MORECO HOLDCO LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD

29TH DECEMBER 2024 TO 3RD JANUARY 2026

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

9

Consolidated Statement of Comprehensive Income

12

Consolidated Balance Sheet

13

Company Balance Sheet

14

Consolidated Statement of Changes in Equity

15

Company Statement of Changes in Equity

16

Consolidated Cash Flow Statement

17

Notes to the Consolidated Cash Flow Statement

18

Notes to the Consolidated Financial Statements

20

DIRECTORS:

R S Nijjar

A Hussain

REGISTERED OFFICE:

Second Floor, Park View

Riverside Way

Camberley

Surrey

GU15 3YL

REGISTERED NUMBER:

15281074 (England and Wales)

AUDITORS:

HW Bedford Limited

First Floor, Woburn Court

2 Railton Road

Woburn Rd Ind Est

Kempston

Bedfordshire

MK42 7PN

The directors present their strategic report of the company and the group for the period 29th December 2024 to 3rd January 2026.

REVIEW OF THE GROUP

The Group operates Milk & More, a leading direct-to-door grocery and dairy delivery service supported by one of the UK's largest electric vehicle fleets in the sector. The Group delivers fresh dairy products and sustainable, refillable household goods to customers before 7:00 a.m., offering a convenient and environmentally responsible service that aligns with evolving consumer preferences.

Following its acquisition by the owners of Freshways at the end of 2023, FY2025 represented a landmark year in the Group's transformation. Under the leadership of the Freshways management team, the Group successfully executed a comprehensive strategic and operational turnaround, delivering a £1.6 million year-on-year improvement in EBITDA, increasing from £3.0 million in FY2024 to £4.6 million in FY2025.

While revenue reduced modestly as a result of portfolio rationalisation and lower sales volumes, the Group significantly strengthened its underlying profitability through margin improvement, structural cost reductions, and operational efficiencies. These initiatives have repositioned the Group on a more sustainable and resilient long-term operating model.

Importantly, the Group successfully arrested its customer decline and returned to growth during the year. By the end of FY2025, Milk & More was acquiring approximately 2,000 new customers each week, driven by the successful deployment of a dedicated field sales team comprising more than 100 door-to-door representatives. This strategic investment has materially strengthened customer acquisition and expanded the brand's market presence.

Financial Performance (FY2025)

- Revenue: £121.5 million (0.38% decrease year-on-year)

- Gross Profit: £76.1 million (2.25% decrease year-on-year)

- EBITDA: £4.6 million (up from £3.0 million in FY2024)

- Gross Margin: 62.6% (down from 63.8%)

Performance improvements were driven by several key initiatives, including:

- Significant reductions in cost of goods sold through vertical integration with Freshways.

- £1.2 million reduction in direct operating costs, including logistics, fuel, fleet, and labour.

- £0.8 million reduction in vehicle hire costs.

- Investment in a modernised vehicle fleet, reducing maintenance expenditure and improving operational reliability.

- Continued investment in routing technology, CRM capabilities, and electric fleet optimisation to enhance productivity and customer service.

Ownership and Strategic Transformation

The Freshways acquisition has enabled a comprehensive restructuring of the Group's operating model and supply chain, creating a stronger platform for future growth. Key strategic initiatives included:

- Elimination of legacy overheads and management fee structures.

- Transition of milk supply to an integrated in-house sourcing model.

- Reinvestment in technology platforms, vehicle tracking, and operational systems.

- Implementation of lean organisational structures and operational excellence programmes to improve efficiency and accountability.

Turnaround Strategy and Delivery

The transformation programme delivered measurable operational and financial improvements throughout FY2025, including:

- A £1.6 million year-on-year improvement in EBITDA through disciplined cost management and operational optimisation.

- Digitalisation of supply chain and route planning, improving delivery efficiency and asset utilisation.

- Reallocation of expenditure away from legacy corporate overheads towards customer acquisition, service quality, and growth initiatives.

- Strong cash and capital expenditure discipline, preserving liquidity while investing selectively in strategic capabilities.

Outlook

FY2025 established a strong foundation for the next phase of the Group's development. The successful turnaround has restored financial stability, strengthened operational performance, and repositioned the business for sustainable, profitable growth.

Management remains focused on accelerating customer acquisition, driving further operational efficiencies, and leveraging the benefits of vertical integration and continued technology investment. With a stabilised customer base, an improving margin profile, and a scalable operating model, the Group is well positioned to build on the progress achieved during FY2025.

