Registered number: 10394479
FOR THE YEAR ENDED 31 DECEMBER 2025
COMPANY INFORMATION
CONTENTS
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their Strategic Report for Holywells Holdings Limited (the “group”) for the year ended 31 December 2025.
The principal activity of the group 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.
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 and Ireland, through its subsidiary companies; Liquidline Limited and Liquidline Ireland Limited.
Recurring revenue continued to represent a significant proportion of group 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 group 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 group generated revenue of £53,066,439 against the prior year of £43,479,664; an increase of 22% 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 group 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:
Recurring revenue continued to represent a significant proportion of group 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 group 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 group generated revenue of £53,066,439 against the prior year of £43,479,664; an increase of 22% 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 group 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 group 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 group 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 and Ireland, who are fully trained and passionate about providing and delivering the best service possible to our customers.
For our people, the group is dedicated to creating a supportive atmosphere that encourages professional growth, personal wellbeing and collaboration. The group is committed to continually evaluating and improving its workplace culture and practices, investing in our peoples’ wellbeing to not only enhance their personal lives but also to drive overall business success. During 2025, the group 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.
The group 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 and Ireland, who are fully trained and passionate about providing and delivering the best service possible to our customers.
For our people, the group is dedicated to creating a supportive atmosphere that encourages professional growth, personal wellbeing and collaboration. The group is committed to continually evaluating and improving its workplace culture and practices, investing in our peoples’ wellbeing to not only enhance their personal lives but also to drive overall business success. During 2025, the group 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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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The launch of the Watson Initiative further strengthened the group’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 group is proud to have Liquidline achieve certification as a Great Place to Work, recognising our culture and commitment to creating an outstanding employee experience. During 2025, the group 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 group’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 business 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.
During 2025, the group through its subsidiary Holywells Properties Limited, completed the purchase of its head office premises, Jackson House for £2,993,985. The acquisition of the head office building reflects the group’s long-term strategic commitment to its operations, enhancing stability, supporting future growth, and strengthening its asset base while delivering greater control over occupancy costs and supporting long-term value creation. As part of the purchase, on 28th February 2025 the group repaid all loans existing on 31 December 2024 to Lloyds Bank. Holywells Properties Limited entered a term loan (asset secured) arrangement with Lloyds Bank plc for £2,345,118 on 27th February 2025. As part of the longer-term premises strategy, the group through its subsidiary Liquidline Limited, moved its warehousing and distribution operations back in-house, with an additional premise secured on a long-term lease, enabling improvements in goods dispatch times, increasing picking accuracy and enhancing the overall customer experience. This in turn, enabled Holywells Properties Limited to dispose of its former head office premise on 18th July 2025 for £1,000,000 and repay the outstanding term loan of £677,809, recognising a profit on disposal of £451,738.
Additional operational focus areas in 2025 included:
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 group is proud to have Liquidline achieve certification as a Great Place to Work, recognising our culture and commitment to creating an outstanding employee experience. During 2025, the group 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 group’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 business 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.
During 2025, the group through its subsidiary Holywells Properties Limited, completed the purchase of its head office premises, Jackson House for £2,993,985. The acquisition of the head office building reflects the group’s long-term strategic commitment to its operations, enhancing stability, supporting future growth, and strengthening its asset base while delivering greater control over occupancy costs and supporting long-term value creation. As part of the purchase, on 28th February 2025 the group repaid all loans existing on 31 December 2024 to Lloyds Bank. Holywells Properties Limited entered a term loan (asset secured) arrangement with Lloyds Bank plc for £2,345,118 on 27th February 2025. As part of the longer-term premises strategy, the group through its subsidiary Liquidline Limited, moved its warehousing and distribution operations back in-house, with an additional premise secured on a long-term lease, enabling improvements in goods dispatch times, increasing picking accuracy and enhancing the overall customer experience. This in turn, enabled Holywells Properties Limited to dispose of its former head office premise on 18th July 2025 for £1,000,000 and repay the outstanding term loan of £677,809, recognising a profit on disposal of £451,738.
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;
−Maintaining strong customer service performance, including average response times of approximately 12 hours.
