REGISTERED NUMBER: 00547564 (England and Wales)

SARIA Limited

Strategic Report, Report of the Directors and

Audited Financial Statements for the Year Ended 31 December 2025

Page

Company Information

1

Strategic Report

2

Report of the Directors

8

Report of the Independent Auditors

11

Income Statement

14

Other Comprehensive Income

15

Balance Sheet

16

Statement of Changes in Equity

17

Notes to the Financial Statements

18

DIRECTORS:

B O Jeewooth

T B Versterre

R Poskitt

SECRETARY:

B O Jeewooth

REGISTERED OFFICE:

Ings Road

Doncaster

South Yorkshire

DN5 9TL

REGISTERED NUMBER:

00547564 (England and Wales)

SENIOR STATUTORY AUDITOR:

Ian Parsons FCA

AUDITORS:

Parsons Accountants Ltd

Statutory Auditor

Unit 2 Silkwood Park

Fryers Way

Ossett

West Yorkshire

WF5 9TJ

BANKERS:

HSBC plc

City Office

33 Park Row

Leeds

West Yorkshire

LS1 1LD

SOLICITORS:

Ramsdens Solicitors

7 King Street

Mirfield

West Yorkshire

WF14 8AW

Business Overview

SARIA Limited (the "Company") operates across a range of sectors associated with the food chain, renewable energy and recycling through its Group of subsidiary undertakings (the "Group").

The Group manufactures and supplies products used in human and animal nutrition, agriculture, aquaculture and a range of industrial applications. In addition, the Group produces biofuel feedstocks and renewable energy and provides services to the farming and food production sectors.

The Group's activities operate across several core sectors, including:

edible food manufacture, trading and distribution

pet food ingredient manufacturing

food waste recycling

renewable energy generation

high-risk animal by-product collection and processing

The Group operates at multiple stages of the food production chain, from agricultural raw material sourcing through to the recycling of post-consumer food waste. Its processing operations utilise a range of specialised production platforms designed to meet customer requirements while maintaining operational efficiency and environmental performance.

The Company itself acts primarily as a holding and management entity for the Group. Its principal income relates to the provision of management and administrative services to subsidiary undertakings.

The Group's overall business model is focused on the efficient utilisation and transformation of food chain by-products into value-added products, renewable energy and sustainable solutions for the agricultural and food industries.

These financial statements present the results and financial position of the Company only and do not include the results of its subsidiary undertakings.

Section 172(1) Companies Act 2006 Statement

The Directors of SARIA Limited have acted in good faith and in a manner they consider most likely to promote the success of the Company for the benefit of its members as a whole, having regard to the matters set out in Section 172(1) of the Companies Act 2006.

In making decisions and overseeing the delivery of the Group's long-term business plan, the Directors have considered the following factors:

the likely long-term consequences of decisions

the interests and wellbeing of the Company's employees

the importance of maintaining strong relationships with customers, suppliers and other stakeholders

the impact of the Company's operations on the community and the environment

the importance of maintaining high standards of business conduct and corporate governance

the need to act fairly as between the Company's members.

The following paragraphs summarise how the Directors fulfil their legal duties.

a. The likely consequences of any decision in the long term

The Directors have regard to the likely consequences of their decisions on the long-term objectives and financial sustainability of the company.

In particular, contractual commitments and capital requirements must adhere to a strict sign off process, including consideration of budget constraints and impact on future cash flows. This must be balanced with the groups overall aim to remain competitive and responsive to changing market conditions.

b. The interests of the company's employees

The company is responsive to the needs of its employees, and the Directors are committed to ensuring genuine and effective employee involvement in the company's activities.

The company respects human rights and employment law, without exception. The company seeks to ensure that every employee, without exception, is treated equally and fairly and that all employees are aware of their responsibilities.

c. The need to foster the company's business relationships with suppliers, customers and others

When dealing with all partners, whether they are suppliers, customers, or other stakeholders, the company will ensure the relationship is always maintained in a professional and responsible manner. A principal objective from the company's plan, is the delivery of long-term successful returns for the company and its business partners.

