REGISTERED NUMBER: 14924740 (England and Wales)

Wind Bidco Limited

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 December 2025

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

7

Consolidated Statement of Comprehensive Income

10

Consolidated Balance Sheet

11

Company Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Company Statement of Changes in Equity

14

Consolidated Cash Flow Statement

15

Notes to the Consolidated Cash Flow Statement

16

Notes to the Consolidated Financial Statements

17

DIRECTORS:

J Cattermole

J Godber

M N Parkes

I Langley

J Marshall

A West

REGISTERED OFFICE:

Westcott House

Hesslewood Office Park

Ferriby Road

Hessle

East Yorkshire

HU13 0LH

REGISTERED NUMBER:

14924740 (England and Wales)

AUDITORS:

Smailes Goldie

Chartered Accountants

Statutory Auditor

Regent's Court

Princess Street

Hull

East Yorkshire

HU2 8BA

The directors present their strategic report of the company and the group for the year ended 31 December 2025.

PRINCIPAL ACTIVITIES AND REVIEW OF BUSINESS

The company is the parent company of the Boston Energy group of companies, incorporated in June 2023 to acquire the issued share capital of Boston Energy Limited.

The Group continues to strengthen its position as a leading provider of specialist technical services to the wind energy sector.

The directors are encouraged by the results for the year, which reflect the resilience of the business in a year that was challenging for the sector.

Performance in our core UK and European markets continues to be strong, and the directors consider the Group well positioned to capture the significant opportunities available in these strategically important markets. Reported revenue reflected the planned exit from non-core activities in North America in line with this strategy.

PRINCIPAL RISKS AND UNCERTAINTIES

The Board maintains an ongoing process to identify, assess and manage the principal risks and uncertainties facing the Group, the most significant of which are set out below.

Operational risks

The Group has continued to grow in recent years, with an increase in revenue placing greater emphasis on recruiting and retaining suitably qualified individuals. Investment continues in the training of technicians to support delivery against contracts, and in strengthened management capability.

A high and increasing level of focus on health and safety is maintained across the business to support safe working and safe delivery of projects.

Cyber risk

The Group recognises the growing threat of cyber related fraud and attack and has put in place measures to protect its systems and information from attack. These continue to be reviewed and upgraded as the threat evolves.

Liquidity risk

The Group has established working capital facilities to support anticipated growth and the seasonal nature of its operations. Cash flow is forecast regularly, and customer payment terms are monitored closely.

Market risk

The Group operates in a market which is concentrated among a relatively small number of major customers, including OEMs and wind farm operators. While the underlying market continues to grow, the loss of, or significant reduction in activity from, one or more key customers could have a material impact on the Group's results. The directors actively manage customer relationships and seek to broaden the customer base to mitigate this risk.

SECTION 172(1) STATEMENT

The directors have a duty, under section 172 (1) of the Companies Act 2006, to promote the success of the Company for the benefit of its members as a whole. This includes having due regard to the broad range of stakeholders of the Company, such as its workforce, customers, suppliers, shareholders, and its impact on the wider community and environment.

The Company’s Board comprises the Chair person, Chief Executive Officer, Chief Financial Officer and non-executive directors, who together are responsible for setting the strategy and managing the Group in line with established corporate governance principles. The Board regularly reviews the Group’s strategic objectives, goals and priorities to ensure the long-term consequences of decisions are well understood.

The Company engages with its shareholders on a regular basis through formal Board meetings, Board Audit and Remuneration Committees, and through regular presentation of business and financial information.

It is a strategic priority for the Group to continue to enhance its reputation and delivery support for key customers, and its employees. Customer feedback is sought regularly at different management levels through project delivery, and employees are encouraged to engage with senior management through regular all-hands forums. The environmental impact of the Group’s operations is being considered through the implementation of a formal ESG strategy.

The Board is committed to maintaining a high standard of business conduct and to act equitably between its members. This commitment is supported by the governance structure and policies that are in place, and continue to be strengthened in response to changes in the business and market environment

KEY PERFORMANCE INDICATORS

The directors consider Turnover and EBITDA to be the most relevant KPIs for the group. These consolidated financial statements show the performance of the underlying business since acquisition, however to provide a more meaningful analysis, included in the table below are the full year results of the acquired business for FY25 and FY24 comparatives:

FY25 Full year

FY24 Full year

Movement

Turnover

£55.1m

£50.0m

+10.2%

EBITDA

£8.5m

£7.4m

+22.4%

The directors are pleased with the performance of these KPIs across the period under review.

FUTURE OUTLOOK

The directors believe the outlook for the Group is positive. The wind energy sector continues to experience strong structural growth, driven by energy security priorities and the long-term transition to carbon-free energy supply, particularly across the UK and Europe. The Group's capabilities and financial position leave it well placed to support customers and capitalise on the opportunities this presents.