During 2025, the group, through its subsidiary Liquidline Limited, further strengthened its operational presence across 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 group’s ability to support existing customers and accelerate future growth opportunities for both Liquidline Limited and Liquidline Ireland Limited, for the benefit of customers across both Northern Ireland and the Republic of Ireland.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The group 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 group’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 group supports the work of The Grace Trust and Bacton Gospel Hall Trust with £240,000 of charitable donations made by Holywells Holdings Limited during the year. Both these organisations dedicate their work in different ways to making people’s lives better. The Bacton Gospel Hall Trust aims to share the Christian faith and values with the local community, serving not just as a venue but also a hub for various charitable activities. The Grace Trust provides grants to a wide range of charities, to support initiatives that benefits society in service to the Christian principles of care and compassion.
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 group’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 group supports the work of The Grace Trust and Bacton Gospel Hall Trust with £240,000 of charitable donations made by Holywells Holdings Limited during the year. Both these organisations dedicate their work in different ways to making people’s lives better. The Bacton Gospel Hall Trust aims to share the Christian faith and values with the local community, serving not just as a venue but also a hub for various charitable activities. The Grace Trust provides grants to a wide range of charities, to support initiatives that benefits society in service to the Christian principles of care and compassion.
The operating profit for the financial year was £5,787,281 (2024: £4,293,145), an increase of 35% from 2024.
There are no planned changes to the activities of the group in the foreseeable future.
Liquidline Limited 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, Liquidline Limited 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 Liquidline Limited to focus on its core operations and strategic priorities.
There are no planned changes to the activities of the group in the foreseeable future.
Liquidline Limited 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, Liquidline Limited 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 Liquidline Limited to focus on its core operations and strategic priorities.
Across the year, the group has seen a 22% increase in turnover to £53,066,439 from £43,479,664 in 2024.
Gross profit increased by £3,471,402, a 19% increase to £21,463,906 from £17,992,504 in 2024.
Administrative expenses increased by £2,549,315 to £16,286,745 from £13,737,430 in 2024.
Profit before tax increased by £1,391,452 to £5,526,089 from £4,134,637 in 2024.
Holywells Holdings Limited declared a dividend in the year of £1,182,453 to its shareholders.
The group 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 by Liquidline Limited.
Gross profit increased by £3,471,402, a 19% increase to £21,463,906 from £17,992,504 in 2024.
Administrative expenses increased by £2,549,315 to £16,286,745 from £13,737,430 in 2024.
Profit before tax increased by £1,391,452 to £5,526,089 from £4,134,637 in 2024.
Holywells Holdings Limited declared a dividend in the year of £1,182,453 to its shareholders.
The group 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 by Liquidline Limited.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Net current assets increased in 2025, with an increase of £2,510,560 in the year to £7,579,768 from £5,069,208 in 2024.
During the year, stock of finished goods and goods for resale increased by £890,993 to £6,666,689 (2024: £5,775,696). Stock is purchased in advance in-line with demand planning for future customer requirements in accordance with supplier lead times.
Trade debtors increased to £6,150,919 at the end of the year (2024: £4,764,240), an increase of £1,386,679 / 29% 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 22% increase in revenue during the year. To date, the group 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 group and senior leadership team.
Trade creditors increased in the year by £487,203 to £3,123,183 (2024: £2,635,980) 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 £968,647 to £6,220,018 (2024: £5,251,371), reflecting higher revenue and purchasing activity during the year as the business continued to scale. At the year end, accruals were £73,367 lower than the prior year, primarily driven by improvements in the supply chain and more efficient purchasing processes. Prepaid income from customers rose by £1,042,014, supported by increased revenue and growth in the rental customer base.
During the year, stock of finished goods and goods for resale increased by £890,993 to £6,666,689 (2024: £5,775,696). Stock is purchased in advance in-line with demand planning for future customer requirements in accordance with supplier lead times.
Trade debtors increased to £6,150,919 at the end of the year (2024: £4,764,240), an increase of £1,386,679 / 29% 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 22% increase in revenue during the year. To date, the group 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 group and senior leadership team.
Trade creditors increased in the year by £487,203 to £3,123,183 (2024: £2,635,980) 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 £968,647 to £6,220,018 (2024: £5,251,371), reflecting higher revenue and purchasing activity during the year as the business continued to scale. At the year end, accruals were £73,367 lower than the prior year, primarily driven by improvements in the supply chain and more efficient purchasing processes. Prepaid income from customers rose by £1,042,014, supported by increased revenue and growth in the rental customer base.
During the year, the group invested £7,010,864 in tangible fixed assets (2024: £2,584,651), including £3,012,976 in freehold property and improvements, £654,356 in motor vehicles and £671,937 on property improvements. Rental assets in the group increased by £2,176,193 due to new customer rental contracts taken in the year, this includes the hive up of City Vending Services Limited and HCC (Belfast) Limited of rental assets £131,190.
