Egbert Taylor Holdings Limited - Period Ending 2025-12-31

Registration number: 11064970

Egbert Taylor Holdings Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 31 December 2025

Egbert Taylor Holdings Limited

Contents

Company Information	1
Strategic Report	2 to 7
Directors' Report	8 to 9
Statement of Directors' Responsibilities	10
Independent Auditor's Report	11 to 14
Consolidated Profit and Loss Account	15
Consolidated Statement of Comprehensive Income	16
Consolidated Balance Sheet	17
Balance Sheet	18
Consolidated Statement of Changes in Equity	19
Statement of Changes in Equity	20
Consolidated Statement of Cash Flows	21 to 22
Statement of Cash Flows	23
Notes to the Financial Statements	24 to 53

Egbert Taylor Holdings Limited

Company Information

Directors

P B Dickson

D J Parsons

N J Zager

Registered office

Oak Park
Ryelands Lane
Elmley Lovett
Droitwich
Worcestershire
United Kingdom
WR9 0QZ

Auditors

Clement Rabjohns Limited
Registered Auditors and Chartered Accountants111/113 High Street
Evesham
Worcestershire
WR11 4XP

Egbert Taylor Holdings Limited

Strategic Report for the Year Ended 31 December 2025

The directors present their strategic report for the year ended 31 December 2025.

Principal activity

The principal activity of the group is the parent company of UK trading subsidiaries

Fair review of the business

Egbert Taylor Holdings Limited is the parent company of a group of businesses specialising in the design, manufacture, supply and servicing of waste and recycling containers, compaction equipment, and associated services to the UK, continental Europe, the Middle East and Africa. The Group operates throughout the United Kingdom and internationally, supporting local authorities, waste management companies and commercial customers through a combination of manufacturing, and nationwide service operations.

The Board's strategy remains focused on delivering sustainable long-term growth through operational excellence, strong customer relationships, disciplined financial management and selective strategic acquisitions that complement the Group's existing capabilities.

The year represented a period of significant strategic transition for the Group. 2025 saw continued performance of the core subsidiaries, as well as the acquisition of the other companies, collectively known as Pakawaste Group. This was the first time the group acquired a business in the same specific sector of an existing entity (Capital Compactors). The consolidation of all the group companies will provide a platform for effective integration of future targeted acquisitions, as well as organic growth where the potential is significant. Aurora Capital Partner’s continued support is valuable and allows the company to thrive.

Whilst the consolidated financial statements report a loss before taxation of £3.0 million, this result was materially affected by a number of exceptional and non-recurring items which do not reflect the underlying performance of the Group's continuing operations. Despite challenging market conditions in certain sectors, the Group's core businesses continued to perform resiliently, supported by a diverse customer base, continued investment in operational improvements and careful cost management. Underlying trading generated EBITDA (before depreciation, amortisation, finance costs and exceptional items) of £4.15 million, demonstrating the profitability and cash-generating capability of the continuing operations despite the exceptional charges recognised during the year. Group revenue remained resilient during the year despite a challenging economic environment and continued inflationary pressures affecting both customers and suppliers. The statutory loss before taxation reflects significant exceptional items recognised during the year together with depreciation, amortisation and finance costs associated with the Group's investment programme and acquisition activity.

Management continues to monitor profitability through EBITDA as an important measure of underlying operational performance. Throughout the year the Board maintained a disciplined approach to cost management, working capital and cash generation whilst continuing to invest in the Group's long-term strategic objectives.

The group's key financial and other performance indicators during the year were as follows:

Egbert Taylor Holdings Limited

Strategic Report for the Year Ended 31 December 2025

Financial KPIs	Unit	2025	2024
Turnover	£	32,045,441	30,827,304
Profit/(loss) before tax	£	(3,024,386)	(610,959)
Gross profit	£	10,246,969	11,571,919
Gross profit margin	%	32	37
EBITDA (before non-recurring exceptional costs)	£	4,151,141	3,909,377

Middle East Operations

During the year the Board completed a strategic review of the Group's historic Middle East permanent establishment.

The operation was originally established to support warehousing, local distribution and tendering activities within the region. As the business evolved, warehousing operations ceased and the remaining activity became focused on supporting sales generated and fulfilled directly from the United Kingdom.

Following this review, management concluded that the historic intercompany funding balance was no longer recoverable and accordingly recognised an exceptional write-off during the year.

This accounting adjustment reflects the historic funding structure of the operation rather than the ongoing trading potential of the region. The Group continues to support customers in the Middle East through its UK operations where commercially appropriate.

Pakawaste Limited

The Group acquired Pakawaste Limited in September 2025. Following the acquisition, management continued to operate the business while gaining a fuller understanding of its operational and financial position.

During the early part of 2026, the Board undertook a comprehensive review of the performance and future viability of Pakawaste Limited. Through this review, management obtained a greater understanding of a number of significant operational and financial challenges inherited with the business. The most significant of these related to an existing contract for the design and construction of a waste transfer station in Barking, East London. This large-scale project was outside the Group's core manufacturing activities and was not aligned with the Board's long-term strategic focus.

As the review progressed, the scale of the contractual obligations, delivery risks and associated costs became increasingly apparent. The resulting financial burden materially affected the company's trading performance. Having carefully considered the investment required to support the business and its future prospects, the Board concluded in March 2026 that continued financial support for Pakawaste Limited was not in the best interests of the wider Group or its shareholders.

Accordingly, subsequent to the year end, the Directors resolved to place Pakawaste Limited into Creditors' Voluntary Liquidation.

Whilst the outcome is disappointing, the Board believes this represented a prudent and decisive strategic decision. The closure of Pakawaste Limited enables the Group to focus its investment, management resources and future growth on its established core manufacturing and engineering businesses, which continue to trade profitably and generate strong cash flows.

Egbert Taylor Holdings Limited

Strategic Report for the Year Ended 31 December 2025

Future Outlook

The Board believes the actions taken during 2025 have strengthened the long-term position of the Group.

The exit from Pakawaste Limited and the rationalisation of historic non-core activities allow management to focus fully on the Group's established manufacturing, and service businesses, which continue to demonstrate resilient trading performance and strong customer relationships.

The Group enters 2026 with a simplified operating structure, a strong cash position and a clear strategic focus on its core markets.

The next strategic phase, which is well underway, is to create a single platform to integrate the businesses for a seamless customer offering. This is also a platform for organic growth, along with future acquisitions that we foresee will increase the market share rather than diversify further.