ON BEHALF OF THE BOARD:

J Godber - Director

12 June 2026

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

DIVIDENDS

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

DIRECTORS

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

J Cattermole

J Godber

M N Parkes

I Langley

J Marshall

Other changes in directors holding office are as follows:

D Smith - resigned 27 March 2025

A West - appointed 27 March 2025

FINANCIAL INSTRUMENTS

The Group is exposed to foreign exchange rate risk as a result of its overseas operations. The Group aims to minimise the effect of the foreign exchange rate risk by having the direct expenses on contracts in the same currency as the income is generated. In addition the Group carefully monitors exchange rates to ensure that movements of funds between currencies are at the most favourable rates available at the time.

CREDIT RISK

The Group has implemented policies whereby it constantly monitors the creditworthiness of its customers. Credit control meetings are held regularly and there has been no material change in debtors' days.

GOING CONCERN

The directors are required under company law to consider whether it is appropriate to prepare financial statements on the basis that the Group is a going concern.

The Directors confirm that, having reviewed the Group's cash requirements for the 12-month period following the date of approval of these financial statements, they have a reasonable expectation that the Group has adequate resources to continue to operate and meet its liabilities as they fall due. The Directors believe this is appropriate because:

Forecasts have been subject to sensitivity analysis, including downside scenarios, which indicate that the Group is expected to continue to operate within the terms of its available facilities.

The Group made a statutory loss before tax of £4.1m in the period to 31 December 2025 and had net liabilities at that date of £13.4m. However, it maintains a positive net current asset position of £5.8m.

Accordingly, the financial statements are prepared on a going concern basis.

ENGAGEMENT WITH EMPLOYEES

The directors make use of senior management throughout the group to ensure that all employees are kept upto date with key and relevant information. Each group location consults its employees as necessary when making material decisions which may affect them. Employees are encouraged to have an interest in the performance of the company and a general awareness of the group's performance.

EMPLOYEE INVOLVEMENT

The directors believes that all employees should be kept informed about the development and performance of the business. This has been achieved through internal media methods and regular meetings which are held between local management and employees to allow a free flow of information and ideas.

DISABLED EMPLOYEES

The group gives full consideration to applications for employment from disabled persons where the

requirements of the job can be adequately fulfilled by a disabled person. Where existing employees become disabled, it is the group's policy wherever practicable to provide continuing employment under normal terms and conditions and to provide training and career development and promotion to disabled employees wherever appropriate.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS

The directors continuously consider key stakeholder relationships and develops them through ongoing support from all employees. The group considers relationships with customers and suppliers on a group-wide and local level and maintains strong relationships with all parties.

STREAMLINED ENERGY AND CARBON REPORTING

Reporting period: 1 January 2025 - 31 December 2025

Comparative period: 1 January 2024 - 31 December 2024

Wind Bidco Limited reports in accordance with the Streamlined Energy and Carbon Reporting (SECR) requirements under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2018.

Greenhouse gas emissions have been calculated using the Greenhouse Gas Protocol Corporate Accounting and Reporting Standard and the UK Government GHG Conversion Factors published by the UK Government Department for Energy Security and Net Zero. The organisational boundary is defined using the financial control approach and includes emissions from company operations, including office energy use and business travel.

Group Activities

The group comprises Boston Energy Limited, Boston Energy Europe Limited, and Boston Energy Wind Power Services. Due to the nature of the group's operations, business travel forms an integral part of operational delivery and represents the most significant source of emissions.

During the reporting period the group undertook measures to improve energy efficiency and reduce emissions. In August 2024, Boston Energy relocated its head office from a Grade II listed building to a modern office facility, improving energy efficiency. The group also continues to monitor energy consumption and seeks to deploy locally based technicians on projects where possible to reduce long-distance travel requirements. The group is committed to reducing its environmental impact and has set a target to achieve carbon neutrality by 2040.

Total reported emissions increased from 485.17 tCO2e in 2024 to 534.85 tCO2e in 2025, reflecting business growth and improved emissions data coverage. Carbon intensity per £100k of revenue remained consistent year-on-year at 0.97 tCO2e, indicating stable carbon efficiency relative to group revenue.

Energy Consumption and Associated Emissions

Scope

Emissions Source

Energy Consumption 2025 (kWh)

Energy Consumption 2024 (kWh)

Emissions 2025 (tCO2e)

Emissions 2024 (tCO2e)

YoY%Ch ange

Scope 1

Fleet Vehicles

431,858

-

111.73

-

N/A

Scope 2

Electricity

46,414

49,009

8.22

10.48

-21.6%

Scope 3

Grey Fleet

978,403

1,035,405

237.93

262.17

-9.2%

Short-term leased vehicles

745,409

837,539

172.35

212.52

-18.9%

Upstream electricity

26,145

-

4.63

-

N/A

Totals

2,228,229

1,921,953

534.86

485.17

+10.2%

Footnote

Scope 1 fleet fuel consumption data was not captured during 2024. Improved monitoring was implemented in 2025, and therefore comparable Scope 1 emissions for 2024 are not available.

