The directors present the strategic report for the year ended 31 December 2025.

The Abbey Logistics Group is principally engaged in the provision of logistics services in the UK and Europe, focusing on the transport of bulk liquids and bulk powders, as well as value-added warehousing services.

Business Review

Abbey Logistics Group is principally engaged in the provision of logistics services in the UK and Europe, focusing on the transport of bulk liquids and bulk powders, as well as value-added warehousing services.

Turnover for the year ended 31 December 2025 was £69.5m (2024: £73.9m). The reduction reflects a combination of lower transport volumes and changes in customer activity during the year with additional focus on improving margins as well as turnover.

Gross profit for the year was £18.6m (2024: £19.6m) representing a gross margin of 26.8%, compared to prior year which generated 26.5%.

Finance costs of £1.3m primarily relate to hire purchase and finance lease obligations associated with the company’s fleet of tractor units and tanks.

Despite the reduction in overall profitability, the company maintained positive earnings and an increase in gross margin whilst continuing to invest in its fleet and operational capabilities building for the future.

Financial Position

At 31 December 2025 the company reported net assets of £8.1m (2024: £6.9m).

Total fixed assets increased slightly to £21.0m, reflecting continued investment.

During the year the company invested £4.9m in new tangible assets, primarily tractor units and tanks designed to maintain operational reliability and efficiency.

Borrowings and finance lease obligations remain the primary form of asset financing, with finance lease liabilities of £13.2m outstanding at the year end.

The directors are satisfied that the business maintains adequate liquidity through its existing banking and financing arrangements.

The company uses various financial instruments, including intercompany loans, finance leases and hire purchase contracts, cash and various items such as trade debtors that arise directly from its operations. The main purpose of these financial instruments is to provide finance for the Company's operations. The existence of these financial instruments exposes the Company to a number of financial risks, which are described in more detail below.

The main risks arising from the Company's financial instruments is liquidity risk, credit risk and cash flow interest rate risk. The directors review and agree policies for managing each of these risks and they are summarised below. The policies have remained unchanged from the prior period.

Liquidity risk

The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitability. Short term flexibility is achieved by invoice discounting facilities. The maturity of borrowings is set out in the notes to the financial statements.

Credit risk

The Company's principal financial assets are cash and trade debtors. The credit risk associated with cash is limited. The principal credit risk arises therefore from its trade debtors.

In order to manage credit risk the directors set limits for customers based on a combination of payment history and third party credit references. Credit limits are reviewed by the credit controller on a regular basis in conjunction with debt ageing and collection history.

Interest rate risk

The Company finances its operations through a mixture of retained profits, finance leases and hire purchase contracts and bank borrowings. The Company's exposure to interest rate fluctuations on its borrowings is managed by the use of both fixed and floating rate facilities.

Abbey Logistics Group use the traditional performance measures of Revenue, Gross Margin, EBITDA and EBIT to manage and monitor business performance.

In addition to traditional financial performance measures, the Company also use the following key performance indicators to monitor performance:

- Revenue per vehicle

- Revenue per mile

- Cost per mile

- DOT (delivery on time) – customer focused

- SQI (service quality index) – customer focused

These are monitored on a regular basis by the Board and the directors are satisfied with the performance in these areas during the period.

Directors' statement of compliance with duty to promote the success of the Company in accordance with S172 (1) of the Companies Act 2006.

This section describes how the directors have considered the matters set out in section 172(1) of the Companies Act 2006, as amended by the Companies (miscellaneous reporting) Regulations 2018, when performing their duty to promote the success of the Company, and in doing so have regard (amongst other matters) to:

a) the likely consequences of any decision in the long term;

b) the interests of the Company's employees;

c) the need to foster the Company's business relationships with suppliers, customers and others;

d) the impact of the Company's operations on the community and the environment;

e) the desirability of the Company maintaining a reputation for high standards of business conduct; and

f) the need to act fairly as between members of the Company.

The directors consider that they have acted in good faith to promote the success of the Company for the benefit of its members as a whole.

The directors believe that they have been able to generate high levels of employee engagement during the period through providing regular business performance communication, flexible working practices and ongoing learning and development support.

The directors believe that the financial and operating performance of the Company has been achieved through developing close working relationships with customers, suppliers and employees in the period.

As part of their induction, a director is briefed on their duties and they can access professional advice on these, either from

the Company Secretary or, if they judge it necessary, from an independent advisor.

The Board confirms that, during the year it has regard to the matters set out above. Further details as to how the directors have fulfilled their duties, together with references to relevant areas within these financial statements are set out below.

On behalf of the board

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

The results for the year, after taxation, amounted to £1,148,207 (2024: £3,774,194).

