REGISTERED NUMBER: 02568016 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

NIJMAN ZEETANK INTERNATIONAL TRANSPORT

LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Statement of Comprehensive Income

6

Balance Sheet

7

Statement of Changes in Equity

8

Cash Flow Statement

9

Notes to the Cash Flow Statement

10

Notes to the Financial Statements

11

DIRECTORS:

Mr M S Day

Mr W J Owen

Mr C R Van Noordt

Mr D S Cegielski

REGISTERED OFFICE:

Washway Lane

St Helens

Merseyside

WA10 6PE

REGISTERED NUMBER:

02568016 (England and Wales)

AUDITORS:

Livesey Spottiswood Ltd

Chartered Accountants and

Statutory Auditors

17 George Street

St Helens

Merseyside

WA10 1DB

The directors present their strategic report for the year ended 31 December 2025.

Road transport remains the principal business of the Company and the majority of its transport deliveries involve the movement of float glass from its base in St Helens, Merseyside, to destinations within Europe.

REVIEW OF BUSINESS

The Company renewed is entire fleet of HGVs in 2023 and has therefore been in a good position to service its main contract to a high level prior to the contract renewal date at the end of the first quarter of 2027.

The Company monitors it performance by the use of transport related KPls and standard accounting measures including profit and loss analysis, cash flow monitoring and cost control measures. The business has been impacted since the pandemic in 2020 by inflation in drivers' wages caused by the shortage of HGV drivers in relation to the demand for their services after business levels returned to a more normal level in 2021. There remains a continuing, high demand for HGV drivers throughout Europe, which is a trend that looks unlikely to reverse in the foreseeable future. There is also a distinct trend in that the attraction of a job which often involves being away from home five nights a week is not appealing either to younger people in general or to an increasing percentage of existing HGV drivers.

The Company monitors its profit margin against costs including drivers' wages, fuel, vehicle insurance, and other vehicle ownership costs including maintenance. In the last three years this percentage has been 11.96% in 2023, 13.68% in 2024 and 10.66% in 2025. The Company also regularly communicates with customers regarding actual delivery performance to target whereby most Company deliveries are on a timed basis and the Company is expected to deliver at least 95% of loads within a 15-minute window of the expected delivery time.

Road transport in general is not a high profit margin business and the Company is aware that there is a need to remain vigilant in its control of operating and other business costs. The Company's fleet size is 42 vehicles and it is extremely important to utilize these vehicles as close as possible to 100% of capacity on a weekly basis as it is only possible to generate profits with the current Company structure if the business is operating in an efficient manner. The Company was acquired by Trans Polonia S.A., a Polish transport group, quoted on the Warsaw Stock Exchange, on 30th September 2025. Being part of a larger group of companies should benefit the Company in the short to medium term as greater financial resources are now available for future investment.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks facing the Company is the demand for its services and the control of its operating costs. The Company's main contract comes up for renewal in 2027 and it is of paramount importance that this contract is renewed which will only be accomplished by providing the customer with a high service level and a pro-active strategy in continuing to develop measures to increase efficiency and reduce both costs and greenhouse gas emissions during transport deliveries.

The Company works for a quite limited number of customers and its ability to pass on cost increases by way of higher charges is not automatic. The huge increase in fuel costs in March and April 2026 due to the war in the Middle East is a major cause of uncertainty and stress to the outlook for the world economy. The Company therefore constantly reviews ways to improve efficiency and reduce operating cost for its customers. The Company offers a high-performance level model and believes that the charges it makes to its customers continue to offer very good value for money.

ON BEHALF OF THE BOARD:

Mr M S Day - Director

15 July 2026

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

DIVIDENDS

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

DIRECTORS

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

Mr M S Day

Mr W J Owen

Mr C R Van Noordt

Other changes in directors holding office are as follows:

Mr D S Cegielski - appointed 30 September 2025

QUALIFYING THIRD PARTY INDEMNITY PROVISIONS

A qualifying third party indemnity provision as defined in section 234 of the Companies Act 2006, applicable to all of the company's directors was in place during the financial year and continues to be in force as at the date these financial statements were approved.

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.

ON BEHALF OF THE BOARD:

Mr M S Day - Director

15 July 2026

Opinion

We have audited the financial statements of Nijman Zeetank International Transport Limited (the 'company') for the year ended 31 December 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 31 December 2025 and of its 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 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 three, 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:

- Discussions with management and those involved in the financial reporting process including consideration of known or suspected instances of non-compliance with laws and regulations central to the company's ability to operate, and fraud;

- Evaluation and testing of the operating effectiveness of management's controls designed to prevent and detect irregularities; and

- Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations or of significant monetary amounts.