The owners are encouraged by the pace of transformation delivered to date and remain confident in the management team's ability to execute the next phase of the strategic plan. As the Group continues to invest in growth while maintaining financial discipline, the Group is well placed to deliver sustainable value creation and continued profitability in FY2026 and beyond.

PRINCIPAL RISKS AND UNCERTAINTIES

The Group operates in a highly competitive market, facing competition from both traditional retailers and emerging online grocery delivery services during a very challenging period for the food and grocery industry, with widespread labour and supply chain challenges and high inflation at the beginning of the year.

The primary operational risks of the Group includes environmental, health and safety and IT / power failures. Documented procedures are in place to manage all these risks. Disaster recovery procedures exist in the event of power and IT outages and are implemented when required.

The primary commercial risks include secure sourcing of raw materials, fluctuations in oil price and commodity priced by-products and regulatory compliance. All of these areas are proactively managed to ensure risks are identified and mitigated at the earliest opportunity.

The Group has a small percentage of its business concentrated in a small number of multiple retailers which is reflected in our trade receivables balance. The credit risk associated with this is limited as the customers are either schools or businesses with high credit ratings or the Group has credit insurance in place to mitigate the risk of exposure. Individual customers pay when ordering, in advance of products being delivered, this removes any risk of customers not paying after the delivery of goods.

KEY PERFORMANCE INDICATORS

The Directors monitor the performance of the Group both financially and operationally with a comprehensive suite of Key Performance Indicators (KPI) which cover all areas of the business are shared with all staff and customers as appropriate.

Financial: Sales, net profit/(loss), gross margin, capital expenditure and debtor ageing.

Customer: Complaints/million units and service levels.

The directors are of the opinion that analysis using KPI's is not necessary in the report for an understanding of the development, performance, or state of the Group.

SUSTAINABILITY

The Group is committed to operating responsibly and reducing the environmental impact of its activities. Milk & More supports a circular-economy model through its doorstep delivery and return-logistics network.

Reusable glass milk bottles are collected, washed and reused an average of 28 times, helping to avoid an estimated 1,600 tonnes of single-use plastic packaging each year. Milk & More has also expanded the range of products available in reusable and lower-waste packaging formats.

During the period:

1. 80% of Milk & More products were sold in zero-waste packaging formats.

2. 97% of Milk & More's sales volume was supplied in packaging that was reusable, recyclable or compostable.

3. Milk & More operated more than 500 electric vehicles. The electric fleet travelled approximately 10 million miles during the reporting period, equivalent to around 400 journeys around the world, and avoided an estimated 4,335 tonnes of CO2e.

ON BEHALF OF THE BOARD:

R S Nijjar - Director

24th August 2026

The directors present their report with the financial statements of the company and the group for the period 29th December 2024 to 3rd January 2026.

PRINCIPAL ACTIVITY

The principal activity of the group in the period under review was that of The principal activity of the Group is the provision of a curated selection of sustainable, refill focused products, delivered to customer doorsteps by 7am in the morning. The range they offer covers milk, milk alternatives and a variety of other grocery and home products. The mission is to provide UK consumers convenience coupled with eco-friendly options for regular, recurring orders as well as one-off top-up orders.

The concept of regular deliveries on localised, optimised routes helps drive down both food waste and unnecessary food miles, and is delivered via our own vehicles including a fleet of electric vehicles.

DIVIDENDS

No dividends will be distributed for the period ended 3rd January 2026.

FUTURE DEVELOPMENTS

The Group is continuing the development of the milestones outlined in the Review of the Business in the Strategic Report (page 2).

DIRECTORS

The directors shown below have held office during the whole of the period from 29th December 2024 to the date of this report.

R S Nijjar

A Hussain

GENERAL INFO

Moreco Holdco Limited is a Company incorporated in the United Kingdom on 13 November 2023.

During the year, the Directors considered the ultimate controlling parties of the Group to be Mr A Hussain and Mr R S Nijjar.

Risk management

The credit risk is managed internally and via an external insurance provider.

POLITICAL DONATIONS AND EXPENDITURE

11/07/2025 - The Mental Health - £2,500

GOING CONCERN

The Directors have conducted a comprehensive review of the Group's financial position and its ability to continue as a going concern, in accordance with the principles set out in UK GAAP (FRS 102, Section 3.8). This assessment has considered the Group's operations, cash flows, liquidity, and broader financial arrangements within the context of the business environment in which it operates.

