Axtell Limited Company accounts

COMPANY REGISTRATION NUMBER: 09073122

Axtell Limited

Financial Statements

31 December 2025

Axtell Limited

Financial Statements

Year ended 31 December 2025

Contents	Page

Strategic report	1

Directors' report	3

Independent auditor's report to the members	5

Statement of comprehensive income	10

Statement of financial position	11

Statement of changes in equity	12

Statement of cash flows	13

Notes to the financial statements	14

Axtell Limited

Strategic Report

Year ended 31 December 2025

The directors present their report for the period ended 31st December 2025. Business Review The principal activity of the company is a range of activities and continuing innovation in the production of concrete. The accounts show the turnover decreased from the previous year, across a 12 month period the turnover increased due to 2024 being an 18 month period. The director and the management team are anticipating that the level of turnover will maintain a stable rate for the next year. Key financial performance indicators (KPI's) The key financial performance indicators of the company are turnover and profit/loss before tax which are summarised below:

	2025	2024
	£	£
Turnover	17,397,047	24,652,865
Profit before tax	108,756	99,920

Key non-financial performance indicators (KPI's) Health, safety and environmental management The health and safety of all stakeholders is the company's number one priority. In order to control risk and prevent harm, the company is focused on demonstrating the highest standards of health and safety management. This is achieved by establishing robust health and safety procedures and ensuring that effective leadership, culture and organisational arrangements are in place. The company monitors significant health concerns, maintaining contingency plans to manage its operations and respond proportionately to any emerging risks, whilst always ensuring the health of all its stakeholders with whom it interfaces Going concern The directors have undertaken an assessment of whether the company was a going concern when the accounts were prepared, considering all available information about the future, covering a period of 12 months from the date of approval of the accounts. The directors have concluded that the company is a going concern and that the going concern basis of preparation remains appropriate.

Future developments The company will continue to develop its business in line with current activities. Principal risks and uncertainties The construction industry is a volatile industry susceptible to changes in material prices, as well as changes in legislation, regulation and government policy which may affect the industry. Liquidity risks The company's view is that any exposure to liquidity risk is low. The cash flow and working capital requirement of the business are strictly monitored by the management team on a regular basis. Credit risks The company's credit risk is primarily attributable to its trade receivable with key customers. The financial reliability of customers is assessed periodically. They are considered to be low risk. Interest rate risks The company is exposed to interest rate risk through hire purchase agreements. The exposure to interest rate risk is mitigated by interest rates being fixed at the start of the hire purchase agreement.

This report was approved by the board of directors on 16 October 2026 and signed on behalf of the board by:

Mr A T Axtell

Director

Registered office:

Polo House

By-Pass Road

Hurtmore

Godalming

Surrey

GU8 6BS

Axtell Limited

Directors' Report

Year ended 31 December 2025

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

Principal activities

The company's principal activity during the year was the supply of ready mixed concrete, plant hire and related operations. Results and dividends The income statement is set out on page 11 and shows a profit for the financial year of £208,841 (2024: loss of £71,797). The directors recommend a dividend of £nil (2024: £nil) Going concern Having made appropriate enquiries and having reviewed the company's forecasts and projections, the directors have concluded that it remains appropriate to prepare the financial statements on a going concern basis.

Directors

The directors who served the company during the year were as follows:

Mr A T Axtell
Mr R W Axtell

Dividends

The directors do not recommend the payment of a dividend.

Directors' responsibilities statement

The directors are responsible for preparing the strategic report, directors' 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 company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This report was approved by the board of directors on 16 October 2026 and signed on behalf of the board by:

Mr A T Axtell

Director

Registered office:

Polo House

By-Pass Road

Hurtmore

Godalming

Surrey

GU8 6BS

Axtell Limited

Independent Auditor's Report to the Members of Axtell Limited

Year ended 31 December 2025

Opinion

We have audited the financial statements of Axtell Limited (the 'company') for the year ended 31 December 2025 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity, statement of cash flows and the related notes, 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

Independence We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

Conclusions relating to going concern

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

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

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

Other information

The Directors are responsible for the other information. The other information comprises the information 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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the company to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company. Our approach was as follows: We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation. We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance. We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance. We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations. Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Use of our report

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

Stephen Foster

(Senior Statutory Auditor)

