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Registered number: 07284069

LIQUIDLINE LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025


LIQUIDLINE LIMITED

COMPANY INFORMATION

Directors	Mr Angus Frederick Pooley
	Mr Gavin William Pooley
	Mr Matthew James Pooley


Registered number	07284069


Registered office	Jackson House
	86 Sandyhill Lane
	Ipswich
	England
	IP3 0JA


Independent auditor	Grant Thornton UK LLP
	Chartered Accountants & Statutory Auditor
	Unit 7
	Tollgate Business Park
	Colchester
	Essex
	CO3 8AB


LIQUIDLINE LIMITED

CONTENTS

	Page
Strategic Report	1 - 17
Directors' Report	18 - 20
Independent Auditor's Report	21 - 25
Statement of Comprehensive Income	26
Balance Sheet	27 - 28
Statement of Changes in Equity	29
Notes to the Financial Statements	30 - 53


LIQUIDLINE LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

The directors present their Strategic Report for Liquidline Limited (the “company”) for the year ended 31 December 2025.

Principal activity

The principal activity of the company is the sale, hire and maintenance of coffee, vending and water dispensing machines and associated consumable items. The principal activity of the company is to act as a holding company supporting the activities of its subsidiary companies.

Review of the business and future developments

The business is a leading provider of refreshments, offering a complete solution to its customers for equipment installation and ongoing maintenance, and providing consumable refreshment products to its customers in the United Kingdom.

Recurring revenue continued to represent a significant proportion of company revenues, supporting long-term visibility and cashflow resilience. Customer retention levels remained strong throughout the year, supported by continued investment in service capability, engineering coverage and operational infrastructure. The company has had another successful year of operations, continuing to grow revenues through its ongoing commitment to delivering excellent service throughout the customer journey, alongside the successful integration and continued performance of acquisitions completed in 2025 and previous years. The company generated revenue of £51,818,767 against the prior year of £42,844,521; an increase of 21% during the year.

During 2025, the Group further strengthened its refreshment offering with the Liquidline Limited in-year acquisition of City Vending Services Limited and HCC (Belfast) Limited.

The company focussed on key strategies with the overall aim to ensure previous year’s growth was maintained and built upon during the year. The key strategies included:

−delivering excellent customer service, customer wow ethos;

−valuing, developing and empowering our people,

−continuous innovation and improvement of processes to deliver maximum efficiency and operational excellence,

−sales growth including the benefit of in-year and previous acquisitions delivering synergies to the company with increased returns; and

−focus on both equipment and consumables growth.

Within each strategic goal, a variety of objectives were outlined, communicated throughout the business and measured for success.

The company strives to minimise equipment downtime whilst ensuring responsiveness to customer needs as quickly as possible, by offering sustainable, high quality, innovative solutions which is underpinned by a dedicated nation-wide engineering and sales team based in the United Kingdom, who are fully trained and passionate about providing and delivering the best service possible to our customers.

For our people, the company is dedication to creating a supportive atmosphere that encourages professional growth, personal wellbeing and collaboration. The company is committed to continually evaluating and improving its workplace culture and practices, investing in our peoples’ wellbeing to not only enhances their personal lives but also to drive overall business success. During 2025, the company invested in a number of initiatives to support our people including; enhancing our employee value proposition with the introduction of enhanced healthcare benefits, benchmarking of reward packages and ongoing review of employee incentives to remain competitive within the market.

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LIQUIDLINE LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Business review (continued)

The launch of the Watson Initiative further strengthened the company's development strategy through three core programmes; supporting early careers and entry-level employee development, supporting leadership capability and management development; and providing ongoing learning opportunities to support long-term career growth and capability development. During the year, 105 new employees joined the business (excluding employees from acquisitions), 54 internal promotions were completed and 31 successful employee led recruitment referrals were achieved, reflecting strong engagement and internal advocacy across the organisation.

The commitment to our people motivates the group to uphold the highest standards of workplace excellence, and to live by our values, ensuring that we remain a leader in our industry and a champion for our people. The company is proud to achieve certification as a Great Place to Work, recognising our culture and commitment to creating an outstanding employee experience. During 2025, the company was ranked 67th in the UK Best Workplaces™ (Large Organisations category), alongside achieving 7th place in the Great Place to Work for Development™ rankings. 93% of employees stated Liquidline is a great place to work. These achievements reflect the company's ongoing investment in workplace culture, employee wellbeing and career development. In the latest 2026 survey Liquidline was ranked 5th in the UK Best Workplaces™ (Large Organisations category), recognising our strive for continuous improvement.

During 2025, the company further strengthened its Environmental, Social and Governance (ESG) credentials through investment in remanufacturing facilities within our workshop operation, enabling equipment refurbishment and extending product lifecycle capability. Refurbished equipment sales represented approximately 12% of total equipment sales during the year, contributing positively to both sustainability objectives and overall performance growth.

Additional operational focus areas in 2025 included:

−Improving parts stock turn;

−Increasing engineer efficiency and utilisation;

−Expanding refurbished machine programmes;

−Strengthening weekend coverage to support growing customer requirements; and

−Maintaining strong customer service performance, including average response times of approximately 12 hours.

During 2025, the company further strengthened its operational presence across Northern Ireland through the acquisition of HCC (Belfast) Limited. Further investment was made into the Belfast facility, incorporating office space, warehousing, workshop facilities and a customer showroom. The investment significantly enhances the company's ability to support existing customers and accelerate future growth opportunities for both Liquidline Limited, for the benefit of customers across Northern Ireland.

The company is delighted to continue to support Change Please, a charity in which 100% of the profits from selling coffee helps people who experience homelessness by training them to become baristas, supporting them with everything they need to turn their lives around such as a living wage job, a bank account, accommodation advice, training, therapy and onward employment opportunities. The Change Please Foundation is funded by grants, the donations it receives, and the profits generated by Liquidline. During 2025, through Change Please, Liquidline supported 14 people to be fully funded through a 12-week work experience and support programme and 36 months' worth of fully funded living wage work experience.

Throughout the year, our employees contributed to a variety of charitable events; £14,871 funds raised for various charities in the UK and Ireland, food bank donations and through the company's ongoing employee wellbeing partnership programme, our employees have planted 267 trees, cleared 19.1kg plastic from oceans, and provided 136,192 litres of clean water and 253 meals to those in need.

The operating profit for the financial year was £5,308,307 (2024: £4,413,148), an increase of 20% from 2024.

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LIQUIDLINE LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Business review (continued)

There are no planned changes to the activities of the company in the foreseeable future.

The company acquired the trade and assets of Drinklink Vending Services Limited on 20th March 2026, and signed heads of terms for the trade and asset purchase of Tapside Marketing Limited on 6th May 2026, further strengthening its coffee offering.

On 28 February 2026, the company transferred the trade and assets of its vending operations to a newly incorporated subsidiary, Liquidline Vending Limited. Subsequently, on 31 March 2026, the company disposed of its entire shareholding in Liquidline Vending Limited to 2468 Limited for consideration of £1,850,000, together with future contingent earnout consideration linked to future revenue performance. This divestment enables the company to focus on its core operations and strategic priorities.

Our Performance in 2025

Across the year, the company has seen a 21% increase in turnover to £51,818,767 from £42,844,521 in 2024.

Gross profit increased by £3,175,236, a 18% increase to £20,446,183 from £17,270,947 in 2024.

Administrative expenses increased by £2,283,770 to £15,255,973 from £12,972,203 in 2024.

Profit before tax increased by £955,378 to £5,252,164 from £4,296,786 in 2024.

The company declared a dividend in the year of £1,915,000, to its shareholders.

The company enjoyed enhanced performance in the year across all revenue streams. This growth was delivered through both in-year organic growth and acquisition growth; from prior year acquisitions and the in-year acquisition of City Vending Services Limited on 31st January 2025 and HCC (Belfast) Limited on 30th September 2025.

Financial Position

Net current assets increased in 2025, with an increase of £1,153,166 in the year to £5,538,359 from £4,385,193 in 2024.

During the year, stock of finished goods and goods for resale increased by £1,424,569 to £5,874,312 (2024: £4,449,743). Stock is purchased in advance in-line with demand planning for future customer requirements in accordance with supplier lead times.