The Group has moved to sourcing its milk directly, supported by the parent company's logistics network, enhancing both cost-effectiveness and supply chain reliability.

- Management and administrative overhaul - achieved cost savings through the reduction of previous Parent management charges, a head office restructure, and the optimisation of the Group call centre operations through relocation.

- Operational efficiencies - focused on the removal of non-value-added activities and overheads, alongside a strategic reduction in intensive capital expenditure, to streamline operations and improve financial performance.

The Directors are confident that these measures have positioned the Group on a path to profitability in the second half of FY26 and ensure its long-term success. The positive impacts of these initiatives have already begun to materialize, with improved operational efficiencies and reduced costs contributing to the financial stability of the Group.

Furthermore, in assessing the Group's ability to continue as a going concern, the Directors have prepared cash flow forecasts for a period of not less than twelve months from the date of signing these accounts. These forecasts take into account the Group's current financial position,and the expected impact of the strategic measures implemented. Based on these forecasts and current financial indicators, the Directors believe that the Group has adequate resources to continue in operational existence for the foreseeable future.

Accordingly, the financial statements have been prepared on a going concern basis, reflecting the Directors' belief that the Group will continue to meet its liabilities as they fall due.

On this basis, the Directors of the Group believe it is appropriate to continue to adopt the going concern basis of accounting in preparing these financial statements.

DISABLED PERSON

The Group is committed to promoting equal opportunities in all aspects of employment, including recruitment, pay and conditions, training, appraisal, promotion, conduct at work, disciplinary and grievance procedures and termination of employment. We commit to ensuring employees are not discriminated for reason relating to their disability. We will take reasonable steps to ensure:

- Recruitment processes and terms of employment do not discriminate for reasons related to disability;

- Opportunities offered for promotion, transfer, training or other benefits are the same for all employees;

- A disabled person is not put at a disadvantage because of their disability and all reasonable adjustments are reviewed.

Where an employee becomes disabled whilst employed by the Group, arrangements are made, wherever possible, for re-training in order to perform a job identified as appropriate to the aptitudes and abilities of the individual concerned. Involvement in the performance of the Group is encouraged by means of incentive schemes linked to the performance of the Group on a number of measures. The Group places considerable value on the involvement of its employees and keeps them informed on matters affecting them as employees and on the various factors affecting the performance of the business. Communication is made via regular meetings with senior management, notice boards and the Group intranet.

STREAMLINED ENERGY AND CARBON REPORTING (SECR)

Reporting period

29th December 2024 to the date of this report.

Total UK energy use for the reporting period was 26,916,894 kWh. Gross Scope 1 emissions were 4,940.264 tCO2e and Scope 2 purchased electricity emissions (location-based) were 1,368.166 tCO2e, giving combined gross Scope 1 and Scope 2 emissions of 6,308.430 tCO2e. The data is obtained from all the Company's energy sources and is calculated using the GHG Reporting Protocol - Corporate Standard and latest UK Government Conversion Factors.

Energy and Carbon calculations

Scope 1

2025

2024

Emissions Type

kWh

Tonnes CO2e

kWh

Tonnes CO2e

Gas consumption

519,546

95.06

274,789

50.26

Oil / kerosene consumption

36,711

9.54

28,184

7.56

Owned Transport Class III

18,630,887

4,835.67

14,908,909

3,563.53

Total

19,187,144

4,940.26

15,211,882

3,621.34

Scope 2

2025

2024

Emissions Type

kWh

Tonnes CO2e

kWh

Tonnes CO2e

Purchased electricity

7,729,750

1,368.17

12,295,727

2,545.83

Total

7,729,750

1,368.17

12,295,727

2,545.83

2025

2024

Tonnes CO2e

Tonnes CO2e

Total Emissions

6,308.43

6,167.17

Intensity ratio

Turnover (£)

£121,508,683

£121,973,168

Total Tonnes CO2e

6,308.43

6,167.17

Intensity ratio (Tonnes CO2e per £1 Turnover)

0.00005

0.00005

Intensity ratio (Tonnes CO2e per Employee)

6.01

6.19

This is the second year of SECR reporting for the Group.

Quantification and Reporting Methodology

The methodology used in this report is The GHG Protocol Corporate Accounting and Reporting Standard combined with 2013 UK Government Environmental Reporting Guidelines (updated March 2019). We have used the Greenhouse gas reporting: conversion factors 2025 for the conversion of the usage data.

