Caseware UK (AP4) 2025.0.111 2025.0.111 2025-12-31 2025-12-31 2024-12-29 false false false Distribution of print media to both residential and commercial markets.192 214 false 09340207 2024-12-29 2025-12-31 09340207 2023-12-31 2024-12-28 09340207 2025-12-31 09340207 2024-12-28 09340207 2023-12-31 09340207 1 2024-12-29 2025-12-31 09340207 1 2023-12-31 2024-12-28 09340207 3 2024-12-29 2025-12-31 09340207 3 2023-12-31 2024-12-28 09340207 4 2024-12-29 2025-12-31 09340207 4 2023-12-31 2024-12-28 09340207 5 2024-12-29 2025-12-31 09340207 5 2023-12-31 2024-12-28 09340207 d:Director1 2024-12-29 2025-12-31 09340207 d:Director2 2024-12-29 2025-12-31 09340207 d:Director3 2024-12-29 2025-12-31 09340207 d:Director4 2024-12-29 2025-12-31 09340207 d:Director4 2025-12-31 09340207 d:RegisteredOffice 2024-12-29 2025-12-31 09340207 e:Buildings e:LongLeaseholdAssets 2024-12-29 2025-12-31 09340207 e:Buildings e:LongLeaseholdAssets 2025-12-31 09340207 e:Buildings e:LongLeaseholdAssets 2024-12-28 09340207 e:LandBuildings 2025-12-31 09340207 e:LandBuildings 2024-12-28 09340207 e:PlantMachinery 2024-12-29 2025-12-31 09340207 e:PlantMachinery 2025-12-31 09340207 e:PlantMachinery 2024-12-28 09340207 e:PlantMachinery e:OwnedOrFreeholdAssets 2024-12-29 2025-12-31 09340207 e:MotorVehicles 2024-12-29 2025-12-31 09340207 e:MotorVehicles 2025-12-31 09340207 e:MotorVehicles 2024-12-28 09340207 e:MotorVehicles e:OwnedOrFreeholdAssets 2024-12-29 2025-12-31 09340207 e:FurnitureFittings 2024-12-29 2025-12-31 09340207 e:FurnitureFittings 2025-12-31 09340207 e:FurnitureFittings 2024-12-28 09340207 e:FurnitureFittings e:OwnedOrFreeholdAssets 2024-12-29 2025-12-31 09340207 e:OwnedOrFreeholdAssets 2024-12-29 2025-12-31 09340207 e:Goodwill 2024-12-29 2025-12-31 09340207 e:Goodwill 2025-12-31 09340207 e:Goodwill 2024-12-28 09340207 e:ComputerSoftware 2024-12-29 2025-12-31 09340207 e:ComputerSoftware 2025-12-31 09340207 e:ComputerSoftware 2024-12-28 09340207 e:OtherResidualIntangibleAssets 2024-12-29 2025-12-31 09340207 e:CurrentFinancialInstruments 2025-12-31 09340207 e:CurrentFinancialInstruments 2024-12-28 09340207 e:CurrentFinancialInstruments e:WithinOneYear 2025-12-31 09340207 e:CurrentFinancialInstruments e:WithinOneYear 2024-12-28 09340207 e:ReportableOperatingSegment1 2024-12-29 2025-12-31 09340207 e:ReportableOperatingSegment1 2023-12-31 2024-12-28 09340207 e:ReportableOperatingSegment2 2024-12-29 2025-12-31 09340207 e:ReportableOperatingSegment2 2023-12-31 2024-12-28 09340207 e:ReportableOperatingSegment3 2024-12-29 2025-12-31 09340207 e:ReportableOperatingSegment3 2023-12-31 2024-12-28 09340207 f:UnitedKingdom 2024-12-29 2025-12-31 09340207 f:UnitedKingdom 2023-12-31 2024-12-28 09340207 e:UKTax 2024-12-29 2025-12-31 09340207 e:UKTax 2023-12-31 2024-12-28 09340207 e:ShareCapital 2024-12-29 2025-12-31 09340207 e:ShareCapital 2025-12-31 09340207 e:ShareCapital 2023-12-31 2024-12-28 09340207 e:ShareCapital 2024-12-28 09340207 e:ShareCapital 2023-12-31 09340207 e:SharePremium 2024-12-29 2025-12-31 09340207 e:SharePremium 2025-12-31 09340207 e:SharePremium 2023-12-31 2024-12-28 09340207 e:SharePremium 2024-12-28 09340207 e:SharePremium 2023-12-31 09340207 e:CapitalRedemptionReserve 2024-12-29 2025-12-31 09340207 e:CapitalRedemptionReserve 2025-12-31 09340207 e:CapitalRedemptionReserve 2023-12-31 2024-12-28 09340207 e:CapitalRedemptionReserve 2024-12-28 09340207 e:CapitalRedemptionReserve 2023-12-31 09340207 e:RetainedEarningsAccumulatedLosses 2024-12-29 2025-12-31 09340207 e:RetainedEarningsAccumulatedLosses 2025-12-31 09340207 e:RetainedEarningsAccumulatedLosses 2023-12-31 2024-12-28 09340207 e:RetainedEarningsAccumulatedLosses 2024-12-28 09340207 e:RetainedEarningsAccumulatedLosses 2023-12-31 09340207 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2025-12-31 09340207 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-12-28 09340207 e:FinancialLiabilitiesFairValueThroughProfitOrLoss e:UnlistedNon-exchangeTraded 2025-12-31 09340207 e:FinancialLiabilitiesFairValueThroughProfitOrLoss e:UnlistedNon-exchangeTraded 2024-12-28 09340207 e:AcceleratedTaxDepreciationDeferredTax 2025-12-31 09340207 e:AcceleratedTaxDepreciationDeferredTax 2024-12-28 09340207 d:OrdinaryShareClass1 2024-12-29 2025-12-31 09340207 d:OrdinaryShareClass1 2025-12-31 09340207 d:OrdinaryShareClass1 2024-12-28 09340207 d:FRS102 2024-12-29 2025-12-31 09340207 d:Audited 2024-12-29 2025-12-31 09340207 d:FullAccounts 2024-12-29 2025-12-31 09340207 d:PrivateLimitedCompanyLtd 2024-12-29 2025-12-31 09340207 e:WithinOneYear 2025-12-31 09340207 e:WithinOneYear 2024-12-28 09340207 e:BetweenOneFiveYears 2025-12-31 09340207 e:BetweenOneFiveYears 2024-12-28 09340207 e:Goodwill e:ExternallyAcquiredIntangibleAssets 2024-12-29 2025-12-31 09340207 e:ComputerSoftware e:ExternallyAcquiredIntangibleAssets 2024-12-29 2025-12-31 09340207 2 2024-12-29 2025-12-31 09340207 15 2024-12-29 2025-12-31 09340207 17 2024-12-29 2025-12-31 09340207 19 2024-12-29 2025-12-31 09340207 20 2024-12-29 2025-12-31 09340207 e:ExternallyAcquiredIntangibleAssets 2024-12-29 2025-12-31 09340207 e:Goodwill e:OwnedIntangibleAssets 2024-12-29 2025-12-31 09340207 e:ComputerSoftware e:OwnedIntangibleAssets 2024-12-29 2025-12-31 09340207 g:PoundSterling 2024-12-29 2025-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 09340207 NEWSTEAM GROUP LTD ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
