REGISTERED NUMBER: 11148347 (England and Wales)

Group Strategic Report, Report of the Directors and

Audited Consolidated Financial Statements

for the Year Ended 31 December 2025

for

Access Platform Sales Holdings Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Consolidated Income Statement

10

Consolidated Other Comprehensive Income

11

Consolidated Balance Sheet

12

Company Balance Sheet

13

Consolidated Statement of Changes in Equity

14

Company Statement of Changes in Equity

15

Consolidated Cash Flow Statement

16

Notes to the Consolidated Cash Flow Statement

17

Notes to the Consolidated Financial Statements

19

DIRECTORS:

C W Banks

S R Couling

J I Daintith

A D Jennings

K B J Shadbolt

A D Bray

REGISTERED OFFICE:

Leewood Business Park

Upton

Huntingdon

Cambridgeshire

PE28 5YQ

REGISTERED NUMBER:

11148347 (England and Wales)

AUDITORS:

D.R.E. & Co. (Audit) Limited

7 Lower Brook Street

Oswestry

Shropshire

SY11 2HG

The directors present their strategic report of the company and the group for the year ended 31 December 2025.

The group has chosen in accordance with the Companies Act 2006. s.414C(11) to set out in the group's strategic report information required by Sch.7 to the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 (SI 2008/410) to be contained in the directors' report. It has done so in respect of the review of business and a description of the principal risks and uncertainties facing the group.

REVIEW OF BUSINESS

The financial year ended 2025 represented the first year of a strategic development programme aimed at strengthening the group's market position, improving operational efficiency and building a platform for sustainable long-term growth.

The loss of the LGMG UK distribution agreement resulted in turnover dropping by 36 % from 28 Mill to £17.8 Mill. This delivered a loss of -£445,216, after taxation. Sales of other products within the group's portfolio exceeded the previous years levels and overall margins improved by 2.7% to 17.25%.

The Directors continued to maintain a disciplined approach to cost control whilst making targeted investments in systems, digital capability and service infrastructure to support future growth.

A comprehensive review of the group's market positioning, operational processes and customer engagement model was undertaken during the year. This work enabled the business to refine its strategic focus and identify opportunities to strengthen its offering across both equipment sales and aftermarket services.

Operational efficiency was a key priority during the year. A review of internal processes identified opportunities to streamline operations through improved systems integration, automation of certain administrative tasks and more structured operational workflows. The group also continued to invest in employee training and development in order to strengthen internal capability and support future expansion.

The Directors recognise that strong aftercare capability is a key differentiator in the capital equipment market. During the year the group began strengthening its parts, service and maintenance offering in order to increase recurring revenue streams and enhance customer satisfaction. Initiatives included improving parts stock availability, developing more structured parts replenishment processes and expanding service capacity, with particular focus on the growth of service and maintenance contracts.

The group also undertook a review of its strategic distribution relationships in order to ensure long-term resilience and support the next phase of growth. This included identifying potential new partnerships while mitigating any potential revenue impact associated with changes to existing commercial arrangements.

PRINCIPAL RISKS AND UNCERTAINTIES

The group faces a range of risks and uncertainties as part of its day to day operations. Significant risk factors identified include:

- Potential changes in distribution policy by principal suppliers.

In order to combat this threat, the group is continuing to develop closer relationships with manufacturers for whom distribution agreements are already in place as well as seeking new opportunities.

The group's principal financial assets are stock, bank balances and cash, trade and other receivables, and investments. The company's credit risk is primarily attributable to its trade receivables. The amounts presented in the accounts are net of allowances for doubtful receivables.

The group has no significant concentration of credit risk, with exposure spread over a large number of customers.

In order to maintain liquidity and to ensure that sufficient funds are available for ongoing operations and future developments, the group continues to use an invoice discounting facility with BNP Commercial Finance.

ON BEHALF OF THE BOARD:

A D Jennings - Director

15 June 2026

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2025.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of the sale of hydraulic access platforms and materials handling equipment and associated support services.

DIVIDENDS

No dividends have been distributed in the year (2024: £249,998).

FUTURE DEVELOPMENTS

The Directors remain confident in the long-term prospects for the business. The strategic initiatives implemented during 2025 have established a strong operational and commercial platform from which the group can pursue further growth.

Key priorities for the coming year include expanding the group's product portfolio, strengthening relationships with key manufacturing partners and further developing digital marketing capabilities to target sector-specific end users.

