REGISTERED NUMBER: SC047233 (Scotland)

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

CROWN WORLDWIDE LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

7

Report of the Independent Auditors

9

Consolidated Income Statement

12

Consolidated Other Comprehensive Income

13

Consolidated Balance Sheet

14

Company Balance Sheet

15

Consolidated Statement of Changes in Equity

16

Company Statement of Changes in Equity

17

Consolidated Cash Flow Statement

18

Notes to the Consolidated Cash Flow Statement

19

Notes to the Consolidated Financial Statements

21

DIRECTORS:

Mr S Hardie

Mr B A Koolen

Mr J C Mortimer

SECRETARY:

Mr F V Hopping

REGISTERED OFFICE:

Cullen Square, Deans Road

Deans Industrial Estate

Livingston

West Lothian

EH54 8SJ

REGISTERED NUMBER:

SC047233 (Scotland)

AUDITORS:

GKP (Ampthill) Limited

Statutory Auditor

3 Doolittle Yard

Froghall Road

Ampthill

Bedfordshire

MK45 2NW

The directors present their strategic report of the company and the group for the year ended 31 December 2025.

Introduction

The principal activities of the group are international relocation and mobility services, workplace change services including office moving and interior design, and fine art logistics services.

REVIEW OF BUSINESS

Crown Worldwide Limited operated in a challenging macroeconomic environment in 2025 across its core markets of World Mobility and Relocations, Fine Art and Workspace, reflecting structural shifts and headwinds in each sector. Within global mobility, the pace of international movement has slowed materially, with cross border relocation of highly skilled workers declining by approximately 8.5% year on year, driven by economic uncertainty, reduced corporate hiring and tighter immigration policies. In parallel, the global art market experienced a second consecutive year of contraction, with total sales declining by around 12% in 2024 and auction values falling by up to 25%, particularly at the high end of the market.

At the same time, the commercial office sector continues to undergo a structural reset as hybrid working becomes embedded. Demand for office space remains below pre pandemic levels, with vacancy rates consistently elevated and overall leasing activity significantly reduced compared to historical norms. This shift has been compounded by widespread corporate efforts to reduce real estate footprints, with a majority of businesses having already downsized office space and many continuing to plan further reductions. As a result, the office relocation market has evolved away from large, full scale moves toward smaller, more cost driven reconfigurations and relocations into flexible, lower footprint environments.

Taken together, these dynamics have resulted in a more subdued trading environment across the Group's markets, characterised by reduced international mobility volumes, lower demand for high value art logistics services, and a structurally smaller but more complex and competitive commercial office moving market.

Against this backdrop, all three of the core businesses within the consolidated group suffered from top line revenue contraction totalling £3.8m; a reduction of 8% on the prior year.

However, there were a number of positive developments within each of the businesses as detailed within each section of this report. Relocations revenues from private customers grew by over 50% as we took steps to build a newly formed local sales team under new leadership and also introduced cutting edge AI technology to transform the surveying and quotation process, offering customers increased speed, accuracy and flexibility. On the corporate mobility side, the company also secured a major new contract win with one of the world's largest law firms, with the implementation completed in quarter four of the year and hence a full year of revenue to follow on in 2026. Within our Workspace business, revenues from a number of areas outside of the core removals business grew versus the previous year, including interior design and fit out, and our sustainably led Office Resale and Renew IT businesses. Our Crown Fine Art business also secured a significant project win with the Royal Institute of British Architects which involved relocating their member library to our own facility in Stockwell, building a fully climate controlled, bespoke storage facility and reading room which also involved our Workspace team.

Despite the fall in revenue of £3.8m, the fall in Gross Profit was contained to £0.8m, and profit margins increased to 33.3%. This was partly due to business mix, with a higher degree of private relocations but also as a result of strong cost control and the exit of one of our Workspace properties in the early part of the year. The group was also able to reduce administrative expenses by £2.4m (12%) between 2024 and 2025, some of this achieved via natural overhead reduction in response to lower activity levels, but also through business process transformation and automation/AI initiatives e.g. in our private business. As a result of these initiatives and cost reductions, the group was able to report a reduced Operating Loss of (£0.5m) in the financial year compared to a loss of (£1.2m) in the previous year.