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 £22,673 in the year to £1,204,147 (2024: £1,181,474).
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 £22,673 in the year to £1,204,147 (2024: £1,181,474).
Cash balances at 31 December 2025 were £3,717,820 (2024: £4,349,207) the decrease due to working capital funding movements during the year and funding of the head office premises by Holywells Properties Limited over the capital provided by the bank loan for the purchase.
During the year the group held business loan agreements with Lloyds Bank plc; the remaining liability at December 2025 of £3,333,563 (2024: £646,911). The increase in funding is due to the purchase of the head office premises by Holywells Properties Limited and support to Liquidline Limited for acquisition funding.
At the year end the group has shareholders' funds of £13,702,426 (2024: £10,783,051) including distributable profits of £12,156,977 (2024: £9,237,602). The directors therefore believe the group's position to be strong with current assets exceeding current liabilities by £7,579,768 (2024: £5,069,208) and consider that the business is in a good position to achieve its strategic aims in the coming year.
During the year the group held business loan agreements with Lloyds Bank plc; the remaining liability at December 2025 of £3,333,563 (2024: £646,911). The increase in funding is due to the purchase of the head office premises by Holywells Properties Limited and support to Liquidline Limited for acquisition funding.
At the year end the group has shareholders' funds of £13,702,426 (2024: £10,783,051) including distributable profits of £12,156,977 (2024: £9,237,602). The directors therefore believe the group's position to be strong with current assets exceeding current liabilities by £7,579,768 (2024: £5,069,208) and consider that the business is in a good position to achieve its strategic aims in the coming year.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Key Performance Indicators
The group 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 group 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 group 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:
The group 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 group 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 group 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:
The board of directors have prepared and continued to evolve the group’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.
Group Culture: Our values remain the foundation of our culture and form the basis for decision making across the group. 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 group 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 group 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.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The group 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 group.
The group 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 group. 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.
Environmental, Social and Governance (ESG): The group 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 group has outlined a strategy to extend product lifecycle capability.
The group 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.
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 group’s market proposition, providing a premium and aesthetically differentiated equipment offering within the group’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 group 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.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Technology: The group 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 group’s ERP and wider IT software platforms; supporting streamlined processes, enhanced customer experience and improved operational reporting capability across the group.
The board of directors, senior management team and wider management teams remain fully committed to delivering the group’s strategic objectives and long-term business plan.
The group transparently manages all risks and continuously develops strategic plans to ensure long-term, sustainable growth.
The principal business risk acknowledged by the group 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 group 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 group 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 group 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.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The management of the group and the delivery of the group’s strategy are subject to a number of risks which are detailed below alongside the mitigations that have been put in place.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
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GROUP STRATEGIC REPORT (CONTINUED)
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GROUP STRATEGIC REPORT (CONTINUED)
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GROUP STRATEGIC REPORT (CONTINUED)
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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 group’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 group. 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.
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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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
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):
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 group’s employees;
−the need to foster the group business relationships with suppliers, customers and others;
−the impact of the group’s operations on the community and the environment;
−the desirability of the group maintaining a reputation for high standards of business conduct; and
−the need to act fairly as between members of the group.
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 group.
The board recognises the important role that the group has to play in society and is committed to health and safety, public collaboration and stakeholders’ engagement. The board believes that the group 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 group. This review includes key risks and opportunities, such as investments in new assets or acquisitions which includes presentations, proposals and business cases.
The group’s key stakeholders are:
−The group’s ultimate beneficial owner, the shareholders.
−Employees
−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.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Other stakeholders are:
−Our suppliers
−Strategic partner organisations including our financing partner for customer lease finance of equipment
−Charitable partners including Change Please as well as local charities
−Communities close to where we work who may be impacted economically or environmentally by our operations
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 group when considering the deployment of capital in new business opportunities or making changes in our operational infrastructure, always acting in the group’s ultimate objective to deliver long term sustainable growth.
Employees – The board recognise that our employees are a key strength of the group 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 group’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 group 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 group.
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 group 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 group or any of its subsidiaries.
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 group 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 group 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.
Page 14
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The group has established an ESG team, consisting of employees across the group 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 group 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.
The group supports the work of The Grace Trust and Bacton Gospel Hall Trust through charitable donations. Both these organisations dedicate their work in different ways to making people’s lives better and we are proud to offer our support.