The Board remains confident that continued investment in operational efficiency, customer service and product innovation will support sustainable growth and improved profitability in the years ahead. The Group will also continue to evaluate selective acquisition opportunities where these enhance existing capabilities and deliver long-term shareholder value.

Principal risks and uncertainties

The Board continually reviews the principal risks facing the Group and has established appropriate systems of internal control to mitigate these wherever practicable. The principal risks include:

• General economic conditions affecting customer investment decisions.
• Inflationary pressures impacting labour, raw materials and supply chain costs.
• Delays or reductions in customer capital expenditure.
• Recruitment and retention of skilled engineering and manufacturing employees.
• Integration and performance of acquired businesses.
• Supply chain disruption and component availability.
• Foreign exchange movements relating to overseas trading activities.

The Board reviews these risks regularly and continues to implement measures designed to minimise their potential impact.

Egbert Taylor Holdings Limited

Strategic Report for the Year Ended 31 December 2025

Section 172(1) statement

Our business reputation is critical to the long term relationships we value. To develop and maintain a positive reputation, it is important that everyone in our business understands our values, whilst giving them a purpose whilst at work every day. We must behave in the way we want to be seen, so that our reputation is developed throughout our DNA.

Fairness is paramount in developing a positive culture and maintaining that business reputation mentioned. Everybody has a voice, and this is actively encouraged through HR surgeries at site, where we operate an open door for anyone. We make sure we listen and don’t just hear.

Workforce - An engaged and happy workforce is a productive one. Our culture is one of creating an environment that is serious but fun to work in. Regular team briefings, HR leadership surgeries, newsletters promoting our culture and values. Creating two-way communication where everyone has a voice.

Customers - The company’s approach to sales is one of partnership rather than a transactional approach. Our investment in rental, along with our status as a supplier to all the UK’s major recycling and waste companies, demonstrates that. Long term partnership over short term gain ensures the majority of our customers stay with us. Personal relationships, and hard work in developing them, is the key to present and future success.

Environment - We are enablers of environmental improvement in the waste sector. As well as culturally being our direction of travel, a large part of the industry’s regulations are environmentally biased. As a predominantly metal-based business, we advocate for the refurbishment of our products, completing nearly 50,000 waste containment products refurbishments each year.

External stakeholders - A direct benefit we give to the community is our partnership with Wrexham Prison, to whom we supply used bin castors for them to refurbish, which we then use as a low carbon option in our container refurbishment business. Increasing re-use and developing real social value.

Non-financial and sustainability information

Energy and carbon report

Egbert Taylor Holdings Limited

Strategic Report for the Year Ended 31 December 2025

This report meets the climate-related financial disclosure requirements per the Companies (Strategic Report) (Climate-related Financial Disclosure) Regulations 2022 and is in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD), which was established by the Financial Stability Board with the aim of improving the reporting of climate-related risks and opportunities.

Strategy

During the year, the Group continued to implement a range of practical initiatives aimed at improving energy efficiency and reducing greenhouse gas emissions across its operations. These included the ongoing replacement of conventional lighting with energy-efficient LED lighting across its manufacturing and operational facilities, helping to reduce electricity consumption.

The Group has completed the transition of its company car fleet to electric vehicles. Transport efficiency also remained a key focus, with delivery routes regularly reviewed and optimised to maximise vehicle utilisation, increase backhaul opportunities and minimise unnecessary mileage. Approximately 84% of deliveries using the Group's own fleet incorporate backhaul activity, further improving fleet utilisation and reducing unnecessary journeys.

During the year, the Group also continued to optimise its operational footprint, including the consolidation of manufacturing activities, enabling more efficient use of facilities and supporting reductions in energy consumption and transport requirements where practicable. The continued use of Microsoft Teams and other virtual meeting technology has also helped to reduce unnecessary business travel.

The Group participated in a Climate Change Agreement (CCA) through the British Plastics Federation (BPF) Energy Scheme. Under the agreement, the Group monitors and reports its energy consumption against agreed efficiency targets. Participation in the CCA supports continued improvements in energy efficiency and, subject to meeting the requirements of the scheme, provides a reduction in the Climate Change Levy (CCL) payable on qualifying energy consumption.

The Group continues to consider opportunities to reduce emissions associated with its commercial vehicle fleet, including the potential use of lower-carbon alternatives to conventional diesel where these are operationally and commercially viable.

The Board remains committed to identifying further opportunities to improve energy efficiency, reduce greenhouse gas emissions and support the Group's long-term sustainability objectives.

Egbert Taylor Holdings Limited

Strategic Report for the Year Ended 31 December 2025

Emissions and energy consumption

Summary of greenhouse gas emissions and energy consumption for the year ended 31 December 2025:

Description	Metric	Unit of measurement	2025
Gas consumed	Group	tCo2e	1,446.57
Electricity	Group	tCo2e	401.82
Transport fuel	Group	tCo2e	26.53
Oil	Group	tCo2e	1.30
Propane	Group	tCo2e	0.12
			1,876.34

Approved and authorised by the Board on 21 September 2026 and signed on its behalf by:

.........................................
P B Dickson
Director

Egbert Taylor Holdings Limited

Directors' Report for the Year Ended 31 December 2025

The directors present their report and the for the year ended 31 December 2025.

Directors of the group

The directors who held office during the year were as follows:

L R Bull (ceased 4 September 2026)

P B Dickson

M A Moore (ceased 26 March 2026)

The following directors were appointed after the year end:

D J Parsons (appointed 4 September 2026)

N J Zager (appointed 4 September 2026)

Financial instruments

Objectives and policies

The company and group's activities expose it to a number of financial risks including price risk, credit risk, cash flow risk and liquidity risk. The use of financial derivatives is governed by the group members' policies approved by the respective boards of directors. The group does not use derivative financial instruments for speculative purposes.

Price risk, credit risk, liquidity risk and cash flow risk

Commodity price risk
The group is exposed to commodity price risk, namely the price of steel and zinc, as a result of its operations. In order to manage these risks, the group has a policy of dual-sourcing raw materials and carries out regular supplier benchmarking exercises. The group is also able to use its buying power to gain price commitments from its suppliers for periods between three and twelve months. This gives the group more time to react to unavoidable price increases and to ensure that such increased costs are appropriately reflected in the group’s selling prices.