The consolidated group, together with its sister company Crown Records Management Limited, continued to make great progress with its responsible business strategy in 2025. The combined UKI entities have now reported a 56% reduction in their scope 1 and 2 emissions against the pre-pandemic 2019 baseline; exceeding our interim goal of a 45% reduction by 2025 and leaving us well placed to take the next steps towards achieving 'net zero' by 2040. Each of the business segments have implemented a number of sustainable initiatives supporting our customers sustainability ambitions, and these are disclosed within the individual business segment commentary that follows. The group retained their EcoVadis Silver accreditation with a 10% improved score, placing the company in the top 7% of reporting companies, recognising our fantastic progress in this area.

On the people front, we were delighted to be awarded 'Investors in People - Gold', together with the 'Investors in People - We Invest in Wellbeing, Silver' accreditation which acknowledges organisations that take a proactive approach to supporting their workforce's physical, mental, and financial wellbeing. Both of these awards represent further advancement from previous years achievements. The business undertakes an annual engagement survey in which an outstanding 90% of its employees participated with 88% recommending Crown as a great place to work. 2025 also saw the launch of our social impact strategy focused on employment and skills within the local area, in addition to our successful apprenticeship and volunteering schemes which have been in place for years. Crown also continues to support over 900 charities within the UK.

Looking ahead to 2026, the Group remains confident despite ongoing economic and geopolitical uncertainty, with strong strategic momentum across all business lines positioning it to capture growth from evolving mobility patterns, demand for premium fine art services, and the continued transformation of workplace solutions, underpinned by a clear focus on innovation, operational discipline and delivering long-term value across its diversified portfolio.

World Mobility and Relocation Services

As referenced in the opening paragraph of the business review, within the global mobility arena the pace of international movement has slowed materially, with cross border relocation of highly skilled workers declining by approximately 8.5% year on year, driven by economic uncertainty, reduced corporate hiring and tighter immigration policies.

Within our own corporate mobility business, we were exposed to these trends as revenues with existing local corporate clients declined by around £0.7m versus the previous year with tightening of policy and recruitment freezes still a factor for a number of businesses. Our previous report referenced two large corporate customers who had taken decisions to change service provider away from Crown - one in late 2023, the other in early 2024. These two large corporate accounts accounted for a drop in revenue of £1.8m in 2025 as the contracts came to an end during 2024.

Another important factor influencing business revenues is the size of the physical shipments being made, and the macrotrend in recent years has been the ongoing reduction in the size of shipment since the COVID pandemic, which is estimated at 22%. Household goods moves are typically priced based on physical size, as well as being linked to global freight rates, so the ongoing reduction in shipment size continues to be a factor. Many companies have also amended their policies to more of a 'lump sum' model where the employee receives a relocation allowance and leads to the employee often choosing to use this in other ways rather than moving more items.

Despite all of this, the company secured one of its largest corporate contract wins in recent years during the year with a major global international law firm. After a lengthy implementation programme, the company began to take new initiations from this client in quarter four and will therefore have the full benefit of this additional revenue in 2026. Major success factors behind the win were the implementation of the company's new client facing technology, Crown Engage, and our commitment as an organisation to the Science Based Targets initiative (SBTi), which sets it apart from a number of competitors in the industry. We believe these investments and expertise leave us well placed to grow our corporate business further in the years ahead.

Our private business really took off in 2025, enjoying growth in excess of 50% and underpinning the Gross Margin percentage improvement in the business unit. We took the decision at the end of 2024, to consolidate all of our relocations staff in London, managing the whole process from initial lead, through to surveying, pricing and move management, in one single location. Our new sales team was recruited at the start of the year and in parallel we implemented a new AI solution to surveying and pricing with our technology partner Yembo. The improved sales efficiency came at a time when we have seen increased demand from high wealth individuals, entrepreneurs and business people, moving from the UK to more tax efficient locations, and the company saw an increase in larger value, higher margin moves as a result of this demand.

We believe that our investments in technology in both parts of our business leave us well placed in 2026 and beyond to grow further. Customers are demanding more self-help technology, providing them with flexibility and responsiveness, as well as HR and mobility teams wanting higher degrees of visibility, reporting and governance around their international expat populations. Demand for private moves from the UK have remained high in the early part of 2026, and despite the macroeconomic trends providing a difficult backdrop for global mobility we are confident of gaining increased market share as evidenced by our business wins in the latter part of 2025.

