IRIS Accounts Production v26.1.10.61 SC776218 Board of Directors 31.12.24 1.8.24 31.12.24 31.12.24 Medium entities These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. construction activities true true true false true true false false false false false false true false iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh SC776218 2024-07-31 SC776218 2024-12-31 SC776218 2024-08-01 2024-12-31 SC776218 2023-07-17 SC776218 2023-07-18 2024-07-31 SC776218 2024-07-31 SC776218 ns15:Scotland 2024-08-01 2024-12-31 SC776218 ns14:PoundSterling 2024-08-01 2024-12-31 SC776218 ns10:Director1 2024-08-01 2024-12-31 SC776218 ns10:Consolidated 2024-12-31 SC776218 ns10:ConsolidatedGroupCompanyAccounts 2024-08-01 2024-12-31 SC776218 ns10:PrivateLimitedCompanyLtd 2024-08-01 2024-12-31 SC776218 ns10:Consolidated ns10:MediumEntities 2024-08-01 2024-12-31 SC776218 ns10:Consolidated ns10:Audited 2024-08-01 2024-12-31 SC776218 ns10:SmallCompaniesRegimeForAccounts 2024-08-01 2024-12-31 SC776218 ns10:Consolidated 2024-08-01 2024-12-31 SC776218 ns10:Consolidated ns10:Medium-sizedCompaniesRegimeForDirectorsReport 2024-08-01 2024-12-31 SC776218 ns10:Medium-sizedCompaniesRegimeForAccounts ns10:Consolidated 2024-08-01 2024-12-31 SC776218 ns10:FullAccounts 2024-08-01 2024-12-31 SC776218 ns5:Subsidiary1 2024-08-01 2024-12-31 SC776218 ns5:Subsidiary2 2024-08-01 2024-12-31 SC776218 ns5:Subsidiary3 2024-08-01 2024-12-31 SC776218 1 2024-08-01 2024-12-31 SC776218 ns10:Director2 2024-08-01 2024-12-31 SC776218 ns10:Director3 2024-08-01 2024-12-31 SC776218 ns10:RegisteredOffice 2024-08-01 2024-12-31 SC776218 ns10:Consolidated 2023-07-18 2024-07-31 SC776218 ns5:CurrentFinancialInstruments 2024-12-31 SC776218 ns5:CurrentFinancialInstruments 2024-07-31 SC776218 ns5:Non-currentFinancialInstruments 2024-12-31 SC776218 ns5:Non-currentFinancialInstruments 2024-07-31 SC776218 ns5:ShareCapital 2024-12-31 SC776218 ns5:ShareCapital 2024-07-31 SC776218 ns5:RetainedEarningsAccumulatedLosses 2024-12-31 SC776218 ns5:RetainedEarningsAccumulatedLosses 2024-07-31 SC776218 ns5:ShareCapital 2023-07-18 2024-07-31 SC776218 ns5:RetainedEarningsAccumulatedLosses 2023-07-18 2024-07-31 SC776218 ns5:RetainedEarningsAccumulatedLosses 2024-08-01 2024-12-31 SC776218 ns5:NetGoodwill 2024-08-01 2024-12-31 SC776218 ns5:OwnedOrFreeholdAssets ns5:LandBuildings 2024-08-01 2024-12-31 SC776218 ns5:LeaseholdImprovements 2024-08-01 2024-12-31 SC776218 ns5:PlantMachinery 2024-08-01 2024-12-31 SC776218 ns5:FurnitureFittings 2024-08-01 2024-12-31 SC776218 ns5:MotorVehicles 2024-08-01 2024-12-31 SC776218 ns5:ComputerEquipment 2024-08-01 2024-12-31 SC776218 ns5:CostValuation 2024-07-31 SC776218 1 ns5:Subsidiary1 2024-08-01 2024-12-31 SC776218 ns5:Subsidiary2 3 2024-08-01 2024-12-31 SC776218 5 ns5:Subsidiary3 2024-08-01 2024-12-31

REGISTERED NUMBER: SC776218 (Scotland)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements

For The Period 1 August 2024 to 31 December 2024

for

Mellex Group Holdings Limited

| Mellex Group Holdings Limited (Registered number: SC776218) |

Contents of the Consolidated Financial Statements

For The Period 1 August 2024 to 31 December 2024

Page |

| Company Information | 1 |

| Group Strategic Report | 2 |

| Report of the Directors | 3 |

| Report of the Independent Auditors | 5 |

| Consolidated Statement of Comprehensive Income | 9 |

| Consolidated Statement of Financial Position | 10 |

| Company Statement of Financial Position | 11 |

| Consolidated Statement of Changes in Equity | 12 |

| Company Statement of Changes in Equity | 13 |

| Consolidated Statement of Cash Flows | 14 |

| Notes to the Consolidated Statement of Cash Flows | 15 |

| Notes to the Consolidated Financial Statements | 17 |

| Mellex Group Holdings Limited |

Company Information

For The Period 1 August 2024 to 31 December 2024

| DIRECTORS: | L Aitchison

| D F Mellish

| C J Mellish

| REGISTERED OFFICE: | Crossmill

| Glasgow Road, Barrhead

| United Kingdom

| Glasgow

| G78 1TG

| REGISTERED NUMBER: | SC776218 (Scotland)

| INDEPENDENT AUDITORS: | Robb Ferguson

| Chartered Accountants & Statutory Auditors

| Regent Court

| 70 West Regent Street

| Glasgow

| G2 2QZ

| Mellex Group Holdings Limited (Registered number: SC776218) |

Group Strategic Report

For The Period 1 August 2024 to 31 December 2024

The directors present their strategic report on the group for the period 01 August 2024 to 31 December 2024.

