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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2025
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BL HOLDCO LIMITED
COMPANY INFORMATION
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BL HOLDCO LIMITED
CONTENTS
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BL HOLDCO LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The Directors present their strategic report and business review, which includes a balanced and comprehensive review of the development and performance during the period and its position at the period end, including principal risks and uncertainties, and key performance indicators.
During the reported year ending 31 December 2025 BL Holdco Limited ("the Company") operated as a holding company. The principal activity of the Company’s main trading subsidiary Buffaload Logistics Limited was the provision of temperature controlled distribution services within the food supply chain, partnering with retailers, manufacturers, growers and importers.
The year ended 31 December 2025 was another challenging year for the distribution sector. The sector and business continued to see macro economic cost inflationary pressures and a general decline in market volumes. The national shortage of drivers as reported in the Group’s previous reports continued into 2025.
The business continuously reviewed and adapted to the changes necessary to maintain its strong service level provision to customers, whilst operating a safe and flexible workplace for colleagues and visitors. The business’s ability to delivery strong service levels saw renew key customer contracts and successfully tender for incremental business commencing in the year despite the continued market challenges. Continuous investment in colleagues, fleet and facilities has supported the growth of the business in the year. Further investment was made in 2025 to support the commencement of material new contracts in Q1 2026. Employee engagement and development are key initiatives to maintain a strong and committed workforce, enabling the business to adapt and be flexible to the constant challenges the industry faced. The business acquired 51% of Drury Holdings Limited during 2025 therefore strengthening overall networks and sustainability goals.
Reported revenue increased from £55.6m to £76.9m delivering a gross margin increase of £4.2m from £15.7m to £19.9m. Revenue increase was driven by the impact of new business wins.
Operationally the business had a strong year, maintaining high standards of customer service and cost control. Gross margin performance was in line with managements expectations. Inflationary pressures remained across key direct cost lines throughout the year. The business worked hard to mitigate these impacts through the delivery of operational efficiency initiatives alongside the execution of customer rate increases on low margin activity. The Group’s continued investment in the fleet reduced lease costs, strengthening gross margin and increasing depreciation charges year on year. Operating profit increased in the year to £2.7m (period ended 31 December 2024: £2.6m) impacted by long term investments in assets increasing depreciation year on year and investment in overheads to enable growth in 2026. Total Net assets increased by £1.0m to £9.7m at 31 December 2025 (period ended 31 December 2024: £8.7m).
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BL HOLDCO LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The Directors have identified the following principal risks and uncertainties affecting the Group:
The haulage industry is highly competitive and leaves little opportunity for organic growth however the close working relationship that we keep with all of our customers and unique asset base means we consider ourselves to be in a strong position for the forthcoming year. The Directors recognise the continuous requirement to control costs, increase efficiency and maintain margins but feel optimistic about the future prospects of the Group and feel it is well placed to continue building key customer relationships to ensure its successful development into the future. The industry is also exposed to physical and transitional ESG risks. However, the business has already implemented several initiatives to reduce these risks, including the use of sustainable fuels, double-deck trailers, investment in research and development, and the installation of air conditioning in some fleet. The impact of Brexit and ongoing conflict in Ukraine, has fed into National Sector specific employee shortages impacting the Logistics Industry. The business has developed a wider range of resource providers and has the flexibility to adapt as required to mitigate any risks. Future developments During Q1 2026, Buffaload increased its operational footprint with the commencement of two new (incremental) operations supporting 2 key retail customers: A new site at Bellshill, Scotland provides the Company the ability to offer local storage, nationwide delivery through its consolidation platform and enhance the operational efficiencies within the Group. A new operation based in Coventry further enables networking ability within the Group and further development of its LNG Fuelled fleet. Buffaload Logistics Limited is working in conjunction with BL Propco Limited another wholly owned subsidiary of BL Holdco, during 2026 the Group restructured its property ownership, transferring Land to BL Propco Limited and increasing the % of properties owned by the Group. The restructure will be funded in part by free cash flow generated by group operations and in part by asset backed finance. The Group is committed to delivering on its sustainability agenda. In August 2025 the Group announced the introduction of Bio LNG fuels to power its LNG truck fleet. The Group will continue to invest in assets (Fleet and infrastructure) to decrease its Carbon Footprint. The inherent environmental benefits in Double Deck (high capacity) trailers and the introduction of Bio products provide a clear market differentiator for the Group. Profitability of the Group is expected to be maintained as continuous improvements, additional revenues and returns on investments are delivered in FY2026.