There are inherent limitations in the audit procedures described above. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through 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.

Mr Andrew McMinnis FCA FCCA (Senior Statutory Auditor)

for and on behalf of Livesey Spottiswood Ltd

Chartered Accountants and

Statutory Auditors

17 George Street

St Helens

Merseyside

WA10 1DB

20 July 2026

TURNOVER

9,243,332

8,660,037

Cost of sales

(7,299,127

)

(6,615,828

)

GROSS PROFIT

1,944,205

2,044,209

Administrative expenses

(1,828,971

)

(1,790,642

)

115,234

253,567

Other operating income

154,330

149,250

OPERATING PROFIT

4

269,564

402,817

Interest receivable and similar income

-

6,312

269,564

409,129

Interest payable and similar expenses

5

(296,206

)

(341,318

)

(LOSS)/PROFIT BEFORE TAXATION

(26,642

)

67,811

Tax on (loss)/profit

6

4,662

(23,789

)

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(21,980

)

44,022

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(21,980

)

44,022

FIXED ASSETS

Intangible assets

7

-

-

Tangible assets

8

4,305,980

4,762,102

4,305,980

4,762,102

CURRENT ASSETS

Stocks

9

3,890

5,760

Debtors

10

1,935,756

1,933,792

Cash at bank and in hand

283,005

23,315

2,222,651

1,962,867

CREDITORS

Amounts falling due within one year

11

(1,545,966

)

(1,820,081

)

NET CURRENT ASSETS

676,685

142,786

TOTAL ASSETS LESS CURRENT LIABILITIES

4,982,665

4,904,888

CREDITORS

Amounts falling due after more than one year

12

(3,952,876

)

(3,853,119

)

NET ASSETS

1,029,789

1,051,769

CAPITAL AND RESERVES

Called up share capital

16

100,000

100,000

Retained earnings

17

929,789

951,769

SHAREHOLDERS' FUNDS

1,029,789

1,051,769

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

Mr M S Day - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2024

100,000

907,747

1,007,747

Changes in equity

Total comprehensive income

-

44,022

44,022

Balance at 31 December 2024

100,000

951,769

1,051,769

Changes in equity

Total comprehensive income

-

(21,980

)

(21,980

)

Balance at 31 December 2025

100,000

929,789

1,029,789

Cash flows from operating activities

Cash generated from operations

1

964,591

1,139,478

Interest paid

(10,230

)

(13,000

)

Interest element of hire purchase payments paid

(285,976

)

(328,318

)

Net cash from operating activities

668,385

798,160

Cash flows from investing activities

Purchase of tangible fixed assets

(214,804

)

(428,522

)

Sale of tangible fixed assets

11,800

5,500

Interest received

-

6,312

Net cash from investing activities

(203,004

)

(416,710

)

Cash flows from financing activities

New loans in year

700,000

-

Capital repayments in year

(553,909

)

(505,808

)

Net cash from financing activities

146,091

(505,808

)

Increase/(decrease) in cash and cash equivalents

611,472

(124,358

)

Cash and cash equivalents at beginning of year

2

(322,419

)

(185,960

)

Effect of foreign exchange rate changes

(6,048

)

(12,101

)

Cash and cash equivalents at end of year

2

283,005

(322,419

)

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

2025

2024

£

£

(Loss)/profit before taxation

(26,642

)

67,811

Depreciation charges

670,926

630,034

Profit on disposal of fixed assets

(11,800

)

(5,500

)

Foreign exchange variances

6,048

12,101

Finance costs

296,206

341,318

Finance income

-

(6,312

)

934,738

1,039,452

Decrease/(increase) in stocks

1,870

(3,610

)

Decrease/(increase) in trade and other debtors

2,698

(10,740

)

Increase in trade and other creditors

25,285

114,376

Cash generated from operations

964,591

1,139,478

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

283,005

23,315

Bank overdrafts

-

(345,734

)

283,005

(322,419

)

Year ended 31 December 2024

31/12/24

1/1/24

£

£

Cash and cash equivalents

23,315

8,998

Bank overdrafts

(345,734

)

(194,958

)

(322,419

)

(185,960

)

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

23,315

259,690

283,005

Bank overdrafts

(345,734

)

345,734

-

(322,419

)

605,424

283,005

Debt

Finance leases

(3,801,235

)

553,909

(3,247,326

)

Debts falling due after 1 year

(600,000

)

(700,000

)

(1,300,000

)

(4,401,235

)

(146,091

)

(4,547,326

)

Total

(4,723,654

)

459,333

(4,264,321

)

1.	STATUTORY INFORMATION

Nijman Zeetank International Transport 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.