REVIEW OF BUSINESS

During the period, turnover was £6.3m, gross margin 15.9% and EBITDA was £1.87m. It is the director's strategy to expand upon the continued growth of the group and seek to further expand the business.

PRINCIPAL RISKS AND UNCERTAINTIES

The process of risk acceptance and risk management is addressed through internal controls and policies discussed and adopted through Board approval and ongoing review by management. The Board is responsible for satisfying itself that adequate internal controls are in place to manage financial risks and that controls operate effectively. The Board identify the risks that each business activity, and the Company as a whole, is exposed to and their impact on business performance. This Board decision making process takes places through formal meetings and is risk based, focusing on ensuring we have the financial strength and capital adequacy to support the growth of the business. Primarily the business is exposed to the following risks and uncertainties:

CREDIT RISK

Credit limits are set by the directors for customers based upon the customers payment history in combination with credit references. These limits are reviewed regularly in combination with debt ageing and collection history.

LIQUIDITY RISK

The company mitigates liquidity risks through regular review of cash levels to ensure sufficient cash to meet its operational needs.

PRICE RISK

None of the company's financial instruments are subject to any market movements affecting price risk and so exposure to price risk is not material.

KEY PERFORMANCE INDICATORS

The directors continuously monitor the performance of the group in terms of financial KPI's such as turnover, net profit, EBITDA and net assets. The group also monitors its operational KPI's to ensure that its customers, employees and assets are fully cared for.

ON BEHALF OF THE BOARD:

L Aitchison - Director

21 July 2026

| Mellex Group Holdings Limited (Registered number: SC776218) |

Report of the Directors

For The Period 1 August 2024 to 31 December 2024

The directors present their report with the financial statements of the company and the group for the period 1 August 2024 to 31 December 2024.

DIVIDENDS

The total distribution of dividends for the period ended 31 December 2024 will be £62,000.

Dividends per share were paid as follows:

Ordinary shares - £nil

A Ordinary shares - £400

B Ordinary shares - £nil

C Ordinary shares - £nil

D Ordinary shares - £220

Preference shares - £nil

DIRECTORS

The directors shown below have held office during the whole of the period from 1 August 2024 to the date of this report.

L Aitchison

D F Mellish

C J Mellish

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.

| Mellex Group Holdings Limited (Registered number: SC776218) |

Report of the Directors

For The Period 1 August 2024 to 31 December 2024

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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:

L Aitchison - Director

21 July 2026

Report of the Independent Auditors to the Members of

Mellex Group Holdings Limited

Qualified opinion

We have audited the financial statements of Mellex Group Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 December 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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, except for the effects of the matter described in the basis for qualified opinion, the financial statements:

- give a true and fair view of the state of the group's and parent company's affairs as at 31 December 2024 and of the group's profit for the period then ended;

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

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

Basis for qualified opinion

We have not been able to obtain sufficient appropriate audit evidence in respect of the accuracy of the stock figure reported on the Statement of Financial Position. The group did not perform a stocktake at 31 December 2024. We were unable to obtain sufficient appropriate audit evidence by alternative means concerning stock quantities and values held at 31 December 2024.

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.

Report of the Independent Auditors to the Members of

Mellex Group Holdings Limited

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 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 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.

Report of the Independent Auditors to the Members of

Mellex Group Holdings Limited

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 wider knowledge and experience;

- 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 and FRS 102.

- 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.

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

Audit response to risks identified

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 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

- Requesting correspondence with HMRC, Companies House and the company's legal advisors.

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.

Report of the Independent Auditors to the Members of

Mellex Group Holdings Limited

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.

Graham Cantlay CA (Senior Statutory Auditor)

for and on behalf of Robb Ferguson

Chartered Accountants & Statutory Auditors

Regent Court

70 West Regent Street

Glasgow

G2 2QZ

21 July 2026

| Mellex Group Holdings Limited (Registered number: SC776218) |

Consolidated

Statement of Comprehensive

Income

For The Period 1 August 2024 to 31 December 2024

| Period |  | Period

| 1.8.24 |  | 18.7.23

| to |  | to

| 31.12.24 |  | 31.7.24

| Notes | £ | £ |

TURNOVER | 6,323,024 |  | 8,138,329 |  |

Cost of sales | 5,311,037 |  | 6,920,636 |  |

GROSS PROFIT | 1,011,987 |  | 1,217,693 |  |

Administrative expenses | 581,623 |  | 805,000 |  |

430,364 |  | 412,693 |  |

Other operating income | 395,343 |  | 625,912 |  |

OPERATING PROFIT | 4 | 825,707 |  | 1,038,605 |  |

Write off negative goodwill | 5 | - |  | 2,799,012 |  |

825,707 |  | 3,837,617 |  |

Interest receivable and similar income | 20,911 |  | 63,755 |  |

846,618 |  | 3,901,372 |  |

Interest payable and similar expenses | 6 | 344,041 |  | 301,440 |  |

PROFIT BEFORE TAXATION | 502,577 |  | 3,599,932 |  |

Tax on profit | 7 | 83,047 |  | 197,017 |  |

PROFIT FOR THE FINANCIAL PERIOD | 419,530 |  | 3,402,915 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD | 419,530 |  | 3,402,915 |  |