Export sales
Export sales are both an opportunity and a risk for the business which is now experiencing the need for increased foreign currency management, adherence to the terms of letters of credit, export carriage and transfer of ownership risk. To mitigate these risks, the business has increased its training expenditure on export related courses, holds regular currency reviews with its bankers and ensures that terms of sale are adequately communicated to customers.

Credit risk
The group’s customers generally have high quality credit ratings and trade debtor default is accordingly low. However, in the continuing subdued economic climate, the group acknowledges that there may be an increased risk of trade debtor default. The company manages this risk through maintaining a rigorous credit control and debtor collection policy. Aged debtor analyses are regularly reviewed, and credit is suspended if a customer fails to meet its obligations on a timely basis. The group makes extensive use of confirmed letters of credit when selling to overseas customers.

Egbert Taylor Holdings Limited

Directors' Report for the Year Ended 31 December 2025

Going concern

After reviewing the Group's forecasts, available banking facilities, expected cash flows and principal business risks, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future.

With support from our ultimate parent Aurora Capital Partners, the board have confirmed the going concern status of the group for a period of at least 12 months from the signing of these financial statements.

Accordingly, the financial statements have been prepared on the going concern basis.

Directors' liabilities

As permitted by the Articles of Association, the directors have the benefit of an indemnity which is a qualifying third-party indemnity provision as defined by Section 234 of the Companies Act 2006. The indemnity was in force throughout the financial period and is currently in force. The company also purchased, and maintained throughout the financial period, directors and officers’ liability insurance in respect of itself and its directors.

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the group's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Reappointment of auditors

In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Clement Rabjohns Limited as auditors of the company is to be proposed at the forthcoming Annual General Meeting.

Approved and authorised by the Board on 21 September 2026 and signed on its behalf by:

.........................................
P B Dickson
Director

Egbert Taylor Holdings Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report 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 group 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 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; and

•	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 group's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the group 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 group and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Egbert Taylor Holdings Limited

Independent Auditor's Report to the Members of Egbert Taylor Holdings Limited

Opinion

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

In our opinion the financial statements:

•	give a true and fair view of the state of the group's and the parent group's 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 auditor 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.

Emphasis of matter

We draw attention to Note 27 of the financial statements relating to the non-adjusting post balance sheet event of Pakawaste Limited appointing liquidators.

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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.

Egbert Taylor Holdings Limited

Independent Auditor's Report to the Members of Egbert Taylor Holdings Limited

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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

•	the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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

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 group, or returns adequate for our audit have not been received from branches not visited by us; or
•	the parent group 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 10], 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 is 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 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 to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

Egbert Taylor Holdings Limited

Independent Auditor's Report to the Members of Egbert Taylor Holdings Limited

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 our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities even though the audit has been properly planned and performed in accordance with the ISAs (UK).

•	We obtained an understanding of the legal and regulatory frameworks that are applicable to the company, and the industry in which it operates. These include but are not limited to compliance with the Companies Act 2006, UK Generally Accepted Accounting Principles and the relevant tax compliance regulations for the company.
•	We obtained an understanding of how the company is complying with these frameworks through discussions with management.
•	We enquired with management whether there were any instances of non-compliance with laws and regulations or whether they had knowledge of actual or suspected fraud. These enquiries are corroborated through follow-up audit procedures including but not limited to a review of legal and professional costs and correspondence.
•	We assessed the susceptibility of the company's financial statements to material misstatement, including the risk of fraud and management override of controls. We designed our audit procedures to respond to this assessment, including the identification and testing of any related party transactions and the testing of journal transactions that arise from management estimates, that are determined to be of significant value or unusual in their nature.
•	We assessed the appropriateness of the collective competence and capabilities of the engagement team, including consideration of the engagement team's knowledge and understanding of the industry in which the company operates in, and their practical experience through training and participation with audit engagements of a similar nature.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: 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 group’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 group’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 group and the group’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Egbert Taylor Holdings Limited

Independent Auditor's Report to the Members of Egbert Taylor Holdings Limited

......................................
Philip Parsons FCA (Senior Statutory Auditor)
For and on behalf of Clement Rabjohns Limited, Statutory Auditor
111/113 High Street
Evesham
Worcestershire
WR11 4XP

21 September 2026

Egbert Taylor Holdings Limited

Consolidated Profit and Loss Account for the Year Ended 31 December 2025

	Note	2025 £	2024 £
Turnover	3	32,045,441	30,827,304
Cost of sales		(21,798,472)	(19,255,385)
Gross profit		10,246,969	11,571,919
Distribution costs		(602,471)	(552,863)
Administrative expenses		(11,534,818)	(10,346,421)
Operating (loss)/profit	5	(1,890,320)	672,635
Other interest receivable and similar income	6	7,523	7,439
Interest payable and similar expenses	7	(1,141,589)	(1,291,032)
		(1,134,066)	(1,283,593)
Loss before tax		(3,024,386)	(610,958)
Tax on loss	11	(924,622)	(473,472)
Loss for the financial year		(3,949,008)	(1,084,430)
Profit/(loss) attributable to:
Owners of the group		(3,949,008)	(1,084,430)

The group has no recognised gains or losses for the year other than the results above.

Egbert Taylor Holdings Limited

Consolidated Statement of Comprehensive Income for the Year Ended 31 December 2025

	2025 £	2024 £
Loss for the year	(3,949,008)	(1,084,430)
Total comprehensive income for the year	(3,949,008)	(1,084,430)
Total comprehensive income attributable to:
Owners of the group	(3,949,008)	(1,084,430)

Egbert Taylor Holdings Limited

(Registration number: 11064970)
Consolidated Balance Sheet as at 31 December 2025

	Note	2025 £	2024 £
Fixed assets
Goodwill	12	17,280,706	14,862,927
Negative goodwill	12	(449,276)	(524,156)
		16,831,430	14,338,771
Intangible assets not including goodwill	12	169,290	15,380
Tangible assets	13	12,409,692	4,958,362
		12,578,982	4,973,742
Current assets
Stocks	16	5,376,898	3,848,836
Debtors	17	5,718,026	7,048,571
Cash at bank and in hand		476,850	346,331
		11,571,774	11,243,738
Creditors: Amounts falling due within one year	19	(11,496,903)	(7,740,062)
Net current assets		74,871	3,503,676
Total assets less current liabilities		29,485,283	22,816,189
Creditors: Amounts falling due after more than one year	19	(28,336,955)	(18,277,694)
Provisions for liabilities	20	(1,214,860)	(656,019)
Net (liabilities)/assets		(66,532)	3,882,476
Capital and reserves
Called up share capital	22	9,302,222	9,302,222
Share premium reserve		220,000	220,000
Retained earnings		(9,588,754)	(5,639,746)
Equity attributable to owners of the company		(66,532)	3,882,476
Shareholders' (deficit)/funds		(66,532)	3,882,476

