REGISTERED NUMBER: SC162101 (Scotland)

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

CROWN RECORDS MANAGEMENT LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

7

Consolidated Statement of Comprehensive Income

10

Consolidated Statement of Financial Position

11

Company Statement of Financial Position

12

Consolidated Statement of Changes in Equity

13

Company Statement of Changes in Equity

14

Consolidated Statement of Cash Flows

15

Notes to the Consolidated Statement of Cash Flows

16

Notes to the Consolidated Financial Statements

18

DIRECTORS:

S Hardie

B A Koolen

J C Mortimer

SECRETARY:

F V Hopping

REGISTERED OFFICE:

Cullen Square

Deans Road

Deans Industrial Estate

Livingston

West Lothian

EH54 8SJ

REGISTERED NUMBER:

SC162101 (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.

The principal activities of the group are information and records management services primarily for the financial services, legal and accounting professions as well as healthcare and local and national government. Crown Records Management Limited provides information management consultancy services and physical, magnetic and electronic secure storage, retrieval and associated solutions to the UK and Irish markets.

The group is one of the leading records management companies in the UK and Republic of Ireland. Principal competitors are Iron Mountain, Restore and Oasis.

As a result of the group's acquisition of Ivan Ellerker Limited in 2023, the Group is now also active in the area of commercial relocations, storage of office furniture, logistics and furniture supply in Ireland.

REVIEW OF BUSINESS

The UK and Irish records management industry is undergoing a sustained structural shift driven by digitisation, regulatory pressure and evolving workplace practices, resulting in a long-term decline in the creation and storage of physical hard copy records. Across Europe, paper consumption has fallen materially in recent years-including a reduction from 22.1 million tonnes to 18.7 million between 2021 and 2023-reflecting the rapid replacement of paper-based processes with digital workflows. In the UK, this transition is being accelerated by hybrid working models, now embedded across organisations, which require secure, remote access to information and therefore favour cloud-based and digitised record systems. At the same time, increasing data protection regulation and compliance requirements are making physical records less practical, particularly where auditability, retrieval speed and security are critical. While a significant proportion of organisations still retain legacy physical archives-with c.49% of UK businesses continuing to operate paper filing systems - the direction of travel is clear, with over 60% of organisations having already migrated significant volumes to digital platforms. Ireland exhibits a similar trajectory, albeit at a slightly earlier stage, with continued reliance on paper but growing momentum toward digitisation driven by efficiency, cost and accessibility considerations. As a result, physical records are increasingly becoming residual and compliance-led, creating a structural decline in storage volumes over time, partially offset by pricing dynamics, while growth across the industry is shifting decisively toward digital information management, scanning and data-driven services.

These structural shifts in the market have directly informed the company's strategy over recent years, underpinning a deliberate transition from a traditional storage-led model toward a more balanced information management offering. The organisation has therefore prioritised investment in areas such as intelligent capture, scanning, and digital process outsourcing, alongside leveraging its existing customer base to drive adoption of higher-value, multi-service solutions. As mentioned in our previous annual report, the company rebranded fully to become Crown Information Management in early 2025, recognising this shift in strategy and focus.

During the course of the financial year the company's box storage volumes declined by 13%, the majority of this being driven by companies pursuing active destruction programmes of redundant and obsolete records and materially all within the UK business. Despite this significant reduction in hard copy storage, the company was able to mitigate this with revenue in the UK records management business growing by 1% versus the prior year. As was the case in previous years, the company raised storage rates where applicable to match increases in commercial rents and property rates and hence storage revenue within the core UK business remained flat despite the fall in physical box numbers. Similarly, service revenues were maintained at prior year levels despite the ongoing decline in day-to-day collections and deliveries, through project revenues, managed destructions and some one-off 'permout' fees associated with one large customer exit.

The early part of the 2025 financial year saw the continuation of some major scanning projects but as these wound down towards the end of the third quarter, we were unable to secure as many large projects as hoped in the latter months of the year, and hence overall scanning revenues only increased by a modest 2% versus the prior year. The other part of our digital business, which incorporates all other digital services beyond scanning, including ECM, workflow automation and digital mailrooms, also remained broadly flat versus the prior year. This lack of growth was disappointing, given our best efforts to grow this area of the business backed by investment in people, partner relationships, product development and marketing. We remain committed to growing this important part of our business but have taken steps in early 2026 to restructure the team and its leadership.

