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REGISTERED NUMBER: 15092844 (England and Wales)

Group Strategic Report, Report of the Director and

Consolidated Financial Statements

for the Period 1 August 2024 to 31 January 2026

for

Recycled Roadways Holdings Ltd

| Recycled Roadways Holdings Ltd (Registered number: 15092844) |

Contents of the Consolidated Financial Statements

for the Period 1 August 2024 to 31 January 2026

| Page |

| Company Information | 1 |

| Group Strategic Report | 2 |  | to |  | 3

| Report of the Director | 4 |  | to |  | 5

| Report of the Independent Auditors | 6 |  | to |  | 8

| Consolidated Income Statement | 9 |

| Consolidated Other Comprehensive Income | 10 |

| Consolidated Balance Sheet | 11 |

| Company Balance Sheet | 12 |

| Consolidated Statement of Changes in Equity | 13 |

| Company Statement of Changes in Equity | 14 |

| Consolidated Cash Flow Statement | 15 |

| Notes to the Consolidated Cash Flow Statement | 16 |

| Notes to the Consolidated Financial Statements | 17 |  | to |  | 24

| Recycled Roadways Holdings Ltd |

Company Information

for the Period 1 August 2024 to 31 January 2026

| DIRECTOR: | B K Basi

| REGISTERED OFFICE: | 5-7 Station Road

| Longfield

| DA3 7QD

| REGISTERED NUMBER: | 15092844 (England and Wales)

| AUDITORS: | TAG ASSURANCE SERVICES LIMITED

| Unit 8, Pendeford Place

| Pendeford Business Park

| Wobaston Road

| Wolverhampton

| WV9 5HD

| Recycled Roadways Holdings Ltd (Registered number: 15092844) |

Group Strategic Report

for the Period 1 August 2024 to 31 January 2026

The directors present their strategic report for the period 1 August 2024 to 31 January 2026.

REVIEW OF BUSINESS

The results for the period end 31 January 2026 are as shown in these financial statements. The group has grown during this period, with sales increasing by 10% when prorated for 18 months. The businesses pivoted to additional revenue streams and shift in pricing policy for the 6 months to period end has reduced its risk to external market conditions and supported higher utilization levels for its asset base.

PRINCIPAL RISKS AND UNCERTAINTIES

Due to the uncertainty in the financial markets and the stagnant financial forecast for the UK economy, the business has completed varying levels of risk review and is comfortable with its projections for 2026 and 2027.

The business envisages a minimal growth in the Construction & aggregate sector but is confident it has the capacity to manage this. Simultaneously, the business continues to increase its market share in differing sectors of the aggregate industry by providing turn-key services which help mitigate risk for our client base.

Price risk- The data from 2025 showed prices were stable. The business core spending on fuel and materials were stable, whic h supported the reduced losses for the financial year. Prior-year labor shortages have also stabilized giving the business further certainty when pricing. The forecast decrease in interest rates will support future asset purchases further stre ngthening the profitability of the business.

Credit risk- The business has a strong credit rating and the purchase of premium plant equipment at below market rates support s this status. Robust cashflow modelling ensures payments are made on time to suppliers to maintain the credit rating of the business. We do not envisage any issues around credit risk.

Liquidity risk-The business has solid liquidity and respectable payment terms with its client base. The company's historical inve stment in plant equipment, which will become unencumbered overtime, safeguards any potential liquidity issue s that may arise in the future. Shareholder funding support of up to £2 million provides additional liquidity assur ance.

Market risk- The forecast for the Aggregate sector is better than previous years and the pipeline of work for RR's contracting a rm looks solid. With increased focus on providing sustainable turnkey solutions the business is well positioned.

DEVELOPMENT AND PERFORMANCE

Investment in its management structure will continue into 2026 / 2027 which will support the projected turnover increase and its pivot into other activities. Reduced interest payments will support net profitability in future years.

