REGISTERED NUMBER: NI682065 (Northern Ireland)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements

for the Period 1 July 2024 to 30 September 2025

for

PT McWilliams Group Ltd

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

8

Report of the Independent Auditors

9

Consolidated Income Statement

13

Consolidated Other Comprehensive Income

14

Consolidated Balance Sheet

15

Company Balance Sheet

16

Consolidated Statement of Changes in Equity

17

Company Statement of Changes in Equity

18

Consolidated Cash Flow Statement

19

Notes to the Consolidated Cash Flow Statement

20

Notes to the Consolidated Financial Statements

22

DIRECTORS:

M F McWilliams

S J Hall

REGISTERED OFFICE:

17 Clarendon Road

Belfast

United Kingdom

BT1 3BG

REGISTERED NUMBER:

NI682065 (Northern Ireland)

AUDITORS:

Thornton Springer LLP

Chartered Accountants and

Statutory Auditor

67 Westow Street

London

SE19 3RW

The directors present their strategic report of the company and the group for the period 1 July 2024 to 30 September 2025.

Principal Activity

The principal activity of PT McWilliams Group Ltd (the "Company") during the period was that of an investment holding company. It is not expected that any change to this activity will occur in the following period.

The Group's activities are carried out through its subsidiary undertakings, which provide operational and related services across infrastructure, civil engineering, quarrying, mineral processing and associated plant and equipment services. Through these subsidiaries, the Group delivers integrated solutions across infrastructure projects, turnkey processing facilities, equipment solutions and material processing operations.

Review of the Business

Overview

PT McWilliams Group Ltd is a non-trading parent and investment holding company, primarily managing its investment in Duo Group (U.K.) Limited and the wider subsidiary group. The Company's business model is based on holding strategic interests in subsidiary undertakings, supporting corporate governance and generating future income through the performance and dividend capacity of its subsidiaries.

The Group continues to strengthen its position in its chosen markets. Through its operating subsidiaries, the Group maintains long-term delivery relationships with key customers and tier-one partners across the United Kingdom, providing site enabling works, civil engineering support, materials handling solutions, specialist plant capability, quarrying and full-service mineral processing operations.

Corporate Structure and Governance

The Company holds controlling interests in subsidiaries operating in the construction, civil engineering, quarrying and aggregates sectors. The governance framework is designed to support strategic decision-making, risk management, investment appraisal and regulatory compliance. The Board has experience in corporate management, finance and operational oversight.

The Group structure at the balance sheet date included Duo Group UK Limited, Duo Operations Limited, Excav8 Limited, Duo Site Services Limited, Nationwide Materials Limited, North Wales Materials Limited and Clogher Valley Materials Limited.

Strategic Development During the Period

During the period, the Group continued to advance its strategic focus on infrastructure-linked civil engineering, aggregates, quarrying and mineral processing activities. This included investment in modern fixed and mobile processing equipment, expansion of turnkey processing plant delivery, development of quarrying and mineral processing opportunities, and continued strengthening of technical and operational expertise.

These initiatives support the Group's longer-term aim of achieving steady, sustainable growth with a balanced spread of operational and commercial risk across the business. The directors consider the Group's focus on disciplined contract selection, margin protection, operational control and investment in asset capability to be central to the Group's future resilience.

Financial Performance

For the period ended 30 September 2025, the Group reported turnover of £74.12m compared with £76.57m for the year ended 30 June 2024. Despite broadly stable turnover, gross profit increased to £19.59m (2024: £16.85m), with gross margin improving to 26.43% (2024: 22.0%). The improvement reflects greater discipline in work winning, a more selective approach to tendering, improved operating control and a better mix of higher-margin activities.

Operating profit for the period was £10.27m (2024: £10.54m). While marginally lower than the prior year on an absolute basis, the result represents a robust operating outcome, particularly given the continued investment in plant, operational infrastructure and management capability required to support future growth.

Profit before taxation was £5.56m (2024: £5.14m), and profit for the financial period was £5.73m (2024: £4.28m). Total comprehensive income for the period was £14.35m, after recognising a net revaluation gain on property of £8.63m.

Key Performance Indicators

The directors use the following key performance indicators to monitor financial performance, liquidity, resilience and progress against the Group's wider strategic objectives.

KPI

2025

2024

Commentary

Turnover (£m)

74.12

76.57

Broadly stable revenue across the enlarged 15-month reporting period.

