ACCOUNTS - Final Accounts preparation

Operating profit

The operating profit is stated after charging:

Registered number: 14900702

COLX LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

COLX LIMITED

COMPANY INFORMATION

Directors	P M Jacobs
	S A Jacobs
	M W Lynn (resigned 16 April 2026)
	S B Main
	C B Mullin
	R C Lynn (appointed 16 April 2026)


Registered number	14900702


Registered office	6 Europa Boulevard
	Birkenhead
	CH41 4PE


Independent auditors	Langtons Professional Services Limited
	Chartered Accountants & Statutory Auditors
	The Plaza
	100 Old Hall Street
	Liverpool
	L3 9QJ

COLX LIMITED

CONTENTS

	Page
Group strategic report	1
Directors' report	2 - 4
Independent auditors' report	5 - 9
Consolidated statement of comprehensive income	10
Consolidated statement of financial position	11
Company statement of financial position	12
Consolidated statement of changes in equity	13
Company statement of changes in equity	14
Consolidated statement of cash flows	15 - 16
Consolidated analysis of net debt	17
Notes to the financial statements	18 - 39

COLX LIMITED

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

Introduction

The Directors present their Strategic Report and financial statements for the year ended 31 December 2025.

Business review

ColX Limited along with its subsidiaries are hereafter referred to as “the Group”.

The Company continued its role as a holding company for the Group.

The Group comprises a broad portfolio of enforcement and debt recovery businesses serving professional markets such as local authorities, legal professionals, and commercial property managers.

For the year ended 31 December 2025, the Group generated revenue of £48,765,932 and an operating profit of £10,210,660. Profit before tax was £6,688,842.

Principal Activities

The Company is a holding company and did not trade during the year. The Group’s principal activity remains the
provision of specialised financial and business services including debt recovery, certificated enforcement agent
services, and process serving.

Principal risks and uncertainties

The Group is subject to various risks and uncertainties in the ordinary course of business. The Group’s risk
management framework provides reasonable assurance that significant risks are identified and addressed. The
principal themes of risk for the Group remain:
• Strategic: Changes in economic and market conditions such as contract pricing and competition
• Financial: Failures in internal systems of control and lack of corporate stability
• Operational: Recruitment and retention of staff, reputation management, supplier and customer
relationships, IT risk, and information security
• Compliance: Non-compliance with laws and regulations

To mitigate these risks, the Group applies a number of systems and procedures, including:
• Regularly reviewing trading conditions to respond to market changes
• Applying procedures and controls to manage compliance, financial and operational risks, including
adhering to an internal control framework

Financial key performance indicators

The Group continues to monitor adjusted profit before tax, operating margins, free cash flow before business
exits, and gearing ratio at the subsidiary level. No new KPIs have been introduced at the Group level.

This report was approved by the board on 24 July 2026 and signed on its behalf.

S A Jacobs

Director

Page 1

COLX LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

The directors present their report and the financial statements for the year ended 31 December 2025.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 Group financial statements in accordance with UK-adopted International Accounting Standards and applicable law. The parent company financial statements have been prepared in accordance with applicable law and Financial Reporting Standard 101 'Reduced Disclosure Framework'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Group'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 Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the Company remains that of a holding company. The Group continues to provide
specialised financial and business services including debt recovery, certificated enforcement agent services, and process serving.

Results and dividends

The profit for the year, after taxation, amounted to £4,569,619 (2024 - £1,804,166).

A dividend of £1,716,859 was declared and paid on 20 March 2025 in respect of the year ended 31 December 2024. No dividend is proposed for the year ended 31 December 2025.

Directors

The directors who served during the year were:

P M Jacobs

S A Jacobs

M W Lynn (resigned 16 April 2026)

S B Main

C B Mullin

Page 2

COLX LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Political contributions

No political donations were made during the year.

Future developments

The Group continues to invest in research and development activities to support future growth. There are no immediate changes planned to the Group’s structure or trading activities.

Financial instruments

The Group’s financial instruments include trade receivables, payables, loans, and cash balances. These are
managed in accordance with the Group’s financial risk management policies.

Engagement with employees

The Group remains committed to employee engagement, equal opportunities, and health and safety. Headcount has decreased during the year due to restructuring following the acquisition of Jacobs Enforcement Limited.

Disabled employees

The Group supports the employment and development of disabled persons and ensures fair treatment in
recruitment and career progression.

Qualifying third-party indemnity provisions

The Group has granted an indemnity to the Directors of the Company against liability in respect of proceedings
brought by third parties, subject to the condition set out in the Companies Act 2006. Such qualifying third-party
indemnity provision remains in force as at the date of approving the Directors' report.

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 and the Group'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 and the Group's auditors are aware of that information.

Post statement of financial position events

In March 2026, following the year end, the Group completed the disposal of an office property that had been previously vacated and was no longer required for operational purposes.

At the statement of financial position date, the property was being actively marketed and has therefore been classified as an
asset held for sale in the financial statements.