As part of this in the current financial year, the Directors have implemented a new procurement policy, that ensures adherence to relevant compliance regulations and sets out the groups intentions to engage in and maintain strong, transparent relationships with our suppliers.

d. The impact of the company's operations on the community and the environment

As the group is involved in several areas of the food supply chain, the environmental impact of the group and its ethical reputation is of great importance to the Directors.

e. The desirability of the company maintaining a reputation for high standards of business conduct

As the board of Directors, our intention is to behave responsibly and ensure that the management operate the business in a responsible and sustainable manner, both financially and environmentally.

Collectively the Directors will continue to operate to the high standards of integrity expected of a business such as ours, and to employ a system of continuous improvement with training and development in line with our commitment to responsible behaviour.

f. The need to act fairly as between members of the company.

The Directors of the company act in a way that they consider in good faith, and will promote the success of the company for the benefit of the members as a whole.

Corporate Responsibility and Governance

The Company forms part of the wider SARIA Group and therefore operates within the global policies and governance framework established by SARIA SE & Co. KG. These policies support responsible and sustainable business practices across the Group's operations.

The Group's global policies establish standards and expectations in several key areas which underpin the Company's operations.

Employment and working conditions

The Company is committed to respecting human rights and complying with applicable employment legislation. All forms of forced labour, compulsory labour and child labour are strictly prohibited.

Employment practices are aligned with the principles set out in relevant international conventions, including those adopted by the International Labour Organisation.

The Company promotes equal opportunities and equal treatment for all employees and rejects discrimination on any grounds, including race, gender, religion, disability, age or sexual orientation. Recruitment, training and promotion decisions are based solely on professional qualifications, experience and performance.

Health and safety

Maintaining high standards of health and safety is a key priority for the Company. The Board is committed to ensuring that all reasonably practicable measures are taken to protect employees, contractors, customers and other stakeholders from risks arising from the Company's activities.

Health and safety risks are managed through established procedures, training programmes and ongoing monitoring across the Group's operations.

Ethical business conduct

The Directors are committed to maintaining high standards of integrity and ethical conduct across the Company's activities. The Company seeks to operate responsibly and sustainably while delivering long-term value to its shareholders and business partners.

Relationships with suppliers, customers and other stakeholders are conducted in a professional, responsible and transparent manner.

Cooperation with authorities

The Company maintains constructive relationships with regulatory authorities and government bodies, while protecting the Company's rights and interests.

Responsible tax conduct

The Company's immediate parent undertaking, SARIA International GmbH, operates in multiple jurisdictions. The Group recognises that the responsible payment of taxes contributes to the stability and development of the economies in which it operates.

The Company aims to meet its tax obligations in full and on time and to maintain open and cooperative relationships with tax authorities. Internal controls are in place to reduce the risk of material errors in tax reporting and compliance.

Product compliance

The SARIA Group specialises in the collection, processing and recycling of animal by-products and other organic materials. These activities are subject to strict legal and regulatory frameworks.

All processing activities are carried out in compliance with relevant legislation, and the Company seeks to ensure that its products are used only for their legally permitted applications.

The Group is also committed to improving its environmental performance, including initiatives focused on reducing emissions, improving energy efficiency and lowering the carbon intensity of its operations.

Review of Performance and Position

During the year the Company recognised impairments in respect of intercompany loans due from SECANIM Limited, reflecting challenging market conditions within the Category 1 animal by-product sectors.

As a result, the Company reported a loss for the year of £14.5m (2024: £46.1m loss).

At the year end, shareholders' funds reduced to £65.7m (2024: £79.9m). The decrease reflects the impact of the impairments recognised.

As the Company primarily functions as a holding and management entity within the Group, its financial performance is influenced significantly by intra-group financing arrangements and the performance of subsidiary undertakings.

Key Performance Indicators

The Directors monitor the performance of the Company primarily through financial measures including operating results, net assets and the recoverability of intercompany loans.

Given the nature of the Company's activities as a holding and management entity, the Directors do not consider additional operational key performance indicators to be necessary for an understanding of the development, performance or position of the Company.

Although the above KPI's are monitored closely, disclosure of any numerical information has been omitted where management believe this would be prejudicial to the company.

Principal Risks and Uncertainties

The Group operates a range of industrial processing activities across several sectors of the food chain. As a result, the Company is exposed to a number of risks and uncertainties which may affect its performance or financial position.