Approved and authorised by the Board on 21 September 2026 and signed on its behalf by:

.........................................
P B Dickson
Director

Egbert Taylor Holdings Limited

(Registration number: 11064970)
Balance Sheet as at 31 December 2025

	Note	2025 £	2024 £
Fixed assets
Investments	14	39,403,363	29,722,058
Current assets
Debtors	17	-	922,629
Creditors: Amounts falling due within one year	19	(505,046)	(484,463)
Net current (liabilities)/assets		(505,046)	438,166
Total assets less current liabilities		38,898,317	30,160,224
Creditors: Amounts falling due after more than one year	19	(27,994,601)	(17,751,321)
Net assets		10,903,716	12,408,903
Capital and reserves
Called up share capital	22	9,302,222	9,302,222
Share premium reserve		220,000	220,000
Retained earnings		1,381,494	2,886,681
Shareholders' funds		10,903,716	12,408,903

The company made a loss after tax for the financial year of £1,505,187 (2024 - profit of £97,136).

Approved and authorised by the Board on 21 September 2026 and signed on its behalf by:

.........................................
P B Dickson
Director

Egbert Taylor Holdings Limited

Consolidated Statement of Cash Flows for the Year Ended 31 December 2025

	Note	2025 £	2024 £
Cash flows from operating activities
Loss for the year		(3,949,008)	(1,084,430)
Adjustments to cash flows from non-cash items
Depreciation and amortisation	5	4,224,776	2,857,994
Profit on disposal of tangible assets	4	(570,689)	(341,497)
Finance income	6	(7,523)	(7,439)
Finance costs	7	1,141,589	1,291,032
Income tax expense	11	924,622	473,472
		1,763,767	3,189,132
Working capital adjustments
(Increase)/decrease in stocks	16	(1,528,062)	693,440
Decrease/(increase) in trade debtors	17	1,395,799	(1,428,272)
Increase in trade creditors	19	3,893,807	37,854
Increase in provisions	20	-	104,879
Decrease in deferred income, including government grants		(165,599)	(308,393)
Cash generated from operations		5,359,712	2,288,640
Income taxes paid	11	(363,570)	(583,319)
Net cash flow from operating activities		4,996,142	1,705,321
Cash flows from investing activities
Interest received		7,523	7,439
Acquisitions of tangible assets		(8,982,830)	(1,133,613)
Proceeds from sale of tangible assets		888,832	454,176
Acquisition of intangible assets	12	(5,603,618)	-
Cash receipts from repayment of loans, classified as investing activities		722,764	-
Net cash flows from investing activities		(12,967,329)	(671,998)
Cash flows from financing activities
Interest paid	7	(1,141,589)	(1,291,032)
Proceeds from bank borrowing draw downs		(596,356)	28,434
Proceeds from other borrowing draw downs		12,562,950	499,945
Repayment of other borrowing		(2,663,333)	(2,036,822)
Payments to finance lease creditors		(59,966)	(220,523)
Net cash flows from financing activities		8,101,706	(3,019,998)
Net increase/(decrease) in cash and cash equivalents		130,519	(1,986,675)

Egbert Taylor Holdings Limited

Consolidated Statement of Cash Flows for the Year Ended 31 December 2025

	Note	2025 £	2024 £
Cash and cash equivalents at 1 January		346,331	2,333,006
Cash and cash equivalents at 31 December		476,850	346,331

Egbert Taylor Holdings Limited

Statement of Cash Flows for the Year Ended 31 December 2025

	Note	2025 £	2024 £
Cash flows from operating activities
(Loss)/profit for the year		(1,505,187)	97,136
Adjustments to cash flows from non-cash items
Finance income		-	(1,350,000)
Finance costs		2,559,964	1,119,801
Income tax expense	11	7,268	-
Foreign exchange gains/losses		(1,062,045)	133,063
		-	-
Working capital adjustments
Decrease in trade debtors	17	922,629	1,032,418
Increase in trade creditors	19	13,315	274,262
Net cash flow from operating activities		935,944	1,306,680
Cash flows from investing activities
Interest received		-	1,350,000
Acquisition of subsidiaries	14	(11,320,024)	-
Net cash flows from investing activities		(11,320,024)	1,350,000
Cash flows from financing activities
Interest paid		(921,245)	(1,119,801)
Proceeds from other borrowing draw downs		13,968,658	499,945
Repayment of other borrowing		(2,663,333)	(2,036,824)
Net cash flows from financing activities		10,384,080	(2,656,680)
Net increase/(decrease) in cash and cash equivalents		-	-
Cash and cash equivalents at 1 January		-	-
Cash and cash equivalents at 31 December		-	-

Egbert Taylor Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

1	General information

The group is a private company limited by share capital, incorporated in the United Kingdom.

The address of its registered office is:
Oak Park
Ryelands Lane
Elmley Lovett
Droitwich
Worcestershire
WR9 0QZ
United Kingdom

These financial statements were authorised for issue by the Board on 21 September 2026.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are presented in Pound Sterling (£).

Basis of consolidation

The group financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 December 2025.

No income statement is presented for the company as permitted by section 408 of the Companies Act 2006. The company made a loss after tax for the financial year of £1,505,187 (2024 - profit of £97,136).

Egbert Taylor Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the income statement from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination. Total comprehensive income is attributed to non-controlling interests even if this results in the non-controlling interests having a deficit balance.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the group.

The group recognises revenue when:
-the amount of revenue can be reliably measured;
-it is probable that future economic benefits will flow to the entity; and
-specific criteria have been met for each of the group's activities.

Government grants

Grants which relate to revenue shall be recognised in income on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate.