The disposal is treated as a non-adjusting post statement of financial position event under IFRS. Accordingly, no adjustment for the disposal has been made to the results for the year ended 31 December 2025. The financial impact of the disposal will be recognised in the year ending 31 December 2026.

Page 3

COLX LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Auditors

The auditors, Langtons Professional Services Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 24 July 2026 and signed on its behalf.

S A Jacobs

Director

Page 4

COLX LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COLX LIMITED

Opinion

We have audited the financial statements of Colx Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2025, which comprise the Consolidated statement of comprehensive income, the Consolidated analysis of net debt, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company 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 UK-adopted International Accounting Standards,including Financial Reporting Standard 101 'Reduced Disclosure Framework'.

In our opinion the financial statements:

∙give a true and fair view of the state of the Group's and of the Parent Company's affairs as at 31 December 2025 and of the Group's profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 Group's or the Parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Page 5

COLX LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COLX LIMITED (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 Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Group 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 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 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 by the Parent Company, or returns adequate for our audit have not been received from branches not visited by us; or

∙the Parent Company financial statements are not in agreement with the accounting records and returns; or

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

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

Page 6

COLX LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COLX LIMITED (CONTINUED)

Responsibilities of directors

As explained more fully in the Directors' responsibilities statement set out on page 2, 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 Group's and the Parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the Parent Company or to cease operations, or have no realistic alternative but to do so.

Page 7

COLX LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COLX LIMITED (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 Group 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:

Explanation as to what extent the audit was considered capable of detecting irregularities, including
fraud.

The objectives of our audit, in respect to fraud, are:
• to identify and assess the risks of material misstatement of the financial statements due to fraud;
• to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due
to fraud, through designing and implementing appropriate responses; and
• to respond appropriately to fraud or suspected fraud identified during the audit.

However, the primary responsibility for the prevention and detection of fraud rests with both those charged with
governance of the entity and management.

Our approach was as follows:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and
determined that the most significant are those that relate to the reporting framework (FRS 101 and the
Companies Act 2006), the relevant tax compliance regulations in the UK and the EU General Data Protection
Regulation (GDPR).

We understood how the Company is complying with those frameworks by making enquiries of management.
Through consideration of the results of our audit procedures we were able to either corroborate or provide
contrary evidence which was then followed up.

Based on our understanding we designed our audit procedures to identify non-compliance with laws and
regulations.

Our procedures involved:
• enquiries of management; and
• journal entry testing, with a focus on journals indicating large or unusual transactions based on our
understanding of the business.

We assessed the susceptibility of the Company’s financial statements to material misstatement, including how
fraud might occur by meeting with management to understand where it considered there was susceptibility to
fraud. We also considered performance targets and their propensity to influence efforts made by management to manage revenue and earnings. Where the risk was considered to be higher, including areas impacting key
performance indicators or management remuneration, we performed audit procedures to address each identified fraud risk or other risk of material misstatement. These procedures included those on revenue recognition detailed above, the assessment of items identified by management as non-recurring and testing manual journals and were designed to provide reasonable assurance that the financial statements were free from material fraud or error.

Page 8

COLX LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COLX LIMITED (CONTINUED)

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.

Stephen Talbot (Senior statutory auditor)

for and on behalf of

Langtons Professional Services Limited

Chartered Accountants

Statutory Auditors

The Plaza

100 Old Hall Street

Liverpool

L3 9QJ

24 July 2026

Page 9

COLX LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2025

	2025	2024
Note	£	£


Turnover	4	48,765,932	40,811,071
Cost of sales		(29,102,328)	(26,767,806)
Gross profit		19,663,604	14,043,265
Administrative expenses		(9,453,044)	(9,175,869)
Operating profit	5	10,210,560	4,867,396
Interest receivable and similar income	9	202,331	196,040
Interest payable and similar expenses	10	(3,767,312)	(3,111,662)
Profit before taxation		6,645,579	1,951,774
Tax on profit	11	(2,075,960)	(147,608)
Profit for the financial year		4,569,619	1,804,166


Total comprehensive income for the year		4,569,619	1,804,166

Profit for the year attributable to:
Owners of the Parent Company	4,569,619	1,804,166
	4,569,619	1,804,166

There were no recognised gains and losses for 2025 or 2024 other than those included in the consolidated statement of comprehensive income.

The notes on pages 18 to 39 form part of these financial statements.