High Standards of Business Conduct – The board fully adheres to the group’s values which are designed to proactively promote ethical behaviour, protect the valued reputation of our group (including our directors, officers and employees) to support the group 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 group strives for a sustainable and improving return for its shareholders. When there is a conflict of interest between members of the group, the directors will take a balanced view from both sides and take that into consideration before determining strategies and activities.
The group maintains a range of codes of conduct, policies and regulatory compliance procedures which are reviewed and updated regularly to ensure continued adherence across the group.
In terms of shareholder governance, the subsidiary companies report monthly to Holywells Holdings Limited including matters relating to business plans, performance updates and strategic risks and opportunities.
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 group including its ability to pay debts as they fall due.
The group 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 information via digital channels including company websites, internal systems and communication platforms, emails and social media.
−Two-way internal communication across our employee base including monthly whole group company huddle meetings, regular newsletters, working groups and employee surveys to understand ENPS.
Page 15
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The board consists of representatives of all joint shareholders of the ultimate parent, Holywells Holdings Limited, who are also on the board of the subsidiary companies. 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 group 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 group Delegation of Authority.
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 group 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 group Delegation of Authority.
The group 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 Holywells Holdings Limited is as follows:
−A full strategic review, in conjunction with shareholders, to review all operations and focus on those markets in which the group and individual subsidiary companies can excel.
−Purchase of the group’s head office premises for the long-term success of the group and the interests of key stakeholders. Ownership of the property provides operational stability and cost certainty, reducing exposure to rental inflation and enhancing long-term financial resilience for shareholders. It also supports investment in a high-quality working environment for employees, fostering engagement and productivity. In addition, the purchase strengthens the group’s presence within its local community and provides a stable base from which to support future growth and customer service delivery. It will enable the group to take greater control of its working environment, supporting targeted investment in energy efficiency and sustainability initiatives, while also delivering long-term stability and value for stakeholders with the ability to sublet and generate additional rental revenues.
This report was approved by the board and signed on its behalf.
Page 16
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.
The profit for the year, after taxation, amounted to £4,147,494 (2024: £2,664,171).
The directors who served during the year, and up to the date of signing this report, were:
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 and group for that period. In preparing these financial statements, the directors are required to:
∙select suitable accounting policies and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group 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 the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Page 17
HOLYWELLS HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Financial risk management policies
The group's activities expose it to a variety of financial risks; interest rate risk; credit risk; and liquidity risk. The group's overall risk management strategy is to minimise the potential adverse effects of these risks on the group's performance in accordance with our risk appetite.
Interest Rate Risk
The group's main source of turnover and cash flows are substantially independent of changes in market interest rates. The group 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 group'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 group has significant cash reserves that give flexibility in managing liquidity risk. The group adopts a policy of investing these funds to balance obtaining the best commercial return against ensuring that the group has significant liquidity to enable it to meet its obligations as they fall due.
Future developments can be cross referenced to Our Business Strategy and Outlook paragraph in the Strategic Report.
The group undertakes research and development activity to develop and enhance both systems, products and food technology.
The group 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 group continues and the appropriate training is arranged. It is the policy of the group 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 group 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 group encourages the involvement of employees by means of regular updates issued by the board and senior management team on key company and group 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 group and the results of the feedback are scored in the Employee Net Promoter Score KPI.
Page 18
HOLYWELLS HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
See Section 172 statement on page 13.
The group is classed as large under the Companies Act 2006 for the first time as it exceeded the relevant qualifying thresholds and therefore falls under the scope of the Streamlined Energy and Carbon Reporting (SECR) requirements. The company, and it’s other subsidiaries except for Liquidline Limited, has consumed less than 40,000 kWh of energy during the year and is therefore exempt from the Streamlined Energy and Carbon Reporting requirements. Liquidline Limited’s energy use and carbon emissions are reported below without comparables as it is the first year.
In line with the Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 our energy use and greenhouse gas (GHG) emissions are set out below.
The data relates to UK emissions for the 12-month period from 1 January 2025 to 31 December 2025.
In line with the Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 our energy use and greenhouse gas (GHG) emissions are set out below.
The data relates to UK emissions for the 12-month period from 1 January 2025 to 31 December 2025.