Trade debtors increased to £5,751,321 at the end of the year (2024: £4,485,766), an increase of £1,265,555 / (28)% during the year which is expected with the growth of the customer base and extended credit terms being sought on larger contracts. This demonstrates the good practices in collecting amounts falling due for payment, given the 21% increase in revenue during the year. To date, the company has had minimal experience and exposure to bad debt which has been achieved through effective credit control processes, daily review of exposure to credit risk and the management of debtors is a priority for the company and senior leadership team.

Trade creditors increased in the year by £424,317 to £3,023,848 (2024: £2,599,531), which is expected given the growth of revenue and the subsequent increase in purchasing levels with the majority of suppliers offering 30-day payment terms for settlement.

Accruals and deferred income increased by £896,772 to £5,807,053 (2024: £4,910,281) reflecting higher revenue and purchasing activity during the year as the business continued to scale. At the year end, accruals were £84,238 lower than the prior year, primarily driven by improvements in the supply chain and more efficient purchasing processes. Prepaid income from customers rose by £981,009, supported by increased revenue and growth in the rental customer base.

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LIQUIDLINE LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Capital Expenditure

During the year, the company invested £3,482,472 in tangible fixed assets (2024: £2,450,858), including £607,114 in leasehold property and improvements, £653,868 in motor vehicles. Rental assets in the company increased by £1,933,850 due to new customer rental contracts taken in the year.

The investment in the motor vehicles was supported by finance lease and hire purchase contracts, which are secured against the assets to which they relate. Obligations under finance lease and hire purchase contracts increased by £23,599 in the year to £1,204,147 (2024: £1,180,548).

Cash and Financing

Cash balances at 31 December 2025 were £2,986,606 (2024: £3,149,602), the decrease due to working capital funding movements during the year.

During the year the company repaid its business loan agreements with Lloyds Bank plc; the liability at December 2025 of £Nil (2024: £600,737). The repayment is due to the company settling its remaining liabilities with Lloyds Bank plc as part of the parent company refinancing arrangements undertaken in February 2025 following the purchase of the company's head office, through the parent subsidiary company, Holywells Properties Limited. As part of this group financing arrangement, the company entered into a loan arrangement with its parent. The liability as of 31st December 2025 is £1,750k (2024: £Nil).

At the year end the company has shareholders' funds of £11,539,136 (2024: £9,229,364) including distributable profits of £10,879,907 (2024: £8,884,710). The directors therefore believe the company's position to be strong with current assets exceeding current liabilities by £5,538,359 (2024: £4,385,193) and consider that the business is in a good position to achieve its strategic aims in the coming year.

Key performance indicators

The company uses a range of performance measures to monitor and manage performance effectively. These are both financial and non-financial and the most significant of these are key performance indicators (KPIs). The key financial performance indicators at a company level are turnover, gross profit and percentage margin, adjusted EBITDA (including percentage margin). The key non-financial indicators are the average staff numbers, net promotor score, employee net promotor score and Trust Pilot score. These KPIs indicate the volume of work the company has undertaken as well as the efficiency and profitability with which this work has been delivered.

Adjusted EBITDA has been calculated as normalised profit on ordinary activities before interest, tax, depreciation and amortisation. It is measured after adjusting for exceptional and non-recurring items, including gain/loss on disposal of assets. Depreciation has been adjusted to exclude depreciation charges on hire stock assets as these are considered a cost of sale item within the KPIs.

The primary key performance indicators are:

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LIQUIDLINE LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

	2025	2024
Financial KPIs
Turnover	£51,818,767	£42,844,521
Gross Profit	£20,446,183	£17,270,947
Gross Profit Margin	39.5%	40.3%
Adjusted EBITDA	£6,225,946	£6,183,676
Adjusted EBITDA Margin	12%	14.4%
Non-financial KPIs
Average Employee Numbers	320	249
Net Promotor Score	79.6	80.1
Employer Net Promoter Score	26	32.7
Trust Pilot Score	4.8	4.8

Our Business Strategy and Outlook

The board of directors have prepared and continued to evolve the company's Business Plan during 2025, setting out the organisation's growth aspirations and future strategic priorities. These are summarised below:

Collaboration: Working collaboratively with our customers, we continue to develop existing client services and offerings, extending our product range and adding value to customer relationships. Strengthen customer engagement through proactive customer coffee audits, investments in both the inhouse coffee team and Coffee Academies to create and enhance opportunities for customer training, collaboration and product innovation in the future.

Company Culture: Our values remain the foundation of our culture and form the basis for decision making across the company. The objectives within our People Strategy continue to drive a values-led behavioural culture, with focus on employee engagement, inclusion, wellbeing and professional development.

People: Our commitment to our people continues to drive the success of the company and our continual development of our Employee Value Proposition ("EVP"), to include benefits, reward packages and ongoing reviews of employee incentives will help us to remain competitive within the marketplace.

The company is committed to employee feedback, through regular employee engagement and Employee Net Promotor Score feedback initiatives, internal communication and succession planning to provide continuous insights and aid decision making.

The company remains focused on becoming an Employer of Choice through continuous investment in employee engagement, development and wellbeing initiatives. Implementation and development of a Learning Management System ("LMS") supports structured training, compliance and professional development across the company.

The company has developed of the Watson Initiative to further strengthen the group's development strategy through:

−supporting early careers,

−provide ongoing learning opportunities to support long-term career growth and capabilities,

−provide opportunities for career path development for our employees throughout the Group.

Governance: Clear communication and collaborative working remain central to delivering smooth and efficient processes and objectives across the company. The senior management team continues to embed operational accountability, stable business practices and controlled systems throughout day-to-day operations.

Governance is also supported by continued investment in our systems and reporting infrastructure to strengthen governance, visibility and operational control.

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LIQUIDLINE LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Environmental, Social and Governance (ESG): The company continues to develop its ESG and sustainability strategy, working collaboratively with employees, suppliers and customers to identify opportunities for positive environmental and social impact.

The company has outlined a strategy to extend product lifecycle capability.

The company adheres to all relevant environmental regulations and continues to implement environmentally sustainable policies including recycling, waste reduction and operational efficiency improvements. Focus remains on reducing emissions, improving energy efficiency and supporting circular economy initiatives where practical.

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LIQUIDLINE LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Our Business Strategy and Outlook (continued)

Growth: Organically winning new business, reviewing tender opportunities, collaboration with customers to deliver a wider range of refreshment products, targeting national opportunities across the regions we serve. Consideration given to new acquisition opportunities to strengthen our service capability. Enhanced use of customer data and proactive engagement strategies designed to strengthen long term customer relationships, increase average customer spend and improve customer retention.

The launch of a new range of coffee machines in 2026, strengthens the company's market proposition, providing a premium and aesthetically differentiated equipment offering within the company's market.

Diversification: An agile approach to identify opportunities within new markets, product categories and customer sectors. Investment in research and development facilities at Jackson House, enhancing the organisation's capability to innovate, develop new concepts and collaborate with manufacturing partners on future product and equipment development.

Value and Return: Improving efficiency across all areas of the business through smarter ways of working, operational optimisation and investment in systems and operational infrastructure.

Customer: Customer service and retention remain central to the group's strategy. The company continues to drive a "Customer Wow" ethos across all operations, ensuring customer needs remain at the forefront of decision making and continuous improvement initiatives.

Strong management focus on customer Net Promoter Score ("NPS") performance, supported through operational service improvements, proactive account management, coffee excellence initiatives and investment in training and customer engagement facilities.

Technology: The company continues to embrace and invest in technology that drives innovation and operational efficiency to support both short- and long-term growth objectives. Investment priorities remain focused on improving business intelligence, reducing duplication of effort and providing scalable infrastructure to support future expansion.

IT Software: The ongoing development and implementation of the company's ERP and wider IT software platforms; supporting streamlined processes, enhanced customer experience and improved operational reporting capability across the company.

The board of directors, senior management team and wider management teams remain fully committed to delivering the company's strategic objectives and long-term business plan.

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LIQUIDLINE LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Principal risks and uncertainties

The company transparently manages all risks and continuously develops strategic plans to ensure long-term, sustainable growth.