Page 10

COLX LIMITED

REGISTERED NUMBER: 14900702

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2025

		2025		2024
Note		£		£

Fixed assets
Intangible assets	13		60,978,661		60,978,661
Tangible assets	14		1,313,296		1,381,180
			62,291,957		62,359,841
Current assets
Fixed assets held for sale		253,484		-
Receivables	16	3,874,877		4,499,909
Cash at bank and in hand	17	3,776,912		6,582,616
		7,905,273		11,082,525
Payables: amounts falling due within one year	18	(4,690,268)		(5,897,887)
Net current assets			3,215,005		5,184,638
Total assets less current liabilities			65,506,962		67,544,479
Payables: amounts falling due after more than one year	19		(38,360,356)		(43,250,633)
Provisions for liabilities
Net assets excluding pension asset			27,146,606		24,293,846
Net assets			27,146,606		24,293,846

Capital and reserves
Called up share capital	24	803	803
Share premium account	25	22,199,400	22,199,400
Profit and loss account	25	4,946,403	2,093,643
Equity attributable to owners of the Parent Company		27,146,606	24,293,846
		27,146,606	24,293,846

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 July 2026.

S A Jacobs

Director

The notes on pages 18 to 39 form part of these financial statements.

Page 11

COLX LIMITED

REGISTERED NUMBER: 14900702

COMPANY STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2025

		2025		2024
Note		£		£

Fixed assets
Investments	15		65,591,353		64,578,016
			65,591,353		64,578,016
Current assets
Receivables	16	379,021		1,459,049
Cash at bank and in hand	17	24,791		-
		403,812		1,459,049
Payables: amounts falling due within one year	18	(12,667,398)		(3,260,253)
Net current liabilities			(12,263,586)		(1,801,204)
Total assets less current liabilities			53,327,767		62,776,812

Payables: amounts falling due after more than one year	19		(37,947,514)		(43,101,563)

Net assets excluding pension asset			15,380,253		19,675,249
Net assets			15,380,253		19,675,249

Capital and reserves
Called up share capital	24		803		803
Share premium account	25		22,199,400		22,199,400
Profit and loss account brought forward		(2,524,954)		(342,112)
Loss for the year		(2,578,137)		(2,182,842)
Other changes in the profit and loss account		(1,716,859)		-
Profit and loss account carried forward			(6,819,950)		(2,524,954)
			15,380,253		19,675,249

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 July 2026.

S A Jacobs

Director

The notes on pages 18 to 39 form part of these financial statements.

Page 12

COLX LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025

	Called up share capital	Share premium account	Profit and loss account	Total equity
	£	£	£	£
At 1 January 2024 (as previously stated)	100	-	1,796,610	1,796,710
Prior year adjustment - correction of error	-	-	(1,507,133)	(1,507,133)
At 1 January 2024 (as restated)	100	-	289,477	289,577

Profit for the year	-	-	1,804,166	1,804,166
Total comprehensive income for the year	-	-	1,804,166	1,804,166
Contributions by and distributions to owners
Shares issued during the year	703	22,199,400	-	22,200,103
Total transactions with owners	703	22,199,400	-	22,200,103

At 1 January 2025	803	22,199,400	2,093,643	24,293,846

Profit for the year	-	-	4,569,619	4,569,619
Total comprehensive income for the year	-	-	4,569,619	4,569,619
Contributions by and distributions to owners
Dividends: Equity capital	-	-	(1,716,859)	(1,716,859)
Total transactions with owners	-	-	(1,716,859)	(1,716,859)
At 31 December 2025	803	22,199,400	4,946,403	27,146,606

The notes on pages 18 to 39 form part of these financial statements.

Page 13

COLX LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025

	Called up share capital	Share premium account	Profit and loss account	Total equity
	£	£	£	£
At 1 January 2024 (as previously stated)	100	-	1,165,021	1,165,121
Prior year adjustment - correction of error	-	-	(1,507,133)	(1,507,133)
At 1 January 2024 (as restated)	100	-	(342,112)	(342,012)

Loss for the year	-	-	(2,182,842)	(2,182,842)
Total comprehensive income for the year	-	-	(2,182,842)	(2,182,842)
Contributions by and distributions to owners
Shares issued during the year	703	22,199,400	-	22,200,103
Total transactions with owners	703	22,199,400	-	22,200,103

At 1 January 2025	803	22,199,400	(2,524,954)	19,675,249

Loss for the year	-	-	(2,578,137)	(2,578,137)
Total comprehensive income for the year	-	-	(2,578,137)	(2,578,137)
Contributions by and distributions to owners
Dividends: Equity capital	-	-	(1,716,859)	(1,716,859)
Total transactions with owners	-	-	(1,716,859)	(1,716,859)
At 31 December 2025	803	22,199,400	(6,819,950)	15,380,253

The notes on pages 18 to 39 form part of these financial statements.

