REGISTERED NUMBER: 12083085 (England and Wales)

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD 1 DECEMBER 2024 TO 31 MAY 2026

FOR

AMD GROUP HOLDINGS LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

7

Consolidated Income Statement

10

Consolidated Other Comprehensive Income

11

Consolidated Balance Sheet

12

Company Balance Sheet

14

Consolidated Statement of Changes in Equity

15

Company Statement of Changes in Equity

16

Consolidated Cash Flow Statement

17

Notes to the Consolidated Financial Statements

18

DIRECTORS:

J A King

M G Sullivan

D J Pearce

D B Peachey FCA

REGISTERED OFFICE:

Jupiter House Orbital One

Green Street Green Road

Dartford

Kent

DA1 1QG

REGISTERED NUMBER:

12083085 (England and Wales)

AUDITORS:

Lewis Brownlee (Chichester) Limited

Statutory Auditors

Appledram Barns

Birdham Road

Chichester

West Sussex

PO20 7EQ

The directors present their strategic report of the company and the group for the period 1 December 2024 to 31 May 2026.

FAIR REVIEW OF BUSINESS

We are pleased to report the results for the period ended 31 May 2026, which represents an important phase in the continued evolution and diversification of the group. The accounting reference period was extended to 31 May 2026, resulting in an 18-month reporting period. This extension better reflects the trading cycle experienced by the group, particularly the delays seen across the wider construction market in the release of project funding and commencement of major schemes. A longer reporting period provides a more representative view of the investment made in pre-construction activities, mobilisation, recruitment and capability building ahead of project delivery.

The construction industry continued to present challenges throughout the period. Funding approvals, procurement routes and project commencements often took longer than anticipated. Despite these challenges, the group continued to seize opportunities, strengthen its market position and successfully deliver projects across a broader range of sectors and customers. Existing frameworks were maintained and the group continued to deliver success in the provision of Mechanical, Electrical, Plumbing and Facilities Management services.

The group maintained its core principle of only accepting suitable projects which satisfy acceptable margins, risk and reward. With the evolving risk within the sector, particularly with heightened scrutiny around customer solvency and project viability, several opportunities were declined where the risk profile was considered unacceptable. The board continues to maintain that revenue growth should not be pursued where it may compromise profitability, cash flow or commercial certainty.

Growth in terms of the diversity of work undertaken continued to evolve and existing revenue streams were exploited and maintained. New opportunities continue to present themselves and are assessed when received. The forward order book remains strong and enquiries continue to be received from both existing and prospective customers. The group has also continued to benefit from a broader customer base and increased exposure to public sector, defence, justice, banking, healthcare and other technically demanding environments.

Overall, the board were satisfied with the revenue achieved during the period of £41.9m compared with £17.5m in the previous reporting period. Whilst direct comparison is difficult due to the differing reporting periods, the board is encouraged by the growth achieved across all business divisions and the further diversification of the group's service offering. Gross profit increased to £5.6m and profit before taxation increased to £1,074,068. The group's balance sheet and cash position remain strong, with cash balances of £4.7m at the period end.

The board are particularly pleased with the continued development of AMD Environmental (North) Limited. The business delivered a strong performance during the period, benefiting from the successful delivery of several larger projects and continuing to establish itself within its target markets. Revenue increased to £11.3m and profit before taxation increased to £1.3m. The subsidiary has maintained the core values of the group whilst continuing to enhance its reputation and market presence in northern regions.

AMD FM Limited experienced significant expansion throughout the period. Following a successful initial trading period, the business has continued to grow rapidly, increasing revenue from £2.3m to £6.1m and profit before taxation from £185,128 to £578,393. The Facilities Management division has expanded both its customer base and service offering and continues to present substantial opportunities for future growth. The board remains highly encouraged by the progress made and the role FM now plays within the wider group strategy.

The performance of AMD Environmental Limited reflected the challenging market conditions experienced across the South East construction market. Although turnover increased significantly to £24.5m, the business experienced an extended pre-construction phase on a number of projects due to delays in project funding, customer procurement processes and project mobilisation. As a consequence, a greater proportion of expenditure was incurred ahead of project delivery and margin recognition. At the same time, the company continued to invest in recruitment, operational capability, systems, supply chain relationships and customer diversification. The board therefore considers the results to be reflective of the timing of project delivery rather than any deterioration in the underlying strength of the business. The order book remains strong and the company is well positioned to benefit from the conversion of delayed projects into delivery and revenue generation.