The management team continues to monitor the company's performance specifically looking at utilization, hire/contract rates, EBITDA. With a steady pipeline of work, the senior management team remain optimistic for the future.

| Recycled Roadways Holdings Ltd (Registered number: 15092844) |

Group Strategic Report

for the Period 1 August 2024 to 31 January 2026

KPI'S

| 2026 |  | 2024 |

Revenue |  | 18,792,841 |  | 11,322,247 |

Gross Profit |  | 4,493,776 |  | 2,404,329 |

Net Profit / (loss) |  | (182,796) |  | (501,183) |

Net Assets |  | 2,836,802 |  | 3,019,598 |

ON BEHALF OF THE BOARD:

B K Basi - Director

12 August 2026

| Recycled Roadways Holdings Ltd (Registered number: 15092844) |

Report of the Director

for the Period 1 August 2024 to 31 January 2026

The director presents her report with the financial statements of the company and the group for the period 1 August 2024 to 31 January 2026.

PRINCIPAL ACTIVITY

The Group principal activity during the year continued to be the recycling of non-metal waste and scrap, together with the hiring out of machinery for projects.

DIVIDENDS

No dividends will be distributed for the period ended 31 January 2026.

DIRECTOR

B K Basi held office during the whole of the period from 1 August 2024 to the date of this report.

POLITICAL DONATIONS AND EXPENDITURE

Charitable donation during the year amounted to £2,183 (2024: £542).

GOING CONCERN

The directors have reviewed the group’s financial position, cash flow forecasts and funding requirements for the foreseeable future. The group had net current liabilities of £1.138m at 31 January 2026 and may require continued financial support in order to meet its obligations as they fall due.

The directors have confirmed their intention to provide such financial support as may be necessary to enable the group to continue trading and to meet its liabilities for a period of at least 12 months from the date of approval of these consolidated financial statements.

Based on the forecasts prepared and the continued financial support available from the directors, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the consolidated financial statements have been prepared on the going concern basis.

STATEMENT OF DIRECTOR'S 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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.

| Recycled Roadways Holdings Ltd (Registered number: 15092844) |

Report of the Director

for the Period 1 August 2024 to 31 January 2026

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 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 company's auditors are aware of that information.

AUDITORS

The auditors, TAG ASSURANCE SERVICES LIMITED, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

B K Basi - Director

12 August 2026

Report of the Independent Auditors to the Members of

Recycled Roadways Holdings Ltd

Opinion

We have audited the financial statements of Recycled Roadways Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 January 2026 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 January 2026 and of the group's loss for the period 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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, 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 Director 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 Director have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of

Recycled Roadways Holdings Ltd

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 Director.

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 director's remuneration specified by law are not made; or

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

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is 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 director determines 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 director is 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 director either intends to liquidate the group or the parent company or to cease operations, or has 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.

Irregularities, including fraud, are instances of non-compliance with law and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

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

Recycled Roadways Holdings Ltd

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.

Shaun David Philpott (Senior Statutory Auditor)

for and on behalf of TAG ASSURANCE SERVICES LIMITED

Unit 8, Pendeford Place

Pendeford Business Park

Wobaston Road

Wolverhampton

WV9 5HD

12 August 2026

| Recycled Roadways Holdings Ltd (Registered number: 15092844) |

Consolidated

Income Statement

for the Period 1 August 2024 to 31 January 2026

| Period |

| 1.8.24 |

| to |  | Year Ended

| 31.1.26 |  | 31.7.24

| Notes | £ | £ |

TURNOVER | 18,792,841 |  | 11,322,247 |  |

Cost of sales | 14,299,065 |  | 8,917,918 |  |

GROSS PROFIT | 4,493,776 |  | 2,404,329 |  |

Administrative expenses | 3,830,319 |  | 2,564,726 |  |

OPERATING PROFIT/(LOSS) | 4 | 663,457 |  | (160,397 | ) |

Interest payable and similar expenses | 5 | 887,378 |  | 389,844 |  |

LOSS BEFORE TAXATION | (223,921 | ) | (550,241 | ) |

Tax on loss | 6 | (41,125 | ) | (49,058 | ) |

LOSS FOR THE FINANCIAL PERIOD | (182,796 | ) | (501,183 | ) |

Loss attributable to:

Owners of the parent | (182,796 | ) | (501,183 | ) |

| Recycled Roadways Holdings Ltd (Registered number: 15092844) |

Consolidated

Other Comprehensive Income

for the Period 1 August 2024 to 31 January 2026

| Period |

| 1.8.24 |

| to |  | Year Ended

| 31.1.26 |  | 31.7.24

| Notes | £ | £ |

LOSS FOR THE PERIOD | (182,796 | ) | (501,183 | ) |

OTHER COMPREHENSIVE INCOME |

- |  | (9,072,898 | ) |

Income tax relating to other comprehensive income | - |  | - |  |

OTHER COMPREHENSIVE INCOME FOR THE PERIOD, NET OF INCOME TAX | - |  | (9,072,898 | ) |

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD | (182,796 | ) | (9,574,081 | ) |

Total comprehensive income attributable to:

Owners of the parent | (182,796 | ) | (9,574,081 | ) |

| Recycled Roadways Holdings Ltd (Registered number: 15092844) |

Consolidated Balance Sheet

31 January 2026

| 2026 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 10 | 8,376,424 |  | 7,610,986 |  |

Investments | 11 | - |  | - |  |

8,376,424 |  | 7,610,986 |  |

CURRENT ASSETS

Stocks | 12 | 1,313,538 |  | 1,200,203 |  |

Debtors | 13 | 3,942,906 |  | 4,771,104 |  |

Cash in hand | 39,396 |  | (60,932 | ) |

5,295,840 |  | 5,910,375 |  |

CREDITORS

Amounts falling due within one year | 14 | 6,433,886 |  | 5,300,234 |  |

NET CURRENT (LIABILITIES)/ASSETS | (1,138,046 | ) | 610,141 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 7,238,378 |  | 8,221,127 |  |

CREDITORS

Amounts falling due after more than one year | 15 | (3,653,525 | ) | (4,412,353 | ) |

PROVISIONS FOR LIABILITIES | 18 | (748,051 | ) | (789,176 | ) |

NET ASSETS | 2,836,802 |  | 3,019,598 |  |

CAPITAL AND RESERVES

Called up share capital | 19 | 12,000,000 |  | 12,000,000 |  |

Other reserves | 20 | (9,072,898 | ) | (9,072,898 | ) |

Retained earnings | 20 | (90,300 | ) | 92,496 |  |

SHAREHOLDERS' FUNDS | 2,836,802 |  | 3,019,598 |  |

The financial statements were approved by the director and authorised for issue on 12 August 2026 and were signed by:

B K Basi - Director

| Recycled Roadways Holdings Ltd (Registered number: 15092844) |

Company Balance Sheet

31 January 2026

| 2026 |  | 2024

| Notes | £ | £ |

FIXED ASSETS

Tangible assets | 10 | - |  | - |  |

Investments | 11 | 12,000,000 |  | 12,000,000 |  |

12,000,000 |  | 12,000,000 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 12,000,000 |  | 12,000,000 |  |

CAPITAL AND RESERVES

Called up share capital | 19 | 12,000,000 |  | 12,000,000 |  |

SHAREHOLDERS' FUNDS | 12,000,000 |  | 12,000,000 |  |

Company's profit for the financial year | - |  | - |  |

The financial statements were approved by the director and authorised for issue on 3 July 2026 and were signed by:

B K Basi - Director

| Recycled Roadways Holdings Ltd (Registered number: 15092844) |

Consolidated Statement of Changes in Equity

for the Period 1 August 2024 to 31 January 2026

| Called up |

| share |  | Retained |  | Other |  | Total

| capital |  | earnings |  | reserves |  | equity

£ | £ | £ | £ |

Balance at 1 August 2023 | - |  | 2,093,679 |  | - |  | 2,093,679 |  |

Changes in equity

Issue of share capital | 12,000,000 |  | - |  | - |  | 12,000,000 |  |

Dividends | - |  | (1,500,000 | ) | - |  | (1,500,000 | ) |

Total comprehensive income | - |  | (501,183 | ) | (9,072,898 | ) | (9,574,081 | ) |