The principal business risk acknowledged by the company is the impact of any reduced demand in the market for refreshments and the current volatility of green bean coffee pricing.

Changing consumer preferences, such as demand for ethical sourcing, sustainability, and premium products require ongoing investment and adaptation to manage this risk.

The company is exposed to fluctuations in green bean coffee prices, which are inherently volatile due to factors including weather conditions in key producing regions, global supply and demand dynamics, currency movements and market speculation. Price movements can be significant over short periods and may impact input costs and margins. The company manages this risk through a combination of pricing strategies, supplier relationships and partnerships, and where appropriate longer term supply contracts and contractual arrangements, to provide a degree of cost certainty. Therefore, the company is well positioned to manage this risk but given this is a global issue and green coffee pricing is structurally high volatile, the risks are not limited to the group and as such need to be managed accordingly over the next year.

Climate change is affecting the coffee-growing regions through rising temperatures, unpredictable rainfall, and increased incidence of pests and disease, leading to volatile crop yields and supply shortages. This contributes to price volatility in global coffee markets, creating cost pressures for businesses that rely on stable input pricing. Additionally, there are supply chain risks, including geopolitical instability in producing countries, transportation disruptions, and increasing logistics costs.

Finally, labour shortages and rising wages in both producing countries and local markets add further pressure, making cost control and operational efficiency critical for maintaining margins.

The management of the company and the delivery of the company's strategy are subject to a number of risks which are detailed below alongside the mitigations that have been put in place.

Risk	Description	Mitigation
Global Coffee Price Increase	The global price of coffee beans remains a key risk for the business, with reliance upon global harvest and environmental factors increasing prices within our supply chain. The spot rate is exposed to price variations that occur within the index. The pricing is exposed to currency fluctuations affecting pricing.	A global risk affecting all suppliers which is being managed through supplier contracts, alternative product ranges, purchasing in advance, customer price rises in line with market conditions.
Supply Chain Lead Time	Working with global suppliers, lead times may be increased due to reasons outside of the company control, such as shipment time due to adverse weather conditions or other local factors. The current situation with war in the Middle East could impact on the supply chain lead times and import costs.	The company has further strengthened operational resilience through investment in in-house warehousing and distribution facilities, enabling increased consumables stock holding, refurbishment capabilities and diversification of supply partners.

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LIQUIDLINE LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Supply Chain	Inflationary cost pressures, lack of availability of key materials, risk of insolvency of our key suppliers resulting in issues for us fulfilling our contractual obligations, impacting our commercial offer and profitability. The current situation with global tariffs could impact on the supply chain. The current situation with war in the Middle East could impact on the supply chain and risk of increased costs.	Our purchasing team works closely with our supply chain to mitigate any cost increases and / or pass these costs onto our customers if necessary. We are developing a broader supply chain to help mitigate the risk of product shortages and issues concerning delivery. We engage with our supply chain in discussions early to ensure desired timescales can be achieved. We have developed an in-house nationwide network of engineers who have the skills required to cover a wide range of equipment from multiple manufacturers.
Changing consumer preferences	Continual market evolution in the refreshment marketplace, linked to changing demands for new products, ethical sourcing, sustainable and premium products.	Proactive marketing strategy which seeks to identify appropriate profitable products for early marketplace introduction.
Customer Tolerance for Price Rises	A residual risk remains as to the effect of price rises on customer spending regarding volume and quality of product.	Management of supplier contracts, alternative product range offering, contractual commitment to purchase. Cost control and operational efficiency monitoring to ensure margin can be maintained without the need to increase prices unexpectedly. Price rises to be modelled for impact on sensitivity.

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LIQUIDLINE LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

People - recruitment and retention	Recruitment remains challenging across Liquidline Limited. The cost-of-living crisis along with shortages in the UK workforce is driving higher competition for salaries and benefits across all industries. All teams are facing challenges and pressures in relation to recruitment. The success and growth of the business is an additional risk.	This is a global risk affecting all sectors and job roles. Our People Strategy focuses on engagement, retention and inclusion objectives, succession planning, development and training to include in-house recruitment and deliver engagement. The company is mitigating these risks through an enhanced Employee Value Proposition (EVP), healthcare benefits, investment in learning and development, implementation of a Learning Management System (LMS), succession planning, employee engagement initiatives and continued focus on internal progression.
Climate Related Risk	Risk of transition to internal usage of lower carbon assets in terms of effect of change on policies, legal implications, technology and availability, market and reputation, alongside potential changes in consumer habits with a potential switch to lower carbon products influencing product range offering and therefore future supply chain. Physical risk of climate change in the environment in which we work, our supply chain and the customers we serve.	The company continues to invest in circular economy initiatives, including equipment refurbishment and remanufacturing programmes, alongside ESG-focused supplier and coffee sourcing partnerships to support evolving customer expectations and sustainability objectives.
Interest Rate Rise	Wider economic risk on interest rate rises arising from UK economy, plus war in Ukraine and Middle East.	Maintenance of good business policies and practice in areas such as credit control and cashflow management. Investment of cash deposits to obtain a commercial rate of return.

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LIQUIDLINE LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Currency fluctuations

Coffee is typically traded in US dollars, so volatile USD currency fluctuation will impact margins for international buyers.

Maintenance of good business payment policies and cashflow management of foreign currency payments.

Hold multi-currency bank accounts to reduce frequent conversions.

Maintain foreign currency hedging policy and strategies related to market risk and monitor USD/GBP regularly and adjust hedging levels. Respond to changes in line with exposure, such as longer-term forward hedging to build in margin buffers to pricing when volatility is high or hedge exposure gradually (e.g. 50% now, 25% later) rather than all at one to reduce the risk of unfavourable rate changes.

Adjust pricing periodically to reflect exchange rate movements.

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LIQUIDLINE LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Liquidity risk

Ensure working capital funding levels are sufficient for the ongoing trade and future growth and investments required within the strategy

Regular monitoring of cash flow and key metrics to ensure obligations can be met as they fall due, allowing for early warning and timely intervention when appropriate.

Robust working capital controls to ensure sufficient short term funding headroom is available.

Active management of working capital to ensure cash requirements are met and cash conversion is optimised through receivables, payables and inventory management and controls.

Disciplined cash flow forecasting, by operating a rolling short-term cash flow forecast to provide early visibility of potential pressures.

Forecast to ensure obligations can be met without stress, even under adverse conditions and modelled with downside scenarios to provide early visibility of cash shortfall risks.

Access to funding and liquidity buffers by maintaining committed facilities, adequate cash reserves and active management of funding sources.

Availability of asset-based financing through loans with the bank or other funding partners.

Growth strategy is supported with the appropriate investment levels.

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LIQUIDLINE LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Recession and Economic Conditions	Wider economic pressures arising from inflation, tariffs, foreign exchange volatility, global impact of war, and customer spending pressure. Continued energy and food price increases, driving inflation higher and resulting in weaker consumer disposable income and lower consumer confidence affecting our customers business creating a credit risk. Credit risk associated with customer debtor balances.	Maintenance of good business policies and practice in areas such as credit control and cashflow management. Utilisation of an external credit rating agency and system. Credit risk policy to outline risk appetite with appropriate internal controls regarding with approvals to increase credit. Monitoring of exchange rates and entering forward contracts if applicable.
Technology and ERP transformation	Ongoing implementation and development of ERP and integrated business systems may result in operational disruption, delayed delivery, data migration challenges or reduced productivity during transition periods.	Formal project governance, phased implementation plans, enhanced testing, supplier support, employee training, change management processes and regular governance reviews are in place to minimise operational disruption and ensure business continuity.
Cyber Security and Data Protection	Increased reliance on digital systems, cloud platforms and customer data increases exposure to cyber security threats, data breaches and operational disruption.	The company maintains cyber security controls including managed IT support, system access controls, employee awareness training, data backup procedures, software patching and cyber security monitoring to reduce operational and data risk exposure.

The directors and senior leadership team regularly reviews all risks to the business and continue to implement mitigation strategies with a view to reducing these risks to an acceptable level in line with the company’s risk appetite. The directors review forecasts and cashflows on a regular basis which anticipate changes in the market and external events which may affect the operations of the company. At the time of signing the accounts, we are seeing strong growth in our core business and anticipate a successful year ahead.