Crown Workspace

Market conditions for commercial office moving remained mixed in 2025. While high-quality prime offices continued to attract demand, broader occupier behaviour remained cautious, with delayed decisions, ongoing hybrid working adoption and pressure on discretionary workplace spend. RICS UK Commercial Property Monitor Q4 2025 reported soft office occupier demand nationally, while Savills Central London Office Market Watch - November 2025 recorded Central London take-up 13% below the prior year. These conditions affected the timing and scale of client relocation and change programmes during the year.

The company has continued to pursue a diversification strategy since the acquisition of Premier Workplace Services in late 2018; diversification into new revenue streams and regional expansion in the UK. Given the market conditions described above and an ever more competitive central London office moving market, the success of this strategy is summarised in the revenue breakdown in 2025 versus the prior year. The combined revenue from office relocations, storage and systems dropped by 10% versus the prior year, whilst the combined remaining areas of the business grew collectively by 6%.

Our Interiors business specialising in design and fit out solutions grew by 7%, whilst our sustainability led services, the Renew Centre and Renew IT, grew by 8%. The company also undertook a major project with Kings College London. Implementing our Crown Circulate model we were able to audit 8 buildings to assess condition, location and reuse potential of all furniture (using our LENS Asset Management tool), utilise the Renew Centre to restore items to a high standard, and prioritise re-use before any procurement. From a total of 1,881 furniture items, 50% were redistributed, 23% refurbished and only 27% newly supplied; the re-use savings exceeding the original 70% target and achieving embodied carbon savings equivalent to powering 279 homes for an entire year.

The company also took steps in the year to rationalise its property portfolio, exiting from the Ardra Rd (units 3&4) site in February 2025, and basing its operations within other Crown sites, enabling it to benefit from cost savings for the majority of the year, having incurred significant exit costs in the previous year.

The combination of all the factors mentioned above contributed to a positive Operating Profit of £0.4m for the 2025 financial year, compared to the (£1m) reported loss in 2024.

Looking ahead to 2026, the outlook is characterised by cautious optimism, with the UK economy expected to deliver modest positive growth of approximately 1%-1.4%, alongside easing inflation trending towards the Bank of England's 2% target and a gradual reduction in interest rates, supporting improved business confidence and investment activity. Within the commercial property sector, conditions are expected to stabilise further, with increasing transaction volumes, recovering capital flows and modest rental growth in prime office segments. However, this outlook remains subject to a high degree of geopolitical uncertainty, including recent developments in the Middle East, which continue to pose risks to inflation, energy costs and broader business sentiment.

Fine Art

Having recorded three consecutive record revenue levels, our Fine Art business revenues declined for the first time since the COVID pandemic - down by just over 9% versus the prior year. We had anticipated a challenging year ahead, as the global art market experienced a second consecutive year of contraction, with total sales declining by around 12% in 2024 and auction values falling by up to 25%, particularly at the high end of the market.

Within our auction houses segment of the business, revenues declined by 32% versus the previous year, the museums segment declined by 14%, and the commercial galleries segment by 10%. A number of our large competitors also experienced similar declines in their business reflecting the overall drop in the global fine art market.

The major success against this tough backdrop was the ongoing growth of our storage business, which bucked the trend of the other business segments and grew again by 13%. In our previous annual report, we referenced the expansion of our central London storage footprint which took place during 2024 but was completed in the early part of 2025 when we added some further office space to the portfolio, converting some of the previous internal office space into commercial storage space. The RIBA win was a significant development in 2025, with Crown Fine Art providing a dedicated, bespoke climate-controlled storage facility and reading room within our London facility. The company is proud to support RIBA and its members with this first-class facility after undertaking a lengthy and complex relocation project. Our storage expansion continued further in the second half of 2025 as we took steps to repurpose some surplus office space in our Ruislip facility, and this expansion is likely to continue in 2026.

Despite the challenging 2025 landscape, which has continued into 2026, the Fine Art business has been our fastest growing business unit in recent years, and we continue to invest in it its growth potential. With that in mind, in June 2026 we are delighted to announce that we have recruited a new Regional Director to lead the business into its next stage of growth, combining this with an already high achieving, growth focused leadership team.

