REGISTERED NUMBER: 04100501 (England and Wales)

Group Strategic Report, Report of the Directors and

Audited Consolidated Financial Statements for the Year Ended 31st December 2025

for

S.C.A - Shipping Consultants Associated

Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

7

Consolidated Income Statement

11

Consolidated Other Comprehensive Income

12

Consolidated Balance Sheet

13

Company Balance Sheet

14

Consolidated Statement of Changes in Equity

15

Company Statement of Changes in Equity

16

Consolidated Cash Flow Statement

17

Notes to the Consolidated Cash Flow Statement

18

Notes to the Consolidated Financial Statements

19

DIRECTORS:

M J Harrison

J Landi

REGISTERED OFFICE:

25 Military Road

Chatham

Kent

ME4 4JG

REGISTERED NUMBER:

04100501 (England and Wales)

AUDITORS:

Beak Kemmenoe

Chartered Accountants

& Statutory Auditors

1-3 Manor Road

Chatham

Kent

ME4 6AE

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

REVIEW OF BUSINESS

During the year the company's principal activity was that of a global contractor for the provision of maritime and inland logistics services and supplies, including but not limited to catering and food supply, fuel supply, transportation and logistics, aviation support and ground handling services, humanitarian and expeditionary support.

PRINCIPAL RISKS AND UNCERTAINTIES

The nature of the group's business involves risks and uncertainties through interactions within and with multi-national organisations. The group has a diverse management structure without national priorities which allows it to compete on fair terms in an international market. Competitive tendering of larger contracts provides benefits but also uncertainties around financial planning. The Directors have built up a strong financial base which mitigates against this risk. The contractual obligations inherent in the tenders sought are carefully monitored to give a fair balance between risk and reward. The concentration by the Directors on the provision of a quality service provides a strong mitigation against the contractual risk and allows the group to compete fairly, and with confidence in their ability to service contracts.

Geographic Risk: The principal risks and uncertainties for the Group are predicated on reliance on the use of agents and local suppliers in countries worldwide. This risk is mitigated by having a robust initial assessment and as a result a well-established network of agents and suppliers in addition to a customer feedback process that forms part of the contract and gives a detailed assessment of the services received by the customers and allows the company to impose its reputation for quality service on its agents. This risk is further mitigated by increasing the number of area-specific operational managers.

Attract and retain personnel: The Group believes that it is an attractive choice for new personnel. It continues to be vitally important to retain staff to facilitate the delivery of the highest standard of service whilst allowing the business to grow. We also aim to employ experienced staff, provide continuous training in-house as well as externally, offering competitive reward packages and a flexible workplace where all staff contributions are valued.

Foreign Currency Risk: Customers are invoiced and suppliers invoice in different currencies, depending on the location of the service. The risk of relying on one strong currency is therefore not applicable.

Liquidity/Cashflow Risk: The Group needs to meet its cash flow requirements in order to support the operations (as no advance payments are received from customers) as well as supporting the ability to invest for the future. The Company mitigates this exposure by reviewing cash requirements on a continuous basis and retains tight control over debtor balances, thereby managing this risk. With the growth of the business comes the necessity for additional working capital and the directors have addressed this by utilising the group's resources.

Information and cybersecurity systems: The Group has strict rules with regard to the backups, data protection, access and security of its hardware and software systems. The Group is continually adjusting to new cyber threats with investment in systems to detect and react to cyber-attacks. Employees are constantly made aware of best practice in cyber security, and the Company implements policies to ensure information held is secure.

Changes in regulations: The regulatory environment in which S.C.A. - Shipping Consultants Associated Limited operates is constantly evolving and becoming more extensive and complicated. Non-compliance with local and international regulations could lead to risk of reputational damage, loss of contracts, and financial penalties. Through its operational and support departments, the Company monitors changes to existing regulation and aims to anticipate emerging regulation so that it can identify and plan for any potential impact on the business.

Risks are formally and regularly reviewed by the directors and appropriate processes are put in place to mitigate them.

KEY PERFORMANCE INDICATORS

The Directors consider the key performance indicators as turnover, the number of operations undertaken both in natural and diversity of the customer base. Gross margin is also important for the availability of working capital to fund key contracts. Turnover for the year was £178,684,817 (2024: £217,087,990). The aim was to maintain existing activities combined with the award of new and expanded contracts worldwide. The business has entered into several large tenders worldwide which will increase the diversity of the comer base. The geographic reach of operations has expanded. The business has also entered into several large tenders with existing and potential customers and expects, as a result, that its performance will be at an enhanced level in the following years whilst maintaining its customers satisfaction with the services provided.

