REGISTERED NUMBER: 02565098 (England and Wales)

UNIVERSAL CONTAINER SERVICES LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Page

Company Information

1

Strategic Report

2

Report of the Director

4

Report of the Independent Auditors

6

Income Statement

10

Other Comprehensive Income

11

Balance Sheet

12

Statement of Changes in Equity

13

Notes to the Financial Statements

14

DIRECTOR:

G Woolley

REGISTERED OFFICE:

Wharfside Container Park

Irlam Wharf Road

Irlam

Manchester

M44 5FZ

REGISTERED NUMBER:

02565098 (England and Wales)

AUDITORS:

Clarke Nicklin LLP

Chartered Accountants and

Statutory Auditors

Clarke Nicklin House

Brooks Drive

Cheadle Royal Business Park

Cheadle

Cheshire

SK8 3TD

The director presents his strategic report for the year ended 31 December 2025.

PRINCIPAL ACTIVITIES

The Company's principal activities comprise the conversion, sale and hire of shipping containers, together with self-storage solutions and the sale of container accessories. The Company continues to develop its product and service offering in response to evolving customer requirements, with a focus on quality, service and operational efficiency.

REVIEW OF BUSINESS

The Company delivered a resilient trading performance during the year, with sales increasing by 2.5% to £17.6 million (2024: £17.1 million), following a 2.6% decline in the prior year. Performance was underpinned by a strong base of recurring customers, a diversified customer portfolio and the Company's ability to meet customer specifications.

Profit before tax margin reduced from 15.5% to 11.4%, reflecting continued inflationary pressures across materials and operating overheads. Management continues to monitor gross margin, profit before tax margin, working capital and cash conversion closely, with a focus on maintaining profitability and efficient deployment of capital.

A significant strategic investment during the year was the acquisition of a new 3.5-acre yard, bringing the total operation to 14 acres. This represents a substantial long-term investment in the Company's infrastructure, providing increased capacity and operational flexibility and creating a platform to support future growth, improved stock and logistics management.

FUTURE DEVELOPMENTS

The Company continues to evaluate opportunities for growth through research and development, product innovation and entry into complementary markets. The Board remains focused on sustainable, profitable growth and will continue to assess investment opportunities that strengthen the Company's competitive position and generate long-term returns.

The Board also intends to review its composition and senior management structure during the forthcoming year, with the objective of adding further commercial and strategic expertise to support the Company's continued development.

PRINCIPAL RISKS AND UNCERTAINTIES

Macroeconomic Environment

The Company operated against a challenging macroeconomic backdrop during 2025, with ongoing cost pressures, interest rate conditions, foreign exchange volatility and uncertainty in international trade continuing to influence operating costs and customer demand.

Customer Risk:

The Company has a diversified customer base across a range of customers and sectors and is not considered materially dependent upon any individual customer or sector. Credit exposure is actively monitored through established credit control procedures.

Foreign Exchange Risk:

The Company is exposed to foreign exchange movements through transactions denominated in foreign currencies. Management actively monitors these exposures and uses appropriate foreign exchange hedging arrangements to mitigate adverse movements and provide greater certainty over costs, cash flows and margins.

Cost and Margin Risk:

Volatility in material, labour, transport and other operating costs may place pressure on margins. Management monitors supplier pricing, gross margins and operating costs closely and adjusts pricing and procurement strategies where commercially appropriate.

ON BEHALF OF THE BOARD:

G Woolley - Director

9 September 2026

The director presents his report with the financial statements of the company for the year ended 31 December 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of storage, repair, conversions and sale of containers.

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2025 is £700,511 (2024: £746,566). The director recommends no (2024: no) final dividends are paid.