NEWSTEAM GROUP LTD COMPANY INFORMATION
Directors | Jonathan Robert Kennett
| Neil Hilton Jagger
| Simon Wakeham
| Sally Moore (appointed 1 January 2025)
Registered number | 09340207
Registered office | Cauldon Locks
| Shelton New Road
| Stoke-On-Trent
| ST4 7AA
NEWSTEAM GROUP LTD CONTENTS
| Page
Strategic Report | 1 - 4
Directors' Report | 5 - 6
Independent Auditors' Report | 7 - 10
Statement of Comprehensive Income | 11
Statement of Financial Position | 12 - 13
Statement of Changes in Equity | 14 - 15
Statement of Cash Flows | 16 - 17
Analysis of Net Debt | 18
Notes to the Financial Statements | 19 - 38
NEWSTEAM GROUP LTD STRATEGIC REPORT FOR THE PERIOD ENDED 31 DECEMBER 2025
Introduction
The directors present their strategic report for Newsteam Group Ltd (NTG) for the period ended 31 December 2025. Page 1
NEWSTEAM GROUP LTD STRATEGIC REPORT (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2025
Business review
The Company provides a national delivery service, predominantly for newspapers, to individual customers, newsagents, national chains and publishers across the UK. In 2025, the Company continued to acquire rounds, and other news distribution businesses, to extend its coverage across the UK and cement its position as the largest daily news media distribution network in the country. This represents a key USP as publishers contract with NTG to directly distribute their titles to end users.The Company provides a national delivery service, predominantly for newspapers, to individual customers, newsagents, national chains and publishers across the UK. In 2025, the Company continued to acquire rounds, and other news distribution businesses, to extend its coverage across the UK and cement its position as the largest daily news media distribution network in the country. This represents a key USP as publishers contract with NTG to directly distribute their titles to end users. NTG increased its turnover by 17% to £79.37m (2024: £67.74m), with an operating profit of £2.61m (2024: £4.25m). Gross profit margin moved from 20.17% to 19.70%, reflecting the transition to a centralised depot model to enable future growth. Operating profit reflects a deliberate and significant investment in administrative capability during the year. The Company invested heavily to ensure it is in a strong position for the next period of growth, strengthening its operational infrastructure, systems and people to support the scale of business the board expects to deliver in the coming years. A significant development in 2025 was the acquisition of all Morrisons home delivery rounds. This represented a major expansion of NTG's customer base and geographic reach, and required additional investment to integrate the rounds into the Company's operations and service infrastructure. The board is confident that this investment will deliver strong returns as the rounds are embedded into NTG's network. During the year, the Company made significant improvements to its logistics software, resulting in earlier and more accurate deliveries for customers. These enhancements, made possible by NTG's parent company Suonal Ltd's ownership of the logistics software supplier, have improved operational efficiency and customer satisfaction and further differentiate NTG's service offering. The Company also revised its contractor payment framework during the year to ensure that all Contracted Service Providers receive remuneration equivalent to at least the Real Living Wage, as published annually by the Living Wage Foundation. The board believes this reflects NTG's commitment to fair treatment of those who deliver its service and supports the long-term sustainability and stability of its contractor workforce. Future Developments The directors remain focused on consolidating the Company's market position and driving further growth in home delivery and retail distribution. The purchase of NTG's logistics software supplier in 2023 by NTG's parent Company, Suonal Ltd, has enabled NTG to focus the software development on making further operational efficiencies and adapt to new markets. It has also continued to diversify its home delivery options to include other products and the board are actively looking at new service offerings to diversify revenue streams. Market Outlook and Strategic Positioning The board recognises that the UK newspaper distribution sector is undergoing significant consolidation and transformation. Looking ahead, the board believes that market dynamics will ultimately lead to a single major distributor serving both home delivery and retail channels. This anticipated shift is expected to streamline the supply chain, enhance operational efficiencies and provide a unified service to both consumer and retail customers. Within this evolving landscape, the board is confident that NTG is well positioned to capitalise on emerging opportunities. In particular, the board expects to see substantial growth in the sub-retail segment, as more news retailers seek to source their supplies directly from NTG rather than relying on the established wholesale network. This trend is underpinned by NTG’s expanding capabilities and reliable service offering. The board’s strategy is to leverage these strengths to increase market share in both home delivery and retail Page 2