Quantification and Reporting Methodology:
The boundaries of this report are based on operational control. We report our emissions with reference to the latest Greenhouse Gas Protocol Corporate Accounting and Reporting Standard (GHG Protocol). In accordance with the 2018 Regulations, the energy use and associated greenhouse gas emissions are for those within the UK only that come under the operational control boundary. Therefore, energy use and emissions are aligned with financial reporting for the UK subsidiaries and exclude the non-UK based subsidiaries that would not qualify under the 2018 Regulations in their own right. The 2025 UK Government GHG Conversion Factors for company Reporting published by the Department for Energy Security and Net Zero are used to convert energy use in our operations to emissions of CO2e. Carbon emission factors for purchased electricity calculated according to the ‘location-based grid average’ method. This reflects the average emission of the grid where the energy consumption occurs. Data sources include billing, invoices and internal systems. For transport data where actual usage data (e.g. litres) was unavailable conversions were made using average fuel consumption factors to estimate the usage. For the company fleet, a split between business vs personal travel was unavailable, therefore the total litres consumed by the fleet has been reported.
The boundaries of this report are based on operational control. We report our emissions with reference to the latest Greenhouse Gas Protocol Corporate Accounting and Reporting Standard (GHG Protocol). In accordance with the 2018 Regulations, the energy use and associated greenhouse gas emissions are for those within the UK only that come under the operational control boundary. Therefore, energy use and emissions are aligned with financial reporting for the UK subsidiaries and exclude the non-UK based subsidiaries that would not qualify under the 2018 Regulations in their own right. The 2025 UK Government GHG Conversion Factors for company Reporting published by the Department for Energy Security and Net Zero are used to convert energy use in our operations to emissions of CO2e. Carbon emission factors for purchased electricity calculated according to the ‘location-based grid average’ method. This reflects the average emission of the grid where the energy consumption occurs. Data sources include billing, invoices and internal systems. For transport data where actual usage data (e.g. litres) was unavailable conversions were made using average fuel consumption factors to estimate the usage. For the company fleet, a split between business vs personal travel was unavailable, therefore the total litres consumed by the fleet has been reported.
Page 19
HOLYWELLS HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Greenhouse gas emissions, energy consumption and energy efficiency action (continued)
Intensity Ratio:
We have chosen to report our gross emissions against £Million Turnover. The intensity metric for FYE-25 was 20.1 tCO2e per £m turnover.
Energy Efficiency Action:
In the period covered by the report Liquidline Limited has replaced lighting at the Jackson House site with LEDs and purchased more energy efficient heating oil. A new electric heat pump, panel heaters and overhead curtains have been installed at our Woolwich site.
Intensity Ratio:
We have chosen to report our gross emissions against £Million Turnover. The intensity metric for FYE-25 was 20.1 tCO2e per £m turnover.
Energy Efficiency Action:
In the period covered by the report Liquidline Limited has replaced lighting at the Jackson House site with LEDs and purchased more energy efficient heating oil. A new electric heat pump, panel heaters and overhead curtains have been installed at our Woolwich site.
Within the group, on 1 January 2026 the trade and assets was transferred from a subsidiary of Liquidline Ltd, 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, Liquidline Ltd transferred the trading activities of its vending division into a subsidiary company Liquidline Vending Ltd, 100% owned by Liquidline Ltd.
On 20 March 2026, Liquidline Ltd 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, Liquidline Ltd signed heads of terms for the purchase of the trade and assets of Tapside Marketing Ltd for £160,000.
On 28 February 2026, Liquidline Ltd transferred the trading activities of its vending division into a subsidiary company Liquidline Vending Ltd, 100% owned by Liquidline Ltd.
On 20 March 2026, Liquidline Ltd 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, Liquidline Ltd signed heads of terms for the purchase of the trade and assets of Tapside Marketing Ltd for £160,000.
The auditor, Grant Thornton UK LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
Page 20
HOLYWELLS HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
This report was approved by the board and signed on its behalf.
Page 21
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HOLYWELLS HOLDINGS LIMITED
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 group's and the parent 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 group or the parent company to cease to continue as a going concern.
In our evaluation of the directors' conclusions, we considered the inherent risks associated with the group's and the parent 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 group's and the parent company's financial resources or ability to continue operations over the going concern period.
Page 22
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HOLYWELLS HOLDINGS 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.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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 23
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HOLYWELLS HOLDINGS LIMITED (CONTINUED)
Matters on which we are required to report by exception
Page 24
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HOLYWELLS HOLDINGS LIMITED (CONTINUED)
Page 25
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HOLYWELLS HOLDINGS LIMITED (CONTINUED)
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.