For and on behalf of

Moore Kingston Smith LLP

Chartered accountants & statutory auditor

5 Godalming Business Centre

Woolsack Way

Godalming

Surrey

United Kingdom

GU7 1XW

16 October 2026

Axtell Limited

Statement of Comprehensive Income

Year ended 31 December 2025

			Period from
		Year to	1 Jul 23 to
		31 Dec 25	31 Dec 24
			(restated)
Note		£	£
Turnover	4	17,397,047	24,652,865

Cost of sales	( 14,743,598)	( 21,442,263)
	-------------	-------------
Gross profit	2,653,449	3,210,602

Administrative expenses		( 2,325,936)	( 2,880,584)
Other operating income	5	168,101	331,789
		------------	------------
Operating profit	6	495,614	661,807

Other interest receivable and similar income	10	29,140	17,185
Interest payable and similar expenses	11	( 415,998)	( 579,072)
		------------	------------
Profit before taxation		108,756	99,920

Tax on profit	12	100,085	( 171,717)
		---------	---------
Profit/(loss) for the financial year and total comprehensive income		208,841	( 71,797)
		---------	---------

All the activities of the company are from continuing operations.

Axtell Limited

Statement of Financial Position

31 December 2025

	2025	2024
		(restated)
Note	£	£

Fixed assets

Tangible assets	14	4,794,163	4,267,354

Current assets

Stocks	15	226,408	216,578
Debtors	16	2,821,395	2,779,660
Cash at bank and in hand		105,613	271,597
		------------	------------
		3,153,416	3,267,835

Creditors: amounts falling due within one year	18	( 4,288,555)	( 4,757,698)
		------------	------------
Net current liabilities		( 1,135,139)	( 1,489,863)
		------------	------------
Total assets less current liabilities		3,659,024	2,777,491

Creditors: amounts falling due after more than one year	19	( 2,169,013)	( 1,396,236)

Provisions	21	( 463,138)	( 563,223)
		------------	------------
Net assets		1,026,873	818,032
		------------	------------

Capital and reserves

Called up share capital	27	2	2
Profit and loss account	28	1,026,871	818,030
		------------	---------
Shareholders funds		1,026,873	818,032
		------------	---------

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

These financial statements were approved by the board of directors and authorised for issue on 16 October 2026 , and are signed on behalf of the board by:

Mr A T Axtell

Director

Company registration number: 09073122

Axtell Limited

Statement of Changes in Equity

Year ended 31 December 2025

	Called up share capital	Profit and loss account	Total
	£	£	£
At 1 July 2023	2	889,827	889,829

Loss for the year		( 71,797)	( 71,797)
	----	---------	---------
Total comprehensive income for the year	–	( 71,797)	( 71,797)

At 31 December 2024	2	818,030	818,032

Profit for the year		208,841	208,841
	----	---------	---------
Total comprehensive income for the year	–	208,841	208,841

	----	------------	------------
At 31 December 2025	2	1,026,871	1,026,873
	----	------------	------------

Axtell Limited

Statement of Cash Flows

Year ended 31 December 2025

	2025	2024
		(restated)
Note	£	£

Cash flows from operating activities

Profit/(loss) for the financial year	208,841	( 71,797)

Adjustments for:
Depreciation of tangible assets	983,679	1,706,752
Government grant income	( 220)	( 240)
Other interest receivable and similar income	( 29,140)	( 17,185)
Interest payable and similar expenses	415,998	579,072
Gains on disposal of tangible assets	( 12,827)	( 193,154)
Tax on profit	( 100,085)	171,717

Changes in:
Stocks	( 9,830)	5,236
Trade and other debtors	( 41,735)	( 80,369)
Trade and other creditors	633,942	114,070
	------------	------------
Cash generated from operations	2,048,623	2,214,102

Interest paid	( 415,998)	( 579,072)
Interest received	29,140	17,185
Tax received	6,204	–
	------------	------------
Net cash from operating activities	1,667,969	1,652,215
	------------	------------

Cash flows from investing activities

Purchase of tangible assets	( 50,723)	( 8,262)
Proceeds from sale of tangible assets	45,345	290,340
	------------	------------
Net cash (used in)/from investing activities	( 5,378)	282,078
	------------	------------

Cash flows from financing activities

Government grant income	220	240
Payments of finance lease liabilities	( 1,492,283)	( 1,880,869)
	------------	------------
Net cash used in financing activities	( 1,492,063)	( 1,880,629)
	------------	------------

