Rushlift GSE Limited - Limited company accounts 25.1

REGISTERED NUMBER: 16000371 (England and Wales)

Strategic Report,

Report of the Directors and

Financial Statements

for the Period

7 October 2024 to 31 December 2025

for

RUSHLIFT GSE LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Statement of Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Notes to the Financial Statements

12

DIRECTORS:

D H Kim

T J Willett

J W Park

REGISTERED OFFICE:

Building 16300

Elmdon Road

Hounslow

London

TW6 2DN

REGISTERED NUMBER:

16000371 (England and Wales)

SENIOR STATUTORY AUDITOR:

Lee Harris BSc (Hons) FCCA

AUDITORS:

Mitchell Gordon LLP

Accountants and Statutory Auditor

43 Coniscliffe Road

Darlington

Co. Durham

DL3 7EH

The directors present their strategic report for the period 7 October 2024 to 31 December 2025.

REVIEW OF BUSINESS

The company was incorporated on 7 October 2024 and commenced trading on 1 July 2025. This was the company's first period of trading following the transfer of the Ground Support Equipment business from Rushlift Limited.

The principal activity of the company during the period was the leasing of ground support equipment and the provision of maintenance and repair services to customers operating within the aviation and airport services sector.

For the period ended 31 December 2025, the company generated turnover of £12.258m and gross profit of £3.096m, representing a gross margin of approximately 25.3%. Operating profit for the period was £669k before finance costs of £1.069m, resulting in a loss before taxation of £400k and a loss after taxation of £408k.

Revenue was principally generated from rental income and maintenance and repair activity. Rental revenue accounted for £8.304m of turnover, with maintenance and repair revenue contributing £3.579m. Equipment sales and haulage revenue contributed the balance.

The directors consider rental revenue, maintenance and repair revenue, gross margin, operating profit, cash collection, debtor levels and asset utilisation to be the key performance indicators of the business.

The company held tangible fixed assets of £35.925m at the period end, reflecting the asset-intensive nature of the business. These assets are central to the company's ability to provide rental and maintenance services to its customer base. The company also held cash at bank of £2.529m at the period end.

The directors consider that the first period of trading was a transitional period, during which management focused on establishing the company as a standalone trading entity, integrating the transferred trade and assets, and developing the finance, operational and reporting processes required to support the business going forward.

The business operated in a challenging environment during the period, with pressure on margins from labour, asset, funding and operational costs. Finance costs were significant due to the company's lease and group funding structure. The directors continue to monitor contract profitability, pricing, engineer productivity, asset utilisation and working capital performance closely.

The directors remain focused on improving the underlying performance of the business through increased chargeable activity, improved billing discipline, tighter control of work-in-progress, improved cash collection, review of customer pricing, and effective utilisation of the company's asset base.

PRINCIPAL RISKS AND UNCERTAINTIES

The directors have identified the following principal risks and uncertainties facing the company.

Price and margin risk

The company is exposed to price and margin risk where customer contract rates do not fully reflect the cost of labour, parts, assets, funding, overheads and inflationary increases. The directors manage this risk through contract review, monitoring of gross margin, review of chargeable and non-chargeable activity, and engagement with customers where pricing requires review.

Credit risk

The company is exposed to credit risk in respect of amounts due from customers. At the period end, debtors falling due within one year (excluding group balances) totalled £6.594m. The directors manage credit risk through credit control procedures, regular review of aged debt, escalation of overdue balances, customer account management and, where necessary, restriction of further supply until overdue balances or disputes are resolved.

Liquidity and cash flow risk

The company operates an asset-intensive business and has significant lease obligations and working capital requirements. At the period end, the company had lease liabilities of £22.584m and cash at bank of £2.529m. The directors manage liquidity and cash flow risk through cash flow forecasting, monitoring of debt collection, review of capital expenditure, management of supplier payments and continued support from the wider group.

Interest rate and funding risk

The company is exposed to interest rate risk because certain borrowings are linked to variable benchmark rates, including SONIA for sterling borrowings, ESTR for euro borrowings and SOFR for US dollar-linked financing. If these benchmark rates increase, the company's finance costs may also increase. The directors monitor finance costs and funding requirements as part of the company's regular financial review process.