No dividends were paid or proposed in the year (2024: £Nil).

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

No political donations were made in the year (2024: £Nil).

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the Company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

The company's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.

There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.

The Company systematically provides employees with information on matters of concern to them, consulting them or their representatives regularly, so that their views can be taken into account when making decisions that are likely to affect their interests. Employee involvement in the Company is encouraged, as achieving a common awareness on the part of all employees of the financial and economic factors affecting the company plays a major role in maintaining its competitive advantage. The Company encourages the involvement of employees by means of regular communication and meetings.

In accordance with the requirements of the Companies Directors’ Report regulations 2018, the company has taken advantage of the exemption available to subsidiary undertakings from the requirement to disclose energy consumption and carbon emissions information.

The required disclosures are included within the Directors' Report of the parent company, Axle Topco Limited, which can be obtained from, Suite 11, Stone Cross Place Stone Cross Lane North, Lowton, Warrington, England, WA3 2SH.

A discussion of the Company's financial performance, financial position, future developments, risk management and key performance indicators have been disclosed in the Strategic Report.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

There are no significant events affecting the Company post year end.

The auditor, Sedulo Audit Limited, will be proposed for reappointment in accordance with Section 487 of the Companies Act 2006.

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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 of the profit or loss of the company for that period.

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

• select suitable accounting policies and then apply them consistently;

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

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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

We have audited the financial statements of Abbey Logistics Group Limited (the 'company') for the year ended 31 December 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit for the 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 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 other information comprises the information included in the annual report other than the financial statements and our auditor's 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.

Opinions on other matters prescribed by the Companies Act 2006

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

• the information given in the 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 strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

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

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

• the financial statements are not in agreement with the accounting records and returns; or

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

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

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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 auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

• We obtained an understanding of the legal and regulatory frameworks applicable to the Company and the industry in which it operates. We determined that the most significant laws and regulations is the Companies Act 2006.

• We obtained an understanding of how the Company is complying with those legal and regulatory frameworks by making inquiries of management and those responsible for legal and compliance procedures. We corroborated our inquiries through our review of board minutes.

• We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the group engagement team included:

- Evaluation of the processes and controls established to address the risks related to irregularities and fraud;

- Making inquiries, in respect of fraud, of those outside the finance team, including key management and the board;

- Challenging assumptions and judgements made by management in the Company's significant accounting estimates;

- Identifying and testing unusual journal entries; and

- Identifying and testing related party transactions.

• The assessment of the appropriateness of the collective competence and capabilities of the engagement team included consideration of the engagement team's knowledge of the industry in which the Company operates, and the understanding of, and practical experience with, audit engagements of a similar nature and complexity through appropriate training and participation.

• The engagement team's discussions in respect of potential non-compliance with laws and regulations and fraud included the risk of fraud in revenue recognition.

• In assessing the potential risks of material misstatement, we obtained an understanding of:

- The Company's operations, including the nature of its revenue sources, expected financial statement disclosures and business risks that may result in risk of material misstatement; and

- The Company's control environment including the adequacy of procedures for authorisation of transactions.

• These audit procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error and detecting irregularities that result from fraud is inherently more difficult than detecting those that result from error, as fraud may involve collusion, deliberate concealment, forgery or intentional misrepresentations. Also, 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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 auditor's 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.

There was no other comprehensive income for the year (2024: £Nil).

All of the results shown above relate to continuing operations.

The notes on pages 15 to 31 form part of these financial statements.

The notes on pages 15 to 31 form part of these financial statements.

Abbey Logistics Group Limited is a private company limited by shares and is incorporated in England and Wales. The address of its registered office is Suite 11, Stone Cross Place, Stone Cross Lane North, Lowton, Warrington, WA3 2SH. The nature of the Company's operations and its principal activities are set out in the strategic report.

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires group management to exercise judgement in applying the group's accounting policies (see note 2).

The financial statements are presented in Pounds Sterling (£), the group and company's functional currency.

The following principal accounting policies have been applied:

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

• Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

• Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

• Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

• Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of Axle Topco Limited as at 31 December 2025. The registered address of Axle Topco Limited is Suite 11, Stone Cross Place Stone cross Lane North, Lowton, Warrington, England, WA3 2SH. These consolidated financial statements may be obtained from Companies House.

The Company reported a strong trading result during the year, with an improved net asset position at the end of the year.true

The directors have prepared these financial statements on a going concern basis.

The directors have considered the current economic environment and have prepared trading and cash flow projections until 30 June 2027. These forecasts demonstrate that the company is able to generate sufficient cash flows to service its ongoing debt and business requirements as they become due.