MAIN TRENDS AND FACTORS AFFECTING THE ENTITY

The Group is required to provide an efficient, time sensitive and cost-effective service and relies on the whole of its workforce to maintain and improve this. The trend in all tenders is to ensure that local suppliers are able to deliver on targets both in service and commercial terms. This is a positive trend for the group as its strength lies in this area. The increased use of our own assets and equipment enhances the group and allows it to be more flexible and at the same time more successful in an always more competitive market. The Directors continue to strengthen the company's financial base which will also be a factor in its growth plans.

FUTURE DEVELOPMENTS

The Group is building up a worldwide reputation for the quality of its service in its expanding field of expertise and is now being asked to tender at diverse locations all around the world. The directors continue to be optimistic about the synergies available in linked services to these customers and in particular its expansion into Base Operation Support projects, aviation logistics, and large-scale catering, fuel and food supply programmes for current and new customers.

ON BEHALF OF THE BOARD:

M J Harrison - Director

7th August 2026

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

PRINCIPAL ACTIVITY

During the year the Group's (SCA) principal activity was that of a global contractor for the provision of maritime and inland logistics services and supplies, including catering and food supply.

DIVIDENDS

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

DIRECTORS

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

M J Harrison

J Landi

DISABLED PERSONS

The following statements of policy are practiced by the Group:

Full and fair consideration is given to applications for employment made by disabled persons, having regard to their particular aptitudes and abilities;

Continued employment and training of staff is offered to those who become disabled whilst they are employees of the Group;

The Group continues to offer general training, career development and promotion of disabled persons employed by them.

EQUALITY, DIVERSITY AND INCLUSION

The Group does not discriminate against age, gender, being in a marriage or in a civil partnership, being pregnant or on maternity leave, disability, race including colour, nationality, ethnic or national origin, religion or belief, sex and sexual orientation.

To prevent discrimination the Group has formulated and implemented the following policies:

- Having an equality, diversity and inclusion policy.

- Providing regular anti-discrimination training.

- Clear guidance if discrimination happens.

THE MODERN SLAVERY ACT 2015

Respect for human rights is fundamental to the culture of integrity we want for SCA. It is integral to our approach to sustainable development, and governs how we behave towards our employees, contractors, suppliers, and the community in which we work.

In 2025 we updated our human rights policies to make our commitment to oppose the use of forced or compulsory labour, human trafficking and all forms of modern slavery (both within our own operations and in our supply chain) even more explicit and to publicly report on what we are doing to prevent it on an annual basis.

COMMUNITY AND ENVIRONMENT

Whilst the S.C.A. - Shipping Consultants Associated Limited Group has, by design, minimum direct impact on the local community given the nature of its trade, SCA, as a group, actively engages with local educational establishments and charities make a positive contribution in terms of creating economic and social value through employment, procurement, taxation and sustainable development initiatives and through strong risk management and respect for human rights. To achieve this, we aim to take a partnership approach, listening to the concerns of stakeholders at site, country and segment levels, to give them the confidence that SCA will address the impacts it has on them and their environment in a positive way.

BUSINESS ETHICS

SCA promotes a culture of integrity backed by a Code of Business Conduct and policies on human rights, anti-corruption, and fair trading. All employees receive role and mandatory health & safety training, with additional resources for mental health, cybersecurity, and anti-bribery. SCA upholds high conduct standards and holds TRACE certification and is a member of RoSPA. SCA holds multiple ISO certifications including ISO 9001 Quality Management System, ISO 14001 Environmental Management System, ISO 45001 Occupational Health and Safety Management System, ISO 22000 Food Safety Management System and ISO 27001 Information Security Management System.

EMPLOYEE INVOLVEMENTS

The Group is aware of its responsibilities to its employees and the key part that they play in the group's progress. The benefits of low staff turnover in the provision of continuity and quality of services to customers cannot be overestimated and all employees are encouraged to undertake further training, both in house and via external providers, to allow them to achieve their professional and personal aspirations.

The Group has regular consultation and participation meetings with its employees at all levels to provide them with information on areas that concern them as employees, and to ensure that there is a common awareness throughout the group of the financial and wider economic factors that affect the performance of the group.