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 company's functional and presentational currency is GBP. All mounts in these financial statements have been rounded to the nearest pound.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Related party exemption

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

Significant judgements and estimates

In the application of the company's accounting policies as set out below, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Management consider that the following have the most significant effect on the amounts recognised in the financial statements:

Tangible fixed assets (see note 8) are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycle and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Deferred tax assets are recognised to the extent that it is probable that sufficient future taxable profits will be available against which the unused taxation losses from review of future profitability forecasts. The tax rates used are those that have been enacted or substantively enacted by the balance sheet date and may be subject to change by the UK Government.

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

-the amount of turnover can be measured reliably

-it is probable that the Company will receive the consideration due under the contract.

-the stage of completion of the contract at the end of the reporting period can be measured reliably; and

-the costs incurred and the costs to complete the contract can be measured reliably.

Pensions

The company operated 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 the income statement when they fall due. Amounts not paid are shown in accruals as a liability in the statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Finance costs

Finance costs are charged to the income statement over the term of the debt using the effective interest method so that the amount charged is at a consistent rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Tangible fixed assets

Tangible fixed assets 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 a manner intended by management.

At each reporting date, the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined, which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

The cost of replacing a part of fixed assets added to carrying value of fixed assets where the replacement part is expected to provide incremental benefits to the Company. Repairs and maintenance are charged to the income statement during the period in which they are incurred.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual values over their estimated useful lives using the straight line method.

Depreciation is provided on the following basis:

Freehold property

-

4% to 10% per annum

Trucks, trailers, tools and equipment

-

14.29% to 50% per annum

Fixtures and fittings

-

20% to 50% per annum

Motor vehicles

-

20% - 33.33% per annum

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 the income statement.

Stocks

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

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.

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.

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the statement of financial position date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the statement of financial position date.

Financial instruments

Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligations, rather than its legal form.

The Company's cash at bank and in hand and trade and other debtors and its trade and other creditors and bank overdrafts are measured initially at the transaction price, including transactions costs, and subsequently at amortised cost using the effective interest method. Debt instructions that are payable or receivable within one year are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Taxation

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

Foreign currencies

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the income statement 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 benefits from the use of the leased asset.

Going concern

In accordance with their responsibilities as directors, the directors have considered the appropriateness of the going concern basis in preparing the accounts.

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for at least twelve months from the date on which the financial statements were approved. For this reason, they continue to adopt the going concern basis in preparing the accounts.

3.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

2,760,638

2,701,907

Social security costs

347,600

278,034

Other pension costs

145,536

121,817

3,253,774

3,101,758

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

2025

2024

Direct

46

46

Management and administration

9

9

55

55

2025

2024

£

£

Directors' remuneration

191,272

189,780

Directors' pension contributions to money purchase schemes

32,732

14,003

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

2

2

4.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2025

2024

£

£

Depreciation - owned assets

163,797

122,905

Depreciation - assets on hire purchase contracts

507,129

507,129

Profit on disposal of fixed assets

(11,800

)

(5,500

)

Auditors' remuneration

9,000

14,500

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Bank interest

10,230

-

Intergroup loan interest

-

13,000

Hire purchase interest

285,976

328,318

296,206

341,318

6.

TAXATION

Analysis of the tax (credit)/charge

The tax (credit)/charge on the loss for the year was as follows:

2025

2024

£

£

Deferred tax

(4,662

)

23,789

Tax on (loss)/profit

(4,662

)

23,789

Reconciliation of total tax (credit)/charge included in profit and loss

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

2025

2024

£

£

(Loss)/profit before tax

(26,642

)

67,811

(Loss)/profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

(6,661

)

16,953

Effects of:

Expenses not deductible for tax purposes

-

5,999

Depreciation in excess of capital allowances

139,115

53,673

Utilisation of tax losses

(132,454

)

(76,625

)

Movement in deferred tax

(4,662

)

23,789

Total tax (credit)/charge

(4,662

)

23,789

7.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2025

and 31 December 2025

100,000

AMORTISATION

At 1 January 2025

and 31 December 2025

100,000

NET BOOK VALUE

At 31 December 2025

-

At 31 December 2024

-