NEWSTEAM GROUP LTD STRATEGIC REPORT (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2025 distribution, further consolidating NTG’s position as a leading supplier to the sector. The company will continue to invest in technology, logistics and customer service to support this growth and ensure the company remains at the forefront of industry developments.
Principal risks and uncertainties
The directors regularly review the risks facing the business and have established procedures and controls to mitigate these where possible. The principal risks and uncertainties include: • Market Risk: The printed news market has been in decline for some time and the directors believe this trend will continue. The customer base is increasingly mature and the digital channel is distributing an increased proportion of news media. In 2025, publishers continued to protect their profitability by pricing actions well above inflation. In recent years there has been a very significant reduction in the number of newsagents as volumes have declined and margins have been squeezed. The board view this as an opportunity for NTG to acquire home delivery rounds of newsagents looking to exit the category. • Operational Risk: Fuel price volatility, or labour shortages, could result in above inflation increases which would have a significant impact on gross margin. NTG would recover any impact through pricing action which could increase customer attrition. NTG is mitigating this risk by making software improvements to maximise the number of drops per round which will lead to greater earning potential for its driver base. The move to a centralised depot model further supports operational efficiency and scalability. In addition, our acquisition strategy is targeted in areas of lower density amongst our existing customer base which will help achieve the same objective. • Credit Risk: The Company is exposed to the risk of non-payment by customers. Credit control procedures are in place to monitor and manage this risk. • Regulatory Risk: There are no expected upcoming regulatory or legislative changes to be enacted or debated in the current parliament that pose a material risk to NTG's business model. NTG has already mitigated any future impact relating to the cost or availability of labour by: (1) further improvements to route optimisation; and (2) taking running costs and the “Real Living Wage” (as published annually by the Living Wage Foundation) into account when setting Contracted Service Provider drop rates. • Financial Risk: The Company manages its exposure to interest rate and liquidity risks through regular forecasting and cash management. The directors are satisfied that the Company's risk management processes are appropriate for its size and complexity.
Financial key performance indicators
The directors use a range of financial KPIs to monitor and assess the Company’s performance: KPI 2025 2024 Commentary Turnover £79.3m £67.7m 17% growth, driven by home delivery Gross profit margin 19.20% 20.17% Slightly declined due to operational challenges Operating profit £2.61m £4.25m Net assets/(liabilities) £533k £413k Similar to the previous year
Other key performance indicators
In addition to the key financial indicators, we monitor on a daily basis key customer service and operating performance indicators. These indicators measure our re-delivery rates and conduct a root cause analysis of all communications with our contact centre. Page 3
NEWSTEAM GROUP LTD STRATEGIC REPORT (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2025
Directors' statement of compliance with duty to promote the success of the Company
The directors have had regard to the matters set out in section 172(1) of the Companies Act 2006 when performing their duties. The Company's key stakeholders include employees, customers, suppliers, and the wider community. The directors consider the likely consequences of decisions for these groups and for the long-term success of the Company. Going concern The Company generated a profit before tax of £2.62m and closed the year with net assets of £532,606. The directors have reviewed trading and cash flow forecasts for at least 12 months from the date of approval of these accounts and are satisfied that the Company will have sufficient resources to meet its liabilities as they fall due. Accordingly, the financial statements have been prepared on a going concern basis.. This report was approved by the board and signed on its behalf.
................................................ Jonathan Robert Kennett Director
Date: 7 July 2026
Page 4
NEWSTEAM GROUP LTD DIRECTORS' REPORT FOR THE PERIOD ENDED 31 DECEMBER 2025 The directors present their report and the financial statements for the period ended 31 December 2025.
