 46,110
| Disposals | (9,332) | (133,816) | (315,460) | (13,311) | (55,405)
| At 31 December 2025 | 3,328,712 | 7,894,489 | 501,038 | 154,813 | 585,423
| Depreciation |  |  |  |  |
| At 1 January 2025 | 909,677 | 4,504,350 | 264,327 | 122,790 | 433,196
| Charge for the year | 601,894 | 995,215 | 126,448 | 12,817 | 82,380
| Disposals | (8,387) | (168,014) | (202,200) | (10,837) | (55,405)
| At 31 December 2025 | 1,503,184 | 5,331,551 | 188,575 | 124,770 | 460,171
| Net book value |  |  |  |  |
| At 31 December 2025 | 1,825,528 | 2,562,938 | 312,463 | 30,043 | 125,252
| At 31 December 2024 | 2,388,197 | 3,123,983 | 250,788 | 41,765 | 161,522
Page 32
EDI HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 14.Tangible fixed assets (continued)
|  | Assets under construction | Total
|  | £ | £
| Cost or valuation |  |
| At 1 January 2025 | 36,130 | 12,236,724
| Additions | 14,342 | 805,547
| Disposals | - | (527,324)
| At 31 December 2025 | 50,472 | 12,514,947
| Depreciation |  |
| At 1 January 2025 | - | 6,234,340
| Charge for the year | - | 1,818,754
| Disposals | - | (444,843)
| At 31 December 2025 | - | 7,608,251
| Net book value |  |
| At 31 December 2025 | 50,472 | 4,906,696
| At 31 December 2024 | 36,130 | 6,002,385
| The net book value of intangible fixed assets includes £756,274 (2024 - £843,272) in respect of assets held under hire purchase contracts. Company The Company had no Tangible Fixed Assets at the balance sheet date.
Page 33
EDI HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
15. | Fixed asset investments
| Company
|  | Shares in group undertakings
|  | £
| Cost or valuation |
| At 1 January 2025 | 1,000,063
| At 31 December 2025 | 1,000,063
| Subsidiary undertaking
| The following was a subsidiary undertaking of the Company:
| Name | Registered office | Class of shares | Holding
| EDC Automotive Limited | United Kingdom | Ordinary | 100%
| The aggregate of the share capital and reserves as at 31 December 2025 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:
| Name | Aggregate of share capital and reserves | Profit/(Loss)
| EDC Automotive Limited | 7,665,912 | 2,712,862
16. | Stocks
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Stocks | 3,927,907 | 4,296,890
| Work in progress | 93,097 | 138,647
|  | 4,021,004 | 4,435,537
| During the year the group recognised a specific inventory write-down of £303,383 (2024: £nil), this has been included within cost of sales.
Page 34
EDI HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
17. | Debtors
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Trade debtors | 3,548,169 | 1,331,178 | - | -
| Amounts owed by group undertakings | - | - | - | 100,000
| Other debtors | 137,560 | 3,136 | 50 | 50
| Prepayments and accrued income | 540,723 | 651,165 | - | -
| Tax recoverable | - | 402,721 | - | -
|  | 4,226,452 | 2,388,200 | 50 | 100,050
18. | Creditors: Amounts falling due within one year
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Bank loans and overdrafts (see note 17) | 2,000,000 | - | - | -
| Obligations under finance lease and hire purchase contracts | 212,273 | 297,970 | - | -
| Trade creditors | 2,573,964 | 3,441,403 | - | -
| Corporation tax | 1,071,448 | - | - | -
| Social security and other taxes | 454,580 | 355,769 | - | -
| Other creditors | 102,175 | 157,290 | - | 100,000
| Accruals and deferred income | 1,549,083 | 2,024,140 | - | -
|  | 7,963,523 | 6,276,572 | - | 100,000
| Included within accruals and deferred income is £307,422 (2024: £nil) in relation to a warranty provision, this has been included within cost of sales.
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EDI HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
19. | Creditors: Amounts falling due after more than one year
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Bank loans (see note 17) | - | 2,500,000
| Net obligations under finance leases and hire purchase contracts | 328,734 | 268,011
|  | 328,734 | 2,768,011
20. | Loans
| Analysis of the maturity of loans is given below:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Amounts falling due within one year |  |
| Bank loans | 2,000,000 | -
| Amounts falling due 2-5 years |  |
| Bank loans | - | 2,500,000
|  | 2,000,000 | 2,500,000
| Bank loans and overdrafts are secured by the way of a fixed and floating charge over the assets of the group.
Page 36
EDI HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
21. | Leasing agreements
| Minimum lease payments fall due as follows: Group Hire purchase contracts
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Within one year | 212,273 | 297,970
| Between one and five years | 328,734 | 268,011
|  | 541,007 | 565,981
| Obligations under hire purchase contracts are secured on the assets to which they relate.
Page 37
EDI HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
22. | Deferred taxation
| Group
|  | 2025
|  | £
| At beginning of year | 988,705
| Charged to profit or loss | (121,183)
| At end of year | 867,522
| Company
|  | 2025
| At beginning of year | -
| At end of year | -
| The provision for deferred taxation is made up as follows:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Accelerated capital allowances | 867,522 | 988,705
|  | 867,522 | 988,705
| Deferred tax primarily relates to the reversal of timing differences on acquired tangible assets and capital allowances through depreciation. It is not possible to accurately determine the net reversal of deferred tax assets and liabilities in the forthcoming financial period in relation to accelerated capital allowances and other timing differences
Page 38
EDI HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
23. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 1,455 (2024 - 1,455) A Ordinary shares of £0.10 each | 146 | 146
|  | 507 (2024 - 507) B Ordinary shares of £0.10 each | 51 | 51
|  | 113 (2024 - 113) C Ordinary shares of £0.10 each | 11 | 11
|  | 204 (2024 - 204) D Ordinary shares of £0.10 each | 20 | 20
|  | 254 (2024 - 254) E Ordinary shares of £0.10 each | 25 | 25
|  |  | 253 | 253
| There are five classes of ordinary shares. For classes A,B,C and D they have the right to attend and vote at members meetings, have the right to a dividend and each share ranks equally for any distribution made on a winding up. For class E they have a right to attend and vote at members meetings, have preference for any dividend declared and have preference for any distribution made on a winding up.
24. | Pension commitments
The Group's subsidiary company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund £144,642 (2024 - £56,316) contributions were outstanding at the balance sheet date. The company does not operate any pension schemes.
25. | Commitments under operating leases
| At 31 December 2025 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Not later than 1 year | 1,091,012 | 946,087
| Later than 1 year and not later than 5 years | 3,828,975 | 3,931,151
| Later than 5 years | 712,500 | 267,684
|  | 5,632,487 | 5,144,922
Page 39
EDI HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
26. | Related party transactions
| The only related party transaction during the reporting period was remuneration paid to Key Management Personnel, which amounted to £1,776,451 (2024: £950,824). No other related party transactions were entered into by the Group.
27. | Controlling party
The ultimate controlling party is the director, Mr E Davies.
Page 40