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Registered number: 07872692 Blueleaf Limited Annual Report and Financial Statements For the Year Ended 31 December 2025
Blueleaf Limited
Company Information
Directors | C A Campbell Esq
| N Campbell Esq
| J M Andrews Esq
| R T Green Esq
| R A Critchley Esq
Registered number | 07872692
Registered office | Unit 1
| Arrow Point Churchill Court
| Manor Royal
| Crawley
| West Sussex
| RH10 9BT
Independent auditors | Kreston Reeves Audit LLP
| Statutory Auditor
| Springfield House
| Springfield Road
| Horsham
| West Sussex
| RH12 2RG
Bankers | HSBC UK Bank PLC
| 9 The Boulevard
| Crawley
| West Sussex
| RH10 1UT
Blueleaf Limited
Contents
| Page
Strategic Report | 1 - 2
Directors' Report | 3 - 5
Independent Auditors' Report | 6 - 9
Statement of Comprehensive Income | 10
Balance Sheet | 11
Statement of Changes in Equity | 12
Notes to the Financial Statements | 13 - 30
Blueleaf Limited
Strategic Report For the Year Ended 31 December 2025
Introduction
The directors present their strategic report accompanying the financial statements for the year ended 31 December 2025.
Business review
Following a year of transition for Blueleaf in 2024 where the business completed the fit out of and subsequent move into the new warehouse in Crawley, along with the full integration of Nexon which came into the group in 2023, the business appointed a number of key Senior Leadership hires roles Q1 of 2025 to further support and accelerate both top line and bottom line growth. Despite some early market headwinds (with National Living Wage and National Insurance increases impacting customer budgets from April) the business reported solid top line growth of 15.6% on the back of some major customer wins, notably in the second half of the year, with 2026 benefitting from a full year of these contracts. In addition, with increased focus on key profit drivers and strong cost control the business was able to improve Net Margins to 7.5%. As a result of these changes, along with prior year integration / dual running costs dropping out of the P&L, the business was able to report EBITDA of £4.94m, being 167% up on 2024. From a Balance Sheet perspective, a focus on working capital throughout the year (particularly focussing on inventory levels), enabled the business to improve its net cash position by December 31st to £928,754. Whilst market conditions remain competitive, the market fundamentals remain strong. The Directors believe that the customer wins secured in the second half of 2025 along with the continued improvements being driven by the management team and a clear strategy for the future, that with its market leading position Blueleaf is in a strong position to continue its recent momentum through 2026 and beyond.
Principal risks and uncertainties
Principal risks and uncertainties, not already dealt with elsewhere in this report include: Geopolitical Risk Recent activities in the Middle East have highlighted the geopolitical risk to both prices and supply chains. The direct and indirect impact of disruption to the availability of oil and oil based products has the potential to put significant pressure on product availability and input prices. This needs to be managed proactively with our supply partners, and sensitively with our customers to ensure minimal disruption to our services. Competitive and market risk Continued demographic trends show an expected growth in the population of those over the age of 65 by 2043, and we still consider that the UK care market will see similar levels of growth over its timeframe making it an attractive market. Whilst inflation pressures have eased significantly since the peaks of 2022/2023, the macro environment remains uncertain – with continuing Tariff noise emanating from the US creating considerable trading uncertainty globally. This has the potential to impact Blueleaf input prices – particularly for products sourced internationally from China and the Far East. To mitigate these risks the business is tracking key external metrics carefully so that any material changes to cost prices can be addressed promptly. Credit risk We have continued to work closely with our customers and suppliers to ensure that bad debts have been kept to a minimum and that suppliers were paid promptly. There has been no significant deterioration in our bad debt experience and we have maintained a healthy credit rating. Page 1
Blueleaf Limited
Strategic Report (continued) For the Year Ended 31 December 2025
Directors' statement of compliance with duty to promote the success of the Company
The Board of Directors of Blueleaf Limited consider that they have fulfilled their individual and collective duty under section 172(1) of the Companies Act 2006 to act in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of shareholders in decisions made in the year to 31 December 2025. Details on how the directors and the Company engage with stakeholders in order to promote the succes of the Company is set out within the Directors' Report.
