REGISTERED NUMBER: 06716687 (England and Wales)

Strategic Report, Directors' Report and

Financial Statements for the Year Ended 30 April 2026

for

L F & E Refrigerated Transport Limited

Page

Company Information

1

Strategic Report

2

Directors' Report

5

Independent Auditors' Report

6

Income Statement

9

Other Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Notes to the Financial Statements

13

DIRECTORS:

J W Bridges

K Hinton

C D Carver

J M Sherry

J Neal

REGISTERED OFFICE:

Ripley House

Ripley Drive

Normanton

West Yorkshire

WF6 1QT

REGISTERED NUMBER:

06716687 (England and Wales)

AUDITORS:

RSM UK Audit LLP

Chartered Accountants and Statutory Auditor

Festival Way

Festival Park

Stoke on Trent

Staffordshire

ST1 5BB

The directors present their strategic report for the year ended 30 April 2026.

REVIEW OF BUSINESS

The principal activity of the Company is temperature-controlled transportation of pharmaceutical products.

During the year, the Company continued to expand its operations, focusing on service quality, customer retention, and investment in digital capabilities. Key developments included:

- Strengthening our customer base in healthcare and pharmaceuticals;

- Investing in fleet management and logistics tracking systems to enhance efficiency and transparency;

- Expanding our workforce to meet increased demand, supported by enhanced training programmes in compliance and customer service; and

- Achieving improvements in operational resilience, ensuring service continuity despite external challenges such as supply chain disruptions and driver shortages.

The Company achieved an operating profit of £2,468,122 (2025: £1,449,805) and a profit before tax of £2,433,337 (2025: £1,413,840)

PRINCIPAL RISKS AND UNCERTAINTIES

The Directors recognise that the business is subject to several risks, including:

- Operational risks - delivery delays, vehicle downtime, or workforce shortages impacting customer service.

- Regulatory risks - compliance with transport, health & safety, and environmental regulations.

- Market risks - changes in customer demand or pricing pressures within competitive markets.

- Technology risks - reliance on digital systems for tracking and data security, requiring ongoing investment and cybersecurity measures.

- Financial risks - fuel price fluctuations and cost pressures impacting margins.

The Company actively manages these risks through a structured risk management framework, investment in fleet resilience, compliance training, and long-term customer contracts.

FINANCIAL INSTRUMENTS

- Liquidity and Cashflow risks - The Company monitors its cash flows closely to ensure that sufficient liquidity is maintained to meet operational needs. Cashflow forecasts are reviewed on a regular basis and updated for any changes to trade to ensure resilience.

- Credit risks - The company is exposed to credit risk through trade receivables. Creditworthiness is assessed prior to contractual engagement, and receivables are monitored through robust credit control procedures.

EMPLOYEES

During the year, the directors and other members of the group's senior management have sought to keep employees updated on and involved in the group's strategy, performance, and future objectives. Employees have been informally consulted through Business Updates, Team Management Meetings and through our communication strategy on decisions that affect them including changes we make which affect how we work together through our values and processes which affect all our stakeholders. As a result of this engagement process and feedback opportunities during the year the directors have supported various projects across the business to support engagement and operational efficiencies. We invested in initiatives that strengthen employee engagement and foster a positive workplace culture. Activities have included regular wellbeing events, recognition programmes, team-building sessions, and opportunities for professional development. We've also encouraged open communication through feedback forums and team management meetings, ensuring that employees feel heard and valued. These efforts have contributed to a more connected, motivated, and resilient workforce. Employees are encouraged to share in the Company's performance through the Company's annual bonus scheme.

Diversity

The group are proud to foster a workplace culture that values and celebrates diversity in all its forms. Our commitment to inclusion ensures that individuals of all backgrounds, identities, and experiences feel respected, supported, and empowered to thrive. Through ongoing initiatives, inclusive policies, and open dialogue, we continue to build a workforce that reflects the communities we serve and promotes equity at every level of the organisation.

Disability

The company is committed to providing full and fair consideration to applications for employment from persons with disabilities, having regard to their individual aptitudes, abilities, and potential. We support the continued employment of employees who become disabled during their employment, including through reasonable workplace adjustments and access to appropriate training. The company is further committed to ensuring that employees with disabilities have equal access to training, career development opportunities, and promotion, enabling them to fully develop their skills and progress within the organisation.