Net increase in cash and cash equivalents		170,528	53,664
Cash and cash equivalents at beginning of year		(768,269)	(821,933)
		---------	---------
Cash and cash equivalents at end of year	17	( 597,741)	( 768,269)
		---------	---------

Axtell Limited

Notes to the Financial Statements

Year ended 31 December 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Polo House, By-Pass Road, Hurtmore, Godalming, Surrey, GU8 6BS.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

Having made appropriate enquiries and having reviewed the company forecasts and projections, the directors have a reasonable expectation that the company have adequate resources to continue in operational existence for the foreseeable future (at least 12 months from the date the accounts are signed and approved). The company therefore continue to adopt the going concern basis in preparing the financial statements.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Allowance for doubtful debts The company maintains allowances for doubtful accounts for estimated losses resulting from the subsequent inability of customers to make required payments. If the financial conditions of customers were to deteriorate, resulting in an impairment of their ability to make payments, then additional allowances may be required in future periods. Impairment of assets Non-current assets are reviewed for impairment if an event or changes in circumstances indicate that the carrying amount may not be recoverable. When a review for impairment is conducted, the recoverable amount of an asset or cash generating unit is determined based on value-in-use calculations prepared on the basis of management's assumptions and estimates. The carrying value of non-current assets at the year end is £4,797,983 (2024: £4,267,354). No impairments have been recognised during the year.

Revenue recognition

Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between fair value of the consideration and the nominal amount received is recognised as interest income. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on delivery of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be measured reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. When the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is is probable will be recovered.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Software	-	3 years straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	3-10 years straight line
Fixtures and fittings	-	6 years straight line
Motor vehicles	-	4 years straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units .

Stocks

Stocks are measured at the lower of cost and net realisable value, being estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. Cost is determined using the first-in, first-out method.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Turnover

Turnover arises from:

		Period from
	Year to	1 Jul 23 to
	31 Dec 25	31 Dec 24
		(restated)
	£	£
Sale of goods	17,397,047	24,652,865
	-------------	-------------

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.

5. Other operating income

		Period from
	Year to	1 Jul 23 to
	31 Dec 25	31 Dec 24
		(restated)
	£	£
Government grant income	220	240
Other operating income	167,881	331,549
	---------	---------
	168,101	331,789
	---------	---------

6. Operating profit

Operating profit or loss is stated after charging/crediting:

		Period from
	Year to	1 Jul 23 to
	31 Dec 25	31 Dec 24
		(restated)
	£	£
Depreciation of tangible assets	983,679	1,706,752
Gains on disposal of tangible assets	( 12,827)	( 193,154)
Impairment of trade debtors	18,444	13,702
Foreign exchange differences	–	2
	---------	------------

7. Auditor's remuneration

		Period from
	Year to	1 Jul 23 to
	31 Dec 25	31 Dec 24
		(restated)
	£	£
Fees payable for the audit of the financial statements	14,997	14,560
	--------	--------

Fees payable to the company's auditor and its associates for other services:

Other non-audit services	5,547	2,080
	--------	--------

8. Staff costs

The average number of persons employed by the company during the year, including the directors, amounted to:

	2025	2024
	No.	No.
Drivers	44	48
Administrative staff	14	14
Directors	2	2
	----	----
	60	64
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

		Period from
	Year to	1 Jul 23 to
	31 Dec 25	31 Dec 24
		(restated)
	£	£
Wages and salaries	3,273,075	4,799,713
Social security costs	357,919	499,170
Other pension costs	61,235	100,292
	------------	------------
	3,692,229	5,399,175
	------------	------------

In the prior year, the average number of employees was not analysed into categories. This presentation has been retained in the current year, as a further split was not considered necessary and would not provide additional useful information to users of the financial statements.

