REGISTERED NUMBER: 16096423 (England and Wales)

STAR WILLOW BIDCO LTD

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2026

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Ms L Carballo

M R Coxall

REGISTERED OFFICE:

33 Cavendish Square

London

W1G 0PW

REGISTERED NUMBER:

16096423 (England and Wales)

AUDITORS:

Cooper Parry Group Limited

1st Floor, Abbey Square,

Davidson House, The Forbury

Reading

RG1 3EU

FIXED ASSETS

Investments

4

54,956,520

54,936,196

CURRENT ASSETS

Debtors: amounts falling due within one year

5

17,632

15,668,423

Debtors: amounts falling due after more than one year

5

14,445,039

-

Cash at bank

13,855

-

14,476,526

15,668,423

CREDITORS

Amounts falling due within one year

6

3,489,573

33,930,621

NET CURRENT ASSETS/(LIABILITIES)

10,986,953

(18,262,198

)

TOTAL ASSETS LESS CURRENT LIABILITIES

65,943,473

36,673,998

CREDITORS

Amounts falling due after more than one year

7

56,488,137

24,900,000

NET ASSETS

9,455,336

11,773,998

CAPITAL AND RESERVES

Called up share capital

102

102

Share premium

12,319,898

12,319,898

Retained earnings

(2,864,664

)

(546,002

)

9,455,336

11,773,998

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 August 2026 and were signed on its behalf by:

Ms L Carballo - Director

1.	STATUTORY INFORMATION

Star Willow Bidco Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

The figures in the financial statements are rounded to the nearest pound.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements

The company has taken advantage of the exemption under section 400 of the companies act 2006 not to prepare consolidated accounts. The financial statement present information about the company as an individual entity only.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates

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 following judgements have been made in the process of applying the company's accounting policies that have had the most significant effect on amounts recognised in the financial statements:

Valuation of fixed asset investments - were valued at cost originally then at each reporting date, the value of investments is reviewed for any impairment.

Recoverability of amounts owed by group undertakings - at each reporting date, amounts owed by group undertakings are reviewed for collectability and a reserve is recorded if, in the Directors' judgement, the collectability of the balance is uncertain.

Investments in subsidiaries

Investments in subsidiaries are measured at cost less accumulated impairment.

Financial instruments

The Company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans to or from related parties. All such instruments are measured initially and subsequently at the transaction price.

At the end of each reporting period debt financial assets are assessed for impairment, and their carrying value reduced if necessary. Any impairment is recognised in the profit and loss account.

The company uses interest rate swaps to manage its exposure to interest rate risk. The financial instruments are initially recognised at fair value on the date the contract is entered into and are subsequently re-measured at their fair value at each reporting date. The resulting gain or loss is recognised directly in the income statement.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2025 - 2 ) .

4.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 May 2025

54,936,196

Additions

20,324

At 30 April 2026

54,956,520

NET BOOK VALUE

At 30 April 2026

54,956,520

At 30 April 2025

54,936,196

Additions during the year relate to VAT adjustments on the costs of acquisition of shares in group undertakings.

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

GenAir UK Limited

Registered office: Marston House 5, Elmdon Lane, Marston Green, Solihull, West Midlands, England, B37 7DL

Nature of business: Renting and leasing of other machinery

%

Class of shares:

holding

Ordinary

100.00

30/04/26

30/4/25

£

£

Aggregate capital and reserves

9,118,646

5,152,755

Profit for the period

3,965,891

3,497,817

Indirect subsidiary undertakings

GenAir Asset Leasing Limited

Registered office: Marston House 5, Elmdon Lane, Marston Green, Solihull, West Midlands, England, B37 7DL

Nature of business: Renting and leasing of other machinery

%

Class of shares:

holding

Ordinary

100.00

30/04/26

30/4/25

£

£

Aggregate capital and reserves

2,712,967

(735,645

)

Profit for the period

3,448,612

(735,745

)

5.

DEBTORS

2026

2025

£

£

Amounts falling due within one year:

Amounts owed by group undertakings

-

14,445,039

Other debtors

17,632

1,223,384

17,632

15,668,423

2026

2025

£

£

Amounts falling due after more than one year:

Amounts owed by group undertakings

14,445,039

-

Aggregate amounts

14,462,671

15,668,423

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Bank loans and overdrafts

3,400,000

1,725,000

Trade creditors

19,973

-

Amounts owed to group undertakings

-

32,200,620

Other creditors

69,600

5,001

3,489,573

33,930,621

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2026

2025

£

£

Bank loans

22,500,000

24,900,000

Amounts owed to group undertakings

33,988,137

-

56,488,137

24,900,000

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

15,675,000

8.	SECURED DEBTS

The following secured debts are included within creditors:

2026

2025

£

£

Bank loans

25,900,000

26,625,000

Glas Trust Corporation Limited holds a fixed and floating charge over the assets of the company dated 5 February 2025.

9.	FINANCIAL INSTRUMENTS

At the year-end, the company had an interest rate swap agreement with a notional principal amount of £16,600,000. Under the swap, the company pays a fixed rate of 3.913% and receives a floating rate based on SONIA. The agreement expires on 30 July 2027.

The Financial Liability is measured at fair value through the profit and loss. The fair value of the interest rate swap is a liability of £58,343. Changes in fair value of the instrument amounted to a £58,343 loss. This has been included in the income statement under 'interest payable and similar expenses'.

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Roslyn McFarlane (Senior Statutory Auditor)

for and on behalf of Cooper Parry Group Limited

11.	CONTINGENT LIABILITIES

The company has a revolving credit facility of £2,000,000. As of 30th April 2026, £1,000,000 has been drawn.

12.	ULTIMATE PARENT COMPANY

Star Capital Partnership LLP is regarded by the directors as being the company's ultimate parent company. The registered office is 15th Floor 33 Cavendish Square, London, England, W1G 0PW.

The name of the parent company which draws up the consolidated financial statements is Star Willow Topco Limited. The registered office of Star Willow Topco Limited is 15th Floor 33 Cavendish Square, London, England, W1G 0PW.