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REGISTERED NUMBER: 13748746 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 October 2025

for

Anglo Welsh (Holdings) Limited

Anglo Welsh (Holdings) Limited (Registered number: 13748746)

Contents of the Financial Statements

for the Year Ended 31 October 2025

Page |

Company Information | 1 |

Balance Sheet | 2 |

Notes to the Financial Statements | 4 |

Anglo Welsh (Holdings) Limited

Company Information

for the Year Ended 31 October 2025

| DIRECTORS: | R J Kupa

| S J Medlock

| P J Medlock

| REGISTERED OFFICE: | Suite 4 St George's Lodge

| 33 Oldfield Road

| Bath

| Banes

| BA2 3NE

| REGISTERED NUMBER: | 13748746 (England and Wales)

| ACCOUNTANTS: | O'Sullivan Hughes Limited

| 185 Wellsway

| Keynsham

| Bristol

| BS31 1JJ

Anglo Welsh (Holdings) Limited (Registered number: 13748746)

Balance Sheet

31 October 2025

| 2025 |  | 2024

| Notes | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 633,938 |  | 693,429 |  |

Investments | 5 | 1,200,000 |  | 2,832,623 |  |

1,833,938 |  | 3,526,052 |  |

CURRENT ASSETS

Debtors | 6 | 334,135 |  | 517,520 |  |

CREDITORS

Amounts falling due within one year | 7 | (3,025,507 | ) | (3,229,449 | ) |

NET CURRENT LIABILITIES | (2,691,372 | ) | (2,711,929 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | (857,434 | ) | 814,123 |  |

PROVISIONS FOR LIABILITIES | (131,337 | ) | (133,863 | ) |

NET (LIABILITIES)/ASSETS | (988,771 | ) | 680,260 |  |

CAPITAL AND RESERVES

Called up share capital | 99,999 |  | 99,999 |  |

Retained earnings | (1,088,770 | ) | 580,261 |  |

(988,771 | ) | 680,260 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Anglo Welsh (Holdings) Limited (Registered number: 13748746)

Balance Sheet - continued

31 October 2025

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 July 2026 and were signed on its behalf by:

S J Medlock - Director

Anglo Welsh (Holdings) Limited (Registered number: 13748746)

Notes to the Financial Statements

for the Year Ended 31 October 2025

1. | STATUTORY INFORMATION

| Anglo Welsh (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 Company Information page.

| The principal activity of the company in the year under review continued to be that of a holding company for its group companies and the hire of narrowboats under sponsorship to its subsidiary company, Anglo Welsh Limited.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

| The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.

| Going Concern

| At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

| Turnover

| Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

| When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

| Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Anglo Welsh (Holdings) Limited (Registered number: 13748746)

Notes to the Financial Statements - continued

for the Year Ended 31 October 2025

2. | ACCOUNTING POLICIES - continued

| Tangible fixed assets

| Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

| Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

| Narrowboats 5% Straight line

| The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

| Impairment of Fixed Assets

| At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

| Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

| If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

| Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Anglo Welsh (Holdings) Limited (Registered number: 13748746)

Notes to the Financial Statements - continued

for the Year Ended 31 October 2025

2. | ACCOUNTING POLICIES - continued

| Investments in subsidiaries

| Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

| A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

| An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

| Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

| Cash and cash equivalents

| Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

| Financial instruments

| The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised 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, amounts due from group undertakings and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

| Basic financial liabilities

| Basic financial liabilities, including trade and other creditors and amounts due to group undertakings are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.

Anglo Welsh (Holdings) Limited (Registered number: 13748746)

Notes to the Financial Statements - continued

for the Year Ended 31 October 2025

2. | ACCOUNTING POLICIES - continued

| Taxation

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

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

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

| Deferred tax

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

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

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

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was NIL (2024 - 3 ).

4. | TANGIBLE FIXED ASSETS

| Narrowboat

£ |

| COST

| At 1 November 2024 | 729,925 |  |

| Disposals | (25,550 | ) |

| At 31 October 2025 | 704,375 |  |

| DEPRECIATION

| At 1 November 2024 | 36,496 |  |

| Charge for year | 35,219 |  |

| Eliminated on disposal | (1,278 | ) |

| At 31 October 2025 | 70,437 |  |

| NET BOOK VALUE

| At 31 October 2025 | 633,938 |  |

| At 31 October 2024 | 693,429 |  |

Anglo Welsh (Holdings) Limited (Registered number: 13748746)

Notes to the Financial Statements - continued

for the Year Ended 31 October 2025

5. | FIXED ASSET INVESTMENTS

| Shares in

| group

| undertakin

£ |

| COST

| At 1 November 2024

| and 31 October 2025 | 2,832,623 |  |

| PROVISIONS

| Provision for year | 1,632,623 |  |

| At 31 October 2025 | 1,632,623 |  |

| NET BOOK VALUE

| At 31 October 2025 | 1,200,000 |  |

| At 31 October 2024 | 2,832,623 |  |

| On the 3 February 2026 the company sold its investments in Anglo Welsh Limited, Sally Narrowboats Limited, Silsden Boats Limited and Silsden Boats (Holidays) Limited to SG Aerospace (UK) Limited for a total consideration of £1,200,000.

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

2025 | 2024 |

£ | £ |

| Amounts owed by group undertakings | 334,135 |  | 463,634 |  |

| Other debtors | - |  | 53,886 |  |

334,135 |  | 517,520 |  |

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

2025 | 2024 |

£ | £ |

| Amounts owed to group undertakings | 1,596,686 |  | 1,733,442 |  |

| Taxation and social security | 9,079 |  | 8,942 |  |

| Other creditors | 1,419,742 |  | 1,487,065 |  |

3,025,507 |  | 3,229,449 |  |

Anglo Welsh (Holdings) Limited (Registered number: 13748746)

Notes to the Financial Statements - continued

for the Year Ended 31 October 2025

8. | RELATED PARTY DISCLOSURES

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

| Included within other creditors are interest-free loans from the directors, which are unsecured and repayable on demand. The balances at the year-end were as follows:

| P J Medlock £465,742 (2024 - £200,000)

| S J Medlock £477,000 (2024 - £200,000)

| R J Kupa £477,000 (2024 - £200,000)

| During the year, the company sold a narrowboat to P Medlock, a director of the company. The asset had a net book value of £9,381 and was sold for a total consideration of £9,381.

| During the year, the company entered into transactions with other companies under the common control or significant influence of the Medlock family, who are directors and/or shareholders of this company.

| During the year the company was charged interest on related party loans of £Nil (2024: £23,121).

| At 31 October 2025, included within creditors is an amount of £Nil (2024: £881,251) and included within debtors an amount of £Nil (2024: £56,064).

9. | POST BALANCE SHEET EVENTS

| On the 3 February 2026 the company sold its investments in Anglo Welsh Limited, Sally Narrowboats Limited, Silsden Boats Limited and Silsden Boats (Holidays) Limited to SG Aerospace (UK) Limited for a total consideration of £1,200,000.

| In addition, the company transferred it's fixed assets to Anglo Welsh Limited on 31 January 2026 at their net book value of £613,242.