9. Directors' remuneration

The directors' aggregate remuneration in respect of qualifying services was:

		Period from
	Year to	1 Jul 23 to
	31 Dec 25	31 Dec 24
		(restated)
	£	£
Remuneration	20,227	37,807
	--------	--------

10. Other interest receivable and similar income

		Period from
	Year to	1 Jul 23 to
	31 Dec 25	31 Dec 24
		(restated)
	£	£
Interest on cash and cash equivalents	89	188
Other interest receivable and similar income	29,051	16,997
	--------	--------
	29,140	17,185
	--------	--------

11. Interest payable and similar expenses

		Period from
	Year to	1 Jul 23 to
	31 Dec 25	31 Dec 24
		(restated)
	£	£
Interest on obligations under finance leases and hire purchase contracts	183,158	179,906
Interest payable - not financial liabilities	25,729	–
Invoice finance interest payable	92,215	154,014
Other interest payable and similar charges	114,896	245,152
	---------	---------
	415,998	579,072
	---------	---------

12. Tax on profit

Major components of tax (income)/expense

		Period from
	Year to	1 Jul 23 to
	31 Dec 25	31 Dec 24
		(restated)
	£	£

Deferred tax:

Origination and reversal of timing differences	( 100,085)	171,717
	---------	---------
Tax on profit	( 100,085)	171,717
	---------	---------

Reconciliation of tax (income)/expense

The tax assessed on the profit on ordinary activities for the year is lower than (2024: higher than) the standard rate of corporation tax in the UK of 0.25 % (2024: 0.25 %).

		Period from
	Year to	1 Jul 23 to
	31 Dec 25	31 Dec 24
		(restated)
	£	£
Profit on ordinary activities before taxation	108,756	99,920
	---------	--------
Profit on ordinary activities by rate of tax	31,974	24,980
Effect of expenses not deductible for tax purposes	3,498	92,976
Effect of capital allowances and depreciation	( 176,534)	( 154,887)
Unused tax losses	141,062	36,931
Deferred tax movement	(100,085)	171,717
	---------	---------
Tax on profit	( 100,085)	171,717
	---------	---------

13. Intangible assets

	Website
	£
Cost
At 1 January 2025 (as restated) and 31 December 2025	65,511
	--------
Amortisation
At 1 January 2025 and 31 December 2025	65,511
	--------
Carrying amount
At 31 December 2025	–
	--------
At 31 December 2024	–
	--------

14. Tangible assets

	Plant and machinery	Fixtures and fittings	Motor vehicles	Assets under construction	Total
	£	£	£	£	£
Cost
At 1 January 2025 (as restated)	10,163,337	66,477	368,223	184,000	10,782,037
Additions	1,432,258	–	110,748	–	1,543,006
Disposals	( 764,275)	( 16,642)	( 38,501)	–	( 819,418)
Transfers	184,000	–	–	(184,000)	–
	-------------	--------	---------	---------	-------------
At 31 December 2025	11,015,320	49,835	440,470	–	11,505,625
	-------------	--------	---------	---------	-------------
Depreciation
At 1 January 2025	6,176,073	54,909	283,701	–	6,514,683
Charge for the year	927,029	6,035	50,615	–	983,679
Disposals	( 743,028)	( 16,642)	( 27,230)	–	( 786,900)
	-------------	--------	---------	---------	-------------
At 31 December 2025	6,360,074	44,302	307,086	–	6,711,462
	-------------	--------	---------	---------	-------------
Carrying amount
At 31 December 2025	4,655,246	5,533	133,384	–	4,794,163
	-------------	--------	---------	---------	-------------
At 31 December 2024	3,987,264	11,568	84,522	184,000	4,267,354
	-------------	--------	---------	---------	-------------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Plant and machinery	Motor vehicles	Total
	£	£	£
At 31 December 2025	3,637,221	134,660	3,771,881
	------------	---------	------------
At 31 December 2024	3,522,721	70,649	3,593,370
	------------	---------	------------

15. Stocks

	2025	2024
		(restated)
	£	£
Raw materials and consumables	226,408	216,578
	---------	---------

16. Debtors

	2025	2024
		(restated)
	£	£
Trade debtors	1,157,689	1,627,923
Prepayments and accrued income	112,231	87,746
Directors loan account	1,031,571	698,565
Other debtors	519,904	365,426
	------------	------------
	2,821,395	2,779,660
	------------	------------

17. Cash and cash equivalents

Cash and cash equivalents comprise the following:

	2025	2024
		(restated)
	£	£
Cash at bank and in hand	105,613	271,597
Bank overdrafts	( 703,354)	( 1,039,866)
	---------	------------
	( 597,741)	( 768,269)
	---------	------------

18. Creditors: amounts falling due within one year

	2025	2024
		(restated)
	£	£
Bank loans and overdrafts	703,354	1,039,866
Trade creditors	1,695,382	1,816,775
Accruals and deferred income	17,775	26,743
Corporation tax	306,233	109,501
Social security and other taxes	257,887	414,704
Obligations under finance leases and hire purchase contracts	1,141,818	1,312,792
Other creditors	166,106	37,317
	------------	------------
	4,288,555	4,757,698
	------------	------------