The RIBA project and others like it give us confidence that Crown Fine Art is exceptionally well placed to be the partner of choice for customers in the heritage sector, with the ability to handle large, complex projects and provide excellent storage and viewing facilities. We do recognise however that the global fine art market is a challenging and competitive one, and that the geopolitical situation e.g. the Middle East conflict, is likely to provide some headwinds in 2026.

Economic risk

The Group continues to operate in a global environment characterised by elevated economic uncertainty, driven by persistent inflationary pressures, fluctuating interest rates and uneven growth across key markets. These factors are proven to contribute to reduced corporate confidence, with many organisations adopting more cautious approaches to capital expenditure, hiring and international expansion. As a result, demand across the Group's core sectors-including global mobility, fine art logistics and commercial office moving-remains sensitive to broader economic cycles. In particular, the slowdown in cross-border talent mobility and continued pressure on corporate real estate decisions reflect a more conservative operating environment, with clients increasingly focused on cost control, flexibility and short-term decision making.

In addition, ongoing geopolitical tensions, shifting trade dynamics and evolving regulatory frameworks continue to create complexity and volatility across global supply chains and international markets. These conditions increase operational risk, impact client decision timelines and can disrupt both the movement of goods and the relocation of people. While the Group's diversified service offering and global footprint provide resilience, there remains a risk that prolonged uncertainty could further dampen activity levels, particularly in higher-value segments such as international relocations and fine art transactions. The Group continues to actively monitor these external factors and adapts its operating model accordingly, with a focus on maintaining agility, cost discipline and service excellence in an unpredictable macroeconomic environment.

SECTION 172(1) STATEMENT

The Board of Directors have always acted in the way they consider, in good faith, would be most likely to promote the success of the Group for the benefit of its members as a whole, having regard to the stakeholders and matters set out in s172(1) (a) - (f) of the Companies Act 2006, in the decisions taken during the year ended 31 December 2025.

Our plan is designed to have a long term beneficial impact on the group and to contribute to its success in delivering a high quality of service.

Our employees are fundamental to the delivery of our plan. We aim to be a responsible employer in our approach to the pay and benefits our employees receive. The health, safety and well-being of our team members is one of our primary considerations in the way we conduct our business. Engagement with suppliers and customers is also key to our success. We meet with our manufacturing partners regularly throughout the year and take the appropriate action, when necessary, to prevent involvement in modern slavery, corruption, bribery and breaches of competition law.

Our plan considers the impact of the Group's operations on the community and environment and our wider social responsibilities, and in particular how we comply with environmental legislation and pursue waste-saving opportunities and react promptly to local concerns.

As the Board of Directors, our intention is to behave in a responsible manner, operating within the high standards of business conduct and good governance expected for a business such as ours and in doing so, will construct to the delivery of our plan. The intention is to nurture our reputation, through both construction and delivery of our plan, that reflects our values, beliefs and culture.

As the Board of Directors, our intention is to behave responsibly towards all our enlightened shareholders and treat them fairly and equally, so they too may benefit from the successful delivery of our plan.

FINANCIAL KEY PERFORMANCE INDICATORS

KPI's are used by management in order to monitor the result of the business, mainly represented by key financial information shown in th Profit and Loss and Balance Sheet of the group such as:

Group

2025

2024

Turnover

£43.7m

£47.5m

Gross profit

£14.5m

£15.4m

Gross profit margin

33.3%

32.3%

EBITDA

(£0.1m)

£0.6m

Company

2025

2024

Turnover

£10.6m

£12.2m

Gross profit

£4.4m

£5.0m

Gross profit margin

41.7%

41.2%

EBITDA

(£1.0m)

£0.9m

ON BEHALF OF THE BOARD:

Mr S Hardie - Director

11 August 2026

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

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2025.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year 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 January 2025 to the date of this report.

Mr S Hardie

Mr B A Koolen

Mr J C Mortimer

EMPLOYEES

Crown believes that it is fundamentally wrong to discriminate against anyone because of race, religion, gender, sexual orientation, nationality, national origin, age, handicap, or disability, with respect to recruitment, hiring, training, promotion and other terms, conditions, and privileges of employment. Crown bases its employment decisions solely upon an individual's qualifications and the requirements of the position for which the individual is being considered, recruited, hired, or promoted.