In our previous report we mentioned two key property exits that underpin the longer-term financial success of the business. The Bow property remains non-operational and now entering the final 12 months of the lease term in 2026, whilst we completed the exit from the Manchester property at the end of the first quarter in 2026 having spent the majority of 2025 relocating the physical records to other Crown properties. The exit costs associated with the Manchester property totalling £0.8m, are included within cost of sales within the 2025 financial year. This focus on property consolidation remains a key element of our strategy as physical volumes continue to decline, albeit no further exits are planned during 2026. The other key element impacting upon the difference in gross profit between the two financial years, is the treatment of the empty Bow site with the fixed costs of c. £2m included in the cost of sales in 2025 having previously been reported in administrative expenses in 2024. Accounting for these two major items, the comparable underlying Gross Profit is increased versus 2024.

Within administrative expenses one of the biggest sensitivities remains the foreign exchange difference on the USD denominated intercompany loan and with the positive movement of the pound versus the dollar during the year, this was reported as a positive £6.7m credit to the profit and loss account in 2025 (2024: £1.4m reported loss), creating an £8.1m favourable swing year on year within the reported administrative expenses.

As a result of all of the areas detailed above, the reported net profit for the year within the UK records management entity showed a £10.7m improvement year on year.

A smaller part of the consolidated company's overall business is derived from its operations in the Republic of Ireland, where it operates from a single site based in Dublin. Historically this business was primarily centred around its records and information management business and corporate and private employee relocations, but in 2023 the company also acquired 100% of the share capital of Ivan Ellerker Limited. Ivan Ellerker Ltd is a Dublin based office removal and relocation business and had already worked with the company for a number of years as a local service provider in Ireland prior to acquisition. The founder and co-owner of the business, Ivan Ellerker, has remained with Crown post-acquisition, and continues to work with the company to deliver its growth strategy. The growth strategy focuses upon adding a number of complimentary workplace services in line with its sister company in the UK, namely sustainable furniture and IT equipment provision, move management and interiors services. FY 2025 represented the second full year of ownership within the Crown group and revenues increased slightly by 3% versus FY24. Our legacy Irish business, Crown Records and Relocations Limited, reported an increase in revenue of 24% with all elements of the business reporting an increase in sales; these areas being outbound and inbound relocations, physical records storage and associated revenue from collections, deliveries and projects. The business also invested in a new regional manager in Ireland primarily focused upon driving growth from our digital products and services.

Together the consolidated group reported revenue of £23.5m was an increase of £0.6m (2.5%) compared to the prior year, with an improvement in operating profit of £10m with the group benefitting from a significant favourable swing in foreign exchange differences as detailed above.

The company's progressive responsible business strategy was rewarded with a 10% improvement in our EcoVadis score, which saw us retain our Ecovadis Silver status, placing us in the top 7% of reporting companies. As well as our carbon reduction strategy, which has seen the company reduce its scope 1 and 2 emissions by over 54% against our 2019 baseline, 2025 also saw the launch of our social impact strategy focused on employment and skills within the local area.

On the people side, the company also kept up its progress of recent years and we were delighted to receive the "Investors in People Gold" recognition, together with the Investors In People (IIP) "We Invest in Wellbeing Silver" accreditation acknowledging the company's proactive approach to supporting our workforce's physical, mental, and financial wellbeing.

Looking ahead, whilst the landscape remains tough and the declining trend in physical storage and service volumes will continue, the business is firmly positioned to build on the 'physical to digital' transition and capture the opportunities created by a rapidly evolving information management landscape. As organisations continue to accelerate their shift towards digital-first operations, demand for secure, compliant and accessible information solutions will only intensify. Our focus will therefore remain on scaling our digital capabilities, enhancing automation and workflow solutions, and aligning our proposition with the increasingly complex regulatory and data governance environment. At the same time, we will continue to optimise our physical infrastructure to ensure it remains efficient, sustainable and fit for purpose as legacy storage volumes gradually decline. By maintaining discipline in where we invest, strengthening our operational excellence, and leveraging our trusted customer relationships, we are confident in our ability to drive profitable growth and reinforce our position as a leading provider of integrated information management solutions across the UK and Ireland.

PRINCIPAL RISKS AND UNCERTAINTIES

The board of directors and management continually monitor the key risks facing the group together with assessing the controls used for managing these risks.