Financial key performance indicators
A profit before tax of £4.3m (2024: £1.0m) was recorded for the year to 31 December 2025. Management consider the following to be the key performance indicators:
| 2025 | 2024
| £ | £
Turnover | 57,656,592 | 49,881,447
Gross profit | 13,769,257 | 12,304,839
Earnings before Interest Taxation Depreciation and Amortisation | 4,935,706 | 1,843,872
Operating profit | 4,370,377 | 1,058,677
Future Developments
The directors believe the Company will trade successfully for the foreseeable future and is actively seeking to grow its revenues and profits through 2026 and beyond. This report was approved by the board and signed on its behalf.
................................................ N Campbell Esq Director
Date: 20 June 2026
Page 2
Blueleaf Limited
Directors' Report For the Year Ended 31 December 2025 The directors present their report and the financial statements for the year ended 31 December 2025.
Directors' responsibilities statement
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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 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 for the Company's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the 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 to 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.
Principal activity
The principal activity of the Company continued to be that of wholesales and interior design and supply to the care industry in the UK.
Results and dividends
The profit for the year, after taxation, amounted to £3,422,470 (2024 - £645,495). During the year no dividend was paid (2024: £Nil). The directors do not recommend the payment of a final dividend (2024: £nil).
Directors
The directors who served during the year were:
C A Campbell Esq
N Campbell Esq
J M Andrews Esq
R T Green Esq
R A Critchley Esq
Page 3
Blueleaf Limited
Directors' Report (continued) For the Year Ended 31 December 2025
Engagement with suppliers, customers and others
Blueleaf Limited has a strong reputation as a leader in the supply of consumables to the UK Care industry, and this has been built around the way it builds long-term relationships with both its customers and its key suppliers. Customers Day-to-day engagement with customers is through the Blueleaf Hub, an online platform enabling orders to be placed at individual care home level which are then fulfilled according to agreed service metrics. The Hub provides a range of training, support materials and analytics to help support customers with day-to-day enquiries. The business also has a Customer Services team for customers to engage with for initial queries and support, along with a team of account managers to provide the broader partnership approach that the business provides - working to focus on the things that make a difference to the care industry: • effective cost management • service levels through premium logistics • expertise you can trust Blueleaf also regularly undertakes surveys to ensure it is at the very least meeting customers expectations. Suppliers Blueleaf works with manufacturers across the UK, Europe and the Far East to source, stock and supply a full range of both branded and own brand consumables to the care industry. The business has invested in developing strong long-term relationships with selected quality suppliers through an extremely professional procurement team to ensure Blueleaf becomes a customer of choice with these suppliers, ensuring reliability of supply and quality of product for all our customers. Employees At Blueleaf, our success is driven by the expertise, creativity and dedication of our people, underpinned by our values; Stronger together, Lead the way, Achieve the outcome and Care, always. We consistently seek feedback from our employees via regular surveys, hold forums with staff and regularly communicate – to ensure we do everything we can to invest in our staff and improve employees’ experience with the business. Page 4
Blueleaf Limited
Directors' Report (continued) For the Year Ended 31 December 2025
Qualifying third-party indemnity provisions
The Company has made qualifying third party indemnity provisions for the benefit of its directors during the period. These provisions remain in force at the reporting date.
Charitable donations
During the year, the Company made charitable contributions to national and regional charities of £101,281 (2024: £101,573).
Greenhouse gas emissions, energy consumption and energy efficiency action
The Company has not disclosed information in respect of greenhouse gas emissions, energy consumption and energy efficiency action as these details are disclosed within the consolidated financial statements of its parent company, New Global Consortium Limited.
Matters covered in the Strategic Report
The Company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by large and medium-sized companies and groups (Accounts and Reports) Regulations 2008, sch. 7 to be contained in the directors' report. It has been done so in respect of review of business, principal risks and uncertainties and future developments.
Disclosure of information to auditors
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's auditors are 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's auditors are aware of that information.
Post balance sheet events
There are no post balance sheet events to report.
Auditors
The audit registration of Kreston Reeves LLP was transferred to Kreston Reeves Audit LLP on 6 October 2025. Kreston Reeves Audit LLP were formally appointed as auditor to the company on 6 October 2025. The auditors, Kreston Reeves Audit LLP, 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.
................................................ N Campbell Esq Director
Date: 20 June 2026
Page 5
Blueleaf Limited
Independent Auditors' Report to the Members of Blueleaf Limited
Opinion
We have audited the financial statements of Blueleaf Limited (the 'Company') for the year ended 31 December 2025, which comprise the Statement of Comprehensive Income, the Balance Sheet, the 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 Company's affairs as at 31 December 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 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 Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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. Page 6
Blueleaf Limited
Independent Auditors' Report to the Members of Blueleaf Limited (continued)
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 Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, 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.