Gross profit (£m)

19.59

16.85

Improved gross profit reflects stronger margin discipline and operating control.

Gross margin (%)

26.43%

22.0%

Continued margin improvement against the prior year

Operating Profit (£m)

10.27

10.54

Robust operating profitability while investing in future capability.

Profit before tax (£m)

5.56

5.14

Increased profit before taxation despite significant finance costs.

Net Assets (£m)

18.84

4.49

Material strengthening of the Group balance sheet.

Cash at bank (£m)

11.10

1.50

Strong year-end cash position and improved liquidity.

Net cash from operating activities (£m)

14.26

2.55

Strong operating cash generation and cash conversion.

Financial Position and Liquidity

The Group's financial position strengthened materially during the period. Total assets less current liabilities were £34.35m at 30 September 2025, compared with £12.66m at 30 June 2024. Net assets increased to £18.84m from £4.49m, reflecting retained profits generated during the period and the revaluation of property assets.

Cash at bank and in hand increased to £11.10m (2024: £1.50m). The Group generated £14.26m of net cash from operating activities, supported by disciplined working capital management and improved conversion of trading performance into cash. The directors consider the Group's working capital position to be sufficient to meet foreseeable obligations.

The Group continued to utilise hire purchase and asset-backed finance arrangements to support investment in plant and machinery.

Principal Risks and Uncertainties

The directors meet on a regular basis to review and evaluate the Group's risk appetite. The principal risks and uncertainties are considered to include market volatility and demand risk, cost inflation, credit risk, liquidity risk, competitive pressure, IT and cyber risk, and operational scaling risk as the Group continues to grow and mature.

Economic Risk

The Group remains exposed to wider economic uncertainty, including cost inflation, labour availability, finance costs and changes in customer spending patterns. The Group mitigates these risks through disciplined tendering, ongoing monitoring of cost exposure, careful project selection and regular review of performance against budget and forecast.

Credit Risk

The Group's principal financial assets include cash and trade debtors. The Group maintains credit control procedures and regularly reviews the credit performance of the debtor book to manage exposure to non-payment or delayed payment.

Liquidity Risk

Cash and working capital requirements are managed through ongoing cash forecasting, review of receipts and payments, and Board-level monitoring of exceptional movements against forecast. The directors continue to prioritise liquidity, covenant compliance and operational flexibility.

Competitive Risk

The Group operates in competitive markets. It seeks to mitigate this risk through the quality, reliability and breadth of its service offering, while maintaining pricing discipline. Tender opportunities are reviewed against operational capability, strategic fit, risk profile and expected margin return.

IT and Cyber Risk

The Group could be exposed to loss of network availability, systems failure or data loss. This risk is mitigated through in-house IT capability, ongoing review of policies and controls, and cyber security procedures. Duo's processes and procedures are designed to reduce exposure to cyber threats and are supported by Cyber Essentials accreditation.

People, Safety and Environmental Responsibility

The directors recognise that the success of the Group depends on attracting, retaining and developing skilled employees, maintaining high standards of health and safety, and supporting a culture of responsible conduct. The Group operates a formal health and safety management system accredited to ISO 45001, reflecting its commitment to providing a safe and healthy working environment and to continual improvement in safety performance.

The directors place significant emphasis on proactive risk management, workforce engagement, training and regulatory compliance. The Group also continues to take steps to minimise environmental impact and promote responsible operating practices across its activities.

Carbon and Climate Disclosure

Climate change remains of strategic importance to the Group, particularly given its activities in infrastructure, quarrying and aggregates. The Board is engaged in the setting of policy, procedures and governance for climate-related issues, supported by sustainability and SHEQ management resources. Activities are assessed for environmental impact and mitigation measures are identified where appropriate.

The Group's response to climate change is focused on mitigation, adaptation and low-emissions technology. The Group aims to reduce greenhouse gas emissions through reduced plant idling, utilisation of electric power sourced through green processes where practicable, encouraging electric car, car share and cycle-to-work practices, recycling within operations and sourcing locally where appropriate.

Strategic Objectives

1. Deliver sustainable, profitable growth

To grow revenue in a controlled manner while maintaining strong margins and risk-adjusted returns.

2. Strengthen cash generation and financial resilience

To maintain a strong balance sheet and sufficient liquidity to fund operations, investment and future growth.

3. Achieve operational excellence and cost efficiency

To improve productivity and control costs in order to protect margins and improve competitiveness.