Directors' responsibilities statement
The directors are responsible for preparing the Strategic Report, the Directors' Report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 for the Company's financial statements and then apply them consistently; ∙make judgments 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 to 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.
Results and dividends
The profit for the period, after taxation, amounted to £1,769,315 (2024 - £2,987,493). The Company declared dividends of £1,650,000 (2024: £Nil) during the year.
Directors
The directors who served during the period were:
Jonathan Robert Kennett
Neil Hilton Jagger
Simon Wakeham
Sally Moore (appointed 1 January 2025)
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information. Page 5
NEWSTEAM GROUP LTD DIRECTORS' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2025
Auditors
The auditors, Pure Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
................................................ Jonathan Robert Kennett Director
Date: 7 July 2026
Page 6
NEWSTEAM GROUP LTD INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NEWSTEAM GROUP LTD
Opinion
We have audited the financial statements of Newsteam Group Ltd (the 'Company') for the period ended 31 December 2025, which comprise the Statement of Comprehensive Income, the Analysis of Net Debt, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 31 December 2025 and of its profit 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 Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. Page 7
NEWSTEAM GROUP LTD INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NEWSTEAM GROUP LTD (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Strategic Report and the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 5, 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 is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Page 8
NEWSTEAM GROUP LTD INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NEWSTEAM GROUP LTD (CONTINUED)
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 an Auditors' Report 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 laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Extent to which the audit was considered capable of detecting irregularities, including fraud We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. Identifying and assessing potential risks related to irregularities In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: • The nature of the industry and sector, control environment and business performance including the design of the Company’s remuneration policies, key drivers for directors’ remuneration, bonus levels and performance targets; • results of our enquiries of management about their own identification and assessment of the risks of irregularities and any matters we identified having reviewed the Company’s policies and procedures; • the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to revenue recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks that the Company operates in and focused on those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Companies Act 2006 and local tax legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company’s ability to operate or to avoid a material fine or penalty. Audit response to risks identified As a result of performing the above, we identified revenue recognition as a key audit matter related to the potential risk of fraud. Our procedures to respond to risks identified included the following: • reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; • enquiring of management, concerning actual and potential litigation and claims; Page 9
NEWSTEAM GROUP LTD INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NEWSTEAM GROUP LTD (CONTINUED) • performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; • reading minutes of meetings of those charged with governance; • obtaining an understanding of provisions and discussing with management to understand the basis of recognition or non-recognition of tax provisions; and • in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 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 Auditors' Report.
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 an Auditors' Report 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. R M Asif Rafique (Senior Statutory Auditor) for and on behalf of Pure Audit Limited Chartered Certified Accountants & Statutory Auditors 76 Canterbury Innovation Centre University Road Canterbury Kent CT2 7FG 7 July 2026 Page 10
NEWSTEAM GROUP LTD STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED 31 DECEMBER 2025
| 31 December | 28 December
| 2025 | 2024
Note | £ | £
Turnover | 4 | 79,376,708 | 67,743,142
Cost of sales |  | (64,130,025) | (54,078,805)
Gross profit |  | 15,246,683 | 13,664,337
Administrative expenses |  | (12,633,765) | (9,411,691)
Operating profit | 5 | 2,612,918 | 4,252,646
Interest receivable and similar income | 9 | 7,681 | 9,535
Interest payable and similar expenses | 10 | 187 | (129,728)
Profit before tax |  | 2,620,786 | 4,132,453
Tax on profit | 11 | (851,471) | (1,144,960)
Profit for the financial period |  | 1,769,315 | 2,987,493
There were no recognised gains and losses for 2025 or 2024 other than those included in the statement of comprehensive income.
There was no other comprehensive income for 2025 (2024:£NIL).
The notes on pages 19 to 38 form part of these financial statements.