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 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. Page 7
Blueleaf Limited
Independent Auditors' Report to the Members of Blueleaf Limited (continued)
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 an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Capability of the audit in detecting irregularities, including fraud Based on our understanding of the company and the industry in which it operates, and through discussion with the directors and other management (as required by auditing standards), we identified that the principal risks of non-compliance with laws and regulations related to health and safety and employment law. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, taxation and pension legislation. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to revenue or expenditure and management bias in accounting estimates and judgemental areas of the financial statements. Audit procedures performed by the engagement team included: ∙ Discussions with management and assessment of known or suspected instances of non-compliance with laws and regulations (including health and safety) and fraud, and ∙ Assessment of identified fraud risk factors; and ∙ Challenging assumptions and judgements made by management in its significant accounting estimates; and ∙ Performing analytical procedures with automated data analytics tools to identify any unusual or unexpected relationships, including related party transactions, that may indicate risks of material misstatement due to fraud; and ∙ Review of significant and unusual transactions and evaluation of the underlying financial rationale supporting the transactions; and ∙ Identifying and testing journal entries, in particular any manual entries made at the year end for financial statement preparation. 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. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: ∙Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. ∙Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control. Page 8
Blueleaf Limited
Independent Auditors' Report to the Members of Blueleaf Limited (continued) ∙Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. ∙Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' Report. However, future events or conditions may cause the Company to cease to continue as a going concern. ∙Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' 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. Graham Hunt BA FCA (Senior Statutory Auditor) for and on behalf of Kreston Reeves Audit LLP Statutory Auditor Horsham 22 June 2026 Page 9
Blueleaf Limited
Statement of Comprehensive Income For the Year Ended 31 December 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 57,656,592 | 49,881,447
Cost of sales |  | (43,887,335) | (37,576,608)
Gross profit |  | 13,769,257 | 12,304,839
Administrative expenses |  | (9,398,905) | (11,300,174)
Other operating income |  | 25 | 54,012
Operating profit | 5 | 4,370,377 | 1,058,677
Interest receivable and similar income | 9 | 562 | -
Interest payable and similar expenses | 10 | (28,509) | (41,232)
Profit before tax |  | 4,342,430 | 1,017,445
Tax on profit | 11 | (919,960) | (371,950)
Profit for the financial year |  | 3,422,470 | 645,495
There was no other comprehensive income for 2025 (2024:£NIL).
The notes on pages 13 to 30 form part of these financial statements.
Page 10
Blueleaf Limited Registered number:07872692
Balance Sheet As at 31 December 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 12 |  | - |  | -
Tangible assets | 13 |  | 2,351,518 |  | 2,253,234
|  |  | 2,351,518 |  | 2,253,234
Current assets |  |  |  |  |
Stocks | 14 | 3,676,151 |  | 4,731,370 |
Debtors: amounts falling due within one year | 15 | 16,583,429 |  | 13,192,304 |
Cash at bank and in hand | 16 | 928,754 |  | 15,183 |
|  | 21,188,334 |  | 17,938,857 |
Creditors: amounts falling due within one year | 17 | (11,151,669) |  | (11,259,413) |
Net current assets |  |  | 10,036,665 |  | 6,679,444
Total assets less current liabilities |  |  | 12,388,183 |  | 8,932,678
Creditors: amounts falling due after more than one year | 18 |  | (159,438) |  | (141,852)
Provisions for liabilities |  |  |  |  |
Deferred tax | 21 | (334,675) |  | (319,226) |
|  |  | (334,675) |  | (319,226)
Net assets |  |  | 11,894,070 |  | 8,471,600
Capital and reserves |  |  |  |  |
Called up share capital | 22 |  | 1,050 |  | 1,050
Profit and loss account |  |  | 11,893,020 |  | 8,470,550
|  |  | 11,894,070 |  | 8,471,600
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................ N Campbell Esq
Director
Date: 20 June 2026
The notes on pages 13 to 30 form part of these financial statements. Page 11
Blueleaf Limited
Statement of Changes in Equity For the Year Ended 31 December 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 January 2024 | 1,050 | 7,825,055 | 7,826,105
Comprehensive income for the year |  |  |
Profit for the year | - | 645,495 | 645,495
At 1 January 2025 | 1,050 | 8,470,550 | 8,471,600
Comprehensive income for the year |  |  |
Profit for the year | - | 3,422,470 | 3,422,470
At 31 December 2025 | 1,050 | 11,893,020 | 11,894,070
| The notes on pages 13 to 30 form part of these financial statements.