Throughout the period the group continued to strengthen its people, capabilities, systems and service offering. Average employee numbers increased from 67 to 83 and the business continued to invest in recruitment, technical expertise and operational capacity to ensure it remains capable of delivering increasingly complex and diverse projects.

The board remains confident that the group is well positioned to deliver future growth. Customer diversification, sector diversification, investment in people and the expansion of both the North and FM operations have strengthened the resilience of the group and reduced dependency on any single customer, sector or geographical region. The board believes the group enters the next financial period with strong foundations, a robust order book and significant opportunities across all trading entities.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks of the business lie primarily within the risks associated with the construction industry and can be attributed to operational risk, being the risks associated with day-to-day operations on site, and financial risk, which may be both operational and commercial.

The group has strict process controls in place to monitor commercial and financial risks. Exposure is also reduced by working with strategic partners, regularly undertaking credit checks on customers and suppliers, expanding the portfolio of services offered and extending the customer base.

Health and Safety risks continue to be monitored and measured by the group's Health & Safety Manager. Any issues are dealt with swiftly and effectively. It is important for all group personnel to understand the management structure and their specific duties and responsibilities for Health and Safety.

PROJECT TIMING AND PRE-CONSTRUCTION EXPOSURE

Delays in funding approvals and project release can extend pre-construction periods and cause overhead expenditure to be incurred ahead of project delivery and margin recognition. The group manages this risk through pipeline reviews, resource planning, staged investment decisions and regular monitoring of project conversion and mobilisation.

ABILITY TO ATTRACT AND RETAIN HIGH-CALIBRE EMPLOYEES

The business continued to attract new and retain existing personnel. Recruitment remains crucial to the group and continues to develop to ensure that appropriately skilled people are introduced to the business and its incentivisation arrangements.

MATERIAL COSTS AND AVAILABILITY OF SPECIALIST SUB-CONTRACTORS

The internal database containing information about suppliers and sub-contractors continues to support existing and developing work streams. Bi-weekly Operations Meetings and monthly Trading Reviews are used to analyse contract and supply-chain performance. Potential resource gaps are highlighted, monitored and proactively addressed.

INFORMATION TECHNOLOGY AND BUSINESS CONTINUITY

The group uses a range of information technology and decision-support systems for efficient order processing, control procedures and financial management. These systems are reviewed and updated to meet the needs of the group. Business continuity and disaster recovery planning is regularly assessed and tested.

CUSTOMER CREDIT RISK

The group provides credit to customers in the normal course of business and is therefore exposed to the risk of non-payment. The business has established credit control procedures and policies around managing its receivables and takes action where necessary. Significant outstanding balances, overdue debts and potential exposures are reviewed regularly and discussed at monthly meetings.

KEY PERFORMANCE INDICATORS

As the current financial statements cover an 18-month period, whereas the comparative figures cover the 12 months ended 30 November 2024, direct comparisons should be considered and measured.

Key features of business performance during the period included the following:

-

Revenue increased by £24.5m to £41.9m (2024: £17.5m).

-

Gross profit increased by £1.85m to £5.60m (2024: £3.75m).

-

Profit before taxation increased to £1.07m (2024: £890,149).

-

Cash at bank increased by £1.68m to £4.66m (2024: £2.98m).

-

Net assets remained strong at £18.1m (2024: £18.2m).

-

AMD Environmental (North) Limited increased profit before taxation to £1.30m (2024: £535k) following the successful delivery of several major projects.

-

AMD FM Limited increased turnover to £6.1m (2024: £2.3m) and profit before taxation to £578,393 (2024: £185,128), reflecting the continued expansion of the Facilities Management division.

-

The group increased average employee numbers from 67 to 83, demonstrating continued investment in people and operational capability.

-

Customer diversification continued across both public and private sector markets, reducing customer concentration risk and improving long-term resilience.

-

Proactive customer service, quality delivery performance, selective tendering and investment in capability remained key drivers in securing repeat business and attracting new customers.

ON BEHALF OF THE BOARD:

M G Sullivan - Director

27 August 2026

The directors present their report with the financial statements of the company and the group for the period 1 December 2024 to 31 May 2026.

PRINCIPAL ACTIVITY

The principal activity of the company is that of a group holding company. The principal activity of the subsidiary, AMD Environmental Ltd, continued to be that of design, supply and installation of full mechanical and electrical services. The principal activity of the subsidiary, AMD Environmental (North) Limited, continued to be that of design, supply and installation of full mechanical and electrical services. The principal activity of the subsidiary, AMD FM Limited is that of facilities management.