Page 11
NEWSTEAM GROUP LTD REGISTERED NUMBER: 09340207 STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025
|  | 31 December |  | 28 December
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 13 |  | 4,145,361 |  | 2,107,840
Tangible assets | 14 |  | 54,591 |  | 65,848
|  |  | 4,199,952 |  | 2,173,688
Current assets |  |  |  |  |
Stocks | 15 | 29,893 |  | 37,962 |
Debtors: amounts falling due within one year | 16 | 10,785,481 |  | 8,158,237 |
Cash at bank and in hand | 17 | 921,918 |  | 577,055 |
|  | 11,737,292 |  | 8,773,254 |
Creditors: amounts falling due within one year | 18 | (15,397,338) |  | (10,522,854) |
Net current liabilities |  |  | (3,660,046) |  | (1,749,600)
Total assets less current liabilities |  |  | 539,906 |  | 424,088
Provisions for liabilities |  |  |  |  |
Deferred tax | 20 | (7,300) |  | (10,797) |
|  |  | (7,300) |  | (10,797)
Net assets |  |  | 532,606 |  | 413,291
Capital and reserves |  |  |  |  |
Called up share capital | 21 |  | 10,099 |  | 10,099
Share premium account | 22 |  | 490,000 |  | 490,000
Capital redemption reserve | 22 |  | 1 |  | 1
Profit and loss account | 22 |  | 32,506 |  | (86,809)
|  |  | 532,606 |  | 413,291
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................ Jonathan Robert Kennett
Director
Date: 7 July 2026
Page 12
NEWSTEAM GROUP LTD REGISTERED NUMBER: 09340207 STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 DECEMBER 2025 The notes on pages 19 to 38 form part of these financial statements. Page 13
NEWSTEAM GROUP LTD STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 31 DECEMBER 2025
| Called up share capital | Share premium account | Capital redemption reserve | Profit and loss account | Total equity
| £ | £ | £ | £ | £
At 29 December 2024 | 10,099 | 490,000 | 1 | (86,809) | 413,291
Comprehensive income for the period |  |  |  |  |
Profit for the period | - | - | - | 1,769,315 | 1,769,315
Other comprehensive income for the period | - | - | - | - | -
Total comprehensive income for the period | - | - | - | 1,769,315 | 1,769,315
Contributions by and distributions to owners |  |  |  |  |
Dividends: Equity capital | - | - | - | (1,650,000) | (1,650,000)
Total transactions with owners | - | - | - | (1,650,000) | (1,650,000)
At 31 December 2025 | 10,099 | 490,000 | 1 | 32,506 | 532,606
| The notes on pages 19 to 38 form part of these financial statements.
Page 14
NEWSTEAM GROUP LTD STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 28 DECEMBER 2024
| Called up share capital | Share premium account | Capital redemption reserve | Profit and loss account | Total equity
| £ | £ | £ | £ | £
At 1 December 2023 | 10,099 | 490,000 | 1 | (3,074,302) | (2,574,202)
Comprehensive income for the period |  |  |  |  |
Profit for the period | - | - | - | 2,987,493 | 2,987,493
Other comprehensive income for the period | - | - | - | - | -
Total comprehensive income for the period | - | - | - | 2,987,493 | 2,987,493
Total transactions with owners | - | - | - | - | -
At 28 December 2024 | 10,099 | 490,000 | 1 | (86,809) | 413,291
| The notes on pages 19 to 38 form part of these financial statements.
Page 15
NEWSTEAM GROUP LTD STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 31 DECEMBER 2025
|  |  | 31 December | 28 December
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial period | 1,769,315 | 2,987,493
Adjustments for: |  |
Amortisation of intangible assets | 747,479 | 494,640
Depreciation of tangible assets | 36,515 | 25,117
Loss on disposal of tangible assets | 1,625 | -
Interest paid | (187) | 129,728
Interest received | (7,681) | (9,535)
Taxation charge | 851,471 | 1,144,960
Decrease/(increase) in stocks | 8,069 | (37,962)
(Increase)/decrease in debtors | (1,337,432) | 782,185
(Increase) in amounts owed by groups | (1,293,233) | (2,011,537)
Decrease/(increase) in amounts owed by associates | 3,421 | (3,421)
Increase in creditors | 4,462,626 | 780,321
Increase in amounts owed to groups | 115,179 | 132,972
Corporation tax (paid)/received | (558,289) | -
Net cash generated from operating activities | 4,798,878 | 4,414,961
Cash flows from investing activities |  |
Purchase of intangible fixed assets | (2,784,999) | (1,357,438)
Purchase of tangible fixed assets | (27,884) | (54,450)
Sale of tangible fixed assets | 1,000 | -
Interest received | 7,681 | 9,535
Net cash from investing activities | (2,804,202) | (1,402,353)
Cash flows from financing activities |  |
Repayment of loans | - | (24,167)
Repayment of other loans | - | (3,142,500)
Dividends paid | (1,650,000) | -
Interest paid | 187 | (129,728)
Net cash used in financing activities | (1,649,813) | (3,296,395)
Net increase/(decrease) in cash and cash equivalents | 344,863 | (283,787)
Cash and cash equivalents at beginning of period | 577,055 | 860,842
Page 16
NEWSTEAM GROUP LTD STATEMENT OF CASH FLOWS (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2025
|  | 31 December | 28 December
|  | 2025 | 2024
|  | £ | £
Cash and cash equivalents at the end of period | 921,918 | 577,055
Cash and cash equivalents at the end of period comprise: |  |
Cash at bank and in hand | 921,918 | 577,055
| 921,918 | 577,055
The notes on pages 19 to 38 form part of these financial statements.
Page 17
NEWSTEAM GROUP LTD ANALYSIS OF NET DEBT FOR THE PERIOD ENDED 31 DECEMBER 2025
| At 29 December 2024 | Cash flows | At 31 December 2025
| £ | £ | £
Cash at bank and in hand | 577,055 | 344,863 | 921,918
Debt due within 1 year | (350,000) | - | (350,000)
| 227,055 | 344,863 | 571,918
The notes on pages 19 to 38 form part of these financial statements.