4. Build and maintain strong customer and supply chain relationships

To support revenue stability, delivery performance and long-term value through reliable relationships.

5. Invest in people, capability and leadership

To ensure the Group has the skills, experience and culture required to execute its strategy effectively.

6. Drive innovation and future readiness

To position the Group for long-term success through investment in products, services, systems and operational capability.

7. Operate responsibly and sustainably

To manage risk effectively and maintain a strong financial, environmental and operational platform for the long term.

Future Outlook

The directors remain cautiously optimistic about the Group's prospects. While external market conditions remain uncertain, the Group enters the next financial period with a strengthened balance sheet, improved liquidity, robust operating profitability and a scalable operational platform. The strategic focus for the forthcoming period will be on maintaining margin discipline, managing overhead growth, pursuing sustainable revenue opportunities and continuing to invest in quarrying, aggregates, mineral processing and infrastructure-linked capability.

SECTION 172(1) STATEMENT

In accordance with S172 of the Companies Act 2006, the directors are required to act individually and collectively in the way they consider, to be in good faith, and be most likely to promote the success of the company for the benefit of its shareholders. In performing their responsibilities, the directors must have regard for the following matters:-

-the likely consequences of any decision taken on the long-term sustainability of the company.

-the interests and wellbeing of the company's employees.

-the need to foster and grow the company's relationships with suppliers, customers, and other business stakeholders.

-the impact of the company's operations on the local communities, local environment, and climate.

-the reputation of the company in maintaining high standards of business conduct, integrity and transparency.

-the need to act openly, fairly and without fear of discrimination in dealings between employees of the company.

Decision Making

The Directors regard these matters as of cultural importance and are embedded as the core values on which all decision making in the company's business strategy is founded. The Directors' strategy is to build and maintain a high-quality business by maintaining and strengthening the balance sheet and ensuring sufficient funding to maintain operational flexibility.

Employees

The Directors recognise that the success of the business depends upon attracting the best talent, retaining and reducing staff turnover, motivating employees to deliver and excel in all business operations. In valuing our employees, we must ensure that we always act responsibly, provide a clear career path, adopt fair pay across genders and benefit incentives, adhering to Company policies on equal opportunities, safeguarding and elimination of modern slavery. The periodic employee appraisal program encourages employee feedback and facilitates the opportunity for both employees and managers to set performance goals.

The Directors have introduced a set of guiding principles that all employees are expected to follow, and through which the Directors must lead by example.

The Health Safety and wellbeing of our employees are of paramount importance. The Directors have developed and implemented industry recognised health and safety management system, with procedures and processes which are accredited to ISO 45001. Adherence to this system will drive continual improvement in all business activities which will safeguard our employees, subcontractors and business stakeholders.

Suppliers and Customers

The Directors believe in developing and maintaining lasting relationships with suppliers and customers. Business operations rely on expertise and resources of key suppliers within the Company Supply Chain. The company is committed to being open and transparent in dealings, striving to improve payment days and adhering to agreed terms. Directors will engage in a respectful, courteous and considerate manner to bolster and improve Supply Chain relationships.

Business Conduct

The company aims to conduct all its business relationships with integrity and courtesy, with the expectation that it will be reciprocated. The Directors believe that maintaining a reputation for competency, reliability, quality and honesty in its dealings is a fundamental requirement to deliver the company's strategic objectives. This extends to our dealings with the public, government agencies, local authorities, and other businesses. This commitment is underlined through adopting the Considerate Constructors Scheme on projects which is an industry recognised scheme to impact positive change and lasting legacy of projects in the local community.

Carbon/Climate Disclosure

Climate change is of priority concern and strategic importance for Duo, as a company actively engaged in national infrastructure projects, and in the aggregate industry. Our Board of Directors are actively engaged in the setting of policy, procedures and governance of climate change issues, supported by our Sustainability Team of project specific champions and our SHEQ management team. All activities are assessed for impact and mitigation measures identified.

Senior Company Management has primary responsibility for the design and implementation of our response to climate change achieved through setting annual, measurable, achievable objectives and targets. Our climate change strategy is informed and underpinned by active engagement with our stakeholders including investors, local authorities and non government organisations. We regularly review our objectives on climate change with emerging technologies and Regulations. We aim to increase awareness within our Company employees through training and informed information. We strive to utilise and promote within our supply chain companies who lead and are recognised for adopting sustainable and climate green practices.

