REGISTERED NUMBER: 02216751 (England and Wales)

BERSER INTERNATIONAL CARGO SERVICES

LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Income Statement

9

Statement of Financial Position

10

Statement of Changes in Equity

11

Notes to the Financial Statements

12

DIRECTORS:

Mr M S Bigley

Mr R G Harris

REGISTERED OFFICE:

C73 Shelton Boulevard

Stoke on Trent

Staffordshire

ST1 5GQ

REGISTERED NUMBER:

02216751 (England and Wales)

AUDITORS:

Folkes Worton LLP

Chartered Accountants and Statutory Auditor

15-17 Church Street

Stourbridge

West Midlands

DY8 1LU

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

REVIEW OF BUSINESS

The Group continued to make strong progress during 2025 in delivering its long-term strategic objectives, further strengthening its position as an integrated global supply chain management provider. Our strategy remains focused on delivering value added services across the entire supply chain, from production through to final delivery, through a fully integrated 5PL operating model.

For the year ended 2025, the Group generated adjusted EBITDA of £5.2 million after adjusting for reorganisation costs and strategic investments undertaken during the year. These investments included the development of partnerships with several high growth FMCG brands, enhancing the Group's procurement, sales support and supply chain capabilities. Together, these initiatives have broadened the Group's service offering and strengthened its ability to deliver integrated supply chain solutions for customers operating in increasingly complex global markets.

During the year, the Group made significant strategic progress across its operations, including:

- Continued expansion of the regional freight forwarding network across the UK and China, strengthening global air, sea and road freight capabilities.

- Further development of the UK warehousing estate, increasing capacity and enhancing integrated B2B, D2C and returns management services.

- Modernisation of the road transport fleet through the introduction of more energy-efficient vehicles, improving operational efficiency while supporting the Group's environmental objectives.

- Ongoing investment in warehouse automation, systems integration and artificial intelligence to improve productivity, enhance customer service and provide a scalable platform for future growth.

- Continued delivery of the Group's Environmental, Social and Governance ("ESG") strategy. Through its partnership with Carbon Neutral Britain, the Group remains carbon neutral while progressing initiatives including electric vehicles, solar energy generation, rainwater harvesting, cycle-to-work schemes and hybrid working practices.

- Continued support for local communities through the Emerge Connected initiative, providing financial assistance and practical support to projects and charities that are important to our employees and the communities in which we operate.

Our people remain at the heart of the Group's success. During the year, we further strengthened our Finance, Sales and Operations teams, enhancing the infrastructure required to support continued growth. The Board recognises that the knowledge, expertise and commitment of our employees are fundamental to the successful delivery of our strategy and remains committed to developing talent, creating opportunities for progression and attracting high calibre individuals to the business.

The Group also enhanced its funding capacity through its long-standing relationships with Arbuthnot Bank and Beechbrook Capital. These facilities provide the financial flexibility to continue investing in strategic initiatives, support organic growth and pursue opportunities that further strengthen the Group's integrated supply chain platform.

The Board remains confident in the Group's long-term strategy and believes the investments made during 2025 have established a strong foundation for continued sustainable growth, enabling the business to deliver increasing value for customers, employees and shareholders.

REVIEW OF THE BUSINESS (CONTINUED)

The company is part of the Emerge Global Limited group of companies and therefore its results are included in the parents consolidated financial statements.

ON BEHALF OF THE BOARD:

Mr M S Bigley - Director

31 July 2026

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of warehouse & logistics.

DIVIDENDS

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

DIRECTORS

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

The directors shown below were in office at 31 December 2025 but did not hold any interest in the Ordinary shares of £1 each at 1 January 2025 or 31 December 2025.

Mr M S Bigley

Mr R G Harris

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

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

-	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 transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company 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 company'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 company's auditors are aware of that information.

AUDITORS

The auditors, Folkes Worton LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr M S Bigley - Director

31 July 2026

Opinion

We have audited the financial statements of Berser International Cargo Services Limited (the 'company') for the year ended 31 December 2025 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity 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 company's affairs as at 31 December 2025 and of its profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the 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 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 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or

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

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

-	we have not received all the information and explanations we require for our audit; or

-	the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council's website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, its group and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which include:

- Enquire of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;

- Reviewing minutes of meetings of those charged with governance;

-Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

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 of not detecting a material misstatement resulting from fraud is higher then for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls.

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.

Neil Smith BSc FCA (Senior Statutory Auditor)

for and on behalf of Folkes Worton LLP

Chartered Accountants and Statutory Auditor

15-17 Church Street

Stourbridge

West Midlands

DY8 1LU

31 July 2026

TURNOVER

6,962,693

6,408,378

Cost of sales

5,792,284

5,033,112

GROSS PROFIT

1,170,409

1,375,266

Administrative expenses

540,160

674,845

630,249

700,421

Other operating income

(2,535

)

7,838

OPERATING PROFIT

4

627,714

708,259

Interest payable and similar expenses

5

130,547

143,625

PROFIT BEFORE TAXATION

497,167

564,634

Tax on profit

6

(14,658

)

143,071

PROFIT FOR THE FINANCIAL YEAR

511,825

421,563

FIXED ASSETS

Intangible assets

7

9,241

16,889

Tangible assets

8

147,712

247,775

156,953

264,664

CURRENT ASSETS

Debtors

9

4,620,546

3,300,468

Cash at bank and in hand

57,464

192,888

4,678,010

3,493,356

CREDITORS

Amounts falling due within one year

10

2,845,317

2,061,952

NET CURRENT ASSETS

1,832,693

1,431,404

TOTAL ASSETS LESS CURRENT LIABILITIES

1,989,646

1,696,068

CREDITORS

Amounts falling due after more than one year

11

(327,889

)