The directors currently do not believe the impact of the war in the Middle East and trade tariff uncertainty, despite global uncertainty will have an impact on the financial position of the group. There are a range of measures the directors can take to mitigate costs and supply chain disruption, should there be an impact upon the supply chain.

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LIQUIDLINE LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Statement of how directors have complied with their duty to have regard to the matters in Section 172(1) Companies Act 2006 'Duty to promote the success of the company'

This statement sets out how the directors have approached and met their responsibilities under section 172 Companies Act 2006 and in particular how the directors have satisfied themselves that they have acted in good faith and in a way which is most likely to promote the success of the company for the benefit of its members as a whole, and in doing so having regard for stakeholders interests.

As such, the board of directors have considered (amongst other matters):

−the likely consequences of any decision in the long term;

−the interests of the company’s employees;

−the need to foster the company business relationships with suppliers, customers and others;

−the impact of the company’s operations on the community and the environment;

−the desirability of the company maintaining a reputation for high standards of business conduct; and

−the need to act fairly as between members of the company.

In discharging our section 172 duties the directors have regarded the factors set out above, as well as other factors relevant to the decisions being made. The Board acknowledges that every decision made will not necessarily result in a positive outcome for all stakeholders. By considering our purpose and values, together with our strategic priorities, the board aims to ensure that the decisions made are consistent and are intended to promote and deliver long term sustainable growth for the company.

The board recognises the important role that the company has to play in society and is committed to health and safety, public collaboration and stakeholders' engagement. The Board believes that the company will only succeed by working with customers, business partners, employees and other stakeholders. Working together is critical, particularly at a time when society, including businesses, governments and consumers, faces issues as complex and challenging as climate change and global trading.

The board holds regular board meetings to review the financial and operational performance of the company. This review includes key risks and opportunities, such as investments in new assets or acquisitions which includes presentations, proposals and business cases.

Our stakeholders

The company’s key stakeholders are:

−the company’s ultimate beneficial owner, the shareholders;

−Employees; and

−Customers across the markets that we operate in. These are identified through the existing contracts in place for rental assets, maintenance agreements, key account management reviews which take place quarterly to highlight future needs, the use of the website as a sales pipeline tool and monitoring potential tenders for project installations.

Other stakeholders are:

−Our suppliers;

−Strategic partner organisations including our financing partner for customer lease finance of equipment;

−Charitable partners including Change Please; and

−Communities close to where we work who may be impacted economically or environmentally by our operations.

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LIQUIDLINE LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Our stakeholders (continued)

Examples of how the directors have engaged with the company's stakeholders regarding section 172 are detailed below:

Consequences of Decision Making in the Long Term - The assessment of Executive Management Reports including performance metrics and updates are provided regularly through established mechanisms, in order to facilitate the board's informed decision-making process.

The board considers the likely long-term benefits to the company when considering the deployment of capital in new business opportunities or making changes in our operational infrastructure, always acting in the company's ultimate objective to deliver long term sustainable growth.

Employees - The board recognise that our employees are a key strength of the company and our biggest asset. Having a diverse group of people who bring a broad range of talent, perspective and experience and who feel engaged in their roles is of paramount importance to the company's long-term success. In an ever-changing world, the Board therefore strives to continually develop and maintain a suitable platform and an environment in which this can happen and develop a culture where employees feel valued, supported and included. Should any of our employees encounter difficulties of any kind in the workplace, there is a policy in place which can be used to raise any concerns without any repercussions against them.

The board engages with employees via a variety of channels. Regular senior management team meetings take place whereby information can be freely exchanged, shared and cascaded down through individual teams or upwards from employees to Board. In addition, monthly company-wide Huddle meetings have taken place, both virtually and in-person, where appropriate the board engages directly with all employees to communicate important messages. Professional and personal development of employees is viewed as fundamental to the continued success of the company and regular training is undertaken internally and with external suppliers to provide training as necessary. In addition, the membership of professional bodies and external qualifications is supported by the company.

Suppliers, Customers and Others - The board believes that every person has a right to decent and humane working conditions, and that protection of our environment must be a priority in our approach towards business. The company has established our supplier onboarding policy that clearly specifies the minimum working and environmental conditions that a supplier must meet prior to conducting business with the company.

Community and Environment - The board strives to increase responsible stewardship on a daily basis, from materials sourcing and throughout our supply chain. Together with our partners, the company has have made substantial progress towards reducing the quantity of packaging materials and increasing the quality of component materials. Examples of this are removing plastic content from our paper cups and moving a supply chain from Turkey to the UK resulting in a carbon footprint reduction for this product.

In considering the impact of its operations on the environment, the company promotes returnable product programmes, such as the Brita filter cartridge scheme and our own refurbished equipment sales programme, supporting circular practices and contributing to a more sustainable future for stakeholders.

The company has established an ESG team, consisting of employees across the company to generate new ideas on how we can become more sustainable within our operations and to raise awareness within our industry and community. We actively contribute to help our community as thoughtfulness and passionate are two of the values we take the most pride in, showing our united support to many charities.

The company works with Change Please, a social enterprise aimed at tackling the homelessness crisis supporting those experiencing homelessness to become baristas to turn their lives around - a living wage job, accommodation advice, therapy, bank account and onward employment opportunities through sales of coffee consumables.

Page 15


LIQUIDLINE LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Our stakeholders (continued)

High Standards of Business Conduct - The board fully adheres to the company's values which are designed to proactively promote ethical behaviour, protect the valued reputation of our company (including our directors, officers and employees) to support the company in operating as a good corporate citizen, displaying the highest standards of conduct and to continue to demonstrate that we can be successful, while maintaining our core values which have served us well over the years. This Code is a core part of our internal training, and the Code applies to all our directors, officers and employees.

Need to Act Fairly Between Company Members - The company strives for a sustainable and improving return for its shareholders. When there is a conflict of interest between members of the company, the directors will take a balanced view from both sides and take that into consideration before determining strategies and activities.

The company maintains a range of codes of conduct, policies and regulatory compliance procedures which are reviewed and updated regularly to ensure continued adherence across the company.

The shareholder strategy is for excess cash to be distributed as dividends whenever possible. Before dividend distributions are made or proposed, the board reviews management accounts and cash flow projections to consider the effect the distribution would have on the financial position of the company including its ability to pay debts as they fall due.

The company engages with our stakeholders via various channels including:

−Our Board of Directors, senior leadership and management teams engage regularly via monthly management information reports and monthly meetings that cover the overall health and aspirations of the business, regular board meetings as well as specific presentations when exceptional projects arise;

−Customer and site visits to understand ongoing requirements and future needs of our clients;

−Formal tendering processes conducted directly with customers or via an electronic procurement portal;

−Direct contact with counterparts in customers organisations through the customer lifecycle;

−Networking with the wider industry through events;

−Sharing of information via digital channels including company websites, internal systems and communication platforms, emails and social media; and

−Two-way internal communication across our employee base including monthly whole company huddle meetings, regular newsletters, working groups and employee surveys to understand ENPS.

Page 16


LIQUIDLINE LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

The Board of Directors

The board consists of representatives of all joint shareholders of Liquidline Limited. The board of directors are supported in decision making by a senior leadership team.

The board of directors and senior leadership team are equipped with the skills and knowledge to manage the daily operational outputs and have the skills to provide clear and concise direction.

There is an established monthly board meeting cycle to ensure appropriate time is allocated to matters relating to assurance and strategic planning, which follows the senior management team meeting. The senior leadership team has responsibility for providing assurance to the board of directors on matters such as operational and financial performance, KPIs, risk, audit and compliance.

On an annual basis the company annual business plan and budget are considered and approved, which is reviewed regularly and updated on a quarterly basis.

The board is notified for approval of any expenditure over certain amounts, ranging from £10,000 upwards dependent upon the nature of the spend as outlined in the company Delegation of Authority.

Principal decisions

The company define principal decisions taken by the board as those decisions that are of a strategic nature and that are significant to any of our key stakeholder groups.