Profit attributable to:

Owners of the parent | 419,530 |  | 3,402,915 |  |

Total comprehensive income attributable to:

Owners of the parent | 419,530 |  | 3,402,915 |  |

| Mellex Group Holdings Limited (Registered number: SC776218) |

Consolidated Statement of Financial Position

31 December 2024

| 2024 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 10 | (2,141,780 | ) | (2,387,126 | ) |

Tangible assets | 11 | 12,956,466 |  | 10,842,722 |  |

Investments | 12 | - |  | - |  |

10,814,686 |  | 8,455,596 |  |

CURRENT ASSETS

Stocks | 13 | 263,739 |  | 395,385 |  |

Debtors | 14 | 6,230,733 |  | 6,211,638 |  |

Cash at bank and in hand | 891,783 |  | 1,732,657 |  |

7,386,255 |  | 8,339,680 |  |

CREDITORS

Amounts falling due within one year | 15 | 4,976,195 |  | 4,763,892 |  |

NET CURRENT ASSETS | 2,410,060 |  | 3,575,788 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 13,224,746 |  | 12,031,384 |  |

CREDITORS

Amounts falling due after more than one year | 16 | (7,798,534 | ) | (7,045,749 | ) |

PROVISIONS FOR LIABILITIES | 20 | (1,677,763 | ) | (1,594,716 | ) |

NET ASSETS | 3,748,449 |  | 3,390,919 |  |

CAPITAL AND RESERVES

Called up share capital | 21 | 4 |  | 4 |  |

Retained earnings | 22 | 3,748,445 |  | 3,390,915 |  |

SHAREHOLDERS' FUNDS | 3,748,449 |  | 3,390,919 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 21 July 2026 and were signed on its behalf by:

L Aitchison - Director

| Mellex Group Holdings Limited (Registered number: SC776218) |

Company Statement of Financial Position

31 December 2024

| 2024 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 10 | - |  | - |  |

Tangible assets | 11 | - |  | - |  |

Investments | 12 | 5,434,634 |  | 5,434,634 |  |

5,434,634 |  | 5,434,634 |  |

CREDITORS

Amounts falling due within one year | 15 | 600,000 |  | 600,000 |  |

NET CURRENT LIABILITIES | (600,000 | ) | (600,000 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 4,834,634 |  | 4,834,634 |  |

CREDITORS

Amounts falling due after more than one year | 16 | 595,000 |  | 595,000 |  |

NET ASSETS | 4,239,634 |  | 4,239,634 |  |

CAPITAL AND RESERVES

Called up share capital | 21 | 4 |  | 4 |  |

Retained earnings | 4,239,630 |  | 4,239,630 |  |

SHAREHOLDERS' FUNDS | 4,239,634 |  | 4,239,634 |  |

Company's profit for the financial year | 62,000 |  | 4,251,630 |  |

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

The financial statements were approved by the Board of Directors and authorised for issue on 21 July 2026 and were signed on its behalf by:

L Aitchison - Director

| Mellex Group Holdings Limited (Registered number: SC776218) |

Consolidated Statement of Changes in Equity

For The Period 1 August 2024 to 31 December 2024

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Changes in equity

Issue of share capital | 4 |  | - |  | 4 |  |

Dividends | - |  | (12,000 | ) | (12,000 | ) |

Total comprehensive income | - |  | 3,402,915 |  | 3,402,915 |  |

Balance at 31 July 2024 | 4 |  | 3,390,915 |  | 3,390,919 |  |

Changes in equity

Dividends | - |  | (62,000 | ) | (62,000 | ) |

Total comprehensive income | - |  | 419,530 |  | 419,530 |  |

Balance at 31 December 2024 | 4 |  | 3,748,445 |  | 3,748,449 |  |

| Mellex Group Holdings Limited (Registered number: SC776218) |

Company Statement of Changes in Equity

For The Period 1 August 2024 to 31 December 2024

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Changes in equity

Issue of share capital | 4 |  | - |  | 4 |  |

Dividends | - |  | (12,000 | ) | (12,000 | ) |

Total comprehensive income | - |  | 4,251,630 |  | 4,251,630 |  |

Balance at 31 July 2024 | 4 |  | 4,239,630 |  | 4,239,634 |  |

Changes in equity

Dividends | - |  | (62,000 | ) | (62,000 | ) |

Total comprehensive income | - |  | 62,000 |  | 62,000 |  |

Balance at 31 December 2024 | 4 |  | 4,239,630 |  | 4,239,634 |  |

| Mellex Group Holdings Limited (Registered number: SC776218) |

Consolidated Statement of Cash Flows

For The Period 1 August 2024 to 31 December 2024

| Period |  | Period

| 1.8.24 |  | 18.7.23

| to |  | to

| 31.12.24 |  | 31.7.24

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 1,542,529 |  | 1,303,775 |  |