(521,120

)

PROVISIONS FOR LIABILITIES

(36,928

)

(61,944

)

NET ASSETS

1,624,829

1,113,004

CAPITAL AND RESERVES

Called up share capital

14

2,002

2,002

Retained earnings

1,622,827

1,111,002

SHAREHOLDERS' FUNDS

1,624,829

1,113,004

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

The financial statements were approved by the Board of Directors and authorised for issue on 31 July 2026 and were signed on its behalf by:

Mr M S Bigley - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2024

2,002

689,439

691,441

Changes in equity

Total comprehensive income

-

421,563

421,563

Balance at 31 December 2024

2,002

1,111,002

1,113,004

Changes in equity

Total comprehensive income

-

511,825

511,825

Balance at 31 December 2025

2,002

1,622,827

1,624,829

1.	STATUTORY INFORMATION

Berser International Cargo Services Limited 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.

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.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volumed rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (Usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculate by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software and customer contracts are being amortised evenly over their estimated useful life of four years.

Tangible fixed assets

Tangible fixed assets are initially measured at cost. After initial recognition, tangible fixed assets are measured at cost less any accumulated depreciation and any accumulated impairment losses.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Short leasehold

-

10% on cost or over the life of the lease if shorter

Plant and machinery

-

25% on cost

Fixtures and fittings

-

25% on cost

Motor vehicles

-

27.5% on reducing balance

Computer equipment

-

25% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the disposal proceeds and the carrying value of the asset and is credited or charged to profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

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

Basic financial assets

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

Classification of financial liabilities

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

Basic financial liabilities

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

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

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

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 30 (2024 - 29 ) .

4.	OPERATING PROFIT

The operating profit is stated after charging:

2025

2024

£

£

Depreciation - owned assets

105,349

93,564

Customer contracts amortisation

5,000

5,000

Computer software amortisation

2,648

2,649

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Bank loan interest

126,557

140,351

Corporation Tax interest

1,827

-

Hire purchase interest

2,163

3,274

130,547

143,625

6.

TAXATION

Analysis of the tax (credit)/charge

The tax (credit)/charge on the profit for the year was as follows:

2025

2024

£

£

Current tax:

UK corporation tax

10,358

164,369

Deferred tax

(25,016

)

(21,298

)

Tax on profit

(14,658

)

143,071

7.	INTANGIBLE FIXED ASSETS

Customer

Computer

contracts

software

Totals

£

£

£

COST

At 1 January 2025

and 31 December 2025

20,000

10,593

30,593

AMORTISATION

At 1 January 2025

7,083

6,621

13,704

Amortisation for year

5,000

2,648

7,648

At 31 December 2025

12,083

9,269

21,352

NET BOOK VALUE

At 31 December 2025

7,917

1,324

9,241

At 31 December 2024

12,917

3,972

16,889

8.	TANGIBLE FIXED ASSETS

Fixtures

Short

Plant and

and

leasehold

machinery

fittings

£

£

£

COST

At 1 January 2025

123,690

25,139

51,189

Additions

-

-

-

At 31 December 2025

123,690

25,139

51,189

DEPRECIATION

At 1 January 2025

123,690

22,462

41,015

Charge for year

-

1,674

3,908

At 31 December 2025

123,690

24,136

44,923

NET BOOK VALUE

At 31 December 2025

-

1,003

6,266

At 31 December 2024

-

2,677

10,174

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2025

618,236

90,361

908,615

Additions

-

5,286

5,286

At 31 December 2025

618,236

95,647

913,901

DEPRECIATION

At 1 January 2025

392,874

80,799

660,840

Charge for year

94,800

4,967

105,349

At 31 December 2025

487,674

85,766

766,189

NET BOOK VALUE

At 31 December 2025

130,562

9,881

147,712

At 31 December 2024

225,362

9,562

247,775

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

1,109,951

999,295

Amounts owed by group undertakings

3,436,928

2,199,794

Other debtors

73,667

101,379

4,620,546

3,300,468

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts (see note 12)

1,068,844

1,070,905

Hire purchase contracts (see note 13)

22,350

19,952

Trade creditors

601,580

649,039

Amounts owed to group undertakings

928,576

3,870

Taxation and social security

91,115

186,619

Other creditors

132,852

131,567

2,845,317

2,061,952

11.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans (see note 12)

125,000

298,700

Hire purchase contracts (see note 13)

2,889

22,420

Other creditors

200,000

200,000

327,889

521,120

12.

LOANS

An analysis of the maturity of loans is given below:

2025

2024

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

895,145

893,906

Bank loans

173,699

176,999

1,068,844

1,070,905

Amounts falling due between one and two years:

Bank loans

125,000

173,700

Other loans

200,000

200,000

325,000

373,700

Amounts falling due between two and five years:

Bank loans

-

125,000

13.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

2025

2024

£

£

Net obligations repayable:

Within one year

22,350

19,952

Between one and five years

2,889

22,420

25,239

42,372

Non-cancellable

operating leases

2025

2024

£

£

Within one year

90,000

120,000

Between one and five years

-

90,000

90,000

210,000

14.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

2,002

Ordinary

£1

2,002

2,002