Intensity Metric

FY2025

FY2024

YoY% Change

tCO2e per £100k of revenue

0.97

0.97

0%

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

-	select suitable accounting policies and then apply them consistently;

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

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Smailes Goldie, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

J Godber - Director

12 June 2026

Opinion

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

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2025 and of the group's 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 group 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 group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Group 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 Group 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 Group 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 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 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

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

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

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

Responsibilities of directors

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

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

Auditors' responsibilities for the audit of the financial statements

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

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was 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 United Kingdom Accounting Standards (FRS102) the Companies Act 2006 and tax legislation. We also considered those laws and regulations that may have an indirect material effect on the financial statements including data protection, anti-bribery, employment, environmental and health and safety legislation. An understanding of these laws and regulations and the extent of compliance was obtained through discussion with management and inspecting legal and regulatory correspondence.

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 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 designed

procedures which included, but were not limited to:

- agreeing financial statement 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 relevant regulators and the company's legal advisors.

Due to 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. 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.

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 Report of the Auditors.

Use of our report

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

Matthew Fox FCCA (Senior Statutory Auditor)

for and on behalf of Smailes Goldie

Chartered Accountants

Statutory Auditor

Regent's Court

Princess Street

Hull

East Yorkshire

HU2 8BA

17 June 2026

TURNOVER

3

55,119,847

49,984,104

Cost of sales

41,371,044

37,033,999

GROSS PROFIT

13,748,803

12,950,105

Administrative expenses

10,496,611

10,961,805

OPERATING PROFIT

5

3,252,192

1,988,300

Exceptional administrative

expenses

6

138,022

297,552

3,114,170

1,690,748

Interest receivable and similar income

30,280

12,710

3,144,450

1,703,458

Interest payable and similar expenses

7

7,261,669

6,119,657

LOSS BEFORE TAXATION

(4,117,219

)

(4,416,199

)

Tax on loss

8

1,340,400

1,048,363

LOSS FOR THE FINANCIAL YEAR

(5,457,619

)

(5,464,562

)

OTHER COMPREHENSIVE INCOME

Foreign exchange reserve

-

(83

)

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

-

(83

)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(5,457,619

)

(5,464,645

)

Loss attributable to:

Owners of the parent

(5,457,619

)

(5,464,562

)

Total comprehensive income attributable to:

Owners of the parent

(5,457,619

)

(5,464,645

)

FIXED ASSETS

Intangible assets

10

35,091,251

39,771,251

Tangible assets

11

719,703

689,164

Investments

12

-

-

35,810,954

40,460,415

CURRENT ASSETS

Debtors

13

19,823,739

14,254,496

Cash at bank

6,873,409

7,487,508

26,697,148

21,742,004

CREDITORS

Amounts falling due within one year

14

20,942,813

13,936,962

NET CURRENT ASSETS

5,754,335

7,805,042

TOTAL ASSETS LESS CURRENT LIABILITIES

41,565,289

48,265,457

CREDITORS

Amounts falling due after more than one year

15

(54,965,348

)

(56,215,348

)

PROVISIONS FOR LIABILITIES

18

(2,484

)

-

NET LIABILITIES

(13,402,543

)

(7,949,891

)

CAPITAL AND RESERVES

Called up share capital

19

10,817

10,669

Share premium

20

521,557

506,642

Foreign Exchange Reserve

20

(83

)

(83

)

Treasury shares

20

(10,096

)

-

Retained earnings

20

(13,924,738

)

(8,467,119

)

SHAREHOLDERS' FUNDS

(13,402,543

)

(7,949,891

)

The financial statements were approved by the Board of Directors and authorised for issue on 12 June 2026 and were signed on its behalf by:

J Godber - Director

FIXED ASSETS

Intangible assets

10

-

-

Tangible assets

11

-

-

Investments

12

51,820,972

51,820,972

51,820,972

51,820,972

CURRENT ASSETS

Debtors

13

15,416,888

4,036,247

Cash at bank

102,017

41,255

15,518,905

4,077,502

CREDITORS

Amounts falling due within one year

14

14,434,104

7,726,363

NET CURRENT ASSETS/(LIABILITIES)

1,084,801

(3,648,861

)

TOTAL ASSETS LESS CURRENT LIABILITIES

52,905,773

48,172,111

CREDITORS

Amounts falling due after more than one year

15

54,965,348

56,215,348

NET LIABILITIES

(2,059,575

)

(8,043,237

)

CAPITAL AND RESERVES

Called up share capital

19

10,817

10,669

Share premium

521,557

506,642

Treasury shares

(10,096

)