Customer concentration risk

The company operates in a specialist market and has a number of significant customer relationships in the aviation and airport services sector. A reduction in activity from, or loss of, a major customer could have an adverse impact on revenue, profitability and asset utilisation. The directors seek to mitigate this risk through maintaining strong customer relationships, service delivery, contract management and pursuing new business opportunities.

Operational and productivity risk

The profitability of the business depends on effective utilisation of engineers, control of overtime, timely completion and closure of jobs, and conversion of work performed into billable revenue. Inefficiencies in these areas could adversely impact gross margin and cash generation. Management monitors operational performance and continues to focus on improving productivity, billing processes and job management.

Asset utilisation and residual value risk

The company has a significant asset base used to support rental and service activity. There is a risk that assets become underutilised, obsolete or are disposed of below their carrying value. The directors manage this risk through review of asset utilisation, maintenance of the fleet, monitoring of customer demand, and assessment of disposal opportunities where assets are surplus to operational requirements.

Systems and process risk

The company relies on finance and operational systems to record jobs, manage invoicing, monitor work-in-progress and produce financial information. Inaccurate or delayed data could impact billing, reporting and cash collection. The directors continue to develop internal controls, system discipline and management reporting to reduce this risk.

The directors consider that the company has appropriate financial risk management objectives and policies in place for the size and nature of the business. These include regular monitoring of financial performance, working capital, cash flow, customer debt, contract profitability, finance costs and asset utilisation.

ON BEHALF OF THE BOARD:

T J Willett - Director

2 July 2026

The directors present their report with the financial statements of the company for the period 7 October 2024 to 31 December 2025.

INCORPORATION

The company was incorporated on 7 October 2024 and commenced trading on 1 July 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the period under review was that of leasing of ground support equipment and the provision of maintenance and repair services to customers operating within the aviation and airport services sector.

DIVIDENDS

No dividends will be distributed for the period ended 31 December 2025.

DIRECTORS

The directors who have held office during the period from 7 October 2024 to the date of this report are as follows:

D H Kim - appointed 7 October 2024

T J Willett - appointed 7 October 2024

J W Park - appointed 7 October 2024

All the directors who are eligible offer themselves for election at the forthcoming first Annual General Meeting.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Mitchell Gordon LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

T J Willett - Director

2 July 2026

Opinion

We have audited the financial statements of Rushlift GSE Limited (the 'company') for the period ended 31 December 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 'Reduced Disclosure Framework' (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 loss for the period then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

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

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

Auditors' responsibilities for the audit of the financial statements

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

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

-

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

-

we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sectors in which the company operates;

-

we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection compliance, anti-bribery, employment, environmental and health and safety legislation;

-

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

-

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

These procedures did not identify any potentially material actual or suspected non-compliance.

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

-

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

-

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

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

-

performed analytical procedures to identify any unusual or unexpected relationships;

-

reviewed material journal entries to identify unusual transactions or posting by unusual users;

-

assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

-

investigated the rationale behind significant or unusual transactions.

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

-

agreeing financial statement disclosures to underlying supporting documentation;

-

reading the minutes of meetings of those charged with governance;

-

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

-

reviewing correspondence with HMRC and the company's legal advisors.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.

In addition, as with any audit, there remains a higher risk of non-detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance of fraud and cannot be expected to detect non-compliance with all laws & regulations.

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

Use of our report

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

Lee Harris BSc (Hons) FCCA (Senior Statutory Auditor)

for and on behalf of Mitchell Gordon LLP

Accountants and Statutory Auditor

43 Coniscliffe Road

Darlington

Co. Durham

DL3 7EH

2 July 2026

TURNOVER

12,258

Cost of sales

9,162

GROSS PROFIT

3,096

Administrative expenses

2,427

OPERATING PROFIT

669

Interest payable and similar expenses

4

1,069

LOSS BEFORE TAXATION

5

(400

)

Tax on loss

6

8

LOSS FOR THE FINANCIAL PERIOD

(408

)

OTHER COMPREHENSIVE INCOME

-

TOTAL COMPREHENSIVE INCOME FOR

THE PERIOD

(408

)

ASSETS

FIXED ASSETS

Owned

Tangible assets

7

34,118

Right-of-use

Tangible assets

7, 16

1,807

35,925

CURRENT ASSETS

Stocks

8

228

Debtors

9

6,728

Cash at bank

2,529

9,485

45,410

CAPITAL, RESERVES AND LIABILITIES

CAPITAL AND RESERVES

Called up share capital

10

100

Capital contribution reserve

11

6,100

Retained earnings

11

(408

)