Page 14

COLX LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2025

			2025	2024
			£	£

Cash flows from operating activities
Profit for the financial year	4,569,619	1,804,166
Adjustments for:
Depreciation of tangible assets	474,923	263,358
Loss on disposal of tangible assets	-	800
Interest paid	3,767,312	3,111,662
Interest received	(202,331)	(196,040)
Taxation charge	2,075,960	147,608
(Increase)/decrease in receivables	(427,869)	211,472
(Decrease)/Increase in payables	(921,480)	761,560
Corporation tax (paid)/received	(1,346,804)	682,579
Net cash generated from operating activities	7,989,330	6,787,165

Cash flows from investing activities
Purchase of tangible fixed assets	(660,522)	(674,027)
Sale of tangible fixed assets	-	(800)
Purchase of fixed asset investments	-	(51,469,683)
Interest received	202,331	196,040
HP interest paid	(20,952)	(21,468)
Net cash from investing activities	(479,143)	(51,969,938)
Cash flows from financing activities
Issue of ordinary shares	-	22,200,103
New secured loans	-	21,870,000
Repayment of loans	(5,998,374)	-
Other new loans	-	8,101,563
Repayment of/new finance leases	301,377	(93,724)
Dividends paid	(1,716,859)	-
Interest paid	(2,902,035)	(3,090,194)
Net cash used in financing activities	(10,315,891)	48,987,748
Net (decrease)/increase in cash and cash equivalents	(2,805,704)	3,804,975
Cash and cash equivalents at beginning of year	6,582,616	2,777,641
Cash and cash equivalents at the end of year	3,776,912	6,582,616

Cash and cash equivalents at the end of year comprise:

Page 15

COLX LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

		2025	2024
		£	£

Cash at bank and in hand	3,776,912	6,582,616
	3,776,912	6,582,616

The notes on pages 18 to 39 form part of these financial statements.

Page 16

COLX LIMITED

CONSOLIDATED ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 31 DECEMBER 2025


At 1 January 2025	Cash flows	New finance leases	At 31 December 2025
£	£	£	£

Cash at bank and in hand	6,582,616	(2,805,704)	-	3,776,912
Debt due after 1 year	(43,101,563)	5,154,049	-	(37,947,514)
Debt due within 1 year	-	(45,052)	-	(45,052)
Finance leases	(249,519)	105,483	(406,860)	(550,896)
	(36,768,466)	2,408,776	(406,860)	(34,766,550)

The notes on pages 18 to 39 form part of these financial statements.

Page 17

COLX LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1.	General information

Colx Limited is a limited company incorporated, registered and domiciled in the UK. Its registered address is 6 Europa Boulevard, Birkenhead, England CH41 4PE.

During the year, the Group incorporated Colx Group Limited. The company did not trade during the period.

These consolidated financial statements present information about the company and its subsidiaries
Equita Limited, Ross & Roberts Limited, Stirling Park LLP, Jacobs Enforcement Limited and Colx Group Limited.

2.Accounting policies

2.1

Basis of preparation of financial statements

The Group has applied IFRS in the preparation of its financial statements. The Group has prepared and presented these financial statements by applying the recognition, measurement and disclosure requirements of international accounting standards in conformity with the requirements of the Companies Act 2006.

The Company standalone accounts are prepared under FRS101.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The consolidated financial statements are prepared in accordance with international accounting standards in conformity with the requirements of the Companies Act 2006 and with UK adopted International Financial Reporting Standards (IFRSs) and the Disclosure and Transparency Rules of the UK's Financial Conduct Authority.

The following principal accounting policies have been applied:

2.2

Basis of consolidation

The Consolidated Statement of Comprehensive Income and Consolidated Statement of Financial position include the financial statements of the Group and its subsidiary undertakings made up to 31 December 2025. Intra group sales and profits are eliminated fully on consolidation.

Page 18

COLX LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.3

Going concern

In determining the appropriate basis of preparation for the annual report and financial statements for
the period ended 31 December 2025, the Group's Directors ("the Directors") are required to consider
whether the Group can continue in operational existence for the foreseeable future, being a period of
at least 12 months following the approval of these financial statements.

Board assessment
Accounting standards require that 'the foreseeable future' for going concern assessment covers a
period of at least twelve months from the date of approval of these financial statements, although
those standards do not specify how far beyond twelve months the Directors should consider. In its
going concern assessment, the Directors have considered the period from the date of approval of
these financial statements to 30 September 2027 ('the going concern period').

The financial forecasts used for the going concern assessment are derived from financial projections
for 2026 which run to September 2027 for the Group which have been subject to review and challenge by management and Directors. The Directors have approved the projections. The Directors have taken into account any uncertainties in revenue, known increases in cost bases and applied these to the forecasts prepared. The forecasts prepared by the Directors show that the Group has the ability to continue to operate with the funding facilities available to it for a period of at least 12 months from signing of these financial statements. The Directors therefore consider it appropriate for the financial statements to be prepared on a going concern basis.

2.4

Revenue recognition

Revenue is earned within the United Kingdom and is recognised when the performance obligation in the contract has been performed, i.e. when the related debt is recovered on behalf of client and remitted to them.

Transactional (point in time) contracts
The Group delivers specialist debt recovery and enforcement services that are transactional services for which revenue is recognised at the point in time when either a debt is recovered and remitted to the customer or the enforcement services are delivered.

2.5

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.7

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.