Interest paid | (128,221 | ) | (17,141 | ) |

Interest element of hire purchase payments paid | (215,820 | ) | (284,299 | ) |

Net cash from operating activities | 1,198,488 |  | 1,002,335 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (1,112,964 | ) | (169,500 | ) |

Sale of tangible fixed assets | 182,872 |  | 339,645 |  |

Cash received on acquisitions | - |  | 2,118,017 |  |

Interest received | 20,911 |  | 63,755 |  |

Net cash from investing activities | (909,181 | ) | 2,351,917 |  |

Cash flows from financing activities

Loan repayments in year | (26,112 | ) | (58,333 | ) |

Capital repayments in year | (1,066,125 | ) | (1,433,942 | ) |

Amount withdrawn by directors | 24,056 |  | (117,324 | ) |

Share issue | - |  | 4 |  |

Equity dividends paid | (62,000 | ) | (12,000 | ) |

Net cash from financing activities | (1,130,181 | ) | (1,621,595 | ) |

(Decrease)/increase in cash and cash equivalents | (840,874 | ) | 1,732,657 |  |

Cash and cash equivalents at beginning of period | 2 | 1,732,657 |  | - |  |

Cash and cash equivalents at end of period | 2 | 891,783 |  | 1,732,657 |  |

| Mellex Group Holdings Limited (Registered number: SC776218) |

Notes to the Consolidated Statement of Cash Flows

For The Period 1 August 2024 to 31 December 2024

1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| Period |  | Period

| 1.8.24 |  | 18.7.23

| to |  | to

| 31.12.24 |  | 31.7.24

£ | £ |

| Profit before taxation | 502,577 |  | 3,599,932 |  |

| Depreciation charges | 1,039,781 |  | 1,329,296 |  |

| Profit on disposal of fixed assets | (385,532 | ) | (192,041 | ) |

| Write off negative goodwill | - |  | (2,799,012 | ) |

| Finance costs | 344,041 |  | 301,440 |  |

| Finance income | (20,911 | ) | (63,755 | ) |

1,479,956 |  | 2,175,860 |  |

| Decrease/(increase) in stocks | 131,646 |  | (180,385 | ) |

| Increase in trade and other debtors | (19,095 | ) | (508,405 | ) |

| Decrease in trade and other creditors | (49,978 | ) | (183,295 | ) |

| Cash generated from operations | 1,542,529 |  | 1,303,775 |  |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

| Period ended 31 December 2024

| 31.12.24 |  | 1.8.24

£ | £ |

| Cash and cash equivalents | 891,783 |  | 1,732,657 |  |

| Period ended 31 July 2024

| 31.7.24 |  | 18.7.23

£ | £ |

| Cash and cash equivalents | 1,732,657 |  | - |  |

| Mellex Group Holdings Limited (Registered number: SC776218) |

Notes to the Consolidated Statement of Cash Flows

For The Period 1 August 2024 to 31 December 2024

3. | ANALYSIS OF CHANGES IN NET DEBT

| Other |

| non-cash |

| At 1.8.24 | Cash flow | changes | At 31.12.24

£ | £ | £ | £ |

| Net cash |

| Cash at bank

| and in hand | 1,732,657 |  | (840,874 | ) | 891,783 |  |

1,732,657 |  | (840,874 | ) | 891,783 |  |

| Debt

| Finance leases | (8,477,746 | ) | 1,066,125 |  | (2,266,534 | ) | (9,678,155 | ) |

| Debts falling due

| within 1 year | (100,000 | ) | - |  | - |  | (100,000 | ) |

| Debts falling due

| after 1 year | (466,667 | ) | 26,112 |  | - |  | (440,555 | ) |

(9,044,413 | ) | 1,092,237 |  | (2,266,534 | ) | (10,218,710 | ) |

| Total | (7,311,756 | ) | 251,363 |  | (2,266,534 | ) | (9,326,927 | ) |

| Mellex Group Holdings Limited (Registered number: SC776218) |

Notes to the Consolidated Financial Statements

For The Period 1 August 2024 to 31 December 2024

1. | STATUTORY INFORMATION

| Mellex Group Holdings Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the General Information page.