FINANCIAL KEY PERFORMANCE INDICATORS

The Company's key financial performance indicators during the period were as follows:

2026

2025

Increase

Increase

£

£

£

%

Turnover

33,896,399

26,085,102

7,811,297

30.0%

Gross profit

12,576,266

9,126,656

3,449,610

37.8%

Gross margin

37.1%

35.0%

210bps

Operating profit

2,468,122

1,449,805

1,018,317

70.2%

Equity shareholders' funds

4,409,403

2,632,115

1,777,288

67.5%

Turnover for the period amounted to £33.9m, compared with £26.1m in the prior period, representing an increase of £7.8m (30%). The increase reflects higher levels of trading during the period, driven by increased sales to existing customers together with continued demand for the Company's services.

Gross profit was £12.6m, compared with £9.1m in the previous period. Gross margin increased to 37.1% from 35.0%, reflecting higher sales volumes, an improved sales mix and continued operational efficiencies.

Operating profit increased significantly to £2.47m (prior period: £1.45m). As a result, the company delivered a materially stronger operating performance for the period.

Tangible fixed assets remained at a similar level increasing slightly from £1.77m to £1.81m, reflecting net capital expenditure during the year offset by depreciation and demonstrating continued investment in operational assets.

Debtors increased from £3.8m to £6.5m, primarily as a result of higher turnover during the year, which led to an increase in trade debtors. Amounts owed by group undertakings also rose from £1.06m to £2.66m, reflecting increased activity with Healthnet Homecare (UK) Ltd, the company's largest customer.

Equity shareholders' funds increased to £4.41m from £2.63m, reflecting the profitable result for the period and strengthening the company's balance sheet. The directors consider the company to be well positioned to support ongoing operations and future growth.

FUTURE OUTLOOK

LF&E Refrigerated Transport Limited is driven by providing a high-quality specialised delivery service for all its customers. It has built its structure and operation for continued growth with its customers firmly at the forefront of everything it does and is in a strong position for the future.

ON BEHALF OF THE BOARD:

K Hinton - Director

18 September 2026

The directors present their report with the financial statements of the company for the year ended 30 April 2026.

DIVIDENDS

No dividends will be distributed for the year ended 30 April 2026 (2025: £nil).

DIRECTORS

The directors shown below have held office during the whole of the period from 1 May 2025 to the date of this report.

J W Bridges

K Hinton

C D Carver

J M Sherry

J Neal

DISCLOSURE IN THE STRATEGIC REPORT

As permitted by Paragraph 1A of Schedule 7 to the Large and Medium Sized Companies and Groups (Accounts and Reports) Regulations 2008, certain matters which are required to be disclosed in the Directors' Report have been omitted as they are included in the Strategic Report. These matters relate to the future developments of the Company, employee information and financial risk management.

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; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company

will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the

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

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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

RSM UK Audit LLP were appointed as auditor during the period and will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

K Hinton - Director

18 September 2026

Opinion

Basis for 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

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

Responsibilities of directors

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

The extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

- obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company is complying with the legal and regulatory framework;

- inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;

- discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.

As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, the Companies Act 2006 and tax compliance regulations. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing financial statement disclosures and evaluating advice received from external tax advisors.

The most significant laws and regulations that have an indirect impact on the financial statements are those in relation to health and safety and employment law. We performed audit procedures to inquire of management and those charged with governance whether the company is in compliance with these law and regulations and inspected correspondence with licensing or regulatory authorities.

The audit engagement team identified the risk of management override of controls and the risk of fraud in revenue recognition as the areas where the financial statements were most susceptible to material misstatement due to fraud. The risk of fraud in revenue recognition was identified in respect of the occurrence and accuracy of revenue transactions and correct application of cut off in revenue recognition around the period end. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments and evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business, using data analytics to test revenue entries during the period and testing a sample of revenue entries around the period end.

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

Use of our report

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

Adam Krupski (Senior Statutory Auditor)

for and on behalf of RSM UK Audit LLP

Chartered Accountants and Statutory Auditor

Festival Way

Festival Park

Stoke on Trent

Staffordshire

ST1 5BB

18 September 2026

TURNOVER

3

33,896,399

26,085,102

Cost of sales

21,320,133

16,958,446

GROSS PROFIT

12,576,266

9,126,656

Administrative expenses

10,108,144

7,676,851

OPERATING PROFIT

5

2,468,122

1,449,805

Interest receivable and similar income

756

577

Interest payable and similar expenses

7

(35,541

)

(36,542

)