2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 19

COLX LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.9

Pensions

The Group participates in a number of defined contribution schemes and contributions are charged to the income statement in the year in which they are due. These schemes are funded and the payment of contributions is made to separately administered trust funds. The assets of these schemes are held separately from the Group. Any unpaid contributions at the year end have been accrued in the accounts of that company.

2.10

Current and deferred taxation

The tax expense for the year 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 and the Group operate and generate 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;

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and

∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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.

2.11

Intangible assets

Following initial recognition, goodwill is stated at cost less any accumulated impairment losses. Goodwill is reviewed for impairment annually or more frequently if events or changes in circumstances indicate that the carrying value may be impaired.

At the acquisition date, any goodwill acquired is allocated to the cash generating units (CGU) which are expected to benefit from the combination's synergies. Impairment is determined by assessing the recoverable amount of the CGU to which the goodwill relates. Where the recoverable amount of CGU is less than the carrying amount, an impairment loss is recognised. Where goodwill forms part of a CGU and part of the operation within that unit is disposed of, the goodwill associated with the operation disposed of is included in the carrying value amount of the operation when determining the gain or loss on disposal of the operation. Goodwill disposed of in these circumstances is measured on the basis of the relative values of the operation disposed of and the portion of the CGU retained.

Page 20

COLX LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.12

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, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property	-	50 years
Long-term leasehold property	-	5 - 10 years
Fixtures and fittings	-	3 - 10 years
Office equipment	-	2 - 5 years
Computer equipment	-	3 years
Right of use assets	-	Over the lease term

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.

2.13

Assets held for sale

Assets are classified as held for sale where their carrying amount will be recovered principally
through sale rather than through continuing use.

This condition is regarded as met when the asset is available for immediate sale in its present
condition and the sale is highly probable.

Assets classified as held for sale are measured at the lower of their carrying amount and fair value
less costs to sell and are not depreciated.

Page 21

COLX LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.14

Leases

The determination whether an arrangement is, or contains, a lease is based on whether the contract conveys a right to control the use of an identified asset for a period of time in exchange for consideration. The Group has taken the exemption in the standard for the exception of leases with low value and term of 12 months or less. These are expensed to the income statement.

At the inception of the lease, the Group recognises a right-of-use asset at cost, which comprises the present value of minimum lease payments determined at the inception of the lease. Right-of-use assets are depreciated using the straight-line method over the shorter of estimated life or lease term. Depreciation is included within administrative expenses in the income statement. An amendment to lease terms resulting in a change in payments or the length of the lease results in an adjustment to the right-of-use asset and liability. Right-of-use assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be fully recoverable.

The Group recognises lease liabilities where a lease contract exists and right-of-use assets representing the right to use the underlying leased assets. At the commencement date of the lease, the group recognises lease liabilities measured at the present value of the lease payments to be made over the lease term. In calculating the present value of lease payments, the group uses its incremental borrowing rate at the lease commencement date because the interest rate that is implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made.

The incremental borrowing rate is the rate of interest that the Group would have to pay to borrow, over a similar term and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. Incremental borrowing rates are determined monthly and depend on the term, country, currency and start date of the lease. The incremental borrowing rate is determined based on a series of inputs including: the risk-free rate based on swap market data; country-specific risk adjustment; a credit risk adjustment; and an entity-specific adjustment where the entity risk profile is different to that of the Group.

The lease liability is subsequently remeasured (with a corresponding adjustment to the related right-of-use asset) when there is a change in future lease payments due to a renegotiation or market rent review; a change of an index or rate or a reassessment of the lease term.

Lease payments are apportioned between a finance charge and a reduction of the lease liability based on the constant interest rate applied to the remaining balance of the liability. Interest expense is included within net finance costs in the income statement. Lease payments comprise fixed payments, including in-substance fixed payments such as service charges and variable lease payments that depend on an index or a rate, initially measured using the minimum index or rate at inception date. The payments also include any lease incentives and any penalty payments for terminating the lease, if the lease term reflects the lessee exercising that option. The lease term determined comprises the non-cancellable period of the lease contract. Periods covered by an option to extend the lease are included if the Group has reasonable certainty that the option will be exercised, and periods covered by an option to terminate are included if it is reasonably certain that this will not be exercised. The Group has elected to apply the practical expedient in IFRS 16 paragraph 15 not to separate non-lease components such as service charges from lease rental charges.

Page 22

COLX LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.15

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Consolidated statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

2.16

Receivables

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.

2.17

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 Consolidated 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 Group's cash management.

2.18

Payables

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.

2.19

Financial instruments

Trade and other receivables

The Group assess on a forward looking basis the expected credit losses associated with its receivables carried at amortised cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. For trade receivables, the Group applies the simplified approach permitted by IFRS 9, resulting in trade receivables recognised and carried at original invoice amount less an allowance for any uncollectable amounts based on expected credit losses on debts over a year old.

Trade and other payables

Trade and other payables are recognised initially at fair value. Subsequent to initial recognition they are measured at amortised cost using the effective interest method.