Page 12
Blueleaf Limited
Notes to the Financial Statements For the Year Ended 31 December 2025
1. | General information
Blueleaf Limited is a private company limited by share capital, incorporated in England and Wales (Registered number: 07872692). The address of the registered office is Unit 1, Arrow Point Churchill Court, Manor Royal, Crawley, West Sussex, RH10 9BT. The principal places of business during the year were Unit 1, Arrow Point Churchill Court, Manor Royal, Crawley, West Sussex, RH10 9BT and Unit 11, Pioneer Way, Castleford, WF10 5TG. 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 management to exercise judgment in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Financial Reporting Standard 102 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 7 Statement of Cash Flows; ∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); ∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); ∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; ∙the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of New Global Consortium Limited as at 31 December 2025 and these financial statements may be obtained from Unit 1, Arrow Point Churchill Court, Manor Royal, Crawley, West Sussex, RH10 9BT. Page 13
Blueleaf Limited
Notes to the Financial Statements For the Year Ended 31 December 2025 2.Accounting policies (continued)
| 2.3 | Going concern
The Company's activities are funded by a combination of long-term equity capital and bank facilities, principally the utilisation of a bank overdraft facility. The directors have reviewed the Company's profit and cash flow projections for the period of 21 months ending 30 September 2027, together with stress tests considering the impact on the projections demonstrate that the Company expects to meet its obligations as they fall due from the use of existing facilities. The Company's overdraft facility is until further notice, with a review within the next 12 months. Based on discussions with the bank, and the Company's longstanding relationship with them, the directors have no reason to believe that the overdraft facility will not continue to be available to the Company for the foreseeable future. As a result, the directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future and consider it appropriate to continue to prepare the financial statements on a going concern basis..
| 2.4 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company 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 Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company 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 Company 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.
| 2.5 | Share-based payments
Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition. Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period. Page 14
Blueleaf Limited
Notes to the Financial Statements For the Year Ended 31 December 2025 2.Accounting policies (continued)
| 2.6 | Intangible assets
Goodwill Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Comprehensive Income over its useful economic lives of between 4 and 10 years.
| 2.7 | 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, on a reducing balance or straight line basis. Depreciation is provided on the following basis:
|  |  |  | Leasehold property | - | 20% | straight line
|  |  |  | Plant and machinery | - | 25% | reducing balance
|  |  |  | Motor vehicles | - | 25% | reducing balance
|  |  |  | Fixtures, fittings and office equipment | - | 33% | straight line
|  |  |  | Website | - | 33% | straight line
|  |  |  | Laundry pumps | - | 33% | straight line
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.
| 2.8 | 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 weighted average basis. 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 the Statement of Comprehensive Income.
| 2.9 | 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.
| 2.10 | Cash
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Page 15
Blueleaf Limited
Notes to the Financial Statements For the Year Ended 31 December 2025 2.Accounting policies (continued)
| 2.11 | Financial instruments
The Company 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 Company's Balance Sheet when the Company 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 Company'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 Other financial assets 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. 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 Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans 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 Page 16
Blueleaf Limited
Notes to the Financial Statements For the Year Ended 31 December 2025 2.Accounting policies (continued)
| 2.11 | Financial instruments (continued)
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 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. 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 Company 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 Company 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 Company's contractual obligations expire or are discharged or cancelled.
| 2.12 | 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. Page 17
Blueleaf Limited
Notes to the Financial Statements For the Year Ended 31 December 2025 2.Accounting policies (continued)
| 2.13 | Foreign currency translation
Functional and presentation currency The Company'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. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income.
| 2.14 | Finance costs
Finance costs are charged to the Statement of Comprehensive Income 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.
| 2.15 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.16 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to the Statement of Comprehensive Income 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.
| 2.17 | Leased assets: the Company as lessee
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period. Page 18
Blueleaf Limited
Notes to the Financial Statements For the Year Ended 31 December 2025 2.Accounting policies (continued)
| 2.18 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
| 2.19 | Borrowing costs
All borrowing costs are recognised in the Statement of Comprehensive Income in the year in which they are incurred.