An example of principal decisions for Liquidline Limited is as follows:

−A full strategic review, in conjunction with shareholders, to review all operations and focus on those markets in which the company can excel; and

−The acquisition of Hot Coffee Company (Belfast) Limited has strengthened the company's operational and commercial capabilities within Northern Ireland. The acquisition has provided a modern showroom in Belfast, enhancing our presence in the region and supporting further market development. The associated warehouse facility has also improved the efficiency of our distribution and service operations, reducing lead times and supporting more reliable service delivery across Northern Ireland.

This report was approved by the board and signed on its behalf.

Mr Gavin William Pooley

Director

Date: 30 June 2026

Page 17


LIQUIDLINE LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

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

Results and dividends

The profit for the year, after taxation, amounted to £3,910,197 (2024: £2,692,790).

During the year, the company declared dividends of £1,915,000 (2024: £1,559,904).

Directors

The directors who served during the year, and up to the date of signing this report, were:

Mr Angus Frederick Pooley

Mr Gavin William Pooley

Mr Matthew James Pooley

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report 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 FRS 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 and 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;

∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

∙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.

Qualifying third party indemnity provisions

There were no qualifying third party indemnity provisions in force during the financial year.

Page 18

LIQUIDLINE LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Principal risks and uncertainties

Financial risk management policies

The company's activities expose it to a variety of financial risks; interest rate risk; credit risk; and liquidity risk. The company's overall risk management strategy is to minimise the potential adverse effects of these risks on the company's performance in accordance with our risk appetite.

Interest Rate Risk
The company's main source of turnover and cash flows are substantially independent of changes in market interest rates. The company has significant cash deposits which it seeks to obtain a commercial rate of return from, whilst not impacting liquidity.

Credit Risk
Credit risk arises from cash and cash equivalents and deposits held by banks and financial institutions. Credit risk additionally arises in respect of amounts owed by the company's customers. Management uses past experience of customers, as well as reviewing other third-party information in respect to both new and existing customers, when assessing credit risk.

Liquidity Risk
The company has significant cash reserves that give flexibility in managing liquidity risk. The company adopts a policy of investing these funds to balance obtaining the best commercial return against ensuring that the company has significant liquidity to enable it to meet its obligations as they fall due.

Future developments

The directors believe the company will continue to trade successfully in the foreseeable future, having prepared a Business Plan setting out our growth aspirations as noted in the Strategic Report.

Research and development activities

The company undertakes research and development activity to develop and enhance both systems, product and food technology.

Engagement with employees

The company is committed to employment policies, which follow best practice, based on equal opportunities for all employees, irrespective of sex, race, colour, disability or marital status. Applications for employment by disables persons are always considered, bearing in mind the respective aptitudes and abilities of the applicant concerned. In the event of a member of staff becoming disabled, every effort is made to ensure that their employment with the company continues and the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of a disabled person should, as far as possible, be identical to that of a person who does not suffer from a disability. The company is also committed to providing employees with information on matters of concern to them on a regular basis, so that the views of employees can be taken into account when making decisions that are likely to affect their interests. The company encourages the involvement of employees by means of regular updates issued by the board and senior management team on key company issues, financial information and other statistics, such as key performance indicators. Weekly surveys are also sent by the group to obtain employee feedback on issues within the company and the results of the feedback are scored in the Employee Net Promoter Score KPI.

Engagement with suppliers, customers and others

The Board believes that every person has a right to decent and humane working conditions, and that protection of our environment must be a priority in our approach towards business. The company has established our supplier onboarding policy that clearly specifies the minimum working and environmental conditions that a supplier must meet prior to conducting business with the company.

Page 19

LIQUIDLINE LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Greenhouse gas emissions, energy consumption and energy efficiency

The energy and carbon reporting data for the year ended 31 December 2025, is included in the Directors' Report of Holywells Holdings Limited, the parent company. The consolidated financial statements of Holywells Holdings Limited for the year ended 31 December 2025 are prepared in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102. They are available to the public and can be obtained from Companies House.

Subsequent events

On 1 January 2026 the trade and assets was transferred from the Hot Coffee Company (Belfast) Ltd into its parent company, Liquidline Ltd, having been acquired by Liquidline Ltd on 30 September 2025.

On 28 February 2026, the company transferred the trading activities of its vending division into a subsidiary company Liquidline Vending Ltd, 100% owned by Liquidline Ltd.

On 20 March 2026, the company acquired the trade and assets of Drinklink Vending Services Ltd for £395,000.

On 31 March 2026 Liquidline Vending Ltd was sold for a consideration of £1,850,000 plus additional consideration for working capital valuation at 31 March 2026. There is an additional consideration, the value of which is dependent upon future revenue performance for the 12 month period beginning on the day after completion and ending on 31 March 2027. The sale of Liquidline Vending Ltd is to enable Liquidline Ltd to focus on core operations.

On 6 May 2026, heads of terms were signed for the purchase of the trade and assets of Tapside Marketing Ltd for £160,000.

Disclosure of information to auditor

The directors confirm that:

∙so far as each director is aware, there is no relevant audit information of which the company's auditor is unaware; and

∙the directors have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

Auditor

The auditor, Grant Thornton UK LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.

Mr Gavin William Pooley

Director

Date: 30 June 2026

Page 20

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LIQUIDLINE LIMITED

Opinion

We have audited the financial statements of Liquidline Limited (the 'company') for the year ended 31 December 2025, which comprise the Statement of Comprehensive Income, the Balance Sheet, the 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;

∙the financial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙the financial statements 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 'Auditor's 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

We are responsible for concluding on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify the auditor’s opinion. Our conclusions are based on the audit evidence obtained up to the date of our report. However, future events or conditions may cause the company to cease to continue as a going concern.

In our evaluation of the directors' conclusions, we considered the inherent risks associated with the company's business model including effects arising from macro-economic uncertainties such as cost of inflation and the ongoing international conflicts, we assessed and challenged the reasonableness of estimates made by the directors and the related disclosures and analysed how those risks might affect the company's financial resources or ability to continue operations over the going concern period.

Page 21

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LIQUIDLINE LIMITED (CONTINUED)

Conclusions relating to going concern (continued)

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 other information comprises the information included in the Annual Report, other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Page 22

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LIQUIDLINE LIMITED (CONTINUED)

Matter on which we are required to report under the Companies Act 2006

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 Directors' Report.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which 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.

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page 18, 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 is 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.

Page 23

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LIQUIDLINE LIMITED (CONTINUED)

Auditor's 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 an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

∙We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company. We determined that the following laws and regulations are most significant: Companies Act 2006, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. In addition, we concluded that there are certain significant laws and regulations that may have an effect on the determination of the amounts and disclosures in the financial statements and those laws and regulations relating to the taxation laws;

∙We understood how the Company is complying with those legal and regulatory frameworks by making enquiries of management and the legal department. We corroborated our enquiries through our review of the board minutes;

∙We enquired of management and those charged with governance, whether they were aware of any instances of non-compliance with laws and regulations or whether they had any knowledge of actual, suspected or alleged fraud;

∙We assessed the susceptibility of the Company's financial statements to material misstatement. Including how fraud might occur, by evaluating management's incentives and opportunities for manipulation of the financial statements. This included the evaluation of the risk of management override of controls and through manipulation of accounting estimates. Audit procedures performed included:

−Identifying and assessing the design and implementation of controls that management has in place to prevent and detect fraud;

−Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations;

−Challenging assumptions and judgements made by management in its significant accounting estimates; and

−Assessing the extent of compliance with the relevant laws and regulations as part of our procedures on the related financial statement item.

Page 24

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LIQUIDLINE LIMITED (CONTINUED)

Auditor's responsibilities for the audit of the financial statements (continued)

∙These audit procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error and detecting irregularities that result from fraud is inherently more difficult than detecting those that result from error, as fraud may involve collusion, deliberate concealment, forgery or intentional misrepresentations. Also, the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we would become aware of it;

∙The engagement lead's assessment of the appropriateness of the collective competence and capabilities of the engagement team included consideration of the engagement team's:

−Understanding of, and practical experience with audit engagements of a similar nature and complexity through appropriate training and participation;

−Knowledge of the industry in which the client operates; and

−Understanding of the legal and regulatory requirements specific to the Company including the provisions of the applicable legislation, the regulators rules and related guidance, including guidance issued by relevant authorities that interprets those rules and the applicable statutory provisions.