The principal risks and uncertainties facing the group are as follows:

Economic conditions

Interest rates

KEY PERFORMANCE INDICATORS

Our Key Performance Indicators for the years ended 31 December 2025 and 31 December 2024 are considered to be the following:

Year ended

Year ended

31.12.2025

31.12.2024

Gross profit percentage

31.0%

42.4%

Net profit/(loss) percentage

8.8%

(37.5)%

Sales per employee

£204,183

£197,431

The financial position of the group remains strong and the group is well placed to take advantage of business opportunities as they arise. The directors look forward to the future with confidence.

ON BEHALF OF THE BOARD:

Director

27 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.

FUTURE DEVELOPMENTS

The Group's future developments are set out in the Review of Business section of the Strategic Report on pages 2 and 3 in accordance with s414C(11) of the Companies Act 2006 as the directors consider this to be of strategic importance to the Group.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

S Hardie

B A Koolen

J C Mortimer

FINANCIAL INSTRUMENTS

The group holds or issues financial instruments in order to achieve three main objectives, being:

a) to finance its operations;

b) to manage its exposure to interest and currency risks arising from its operations and from its sources of finance;

c) for trading purposes

In addition, various financial instruments (e.g. trade debtors, trade creditors, accruals and prepayments) arise directly from the group's operations.

Transactions in financial instruments result in the group assuming or transferring to another party one or more of the financial risks described below.

Interest rate risk

The group's financial instruments exposure to interest rate risk is very small due to the fact that most of the instruments are on a fixed term repayment basis.

Credit Risk

The group monitors credit risk closely and considers that its current policies of credit checks meets its objectives of managing exposure to credit risk.

The group has no significant concentrations of credit risk. Amounts shown in the balance sheet best represent the maximum credit risk exposure in the event of other parties failing to perform their obligations under financial instruments.

Liquidity risk

The group's policy in terms of its liquidity risk is to have good relations with its bankers and to manage operational activity and debtors closely.

Currency risk

The group's exposure to currency risk is minimal due to its management of it.

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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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.

ON BEHALF OF THE BOARD:

S Hardie - Director

27 August 2026

Opinion

We have audited the financial statements of Crown Records Management Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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 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 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 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.

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 group and 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.

-

The judgements made in making accounting estimates have been assessed as to whether they indicate potential bias.

-

Enquiries have been made of management regarding known instances of fraud, litigation or claims in progress.

-

Assurance has been obtained from the subsidiary component auditor that confirms that they understand and follow the Code of Ethics for Professional Accountants and international Standards on Auditing and The Financial Reporting Standard UK (FRS 102). It has been confirmed that the component auditor has the necessary skills to perform the audit work and fulfil their responsibilities.

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

27 August 2026

TURNOVER

3

23,481

22,902

Cost of sales

16,197

13,187

GROSS PROFIT

7,284

9,715

Administrative expenses

1,000

13,451

6,284

(3,736

)

Other operating income

62

86

OPERATING PROFIT/(LOSS)

5

6,346

(3,650

)

Interest receivable and similar income

1,096

1,059

7,442

(2,591

)

Interest payable and similar expenses

6

5,365

6,004

PROFIT/(LOSS) BEFORE TAXATION

2,077

(8,595

)

Tax on profit/(loss)

7

94

92

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

1,983

(8,687

)

OTHER COMPREHENSIVE INCOME

Foreign difference on retranslation of

foreign operations

(84

)

(58

)

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

(84

)

(58

)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,899

(8,745

)

Profit/(loss) attributable to:

Owners of the parent

1,983

(8,687

)

Total comprehensive income attributable to:

Owners of the parent

1,899

(8,745

)

FIXED ASSETS

Intangible assets

9

1,040

2,983

Tangible assets

10

7,045

7,364

Investments

11

-

-

8,085

10,347

CURRENT ASSETS

Stocks

12

32

32

Debtors

13

29,525

28,338

Cash at bank and in hand

2,667

2,681

32,224

31,051

CREDITORS

Amounts falling due within one year

14

(5,399

)

(8,996

)

NET CURRENT ASSETS

26,825

22,055

TOTAL ASSETS LESS CURRENT LIABILITIES

34,910

32,402

CREDITORS

Amounts falling due after more than one year

15

(97,523

)

(96,661

)

PROVISIONS FOR LIABILITIES

19

(1,357

)

(1,610

)

NET LIABILITIES

(63,970

)