Egbert Taylor Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency exchange rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into the respective functional currency of the entity at the exchange rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are translated at the exchange rate on the date when the fair value is measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not translated.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction, over their estimated useful lives as follows:

Asset class	Depreciation method and rate
Leasehold improvements	over the life of the lease, straight line
Plant and machinery, including tooling	10% - 20%, straight line and reducing balance
Office machinery, fixtures and fittings	10% or 33%, straight line and reducing balance
Motor vehicles	20 - 25%, straight line and reducing balance

Egbert Taylor Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquiisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued using the closing exchange rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Negative goodwill

Negative goodwill arising on an acquisition is recognised on the face of the balance sheet on the acquisition date and subsequently the excess up to the fair value of non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered.

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful lives as follows:

Asset class	Amortisation method and rate
Development costs	over 5 years, straight line
Goodwill	over 10 years, straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Egbert Taylor Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the average costing method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Egbert Taylor Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Provisions

Provisions are recognised when the group has an obligation at the reporting date as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Egbert Taylor Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

3

Turnover

The analysis of the group's Turnover for the year from continuing operations is as follows:

	2025 £	2024 £
Sale of goods	31,540,754	30,327,437
Rental income from investment property	35,897	-
Other revenue	468,790	499,867
	32,045,441	30,827,304

The analysis of the group's Turnover for the year by class of business is as follows:

	2025 £	2024 £
Waste containers	24,791,350	26,290,646
Waste compactors	7,218,194	4,536,658
Other revenue	35,897	-
	32,045,441	30,827,304

The analysis of the group's Turnover for the year by market is as follows:

	2025 £	2024 £
UK	27,742,674	25,259,868
Europe	3,549,808	3,675,539
Rest of world	752,959	1,891,897
	32,045,441	30,827,304

4	Other gains and losses

The analysis of the group's other gains and losses for the year is as follows:

	2025 £	2024 £
Gain on disposal of Tangible assets	570,689	341,497

Egbert Taylor Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

5	Operating (loss)/profit

Arrived at after charging/(crediting)

	2025 £	2024 £
Depreciation expense	1,247,154	740,493
Amortisation expense	2,972,227	2,101,217
Research and development cost	627	2,338
Foreign exchange gains	(1,255,505)	(22,591)
Operating lease expense - plant and machinery	278,399	297,239
Profit on disposal of property, plant and equipment	(570,689)	(341,497)

6	Other interest receivable and similar income

	2025 £	2024 £
Interest income on bank deposits	5,917	4,477
Other finance income	1,606	2,962
	7,523	7,439

7	Interest payable and similar expenses

	2025 £	2024 £
Interest on bank overdrafts and borrowings	167,334	155,510
Interest on obligations under finance leases and hire purchase contracts	2,895	13,035
Interest expense on other finance liabilities	971,360	1,122,127
Other finance costs	-	360
	1,141,589	1,291,032

Egbert Taylor Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

8	Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

	2025 £	2024 £
Wages and salaries	9,119,080	8,433,641
Social security costs	963,918	585,799
Other short-term employee benefits	25,304	22,552
Pension costs, defined contribution scheme	309,026	298,311
Other employee expense	27,184	87,645
	10,444,512	9,427,948

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

	2025 No.	2024 No.
Production	218	178
Administration and support	68	61
	286	239

Egbert Taylor Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

9	Directors' remuneration

The directors' remuneration for the year was as follows:

	2025 £	2024 £
Remuneration	289,881	266,057
Contributions paid to money purchase schemes	53,967	51,714
	343,848	317,771

An additional remuneration totalling £Nil (2024: £53,189) paid to directors is stated in exceptional costs.

In respect of the highest paid director, the total remuneration does include a share of this.

During the year the number of directors who were receiving benefits and share incentives was as follows:

	2025 No.	2024 No.
Accruing benefits under money purchase pension scheme	2	2

In respect of the highest paid director:

	2025 £	2024 £
Remuneration	179,566	179,507
Company contributions to money purchase pension schemes	17,286	29,993

10	Auditors' remuneration

	2025 £	2024 £
Audit of these financial statements	89,207	97,685

Egbert Taylor Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

11

Taxation

Tax charged/(credited) in the consolidated profit and loss account

	2025 £	2024 £
Current taxation
UK corporation tax	797,582	343,397
UK corporation tax adjustment to prior periods	-	11,041
	797,582	354,438
Deferred taxation
Arising from origination and reversal of timing differences	127,040	119,034
Tax expense in the income statement	924,622	473,472

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2024 - higher than the standard rate of corporation tax in the UK) of 25% (2024 - 25%).

The differences are reconciled below:

	2025 £	2024 £
Loss before tax	(3,024,386)	(610,958)
Corporation tax at standard rate	(756,097)	(152,740)
Tax increase from effect of capital allowances and depreciation	789,649	582,134
Tax increase from other short-term timing differences	502,821	135,709
Effect of expense not deductible in determining taxable profit (tax loss)	261,209	1,691
Effect of tax losses	-	(93,322)
Deferred tax expense from unrecognised tax loss or credit	127,040	-
Total tax charge	924,622	473,472

Egbert Taylor Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Deferred tax

Group

Deferred tax assets and liabilities

2025	Asset £	Liability £
Accelerated tax depreciation	-	1,117,948
Provisions	57,591	-
	57,591	1,117,948

2024	Asset £	Liability £
Accelerated tax depreciation	-	579,389
Provisions	77,754	-
Tax losses carry-forwards	1,787	-
	79,541	579,389

Egbert Taylor Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

The aggregate amount of research and development expenditure recognised as an expense during the period is £627 (2024 - £2,338).

Impairment

Goodwill
Impairment of the goodwill in Pakawaste Limited was quantified following the assessment that market share has been lost post acquisition and any remaining trade will be hived into Capital Compactors Limited. The amount of impairment loss included in profit or loss is £653,518 (2024 - £Nil). The impairment loss is included in amortisation of goodwill.