SHAREHOLDERS' FUNDS

5,792

PROVISIONS FOR LIABILITIES

12

2,687

CREDITORS

Amounts falling due within one year

13

20,229

Amounts falling due after more than one year

14

16,702

36,931

45,410

The financial statements were approved by the Board of Directors and authorised for issue on 2 July 2026 and were signed on its behalf by:

T J Willett - Director

Called up

Capital

share

Retained

contribution

Total

capital

earnings

reserve

equity

£'000

Changes in equity

Issue of share capital

100

-

6,100

6,200

Total comprehensive income

-

(408

)

-

(408

)

Balance at 31 December 2025

100

(408

)

6,100

5,792

1.	STATUTORY INFORMATION

Rushlift GSE Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

The period reported is longer than 12 months due to an extension of the first accounting period.

2.	ACCOUNTING POLICIES

Basis of preparation

These financial statements have been prepared in accordance with Financial Reporting Standard 101 "Reduced Disclosure Framework" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

As part of preparation of the financial statements, the Directors have carried out a review with respect to going concern. The Directors have examined the order book going forward and the prospects of the business given the current economic climate. They have reviewed cash flow forecasts associated with that order book and those prospects. The Directors have considered at least a period of twelve months from the date of signing the financial statements.

Current liabilities exceed current assets as at the balance sheet date, the liabilities consist of lease liabilities due on tangible assets which are generating monthly hire revenue. This monthly revenue contributes to the monthly commitment of these lease liabilities.

The Directors have at the date of approving these financial statements, a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future.

Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 101 "Reduced Disclosure Framework":

•

the requirements of paragraphs 45(b) and 46 to 52 of IFRS 2 Share-based Payment;

•

the requirements of paragraphs 62, B64(d), B64(e), B64(g), B64(h), B64(j) to B64(m), B64(n)(ii), B64(o)(ii), B64(p),

B64(q)(ii), B66 and B67 of IFRS 3 Business Combinations;

•

the requirements of paragraph 33(c) of IFRS 5 Non Current Assets Held for Sale and Discontinued Operations;

•

the requirements of paragraph 24(6) of IFRS 6 Exploration for and Evaluation of Mineral Resources;

•

the requirements of IFRS 7 Financial Instruments: Disclosures;

•

the requirements of paragraphs 91 to 99 of IFRS 13 Fair Value Measurement;

•

the requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of IFRS 16

Leases;

the requirements of paragraph 58 of IFRS 16;

•

the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to

127 and 129 of IFRS 15 Revenue from Contracts with Customers;

•

the requirement in paragraph 38 of IAS 1 Presentation of Financial Statements to present comparative information in

respect of:

-

paragraphs 53(a), (h) and (j) of IFRS 16;

-

paragraph 79(a)(iv) of IAS 1;

-

paragraph 73(e) of IAS 16 Property, Plant and Equipment;

-

paragraph 118(e) of IAS 38 Intangible Assets;

-

paragraphs 76 and 79(d) of IAS 40 Investment Property; and

-

paragraph 50 of IAS 41 Agriculture;

•

the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134 to 136 of

IAS 1;

•

the requirements of

-

paragraphs 1 to 44E, 44H(b)(ii) and 45 to 63 of IAS 7 Statement of Cash Flows; and

-

paragraphs 44F, 44G, 44H(a), 44H(b)(i), 44H(b)(iii) and 44H(c) of IAS 7;

•

the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors;

•

the requirements of paragraphs 88C and 88D of IAS 12 Income Taxes;

•

the requirements of paragraph 74(b) of IAS 16;

•

the requirements of paragraphs 17 and 18A of IAS 24 Related Party Disclosures;

•

the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or

more members of a group;

•

the requirements of paragraphs 134(d) to 134(f) and 135(c) to 135(e) of IAS 36 Impairments of Assets.

Turnover

Revenue represents the invoiced value of goods and services supplied, excluding the value added tax and trade discounts. Revenue in respect of goods sold is recognised when substantially all of the risks and rewards of ownership have been transferred to the customer, generally being at the point at which goods are dispatched.