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

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.

| Turnover

| Turnover represents the invoiced value of services provided during the period excluding value added tax. The company's policy is to recognise a sale when all the risks and rewards in connection with the services have been passed to the customer.

| Goodwill

| Goodwill is being amortised evenly over its estimated useful life of ten years. It relates to the acquisition of business's in 2014, and 2021.

| Negative Goodwill

| Negative goodwill is recognised when the consideration paid for the acquisition of a subsidiary is less than the carrying value of the net assets acquired. Negative goodwill on the balance sheet relates to the acquisition of a business in December 2023.

| Negative goodwill is being amortised at a rate of 25% on reducing balance.

| 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.

| Freehold property | - | in accordance with the property

| Improvements to property | - | 5% on cost

| Fixed plant and equipment | - | 25% on reducing balance and 20% on cost

| Fixtures and fittings | - | 25% on cost

| Motor vehicles | - | 50% on cost, 50% on reducing balance, 25% on reducing balance and 25% on cost

| Computer equipment | - | 25% on reducing balance

| Stocks

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

| Mellex Group Holdings Limited (Registered number: SC776218) |

Notes to the Consolidated Financial Statements - continued

For The Period 1 August 2024 to 31 December 2024

2. | ACCOUNTING POLICIES - continued

| Financial instruments

| The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and loans to and from related parties.

| Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received.

| Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found, an impairment loss is recognised in profit or loss.

| Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

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

| Taxation

| Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

| The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

| With the exception of changes arising on the initial recognition of a business combination, the tax expense is presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the transaction that resulted in the tax expense.

| Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

| Hire purchase and leasing commitments

| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

| The interest element of these obligations is charged to profit and loss over the relevant period. The capital element of the future payments is treated as a liability.

| Rentals paid under operating leases where substantially all the benefits and risks of ownership remain with the lessor, are charged to the profit and loss account on a straight line basis.

| Pension costs and other post-retirement benefits

| The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

| Mellex Group Holdings Limited (Registered number: SC776218) |

Notes to the Consolidated Financial Statements - continued

For The Period 1 August 2024 to 31 December 2024

2. | ACCOUNTING POLICIES - continued

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

| Impairment of non-financial assets

| At each reporting date non-financial assets not carried at fair value, like property, plant and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount which is the higher of value in use and the fair value less cost to sell, is estimated and compared with the carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss.

| Provisions

| Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

3. | EMPLOYEES AND DIRECTORS

| Period |  | Period

| 1.8.24 |  | 18.7.23

| to |  | to

| 31.12.24 |  | 31.7.24

£ | £ |

| Wages and salaries | 2,091,597 |  | 2,824,494 |  |

| Social security costs | 5,125 |  | 4,664 |  |

| Other pension costs | 38,644 |  | 51,885 |  |

2,135,366 |  | 2,881,043 |  |

| The average number of employees during the period was as follows:

| Period |  | Period

| 1.8.24 |  | 18.7.23

| to |  | to

| 31.12.24 |  | 31.7.24

| Directors | 1 |  | 1 |  |

| Mellex Group | 70 |  | 70 |  |

| Bridgend | 5 |  | 5 |  |

| Leggat | 23 |  | 44 |  |

99 |  | 120 |  |

| Period |  | Period

| 1.8.24 |  | 18.7.23

| to |  | to

| 31.12.24 |  | 31.7.24

£ | £ |

| Directors' remuneration | 49,272 |  | 44,412 |  |

| Directors' pension contributions to money purchase schemes | 550 |  | 770 |  |

| Mellex Group Holdings Limited (Registered number: SC776218) |

Notes to the Consolidated Financial Statements - continued

For The Period 1 August 2024 to 31 December 2024

4. | OPERATING PROFIT

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

| Period |  | Period

| 1.8.24 |  | 18.7.23

| to |  | to

| 31.12.24 |  | 31.7.24

£ | £ |

| Depreciation - owned assets | 314,222 |  | 311,606 |  |

| Depreciation - assets on hire purchase contracts | 974,604 |  | 1,399,989 |  |

| Profit on disposal of fixed assets | (385,532 | ) | (164,741 | ) |

| Goodwill amortisation | 3,698 |  | 25,890 |  |

| Negative goodwill amortisation | (249,044 | ) | (408,189 | ) |

| Auditors' remuneration | 19,500 |  | 19,500 |  |

| Write off negative goodwill | - |  | (2,835,158 | ) |

5. | EXCEPTIONAL ITEMS

| Period |  | Period

| 1.8.24 |  | 18.7.23

| to |  | to

| 31.12.24 |  | 31.7.24

£ | £ |

| Write off negative goodwill | - |  | 2,799,012 |  |

| In the prior period, Mellex Group Holdings Limited, acquired the entire share capital of Mellex Group Limited. The transaction involved two of the shareholders in Mellex Group Limited exchanging their share capital in Mellex Group Limited for share capital in Mellex Group Holdings Limited. Negative goodwill arising in respect of the share for share exchange element of the acquisition of Mellex Group Limited was written off in the prior period.

6. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| Period |  | Period

| 1.8.24 |  | 18.7.23

| to |  | to

| 31.12.24 |  | 31.7.24

£ | £ |

| Bank loan interest | 26,467 |  | 17,141 |  |

| VAT interest | 101,754 |  | - |  |

| Hire purchase | 215,820 |  | 284,299 |  |

344,041 |  | 301,440 |  |

| Mellex Group Holdings Limited (Registered number: SC776218) |

Notes to the Consolidated Financial Statements - continued

For The Period 1 August 2024 to 31 December 2024

7. | TAXATION

| Analysis of the tax charge

| The tax charge on the profit for the period was as follows:

| Period |  | Period

| 1.8.24 |  | 18.7.23

| to |  | to

| 31.12.24 |  | 31.7.24

£ | £ |

| Deferred tax | 83,047 |  | 197,017 |  |

| Tax on profit | 83,047 |  | 197,017 |  |

| UK corporation tax has been charged at 25 % (2024 - 25 %).

| Reconciliation of total tax charge included in profit and loss

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

| Period |  | Period

| 1.8.24 |  | 18.7.23

| to |  | to

| 31.12.24 |  | 31.7.24

£ | £ |

| Profit before tax | 502,577 |  | 3,599,932 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2024 - 25 %) | 125,644 |  | 899,983 |  |

| Effects of:

| Expenses not deductible for tax purposes | (29,678 | ) | (763,059 | ) |

| Capital allowances in excess of depreciation | (430,593 | ) | (364,493 | ) |

| Deferred Tax | 83,047 |  | 197,017 |  |

| Tax effect of losses c/f | 334,627 |  | 227,569 |  |

| Total tax charge | 83,047 |  | 197,017 |  |

8. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

| As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.