Key risks relevant to the Company include the following.

Legal and regulatory risk

The Group operates within a heavily regulated environment, particularly in relation to environmental regulation and the processing of animal by-products.

Changes to legislation, regulatory requirements, or operating permits may affect the Group's operations or development projects. Regulatory developments are monitored closely and the Group actively participates in relevant industry bodies and trade associations.

Health and safety risk

Processing operations and logistics activities present inherent health and safety risks.

The Group seeks to mitigate these risks through robust safety management systems, regular training and the promotion of a strong safety culture across all operations.

Market and commodity risk

The Group's operations are influenced by commodity markets, including the value of rendered products, feedstocks and energy. Market volatility, including changes driven by weather patterns or global economic conditions, may affect operating performance.

Market developments are monitored closely as part of the Group's strategic planning and risk management processes.

Financial Risks

The Company is exposed to financial risks arising from its operations. The Directors consider these risks in a manner consistent with the accounting policies and financial instrument disclosures in the financial statements.

Liquidity and cash flow risk

Liquidity and cash flows are managed as part of a Group Liquidity Solution through regular cash flow forecasting, close monitoring of working capital, and disciplined control of capital expenditure.

Credit risk

Credit risk is managed through customer credit assessments, ongoing monitoring of receivable balances, and established credit control procedures.

Foreign currency risk

The Company is exposed to exchange rate movements in respect of export sales and certain purchases. Group mitigates this risk with natural hedges available across its diverse customer and vendor bases, plus treasury functions available from the Parent.

Inflation and cost risk

The Company is exposed to changes in labour, maintenance, transport and other operating costs. Cost management and efficiency initiatives are used to mitigate this exposure.

Capital and funding risk

The Company requires ongoing investment in vehicles, plant and equipment to maintain operational efficiency and compliance. The Directors mitigate this risk through capital planning, close monitoring of asset performance, and support from Group where appropriate.

Environmental Matters

The Company recognises the importance of minimising the environmental impact of its activities and supports Group initiatives aimed at improving environmental performance.

These initiatives include improving energy efficiency, reducing carbon emissions, increasing the use of renewable energy and minimising water consumption where possible.

Employee Involvement

The Directors are committed to ensuring genuine and effective employee involvement in the company's activities. The company believes that by providing regular updates to staff as to the company's progress, taking cognisance of staff feedback and by involving staff where possible in decisions, the overall effectiveness of the business through this teamwork is enhanced and that the morale of the work force is positively impacted.

The Company participates in the wider Group's policies relating to employee welfare, health and safety, pensions and other benefits.

Details of employee numbers and associated costs are provided in the financial statements.

Future Developments

The Directors expect the Company to continue its role in supporting the operations of the wider Group, including the provision of management and administrative services to subsidiary undertakings.

The Company will continue to support the development of the Group's activities across the food chain, renewable energy and recycling sectors.

Going Concern

The financial statements have been prepared on a going concern basis. In making this assessment, the Directors have reviewed forecasts and cash flow projections and believe that the Company is appropriately resourced to continue trading for the foreseeable future.

The Company participates in a Group Liquidity Solution and expects to continue to benefit from the ongoing financial support and treasury arrangements provided by the German parent company in the immediate future.

The Directors consider that this Strategic Report, when read together with the financial statements, provides a fair, balanced and comprehensive review of the Company's development, performance, position and principal risks and uncertainties.

ON BEHALF OF THE BOARD:

B O Jeewooth - Director

1 June 2026

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of a head office function for the subsidiaries of the SARIA UK Group. The income for this principal activity is classified as other income.

DIVIDENDS

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

DIRECTORS

T B Versterre has held office during the whole of the period from 1 January 2025 to the date of this report.

Other changes in directors holding office are as follows:

B O Jeewooth - appointed 1 January 2025

R Poskitt - appointed 20 February 2025

POLITICAL DONATIONS AND EXPENDITURE

There have been no political donations made within the period.