There are no significant judgements required in either determining the company's performance obligations, because the majority of the company's revenue is recognised when goods are provided to the customer, or in the timing of revenue recognition. As revenue is typically recognised at amounts agreed in advance with customers, no significant estimates are required in determining transaction prices. Revenue is calculated at cost plus margin.

Revenue from operating lease contract is recognised in the amount of the lease instalments over the term of the contracts using the straight-line method.

All revenue arose in the United Kingdom.

Tangible fixed assets

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

Property

-

Straight line over the lease term

Hire fleet

-

At varying rates up to 15 years on cost

Fixtures and fittings

-

At varying rates (2 to 10 years) on cost

Motor vehicles

-

At varying rates (3 to 10 years) on cost

Computer equipment

-

At varying rates (4 to 5 years) on cost

Financial instruments

a) Recognition, initial measurement and derecognition

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the financial instrument and are measured initially at fair value adjusted for transaction costs, except for those carried at fair value through profit or loss which are measured initially at fair value. Subsequent measurement of financial assets and financial liabilities is described below.

Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire, or when the financial asset and all substantial risks and rewards are transferred. A financial liability is derecognised when it is extinguished, discharged, cancelled or expires.

b) Financial assets

The Company classifies its financial assets as loans and receivables. The Company's accounting policy is as follows:

These assets are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They arise principally through the provision of goods and services to customers (trade receivables), but also incorporate other types of contractual monetary asset. They are initially recognised at fair value plus transaction costs that are directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment.

c) Financial liabilities

The Company classifies its financial liabilities into categories, depending on the purpose for which the asset was acquired. The Company's accounting policy for each category is as follows:

Other financial liabilities include trade payables, amounts due to group undertakings and other short-term monetary liabilities. Group undertakings include all companies owned or controlled by Doosan Corporation, the parent undertaking of the company. They are initially recognised at fair value and subsequently carried at amortised cost using the effective interest method.

The Company does not hold or issue derivative instruments for speculative purposes or for hedging purposes. The Company does not hold any financial liabilities classified as held for trading.

d) Impairment

The carrying amounts of the company's assets are reviewed at each balance sheet date to determine whether there is any indication of impairment. If any such indication exists, the asset's recoverable amount is estimated.

An impairment loss is recognised whenever the carrying amount of an asset or its cash-generating unit exceeds its recoverable amount. Impairment losses are recognised in the income statement.

Stocks

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

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Taxation

Income tax

The income tax expense for the year is the tax payable on the current year’s taxable income based on the applicable income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and unused tax losses.

The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the entities in the company operates and generates taxable income.

Deferred tax

Deferred tax assets and liabilities are recognised for all temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and their respective tax bases, at the tax rates expected to apply when the assets are recovered or liabilities settled, based on those rates which are enacted or substantially enacted. Deferred tax is not recognised if it arises from the initial recognition of goodwill. Deferred tax assets are only recognised for deductible temporary differences and unused tax losses if it is probable that future taxable amounts will be available to utilise those temporary differences and losses.

Current and deferred tax on items that are accounted for in other comprehensive income or equity are recognised in other comprehensive income and equity respectively. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and the deferred taxes relate to the same taxable entity and the same taxing authority.

Foreign currencies

(a) Functional and presentation currency

Items included in the financial statements of the company are measured using the currency of the primary economic environment in which the company operates ('the functional currency'). The financial statements are presented in 'Pounds Sterling' (£), which is also the company's functional currency.

(b) Transactions and balances

In the financial statements, all assets and liabilities expressed in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date or at the agreed contractual rate. Income and expenses have been translated using the rate ruling at the date of the transaction. Exchange differences are charged or credited to profit or loss.

Non-monetary items are not retranslated at the year-end and are measured at historical cost, translated using the exchange rates at the transaction date.

Leases

Leases are recognised as finance leases. The lease liability is initially recognised at the present value of the lease payments which have not yet been made and subsequently measured under the amortised cost method. The initial cost of the right-of-use asset comprises the amount of the initial measurement of the lease liability, lease payments made prior to the lease commencement date, initial direct costs and the estimated costs of removing or dismantling the underlying asset per the conditions of the contract.

Where ownership of the right-of-use asset transfers to the lessee at the end of the lease term, the right-of-use asset is depreciated over the asset’s remaining useful life. If ownership of the right-of-use asset does not transfer to the lessee at the end of the lease term, depreciation is charged over the shorter of the useful life of the right-of-use asset and the lease term.