DIRECTOR

G Woolley held office during the whole of the period from 1 January 2025 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

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

ON BEHALF OF THE BOARD:

G Woolley - Director

9 September 2026

Opinion

We have audited the financial statements of Universal Container Services Limited (the 'company') for the year ended 31 December 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

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

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

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

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

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

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is 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 director determines 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 director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Procedures to identify risks:

-

enquiring of management concerning the company's procedures relating to: identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance; detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

-

discussing among the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As part of this discussion, we identified potential for fraud in the following areas: timing of recognition of sales and purchases and their related stock movements, posting of unusual journals; and

-

obtaining an understanding of the legal and regulatory frameworks that the company operates in, focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the company. The key laws and regulations we considered in this context included UK Companies Act, employment law, health and safety, pensions legislation and tax legislation.

The procedures to respond to risks identified included:

-

reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations discussed above;

-

enquiring of management, concerning actual and potential litigation and claims;

-

performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

-

reviewing correspondence with HMRC;

-

testing the timing and matching of income and expense transactions relating to stock movements either side of the year end; and

-

in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

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

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulation that are not closely related to events and transactions reflected in the financial statements. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detection one resulting from an error, as fraud may involve deliberate concealment, by for example, forgery or intentional misrepresentation, or through collusion.

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.

Kerry Burr FCA (Senior Statutory Auditor)

for and on behalf of Clarke Nicklin LLP

Chartered Accountants and

Statutory Auditors

Clarke Nicklin House

Brooks Drive

Cheadle Royal Business Park

Cheadle

Cheshire

SK8 3TD

9 September 2026

TURNOVER

3

17,554,141

17,121,066

Cost of sales

12,330,838

11,524,426

GROSS PROFIT

5,223,303

5,596,640

Administrative expenses

3,383,826

3,203,067

OPERATING PROFIT

5

1,839,477

2,393,573

Interest receivable and similar income

160,087

265,360

PROFIT BEFORE TAXATION

1,999,564

2,658,933

Tax on profit

6

508,730

674,643

PROFIT FOR THE FINANCIAL YEAR

1,490,834

1,984,290

PROFIT FOR THE YEAR

1,490,834

1,984,290

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,490,834

1,984,290

FIXED ASSETS

Intangible assets

8

-

1,294

Tangible assets

9

417,205

522,998

417,205

524,292

CURRENT ASSETS

Stocks

10

6,146,718

6,202,952

Debtors

11

2,727,288

2,096,472

Cash at bank

2,765,015

5,304,821

11,639,021

13,604,245

CREDITORS

Amounts falling due within one year

12

2,802,498

5,643,336

NET CURRENT ASSETS

8,836,523

7,960,909

TOTAL ASSETS LESS CURRENT LIABILITIES

9,253,728

8,485,201

PROVISIONS FOR LIABILITIES

13

68,649

90,445

NET ASSETS

9,185,079

8,394,756

CAPITAL AND RESERVES

Called up share capital

14

43,000

43,000

Retained earnings

15

9,142,079

8,351,756

SHAREHOLDERS' FUNDS

9,185,079

8,394,756

The financial statements were approved by the director and authorised for issue on 9 September 2026 and were signed by:

G Woolley - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2024

43,000

7,114,032

7,157,032

Changes in equity

Dividends

-

(746,566

)

(746,566

)

Total comprehensive income

-

1,984,290

1,984,290

Balance at 31 December 2024

43,000

8,351,756

8,394,756

Changes in equity

Dividends

-

(700,511

)

(700,511

)

Total comprehensive income

-

1,490,834

1,490,834

Balance at 31 December 2025

43,000

9,142,079

9,185,079

1.	COMPANY INFORMATION

Universal Container Services Ltd ("the Company") is a limited company incorporated in the United Kingdom. The address of its registered office and principal place of business is Wharfside Container Park, Irlam Wharf Road, Irlam, Manchester, M44 5FZ.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in Sterling (£).