Negative goodwill	2025 £
At 1 January 2025	(524,156)
Recognised in profit or loss	74,880
At 31 December 2025	(449,276)

Egbert Taylor Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

13	Tangible assets

Group

Land and buildings
£

Long leasehold land and buildings
£

Short leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Cost or valuation

At 1 January 2025

-

1,505,152

278,495

1,165,183

8,358,380

Additions

-

105,850

-

63,312

3,289,114

Acquired through business combinations

1,321,214

76,997

-

-

3,903,737

Disposals

-

-

-

(7,544)

(1,112,248)

At 31 December 2025

1,321,214

1,687,999

278,495

1,220,951

14,438,983

Depreciation

At 1 January 2025

-

75,276

253,866

1,093,531

5,537,224

Charge for the year

-

76,832

3,894

21,904

910,012

Eliminated on disposal

-

-

-

-

(801,649)

At 31 December 2025

-

152,108

257,760

1,115,435

5,645,587

Carrying amount

At 31 December 2025

1,321,214

1,535,891

20,735

105,516

8,793,396

At 31 December 2024

-

1,429,877

24,629

71,652

2,821,157

Egbert Taylor Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

	Office equipment £	Motor vehicles £	Total £
Cost or valuation
At 1 January 2025	146,092	2,908,048	14,361,350
Additions	15,297	52,930	3,526,503
Acquired through business combinations	-	154,379	5,456,327
Disposals	-	-	(1,119,792)
At 31 December 2025	161,389	3,115,357	22,224,388
Depreciation
At 1 January 2025	93,271	2,349,824	9,402,992
Charge for the year	28,653	172,058	1,213,353
Eliminated on disposal	-	-	(801,649)
At 31 December 2025	121,924	2,521,882	9,814,696
Carrying amount
At 31 December 2025	39,465	593,475	12,409,692
At 31 December 2024	52,820	558,227	4,958,362

Included within the net book value of land and buildings above is £1,321,214 (2024 - £Nil) in respect of freehold land and buildings, £1,535,891 (2024 - £1,429,877) in respect of long leasehold land and buildings and £20,735 (2024 - £24,629) in respect of short leasehold land and buildings.

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

	2025 £	2024 £
Plant and machinery	154,832	123,785
Motor vehicles	-	71,376
	154,832	195,161

Egbert Taylor Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

14	Investments

Group

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the group holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Registered office	Holding	Proportion of voting rights and shares held
			2025	2024
Subsidiary undertakings
Pakawaste Limited	Oak Park, Ryelands Lane, Elmley Lovett, Droitwich, Worcestershire, WR9 0QZ	Ordinary shares	100%	0%
	the United Kingdom
Pakawaste Engineering Limited	Oak Park, Ryelands Lane, Elmley Lovett, Droitwich, Worcestershire, WR9 0QZ	Ordinary shares	100%	0%
	the United Kingdom
System Rental UK Limited	Oak Park, Ryelands Lane, Elmley Lovett, Droitwich, Worcestershire, WR9 0QZ	Ordinary shares	100%	0%
	the United Kingdom

Subsidiary undertakings

Pakawaste Limited

The principal activity of Pakawaste Limited is the manufacturing of waste compactors

Pakawaste Engineering Limited

The principal activity of Pakawaste Engineering Limited is the servicing and installation of waste compactors

System Rental UK Limited

The principal activity of System Rental UK Limited is the sale of waste compactors

Group investments are wholly owned by Pakawaste Holdings Limited, an intermediate holding company which is in turn fully controlled via 100% shareholding by Egbert Taylor Holdings Limited.

Egbert Taylor Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Company

	2025 £	2024 £
Investments in subsidiaries	39,403,363	29,722,058

Subsidiaries	£
Cost or valuation
At 1 January 2025	29,722,058
Additions	11,320,024
At 31 December 2025	41,042,082
Provision
Provision	1,638,719
Carrying amount
At 31 December 2025	39,403,363
At 31 December 2024	29,722,058

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the group holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Registered office	Holding	Proportion of voting rights and shares held
			2025	2024
Subsidiary undertakings
Egbert H Taylor & Co Limited	Oak Park, Ryelands Lane, Elmley Lovett, Droitwich, Worcestershire, WR9 0QZ United Kingdom	Ordinary shares	100%	100%
Container Components Europe Limited	Oak Park, Ryelands Lane, Elmley Lovett, Droitwich, Worcestershire, WR9 0QZ UK	Ordinary shares	100%	100%
UK Container Maintenance Limited	Oak Park, Ryelands Lane, Elmley Lovett, Droitwich, Worcestershire, WR9 0QZ the United Kingdom	Ordinary shares	100%	100%
Capital Compactors Limited	Oak Park, Ryelands Lane, Elmley Lovett, Droitwich, Worcestershire, WR9 0QZ the United Kingdom	Ordinary shares	100%	100%

Egbert Taylor Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Undertaking	Registered office	Holding	Proportion of voting rights and shares held
Pakawaste Holdings Limited	Oak Park, Ryelands Lane, Elmley Lovett, Droitwich, Worcestershire, WR9 0QZ United Kingdom	Ordinary shares	100%	0%
Kelpack Hire Limited	Oak Park, Ryelands Lane, Elmley Lovett, Droitwich, Worcestershire, WR9 0QZ United Kingdom	Ordinary shares	100%	0%
OCR Properties Limited	Oak Park, Ryelands Lane, Elmley Lovett, Droitwich, Worcestershire, WR9 0QZ United Kingdom	Ordinary shares	100%	0%
Associates
Egbert Taylor Middle East LLC	Dubai Investment Park 1 Dubai		49%	49%
	United Arab Emirates

Subsidiary undertakings

Egbert H Taylor & Co Limited

The principal activity of Egbert H Taylor & Co Limited is the manufacture and supply of waste containers.

Container Components Europe Limited

The principal activity of Container Components Europe Limited is is the manufacture and supply of waste container lids.

UK Container Maintenance Limited

The principal activity of UK Container Maintenance Limited is the refurbishment of commercial waste containers.

Capital Compactors Limited

The principal activity of Capital Compactors Limited is the manufacture of commercial waste compactors.

Pakawaste Holdings Limited

The principal activity of Pakawaste Holdings Limited is that of holding company.

Kelpack Hire Limited

The principal activity of Kelpack Hire Limited is the sale of waste compactors and baling wire.

Egbert Taylor Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

OCR Properties Limited

The principal activity of OCR Properties Limited is that of an investment company.

Associates

Egbert Taylor Middle East LLC

The principal activity of Egbert Taylor Middle East LLC is the assembly and supply of waste containers.

Egbert Taylor Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

15	Business combinations

On 8 September 2025, Egbert Taylor Holdings Limited acquired 100% of the issued share capital of Pakawaste Holdings Limited (Intermediate group investment company holding Pakawaste Limited, System Rental UK Limited and Pakawaste Engineering Limited), obtaining control.

Pakawaste Holdings Limited contributed £1,862,642 revenue and £(2,753,905) to the group's profit for the period between the date of acquisition and the Balance Sheet date.