PROFIT BEFORE TAXATION

2,433,337

1,413,840

Tax on profit

8

656,049

371,909

PROFIT FOR THE FINANCIAL YEAR

1,777,288

1,041,931

PROFIT FOR THE YEAR

1,777,288

1,041,931

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,777,288

1,041,931

FIXED ASSETS

Tangible assets

9

1,818,997

1,767,338

CURRENT ASSETS

Debtors

10

6,545,152

3,886,145

Cash at bank

263,408

547,998

6,808,560

4,434,143

CREDITORS

Amounts falling due within one year

11

3,731,481

3,066,483

NET CURRENT ASSETS

3,077,079

1,367,660

TOTAL ASSETS LESS CURRENT LIABILITIES

4,896,076

3,134,998

CREDITORS

Amounts falling due after more than one year

12

(47,663

)

(110,822

)

PROVISIONS FOR LIABILITIES

16

(439,010

)

(392,061

)

NET ASSETS

4,409,403

2,632,115

CAPITAL AND RESERVES

Called up share capital

17

138

138

Share premium

18

49,967

49,967

Retained earnings

18

4,359,298

2,582,010

SHAREHOLDERS' FUNDS

4,409,403

2,632,115

The financial statements were approved by the Board of Directors and authorised for issue on 18 September 2026 and were signed on its behalf by:

K Hinton - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 May 2024

138

1,540,079

49,967

1,590,184

Changes in equity

Profit for the year

-

1,041,931

-

1,041,931

Total comprehensive income

-

1,041,931

-

1,041,931

Balance at 30 April 2025

138

2,582,010

49,967

2,632,115

Changes in equity

Profit for the year

-

1,777,288

-

1,777,288

Total comprehensive income

-

1,777,288

-

1,777,288

Balance at 30 April 2026

138

4,359,298

49,967

4,409,403

1.	STATUTORY INFORMATION

L F & E Refrigerated Transport Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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 have also been prepared in accordance with the requirements for medium sized companies.

The company's functional and presentation currency is the Pound Sterling rounded to the nearest pound.

Financial Reporting Standard 102 - reduced disclosure exemptions

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

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of paragraph 3.17(d);

•

the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

•

the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;

•

the requirements of paragraphs 26.18(b), 26.19 to 26.21 and 26.23;

•

the requirements of paragraphs 29.28(b) and 29.29;

•

the requirement of paragraph 33.7.

The information is included in the consolidated financial statements of Apollo 2024 Topco Limited as at 30 April 2026 and these financial statements may be obtained from Companies House.

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.

Going concern

In assessing the appropriateness of adopting the going concern basis, the Directors have undertaken a detailed review of the Group's financial position and future cash flow requirements. This assessment included the review of integrated profit and loss, balance sheet and cash flow forecasts covering a period of at least twelve months from the date of approval of the financial statements. The forecasts are based on approved budgets, expected patient and order volumes, and management's assessment of future trading performance.

The Directors have also reviewed the Group's available funding facilities and liquidity position, including forecast utilisation of the invoice discounting facility throughout the assessment period. The forecasts demonstrate that the Group is expected to retain sufficient liquidity and maintain adequate headroom within its committed funding facilities.

As part of the assessment, the Directors considered downside sensitivities, including reductions in forecast activity levels, and reviewed the impact on profitability, cash flows, liquidity, and compliance with the Group's financial covenants. Under these scenarios, the Group is forecast to remain within its available facilities and continue to comply with its covenant obligations.

Having considered the results of these assessments, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis of accounting in preparing the financial statements.

Critical accounting judgements and key sources of estimation uncertainty

The preparation of the financial statements in conformity with generally accepted accounting principles requires the Directors to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reported period. Actual results in the future could differ from those estimates. In this regards, the Directors believe that the critical accounting policies where judgements or estimations are necessarily applied in the financial statements relate to lease recognition and valuation.

Management applies judgement in classifying leases as operating or finance leases under FRS102. Judgement is required in assessing whether substantially all risks and rewards of ownership are transferred, determining lease terms, and selecting appropriate discount rates for finance leases where the implicit rate is not readily determinable.

Turnover

Turnover represents amounts receivable for the provision of temperature-controlled pharmaceutical transportation and related logistics services, stated net of value added tax, discounts, and rebates.

Revenue is measured at the fair value of the consideration received or receivable and is recognised when control of the services has transferred to the customer. For transportation services, this is generally upon successful completion of the contracted delivery, when the performance obligation has been satisfied and the customer has obtained the benefits of the service provided.

Where services are provided over a period of time, revenue is recognised as the services are performed.