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BL HOLDCO LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Financial key performance indicators
Turnover increased by 38.4% from £55.6m in the period to 31 December 2024 to £76.9m in the year to 31 December 2025. Gross margin has decreased from 28.2% for the prior period to 25.9% for the year ended 31 December 2025 reflecting inflationary headwinds. PBT has decreased by 23.0% from £1.6m in the period to 31 December 2024 to £1.2m in the year to 31 December 2025.
The directors confirm that during the period under review, it has acted fairly between members of the Company to promote the long term success of the Company for the benefit of all shareholders, whilst having regard to the matters set out in section 172(1)(a)-(f) of the Companies Act 2006 in the decisions taken during the year ended 31 December 2025, further detail of which is set out below.
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BL HOLDCO LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors also review non-financial indicators in the group to reflect the wider view of the business in particular service delivery to key customers including on time delivery. A number of operating KPl's relating to the vehicle operation are monitored within the business to ensure operational efficiency is maximised.
This report was approved by the board and signed on its behalf.
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BL HOLDCO LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The Directors present their report and the financial statements for the year ended 31 December 2025.
The Directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the Directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation and minority interests, amounted to £683,566 (2024 - £937,870).
No ordinary dividends were paid. The Directors do not recommend payment of a further dividend.
The Directors who served during the year were:
The existing business and future growth are funded from free cash flow and the continued financial support of its owner and he has committed to provide sufficient liquidity and capital expenditure where needed. The business continues to commit in investing in its core assets; its people, property and product, through excellence and innovation to ensure customers receive the very best experience delivered with quality and provenance.
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BL HOLDCO LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The Group's policy is to consult and discuss with employees at meetings, matters likely to affect employee's interests.
Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the Group's performance.
The data below represents the Group's energy and associated greenhouse gas (GHG) emissions from electricity and fuel in the UK for the year ended 31 December 2025 and meets the requirements of the UK Government’s Streamlined Energy and Carbon Reporting (SECR) Policy. The data covers 3 sites (Crew, Ellington and Skelmersdale) and applies to road going vehicles and the operation of chilled warehouses and associated offices within the UK.
Key environmental impacts are: • GHG emissions from the operation of road going vehicles. • Tyre degradation from the movement of vehicles and trailers. • GHG emissions from the operation of chilled refrigerant trailers and warehouses. Methodology Measurements are collated by a combination of Operational, Financial and Compliance team members (ESG Team) on a daily, weekly, monthly and annual basis. In order to see and validate fuel usage for company vehicles, fuel purchase receipts, fuel tank and vehicle telematic data is captured and collated alongside vehicle milage data. The members of this ESG team ensure energy and gas bills are accurate and reflect the underlying energy usage. The data is compiled and a total for the year calculated. In the case of incomplete data sets, management estimates are used based using previous year consumption profile adjust for any known operational variances. These calculations were conducted using the GHG Reporting Protocol – Corporate Standard. The GHG emissions are calculated in accordance with the UK government’s reporting guidelines for company reporting and 2025 GHG conversion factors for company reporting were used. During the reported period the Group made good progress in the • Acceleration of the adoption of LNG (liquid natural gas) fleet, with the additions of 20 new Volvo tractor units and 25 reconditioned used vehicles. • Embedding in of behavioural/ environmental change programmes. • Introduction of Environmental/ Energy Quality Management Systems (ISO 14001) to measure and drive continuous improvement achieving full certification in the reported year. • Continued development of infrastructure to reduce electrical and refrigeration related emissions. Energy Consumption used to calculate emissions (kwh)
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BL HOLDCO LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Scope 1 and 2 total emissions in metric tonnes CO2e
Scope 1 emissions in metric tonnes CO2e Scope 2 emissions in metric tonnes CO2e Scope 3 emissions in metric tonnes CO2e The Group's total Scope 3 emissions were nil (2024: nil). The Group did not incur any emissions from Scope 3 business travel in rental cars or employee-owned vehicles for which the Group was responsible for purchasing the fuel during the year. Intensity Ratio The SECR submission has been compiled using the 2019 HM Government Environmental Reporting Guidelines.