The energy efficiency narrative methodology has been created based on energy management best practice.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

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

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

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, HW Bedford Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

R S Nijjar - Director

24th August 2026

Qualified opinion

We have audited the financial statements of Moreco Holdco Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 3rd January 2026 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion, except for the possible effects of the matter described in the Basis for qualified opinion section of our report, the financial statements:

- give a true and fair view of the state of the Group's affairs as at 3 January 2026 and of the Group's financial performance for the year then ended;

- have been properly prepared in accordance with United Kingdom adopted International Financial Reporting Standards (IFRSs); and

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

Basis for qualified opinion

In the prior year, the Group transitioned from a legacy accounting system to a new system which was completed in the year under review, with limited access to the former. A limitation of scope arose during the prior year which resulted in limited audit evidence available regarding revenue and journals for the period before the transition. Despite the above limitations, we found no material uncertainty that would cast significant doubt on the Group's ability to continue as a going concern for at least the next 12 months.

The opening balances of retained earnings include transactions from the prior period for which a limitation of scope was evident. As a result, we were unable to determine whether adjustment were necessary to correct these balances. Consequently, we were unable to verify the impact of these balances brought forward on the financial position for the current period under review.

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 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 qualified opinion.

Conclusions relating to going concern

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

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

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

Key audit matters

Except for the matters described in the Basis for qualified opinion section, we have determined that there are no key audit matters to be communicated in our 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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

As described in the Basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the opening balances of retained earnings. We have concluded that where the other information refers to such opening balances, it may be materially misstated for the same reason.

Opinions on other matters prescribed by the Companies Act 2006

Except for the possible effects of the matter described in the Basis for qualified opinion section of our 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.

Matters on which we are required to report by exception

Except for the matter described in the Basis for qualified opinion section of our report, in the light of the knowledge and understanding of the Group and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page eight, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- Identifying and assessing the controls management has in place to prevent and detect fraud;

- Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;

- Challenging assumptions and judgments made by management in its significant accounting estimates and judgments pertaining to the assessment and evaluation of potential fixed asset impairment indicators, fixed asset dilapidation estimates, deferred income, prepayments, and deferred tax recognition;

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

- Assessing the extent of compliance with the relevant laws and regulations.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusions.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Alberto Di Lorenzo FCA (Senior Statutory Auditor)

for and on behalf of HW Bedford Limited

First Floor, Woburn Court

2 Railton Road

Woburn Rd Ind Est

Kempston

Bedfordshire

MK42 7PN

24th August 2026

TURNOVER

3

121,508,683

121,973,168

Cost of sales

45,389,010

44,100,067

GROSS PROFIT

76,119,673

77,873,101

Distribution costs

2,755,014

3,947,780

Administrative expenses

72,142,245

74,858,673

74,897,259

78,806,453

OPERATING PROFIT/(LOSS)

5

1,222,414

(933,352

)

Interest receivable and similar income

70,793

283

1,293,207

(933,069

)

Interest payable and similar expenses

7

1,052,207

897,569

PROFIT/(LOSS) BEFORE TAXATION

241,000

(1,830,638

)

Tax on profit/(loss)

8

(284,160

)

1,911,415

PROFIT/(LOSS) FOR THE FINANCIAL PERIOD

525,160

(3,742,053

)

OTHER COMPREHENSIVE INCOME

Revaluation surplus

-

12,082,648

Income tax relating to other comprehensive income

-

(3,020,662

)

OTHER COMPREHENSIVE INCOME FOR THE PERIOD, NET OF INCOME TAX

-

9,061,986

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

525,160

5,319,933

Profit/(loss) attributable to:

Owners of the parent

525,160

(3,742,053

)

Total comprehensive income attributable to:

Owners of the parent

525,160

5,319,933

FIXED ASSETS

Intangible assets

10

(5,295,656

)

(8,599,650

)

Tangible assets

11

28,579,394

29,774,215

Investments

12

-

-

23,283,738

21,174,565

CURRENT ASSETS

Stocks

13

798,255

591,327

Debtors

14

17,306,794

16,453,740

Cash at bank

927,756

986,860

19,032,805

18,031,927

CREDITORS

Amounts falling due within one year

15

20,501,385

25,666,690

NET CURRENT LIABILITIES

(1,468,580

)

(7,634,763

)

TOTAL ASSETS LESS CURRENT LIABILITIES

21,815,158

13,539,802

CREDITORS

Amounts falling due after more than one year

16

(9,229,831

)

(1,661,334

)

PROVISIONS FOR LIABILITIES

20

(6,740,232

)