19. Creditors: amounts falling due after more than one year

	2025	2024
		(restated)
	£	£
Obligations under finance leases and hire purchase contracts	2,169,013	1,396,236
	------------	------------

20. Finance leases and hire purchase contracts

The total future minimum lease payments under finance leases and hire purchase contracts are as follows:

	2025	2024
		(restated)
	£	£
Not later than 1 year	1,141,818	1,312,792
Later than 1 year and not later than 5 years	2,169,013	1,396,236
	------------	------------
	3,310,831	2,709,028
	------------	------------

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

21. Provisions

	Deferred tax (note 22)
	£
At 1 January 2025 (as restated)	563,223
Additions	( 100,085)
	---------
At 31 December 2025	463,138
	---------

22. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2025	2024
		(restated)
	£	£
Included in provisions (note 21)	463,138	563,223
	---------	---------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2025	2024
		(restated)
	£	£
Accelerated capital allowances	933,590	822,976
Unused tax losses	( 470,452)	( 259,753)
	---------	---------
	463,138	563,223
	---------	---------

The deferred tax provision arises principally from accelerated capital allowances, net of unused tax losses. The provision is expected to reverse as the related timing differences reverse in future periods. The amount and timing of any resulting tax payments are dependent on the reversal of those timing difference and the availability and the utilisation of taxable profits .

23. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 61,235 (2024: £ 100,292 ).

24. Government grants

The amounts recognised in the financial statements for government grants are as follows:

	2025	2024
		(restated)
	£	£

Recognised in other operating income:

Government grants released to profit or loss	220	240
	----	----

25. Financial instruments

The carrying amount for each category of financial instrument is as follows:

	2025	2024
		(restated)
	£	£

Financial assets that are debt instruments measured at amortised cost

Financial assets that are debt instruments measured at amortised cost	2,296,476	2,616,213
	------------	------------

Financial liabilities measured at amortised cost

Financial liabilities measured at amortised cost	2,530,293	2,862,885
	------------	------------

26. Prior period errors

£259,891 has been reclassified to other income from turnover. This adjustment has no impact on the profit for the year or net assets.

27. Called up share capital

Issued, called up and fully paid

	2025		2024
			(restated)
	No.	£	No.	£
Ordinary shares of £ 1 each	2	2	2	2
	----	----	----	----

The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the company. All ordinary shares rank equally with regard to the company's residual assets .

28. Reserves

Retained earnings reserve - This reserve represents retained earnings and accumulated losses.

29. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2025	2024
		(restated)
	£	£
Not later than 1 year	833,848	669,499
Later than 1 year and not later than 5 years	2,265,726	2,347,265
Later than 5 years	1,754,221	–
	------------	------------
	4,853,795	3,016,764
	------------	------------

Operating lease payments recognised as an expense during the year amounted to £746,495 (2024: £1,089,396).

30. Charges on assets

On 18 October 2023, Lloyds Bank PLC issued a debenture charge over all assets of the company.

On 3 October 2024, Investec Capital Solutions Limited issued a debenture charge over all assets of the company.

Included within the assets subject to these charges are inventories with a carrying amount of £226,408 (2024: £216,578).

31. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2025
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr A T Axtell	414,907	385,877	800,784
Mr R W Axtell	283,658	( 52,871)	230,787
	---------	---------	------------
	698,565	333,006	1,031,571
	---------	---------	------------

	2024
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr A T Axtell	187,868	227,039	414,907
Mr R W Axtell	103,197	180,461	283,658
	---------	---------	---------
	291,065	407,500	698,565
	---------	---------	---------

At 31 December 2025 the directors owed £1,031,571 (2024: £698,565) to the company. The Directors' loan accounts are unsecured, repayable on demand and bear interest at 3.75%.

32. Related party transactions

During the year the company entered into the following transactions with related parties: At the year end the company was owed £Nil by Surrey Oak Barns Limited (2024: £Nil), a company with Directors and Shareholders in common. At the year end the company was owed £Nil by Surrey Drives & Courtyards Limited (2024: £Nil), a company with Directors and Shareholders in common.

33. Controlling party

The directors consider that the company is not under the control of any one individual.