Page 23

COLX LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.19

Financial instruments (continued)

Cash and cash equivalents

Cash and short term deposits in the statement of financial position comprise cash at bank and in hand and short term deposits with an original maturity of 3 months or less. Bank overdrafts are shown within current financial liabilities.

Other financial liabilities

Other financial liabilities (including borrowings and trade and other payables) are subsequently measured at amortised cost using the effective interest method.

2.20

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.	Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of financial statements in accordance with IFRS requires the directors to make
judgements and assumptions that affect the reported amount of assets and liabilities and disclosures of
contingencies at the date of the financial statements and the reported income and expense during the
presented periods. Although these judgements and assumptions are based on the directors' best
knowledge of the amount, events or actions, actual results may differ.

There are no critical accounting judgements or key sources of estimation uncertainty

Turnover

The whole of the turnover is attributable to its principal activity.

All turnover arose within the United Kingdom.

Depreciation of property, plant and equipment	373,404	263,358
Exchange differences	101,519	94,671
Other operating lease rentals	214,942	158,451
Share-based payment	22,426	31,300

Page 24

COLX LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Fees payable to the Company's auditors for the audit of the consolidated and Parent Company's financial statements

103,000

100,000

7.	Employees
	Staff costs, including directors' remuneration, were as follows:

		Group	Group
		2025	2024
		£	£


Wages and salaries	18,821,235	16,032,662
Social security costs	2,369,958	1,657,921
Cost of defined contribution scheme	371,589	371,550
	21,562,782	18,062,133

The average monthly number of employees, including the directors, during the year was as follows:

	2025	2024
	No.	No.

Sales	23	11
Administration	85	68
Operations	311	432

	419	511

The Company has no employees other than the directors, who did not receive any remuneration (2024 - £NIL)

Page 25

COLX LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

8.	Directors' remuneration
		2025	2024
		£	£

Directors' emoluments	1,095,126	596,549
Group contributions to defined contribution pension schemes	-	6,643
Compensation for loss of office	-	101,250
	1,095,126	704,442

	The highest paid director received remuneration of £556,445 (2024 - £171,989).
	The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2024 - £4,813).

The highest paid director received compensation of loss of office of £NIL (2024 - £68,750)

9.	Interest receivable
		2025	2024
		£	£

	Other interest receivable	202,331	196,040
		202,331	196,040

10.	Interest payable and similar expenses
		2025	2024
		£	£

Bank interest payable	2,897,263	2,488,631
Other loan interest payable	844,324	601,563
Finance leases and hire purchase contracts	20,952	21,468
Other interest payable	4,773	-
	3,767,312	3,111,662

Page 26

COLX LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Corporation tax
Current tax on profits for the year	1,799,956	738,324
Adjustments in respect of previous periods	(207,036)	-
	1,592,920	738,324

Total current tax	1,592,920	738,324

Deferred tax
Origination and reversal of timing differences	483,040	(590,716)
Total deferred tax	483,040	(590,716)


	Tax on profit	2,075,960	147,608

Profit on ordinary activities before tax

6,645,580

1,951,775

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	1,661,395	487,944
Effects of:
Fixed asset differences	4,749	12,383
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	34,473	24,063
Adjustments to tax charge in respect of prior periods	(207,036)	-
Adjustment to deferred tax charge in respect of prior periods	582,379	-
Other movements	-	(376,782)
Total tax charge for the year	2,075,960	147,608

Page 27

COLX LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

11.Taxation (continued)

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

12.	Dividends
		2025	2024
		£	£

	Dividends	1,716,859	-
		1,716,859	-

13.	Intangible assets
	Group and Company

		Goodwill
		£

	At 1 January 2025	60,978,661
	At 31 December 2025	60,978,661

	Net book value
	At 31 December 2025	60,978,661
	At 31 December 2024	60,978,661

Page 28

COLX LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

14.	Tangible fixed assets
	Group

	Freehold property	Long-term leasehold property	Fixtures and fittings and office equipment	Computer equipment	Right of Use Asset - Property
	£	£	£	£	£
Cost or valuation
At 1 January 2025	121,990	601,377	275,291	757,567	427,457
Additions	-	2,604	55,406	191,635	410,877
Reclassified to held for sale	(121,990)	(559,221)	-	-	-
At 31 December 2025	-	44,760	330,697	949,202	838,334
Depreciation
At 1 January 2025	-	448,272	57,685	107,203	189,341
Charge for the year on owned assets	-	14,672	69,827	288,905	-
Charge for the year on financed assets	-	-	-	-	101,519
Reclassified to held for sale	-	(427,727)	-	-	-
At 31 December 2025	-	35,217	127,512	396,108	290,860
Net book value
At 31 December 2025	-	9,543	203,185	553,094	547,474
At 31 December 2024	121,990	153,105	217,606	650,363	238,116

Page 29

COLX LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

14.Tangible fixed assets (continued)