Our response to climate change is focused on mitigation adaption, and low-emissions technology.

We aim to reduce Green House Gasses through:

" Reduced emissions, achieved by reducing plant idling.

" Utilisation of electric power sourced through green processes such as wind and solar.

" Encouraging electric car, car share and cycle to work practices.

" Recycling within all operations and activities

" Sourcing locally

ON BEHALF OF THE BOARD:

M F McWilliams - Director

20 August 2026

The directors present their report with the financial statements of the company and the group for the period 1 July 2024 to 30 September 2025.

PRINCIPAL ACTIVITY

The principal activity of the group in the period under review was that of a holding company.

DIVIDENDS

No dividends will be distributed for the period ended 30 September 2025.

DIRECTORS

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

M F McWilliams

S J Hall

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Thornton Springer LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

M F McWilliams - Director

20 August 2026

Opinion

We have audited the financial statements of PT McWilliams Group Ltd (the 'parent company') and its subsidiaries (the 'group') for the period ended 30 September 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 30 September 2025 and of the group's 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 group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

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

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

Auditors' responsibilities for the audit of the financial statements

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

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

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.

Based on our understanding of the company and the industry in which it operates, we identified that the principal risks of non-compliance with relevant laws and regulations. Non-compliance with these laws and regulations might have a material effect on the financial statements.

We evaluated management's incentives and opportunity for fraudulent manipulation of the financial statement (including the risk of override of controls) and determined that the principal risks were posting of unusual journal entries outside the normal course of business and revenue recognition journal entries to manipulate the company's performance profit measures and other key performance indicators.

Audit procedures performed included: review of the financial statements and disclosures to underlying supporting documentation, review of compliance with the laws and regulations, enquiries with management, testing of journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

There is a presumed risk that revenue may be misstated due to the improper recognition of revenue. To address this risk, we obtained an understanding of the company's revenue recognition policies and compared these to the accounting standard, performed a walkthrough to confirm our understanding of the processes and controls through which the business initiates, records, processes and reports revenue transactions. We tested a sample of revenue transactions to supporting evidence and tested, on a sample basis, revenue related balances in the balance sheet.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Stephen A Kaye (Senior Statutory Auditor)

for and on behalf of Thornton Springer LLP

Chartered Accountants and

Statutory Auditor

67 Westow Street

London

SE19 3RW

21 August 2026

TURNOVER

4

74,106,534

76,567,362

Cost of sales

(54,520,764

)

(59,719,006

)

GROSS PROFIT

19,585,770

16,848,356

Administrative expenses

(9,439,658

)

(6,309,905

)

10,146,112

10,538,451

Other operating income

121,128

-

OPERATING PROFIT

6

10,267,240

10,538,451

Interest receivable and similar income

745,866

136,211

11,013,106

10,674,662

Interest payable and similar expenses

7

(5,455,691

)

(5,535,099

)

PROFIT BEFORE TAXATION

5,557,415

5,139,563

Tax on profit

8

171,090

(859,155

)

PROFIT FOR THE FINANCIAL PERIOD

5,728,505

4,280,408

Profit attributable to:

Owners of the parent

5,731,776

4,181,612

Non-controlling interests

(3,271

)

98,796

5,728,505

4,280,408

PROFIT FOR THE PERIOD

5,728,505

4,280,408

OTHER COMPREHENSIVE INCOME

Gain on revaluation of property

11,500,000

-

Income tax relating to other comprehensive income

(2,875,000

)

-

OTHER COMPREHENSIVE INCOME FOR THE PERIOD, NET OF INCOME TAX

8,625,000

-

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

14,353,505

4,280,408

Total comprehensive income attributable to:

Owners of the parent

14,356,776

4,181,612

Non-controlling interests

(3,271

)

98,796

14,353,505

4,280,408

FIXED ASSETS

Intangible assets

10

1,870,914

1,919,725

Tangible assets

11

28,060,647

8,041,424

Investments

12

-

-

29,931,561

9,961,149

CURRENT ASSETS

Stocks

13

998,642

865,549

Debtors

14

29,445,557

32,690,988

Cash at bank and in hand

11,098,637

1,503,723

41,542,836

35,060,260

CREDITORS

Amounts falling due within one year

15

(37,123,051

)

(32,360,175

)