Page 18
NEWSTEAM GROUP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
1. | General information
The Company is a private company limited by shares, incorporated in England and Wales. The address of the registered office is: Cauldon Locks, Shelton New Road, Stoke-On-Trent, England, ST4 7AA. The Company’s registration number is 09340207. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Going concern
The financial statements have been prepared on a going concern basis. The Company generated a profit before tax of £2,620,786 for the period ended 31 December 2025 and had net assets of £532,606 at the reporting date. The Company also generated net cash from operating activities of £4,798,878 during the period and held cash at bank and in hand of £921,918 at 31 December 2025. At the reporting date, the Company had net current liabilities of £3,660,046. The directors have considered this position as part of their going concern assessment, including the nature and timing of the Company’s working capital cycle, the expected settlement of trade creditors and accruals, the recoverability of amounts due from group undertakings, and forecast trading performance and cash flows. The directors have prepared and reviewed cash flow forecasts for a period of at least twelve months from the date of approval of these financial statements. These forecasts indicate that the Company is expected to remain profitable and will have sufficient cash resources to meet its liabilities as they fall due. The forecasts reflect the directors’ expectations of continued trading, ongoing cash generation from operations, and the management of working capital in the ordinary course of business. Having considered the above matters, the directors are satisfied that the Company has adequate resources to continue in operational existence for the foreseeable future and that there are no material uncertainties relating to going concern. Accordingly, the directors consider it appropriate to prepare the financial statements on the going concern basis. Page 19
NEWSTEAM GROUP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.3 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.4 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.5 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.6 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. Page 20
NEWSTEAM GROUP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.7 | Borrowing costs
All borrowing costs are recognised in profit or loss in the period in which they are incurred.
| 2.8 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
| 2.9 | Current and deferred taxation
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date. Page 21
NEWSTEAM GROUP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.10 | Intangible assets
Goodwill Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Comprehensive Income over its useful economic life. Other intangible assets Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. The estimated useful lives range as follows:
|  |  |  | Other intangible fixed assets | - | 5 | years
| 2.11 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, . Depreciation is provided on the following basis:
|  |  |  | Long-term leasehold property | - |  | Over lease term
|  |  |  | Plant and machinery | - | 20% | Straight line
|  |  |  | Motor vehicles | - | 50% |
|  |  |  | Fixtures and fittings | - | 25% | On reducing balance basis and 3 year straight line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. Page 22
NEWSTEAM GROUP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.12 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.13 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.14 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.
| 2.15 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.16 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.17 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Page 23
NEWSTEAM GROUP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.17 | Financial instruments (continued)
Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Basic financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled. Page 24
NEWSTEAM GROUP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.18 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
In order to properly apply the Company’s accounting policies, as described in note 2 above, the Directors are required to make judgements and estimates in respect of carrying values of assets and liabilities which may not be apparent from other sources of information. The Directors base these critical accounting judgements and estimations on previous historical experience and other factors which the directors judge to be relevant. Judgements and estimates will invariably differ from actual results and hence such judgements and estimates are reviewed by the directors on an ongoing basis. Critical accounting judgements The Directors do not consider that there are any critical accounting judgements in these accounts. Key sources of estimation uncertainty Goodwill amortisation Goodwill on customer round acquisitions is being amortised over a five year period. The Directors review this annually and still consider that it is reasonable. Doubtful debt provision The Company makes allowance for doubtful debts based on an assessment of the recoverability of receivables. Allowances are applied to receivables where events or changes in circumstances indicate that the carrying amounts may not be recoverable. Management specifically analysed historical bad debts, customer creditworthiness, current economic trends and changes in customer payment terms when making a judgement to evaluate the adequacy of the allowance of doubtful debts of receivables. Where the expectation is different from the original estimate, such difference will impact the carrying value of receivables. Page 25
NEWSTEAM GROUP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 31 December | 28 December
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Home delivery services | 68,630,427 | 56,767,882
| Retail and national contracts | 10,427,612 | 10,975,260
| Commission receivable | 318,669 | -
|  | 79,376,708 | 67,743,142
Analysis of turnover by country of destination:
|  |  |  |  | 31 December | 28 December
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| United Kingdom | 79,376,708 | 67,743,142
|  | 79,376,708 | 67,743,142
5. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 31 December | 28 December
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other operating lease rentals | 9,295 | 11,221
Page 26
NEWSTEAM GROUP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
6. | Auditors' remuneration
| During the period, the Company obtained the following services from the Company's auditors:
|  |  |  |  | 31 December | 28 December
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 26,795 | 25,995
7. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 31 December | 28 December
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 6,202,414 | 5,946,771
| Social security costs | 688,727 | 437,751
| Cost of defined contribution scheme | 95,205 | 80,763
|  | 6,986,346 | 6,465,285
| The senior management team and executive directors are considered to be key management personnel. Total remuneration in respect of these individuals is £451,198 (2024: £301,888).
| The average monthly number of employees, including the directors, during the period was as follows:
|  |  | 31 December | 28 December
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Administration and management | 192 | 214
Page 27
NEWSTEAM GROUP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
8. | Directors' remuneration
|  |  |  |  | 31 December | 28 December
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 356,199 | 214,738
| Company contributions to defined contribution pension schemes | 2,411 | 1,321
|  | 358,610 | 216,059
| During the period retirement benefits were accruing to 2 directors (2024 - 2) in respect of defined contribution pension schemes.
| The highest paid director received remuneration of £162,363 (2024 - £118,185).
| The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £1,321 (2024 - £1,321).