∙We communicated relevant laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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 Auditor's Report.

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 an Auditor's Report 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.

Archie Rwavazhinji

Senior Statutory Auditor

for and on behalf of Grant Thornton UK LLP

Statutory Auditor, Chartered Accountants

Colchester

30 June 2026

Page 25


LIQUIDLINE LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2025

	2025	2024
Note	£	£


Turnover	4	51,818,767	42,844,521
Cost of sales		(31,372,584)	(25,573,574)
Gross profit		20,446,183	17,270,947
Administrative expenses		(15,255,973)	(12,972,203)
Other operating income	5	118,097	114,404
Operating profit	6	5,308,307	4,413,148
Income from shares in group undertakings		69,225	-
Interest receivable and similar income	10	52,233	63,870
Interest payable and similar expenses	11	(177,601)	(180,232)
Profit before tax		5,252,164	4,296,786
Tax on profit	12	(1,341,967)	(1,603,996)
Profit for the financial year		3,910,197	2,692,790

There were no recognised gains and losses for 2025 or 2024 other than those included in the Statement of Comprehensive Income.

There was no other comprehensive income for 2025 (2024: £Nil).

The notes on pages 30 to 53 form part of these financial statements.

Page 26


LIQUIDLINE LIMITED REGISTERED NUMBER:07284069

BALANCE SHEET

AS AT 31 DECEMBER 2025

		2025		2024
Note		£		£

Fixed assets
Intangible assets	14		1,933,093		1,874,300
Tangible assets	15		6,399,926		5,409,860
Investments	16		340,769		116
			8,673,788		7,284,276
Current assets
Stocks	17	6,161,834		5,289,132
Debtors: amounts falling due within one year	18	8,955,384		6,799,771
Cash at bank and in hand		2,986,606		3,149,602
		18,103,824		15,238,505
Creditors: amounts falling due within one year	19	(12,565,465)		(10,853,312)
Net current assets			5,538,359		4,385,193
Total assets less current liabilities			14,212,147		11,669,469
Creditors: amounts falling due after more than one year	20		(978,253)		(954,421)
Provisions for liabilities
Deferred tax	23		(767,738)		(658,625)
Other provisions	24		(927,020)		(827,059)
			(1,694,758)		(1,485,684)
Net assets			11,539,136		9,229,364

Capital and reserves
Called up share capital	25	213	213
Other reserves	26	659,016	344,441
Profit and loss account	26	10,879,907	8,884,710
Total equity		11,539,136	9,229,364

Page 27


LIQUIDLINE LIMITED REGISTERED NUMBER:07284069

BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2025

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

Mr Gavin William Pooley

Director

Date: 30 June 2026

The notes on pages 30 to 53 form part of these financial statements.

Page 28


LIQUIDLINE LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025

	Called up share capital	Other reserves	Profit and loss account	Total equity
	£	£	£	£
At 1 January 2024	188	184,537	7,751,824	7,936,549
Comprehensive income for the year
Profit for the year	-	-	2,692,790	2,692,790
Total comprehensive income for the year	-	-	2,692,790	2,692,790
Dividends	-	-	(1,559,904)	(1,559,904)
Shares issued during the year	25	-	-	25
Capital contribution	-	159,904	-	159,904
Total transactions with owners	25	159,904	(1,559,904)	(1,399,975)

At 1 January 2025	213	344,441	8,884,710	9,229,364
Comprehensive income for the year
Profit for the year	-	-	3,910,197	3,910,197
Total comprehensive income for the year	-	-	3,910,197	3,910,197
Dividends	-	-	(1,915,000)	(1,915,000)
Capital contribution	-	314,575	-	314,575
Total transactions with owners	-	314,575	(1,915,000)	(1,600,425)
At 31 December 2025	213	659,016	10,879,907	11,539,136

The notes on pages 30 to 53 form part of these financial statements.

Page 29


LIQUIDLINE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1.	General information

Liquidline Limited is a private company limited by shares, incorporated in England and Wales. Its registered number is 07284069, and its registered head office is located at Jackson House, 86 Sandyhill Lane, Ipswich, England, IP3 0JA.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

∙the requirements of Section 7 Statement of Cash Flows;

∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);

∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Holywells Holdings Limited as at 31 December 2025 and these financial statements may be obtained from Companies House.

2.3

Exemption from preparing consolidated financial statements

The company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

Page 30


LIQUIDLINE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.4

Going concern

The directors have considered the company's position at the time of signing the financial statements, and in particular the current issues caused by ongoing global economic uncertainty and its potential impact of the company and the wider economy. The directors have produced forecasts for the remainder of the 2026 financial year and medium term. The directors have considered the current financial position of the company together with the range of measures the directors can take to mitigate ongoing costs should they need to.

Based on this, the directors have concluded that they have a reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future, and at least twelve months from the date of signing these financial statements. They therefore continue to adopt the going concern basis of accounting in preparing these financial statements.

The directors currently do not believe the impact of the war in the Middle East and trade tariff uncertainty, despite global uncertainty will have an impact on the financial position of the company. There are a range of measures the directors can take to mitigate costs and supply chain disruption, should there be an impact upon the supply chain.

2.5

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP and all values are rounded to the nearest pound (£) except where otherwise stated.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the profit or loss within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 31


LIQUIDLINE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.6

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the company has transferred the significant risks and rewards of ownership to the buyer;

∙the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Sale of equipment – revenue is recognised upon installation of the equipment at the customer site.

Sale of consumables – revenue is recognised on delivery of the consumable products.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

Equipment rental & maintenance - revenue is recognised over the time duration of the contract term. Any invoiced amounts relating to future periods is deferred.

One-off maintenance - revenue is recognised in the period in which the services are provided.

Operated vending maintenance - revenue is recognised when the service is provided. Any invoiced amounts relating to future periods is deferred.

Consumable vending products - revenue is recognised at a point in time when the customer has purchased and received a product.

Page 32


LIQUIDLINE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.7

Operating leases: the company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.8

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.

If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

2.9

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.

Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

2.10

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.

2.11

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 33


LIQUIDLINE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.12

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.13

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.14

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 34


LIQUIDLINE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.15

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Comprehensive Income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Amortisation is provided on the following bases:

				Goodwill	-	20%	straight line
				Website	-	25%	straight line

2.16

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Long-term leasehold property	-	25%	reducing balance
Fixtures and fittings	-	25%	reducing balance
Motor vehicles	-	25%	reducing balance/straight line
Office equipment	-	25%	reducing balance
Hire stock	-	25%	straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 35


LIQUIDLINE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.17

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

2.18

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.19

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.20

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.21

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.

Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

Page 36


LIQUIDLINE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.22

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other debtors due within the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

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 the deduction of all its liabilities.

Page 37


LIQUIDLINE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.22

Financial instruments (continued)

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

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

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

2.23

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Estimates are based on historical experience and other assumptions that are considered reasonable in the circumstances. The actual amount or values may vary in certain instances from the assumptions and estimates made. Changes will be recorded, with corresponding effect in the financial statements, when, and if, better information is obtained.

There were no estimates or judgements deemed significant to the financial statements.

Page 38


LIQUIDLINE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Sale of goods	44,098,647	36,137,352
Maintenance and servicing income	7,720,120	6,707,169
	51,818,767	42,844,521

Analysis of turnover by country of destination:

					2025	2024
					£	£

United Kingdom	50,111,542	41,492,481
Rest of Europe	1,707,225	1,352,040
	51,818,767	42,844,521

5.	Other operating income
		2025	2024
		£	£

Management charge to Liquidline Ireland	76,939	76,333
Rent received from sublet	24,000	27,050
Consultancy	993	7,871
Grant income	500	500
Profit on disposal of property, plant and equipment	11,264	-
Insurance claims	4,401	2,650
	118,097	114,404

Page 39


LIQUIDLINE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Depreciation expense	2,576,882	1,861,603
Amortisation expense	572,982	424,750
Impairment charge - tangible fixed assets	-	56,133
Impairment charge - intangible fixed assets	-	143,140
Operating lease expenses - plant and machinery	278,169	220,866
Exchange differences	10,550	21,747
Loss on disposal of property, plant and equipment	-	379,269

The company recognised no impairment charges during the year ended 2025. Only routine depreciation and amortisation, applied in accordance with the company’s accounting policies, were recorded.