NET CURRENT ASSETS

4,419,785

2,700,085

TOTAL ASSETS LESS CURRENT LIABILITIES

34,351,346

12,661,234

CREDITORS

Amounts falling due after more than one year

16

(11,402,613

)

(7,458,875

)

PROVISIONS FOR LIABILITIES

19

(4,106,794

)

(713,925

)

NET ASSETS

18,841,939

4,488,434

CAPITAL AND RESERVES

Called up share capital

20

1

1

Fair value reserve

21

8,625,000

-

Retained earnings

21

10,259,286

4,527,510

SHAREHOLDERS' FUNDS

18,884,287

4,527,511

NON-CONTROLLING INTERESTS

22

(42,348

)

(39,077

)

TOTAL EQUITY

18,841,939

4,488,434

The financial statements were approved by the Board of Directors and authorised for issue on 20 August 2026 and were signed on its behalf by:

M F McWilliams - Director

FIXED ASSETS

Intangible assets

10

-

-

Tangible assets

11

-

-

Investments

12

5,537,500

5,527,500

5,537,500

5,527,500

CURRENT ASSETS

Debtors

14

246,311

258,963

Cash in hand

1

1

246,312

258,964

CREDITORS

Amounts falling due within one year

15

(1,736,959

)

(5,786,463

)

NET CURRENT LIABILITIES

(1,490,647

)

(5,527,499

)

TOTAL ASSETS LESS CURRENT LIABILITIES

4,046,853

1

CREDITORS

Amounts falling due after more than one year

16

(3,350,183

)

-

NET ASSETS

696,670

1

CAPITAL AND RESERVES

Called up share capital

20

1

1

Retained earnings

21

696,669

-

SHAREHOLDERS' FUNDS

696,670

1

Company's profit for the financial year

696,669

-

The financial statements were approved by the Board of Directors and authorised for issue on 20 August 2026 and were signed on its behalf by:

M F McWilliams - Director

Called up

Fair

share

Retained

value

capital

earnings

reserve

£

£

£

Balance at 1 July 2023

1

138,161

-

Changes in equity

Total comprehensive income

-

4,181,612

-

Acquisition of Non-controlling

interest

-

207,737

-

1

4,527,510

-

Non-controlling interest arising on business combination

-

-

-

Balance at 30 June 2024

1

4,527,510

-

Changes in equity

Total comprehensive income

-

5,731,776

8,625,000

Balance at 30 September 2025

1

10,259,286

8,625,000

Non-controlling

Total

Total

interests

equity

£

£

£

Balance at 1 July 2023

138,162

321,074

459,236

Changes in equity

Total comprehensive income

4,181,612

98,796

4,280,408

Acquisition of Non-controlling

interest

207,737

(458,987

)

(251,250

)

4,527,511

(39,117

)

4,488,394

Non-controlling interest arising on business combination

-

40

40

Balance at 30 June 2024

4,527,511

(39,077

)

4,488,434

Changes in equity

Total comprehensive income

14,356,776

(3,271

)

14,353,505

Balance at 30 September 2025

18,884,287

(42,348

)

18,841,939

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 July 2023

1

-

1

Changes in equity

Balance at 30 June 2024

1

-

1

Changes in equity

Total comprehensive income

-

696,669

696,669

Balance at 30 September 2025

1

696,669

696,670

Cash flows from operating activities

Cash generated from operations

1

19,153,265

8,088,937

Interest paid

(4,122,117

)

(5,484,072

)

Interest element of hire purchase payments paid

(1,333,574

)

(51,027

)

Tax paid

566,419

(1,699

)

Net cash from operating activities

14,263,993

2,552,139

Cash flows from investing activities

Purchase of intangible fixed assets

(168,879

)

-

Purchase of tangible fixed assets

(9,595,466

)

(7,980,688

)

Sale of tangible fixed assets

-

388,257

Acquisition of Non-controlling interest

-

(251,250

)

Interest received

745,866

136,211

Net cash from investing activities

(9,018,479

)

(7,707,470

)

Cash flows from financing activities

Capital repayments in year

4,399,798

5,934,908

Amount introduced by directors

49,602

440,000

Amount withdrawn by directors

(100,000

)

(25,000

)

Net cash from financing activities

4,349,400

6,349,908

Increase in cash and cash equivalents

9,594,914

1,194,577

Cash and cash equivalents at beginning of period

2

1,503,723

309,146

Cash and cash equivalents at end of period

2

11,098,637

1,503,723