9. | Interest receivable
|  |  |  |  | 31 December | 28 December
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 7,681 | 9,535
|  | 7,681 | 9,535
10. | Interest payable and similar expenses
|  |  |  |  | 31 December | 28 December
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other loan interest payable | (187) | 129,728
|  | (187) | 129,728
Page 28
NEWSTEAM GROUP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
11. | Taxation
|  |  |  |  | 31 December | 28 December
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 854,968 | 308,288
|  | 854,968 | 308,288
| Total current tax | 854,968 | 308,288
| Deferred tax |  |
| Origination and reversal of timing differences | (3,497) | 836,672
| Total deferred tax | (3,497) | 836,672
| Tax on profit | 851,471 | 1,144,960
Page 29
NEWSTEAM GROUP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025 11.Taxation (continued)
| Factors affecting tax charge for the period
| The tax assessed for the period is higher than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 31 December | 28 December
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 2,620,786 | 4,132,453
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 655,197 | 1,033,113
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 7,055 | 3,467
| Depreciation/amortisation in excess of capital allowances | 192,716 | 122,103
| Utilisation of tax losses | - | (850,395)
| Short-term timing difference leading to an increase (decrease) in taxation | (3,497) | 836,672
| Total tax charge for the period | 851,471 | 1,144,960
| Factors that may affect future tax charges
The Company has estimated losses of £Nil (2024: £Nil) available to carry forward against future trading profits.
12. | Dividends
|  |  |  |  | 31 December | 28 December
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Dividends analysis | 1,650,000 | -
|  | 1,650,000 | -
Page 30
NEWSTEAM GROUP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
13. | Intangible assets
|  | Other intangible assets | Goodwill | Total
|  | £ | £ | £
| Cost |  |  |
| At 29 December 2024 | 2,808,804 | 509,752 | 3,318,556
| Additions | 2,784,999 | - | 2,784,999
| Disposals | (2,055) | - | (2,055)
| At 31 December 2025 | 5,591,748 | 509,752 | 6,101,500
| Amortisation |  |  |
| At 29 December 2024 | 1,167,970 | 42,746 | 1,210,716
| Charge for the period on owned assets | 645,528 | 101,950 | 747,478
| On disposals | (2,055) | - | (2,055)
| At 31 December 2025 | 1,811,443 | 144,696 | 1,956,139
| Net book value |  |  |
| At 31 December 2025 | 3,780,305 | 365,056 | 4,145,361
| At 28 December 2024 | 1,640,834 | 467,006 | 2,107,840
Page 31
NEWSTEAM GROUP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
14. | Tangible fixed assets
|  | Long-term leasehold property | Plant and machinery | Motor vehicles | Fixtures and fittings | Total
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 29 December 2024 | 24,001 | 31,951 | 7,000 | 66,353 | 129,305
| Additions | 15,286 | 2,000 | - | 10,598 | 27,884
| Disposals | - | - | (7,000) | - | (7,000)
| At 31 December 2025 | 39,287 | 33,951 | - | 76,951 | 150,189
| Depreciation |  |  |  |  |
| At 29 December 2024 | 2,220 | 24,117 | 2,333 | 34,787 | 63,457
| Charge for the period on owned assets | 10,636 | 6,462 | 2,042 | 17,376 | 36,516
| Disposals | - | - | (4,375) | - | (4,375)
| At 31 December 2025 | 12,856 | 30,579 | - | 52,163 | 95,598
| Net book value |  |  |  |  |
| At 31 December 2025 | 26,431 | 3,372 | - | 24,788 | 54,591
| At 28 December 2024 | 21,781 | 7,834 | 4,667 | 31,566 | 65,848
| The net book value of land and buildings may be further analysed as follows:
|  |  |  |  | 31 December | 28 December
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Long leasehold | 26,431 | 21,781
|  | 26,431 | 21,781
Page 32
NEWSTEAM GROUP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
15. | Stocks
|  |  |  |  | 31 December | 28 December
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Finished goods and goods for resale | 29,893 | 37,962
|  | 29,893 | 37,962
16. | Debtors
|  |  |  |  | 31 December | 28 December
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 4,054,573 | 4,227,480
| Amounts owed by group undertakings | 3,591,466 | 2,298,233
| Amounts owed by joint ventures and associated undertakings | - | 3,421
| Other debtors | 1,551,767 | 1,070,474
| Called up share capital not paid | 99 | 99
| Prepayments and accrued income | 1,587,576 | 558,530
|  | 10,785,481 | 8,158,237
17. | Cash and cash equivalents
|  |  |  |  | 31 December | 28 December
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 921,918 | 577,055
|  | 921,918 | 577,055
Page 33
NEWSTEAM GROUP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
18. | Creditors: Amounts falling due within one year
|  |  |  |  | 31 December | 28 December
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other loans | 350,000 | 350,000
| Trade creditors | 8,093,307 | 5,814,000
| Amounts owed to group undertakings | 248,151 | 132,972
| Corporation tax | 604,967 | 308,288
| Other taxation and social security | 139,708 | 145,334
| Other creditors | 504,465 | 582,074
| Accruals and deferred income | 5,456,740 | 3,190,186
|  | 15,397,338 | 10,522,854
Page 34
NEWSTEAM GROUP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
19. | Financial instruments
|  |  |  |  | 31 December | 28 December
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Financial assets |  |
| Financial assets measured at amortised cost | 10,119,823 | 8,176,762
| Financial liabilities |  |
| Other financial liabilities measured at amortised cost | (9,335,631) | (7,332,668)
| Financial assets measured at amortised cost comprise of cash at bank and in hand, trade debtors, amounts owed by group undertakings and other debtors.