		Total
		£
	Cost or valuation
	At 1 January 2025	2,183,682
	Additions	660,522
	Reclassified to held for sale	(681,211)
	At 31 December 2025	2,162,993
	Depreciation
	At 1 January 2025	802,501
	Charge for the year on owned assets	373,404
	Charge for the year on financed assets	101,519
	Reclassified to held for sale	(427,727)
	At 31 December 2025	849,697
	Net book value
	At 31 December 2025	1,313,296
	At 31 December 2024	1,381,180

The net book value of land and buildings may be further analysed as follows:
	2025	2024
	£	£

Freehold	-	121,990
Long leasehold	9,544	153,104
	9,544	275,094

Page 30

COLX LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

15.	Fixed asset investments

	Company

	Investments in subsidiary companies	Other fixed asset investments	Total
	£	£	£
Cost or valuation
At 1 January 2025	64,524,283	53,733	64,578,016
Additions	1	1,013,336	1,013,337
At 31 December 2025	64,524,284	1,067,069	65,591,353

Direct subsidiary undertakings
The following were direct subsidiary undertakings of the Company:
Name	Registered office	Principal activity	Class of shares	Holding

Equita Limited	6 Europa Boulevard,Birkenhead, England,CH41 4PE	Debt collection	Ordinary	100%
Ross & Roberts Limited	6 Europa Boulevard,Birkenhead, England,CH41 4PE	Debt collection	Ordinary	100%
Stirling Park LLP	25 Bank Street,Kilmarnock, UnitedKingdom, KA1 1HA	Debt collection	Ordinary	100%
Jacobs Enforcement Limited	6 Europa Boulevard,Birkenhead, England,CH41 4PE	Debt collection	Ordinary	100%
Colx Group Limited	6 Europa Boulevard,Birkenhead, England,CH41 4PE	Dormant	Ordinary	100%

Indirect subsidiary undertaking
The following was an indirect subsidiary undertaking of the Company:
Name	Registered office	Principal activity	Class of shares	Holding

Equitable Holdings Limited

6 Europa Boulevard,Birkenhead, England,CH41 4PE

Dormant

Ordinary

100%

Page 31

COLX LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

16.	Receivables

Group	Group	Company	Company
2025	2024	2025	2024
£	£	£	£

Due after more than one year
Other receivables	15,000	15,000	-	-
Deferred tax asset	456,593	983,794	361,471	808,377
	471,593	998,794	361,471	808,377
Due within one year
Trade receivables	1,667,826	1,763,712	-	100
Amounts owed by group undertakings	-	-	-	124,872
Other receivables	77,794	691,331	14,300	525,700
Prepayments and accrued income	1,654,414	1,046,072	-	-
Tax recoverable	3,250	-	3,250	-
	3,874,877	4,499,909	379,021	1,459,049

17.	Cash and cash equivalents
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Cash at bank and in hand	3,776,912	6,582,616	24,791	-
	3,776,912	6,582,616	24,791	-

Page 32

COLX LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

18.	Payables: Amounts falling due within one year
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Trade payables	680,046	705,060	17,785	-
Amounts owed to group undertakings	-	-	12,634,164	3,260,254
Corporation tax	1,067,383	1,346,967	-	-
Other taxation and social security	1,677,799	1,351,308	-	-
Obligations under finance lease and hire purchase contracts	138,055	100,449	-	-
Proceeds of factored debts	(2,948)	41,213	-	-
Other payables	89,072	1,169,376	-	(1)
Accruals and deferred income	1,040,861	1,183,514	15,449	-
	4,690,268	5,897,887	12,667,398	3,260,253

19.	Payables: Amounts falling due after more than one year
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Bank loans	29,001,628	35,000,000	29,001,628	35,000,000
Other loans	8,945,886	8,101,563	8,945,886	8,101,563
Net obligations under finance leases and hire purchase contracts	412,842	149,070	-	-
	38,360,356	43,250,633	37,947,514	43,101,563

The Bank loan is fully repayable 5 years from the restatement date of 26 April 2024. The interest rate is
4.75% (Margin) over SONIA (Compounded reference rate).

The Other Loans relate to Directors' loan notes. Loan note interest is accruing on the unpaid principal at a
rate of 7% per annum above the Bank of England base rate.If the buyer is late on a payment, a default
rate of interest of 2% will accrue on the overdue sum until repaid whether or not the unpaid sum is
principal or interest.

Save in respect of any interest which is overdue, the interest on loan notes is not compounding.

The interest on the loan notes that has accrued up to 30 April 2026 will be capitalised and additional loan
notes issued to Noteholders. Thereafter, interest will accrue and be payable in cash in arrears to the
Noteholders on the last business day of March, June, September and December.