| Mellex Group Holdings Limited (Registered number: SC776218) |

Notes to the Consolidated Financial Statements - continued

For The Period 1 August 2024 to 31 December 2024

9. | DIVIDENDS

| Period |  | Period

| 1.8.24 |  | 18.7.23

| to |  | to

| 31.12.24 |  | 31.7.24

£ | £ |

| A Ordinary shares of 0.01 each

| Final | 40,000 |  | - |  |

| D Ordinary shares of 0.01 each

| Final | 22,000 |  | 12,000 |  |

62,000 |  | 12,000 |  |

10. | INTANGIBLE FIXED ASSETS

| Group

| Negative |

| Goodwill |  | goodwill |  | Totals

£ | £ | £ |

| COST

| At 1 August 2024

| and 31 December 2024 | 443,820 |  | (2,799,013 | ) | (2,355,193 | ) |

| AMORTISATION

| At 1 August 2024 | 440,122 |  | (408,189 | ) | 31,933 |  |

| Amortisation for period | 3,698 |  | (249,044 | ) | (245,346 | ) |

| At 31 December 2024 | 443,820 |  | (657,233 | ) | (213,413 | ) |

| NET BOOK VALUE

| At 31 December 2024 | - |  | (2,141,780 | ) | (2,141,780 | ) |

| At 31 July 2024 | 3,698 |  | (2,390,824 | ) | (2,387,126 | ) |

| Mellex Group Holdings Limited (Registered number: SC776218) |

Notes to the Consolidated Financial Statements - continued

For The Period 1 August 2024 to 31 December 2024

11. | TANGIBLE FIXED ASSETS

| Group

| Improvements |  | Fixed

| Freehold |  | to |  | plant and

| property |  | property |  | equipment

£ | £ | £ |

| COST

| At 1 August 2024 | 785,466 |  | 70,627 |  | 19,945,290 |  |

| Additions | 942,500 |  | - |  | 2,301,807 |  |

| Disposals | - |  | - |  | (1,190,339 | ) |

| At 31 December 2024 | 1,727,966 |  | 70,627 |  | 21,056,758 |  |

| DEPRECIATION

| At 1 August 2024 | - |  | 32,408 |  | 11,416,803 |  |

| Charge for period | - |  | 5,885 |  | 1,084,894 |  |

| Eliminated on disposal | - |  | - |  | (1,178,282 | ) |

| At 31 December 2024 | - |  | 38,293 |  | 11,323,415 |  |

| NET BOOK VALUE

| At 31 December 2024 | 1,727,966 |  | 32,334 |  | 9,733,343 |  |

| At 31 July 2024 | 785,466 |  | 38,219 |  | 8,528,487 |  |

| Fixtures |

| and |  | Motor |  | Computer |

| fittings |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ |

| COST

| At 1 August 2024 | 55,521 |  | 3,533,712 |  | 17,042 |  | 24,407,658 |  |

| Additions | - |  | 170,320 |  | - |  | 3,414,627 |  |

| Disposals | - |  | - |  | - |  | (1,190,339 | ) |

| At 31 December 2024 | 55,521 |  | 3,704,032 |  | 17,042 |  | 26,631,946 |  |

| DEPRECIATION

| At 1 August 2024 | 55,521 |  | 2,046,185 |  | 14,019 |  | 13,564,936 |  |

| Charge for period | - |  | 197,732 |  | 315 |  | 1,288,826 |  |

| Eliminated on disposal | - |  | - |  | - |  | (1,178,282 | ) |

| At 31 December 2024 | 55,521 |  | 2,243,917 |  | 14,334 |  | 13,675,480 |  |

| NET BOOK VALUE

| At 31 December 2024 | - |  | 1,460,115 |  | 2,708 |  | 12,956,466 |  |

| At 31 July 2024 | - |  | 1,487,527 |  | 3,023 |  | 10,842,722 |  |

| Mellex Group Holdings Limited (Registered number: SC776218) |

Notes to the Consolidated Financial Statements - continued

For The Period 1 August 2024 to 31 December 2024

11. | TANGIBLE FIXED ASSETS - continued

| Group

| Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

| Fixed |

| plant and |  | Motor |

| equipment |  | vehicles |  | Totals

£ | £ | £ |

| COST

| At 1 August 2024 | 13,533,384 |  | 1,785,922 |  | 15,319,306 |  |

| Additions | 2,131,344 |  | 170,320 |  | 2,301,664 |  |

| Disposals | (119,826 | ) | - |  | (119,826 | ) |

| Transfer to ownership | (3,958,464 | ) | (59,114 | ) | (4,017,578 | ) |

| Reclassification/transfer | 793,335 |  | - |  | 793,335 |  |

| At 31 December 2024 | 12,379,773 |  | 1,897,128 |  | 14,276,901 |  |

| DEPRECIATION

| At 1 August 2024 | 6,380,857 |  | 773,209 |  | 7,154,066 |  |

| Charge for period | 829,092 |  | 145,512 |  | 974,604 |  |

| Eliminated on disposal | (119,826 | ) | - |  | (119,826 | ) |

| Transfer to ownership | (3,527,517 | ) | (56,354 | ) | (3,583,871 | ) |

| Reclassification/transfer | 290,890 |  | - |  | 290,890 |  |

| At 31 December 2024 | 3,853,496 |  | 862,367 |  | 4,715,863 |  |

| NET BOOK VALUE

| At 31 December 2024 | 8,526,277 |  | 1,034,761 |  | 9,561,038 |  |

| At 31 July 2024 | 7,152,527 |  | 1,012,713 |  | 8,165,240 |  |

12. | FIXED ASSET INVESTMENTS

| Company

| Shares in

| group

| undertaking

£ |

| COST

| At 1 August 2024

| and 31 December 2024 | 5,434,634 |  |

| NET BOOK VALUE

| At 31 December 2024 | 5,434,634 |  |

| At 31 July 2024 | 5,434,634 |  |

| Mellex Group Holdings Limited (Registered number: SC776218) |

Notes to the Consolidated Financial Statements - continued

For The Period 1 August 2024 to 31 December 2024

12. | FIXED ASSET INVESTMENTS - continued

| The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

| Subsidiaries

| Mellex Group Limited

| Registered office: Crossmill , Glasgow Road, Barrhead, Glasgow, Scotland, G78 1TG

| Nature of business: Other construction installation

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| Bridgend Hire Limited

| Registered office: Crosshill Blackbryes Road, Barrhead, Glasgow, G78 1TG

| Nature of business: Renting and leasing of construction equipment

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| Leggat Plant Limited

| Registered office: Crossmill, Blackbyres Road, Barrhead, G78 1TG

| Nature of business: Renting and leasing of construction equipment

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

13. | STOCKS

| Group |

2024 | 2024 |

£ | £ |

| Stocks | 263,739 |  | 395,385 |  |

14. | DEBTORS

| Group |

2024 | 2024 |

£ | £ |

| Amounts falling due within one year: |

| Trade debtors | 2,562,320 |  | 3,138,271 |  |

| Other debtors | - |  | 10,080 |  |

| Tax | 133,034 |  | 133,034 |  |

| VAT | 200,345 |  | - |  |

| Prepayments and accrued income | 236,449 |  | 38,012 |  |

3,132,148 |  | 3,319,397 |  |

| Mellex Group Holdings Limited (Registered number: SC776218) |

Notes to the Consolidated Financial Statements - continued

For The Period 1 August 2024 to 31 December 2024

14. | DEBTORS - continued

| Group |

2024 | 2024 |

£ | £ |

| Amounts falling due after more than one year: |

| Other debtors | 3,098,585 |  | 2,892,241 |  |

| Aggregate amounts | 6,230,733 |  | 6,211,638 |  |

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

| Group |  | Company |

2024 | 2024 | 2024 | 2024 |

£ | £ | £ | £ |

| Bank loans and overdrafts (see note 17) | 100,000 |  | 100,000 |  | - |  | - |  |

| Hire purchase contracts (see note 18) | 2,915,176 |  | 2,493,664 |  | - |  | - |  |

| Trade creditors | 845,454 |  | 1,007,539 |  | - |  | - |  |

| Amounts owed to group undertakings | - |  | - |  | 600,000 |  | 600,000 |  |

| Social security and other taxes | 143,191 |  | 118,769 |  | - |  | - |  |

| VAT | - |  | 27,420 |  | - |  | - |  |

| Other creditors | 19,405 |  | 225,721 |  | - |  | - |  |

| Directors' current accounts | 724,658 |  | 700,602 |  | - |  | - |  |

| Accruals and deferred income | 228,311 |  | 90,177 |  | - |  | - |  |

4,976,195 |  | 4,763,892 |  | 600,000 |  | 600,000 |  |

16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

| Group |  | Company |

2024 | 2024 | 2024 | 2024 |

£ | £ | £ | £ |

| Bank loans (see note 17) | 440,555 |  | 466,667 |  | - |  | - |  |

| Hire purchase contracts (see note 18) | 6,762,979 |  | 5,984,082 |  | - |  | - |  |

| Other creditors | 595,000 |  | 595,000 |  | 595,000 |  | 595,000 |  |

7,798,534 |  | 7,045,749 |  | 595,000 |  | 595,000 |  |

| In the prior period, the company issued 595,000 non-redeemable preference shares of £1 each to a close family member of a controlling party. The preference shares carry fixed annual dividends of 0.1%, payable in cash. The other creditors falling due after more than one year balance at year end represents the value of shares held by this party.