| 2.20 | 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 operates and generates 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; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. 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.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
The preparation of the financial statements requires the directors to make judgments, estimates and assumptions that can affect the amounts reported for assets and liabilities, and the results for the year. The nature of estimation is such though that actual outcomes could differ significantly from those estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Page 19
Blueleaf 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
|  |  |  |  | £ | £
| Sale of goods | 57,656,592 | 49,881,447
|  | 57,656,592 | 49,881,447
Analysis of turnover by country of destination:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| United Kingdom | 57,656,592 | 49,880,306
| Rest of Europe | - | 1,141
|  | 57,656,592 | 49,881,447
5. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Exchange differences | (664,174) | (3,317)
| Other operating lease rentals | 1,287,448 | 1,536,306
| Profit on sale of tangible assets | (23,873) | (2,971)
| Depreciation on tangible fixed assets | 565,329 | 694,329
| Amortisation of intangible assets, including goodwill | - | 90,866
6. | Auditors' remuneration
| During the year, the Company obtained the following services from the Company's auditors:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 39,000 | 43,500
| Fees payable to the Company's auditors in respect of: |  |
| All non-audit services not included above | 5,000 | 5,800
Page 20
Blueleaf Limited
Notes to the Financial Statements For the Year Ended 31 December 2025
7. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 7,221,609 | 6,782,705
| Social security costs | 914,459 | 743,151
| Cost of defined contribution scheme | 213,086 | 201,008
|  | 8,349,154 | 7,726,864
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Sales | 43 | 36
|  | Operations | 104 | 105
|  | Administration, support and management | 24 | 22
|  |  | 171 | 163
8. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 173,118 | 213,271
|  | 173,118 | 213,271
| The highest paid director received remuneration of £90,000 (2024 - £123,271).
| The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2024 - £NIL).
| During the year no directors received shares under the long-term incentive schemes (2024 - none).
9. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 562 | -
|  | 562 | -
Page 21
Blueleaf Limited
Notes to the Financial Statements For the Year Ended 31 December 2025
10. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | 19,189 | 19,641
| Finance leases and hire purchase contracts | 9,320 | 21,591
|  | 28,509 | 41,232
11. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 913,337 | 63,034
| Adjustments in respect of previous periods | (8,826) | 93,916
| Total current tax | 904,511 | 156,950
| Deferred tax |  |
| Origination and reversal of timing differences | 15,449 | 215,000
| Total deferred tax | 15,449 | 215,000
|  | 919,960 | 371,950
Page 22
Blueleaf 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 lower than (2024 - higher than) than the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 4,342,430 | 1,017,445
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 1,085,607 | 254,361
|  | 1,085,607 | 254,361
| Non-tax deductible amortisation of goodwill and impairment | 1,780 | 1,780
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 3,600 | 6,752
| Capital allowances for year in excess of depreciation | - | 3,661
| Adjustments to tax charge in respect of prior periods | (8,826) | 93,916
| Other differences leading to an increase (decrease) in the tax charge | (73,779) | 6,570
| Group relief | (88,422) | 4,910
| Total tax charge for the year | 919,960 | 371,950
12. | Intangible assets
|  | Goodwill
|  | £
| Cost |
| At 1 January 2025 | 3,493,997
| At 31 December 2025 | 3,493,997
| Amortisation |
| At 1 January 2025 | 3,493,997
| At 31 December 2025 | 3,493,997
| Net book value |
| At 31 December 2025 | -
| At 31 December 2024 | -
Page 23

|  | Blueleaf Limited |
Notes to the Financial Statements For the Year Ended 31 December 2025
| 13. | Tangible fixed assets
|  | Leasehold property | Plant and machinery | Motor vehicles | Fixtures, fittings and office equipment | Website | Laundry pumps | Total
|  | £ | £ | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |  |  |
| At 1 January 2025 | 1,707,045 | 709,736 | 995,065 | 448,280 | 191,013 | 458,091 | 4,509,230
| Additions | 96,700 | 204,482 | 133,652 | 68,846 | 3,000 | 212,186 | 718,866
| Disposals | - | (907) | (107,585) | - | - | - | (108,492)
| At 31 December 2025 | 1,803,745 | 913,311 | 1,021,132 | 517,126 | 194,013 | 670,277 | 5,119,604
| Depreciation |  |  |  |  |  |  |
| At 1 January 2025 | 227,309 | 489,773 | 737,610 | 408,901 | 118,381 | 274,022 | 2,255,996
| Charge for the year | 154,244 | 83,819 | 147,979 | 26,411 | 500 | 152,376 | 565,329
| Disposals | - | (166) | (53,073) | - | - | - | (53,239)
| At 31 December 2025 | 381,553 | 573,426 | 832,516 | 435,312 | 118,881 | 426,398 | 2,768,086
| Net book value |  |  |  |  |  |  |
| At 31 December 2025 | 1,422,192 | 339,885 | 188,616 | 81,814 | 75,132 | 243,879 | 2,351,518
| At 31 December 2024 | 1,479,736 | 219,963 | 257,455 | 39,379 | 72,632 | 184,069 | 2,253,234
Page 24

Blueleaf Limited
Notes to the Financial Statements For the Year Ended 31 December 2025 13.Tangible fixed assets (continued)
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Motor vehicles | 163,735 | 202,200
| The depreciation on motor vehicles held under finance leases or hire purchase contracts, included above, was £105,563 for the period (2024: £120,831).
14. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Finished goods and goods for resale | 3,676,151 | 4,731,370
15. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 9,259,927 | 8,191,801
| Amounts owed by group undertakings | 5,713,385 | 2,625,181
| Other debtors | 447,316 | 496,627
| Prepayments and accrued income | 1,162,801 | 1,878,695
|  | 16,583,429 | 13,192,304
16. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 928,754 | 15,183
| Less: bank overdrafts | - | (295,887)
|  | 928,754 | (280,704)
Page 25
Blueleaf Limited
Notes to the Financial Statements For the Year Ended 31 December 2025
17. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank overdraft | - | 295,887
| Bank trade loan | - | 442,151
| Trade creditors | 3,201,660 | 2,947,326
| Amounts owed to group undertakings | 2,861,414 | 3,282,952
| Corporation tax | 409,745 | 63,034
| Other taxation and social security | 1,019,317 | 908,864
| Obligations under finance lease and hire purchase contracts | 60,566 | 175,609
| Other creditors | 13,500 | 103,036
| Accruals and deferred income | 3,585,467 | 3,040,554
|  | 11,151,669 | 11,259,413
| Bank overdraft The bank overdraft with HSBC UK Bank plc is secured by a general pledge to the bank and a fixed and floating charge over the assets and undertaking of the company. Bank trade loan The bank trade loan represents amounts owed on a £750k facility with HSBC UK Bank plc and is secured by a general pledge to the bank and a fixed and floating charge over the assets and undertaking of the company.
18. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Net obligations under finance leases and hire purchase contracts | 159,438 | 141,852
|  | 159,438 | 141,852
19. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Within one year | 60,566 | 175,609
| Between 1-5 years | 159,438 | 141,852
|  | 220,004 | 317,461
| Net obligations under finance lease and hire purchase contracts are secured by fixed charges on the assets concerned.
Page 26
Blueleaf Limited
Notes to the Financial Statements For the Year Ended 31 December 2025
20. | Financial instruments
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Financial assets |  |
| Financial assets measured at amortised cost | 15,513,503 | 11,484,600
| Financial liabilities |  |
| Financial liabilities measured at amortised cost | 6,865,366 | 11,100,458
| Financial assets measured at amortised cost comprise cash at bank and in hand, trade debtors, other debtors and amounts due from group undertakings.
| Financial liabilities measured at amortised cost comprise bank overdraft, bank trade loans, trade creditors, other creditors, obligations under finance lease and hire purchase contracts and amounts owed to group undertakings.
21. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | (319,226)
| Credited to profit or loss | (15,449)
| At end of year | (334,675)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fixed asset timing differences | (335,936) | (320,139)
| Short term timing differences | 1,261 | 913
22. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 1,050 (2024 - 1,050) Ordinary shares of £1 each | 1,050 | 1,050
Page 27
Blueleaf Limited
Notes to the Financial Statements For the Year Ended 31 December 2025
23. | Share-based payments
| On 15 January 2024 the parent company has issued share options to certain employees of Blueleaf Limited under an Enterprise Management Incentive scheme, which allows those employees to acquire shares in the parent company at an agreed exercise price. The share options can be exercised upon a sale or listing of the company (an 'exit event'), or on the five-year anniversary of the grant date. The vesting period expires on the earlier of five years following the date of the grant, or on an 'exit event' occurring. When an employee with share options leaves the company, those share options are deemed cancelled. The fair value of the options was calculated using the Black-Scholes model as an observable market price is not available. Inputs into the model include the relevant exercise price, the expected volatility which was determined based on the historic volatility of comparable listed companies and has been set at 25%, and the risk free rate which is based upon the rate offered for UK gilt deposits at the date of grant and has been set at 3.6%. The movement in share options during the year and their weighted average exercise price is as follows:
|  | Weighted average exercise price (pence) 2025 | Number 2025 | Weighted average exercise price (pence) 2024 | Number 2024
| Outstanding at the beginning of the year | 10 | 105,106 | - | -
| Granted during the year | - | - | 10 | 105,106
| Forfeited during the year | 10 | (15,015) | - | -
| Outstanding at the end of the year | 10 | 90,091 | 10 | 105,106
| The Directors have considered the number of options expected to vest and the corresponding amount of the share-based payment charge. As the charge would be insignificant, no charge has been recognised in the year.
Page 28
Blueleaf Limited
Notes to the Financial Statements For the Year Ended 31 December 2025
24. | Contingent liabilities
The Company has given a cross guarantee in support of a group VAT registration. The amount of the contingent liability not already provided for in these financial statements is £nil (2024: £nil).
25. | Pension commitments
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £213,086 (2024: £188,346). Contributions totalling £5,044 (2024: £1,869) were payable to the fund at the balance sheet date and are included in creditors.
26. | Commitments under operating leases
| At 31 December 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 1,396,808 | 1,168,321
| Later than 1 year and not later than 5 years | 5,696,036 | 5,668,835
| Later than 5 years | 3,514,408 | 4,938,417
|  | 10,607,252 | 11,775,573
27.Other financial commitments Prior to the year end the Company committed to entering into finance leases for 19 commercial vans. The total cost is £1.3m over a 5 year period.
28. | Related party transactions
| During the year, and included in wages and salaries in note 7, are gross salaries of £266,661 (2024: £263,824) paid to close family members of the directors of the Company. Leymoor Limited (Entity under common control) During the year Leymoor Limited charged management fees of £100,000 (2024: £300,000) to Blueleaf Limited. At the year end the amount owed to Leymoor Limited was £Nil (2024: £30,000). Southwater Limited (Entity under common control) During the year Southwater Limited charged rent and associated costs totalling £nil (2024: £216,648) to Blueleaf Limited. During the year Southwater Limited charged for dilapidations totalling £nil (2024: £36,108). At the year end the balance owed to Southwater Limited was £nil (2024: £nil). Apparatus Software Ltd (Common directors) During the year Apparatus Software Ltd charged fees of £116,510 (2024: £140,384) in relation to services provided to Blueleaf Limited. At the year end the balance owed by Blueleaf Limited was £nil (2024: £12,000).
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Blueleaf Limited
Notes to the Financial Statements For the Year Ended 31 December 2025 28.Related party transactions (continued)
| Burton-Brooke Enterprises Limited (Common director) During the year management fees of £153,546 (2024: £27,847) were charged to Blueleaf Limited. At the year end a balance of £nil (2024: £2,321) was due to Blueleaf Limited. Oneschool Global UK (Common director) During the year Blueleaf Limited made sales to Oneschool Global UK totalling £6,373 (2024: £5,848). At the year end the balance due to Blueleaf Limited was £nil (2024: £nil). Zenixspace Ltd (Common director) During the year Zenixspace Ltd sold fixed assets to Blueleaf Limited totalling £18,997 (2024: £nil). At the year end the balance due to Zenixspace Ltd was £nil (2024: £nil). Carlton Packaging LLC (Common director) During the year Carlton Packaging LLC made sales to Blueleaf Limited of £31,768 (2024: £nil). At the year end the balance due to Carlton Packaging LLC was £nil). The Company has taken advantage of the exemption available in Section 33 of FRS 102 'Related Party Disclosures' from disclosing transactions with other wholly owned members of the Group.
29. | Controlling party
At the year end the Company's immediate and ultimate parent undetaking was New Global Consortium Limited, a company incorporated in England and Wales which holds 100% of the issued share capital of the Company. New Global Consortium Limited prepares group financial statements and copies can be obtained from Unit 1, Arrow Point Churchill Court, Manor Royal, Crawley, West Sussex, RH10 9BT. In the opinion of the directors there is no overall controlling party.
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