The amounts recognised in respect of the identifiable assets acquired and liabilities assumed are as set out in the table below:

	Book value 2025 £	Fair value 2025 £
Assets and liabilities acquired
Financial assets	3,155,220	3,155,220
Stocks	1,127,311	1,127,311
Tangible assets	4,146,801	4,146,801
Financial liabilities	(4,087,022)	(4,087,022)
Total identifiable assets	4,342,310	4,342,310
Goodwill	4,522,355	4,522,355
Total consideration	8,864,665	8,864,665
Satisfied by:
Cash	8,864,665	8,864,665

The useful life of goodwill is 10 years.

On 8 September 2025, Egbert Taylor Holdings Limited acquired 100% of the issued share capital of Kelpack Hire Limited (the leasing and sale of commercial waste compactors), obtaining control.

Kelpack Hire Limited contributed £209,269 revenue and £23,267 to the group's profit for the period between the date of acquisition and the Balance Sheet date.

The amounts recognised in respect of the identifiable assets acquired and liabilities assumed are as set out in the table below:

Egbert Taylor Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

	Book value 2025 £	Fair value 2025 £
Assets and liabilities acquired
Financial assets	141,257	141,257
Stocks	100,031	100,031
Tangible assets	636,342	636,342
Financial liabilities	(135,621)	(135,621)
Total identifiable assets	742,009	742,009
Goodwill	799,272	799,272
Total consideration	1,541,281	1,541,281
Satisfied by:
Cash	1,541,281	1,541,281

The useful life of goodwill is 10 years.

On 8 September 2025, Egbert Taylor Holdings Limited acquired 100% of the issued share capital of OCR Properties Limited (that of an investment company), obtaining control.

OCR Properties Limited contributed £- revenue and £- to the group's profit for the period between the date of acquisition and the Balance Sheet date.

The amounts recognised in respect of the identifiable assets acquired and liabilities assumed are as set out in the table below:

	Book value 2025 £
Assets and liabilities acquired
Tangible assets	699,683
Financial liabilities	(316,173)
Total identifiable assets	383,510
Goodwill	487,167
Total consideration	870,677
Satisfied by:
Cash	870,677

The useful life of goodwill is 10 years.

Egbert Taylor Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

16

Stocks

	Group		Company
	2025 £	2024 £	2025 £	2024 £
Raw materials and consumables	3,840,812	2,444,767	-	-
Work in progress	439,327	522,036	-	-
Finished goods and goods for resale	543,028	508,341	-	-
Other inventories	553,731	373,692	-	-
	5,376,898	3,848,836	-	-

Group

17

Debtors

		Group		Company
Current	Note	2025 £	2024 £	2025 £	2024 £
Trade debtors		3,938,706	4,501,002	-	-
Amounts owed by related parties	25	-	722,764	-	922,629
Other debtors		317,968	584,260	-	-
Prepayments		1,271,103	1,115,550	-	-
Deferred tax assets	11	14,476	16,144	-	-
Income tax asset	11	175,773	108,851	-	-
		5,718,026	7,048,571	-	922,629

Details of non-current trade and other debtors

Group

£Nil (2024 - £16,144) of Deferred tax assets is classified as non current.

Company

£Nil (2024 - £922,629) of Loans to related parties is classified as non current.

Group

The UK book debts of the company's subsidiary are subject to an invoice discounting arrangement with Santander.

Egbert Taylor Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

18	Cash and cash equivalents

	Group		Company
	2025 £	2024 £	2025 £	2024 £
Cash on hand	4,247	1,106	-	-
Cash at bank	469,636	345,182	-	-
Short-term deposits	2,967	43	-	-
	476,850	346,331	-	-

19

Creditors

		Group		Company
	Note	2025 £	2024 £	2025 £	2024 £
Due within one year
Loans and borrowings	23	977,300	1,594,268	-	-
Trade creditors		3,899,940	2,374,601	-	-
Amounts due to related parties	25	776,433	776,433	497,778	-
Social security and other taxes		796,927	652,686	-	-
Outstanding defined contribution pension costs		37,951	30,966	-	-
Other payables		46,501	73,954	-	(2)
Accruals		3,271,583	1,026,888	-	484,465
Income tax liability	11	743,600	242,666	7,268	-
Deferred income		946,668	967,600	-	-
		11,496,903	7,740,062	505,046	484,463
Due after one year
Loans and borrowings	23	29,899	69,253	-	-
Deferred income		312,454	457,121	-	-
Other financial liabilities		27,994,602	17,751,320	27,994,601	17,751,321
		28,336,955	18,277,694	27,994,601	17,751,321

Egbert Taylor Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

20	Provisions for liabilities

Group

	Warranties £	Deferred tax £	Other provisions £	Total £
At 1 January 2025	35,000	515,992	105,027	656,019
Additional provisions	-	364,827	-	364,827
Increase (decrease) through business combinations	-	179,538	-	179,538
At 31 December 2025	35,000	1,060,357	105,027	1,200,384

21	Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £309,027 (2024 - £298,311).

Contributions totalling £37,951 (2024 - £30,966) were payable to the scheme at the end of the year and are included in creditors.

22	Share capital

Allotted, called up and fully paid shares

	2025		2024
	No.	£	No.	£
Ordinary A shares of £0.01 each	200,000	2,000	200,000	2,000
Ordinary B shares of £0.01 each	22,222	222	22,222	222
Preference shares of £1 each	9,300,000	9,300,000	9,300,000	9,300,000
	9,522,222	9,302,222	9,522,222	9,302,222

Redeemable preference shares

The Preference shares are redeemable at the option of the group. They are redeemable at £1 per share and carry no voting rights On a winding up of the group the holders of the shares have a right to receive the full redemption value upon exit from the company. Winding up value for redeemable preference share is £9,300,000.

Egbert Taylor Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

23	Loans and borrowings

Non-current loans and borrowings

	Group		Company
	2025 £	2024 £	2025 £	2024 £

Hire purchase contracts	29,899	69,253	-	-

Current loans and borrowings

	Group		Company
	2025 £	2024 £	2025 £	2024 £

Bank borrowings	945,228	1,541,584	-	-
Hire purchase contracts	32,072	52,684	-	-
	977,300	1,594,268	-	-

Group

Bank borrowings

The invoice discounting facility is denominated in GBP with a nominal interest rate of 2.4% above base . The carrying amount at year end is £945,863 (2024 - £1,542,219).