Employee benefit costs

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate.

Operating expenses

Operating expenses are recognised in profit or loss upon utilisation of the service or as incurred. Expenditure for warranties is recognised when the group incurs an obligation, which is typically when the goods are sold or services provided.

Trade and other receivables

Trade and other receivables are recognised initially at fair value and subsequently at their amortised cost less impairment losses based on the Board of Directors' view of the collectability of those receivables. The amount of provision is the difference between the assets carrying amount and the present value of estimated future cash flows.

Cash and cash equivalents

Cash and cash equivalents includes cash in hand, deposits held at call with banks and other short term highly liquid investments with original maturities of three months or less.

Trade and other payables

Trade and other payables are recognised initially at fair value and subsequently stated at amortised cost.

Provisions

A provision is recognised in the balance sheet if, as a result of a past event, there is a present legal or constructive obligation that can be measured reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation.

3.	EMPLOYEES AND DIRECTORS

£'000

Wages and salaries

2,722

Social security costs

346

Other pension costs

58

3,126

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

No.

Sales, servicing, stores and repairs

82

Administration and directors

4

86

The directors' remuneration for the year was as follows:

£'000

Directors' remuneration

77

Directors' employers national insurance contributions

11

Directors' pension contributions to money purchase schemes

3

Total

91

The number of directors to whom retirement benefits were accruing was 1.

4.

INTEREST PAYABLE AND SIMILAR EXPENSES

£'000

Intercompany loan interest

250

Other interest charges

23

Leasing

796

1,069

5.	LOSS BEFORE TAXATION

The loss before taxation is stated after charging:

£'000

Cost of inventories recognised as expense

9,162

Depreciation - owned assets

2,864

Depreciation - assets on finance leases

466

Auditors' remuneration

22

Foreign exchange differences

161

6.

TAXATION

Analysis of tax expense

£'000

Deferred tax

8

Total tax expense in statement of comprehensive income

8

Factors affecting the tax expense

The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below:

£'000

Loss before income tax

(400

)

Loss multiplied by the standard rate of corporation tax in the UK of 25%

(100

)

Effects of:

Expenses not allowable

3

Depreciation in excess of capital allowances

(6

)

Losses not utilised

103

Deferred tax on accelerated capital allowances

8

Tax expense

8

7.	TANGIBLE FIXED ASSETS

Fixtures

Hire

and

Property

fleet

fittings

£'000

COST

Additions

174

230

-

Disposals

(1,654

)

(1,058

)

-

Transferred (BPA)

3,753

63,364

949

At 31 December 2025

2,273

62,536

949

DEPRECIATION

Charge for period

466

2,702

61

Eliminated on disposal

(1,838

)

(825

)

-

Transferred (BPA)

1,838

27,419

580

At 31 December 2025

466

29,296

641

NET BOOK VALUE

At 31 December 2025

1,807

33,240

308

Motor

Computer

vehicles

equipment

Totals

£'000

COST

Additions

82

75

561

Disposals

(116

)

-

(2,828

)

Transferred (BPA)

890

193

69,149

At 31 December 2025

856

268

66,882

DEPRECIATION

Charge for period

79

22

3,330

Eliminated on disposal

(110

)

-

(2,773

)

Transferred (BPA)

475

88

30,400

At 31 December 2025

444

110

30,957

NET BOOK VALUE

At 31 December 2025

412

158

35,925

"Transferred (BPA)" relates to assets which were transferred from sister subsidiary, Rushlift Limited, as a result of a business purchase agreement which took place on 1 July 2025. Assets were acquired at their net book value.

8.

STOCKS

£'000

Truck inventory

80

Parts inventory

105

Work-in-progress

43

228

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£'000

Trade debtors

5,611

Amounts owed by group undertakings

134

Prepayments and accrued income

983

6,728

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

value:

£

100,000

Ordinary

£1

100,000

100,000 Ordinary shares of £1 each were allotted and fully paid for cash at par during the period.

Ordinary shares have full voting, dividend and capital distribution (including on winding up) rights; they do not confer any rights of redemption.

11.

RESERVES

Capital

Retained

contribution

earnings

reserve

Totals

£'000

Deficit for the period

(408

)

(408

)

Capital contribution

-

6,100

At 31 December 2025

(408

)

6,100

5,692

The capital contribution of £6,100k made during the year by the parent company was provided as additional paid-in capital with no issuance of shares, carrying no rights to dividends or repayment.