(6,558,534

)

NET ASSETS

5,845,095

5,319,934

CAPITAL AND RESERVES

Called up share capital

21

2

1

Revaluation reserve

22

9,061,986

9,061,986

Retained earnings

22

(3,216,893

)

(3,742,053

)

SHAREHOLDERS' FUNDS

5,845,095

5,319,934

The financial statements were approved by the Board of Directors and authorised for issue on 24th August 2026 and were signed on its behalf by:

R S Nijjar - Director

FIXED ASSETS

Intangible assets

10

-

-

Tangible assets

11

-

-

Investments

12

10,898,330

10,898,330

10,898,330

10,898,330

CURRENT ASSETS

Debtors

14

2

2

CREDITORS

Amounts falling due within one year

15

1

1

NET CURRENT ASSETS

1

1

TOTAL ASSETS LESS CURRENT LIABILITIES

10,898,331

10,898,331

CAPITAL AND RESERVES

Called up share capital

21

2

2

Retained earnings

22

10,898,329

10,898,329

SHAREHOLDERS' FUNDS

10,898,331

10,898,331

Company's profit for the financial year

-

10,898,329

The financial statements were approved by the Board of Directors and authorised for issue on 24th August 2026 and were signed on its behalf by:

R S Nijjar - Director

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Changes in equity

Issue of share capital

1

-

-

1

Total comprehensive income

-

(3,742,053

)

9,061,986

5,319,933

Balance at 28th December 2024

1

(3,742,053

)

9,061,986

5,319,934

Changes in equity

Issue of share capital

1

-

-

1

Total comprehensive income

-

525,160

-

525,160

Balance at 3rd January 2026

2

(3,216,893

)

9,061,986

5,845,095

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Changes in equity

Issue of share capital

2

-

2

Total comprehensive income

-

10,898,329

10,898,329

Balance at 28th December 2024

2

10,898,329

10,898,331

Changes in equity

Balance at 3rd January 2026

2

10,898,329

10,898,331

Cash flows from operating activities

Cash generated from operations

1

2,529,361

24,095,107

Interest paid

(837,286

)

(874,661

)

Interest element of hire purchase payments paid

(214,921

)

(22,908

)

Net cash from operating activities

1,477,154

23,197,538

Cash flows from investing activities

Purchase of intangible fixed assets

(1,354,313

)

(3,102,256

)

Purchase of tangible fixed assets

(3,375,817

)

(23,042,292

)

Acquisition of subsidiaries

-

1,716,077

Interest received

70,793

283

Net cash from investing activities

(4,659,337

)

(24,428,188

)

Cash flows from financing activities

Receipts from participating

2,749,197

-

Advancements to participating

(4,328,311

)

-

Repayments to participating

(59,629,387

)

-

Proceeds from participating

56,417,820

-

Amount introduced by directors

-

(2

)

HP loans acquired

3,285,776

2,878,963

HP loans repaid

(1,489,848

)

(754,832

)

Proceeds from bank loans

6,100,000

-

Net cash from financing activities

3,105,247

2,124,129

(Decrease)/increase in cash and cash equivalents

(76,936

)

893,479

Cash and cash equivalents at beginning of period

2

893,479

-

Cash and cash equivalents at end of period

2

816,543

893,479

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

Period

Period

29/12/24

13/11/23

to

to

3/1/26

28/12/24

£

£

Profit/(loss) before taxation

241,000

(1,830,638

)

Depreciation charges

2,493,458

2,787,511

Loss on disposal of fixed assets

127,498

-

Non-cash flow: Goodwill additions

-

12,549,043

Non-cash flow: Transfers of IFA

-

(376,588

)

Non-cash flow: Transfers of TFA

-

376,588

Finance costs

1,052,207

897,569

Finance income

(70,793

)

(283

)

3,843,370

14,403,202

Increase in stocks

(206,928

)

(591,327

)

Decrease/(increase) in trade and other debtors

202,994

(17,432,321

)

(Decrease)/increase in trade and other creditors

(1,310,075

)

27,715,553

Cash generated from operations

2,529,361

24,095,107

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Period ended 3rd January 2026

3/1/26

29/12/24

£

£

Cash and cash equivalents

927,756

986,860

Bank overdrafts

(111,213

)

(93,381

)

816,543

893,479

Period ended 28th December 2024

28/12/24

13/11/23

£

£

Cash and cash equivalents

986,860

-

Bank overdrafts

(93,381

)

-

893,479

-