| Financial liabilities measured at amortised cost comprise of trade creditors, other creditors, payments on account, bank loans and other loans.
Page 35
NEWSTEAM GROUP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
20. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | (10,797)
| Charged to profit or loss | 3,497
| At end of year | (7,300)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 31 December | 28 December
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | (7,300) | (10,797)
|  | (7,300) | (10,797)
21. | Share capital
|  |  |  |  | 31 December | 28 December
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 1,009,900 (2024 - 1,009,900) Ordinary shares of £0.01 each | 10,099 | 10,099
22. | Reserves
Share premium account The share premium account represents any premiums received on issue of share capital. Capital redemption reserve Represents the nominal value of shares repurchased and cancelled by the Company. Profit and loss account The profit and loss account represents the cumulative profits and losses of the Company, net of any dividends or other adjustments. Page 36
NEWSTEAM GROUP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
23. | Pension commitments
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £95,205 (2024: £80,763). Contributions totalling £22,497 (2024: £44,012) were payable to the fund at the balance sheet date and are included in other creditors.
24. | Commitments under operating leases
| At 31 December 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 31 December | 28 December
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 148,710 | 15,840
| Later than 1 year and not later than 5 years | 529,500 | 19,800
|  | 678,210 | 35,640
Page 37
NEWSTEAM GROUP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
25. | Related party transactions
| During the year the Company traded with Paperround HND Service Limited, a subsidiary of the Company’s parent undertaking, Suonal Ltd. Purchases from Paperround HND Service Limited totalled £897,341 (2024: £630,770). At the balance sheet date the balance outstanding to the Company was £40,000 (2024: £-512). The Company owed balance of £75,990 to Paperround HND Service Limited relating to unpaid bills for services received in December 2025. During the year the Company traded with HSE Advisor Limited, a subsidiary of the Company’s parent undertaking, Suonal Ltd. Purchases from HSE Advisor Limited totalled £Nil (2024: £47,578). At the balance sheet date the balance outstanding from the Company was £Nil (2024: £Nil). During the year the Company traded with Global Vehicles Direct Ltd, a company in which the director P Goddard is also a director. Purchases from Global Vehicles Direct Ltd totalled £598,859 (2024: £504,241). At the balance sheet date the balance outstanding from the Company was £Nil (2024: £50,176). During the year the Company traded with its parent company, Suonal Ltd. Total sales to Suonal Ltd is £1,812,826 (2024: £Nil). Suonal Ltd charged management fees of £3,744,687 (2024: £1,619,478) . At the balance sheet date the balance owed to the Company was £3,481,201 (2024: £2,298,233). During the year the Company traded with Newtrade Media Ltd, a company in which the director N Jagger is also a director. Purchases from Newtrade Media Ltd totalled £32,543 (2024: £Nil). At the balance sheet date the Company owed £4,511 (2024: £Nil) to Newtrade Media Ltd. At the reporting date, an amount of £99,168 (2024: £132,972) was payable by the Company to it's subsidiary Suffolk News Delivery Limited. At the reporting date, an amount of £148,985 (£2024: £Nil) was payable by the Company to Garners News Ltd, a subsidiary of the Company. During the year the Company provided £58,176 worth of services to Garners Fulfilment Solutions Ltd, a subsidiary of the Company. At the reporting date, an amount of £58,176 (£2024: £Nil) was owed by Garners Fulfilment Solutions Ltd. During the year the Company recharged £41,751 worth of expenses to The Mighty Kitchen Ltd, a company connected to directors and the parent company, Suonal Ltd. At the reporting date, an amount of £12,089 (£2024: £Nil) was owed by The Mighty Kitchen Ltd. The balances are unsecured, interest-free, and repayable on demand.
26. | Controlling party
The parent company is Suonal Ltd, a company incorporated in Cyprus. Copies of the group financial statements of Suonal Ltd may be obtained from 3rd floor Onisiforou Centre, Neof. Nikolaides Avenue & Th. Kolokotroni Street, Paphos, 8011, Cyprus. The immediate and ultimate parent undertaking is Suonal Ltd. The directors consider that there is no ultimate individual controlling party.
Page 38