The directors are confident that the development of close working relationships with customers, suppliers and employees, put the business in a strong position to continue its growth aspirations along with being able to respond to changing market conditions, along with the opportunities for growth as part of the wider Sitra group.

After careful consideration, the directors have concluded that they have a reasonable expectation that the Company has adequate resources to continue in operational existence for at least 12 months from the date of signing of these financial statements. Therefore, the directors continue to adopt the going concern basis in preparing the financial statements.

The company recognises revenue from the provision of logistics services when the delivery of goods and services is complete, and the customer has accepted the service, in accordance with FRS 102. Revenue is measured at the fair value of the consideration received or receivable, net of any discounts, VAT, or other taxes.

The company generates revenue from the following key activities:

1) Transport and Freight Services:

Revenue is recognised at the point when the transportation service is completed, i.e., when goods have been delivered to the customer’s destination.

2) Warehousing and Storage Services:

Revenue is is billed a week in arrears and recognised at this point.

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of Comprehensive Income over its useful economic life of 20 years.

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Management review intangible assets upon capitalisation for the useful economic life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Where trade and asset acquisitions are immediately subsumed into the existing business the tangible assets acquired are monitored for indicators of impairment. Should indicators arise from this monitoring then the goodwill acquired from that acquisition is then considered for impairment.

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 assets 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:

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.

All borrowing costs are recognised in the Statement of Comprehensive Income in the period in which they are incurred.

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of Comprehensive Income.

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.

The Company has elected to apply the provisions of Section 11 "Basic Financial Instruments" of FRS to all of its financial instruments.

Financial instruments are recognised in the Companys's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Discounting is omitted where the effect of discounting is immaterial. The group's cash and cash equivalents, trade and most other receivables due within the operating cycle fall into this category of financial instruments.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

The tax expense for the period comprises current and deferred tax. The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company 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.

Provisions are made where an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increased in the provisions are generally charged as an expense to the profit or loss.

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held seperately from the Company in independently administered funds.

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Finance costs

Finance costs are charged to the Statement of Comprehensive Income 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 process of the associated capital instrument.

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Compnay but are presented separately due to their size or incidence.

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The items in the financial statements where judgement is required are:

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect the current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 12 for the carrying amount of the property, plant and equipment, and note 1.6 for the useful economic lives for each class of assets.

A deferred tax asset has been recognised in the current period, recognition has been based on detailed board approved cash flow forecasts and P&L budget models showing future probability. See note 19 for further details.

European countries include, Belgium, France, Germany, Holland and Ireland.

The average monthly number of persons (including directors) employed by the company during the year was:

Their aggregate remuneration comprised:

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2024: 4).

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

Amortisation on intangible fixed assets is charged to admin expenses.

Tangible fixed assets includes assets held under finance leases or hire purchase contracts, as follows:

There is no significant difference between the replacement cost of fuel and other consumables and their carrying value. Stocks are stated after provision for impairment of £Nil (2024: £Nil).

Amounts owed by group undertakings are unsecured, do not bear interest, have no fixed date of repayment, and are repayable on demand.

Trade debtors are stated after provision for impairment £Nil (31 December 2024: £64,000).

Amounts due by group undertakings are unsecured, do not bear interest, have no fixed date of receipt, and are recoverable on demand.

The Sitra loan incurs interest at 5.6% per year.

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Ordinary shares are entitled to one vote in any circumstances and entitled pari passu to dividend payments and to participate in a distribution arising from a winding up of the Company.

G1 and G2 ordinary shares have no voting rights or rights to receive any dividends or distributions.

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

Includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

A non-distributable reserve, following the redemption or purchase of the Company's own shares.

This reserve, represents capital contributions made by Axle Bidco Limited related to cash settled share based payments arising from the Growth Shares of the Company.

The directors have confirmed that there were no contingent liabilities at 31 December 2025 (2024: None).

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Advantage has been taken of the exemption under FRS 102 not to disclose transactions with members of the same group that are wholly owned.

There are no significant events affecting the Company post period end.

As at the reporting date, the immediate parent company is Axle Bidco Limited.

Axle Topco Limited is the smallest group in which the results of the Company are consolidated. Copies of the consolidated financial statements can be obtained from Companies House. The registered office of Axle Topco Limited is Suite 11, Stone Cross Place Stone Cross Lane North, Lowton, Warrington, England, WA3 2SH.

The ultimate parent company is Syracuse Holding BV, a company registered in Belgium. Which is the largest group in which the results of the company are consolidated. These financial statements can be obtained at Syracuse Holding BV registered office, Pilkemseweg 113, Leper, 8900, Belgium.