-

Retained earnings

(2,581,853

)

(8,560,548

)

SHAREHOLDERS' FUNDS

(2,059,575

)

(8,043,237

)

Company's profit/(loss) for the financial year

5,978,695

(5,610,974

)

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 12 June 2026 and were signed on its behalf by:

J Godber - Director

Called up

share

Retained

Share

capital

earnings

premium

£

£

£

Balance at 1 January 2024

10,378

(3,002,557

)

477,558

Changes in equity

Issue of share capital

417

-

41,719

Forfeiture of shares

(126

)

-

(12,635

)

Total comprehensive income

-

(5,464,562

)

-

Balance at 31 December 2024

10,669

(8,467,119

)

506,642

Changes in equity

Issue of share capital

148

-

14,915

Total comprehensive income

-

(5,457,619

)

-

Balance at 31 December 2025

10,817

(13,924,738

)

521,557

Foreign

Exchange

Treasury

Total

Reserve

shares

equity

£

£

£

Balance at 1 January 2024

-

-

(2,514,621

)

Changes in equity

Issue of share capital

-

-

42,136

Forfeiture of shares

-

-

(12,761

)

Total comprehensive income

(83

)

-

(5,464,645

)

Balance at 31 December 2024

(83

)

-

(7,949,891

)

Changes in equity

Issue of share capital

-

-

15,063

Shares purchased into treasury

-

(10,096

)

(10,096

)

Total comprehensive income

-

-

(5,457,619

)

Balance at 31 December 2025

(83

)

(10,096

)

(13,402,543

)

Called up

share

Retained

Share

Treasury

Total

capital

earnings

premium

shares

equity

£

£

£

£

£

Balance at 1 January 2024

10,378

(2,949,574

)

477,558

-

(2,461,638

)

Changes in equity

Issue of share capital

417

-

41,719

-

42,136

Forfeiture of shares

(126

)

-

(12,635

)

-

(12,761

)

Total comprehensive income

-

(5,610,974

)

-

-

(5,610,974

)

Balance at 31 December 2024

10,669

(8,560,548

)

506,642

-

(8,043,237

)

Changes in equity

Issue of share capital

148

-

14,915

-

15,063

Shares purchased into treasury

-

-

-

(10,096

)

(10,096

)

Total comprehensive income

-

5,978,695

-

-

5,978,695

Balance at 31 December 2025

10,817

(2,581,853

)

521,557

(10,096

)

(2,059,575

)

Cash flows from operating activities

Cash generated from operations

1

2,764,156

7,461,577

Interest paid

(758,465

)

(1,012,439

)

Tax paid

(1,235,804

)

(1,510,208

)

Net cash from operating activities

769,887

4,938,930

Cash flows from investing activities

Purchase of tangible fixed assets

(399,474

)

(503,546

)

Sale of tangible fixed assets

(19,759

)

36,539

Interest received

30,280

12,710

Net cash from investing activities

(388,953

)

(454,297

)

Cash flows from financing activities

Loan repayments in year

(1,000,000

)

(516,696

)

Share issue

148

291

Share premium

14,915

29,084

Shares purchased into treasury

(10,096

)

-

Net cash from financing activities

(995,033

)

(487,321

)

(Decrease)/increase in cash and cash equivalents

(614,099

)

3,997,312

Cash and cash equivalents at beginning of year

2

7,487,508

3,490,196

Cash and cash equivalents at end of year

2

6,873,409

7,487,508

1.	RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

Loss before taxation

(4,117,219

)

(4,416,199

)

Loss on disposal of fixed assets

21,172

14,170

Amortisation and depreciation

5,047,522

4,955,578

Movement in exchange rates

-

681

Finance costs

7,261,669

6,119,657

Finance income

(30,280

)

(12,710

)

8,182,864

6,661,177

Decrease in stocks

-

7,923

(Increase)/decrease in trade and other debtors

(5,629,394

)

46,549

Increase in trade and other creditors

210,686

745,928

Cash generated from operations

2,764,156

7,461,577

2.	CASH AND CASH EQUIVALENTS

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

Year ended 31 December 2025

31.12.25

1.1.25

£

£

Cash and cash equivalents

6,873,409

7,487,508

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

7,487,508

3,490,196

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.1.25

Cash flow

At 31.12.25

£

£

£

Net cash

Cash at bank

7,487,508

(614,099

)

6,873,409

7,487,508

(614,099

)

6,873,409

Debt

Debts falling due within 1 year

(1,000,000

)

(250,000

)

(1,250,000

)

Debts falling due after 1 year

(46,215,348

)

1,250,000

(44,965,348

)

(47,215,348

)

1,000,000

(46,215,348

)

Total

(39,727,840

)

385,901

(39,341,939

)