Balance at 31 July 2024 | 12,000,000 |  | 92,496 |  | (9,072,898 | ) | 3,019,598 |  |

Changes in equity

Total comprehensive income | - |  | (182,796 | ) | - |  | (182,796 | ) |

Balance at 31 January 2026 | 12,000,000 |  | (90,300 | ) | (9,072,898 | ) | 2,836,802 |  |

| Recycled Roadways Holdings Ltd (Registered number: 15092844) |

Company Statement of Changes in Equity

for the Period 1 August 2024 to 31 January 2026

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Changes in equity

Issue of share capital | 12,000,000 |  | - |  | 12,000,000 |  |

Balance at 31 July 2024 | 12,000,000 |  | - |  | 12,000,000 |  |

Changes in equity

Balance at 31 January 2026 | 12,000,000 |  | - |  | 12,000,000 |  |

| Recycled Roadways Holdings Ltd (Registered number: 15092844) |

Consolidated Cash Flow Statement

for the Period 1 August 2024 to 31 January 2026

| Period |

| 1.8.24 |

| to |  | Year Ended

| 31.1.26 |  | 31.7.24

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 4,534,731 |  | 2,142,382 |  |

Interest paid | (23,436 | ) | (33,340 | ) |

Interest element of hire purchase payments paid | (863,942 | ) | (356,504 | ) |

Net cash from operating activities | 3,647,353 |  | 1,752,538 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (3,159,898 | ) | (3,167,932 | ) |

Sale of tangible fixed assets | 371,701 |  | 1,682,773 |  |

Net cash from investing activities | (2,788,197 | ) | (1,485,159 | ) |

Cash flows from financing activities

Capital repayments in year | (758,828 | ) | (328,311 | ) |

Net cash from financing activities | (758,828 | ) | (328,311 | ) |

Increase/(decrease) in cash and cash equivalents | 100,328 |  | (60,932 | ) |

Cash and cash equivalents at beginning of period | 2 | (60,932 | ) | - |  |

Cash and cash equivalents at end of period | 2 | 39,396 |  | (60,932 | ) |

| Recycled Roadways Holdings Ltd (Registered number: 15092844) |

Notes to the Consolidated Cash Flow Statement

for the Period 1 August 2024 to 31 January 2026

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

| Period |

| 1.8.24 |

| to | Year Ended

| 31.1.26 |  | 31.7.24

£ | £ |

| Loss before taxation | (223,921 | ) | (550,241 | ) |

| Depreciation charges | 2,061,761 |  | 1,123,263 |  |

| (Profit)/loss on disposal of fixed assets | (39,002 | ) | 67,239 |  |

| Finance costs | 887,378 |  | 389,844 |  |

2,686,216 |  | 1,030,105 |  |

| Increase in stocks | (113,335 | ) | (629,495 | ) |

| Decrease in trade and other debtors | 828,198 |  | 585,047 |  |

| Increase in trade and other creditors | 1,133,652 |  | 1,156,725 |  |

| Cash generated from operations | 4,534,731 |  | 2,142,382 |  |

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:

| Period ended 31 January 2026

| 31.1.26 |  | 1.8.24

£ | £ |

| Cash and cash equivalents | 39,396 |  | (60,932 | ) |

| Year ended 31 July 2024

| 31.7.24 |  | 1.8.23

£ | £ |

| Cash and cash equivalents | (60,932 | ) | - |  |

3. | ANALYSIS OF CHANGES IN NET DEBT

| At 1.8.24 | Cash flow | At 31.1.26

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | (60,932 | ) | 100,328 |  | 39,396 |  |

(60,932 | ) | 100,328 |  | 39,396 |  |

| Debt

| Finance leases | (6,524,720 | ) | 842,740 |  | (5,681,980 | ) |

| Debts falling due within 1 year | (864,427 | ) | 660,000 |  | (204,427 | ) |

(7,389,147 | ) | 1,502,740 |  | (5,886,407 | ) |

| Total | (7,450,079 | ) | 1,603,068 |  | (5,847,011 | ) |

| Recycled Roadways Holdings Ltd (Registered number: 15092844) |

Notes to the Consolidated Financial Statements

for the Period 1 August 2024 to 31 January 2026

1. | STATUTORY INFORMATION

| Recycled Roadways Holdings Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