QUALIFYING THIRD PARTY INDEMNITY PROVISIONS

The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

STREAMLINED ENERGY AND CARBON REPORTING

Covering energy use and associated greenhouse gas emissions relating to gas, electricity and transport, intensity ratios and information relating to energy efficiency actions. Given that there are several subsidiaries operating from the principal site of SARIA Ltd, it has not been practicable to split the electricity, gas and diesel usage between each entity. Accordingly the numbers presented in the table below are in relation to the principal site operated by SARIA Ltd and a number of its subsidiaries. SARIA Ltd's subsidiaries, T Quality Limited, SARVAL Limited and Refood UK Ltd are all required to report their own SECR data.

Current reporting year (Jan 25 - Dec 25)

Key Performance Indicator (KPI)

Amount '25

Amount '24 restated

Unit

Electricity Usage

7,643,418

8,369,900

kWh

Gas Usage

46,690,972

52,658,820

kWh

Diesel Usage

1,539,771

1,742,372

litres

Total emissions generated through use of purchased electricity

1,353

1,733

tCO2e

Total emissions generated through combustion of gas

8,543

9,631

tCO2e

Total emissions generated through business travel

4,098

4,637

tCO2e

Total gross emissions

13,994

16,002

tCO2e

Intensity ratio (total gross emissions)

0.1765

0.1291

tCO2e per tonne of material processed

Energy efficiency actions

We are committed to responsible energy management and will practice energy efficiency throughout our organisation, wherever it is cost effective. We recognize that climate change is one of the most serious environmental challenges currently threatening the global community and we understand we have a role to play in reducing greenhouse gas emissions.

We have implemented the policies below for the purpose of increasing the businesses energy efficiency in the relevant financial year.

- Upgrade vehicles to more energy efficient models where possible

- Introduction of hybrid/fully electric vehicles into the car portfolio

- Upgrade plant & machinery to improve on energy performance where possible

- Servicing and adjustment to existing plant & machinery to improve on energy performance where possible

- Increased availability and encouraged use of video conferencing.

- Reduced travel costs by reducing number of face to face meetings with clients and suppliers

The following energy efficiency measures are being implemented or are under consideration for implementation during 2026

- Carbon reduction by biomass combustion

- Continued investment in low energy processes and techniques

- Continue to replace/upgrade vehicles and plant & machinery for more energy efficient options

Methodology used in the calculation of disclosures

ESOS methodology (as specified in Complying with the Energy Savings Opportunity Scheme version 6, published by the Environment Agency 28/10/2019) used in conjunction with Government GHG reporting conversion factors.

DISCLOSURE IN THE STRATEGIC REPORT

The directors have chosen to include details of engagement with suppliers, customers and others in business relationships with the company in their strategic report, as this is deemed to be of strategic importance to the company.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

-	select suitable accounting policies and then apply them consistently;

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

-	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 transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Parsons Accountants Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

B O Jeewooth - Director

1 June 2026

Opinion

We have audited the financial statements of SARIA 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 loss for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from

branches not visited by us; or

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

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

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

Responsibilities of directors

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

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

Auditors' responsibilities for the audit of the financial statements

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

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

Our approach to identifying and assessing the risks of material misstatements in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to

identify or recognise non-compliance with applicable laws and regulations;

- We identified the laws and regulations applicable to the company through discussions with directors and other management, and

from our commercial knowledge and experience of the industry;

- We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements

or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery,

employment and health and safety legislation;

- We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management

and inspecting legal correspondence; and

- We remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- Making enquiries of management as to where they considered there was susceptibility to fraud and their knowledge of actual,

suspected and alleged fraud; and

- Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- Performed analytical procedures to identify any unusual or unexpected relationships;

- Tested journal entries to identify unusual transactions;

- Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential

bias; and

- Investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we identified procedures which included, but were not limited to:

- Agreeing financial statements disclosures to underlying supporting documentation;

- Reading the minutes of meetings of those charged with governance;

- Enquiring of management as to actual and potential litigation and claims; and

- Reviewing correspondence with HMRC, relevant regulators and the Company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulation s are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or 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 your Report of the Auditor's.

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.