(65,869

)

CAPITAL AND RESERVES

Called up share capital

20

5,744

5,744

Foreign revaluation reserve

(142

)

(58

)

Other reserves

50

50

Retained earnings

(69,622

)

(71,605

)

SHAREHOLDERS' FUNDS

(63,970

)

(65,869

)

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:

S Hardie - Director

J C Mortimer - Director

FIXED ASSETS

Intangible assets

9

445

2,224

Tangible assets

10

6,697

7,009

Investments

11

3,326

3,326

10,468

12,559

CURRENT ASSETS

Stocks

12

29

30

Debtors

13

27,624

26,833

Cash at bank and in hand

2,221

2,270

29,874

29,133

CREDITORS

Amounts falling due within one year

14

(4,890

)

(8,416

)

NET CURRENT ASSETS

24,984

20,717

TOTAL ASSETS LESS CURRENT LIABILITIES

35,452

33,276

CREDITORS

Amounts falling due after more than one year

15

(97,323

)

(96,525

)

PROVISIONS FOR LIABILITIES

19

(1,322

)

(1,570

)

NET LIABILITIES

(63,193

)

(64,819

)

CAPITAL AND RESERVES

Called up share capital

20

5,744

5,744

Retained earnings

(68,937

)

(70,563

)

SHAREHOLDERS' FUNDS

(63,193

)

(64,819

)

Company's profit/(loss) for the financial year

1,626

(9,047

)

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:

S Hardie - Director

Called up

Foreign

share

Retained

revaluation

Other

Total

capital

earnings

reserve

reserves

equity

£'000

£'000

£'000

£'000

£'000

Balance at 1 January 2024

5,744

(62,918

)

-

50

(57,124

)

Changes in equity

Total comprehensive income

-

(8,687

)

(58

)

-

(8,745

)

Balance at 31 December 2024

5,744

(71,605

)

(58

)

50

(65,869

)

Changes in equity

Total comprehensive income

-

1,983

(84

)

-

1,899

Balance at 31 December 2025

5,744

(69,622

)

(142

)

50

(63,970

)

Called up

share

Retained

Total

capital

earnings

equity

£'000

£'000

£'000

Balance at 1 January 2024

5,744

(61,516

)

(55,772

)

Changes in equity

Total comprehensive loss

-

(9,047

)

(9,047

)

Balance at 31 December 2024

5,744

(70,563

)

(64,819

)

Changes in equity

Total comprehensive income

-

1,626

1,626

Balance at 31 December 2025

5,744

(68,937

)

(63,193

)

Cash flows from operating activities

Cash generated from operations

1

2,540

1,374

Interest element of hire purchase and finance lease rental payments paid

(10

)

(16

)

Tax paid

(139

)

(78

)

Net cash from operating activities

2,391

1,280

Cash flows from investing activities

Purchase of tangible fixed assets

(355

)

(376

)

Sale of tangible fixed assets

36

98

Interest received

1,096

1,059

Net cash from investing activities

777

781

Cash flows from financing activities

New loans/repayments in year

(2,000

)

2,000

Group loans

4,428

4,357

Interest paid

(5,355

)

(5,988

)

Capital repayments in year

(171

)

(204

)

Net cash from financing activities

(3,098

)

165

Increase in cash and cash equivalents

70

2,226

Cash and cash equivalents at beginning of year

2

2,681

513

Effect of foreign exchange rate changes

(84

)

(58

)

Cash and cash equivalents at end of year

2

2,667

2,681

1.	RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£'000

£'000

Profit/(loss) before taxation

2,077

(8,595

)

Depreciation charges

2,654

2,719

(Profit)/loss on disposal of fixed assets

(8

)

54

Foreign exchange differences

(37

)

12

Group foreign exchange losses

(6,739

)

1,406

(Decrease)/Increase in provisions

(248

)

1,570

Finance costs

5,365

6,004

Finance income

(1,096

)

(1,059

)

1,968

2,111

Increase in stocks

-

(1

)

(Increase)/decrease in trade and other debtors

(712

)

1,240

Increase/(decrease) in trade and other creditors

1,284

(1,976

)

Cash generated from operations

2,540

1,374

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2025

31.12.25

1.1.25

£'000

£'000

Cash and cash equivalents

2,667

2,681

Year ended 31 December 2024

31.12.24

1.1.24

£'000

£'000

Cash and cash equivalents

2,681

513