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

| Turnover

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

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

| Motor Vehicles |  | 20% Straight Line |  |

| Plant & Machinery |  | 12% Straight Line |  |

| Fixtures, Fittings, Tools & Equipment |  | 10% Straight Line |  |

| Stocks

| Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

| Taxation

| Taxation for the period comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

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

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

| Deferred tax

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

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

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

| Recycled Roadways Holdings Ltd (Registered number: 15092844) |

Notes to the Consolidated Financial Statements - continued

for the Period 1 August 2024 to 31 January 2026

2. | ACCOUNTING POLICIES - continued

| Group reconstruction

| On 15 April 2024, Recycled Roadways Holdings Limited became the parent company of the Group following a share-for-share exchange under which it acquired the entire issued share capital of Recycled Roadways Limited in exchange for issuing 12 million Ordinary £1.00 Shares to Recycled Roadways Limited Previous Shareholder.

| The transaction constituted a group reconstruction involving entities under common control and has been accounted for using the principles of merger accounting in accordance with Section 19 of FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.

| Accordingly, the consolidated financial statements have been prepared as though Recycled Roadways Holdings Limited had been the parent company of the Group throughout the current and comparative reporting periods. The results, cash flows, assets, liabilities and reserves of Recycled Roadways Limited have therefore been included from the beginning of the earliest comparative period presented. The difference between the nominal value of shares issued £12 million and the book value of assets acquired £3 million has been debited to merger reserve (£9 million).

| Going concern

| The directors have reviewed the group’s financial position, cash flow forecasts and funding requirements for the foreseeable future. The group had net current liabilities of £1.138m at 31 January 2026 and may require continued financial support in order to meet its obligations as they fall due.

| The directors have confirmed their intention to provide such financial support as may be necessary to enable the group to continue trading and to meet its liabilities for a period of at least 12 months from the date of approval of these consolidated financial statements.

| Based on the forecasts prepared and the continued financial support available from the directors, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the consolidated financial statements have been prepared on the going concern basis.

| Debtors

| Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortized cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

| Creditors

| Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortized cost determined using the effective interest method.

| Leased assets

| A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company’s policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight-line basis over the lease term.

| Recycled Roadways Holdings Ltd (Registered number: 15092844) |

Notes to the Consolidated Financial Statements - continued

for the Period 1 August 2024 to 31 January 2026

3. | EMPLOYEES AND DIRECTORS

| Period |

| 1.8.24 |

| to | Year Ended

| 31.1.26 |  | 31.7.24

£ | £ |

| Wages and salaries | 2,483,067 |  | 1,447,697 |  |

| Social security costs | 296,655 |  | 169,860 |  |

| Other pension costs | 40,002 |  | 70,337 |  |

2,819,724 |  | 1,687,894 |  |

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

| Period |

| 1.8.24 |

| to | Year Ended

| 31.1.26 |  | 31.7.24

| Average number of employees | 29 |  | 26 |  |

| The average number of employees by undertakings that were proportionately consolidated during the period was 29 (2024 - 26 ) .

| Period |

| 1.8.24 |

| to | Year Ended

| 31.1.26 |  | 31.7.24

£ | £ |

| Director's remuneration | 59,474 |  | 1,644 |  |

4. | OPERATING PROFIT/(LOSS)

| The operating profit (2024 - operating loss) is stated after charging/(crediting):

| Period |

| 1.8.24 |

| to | Year Ended

| 31.1.26 |  | 31.7.24

£ | £ |

| Depreciation - owned assets | 2,218,961 |  | 1,123,263 |  |

| (Profit)/loss on disposal of fixed assets | (39,001 | ) | 67,239 |  |

| Recycled Roadways Holdings Ltd (Registered number: 15092844) |

Notes to the Consolidated Financial Statements - continued

for the Period 1 August 2024 to 31 January 2026

5. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| Period |

| 1.8.24 |

| to | Year Ended

| 31.1.26 |  | 31.7.24

£ | £ |

| Bank loan interest | 23,436 |  | 33,340 |  |

| Leasing | 863,942 |  | 356,504 |  |

887,378 |  | 389,844 |  |

6. | TAXATION

| Analysis of the tax credit

| The tax credit on the loss for the period was as follows:

| Period |

| 1.8.24 |

| to | Year Ended

| 31.1.26 |  | 31.7.24

£ | £ |

| Deferred tax | (41,125 | ) | (49,058 | ) |

| Tax on loss | (41,125 | ) | (49,058 | ) |

| Tax effects relating to effects of other comprehensive income |

| 2024 |

| Gross |  | Tax |  | Net |

£ | £ | £ |

| Merger Reserve | (9,072,898 | ) | - |  | (9,072,898 | ) |

7. | INDIVIDUAL INCOME STATEMENT

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

8. | DIVIDENDS

| Period |

| 1.8.24 |

| to | Year Ended

| 31.1.26 |  | 31.7.24

£ | £ |

| Ordinary Shares A shares of 1 each

| Final | - |  | 1,500,000 |  |

| Recycled Roadways Holdings Ltd (Registered number: 15092844) |

Notes to the Consolidated Financial Statements - continued

for the Period 1 August 2024 to 31 January 2026

9. | RELATED PARTY TRANSACTIONS

| The company entered into transactions with related parties under common control during the year. Transactions were undertaken in the normal course of business and on terms agreed between the parties.

| Transactions During the Year

| Related Party |  | Sales(£ | ) | Purchases(£ | ) |

| KKB Plant Services Ltd |  | 518,609.60 |  | 6,016,410.69 |  |

| KKB Fleet Services Ltd |  | 18,668.71 |  | 661,625.17 |  |

| KKB Prop Co Ltd |  | 26,778.75 |  | 5,832.00 |  |

| KKB Remediation Ltd |  | 34,566.63 |  | 76,634.36 |  |

| Total |  | 598,623.69 |  | 6,760,802.22 |  |

| Balances Outstanding at the Reporting Date

| Related Party |  | Trade Debtors(£ | ) | Trade Creditors(£ | ) |

| KKB Plant Services Ltd |  | - |  | 319,483.00 |  |

| KKB Fleet Services Ltd |  | 15,012.00 |  | 38,124.00 |  |

| KKB Prop Co Ltd |  | 147,592.00 |  | 5,832.00 |  |

| KKB Remediation Ltd |  | 167.00 |  | 24,294.00 |  |

| Total |  | 162,771.00 |  | 387,733.00 |  |

| Other Related Party Balances

| Related Party |  | Nature of Balance |  | Amount(£ | ) |

| KKB Prop Co Ltd |  | Loan Receivable |  | 2,522,817.00 |  |

| KKB Prop Co Ltd |  | Loan Payable |  | 80,000.00 |  |

| Net Receivables |  |  | 2,442,817.00 |  |

| Unless otherwise stated, outstanding balances are unsecured, interest-free and repayable on demand.