Fees payable to the company's auditor for the audit of the company's financial statements	53,082	57,470
Fees payable to the company's auditor in respect of:
All taxation advisory services not included above	9,759	6,335
Accounts preparation	3,250	2,884

Page 40


LIQUIDLINE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Wages and salaries	13,036,585	10,244,301
Social security costs	1,588,668	1,023,205
Cost of defined contribution scheme	254,586	181,826
	14,879,839	11,449,332

The average monthly number of employees, including the directors, during the year was as follows:

	2025	2024
	No.	No.

Administration and support	91	80
Sales	56	46
Marketing	13	8
Distribution	160	115

	320	249

The company has expanded its in-house distribution operations during the year, reducing reliance on external supply chain providers. As a result of this strategic shift, the number of distribution staff increased significantly.

9.	Directors' remuneration
		2025	2024
		£	£

	Directors' emoluments	77,448	45,523

During the year, no retirement benefits were accruing to the directors (2024: Nil) in respect of defined contribution pension schemes.

10.	Interest receivable and similar income
		2025	2024
		£	£

Bank interest received

52,233

63,870

Page 41


LIQUIDLINE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

11.	Interest payable and similar expenses
		2025	2024
		£	£

Bank interest payable	8,305	58,814
Loan interest payable	580	55,194
Interest payable to parent	86,871	-
Finance leases and hire purchase contracts	81,845	66,224
	177,601	180,232

As part of the group refinancing arrangements with Lloyds Bank plc with parent company (Holywells Holdings Ltd) on 24 February 2025, the bank loan held at 31 December 2024, was repaid in full. Interest payable to parent is a new credit facility commencing 24 February 2025 with a facility available to drawn up to £2,500,000, on a three year term from 24 February 2025. Interest is payable on a variable interest rate basis, of margin plus base rate for the funds drawn and a fixed rate interest rate payable for the value of the non utilised facility borrowings. The lending mirrors the Revolving Credit Facility of Holywells Holdings Ltd and Lloyds Bank plc. The company has entered into a cross guarantee with other group companies in respect of bank borrowings totalling £1,750,000. The amount drawn at the 31 December 2025 is £1,750,000 with an interest rate of 5.75% and the non utilised facility is £750,000 with an interest rate of 0.8%.

Corporation tax
Current tax on profits for the year	1,334,264	1,203,160
Adjustments in respect of previous periods	(202,244)	261,435
Group relief	100,834	77,886
Group taxation relief in respect of prior period	-	82,875
Total current tax	1,232,854	1,625,356

Deferred tax
Origination and reversal of timing differences	102,072	(10,799)
Adjustments in respect of prior periods	7,041	(10,561)
Total deferred tax	109,113	(21,360)


	Tax on profit	1,341,967	1,603,996

Page 42


LIQUIDLINE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

12.Taxation (continued)

Factors affecting tax charge for the year The tax assessed for the year is higher than (2024: higher than) the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%). The differences are explained below:
	2025	2024
	£	£

Profit on ordinary activities before tax

5,252,164

4,296,786

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)	1,313,041	1,074,197
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	(11,772)	35,806
Fixed asset differences	206,553	153,289
Adjustments to tax charge in respect of prior periods	(202,244)	3,274
Adjustments to tax charge in respect of prior periods - research and development	-	258,161
Adjustments to tax charge in respect of previous periods - deferred tax	7,041	(10,561)
Other tax adjustments, reliefs and transfers	29,348	6,955
Adjustments to tax charge in respect of prior periods - group relief	-	82,875
Total tax charge for the year	1,341,967	1,603,996

Factors that may affect future tax charges

Deferred tax balances have been measured at 25%, being the enacted UK corporation tax rate applicable to future periods at the balance sheet date.

13.	Dividends
		2025	2024
		£	£

Dividends - ordinary shares

1,915,000

1,559,904

Page 43


LIQUIDLINE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

14.	Intangible assets

	Goodwill	Website	Total
	£	£	£
Cost
At 1 January 2025	4,182,011	-	4,182,011
Additions	538,218	92,643	630,861
Revaluation	914	-	914
At 31 December 2025	4,721,143	92,643	4,813,786
Amortisation
At 1 January 2025	2,307,711	-	2,307,711
Charge for the year on owned assets	569,555	3,427	572,982
At 31 December 2025	2,877,266	3,427	2,880,693
Net book value
At 31 December 2025	1,843,877	89,216	1,933,093
At 31 December 2024	1,874,300	-	1,874,300

No Impairment charges were identified. Revaluation adjustment relates to the acquisition of Koffie 2 Go Ltd.

Page 44


LIQUIDLINE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

15.	Tangible fixed assets

	Long-term leasehold property	Motor vehicles	Fixtures and fittings	Office equipment	Hire Stock	Total
	£	£	£	£	£	£
Cost or valuation
At 1 January 2025	556,027	2,550,921	286,484	399,416	5,656,891	9,449,739
Additions	607,114	653,868	59,785	345,622	1,816,083	3,482,472
Acquisition of subsidiary	-	-	-	379	117,767	118,146
Disposals	(78,553)	(163,715)	(23,142)	(15,155)	-	(280,565)
At 31 December 2025	1,084,588	3,041,074	323,127	730,262	7,590,741	12,769,792
Depreciation
At 1 January 2025	191,938	1,141,629	142,083	148,099	2,416,130	4,039,879
Charge for the year on owned assets	178,106	661,469	43,482	111,008	1,582,815	2,576,880
Disposals	(78,552)	(145,378)	(18,008)	(4,955)	-	(246,893)
At 31 December 2025	291,492	1,657,720	167,557	254,152	3,998,945	6,369,866
Net book value
At 31 December 2025	793,096	1,383,354	155,570	476,110	3,591,796	6,399,926
At 31 December 2024	364,089	1,409,292	144,401	251,317	3,240,761	5,409,860

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
	2025	2024
	£	£


	Motor vehicles	1,204,147	1,147,332

Page 45


LIQUIDLINE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

16.	Fixed asset investments

Investments in subsidiary undertakings increased during the year, reflecting acquisition activity and subsequent group restructuring.

The increase is primarily driven by the acquisitions of City Vending Services Limited on the 31 January 2025 and HCC (Belfast) Ltd on the 30 September 2025. The total consideration, including transaction costs, amounted to £597,875 and £340,765 respectively, and is reflected within the additions in the year.

The trade and assets of City Vending Services Limited were hived up into Liquidline Limited in June 2025. At the acquisition date, the identifiable net assets totalled £69,158, which were adjusted to a fair value of £44,241. This investment was transferred out of investments during the year following the hive up.

The trade and assets of HCC (Belfast) Ltd were hived up into Liquidline Limited after the year end (December 2025). At completion, the identifiable net assets amounted to £9,569, with no fair value adjustments required. This makes up the investment balance at year end.

Subsidiary undertakings
The following were subsidiary undertakings of the company:
Name	Registered office	Class of shares	Holding

S.V. (Leasing) Limited	Jackson House, Sandyhill Lane, Ipswich, IP3 0JA	Ordinary	100%
Koffie 2 Go Ltd	Jackson House, Sandyhill Lane, Ipswich, IP3 0JA	Ordinary	100%
City Vending Services Limited	Jackson House, Sandyhill Lane, Ipswich, IP3 0JA	Ordinary	100%
HCC (Belfast) Ltd	Unit B4, 19 Heron Road, Belfast, United Kingdom, BT3 9LE	Ordinary	100%

Post year end Koffie 2 Go Ltd has been dissolved in April 2026 and City Vending Services Ltd has been applied to strike off Companies House.

Page 46


LIQUIDLINE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

17.	Stocks
		2025	2024
		£	£

Work in progress	47,624	59,627
Finished goods and goods for resale	5,874,312	4,449,743
Goods in transit	239,898	779,762
	6,161,834	5,289,132

Stocks are stated after provisions for impairment of £118,698 (2024: £503,897). Impairment gain totalling £385,199 (2024: Loss £448,108)were recognised in profit and loss.