12.	PROVISIONS FOR LIABILITIES

£'000

Deferred tax

2,687

Deferred

tax

£'000

Provided during period

2,687

Balance at 31 December 2025

2,687

Included within amounts provided in the year, £2,679k relates to the deferred tax transferred from Rushlift Limited on the sale of trade and asset which took place on 1 July 2025.

The amount of the net reversal of deferred tax expected to occur within the next 12 months is £110k, relating to the reversal of existing timing differences on tangible fixed assets.

13.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£'000

Leases (see note 15)

5,882

Trade creditors

510

Amounts owed to group undertakings

11,670

VAT

520

Accruals and deferred income

1,647

20,229

14.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

£'000

Leases (see note 15)

16,702

Interest on right of use assets is charged at a rate equal to the Secured Overnight Financing Rate (SOFR) plus 2.5%.

Interest on finance leases is a fixed rate with an effective interest rate of 7.5%.

Interest on hire purchase is a fixed rate with an effective interest rate of 6.0%.

15.

FINANCIAL LIABILITIES - BORROWINGS

£'000

Current:

Leases (see note 16)

5,882

Non-current:

Leases (see note 16)

16,702

Terms and debt repayment schedule

1 year or

More than

less

1-2 years

2-5 years

5 years

Totals

£'000

Leases

5,882

5,999

8,452

2,251

22,584

16.

LEASING

Right-of-use assets

Tangible fixed assets

£'000

COST

Additions

174

Disposals

(1,697

)

Transferred (BPA)

3,796

2,273

DEPRECIATION

Charge for year

466

Eliminated on disposal

(1,880

)

Transferred (BPA)

1,880

466

NET BOOK VALUE

1,807

The statement of comprehensive income shows the following amounts relating to leases:

£'000

Depreciation charge of right-of-use assets

Properties

466

Interest expense

67

Expense relating to short-term leases

Hire fleet

188

Lease liabilities

Minimum lease payments fall due as follows:

£'000

Gross obligations repayable:

Within one year

7,110

Between one and five years

16,034

In more than five years

2,276

25,420

Finance charges repayable:

Within one year

1,228

Between one and five years

1,583

In more than five years

25

2,836

Net obligations repayable:

Within one year

5,882

Between one and five years

14,451

In more than five years

2,251

22,584

17.	SECURED DEBTS

The following secured debts are included within creditors:

£'000

Leases

22,584

Leases are secured over the assets in which they relate.

18.	ULTIMATE PARENT COMPANY

The company's immediate parent undertaking is Doosan Bobcat EMEA s.r.o. The ultimate parent undertaking and controlling party is Doosan Corporation, a company incorporated in the Republic of Korea.

Doosan Corporation is the largest group that prepares group consolidated financial statements of which the company is a member. Copies of the consolidated financial statements for Doosan Corporation may be obtained from the company at 275, Jangchungdan-ro, jung-gu Seoul, Korea or on the Doosan Corporation website.

Doosan Bobcat EMEA s.r.o. is the smallest group that prepares group consolidated financial statements of which the company is a member. Copies of the consolidated financial statements for Doosan Bobcat EMEA s.r.o. may be obtained from the company at 1810 U Kodetky, Dobris, Czech Republic, 263 01.

19.	CAPITAL COMMITMENTS

£'000

Contracted but not provided for in the

financial statements

321

20.	RELATED PARTY DISCLOSURES

Entities with control, joint control or significant influence over the entity:

£'000

Amounts owed to (gross)

11,548

Interest on a Euro loan between group companies is charged daily at a rate equal to the overnight Euro Short Term Rate (ESTR) plus 1%.

Interest on a Sterling loan between group companies is charged daily at a rate equal to the Sterling Overnight Index Average (SONIA) plus 1%.

Exemption has been taken under IAS 24 not to disclose transactions with wholly owned group companies.

Other related parties:

£'000

Purchases (net)

169

Amounts owed to (gross)

504

Other related parties relate to companies within Doosan Corporation.

Amounts owed are interest free and repayable on demand.

Key management personnel:

Exemption has been taken under IAS 24 paragraph 17 not to disclose the key management personnel remuneration.