| Mellex Group Holdings Limited (Registered number: SC776218) |

Notes to the Consolidated Financial Statements - continued

For The Period 1 August 2024 to 31 December 2024

17. | LOANS

| An analysis of the maturity of loans is given below:

| Group |

2024 | 2024 |

£ | £ |

| Amounts falling due within one year or on | demand: |

| Bank loans | 100,000 |  | 100,000 |  |

| Amounts falling due between one and two | years: |

| Bank loans - 1-2 years | 50,000 |  | 100,000 |  |

| Amounts falling due between two and five | years: |

| Bank loans - 2-5 years | 150,000 |  | 150,000 |  |

| Amounts falling due in more than five years: |

| Repayable by instalments

| Bank loans more 5 yr by instal | 240,555 |  | 216,667 |  |

18. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Group

| Hire purchase |

| contracts |

2024 | 2024 |

£ | £ |

| Net obligations repayable:

| Within one year | 2,915,176 |  | 2,493,664 |  |

| Between one and five years | 6,762,979 |  | 5,984,082 |  |

9,678,155 |  | 8,477,746 |  |

| Group

| Non-cancellable |

| operating leases |

2024 | 2024 |

£ | £ |

| Within one year | 20,362 |  | 20,362 |  |

| Between one and five years | 66,073 |  | 69,254 |  |

| In more than five years | 35,000 |  | 40,833 |  |

121,435 |  | 130,449 |  |

| Mellex Group Holdings Limited (Registered number: SC776218) |

Notes to the Consolidated Financial Statements - continued

For The Period 1 August 2024 to 31 December 2024

19. | SECURED DEBTS

| The following secured debts are included within creditors:

| Group |

2024 | 2024 |

£ | £ |

| Bank loans | 540,555 |  | 566,667 |  |

| Hire purchase contracts | 9,678,155 |  | 8,477,746 |  |

10,218,710 |  | 9,044,413 |  |

| The bank holds a floating charge over the groups assets. Hire purchase obligations are secured over the assets that they relate to.

20. | PROVISIONS FOR LIABILITIES

| Group |

2024 | 2024 |

£ | £ |

| Deferred tax | 1,677,763 |  | 1,594,716 |  |

| Group

| Deferred |

| tax |

£ |

| Balance at 1 August 2024 | 1,594,716 |  |

| Provided during period | 83,047 |  |

| Acquired companies b/f |

| Balance at 31 December 2024 | 1,677,763 |  |

21. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid: |  |

| Number |  | Class |  |  | Nominal value |  | Share capital issued |  |  | Closing capital |  |

| 2 |  | Ordinary |  |  | £1 |  | 2 |  |  | 2 |  |

| 100 |  | A Ordinary |  |  | £0.01 |  | 1 |  |  | 1 |  |

| 40 |  | B Ordinary |  |  | £0.01 |  | 0.40 |  |  | 0.40 |  |

| 40 |  | C Ordinary |  |  | £0.01 |  | 0.40 |  |  | 0.40 |  |

| 100 |  | D Ordinary |  |  | £0.01 |  | 1 |  |  | 1 |  |

|  | 4.80 |  |  | 4.80 |  |

| Mellex Group Holdings Limited (Registered number: SC776218) |

Notes to the Consolidated Financial Statements - continued

For The Period 1 August 2024 to 31 December 2024

22. | RESERVES

| Group

| Retained

| earnings

£ |

| At 1 August 2024 | 3,390,915 |  |

| Profit for the period | 419,530 |  |

| Dividends | (62,000 | ) |

| At 31 December 2024 | 3,748,445 |  |

23. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

| At the balance sheet date the group owed £724,658 (July 2024: £700,602) to its directors. This amount is included in creditors and is unsecured, interest free and has no fixed repayment terms.

24. | RELATED PARTY DISCLOSURES

| Entities over which the entity has control, joint control or significant | influence |

| During the year the group provided a loan of £135,666 to Mellex Property Limited, a company related by virtue of common control in the year. The total amounts due from the related entity at year end is £1,688,849 (July 2024: £1,535,773). There is interest charged at 2.5% per annum on this debt.

| During the year Mellex Group Holdings Limited group provided a loan of £117,733 to Seahorse Marinetime IKE, a company related by virtue of common control in the year. The total amounts due from the related entity at year end is £1,409,736 (July 2024: £1,356,468). No interest is charged on this debt. A provision of £64,465 (July 2024 - £115,000) has been made against this debt in the period.