Going concern

The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The director has reached this conclusion giving due consideration to the projected future performance of the company and any potential risk that might impact the company's ability to meet its required solvency levels. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

Financial Reporting Standard 102 - reduced disclosure exemptions

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

•

the requirements of Section 7 Statement of Cash Flows.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if revision only affects that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The following judgements have had the most significant effect on amounts recognised in the financial statements;

Stock provision - Included in stocks are items leased out to customers on short term hire agreements. To reflect the use of these assets, stocks are written down by 10% for each complete year of ownership, subject to a maximum of five years. This reflects the useful life of the assets and their residual value.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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

Revenue from the rendering of services, including repairs and conversions, is recognised by reference to the stage of completion of the work at the balance sheet date, provided the outcome can be estimated reliably. Amounts recognised but not yet invoiced are included in debtors as amounts recoverable on contracts.

Revenue from leases is recognised as and when the lease applies, usually per the lease agreement in place with each customer.

Intangible assets

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

Computer software is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% Reducing balance and 10% straight line

Fixtures and fittings

-

25% Reducing balance

Motor vehicles

-

25% Reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making an allowance for obsolete and slow moving items. Included in stocks are items leased out to customers on short term hire agreements. To reflect the use of these assets, stocks are written down by 10% for each complete year of ownership, subject to a maximum of five years.

Financial instruments

The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities, including amounts owed by and to group undertakings.

Financial assets

Basic financial assets, including trade debtors, cash and bank balances and amounts owed by group undertakings, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at the market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

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

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the income statement.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party, or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade creditors and amounts owed to group undertakings, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

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

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2025

2024

£

£

Sale of goods

15,784,728

15,978,493

Rendering of services

1,769,413

1,142,573

17,554,141

17,121,066

An analysis of turnover by geographical market is given below:

2025

2024

£

£

United Kingdom

15,627,279

16,988,630

Rest of the World

1,926,862

132,436

17,554,141

17,121,066

4.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

1,191,908

1,146,842

Social security costs

133,531

115,074

Other pension costs

65,166

100,402

1,390,605

1,362,318

The average number of employees during the year was as follows:

2025

2024

Directors

1

1

Staff

34

34

35

35

2025

2024

£

£

Director's remuneration

18,000

18,000

Director's pension contributions to money purchase schemes

-

10,000

5.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2025

2024

£

£

Depreciation - owned assets

131,492

173,672

Loss/(profit) on disposal of fixed assets

2,473

(17,811

)

Computer software amortisation

1,294

3,505

Foreign exchange differences

1,590

-

Auditors' remuneration

21,960

23,520

Stock provision movement

100,950

(25,420

)

6.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2025

2024

£

£

Current tax:

UK corporation tax

530,526

682,194

Deferred tax

(21,796

)

(7,551

)

Tax on profit

508,730

674,643

UK corporation tax has been charged at 25% (2024 - 25%).

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2025

2024

£

£

Profit before tax

1,999,564

2,658,933

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

499,891

664,733

Effects of:

Expenses not deductible for tax purposes

3,925

7,145

Income not taxable for tax purposes

-

(4,453

)

Depreciation in excess of capital allowances

4,914

7,218

Total tax charge

508,730

674,643

7.

DIVIDENDS

2025

2024

£

£

Ordinary shares of £1 each

Interim

700,511

746,566

8.	INTANGIBLE FIXED ASSETS

Computer

software

£

COST

At 1 January 2025

and 31 December 2025

11,435

AMORTISATION

At 1 January 2025

10,141

Amortisation for year

1,294

At 31 December 2025

11,435

NET BOOK VALUE

At 31 December 2025

-

At 31 December 2024

1,294

9.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 January 2025

1,063,484

242,135

233,479

1,539,098

Additions

14,000

2,806

-

16,806

Transfers from stock

9,445

-

-

9,445

Reclassification/transfer

(650

)

-

-

(650

)

At 31 December 2025

1,086,279

244,941

233,479

1,564,699

DEPRECIATION

At 1 January 2025

741,146

178,625

96,329

1,016,100

Charge for year

80,708

16,496

34,288

131,492

Reclassification/transfer

(98

)

-

-

(98

)

At 31 December 2025

821,756

195,121

130,617

1,147,494

NET BOOK VALUE

At 31 December 2025

264,523

49,820

102,862

417,205

At 31 December 2024

322,338

63,510

137,150

522,998