DIVIDENDS

During the period dividends of £479,631 (2024: £482,016) were paid.

FUTURE DEVELOPMENTS

The group has been able to innovate and evolve with the ever changing environments in which it operates. Where technological, energy or operational advancements can be exploited these are explored, developed and implemented to 'future proof' the work carried out and AMD's position within the market place. The group sees itself at the technological forefront of its industry and strives to continually improve the services and products it provides.

EVENTS SINCE THE END OF THE PERIOD

Information relating to events since the end of the period is given in the notes to the financial statements.

DIRECTORS

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

J A King

M G Sullivan

D J Pearce

D B Peachey FCA

FINANCIAL INSTRUMENTS

The group has a normal level of exposure to price, credit, liquidity and cash flow risks arising from trading activities which are conducted in sterling. The group does not enter into any formally designated hedging arrangements.

DONATIONS

The group paid charitable donations of £16,467 in the period (2024: £3,920).

THIRD PARTY INDEMNITY PROVISION

There is a third party indemnity provision in place for the benefit of all directors of the group.

DIRECTORS' RESPONSIBILITIES STATEMENT

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, Lewis Brownlee (Chichester) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

J A King - Director

27 August 2026

Opinion

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

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31 May 2026 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 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 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 Directors' Responsibilities Statement set out on pages five and six, 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.

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.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

-

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

-

we identified the laws and regulations applicable to the group through discussions with directors and other management, and from our commercial knowledge and experience of the sector;

-

we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group, including legislation such as the Companies Act 2006, taxation legislation and the Health and Safety at Work Act;

-

we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence, where applicable; and

-

identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the group financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

-

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

-

considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

-

performed analytical procedures to identify any unusual or unexpected relationships;

-

tested journal entries to identify unusual transactions;

-

assessed whether judgements and assumptions made in determining the accounting estimates set out in the accounting policies were indicative of potential bias; and

-

investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

-

agreeing financial statement disclosures to underlying supporting documentation;

-

reading the minutes of meetings of those charged with governance, where applicable;

-

enquiring of management as to actual and potential litigation and claims; and

-

reviewing correspondence with HMRC, relevant regulators and the group’s legal advisors, where applicable.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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

Sam Ede BFP FCA FCCA (Senior Statutory Auditor)

for and on behalf of Lewis Brownlee (Chichester) Limited

Statutory Auditors

Appledram Barns

Birdham Road

Chichester

West Sussex

PO20 7EQ

27 August 2026

TURNOVER

3

41,947,630

17,457,344

Cost of sales

36,342,215

13,703,481

GROSS PROFIT

5,605,415

3,753,863

Administrative expenses

4,795,357

3,096,908

810,058

656,955

Other operating income

107,076

95,740

OPERATING PROFIT

5

917,134

752,695

Interest receivable and similar income

170,027

139,004

1,087,161

891,699

Interest payable and similar expenses

6

13,093

1,550

PROFIT BEFORE TAXATION

1,074,068

890,149

Tax on profit

7

553,733

371,248

PROFIT FOR THE FINANCIAL PERIOD

520,335

518,901

Profit attributable to:

Owners of the parent

170,510

384,368

Non-controlling interests

349,825

134,533

520,335

518,901

PROFIT FOR THE PERIOD

520,335

518,901

OTHER COMPREHENSIVE INCOME

-

(170,278

)

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE PERIOD, NET OF INCOME TAX

-

(170,278

)

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

520,335

348,623

Total comprehensive income attributable to:

Owners of the parent

170,510

214,090

Non-controlling interests

349,825

134,533

520,335

348,623

FIXED ASSETS

Intangible assets

10

14,981,031

15,954,527

Tangible assets

11

230,781

69,943

Investments

12

-

-

15,211,812

16,024,470

CURRENT ASSETS

Stocks

13

1,000

1,000

Debtors

14

9,051,508

4,224,488

Cash at bank and in hand

4,657,631

2,977,689

13,710,139

7,203,177

CREDITORS

Amounts falling due within one year

15

9,421,774

3,644,116

NET CURRENT ASSETS

4,288,365

3,559,061

TOTAL ASSETS LESS CURRENT LIABILITIES

19,500,177

19,583,531

CREDITORS

Amounts falling due after more than one year

16

(1,378,191

)

(1,331,108

)