The group consults with its employees or their representatives so that their views can be taken into account when making decisions that are expected to affect their interests, and makes efforts to encourage involvement in these forums in order that they are aware of, and can positively gain, from that involvement.

SECTION 172(1) STATEMENT

The directors recognise that the future of the business depends on the trust and confidence of its stakeholders to operate sustainably in the long term. The directors seek to put its customers’ best interests first, invests in its employees, supports the communities in which it operates and strives to generate sustainable profits.

The directors have acted in accordance with their duties codified in law, which include their duty to act in the way in which they consider, in good faith, would be most likely to promote the success of the group, having regard to the stakeholders and matters set out in section 172(1) of the Companies Act 2006.

STREAMLINED ENERGY AND CARBON REPORTING

S.C.A. - Shipping Consultants Associated Limited is now classified as a large company. The Company consumed less than 40,000 kWh of energy in the reporting period, therefore disclosure is not required.

DISCLOSURE IN THE STRATEGIC REPORT

The directors have disclosed their review of the business, the key performance indicators, principal risks and uncertainties along with future developments in the Strategic Report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

-	select suitable accounting policies and then apply them consistently;

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

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Beak Kemmenoe, are deemed to be reappointed.

ON BEHALF OF THE BOARD:

M J Harrison - Director

7th August 2026

Opinion

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

In our opinion the financial statements:

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

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

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

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

Auditors' responsibilities for the audit of the financial statements

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

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

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

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

- We identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the logistic services and supplies businesses;

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

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

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

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

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

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

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

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

-Tested journal entries to identify unusual transactions;

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.

Ronald Price FCA (Senior Statutory Auditor)

for and on behalf of Beak Kemmenoe

Chartered Accountants

& Statutory Auditors

1-3 Manor Road

Chatham

Kent

ME4 6AE

7th August 2026

TURNOVER

3

178,583,643

217,087,990

Cost of sales

163,406,766

194,644,975

GROSS PROFIT

15,176,877

22,443,015

Administrative expenses

13,493,597

15,564,046

OPERATING PROFIT

5

1,683,280

6,878,969

Interest receivable and similar income

167,064

297,146

1,850,344

7,176,115

Interest payable and similar expenses

6

11,046

4,317

PROFIT BEFORE TAXATION

1,839,298

7,171,798

Tax on profit

7

308,171

777,558

PROFIT FOR THE FINANCIAL YEAR

1,531,127

6,394,240

Profit attributable to:

Owners of the parent

1,364,762

5,794,077

Non-controlling interests

166,365

600,163

1,531,127

6,394,240

PROFIT FOR THE YEAR

1,531,127

6,394,240

OTHER COMPREHENSIVE INCOME

Foreign exchange

1,353,220

(1,225,912

)

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

1,353,220

(1,225,912

)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

2,884,347

5,168,328

Total comprehensive income attributable to:

Owners of the parent

2,625,326

4,701,175

Non-controlling interests

259,021

467,153

2,884,347

5,168,328

FIXED ASSETS

Tangible assets

9

3,422,911

2,571,520

Investments

10

-

-

3,422,911

2,571,520

CURRENT ASSETS

Debtors

11

43,273,875

57,595,802

Investments

12

497,520

497,520

Cash at bank

22,526,780

26,348,068

66,298,175

84,441,390

CREDITORS

Amounts falling due within one year

13

27,999,240

48,436,724

NET CURRENT ASSETS

38,298,935

36,004,666

TOTAL ASSETS LESS CURRENT LIABILITIES

41,721,846

38,576,186

CREDITORS

Amounts falling due after more than one year

14

(48,592

)

(80,924

)

PROVISIONS FOR LIABILITIES

16

(641,225

)

(440,235

)

NET ASSETS

41,032,029

38,055,027

CAPITAL AND RESERVES

Called up share capital

17

100

100

Translation reserve

18

377,570

(975,649

)

Retained earnings

18

36,082,229

34,717,467

SHAREHOLDERS' FUNDS

36,459,899

33,741,918

NON-CONTROLLING INTERESTS

4,572,130

4,313,109

TOTAL EQUITY

41,032,029

38,055,027

The financial statements were approved by the Board of Directors and authorised for issue on 7th August 2026 and were signed on its behalf by:

M J Harrison - Director

FIXED ASSETS

Tangible assets

9

2,589,729

1,792,882

Investments

10

691,069

655,923

3,280,798

2,448,805

CURRENT ASSETS

Debtors

11

37,995,106

47,307,037

Investments

12

497,520

497,520

Cash at bank

9,511,448

19,325,453

48,004,074

67,130,010

CREDITORS

Amounts falling due within one year

13

40,011,666

59,723,987

NET CURRENT ASSETS

7,992,408

7,406,023

TOTAL ASSETS LESS CURRENT LIABILITIES

11,273,206

9,854,828

PROVISIONS FOR LIABILITIES

16

639,128

438,094

NET ASSETS

10,634,078

9,416,734

CAPITAL AND RESERVES

Called up share capital

17

100

100

Translation reserve

18

94,627

(258,927

)

Retained earnings

18

10,539,351

9,675,561

SHAREHOLDERS' FUNDS

10,634,078

9,416,734

Company's profit for the financial year

863,790

2,292,106

The financial statements were approved by the Board of Directors and authorised for issue on 7th August 2026 and were signed on its behalf by:

M J Harrison - Director

Called up

share

Retained

Translation

capital

earnings

reserve

£

£

£

Balance at 1st January 2024

100

28,923,390

250,262

Changes in equity

Total comprehensive income

-

5,794,077

(1,225,911

)

Balance at 31st December 2024

100

34,717,467

(975,649

)

Changes in equity

Total comprehensive income

-

1,364,762

1,353,220

Balance at 31st December 2025

100

36,082,229

377,571

Non-controlling

Total

Total

interests

equity

£

£

£

Balance at 1st January 2024

29,173,752

3,845,956

33,019,708

Changes in equity

Total comprehensive income

4,568,166

467,153

5,035,319

Balance at 31st December 2024

33,741,918

4,313,109

38,055,027

Changes in equity

Total comprehensive income

2,717,982

259,021

2,977,003

Balance at 31st December 2025

36,459,900

4,572,130

41,032,030

Called up

share

Retained

Translation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1st January 2024

100

7,383,455

60,531

7,444,086

Changes in equity

Total comprehensive income

-

2,292,106

(319,458

)

1,972,648

Balance at 31st December 2024

100

9,675,561

(258,927

)

9,416,734

Changes in equity

Total comprehensive income

-

863,790

353,554

1,217,344

Balance at 31st December 2025

100

10,539,351

94,627

10,634,078

Cash flows from operating activities

Cash generated from operations

1

(3,246,995

)

3,605,477

Interest paid

(11,046

)

(4,317

)

Tax paid

(668,052

)

(465,225

)

Net cash from operating activities

(3,926,093

)

3,135,935

Cash flows from investing activities

Purchase of tangible fixed assets

(1,575,589

)

(857,868

)

Purchase of current assets investment

-

(376,688

)

Sale of tangible fixed assets

47,032

19,781

Sale of fixed asset investments

20,422

-

Non-controlling interest adjustment

92,656

(133,010

)

Interest received

167,064

297,146

Net cash from investing activities

(1,248,415

)

(1,050,639

)

(Decrease)/increase in cash and cash equivalents

(5,174,508

)

2,085,296

Cash and cash equivalents at beginning of year

2

26,348,068

25,488,684

Effect of foreign exchange rate changes

1,353,220

(1,225,912

)

Cash and cash equivalents at end of year

2

22,526,780

26,348,068

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

2025

2024

£

£

Profit before taxation

1,839,298

7,171,798

Depreciation charges

687,660

522,325

(Profit)/loss on disposal of fixed assets

(30,918

)

13,902

Finance costs

11,046

4,317

Finance income

(167,064

)

(297,146

)

2,340,022

7,415,196

Decrease/(increase) in trade and other debtors

14,323,742

(5,783,180

)

(Decrease)/increase in trade and other creditors

(19,910,759

)

1,973,461

Cash generated from operations

(3,246,995

)

3,605,477

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 31st December 2025

31.12.25

1.1.25

£

£

Cash and cash equivalents

22,526,780

26,348,068

Year ended 31st December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

26,348,068

25,488,684

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.25

Cash flow

At 31.12.25

£

£

£

Net cash

Cash at bank

26,348,068

(3,821,288

)

22,526,780

26,348,068

(3,821,288

)

22,526,780

Liquid resources

Current asset investments

497,520

-

497,520

497,520

-

497,520

Total

26,845,588

(3,821,288

)

23,024,300