Although there is no requirement to do so, we encourage employees to notify the HR department of a disability so that they can be supported. For example by making reasonable adjustments to our premises or to aspects of employee's roles, or to our working practices.

We expect all employees to proactively support our equality, diversity and inclusion initiatives by attending events and workshops to educate themselves on the challenges faced by others and how to help alleviate these in the workplace. Any decision made relating to an employee's promotion or career development is free from discrimination. We ensure that selection criteria and processes for recruitment and promotion are reviewed on a regular basis so that there is no discriminatory impact on a certain group.

STREAMLINED ENERGY AND CARBON REPORTING

The company's greenhouse gas emissions and energy consumption are as follows:

2025

2024

tCO2e

tCO2e

Scope 1 Direct emissions

703.2

745.7

Scope 2 Indirect emissions

0.0

5.7

Total scope 1 & 2 emissions

703.2

751.4

kWh

kWh

Total energy consumption used

3,656,893

4,000,248

Intensity ratio: Tonnes of CO2 equivalent generated per £1,000,000 of revenue generated was 16.1 (2024 - 15.8).

The methodology applied to calculate the group's energy use and emissions is based on the principles set out in the GHG Reporting Protocol - Corporate Standard.

DISCLOSURE IN THE STRATEGIC REPORT

Information relating to principal risks and uncertainties the company is facing as well as the future developments of the company has been disclosed in the Strategic Report. Any matters that are Directors' Report disclosure requirements but considered by the directors to be of strategic importance to the group have been included in the Strategic Report.

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;

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

-	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, GKP (Ampthill) Limited, will be proposed for re-appointment in accordance with section 485 of the Companies Act 2006.

ON BEHALF OF THE BOARD:

Mr S Hardie - Director

11 August 2026

Opinion

We have audited the financial statements of Crown Worldwide Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 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 31 December 2025 and of the group's loss for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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:

Owing to the inherent limitations of an audit, there is unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). The more removed the laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment, forgery, collusion, omission or misrepresentation.

In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

-

A part of the audit planning process was to look at each area of the financial statements and ascertain the level of risk for each applicable audit assertion. Where an increased risk was identified, specific audit work was designed to ensure those risks were at the forefront of the audit work carried out.

-

During the audit planning process, important laws and regulations applying to the company were identified by making enquiries of management in addition to our own checks of the laws and regulations applying to a business of this nature.

-

The audit process has documented the systems and internal controls adopted by the company and considered their adequacy. Our audit work included testing journal entries due to an inherent risk of management override of controls.

-

An audit team planning meeting was held which communicated areas of identified risks and considered possible opportunities for fraud within the company.

-

The engagement partner assessed the experience and abilities of the engagement team to ensure they were collectively competent to identify irregularities.

-

All risks identified at the planning stage and the related audit work were reviewed and results considered to confirm that no irregularities had been identified.

-

Our audit has included a review of the disclosures in the financial statements and comparison of those disclosures with the results of our audit work to identify any disparities.

-

Analytical review of the financial statements has been undertaken at both the planning and completion stages of the audit to identify risks of irregularities and the results of the audit work carried out on those areas of risks.

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 Mason BSc FCA (Senior Statutory Auditor)

for and on behalf of GKP (Ampthill) Limited

Statutory Auditor

3 Doolittle Yard

Froghall Road

Ampthill

Bedfordshire

MK45 2NW

11 August 2026

TURNOVER

5

43,659

47,498

Cost of sales

29,119

32,134

GROSS PROFIT

14,540

15,364

Administrative expenses

17,711

20,137

(3,171

)

(4,773

)

Other operating income

6

2,625

3,604

OPERATING LOSS

8

(546

)

(1,169

)

Interest payable and similar expenses

9

2,184

2,329

LOSS BEFORE TAXATION

(2,730

)

(3,498

)

Tax on loss

10

48

(136

)

LOSS FOR THE FINANCIAL YEAR

(2,778

)

(3,362

)

Loss attributable to:

Owners of the parent

(2,778

)

(3,362

)

LOSS FOR THE YEAR

(2,778

)