PROVISIONS FOR LIABILITIES

20

(43,123

)

(8,499

)

NET ASSETS

18,078,863

18,243,924

CAPITAL AND RESERVES

Called up share capital

21

100,001

100,001

Share premium

22

18,535,166

18,535,166

Share option reserve

22

150,080

150,080

Retained earnings

22

(1,035,371

)

(726,250

)

SHAREHOLDERS' FUNDS

17,749,876

18,058,997

NON-CONTROLLING INTERESTS

328,987

184,927

TOTAL EQUITY

18,078,863

18,243,924

The financial statements were approved by the Board of Directors and authorised for issue on 27 August 2026 and were signed on its behalf by:

J A King - Director

M G Sullivan - Director

FIXED ASSETS

Intangible assets

10

-

-

Tangible assets

11

-

-

Investments

12

20,086,596

20,086,596

20,086,596

20,086,596

CURRENT ASSETS

Debtors

14

169,068

17,893

Cash at bank and in hand

54,723

69,568

223,791

87,461

CREDITORS

Amounts falling due within one year

15

-

750

NET CURRENT ASSETS

223,791

86,711

TOTAL ASSETS LESS CURRENT LIABILITIES

20,310,387

20,173,307

CREDITORS

Amounts falling due after more than one year

16

1,308,327

1,307,027

NET ASSETS

19,002,060

18,866,280

CAPITAL AND RESERVES

Called up share capital

21

100,001

100,001

Share premium

22

18,535,166

18,535,166

Share option reserve

22

150,080

150,080

Retained earnings

22

216,813

81,033

SHAREHOLDERS' FUNDS

19,002,060

18,866,280

Company's profit for the financial year

615,411

549,855

The financial statements were approved by the Board of Directors and authorised for issue on 27 August 2026 and were signed on its behalf by:

J A King - Director

M G Sullivan - Director

Called up

share

Retained

Share

capital

earnings

premium

£

£

£

Balance at 1 December 2023

100,001

(628,602

)

18,535,166

Changes in equity

Dividends

-

(482,016

)

-

Total comprehensive income

-

384,368

-

Balance at 30 November 2024

100,001

(726,250

)

18,535,166

Changes in equity

Dividends

-

(479,631

)

-

Total comprehensive income

-

170,510

-

Balance at 31 May 2026

100,001

(1,035,371

)

18,535,166

Share

option

Non-controlling

Total

reserve

Total

interests

equity

£

£

£

£

Balance at 1 December 2023

320,358

18,326,923

102,004

18,428,927

Changes in equity

Dividends

-

(482,016

)

(51,610

)

(533,626

)

Total comprehensive income

(170,278

)

214,090

134,533

348,623

Balance at 30 November 2024

150,080

18,058,997

184,927

18,243,924

Changes in equity

Dividends

-

(479,631

)

(205,765

)

(685,396

)

Total comprehensive income

-

170,510

349,825

520,335

Balance at 31 May 2026

150,080

17,749,876

328,987

18,078,863

Called up

Share

share

Retained

Share

option

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 December 2023

100,001

13,194

18,535,166

320,358

18,968,719

Changes in equity

Dividends

-

(482,016

)

-

-

(482,016

)

Total comprehensive income

-

549,855

-

(170,278

)

379,577

Balance at 30 November 2024

100,001

81,033

18,535,166

150,080

18,866,280

Changes in equity

Dividends

-

(479,631

)

-

-

(479,631

)

Total comprehensive income

-

615,411

-

-

615,411

Balance at 31 May 2026

100,001

216,813

18,535,166

150,080

19,002,060

Cash flows from operating activities

Cash generated from operations

27

2,845,627

(359,096

)

Interest paid

(13,093

)

(1,550

)

Tax paid

(490,339

)

(341,878

)

Net cash from operating activities

2,342,195

(702,524

)

Cash flows from investing activities

Purchase of tangible fixed assets

(128,035

)

(7,949

)

Interest received

170,027

139,004

Net cash from investing activities

41,992

131,055

Cash flows from financing activities

Capital repayments in year

(18,849

)

-

Equity dividends paid

(479,631

)

(482,016

)

Dividends paid to minority interests

(205,765

)

-

Net cash from financing activities

(704,245

)

(482,016

)

Increase/(decrease) in cash and cash equivalents

1,679,942

(1,053,485

)

Cash and cash equivalents at beginning of period

28

2,977,689

4,031,174

Cash and cash equivalents at end of period

28

4,657,631

2,977,689