Page 33

COLX LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

20.	Loans
	Analysis of the maturity of loans is given below:
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£


Amounts falling due 1-2 years
Other loans	8,945,886	8,101,563	8,945,886	8,101,563
	8,945,886	8,101,563	8,945,886	8,101,563
Amounts falling due 2-5 years
Bank loans	29,001,628	35,000,000	29,001,628	35,000,000
	29,001,628	35,000,000	29,001,628	35,000,000

	37,947,514	43,101,563	37,947,514	43,101,563

Page 34

COLX LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

21.	Financial instruments
		Group	Group
		2025	2024
		£	£

Financial instruments at amortised cost
Other receivables - non-current	15,000	15,000
Trade receivables - current	1,667,826	1,763,712
Other receivables - current	2,568,986	1,737,405
Cash and cash equivalents	3,776,912	6,582,616
	8,028,724	10,098,733

Other financial liabilities at amortised cost
Loans and borrowings	29,001,628	35,000,000
Other long term liabilities	8,945,886	8,101,563
Trade payables	680,046	705,060
Other current payables	5,587,336	5,051,166
	44,214,896	48,857,789

The following financial risks are applicable to the Group due to the financial liabilities held:

Interest rate risk
The Group's interest rate risk arises from borrowing from external financial arrangements. The Group is exposed to interest rate risk arising principally from floating rate borrowings that bear interest at rates linked to SONIA plus an applicable margin. Changes in SONIA may impact the Group's future cash flows and finance costs. The Group monitors interest rate movements on an ongoing basis and manages its exposure through its treasury and financing arrangements.

Credit risk
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises primarily from the Group's receivables from customers.

Liquidity risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities. The Group policy and approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stress conditions, without incurring unacceptable losses or risking damage to the reputation of the Group. The Group utilises a rolling 13 week cash flow, and trading result analysis to constantly monitor the liquidity of all companies within the Group.

Page 35

COLX LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

22.	Lease liabilities
		2025	2024
		£	£

At 1 January	249,519	343,243
Additions in the year	406,860	-
Finance costs on lease liabilities	18,874	21,467
Repayment of lease liabilities	(124,356)	(115,191)
At 31 December	550,897	249,519

Total lease liabilities have been analysed between current and non-current as follows:

					2025	2024
					£	£


Due within 1 year	137,854	100,449
Due within 1 - 2 years	73,436	108,054
Due within 2 - 5 years	110,179	41,016
Due after more than 5 years	229,428	-
	550,897	249,519

Maturity analysis - contractual undiscounted cash flows:
	2025	2024
	£	£


Due within 1 year	170,031	115,191
Due within 1 - 2 years	97,436	115,191
Due within 2 - 5 years	164,520	42,596
Due after more than 5 years	265,060	-
	697,047	272,978

Page 36

COLX LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

The amount recognised in the profit and loss account includes:
	2025	2024
	£	£


Depreciation on ROUA asset	101,518	94,671
Interest	18,874	21,467
Expenses relating to short-term leases	251,347	165,931
	371,739	282,069

Total cash outflow for the lease during the year amounted to £394,565 (2024: £302,589).

23.	Deferred taxation
	Group

		2025
		£

	At beginning of year	983,794
	Utilised in year	(527,201)
	At end of year	456,593

Company

		2025
		£

	At beginning of year	808,377
	Utilised in year	(446,906)
	At end of year	361,471

Group	Group	Company	Company
2025	2024	2025	2024
£	£	£	£

Accelerated capital allowances	91,732	281,169	-	105,752
Tax losses carried forward	-	552,234	-	552,234
Short term timing differences	364,861	150,391	361,471	150,391
	456,593	983,794	361,471	808,377

Page 37

COLX LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

24.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

800 (2024 - 800) Ordinary shares of £1.00 each	800	800
2 (2024 - 2) B Shares shares of £1.00 each	2	2
1 (2024 - 1) C Shares share of £1.00	1	1

	803	803

25.

Reserves

Share premium account

Share premium represents the premiums received on the issue of share capital, net of any issue costs.

Profit and loss account

Net profit kept to accumulate in the Group after dividends are paid and retained in the business as
working capital.


Lynn Consulting PTY Ltd	16,710	5,833
Crown Global Consulting (PTY)	16,690	5,833
Capricorn Capital Partners	4,143	28,833
	37,543	40,499

The above related party transactions were all made at an arm's length basis.

The Group does not believe there are any key management personnel other than the directors.

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COLX LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

27.	Post statement of financial position events

The asset held for sale in the statement of financial position as at 31 December 2025 was disposed of in
March 2026.

The asset had been actively marketed for sale prior to the year end and was classified as held for sale in
the statement of financial position at 31 December 2025.

The disposal represents a non-adjusting post statement of financial position event under IFRS and, accordingly, no adjustment has been made to the carrying value of the asset at the reporting date.

A gain will be recognised in the financial statements for the year ending 31 December 2026 on
completion of the disposal

28.	Controlling party

The Directors consider there to be no single ultimate controlling party. See note 15 for details of ownership at the point of signing the financial statements. Colx Limited is the parent company for the smallest group for which financial statements are drawn up for.

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