Senior Statutory Auditor
for and on behalf of Grant Thornton UK LLP
Statutory Auditor, Chartered Accountants
Page 26
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 27
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2025
Page 28
CONSOLIDATED 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:
The notes on pages 35 to 62 form part of these financial statements.
Page 29
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2025
The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit of the company for the year was £1,609,153 (2024: £1,370,960).
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 35 to 62 form part of these financial statements.
Page 30
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 31
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 32
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 33
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 34
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Holywells Holdings Limited is a private company limited by shares, incorporated in England and Wales. Registered number 10394479. Its registered head office is located at Jackson House, 86 Sandyhill Lane, Ipswich, IP3 0JA.
2.Accounting policies
The parent 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 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; and
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
Page 35
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
The group has excluded its dormant subsidiaries Strongvend Limited, S.V. Leasing Limited and FlexiVend Limited from the consolidation as these companies were dormant in 2025.
Based on this, the directors have concluded that they have a reasonable expectation that the group 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 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.
Functional and presentation currency
Transactions and balances
Page 36
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Page 37
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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.
Defined contribution pension plan
The group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the group pays fixed contributions into a separate entity. Once the contributions have been paid the group 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 group in independently administered funds.
The group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the group pays fixed contributions into a separate entity. Once the contributions have been paid the group 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 group in independently administered funds.
Page 38
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Goodwill
Other intangible assets
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.
Page 39
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
The estimated useful lives range as follows:
Depreciation is provided on the following basis:
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 40
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Page 41
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Page 42
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
There were no estimates or judgements deemed significant to the financial statements.
Page 43
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Analysis of turnover by country of destination:
Page 44
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 45
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 46
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 47
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
12.Taxation (continued)
Deferred tax balances have been measured at 25%, being the enacted UK corporation tax rate applicable to future periods at the balance sheet date.
Page 48
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Page 49
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Page 50
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
15.Tangible fixed assets (continued)
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Page 51
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 52
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 53
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
20.Creditors: amounts falling due within one year (continued)
Page 54
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 55
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Page 56
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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* Other non-cash changes represent interest expense determined using amortised cost accounting.
** The net cashflows for the acquisition of City Vending Services Limited were £499,243 (Refer to business combination note 29).
The net cashflows for the acquisition of HCC (Belfast) Ltd were £220,255 (Refer to business combination note 29).
Outflow - Any expenses paid plus consideration paid in cash
Inflow - Then the cash inflow was the cash acquired as part of the business
** The net cashflows for the acquisition of City Vending Services Limited were £499,243 (Refer to business combination note 29).
The net cashflows for the acquisition of HCC (Belfast) Ltd were £220,255 (Refer to business combination note 29).
Outflow - Any expenses paid plus consideration paid in cash
Inflow - Then the cash inflow was the cash acquired as part of the business
Page 57
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 58
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The company's capital and reserves are as follows:
Share premium account
Profit and loss account
On 31 January 2025, the group acquired 100% of the share capital of City Vending Services Limited.
On 30 September 2025, the group acquired 100% of the share capital of HCC (Belfast) Ltd.
On 30 September 2025, the group acquired 100% of the share capital of HCC (Belfast) Ltd.
Page 59
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
29.Business combinations (continued)
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Page 60
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
On 31 January 2025, the Group acquired 100% of the share capital of City Vending Services Limited. 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. From the date of acquisition to the reporting date, the business generated revenue of £923,321 and a gross profit of £380,842.
On 30 September 2025, the Group acquired 100% of the share capital of HCC (Belfast) Ltd. 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. From the date of acquisition to the reporting date, the business generated revenue of £147,284 and a gross profit of £51,309.
On 30 September 2025, the Group acquired 100% of the share capital of HCC (Belfast) Ltd. 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. From the date of acquisition to the reporting date, the business generated revenue of £147,284 and a gross profit of £51,309.
The group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £257,471 (2024: £182,397). Contributions totalling £66,673 (2024: £45,541) were payable to the fund at the balance sheet date and are included in creditors.
Page 61
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
On 28 February 2026, Liquidline Ltd transferred the trading activities of its vending division into a subsidiary company Liquidline Vending Ltd, 100% owned by Liquidline Ltd.
On 20 March 2026, Liquidline Ltd 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, Liquidline Ltd signed heads of terms for the purchase of the trade and assets of Tapside Marketing Ltd for £160,000.
Page 62