(3,362

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(2,778

)

(3,362

)

Total comprehensive income attributable to:

Owners of the parent

(2,778

)

(3,362

)

FIXED ASSETS

Intangible assets

12

5,420

5,963

Tangible assets

13

4,139

3,309

Investments

14

-

-

9,559

9,272

CURRENT ASSETS

Stocks

15

1,047

1,014

Debtors

16

33,892

32,281

Cash at bank and in hand

4,919

7,876

39,858

41,171

CREDITORS

Amounts falling due within one year

17

(25,478

)

(31,114

)

NET CURRENT ASSETS

14,380

10,057

TOTAL ASSETS LESS CURRENT LIABILITIES

23,939

19,329

CREDITORS

Amounts falling due after more than one year

18

(26,489

)

(19,132

)

PROVISIONS FOR LIABILITIES

22

(31

)

-

NET (LIABILITIES)/ASSETS

(2,581

)

197

CAPITAL AND RESERVES

Called up share capital

23

5,555

5,555

Capital redemption reserve

4

4

Retained earnings

(8,140

)

(5,362

)

SHAREHOLDERS' FUNDS

(2,581

)

197

The financial statements were approved by the Board of Directors and authorised for issue on 11 August 2026 and were signed on its behalf by:

Mr S Hardie - Director

FIXED ASSETS

Intangible assets

12

650

780

Tangible assets

13

750

851

Investments

14

13,508

13,508

14,908

15,139

CURRENT ASSETS

Stocks

15

37

43

Debtors

16

29,977

27,022

Cash at bank

481

4,978

30,495

32,043

CREDITORS

Amounts falling due within one year

17

(16,778

)

(21,848

)

NET CURRENT ASSETS

13,717

10,195

TOTAL ASSETS LESS CURRENT LIABILITIES

28,625

25,334

CREDITORS

Amounts falling due after more than one year

18

(26,647

)

(21,076

)

NET ASSETS

1,978

4,258

CAPITAL AND RESERVES

Called up share capital

23

5,555

5,555

Capital redemption reserve

4

4

Retained earnings

(3,581

)

(1,301

)

SHAREHOLDERS' FUNDS

1,978

4,258

Company's loss for the financial year

(2,280

)

(1,993

)

The financial statements were approved by the Board of Directors and authorised for issue on 11 August 2026 and were signed on its behalf by:

Mr S Hardie - Director

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£'000

£'000

£'000

£'000

Balance at 1 January 2024

5,555

(2,000

)

4

3,559

Changes in equity

Total comprehensive income

-

(3,362

)

-

(3,362

)

Balance at 31 December 2024

5,555

(5,362

)

4

197

Changes in equity

Total comprehensive income

-

(2,778

)

-

(2,778

)

Balance at 31 December 2025

5,555

(8,140

)

4

(2,581

)

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£'000

£'000

£'000

£'000

Balance at 1 January 2024

5,555

692

4

6,251

Changes in equity

Total comprehensive income

-

(1,993

)

-

(1,993

)

Balance at 31 December 2024

5,555

(1,301

)

4

4,258

Changes in equity

Total comprehensive income

-

(2,280

)

-

(2,280

)

Balance at 31 December 2025

5,555

(3,581

)

4

1,978

Cash flows from operating activities

Cash generated from operations

1

(370

)

850

Interest paid

(2,072

)

(2,240

)

Interest element of hire purchase payments paid

(112

)

(89

)

Tax received

20

290

Net cash from operating activities

(2,534

)

(1,189

)

Cash flows from investing activities

Purchase of tangible fixed assets

(437

)

(400

)

Sale of tangible fixed assets

70

-

Net cash from investing activities

(367

)

(400

)

Cash flows from financing activities

New loans in year

7,000

-

Loan repayments in year

(5,807

)

(1,164

)

New related party loans in year

-

(77

)

Related party loans repayments in year

(1,846

)

2,505

Capital repayments in year

(688

)

(447

)

Net cash from financing activities

(1,341

)

817

Decrease in cash and cash equivalents

(4,242

)

(772

)

Cash and cash equivalents at beginning of year

2

(2,888

)

(2,116

)

Cash and cash equivalents at end of year

2

(7,130

)

(2,888

)