In addition, the Directors intend to re-establish the PSR brand to support national aftermarket activities, with a new subsidiary expected to commence trading during 2026.

These initiatives are expected to support continued growth in both equipment sales and aftermarket revenues, while strengthening the group's position within the specialist working-at-height sector.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

C W Banks

S R Couling

J I Daintith

A D Jennings

K B J Shadbolt

Other changes in directors holding office are as follows:

Ms H L Treggalles - resigned 14 July 2025

A D Bray - appointed 7 July 2025

S Paver ceased to be a director after 31 December 2025 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and 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 group's auditors are aware of that information.

AUDITORS

The auditors, D.R.E. & Co. (Audit) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

A D Jennings - Director

15 June 2026

Opinion

We have audited the financial statements of Access Platform Sales Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2025 and of the group's loss for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

Our responsibilities and the responsibilities of the 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 Group 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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on pages four and five, 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 group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

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:

-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 client's operating sector;

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

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

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

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

-making enquiries of management as to their knowledge of actual, suspected and alleged fraud; and

-reviewing the client's system notes and internal controls.

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

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

-tested journal entries to identify unusual transactions;

-assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias;

-investigated the rationale behind significant or unusual transactions.

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

-agreeing financial statement disclosures to underlying supporting documentation;

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

- reviewing correspondence with HMRC.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

Aled Davies F.C.C.A (Senior Statutory Auditor)

for and on behalf of D.R.E. & Co. (Audit) Limited

7 Lower Brook Street

Oswestry

Shropshire

SY11 2HG

15 June 2026

TURNOVER

3

17,829,811

28,004,043

Cost of sales

14,754,215

23,940,674

GROSS PROFIT

3,075,596

4,063,369

Distribution costs

1,400,107

1,766,617

Administrative expenses

2,036,801

1,812,622

3,436,908

3,579,239

OPERATING (LOSS)/PROFIT

5

(361,312

)

484,130

Interest receivable and similar income

2,948

-

(358,364

)

484,130

Interest payable and similar expenses

6

127,486

459,982

(LOSS)/PROFIT BEFORE TAXATION

(485,850

)

24,148

Tax on (loss)/profit

7

(40,634

)

83,550

LOSS FOR THE FINANCIAL YEAR

(445,216

)

(59,402

)

Loss attributable to:

Owners of the parent

(445,216

)

(59,402

)

LOSS FOR THE YEAR

(445,216

)

(59,402

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(445,216

)

(59,402

)

Total comprehensive income attributable to:

Owners of the parent

(445,216

)

(59,402

)

FIXED ASSETS

Intangible assets

10

592,887

856,391

Tangible assets

11

840,795

868,996

Investments

12

-

-

1,433,682

1,725,387

CURRENT ASSETS

Stocks

13

6,460,246

4,375,366

Debtors

14

3,603,604

6,403,430

Cash at bank and in hand

210,507

353,235

10,274,357

11,132,031

CREDITORS

Amounts falling due within one year

15

7,379,830

8,091,655

NET CURRENT ASSETS

2,894,527

3,040,376

TOTAL ASSETS LESS CURRENT LIABILITIES

4,328,209

4,765,763

PROVISIONS FOR LIABILITIES

19

182,645

174,983

NET ASSETS

4,145,564

4,590,780

CAPITAL AND RESERVES

Called up share capital

20

737,978

737,978

Retained earnings

21

3,407,586

3,852,802

SHAREHOLDERS' FUNDS

26

4,145,564

4,590,780

The financial statements were approved by the Board of Directors and authorised for issue on 15 June 2026 and were signed on its behalf by:

A D Jennings - Director

FIXED ASSETS

Intangible assets

10

-

-

Tangible assets

11

-

-

Investments

12

3,000,501

3,000,501

3,000,501

3,000,501

CURRENT ASSETS

Debtors

14

1,000

1,000

Cash at bank

342

342

1,342

1,342

CREDITORS

Amounts falling due within one year

15

1

1

NET CURRENT ASSETS

1,341

1,341

TOTAL ASSETS LESS CURRENT LIABILITIES

3,001,842

3,001,842

CAPITAL AND RESERVES

Called up share capital

20

737,978

737,978

Retained earnings

21

2,263,864

2,263,864

SHAREHOLDERS' FUNDS

26

3,001,842

3,001,842

Company's profit for the financial year

-

250,000

The financial statements were approved by the Board of Directors and authorised for issue on 15 June 2026 and were signed on its behalf by:

A D Jennings - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2024

737,978

4,162,202

4,900,180

Changes in equity

Dividends

-

(249,998

)

(249,998

)

Total comprehensive income

-

(59,402

)

(59,402

)

Balance at 31 December 2024

737,978

3,852,802

4,590,780

Changes in equity

Total comprehensive income

-

(445,216

)

(445,216

)

Balance at 31 December 2025

737,978

3,407,586

4,145,564

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2024

737,978

2,263,862

3,001,840

Changes in equity

Dividends

-

(249,998

)

(249,998

)

Total comprehensive income

-

250,000

250,000

Balance at 31 December 2024

737,978

2,263,864

3,001,842

Changes in equity

Balance at 31 December 2025

737,978

2,263,864

3,001,842

Cash flows from operating activities

Cash generated from operations

1

3,387,053

1,783,152

Interest paid

(119,490

)

(446,138

)

Interest element of hire purchase payments paid

(7,996

)

(13,844

)

Tax paid

(47,872

)

(347,810

)

Net cash from operating activities

3,211,695

975,360

Cash flows from investing activities

Purchase of tangible fixed assets

(304,866

)

(290,883

)

Sale of tangible fixed assets

73,311

102,017

Interest received

2,948

-

Net cash from investing activities

(228,607

)

(188,866

)

Cash flows from financing activities

Capital repayments in year

(44,559

)

(77,756

)

Amount introduced by directors

90,450

94,940

Amount withdrawn by directors

(301,952

)

-

Equity dividends paid

-

(249,998

)

Net cash from financing activities

(256,061

)

(232,814

)

Increase in cash and cash equivalents

2,727,027

553,680

Cash and cash equivalents at beginning of year

2

(4,416,234

)

(4,969,914

)

Cash and cash equivalents at end of year

2

(1,689,207

)

(4,416,234

)

1.	RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.12.25

31.12.24

£

£

(Loss)/profit before taxation

(485,850

)

24,148

Depreciation charges

559,918

610,771

Profit on disposal of fixed assets

(36,658

)

(21,884

)

Finance costs

127,486

459,982

Finance income

(2,948

)

-

161,948

1,073,017

(Increase)/decrease in stocks

(2,084,880

)

4,870,192

Decrease in trade and other debtors

3,100,479

433,762

Increase/(decrease) in trade and other creditors

2,209,506

(4,593,819

)

Cash generated from operations

3,387,053

1,783,152

2.	CASH AND CASH EQUIVALENTS

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

Year ended 31 December 2025

31.12.25

1.1.25

£

£

Cash and cash equivalents

210,507

353,235

Bank overdrafts

(1,899,714

)

(4,769,469

)

(1,689,207

)

(4,416,234

)

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

353,235

377,598

Bank overdrafts

(4,769,469

)

(5,347,512

)

(4,416,234

)

(4,969,914

)

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.1.25

Cash flow

At 31.12.25

£

£

£

Net cash

Cash at bank and in hand

353,235

(142,728

)

210,507

Bank overdrafts

(4,769,469

)

2,869,755

(1,899,714

)

(4,416,234

)

2,727,027

(1,689,207

)

Debt

Finance leases

(44,559

)

44,559

-

(44,559

)

44,559

-

Total

(4,460,793

)

2,771,586

(1,689,207

)

1.	STATUTORY INFORMATION

Access Platform Sales Holdings 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 General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

The presentation currency of the financial statements is Pound Sterling (£), rounded to the nearest £1.

The financial statements are for the group as well as the individual entity.

Basis of consolidation

The Group financial statements consolidate the financial statements of the Company and its subsidiary undertakings drawn up to 31st December each year.

All subsidiary undertakings included within the consolidation are fully owned.

All companies have coterminous year ends. Inter group transactions have been eliminated from the financial statements and subsidiary results have been restated, where possible to reflect comparable accounting policies. The financial statements include the companies listed within note 12 to the accounts:

Access Platform Sales (Holdings) Limited: Parent company

Access Platform Sales Limited: 100% subsidiary

Platform Service & Repair Limited: 100% subsidiary

Significant judgements and estimates

The group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

The group makes estimates of the recoverable value of trade debtors. When assessing impairment of trade debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

The group makes an estimate of the warranty provision required. When assessing the provision management consider factors including the previous history if claims and current sales which are eligible.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue Recognition

Income is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2018, is being amortised evenly over its estimated useful life of ten years.