Emissions have been grouped according to the GHG Protocol Corporate Standard.
We have used the following data sources for the report:
•Energy and Fuel data – Energy supplier billing data and electricity half hour data.
•Transport data – Company mileage records; and
•Refrigerant Emissions – Engineering Maintenance Records
CO2 emissions have been calculated using the 2025 UK Government Conversion Factors for Group Reporting.
Emissions have been calculated for the Group's financial year to 31 December 2025.
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BL HOLDCO LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
As outlined above, the Group undertook a restructure of its property ownership. Buffaload Logistics Limited sold its Ellington Facility to BL Propco Limited. Buffaload Logistics’s entered into a new rental agreement with BL Propco for its new Bellshill facility.
To support the Group restructure, the Buffaload Logistics Limited undertook to provide cross guarantees for the BL Holdco Limited Group.
The auditor, MHA Audit Services LLP ("MHA"), will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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BL HOLDCO LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BL HOLDCO LIMITED
We have audited the financial statements of BL Holdco Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2025, which comprise the Consolidated statement of comprehensive income, the Consolidated analysis of net debt, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and notes to the financial statements, including material 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 auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the Parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.
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BL HOLDCO LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BL HOLDCO LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The Directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group 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 Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.
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BL HOLDCO LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BL HOLDCO LIMITED (CONTINUED)
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 Auditors' 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 Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:
•Enquiry of management and those charged with governance around actual and potential litigation and claims;
• Enquiry of entity staff to identify any instances of non-compliance with laws and regulations; • Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, and reviewing accounting estimates for bias; • Reviewing minutes of meetings of those charged with governance; • Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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 Auditors' report.
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BL HOLDCO LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BL HOLDCO LIMITED (CONTINUED)
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 Auditors' 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.
For and on behalf of MHA, Statutory Auditor
Peterborough, United Kingdom
Date:
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542).
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BL HOLDCO LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
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BL HOLDCO LIMITED
REGISTERED NUMBER: 14798159
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2025
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BL HOLDCO LIMITED
REGISTERED NUMBER: 14798159
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 22 to 47 form part of these financial statements.
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BL HOLDCO LIMITED
REGISTERED NUMBER: 14798159
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 22 to 47 form part of these financial statements.
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BL HOLDCO LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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BL HOLDCO LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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BL HOLDCO LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
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BL HOLDCO LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
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BL HOLDCO LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2025
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BL HOLDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
BL Holdco Limited ("the Company") is a private company limited by shares, incorporated in England and Wales under the Companies Act.
The registered number and address of the registered office are given in the Company information. The nature of the Group and Company's operations and its principal activities are set out in the Group Strategic Report on page 1. The functional and presentational currency of the Group and Company is pounds sterling (£) and rounded to the nearest whole pound.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
The following subsidiaries, consolidated into these group accounts, are exempt from the requirements of the UK Companies Act 2006 relating to the audit of individual accounts by virture of s479A of the Act.
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BL HOLDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
The financial statements have been prepared on a going concern basis which assumes that the Group will continue in operational existence for the foreseeable future. The Directors have considered relevant information, including the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment.
Based on these assessments and having regards to the resources available to the entity, the Directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and accounts.
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BL HOLDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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BL HOLDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Goodwill
Other intangible assets
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
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BL HOLDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
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BL HOLDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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BL HOLDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Group's Balance sheet when the Group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
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 profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Basic financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.
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BL HOLDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.
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BL HOLDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
In preparing these financial statements, the directors have had to make the following judgements: Determine whether there are any indicators of impairment of the group's tangible fixed assets. Factors take into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit. Other key sources of estimation uncertainity: Tangible fixed assets and depreciation Tangible fixed assets are depreciated over their useful lives taking into account residual values where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, all relevant known factors are taken into account but there is inherent uncertainty present in making this assessment (refer to note 14). Trade debtors and related party debtors provisions Provisions for impairment are recognised when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of receivable. The amount of the provision is the difference between the net carrying amount and the present value of the future expected cash flows associated with the impaired receivable (refer to note 17).
The whole of the turnover is attributable to the principal activity of the Group.
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BL HOLDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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BL HOLDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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BL HOLDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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BL HOLDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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