Ian Parsons FCA (Senior Statutory Auditor)

for and on behalf of Parsons Accountants Ltd

Statutory Auditor

Unit 2 Silkwood Park

Fryers Way

Ossett

West Yorkshire

WF5 9TJ

2 June 2026

TURNOVER

3

2,468,396

3,384,905

Other operating income

23,233,868

24,367,130

25,702,264

27,752,035

Raw materials and consumables

(7,123,713

)

(8,431,071

)

Other external expenses

(564,972

)

(390,009

)

18,013,579

18,930,955

Staff costs

4

(9,436,349

)

(15,500,822

)

Depreciation

(2,323,437

)

(3,070,718

)

Other operating expenses

(22,957,690

)

(49,648,256

)

OPERATING LOSS

5

(16,703,897

)

(49,288,841

)

Income from participating interests

1,650,000

2,650,000

Interest receivable and similar income

7

5,935,094

10,544,813

Other finance income

23

171,000

144,000

(8,947,803

)

(35,950,028

)

Interest payable and similar expenses

8

(5,969,081

)

(11,712,192

)

LOSS BEFORE TAXATION

(14,916,884

)

(47,662,220

)

Tax on loss

9

463,991

1,534,698

LOSS FOR THE FINANCIAL YEAR

(14,452,893

)

(46,127,522

)

LOSS FOR THE YEAR

(14,452,893

)

(46,127,522

)

OTHER COMPREHENSIVE INCOME

Revaluation of properties

Return on plan assets

(1,126,000

)

(5,272,000

)

Changes in assumptions

1,009,000

5,769,000

Experience gains & losses arising on

476,000

(428,000

)

pension scheme liabilities

Income tax relating to components of other comprehensive income

(89,750

)

(17,250

)

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

269,250

51,750

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(14,183,643

)

(46,075,772

)

FIXED ASSETS

Intangible assets

10

14,617

11,590

Tangible assets

11

53,085,644

55,951,500

Investments

12

14,884,282

15,089,135

Investment property

13

813,399

807,949

68,797,942

71,860,174

CURRENT ASSETS

Stocks

14

48,688

85,340

Debtors

15

91,250,889

94,929,049

Cash at bank and in hand

121,272

4,507

91,420,849

95,018,896

CREDITORS

Amounts falling due within one year

16

19,389,537

10,436,896

NET CURRENT ASSETS

72,031,312

84,582,000

TOTAL ASSETS LESS CURRENT LIABILITIES

140,829,254

156,442,174

CREDITORS

Amounts falling due after more than one year

17

(74,500,000

)

(74,776,649

)

PROVISIONS FOR LIABILITIES

20

(229,911

)

(604,153

)

PENSION LIABILITY

23

(363,287

)

(1,141,673

)

NET ASSETS

65,736,056

79,919,699

CAPITAL AND RESERVES

Called up share capital

21

50,211,188

50,211,188

Share premium

22

62,449,110

62,449,110

Revaluation reserve

22

7,492,312

7,573,093

Capital redemption reserve

22

50,000

50,000

Investment revaluation reserve

22

419,148

419,148

Retained earnings

22

(54,885,702

)

(40,782,840

)

SHAREHOLDERS' FUNDS

65,736,056

79,919,699

The financial statements were approved by the Board of Directors and authorised for issue on 1 June 2026 and were signed on its behalf by:

B O Jeewooth - Director

Called up

share

Retained

Share

capital

earnings

premium

£

£

£

Balance at 1 January 2024

211,188

5,243,279

62,449,110

Changes in equity

Issue of share capital

50,000,000

-

-

Total comprehensive income

-

(46,026,119

)

-

Balance at 31 December 2024

50,211,188

(40,782,840

)

62,449,110

Changes in equity

Total comprehensive income

-

(14,102,862

)

-

Balance at 31 December 2025

50,211,188

(54,885,702

)

62,449,110

Capital

Investment

Revaluation

redemption

revaluation

Total

reserve

reserve

reserve

equity

£

£

£

£

Balance at 1 January 2024

7,622,746

50,000

419,148

75,995,471

Changes in equity

Issue of share capital

-

-

-

50,000,000

Total comprehensive income

(49,653

)

-

-

(46,075,772

)

Balance at 31 December 2024

7,573,093

50,000

419,148

79,919,699

Changes in equity

Total comprehensive income

(80,781

)

-

-

(14,183,643

)

Balance at 31 December 2025

7,492,312

50,000

419,148

65,736,056