10. | TANGIBLE FIXED ASSETS

| Group

| Fixtures |

| Plant and |  | and |  | Motor |

| machinery |  | fittings |  | vehicles |  | Totals

£ | £ | £ | £ |

| COST

| At 1 August 2024 | 9,956,326 |  | - |  | - |  | 9,956,326 |  |

| Additions | 3,073,650 |  | 60,000 |  | 26,248 |  | 3,159,898 |  |

| Disposals | (332,700 | ) | - |  | - |  | (332,700 | ) |

| At 31 January 2026 | 12,697,276 |  | 60,000 |  | 26,248 |  | 12,783,524 |  |

| DEPRECIATION

| At 1 August 2024 | 2,345,340 |  | - |  | - |  | 2,345,340 |  |

| Charge for period | 2,217,524 |  | 1,000 |  | 437 |  | 2,218,961 |  |

| Eliminated on disposal | (157,201 | ) | - |  | - |  | (157,201 | ) |

| At 31 January 2026 | 4,405,663 |  | 1,000 |  | 437 |  | 4,407,100 |  |

| NET BOOK VALUE

| At 31 January 2026 | 8,291,613 |  | 59,000 |  | 25,811 |  | 8,376,424 |  |

| At 31 July 2024 | 7,610,986 |  | - |  | - |  | 7,610,986 |  |

| Recycled Roadways Holdings Ltd (Registered number: 15092844) |

Notes to the Consolidated Financial Statements - continued

for the Period 1 August 2024 to 31 January 2026

11. | FIXED ASSET INVESTMENTS

| Company

| Unlisted

| investments

£ |

| COST

| At 1 August 2024

| and 31 January 2026 | 12,000,000 |  |

| NET BOOK VALUE

| At 31 January 2026 | 12,000,000 |  |

| At 31 July 2024 | 12,000,000 |  |

| The investment relates to the shareholding in the company's 100% subsidiary undertaking, Recycled Roadways Limited.

12. | STOCKS

| Group |

2026 | 2024 |

£ | £ |

| Stocks | 1,313,538 |  | 1,200,203 |  |

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

| Group |

2026 | 2024 |

£ | £ |

| Trade debtors | 1,216,529 |  | 1,833,477 |  |

| Other debtors | 2,584,576 |  | 2,777,666 |  |

| Prepayments | 141,801 |  | 159,961 |  |

3,942,906 |  | 4,771,104 |  |

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

| Group |

2026 | 2024 |

£ | £ |

| Bank loans and overdrafts (see note 16) | 204,427 |  | 864,427 |  |

| Hire purchase contracts (see note 17) | 2,028,455 |  | 2,112,367 |  |

| Trade creditors | 1,090,649 |  | 2,076,408 |  |

| Social security and other taxes | 650,668 |  | 114,054 |  |

| Other creditors | 2,385,043 |  | 69,580 |  |

| Accrued expenses | 74,644 |  | 63,398 |  |

6,433,886 |  | 5,300,234 |  |

| Other creditors includes £2m related to money received in advance of a post year end issue of share capital.

| Recycled Roadways Holdings Ltd (Registered number: 15092844) |

Notes to the Consolidated Financial Statements - continued

for the Period 1 August 2024 to 31 January 2026

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

| Group |

2026 | 2024 |

£ | £ |

| Hire purchase contracts (see note 17) | 3,653,525 |  | 4,412,353 |  |

16. | LOANS

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

| Group |

2026 | 2024 |

£ | £ |

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

| Bank loans | 204,427 |  | 864,427 |  |

17. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Group

| Hire purchase |

| contracts |

2026 | 2024 |

£ | £ |

| Net obligations repayable:

| Within one year | 2,028,455 |  | 2,112,367 |  |

| Between one and five years | 3,653,525 |  | 4,412,353 |  |

5,681,980 |  | 6,524,720 |  |

18. | PROVISIONS FOR LIABILITIES

| Group |

2026 | 2024 |

£ | £ |

| Deferred tax | 748,051 |  | 789,176 |  |

| Group

| Deferred |

| tax |

£ |

| Balance at 1 August 2024 | 789,176 |  |

| Provided during period | (41,125 | ) |

| Balance at 31 January 2026 | 748,051 |  |

| Recycled Roadways Holdings Ltd (Registered number: 15092844) |

Notes to the Consolidated Financial Statements - continued

for the Period 1 August 2024 to 31 January 2026

19. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2026 | 2024 |

| value: | £ | £ |

| 12,000,000 | Ordinary Shares A | 1 | 12,000,000 |  | 12,000,000 |  |

20. | RESERVES

| Group

| Retained |  | Other |

| earnings |  | reserves |  | Totals

£ | £ | £ |

| At 1 August 2024 | 92,496 |  | (9,072,898 | ) | (8,980,402 | ) |

| Deficit for the period | (182,796 | ) | (182,796 | ) |

| At 31 January 2026 | (90,300 | ) | (9,072,898 | ) | (9,163,198 | ) |

| Company

| Retained

| earnings

£ |

| Profit for the period | - |

| At 31 January 2026 | - |  |