The invoice discounting facility with Santander UK Plc is secured against the book debts of the group

Other borrowings

A short term loan from the parent company is denominated in GBP with a nominal interest rate of 5.5%. The carrying amount at year end is £776,433 (2024 - £776,433).

Company

Other borrowings

A loan from the parent company is denominated in GBP with a nominal interest rate of 5.5%. The carrying amount at year end is £27,994,602 (2024 - £17,751,321).

Egbert Taylor Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

24	Obligations under leases and hire purchase contracts

Group

Finance leases

The total of future minimum lease payments is as follows:

	2025 £	2024 £
Not later than one year	32,073	52,684
Later than one year and not later than five years	29,899	69,253
	61,972	121,937

Operating leases

The total of future minimum lease payments is as follows:

	2025 £	2024 £
Not later than one year	757,567	851,237
Later than one year and not later than five years	1,874,437	2,248,607
Later than five years	2,596,607	2,865,714
	5,228,611	5,965,558

The amount of non-cancellable operating lease payments recognised as an expense during the year was £878,525 (2024 - £913,568).

Operating leases - lessor

The total of future minimum lease payments is as follows:

	2025 £	2024 £
Not later than one year	1,390,005	763,888
Later than one year and not later than five years	3,042,202	1,096,090
Later than five years	36,764	-
	4,468,971	1,859,978

The leasing of compactors varies and has no purchase exercise option at the end of the term.

Egbert Taylor Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

25	Related party transactions

Group

Summary of transactions with associates

Egbert Taylor Middle East LLC

Income and receivables from related parties

2025

2024	Associates £
Amounts receivable from related party	890,505

Loans from related parties

2025	Parent £	Total £
At start of period	18,527,755	18,527,755
Advanced	11,613,903	11,613,903
Repaid	(2,663,333)	(2,663,333)
Interest transactions	1,292,710	1,292,710
At end of period	28,771,035	28,771,035

2024	Parent £	Total £
At start of period	19,931,570	19,931,570
Advanced	499,945	499,945
Repaid	(2,899,897)	(2,899,897)
Interest transactions	996,137	996,137
At end of period	18,527,755	18,527,755

Terms of loans from related parties

The short term loan facility is with the US based parent of Egbert Taylor Holdings Limited, Impact Parent Corporation (DE C Corp)

Egbert Taylor Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Company

Loans from related parties

2025	Parent £	Total £
At start of period	17,751,321	17,751,321
Advanced	11,613,903	11,613,903
Repaid	(2,663,333)	(2,663,333)
Interest transactions	1,292,710	1,292,710
At end of period	27,994,601	27,994,601

2024	Parent £	Total £
At start of period	19,155,137	19,155,137
Advanced	499,945	499,945
Repaid	(2,828,023)	(2,828,023)
Interest transactions	924,262	924,262
At end of period	17,751,321	17,751,321

Terms of loans from related parties

The short term loan facility is with the US based parent of Egbert Taylor Holdings Limited, Impact Parent Corporation (DE C Corp)

26	Parent and ultimate parent undertaking

The group's immediate parent is Impact Parent Corporation (DE C Corp), incorporated in the United States of America.

These financial statements are available upon request from Oak Park, Ryelands Lane, Elmley Lovett, Droitwich, Worcestershire, WR9 0QZ

The ultimate controlling party is Aurora Capital Partners.

Egbert Taylor Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

27	Non adjusting events after the financial period

The land and buildings in Pakawaste Holdings Limited and OCR Properties Limited have been sold to a third party at red book market value following the year end. The total book value of these properties are £1,321k.

Subsequent to the year end, the Group concluded that it was no longer commercially viable to continue trading through Pakawaste Limited entity after a significant contract became untenable in March 2026. Following a strategic review of the business and the ongoing financial performance of the significant contract mentioned, the decision was taken on 30 March 2026 to cease trading and place this entity into creditors' voluntary liquidation. The liquidation process formally commenced on 3 June 2026. At 31 December 2025, the Group recognised a liability of £2.443 million within accruals relating to the fall in expected margin of the contract. The contract was not onerous as of the balance sheet date and the liability represents the total financial impact to the Group in these financial statements. Management expects the strengthening of the overall business balance sheet and P&L post-liquidation as this was a lost-making contract within the entity.

	Goodwill £	Trademarks, patents and licenses £	Internally generated software development costs £	Other intangible assets £	Total £
Cost or valuation
At 1 January 2025	21,753,896	588,097	23,925	131,101	22,497,019
Additions acquired separately	5,427,600	-	104,256	71,762	5,603,618
At 31 December 2025	27,181,496	588,097	128,181	202,863	28,100,637
Amortisation
At 1 January 2025	6,890,969	583,543	13,099	131,101	7,618,712
Amortisation charge	2,356,303	-	2,706	19,402	2,378,411
Impairment	653,518	-	-	-	653,518
At 31 December 2025	9,900,790	583,543	15,805	150,503	10,650,641
Carrying amount
At 31 December 2025	17,280,706	4,554	112,376	52,360	17,449,996
At 31 December 2024	14,862,927	4,554	10,826	-	14,878,307

	Share capital £	Share premium £	Retained earnings £	Total £	Total equity £
At 1 January 2025	9,302,222	220,000	(5,639,746)	3,882,476	3,882,476
Loss for the year	-	-	(3,949,008)	(3,949,008)	(3,949,008)
At 31 December 2025	9,302,222	220,000	(9,588,754)	(66,532)	(66,532)

	Land and buildings £	Long leasehold land and buildings £	Short leasehold land and buildings £	Fixtures and fittings £	Plant and machinery £
Cost or valuation
At 1 January 2025	-	1,505,152	278,495	1,165,183	8,358,380
Additions	-	105,850	-	63,312	3,289,114
Acquired through business combinations	1,321,214	76,997	-	-	3,903,737
Disposals	-	-	-	(7,544)	(1,112,248)
At 31 December 2025	1,321,214	1,687,999	278,495	1,220,951	14,438,983
Depreciation
At 1 January 2025	-	75,276	253,866	1,093,531	5,537,224
Charge for the year	-	76,832	3,894	21,904	910,012
Eliminated on disposal	-	-	-	-	(801,649)
At 31 December 2025	-	152,108	257,760	1,115,435	5,645,587
Carrying amount
At 31 December 2025	1,321,214	1,535,891	20,735	105,516	8,793,396
At 31 December 2024	-	1,429,877	24,629	71,652	2,821,157