Tangible fixed assets

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

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

Improvements to property - over the lease term or 22.5% straight line

Plant and machinery - 22.5% straight line

Fixtures and fittings - 22.5% straight line

Motor vehicles - 22.5% straight line

Computer equipment - 20.0% - 25.0% straight line

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

Fixed assets are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, is estimated and compared to the carrying amount.

Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the Income Statement.

Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are

recognised in the Income Statement.

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial

assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and

loans to related parties.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a Director in the case of a small company or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Income Statement.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference

between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.

Hire purchase and leasing commitments

Finance leases

Leases are classified as finance leases when the terms of the lease transfer substantially all the risks and rewards of ownership of the leased asset to the company. All other leases are classified as operating leases.

Assets held under finance leases are recognised initially at the fair value of the leased asset or, if lower, the present value of minimum lease payments at the inception of the lease. The corresponding liability is included in the Balance Sheet. Lease payments are apportioned between finance charges and reduction of the lease liability using the effective interest method so as to achieve a constant rate of interest on the remaining balance of the liability. Assets held under finance leases are included in tangible fixed assets and are depreciated and assessed for impairment losses in the same way as owned assets.

Operating leases

Rentals payable under operating leases are generally charged to profit or loss on a straight-line basis over the lease term. The aggregate benefits of lease incentives are recognised as a reduction to the expense recognised over the lease term on a straight-line basis.

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 the Income Statement 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:

30.4.26

30.4.25

£

£

Refrigerated transport

33,896,399

26,085,102

33,896,399

26,085,102

An analysis of turnover by geographical market is given below:

30.4.26

30.4.25

£

£

United Kingdom

33,896,399

26,085,102

33,896,399

26,085,102

4.	EMPLOYEES AND DIRECTORS

30.4.26

30.4.25

£

£

Wages and salaries

13,413,512

10,974,036

Social security costs

1,683,467

1,078,905

Other pension costs

389,826

373,284

15,486,805

12,426,225

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

30.4.26

30.4.25

Sales and distribution

368

310

Management and administration

52

67

420

377

30.4.26

30.4.25

£

£

Directors' remuneration

100,250

118,566

Directors' pension contributions to money purchase schemes

45,000

63,338

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

1

2

The company paid £127,715 (2025: £119,000) to another group company as fees for the services of directors of the company.

5.	OPERATING PROFIT

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

30.4.26

30.4.25

£

£

Hire of plant and machinery

5,232,990

4,261,949

Other operating leases

832,333

572,137

Depreciation - owned assets

792,314

623,625

(Profit)/loss on disposal of fixed assets

(5,872

)

15,140

Auditors' remuneration

30,675

24,990

Auditors remuneration includes £6,675 (2025: £5,250) related to taxation compliance services and £nil (2025: £nil) related to other taxation advisory services.

The results included in the Income Statement were derived from continuing activities.

6.	EXCEPTIONAL ITEMS

30.4.26

30.4.25

£

£

Exceptional items

-

(14,858

)

Exceptional items consist of costs incurred related to the acquisition of the Socius Pharma group by the Apollo 2024 Topco group.

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

30.4.26

30.4.25

£

£

Bank interest

161

465

Surcharges & HMRC interest

1,975

-

Interest payable to group

undertakings

2,060

992

Hire purchase

31,345

35,085

35,541

36,542

8.

TAXATION

Analysis of the tax charge

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

30.4.26

30.4.25

£

£

Current tax:

UK corporation tax

735,993

280,814

Deferred tax

(79,944

)

91,095

Tax on profit

656,049

371,909

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:

30.4.26

30.4.25

£

£

Profit before tax

2,433,337

1,413,840

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2025 - 25%)

608,334

353,460

Effects of:

Expenses not deductible for tax purposes

46,891

18,449

Adjustments to tax charge in respect of previous periods

824

-

Total tax charge

656,049

371,909

9.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 May 2025

804,605

322,243

98,553

Additions

377,279

175,708

13,355

Disposals

-

(19,884

)

(19,060

)

At 30 April 2026

1,181,884

478,067

92,848

DEPRECIATION

At 1 May 2025

324,450

179,540

58,728

Charge for year

225,677

87,924

19,524

Eliminated on disposal

-

(15,126

)

(19,060

)

At 30 April 2026

550,127

252,338

59,192

NET BOOK VALUE

At 30 April 2026

631,757

225,729

33,656

At 30 April 2025

480,155

142,703

39,825