The estimated selling prices of stock are considered on a regular basis. When writing off stock and considering a stock provision, the directors consider the age of the stock and the current trend in product sales.

18.	Debtors: amounts falling due within one year

					2025	2024
					£	£


Trade debtors	5,751,321	4,485,766
Amounts owed by group undertakings	1,288,949	1,054,956
Other debtors	253,143	430,696
Prepayments and accrued income	1,661,971	828,353
	8,955,384	6,799,771

An impairment loss of £110,958 (2024: £89,648) was recognised against trade debtors.

Amounts owed by group undertakings are non-interest bearing, unsecured and repayable on demand.

Page 47


LIQUIDLINE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

19.	Creditors: amounts falling due within one year
		2025	2024
		£	£

Bank loans	-	381,293
Trade creditors	3,023,848	2,599,531
Amounts owed to group undertakings	1,880,981	160,877
Corporation tax	333,532	765,638
Other taxation and social security	921,058	853,753
Obligations under finance lease and hire purchase contracts	501,008	456,424
Other creditors	373,099	725,515
Accruals and deferred income	5,531,939	4,910,281
	12,565,465	10,853,312

Amounts owed to group undertakings are unsecured, interest-free and repayable on demand.

20.	Creditors: amounts falling due after more than one year
		2025	2024
		£	£

Bank loans	-	219,444
Net obligations under finance leases and hire purchase contracts	703,139	724,124
Accruals and deferred income	275,114	10,853
	978,253	954,421

Page 48


LIQUIDLINE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Amounts falling due within one year
Bank loans	-	381,293
Amounts falling due 1-2 years
Bank loans	-	219,444
	-	600,737

As part of the group refinancing arrangements with Lloyds Bank plc with parent company (Holywells Holdings Ltd) on 24 February 2025, the bank loans held on 31 December 2024 by Liquidline Ltd with Lloyds Bank plc were repaid in full.

Within one year	501,008	456,424
Between 1-5 years	703,139	724,124
	1,204,147	1,180,548

Obligations under finance leases and hire purchase contracts are secured against the assets to which they relate.

Page 49


LIQUIDLINE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

23.	Deferred taxation

		2025
		£

	At beginning of year	(658,625)
	Charged to profit or loss	(109,113)
	At end of year	(767,738)

The provision for deferred taxation is made up as follows:
	2025	2024
	£	£

Accelerated capital allowances	(773,805)	(669,834)
Short term timing differences	6,067	11,209
	(767,738)	(658,625)

24.	Provisions

	Warranty Provision	Dilapidations Provision	Total
	£	£	£

At 1 January 2025	638,246	188,813	827,059
Charged to profit or loss	-	118,058	118,058
Arising on business combinations	-	18,525	18,525
Utilised in year	(31,482)	(5,140)	(36,622)
At 31 December 2025	606,764	320,256	927,020

The company accrues for warranty costs based on the expected number of warranty call outs per machine sold.

The company accrues for dilapidation costs based on the estimated costs to be incurred at the end of property leases.

Page 50


LIQUIDLINE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

25.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

60 (2024: 60) Ordinary A shares of £0.25 each	15.00	15.00
60 (2024: 60) Ordinary B shares of £0.25 each	15.00	15.00
90 (2024: 90) Ordinary C shares of £0.25 each	22.50	22.50
90 (2024: 90) Ordinary D shares of £0.25 each	22.50	22.50
90 (2024: 90) Ordinary E shares of £0.25 each	22.50	22.50
90 (2024: 90) Ordinary F shares of £0.25 each	22.50	22.50
120 (2024: 120) Ordinary G shares of £0.25 each	30.00	30.00
20 (2024: 20) Ordinary S shares of £0.25 each	5.00	5.00
20 (2024: 20) Ordinary T shares of £0.25 each	5.00	5.00
20 (2024: 20) Ordinary U shares of £0.25 each	5.00	5.00
40 (2024: 40) Ordinary V shares of £0.25 each	10.00	10.00
30 (2024: 30) Ordinary W shares of £0.25 each	7.50	7.50
40 (2024: 40) Ordinary X shares of £0.25 each	10.00	10.00
40 (2024: 40) Ordinary Y shares of £0.25 each	10.00	10.00
40 (2024: 40) Ordinary Z shares of £0.25 each	10.00	10.00

	212.50	212.50

Voting rights for shares A and B are as follows:

Voting: One vote per share.

Dividend: Equal to such sum as shall be agreed by the directors of the company.

Capital: Amount equal to 10% of the Reserved Tranche as more specifically detailed in the Articles of Association. Redemption: The A shares are not redeemable.

Voting rights for shares C, D,E and F are as follows:

Voting: One vote per share.

Dividend: Equal to such sum as shall be agreed by the directors of the company.

Capital: Amount equal to 15% of the Reserved Tranche plus an entitlement to 16.67% of the remaining assets as more specifically detailed in the Articles of Association.

Redemption: These shares are not redeemable.

Voting rights for G shares are as follows:

Voting: One vote per share.

Dividends: Equal to such sum as shall be agreed by the directors of the company.

Capital: Amount equal to 20% of the Reserved Tranche plus an entitlement to 33.32% of the remaining assets as more specifically detailed in the Articles of Association.

Redemption: These shares are not redeemable.

Voting rights for S, T, U, V, W, X, Y and Z shares are as follows:

Voting: No right to vote

Dividends: No right to dividends.

Capital: An amount equal to the employee share value of the shares as determined in accordance with the company's Articles of Association.

Redemption: Not redeemable.

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LIQUIDLINE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

25.	Share capital (continued)

Ordinary S shares comprise 10 S3 and 10 S4 shares of 0.25 each.
Ordinary T shares comprise 10 T3 and 10 T4 shares of £0.25 each.
Ordinary U shares comprise 10 U3 and 10 U4 shares of £0.25 each.
Ordinary V shares comprise 10 V1, 10 V2, 10 V3 and 10 V4 shares of £0.25 each.
Ordinary W shares comprise 10 W1, 10 W2 and 10 W3 shares of £0.25 each.
Ordinary X shares comprise 10 X1, 10 X2, 10 X3 and 10 X4 shares of £0.25 each.
Ordinary Y shares comprise 10 Y1, 10 Y2, 10 Y3 and 10 Y4 shares of £0.25 each.
Ordinary Z shares comprise 10 Z1, 10 Z2, 10 Z3 and 10 Z4 shares of £0.25 each.

26.

Reserves

The company's capital and reserves are as follows:

Other reserves

Movement in Other reserves relates to a capital contribution from the ultimate parent company, Holywells Holdings Limited, by way of funding some expenses in Liquidline Limited.

Profit and loss account

Included all current and prior year retained profits and losses net of dividends.

27.	Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £254,586 (2024: £181,826). Contributions totalling £63,312 (2024: £45,112) were payable to the fund at the Balance sheet date and are included in creditors.

Not later than 1 year	1,568,421	826,866
Later than 1 year and not later than 5 years	2,396,458	1,463,731
Later than 5 years	1,075,000	1,088,034
	5,039,879	3,378,631

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LIQUIDLINE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

29.

Related party transactions

The company has taken advantage of the exemption contained in FRS 102 Section 33.1A and has not disclosed transactions between wholly owned members of the Holywells Holdings Limited group.

During the year, £20,185 (2024: £17,804) was paid to a family member of the directors, who is also an employee of the company, in the form of a staff loan. £25,866 (2024: £50,005) is outstanding at the Balance Sheet date within other debtors.

30.	Subsequent events

31.	Controlling party

The directors consider that Holywells Holdings Limited is the company’s immediate and ultimate parent company by virtue of its 100% holding of the issued share capital.

The smallest and largest group undertakings for which group accounts have been drawn up is that headed by Holywells Holdings Limited, which is registered in England and Wales and its registered office is Jackson House, 86 Sandyhill Lane, Ipswich, United Kingdom, IP3 0JA. The group accounts of Holywells Holdings Limited are available publicly available at Companies House.

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