ACCOUNTS - Final Accounts preparation

Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:

Registered number: 00623056

BUTTERWICK INVESTMENTS LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

BUTTERWICK INVESTMENTS LIMITED

COMPANY INFORMATION

Directors	Mr S M Pearce
	Mr R E Pearce
	Mrs J S Pearce-Westrop
	Mr P Pearce


Registered number	00623056


Registered office	Pendragon House
	65 London Road
	St Albans
	England
	AL1 1LJ


Independent auditors	Hillier Hopkins LLP
	Chartered Accountants & Statutory Auditor
	Radius House
	51 Clarendon Road
	Watford
	Herts
	WD17 1HP

BUTTERWICK INVESTMENTS LIMITED

CONTENTS

	Page
Group Strategic Report	1 - 2
Directors' Report	3 - 4
Independent Auditors' Report	5 - 8
Consolidated Statement of Comprehensive Income	9
Consolidated Balance Sheet	10 - 11
Company Balance Sheet	12 - 13
Consolidated Statement of Changes in Equity	14 - 15
Company Statement of Changes in Equity	16
Consolidated Statement of Cash Flows	17 - 18
Consolidated Analysis of Net Debt	19
Notes to the Financial Statements	20 - 42

BUTTERWICK INVESTMENTS LIMITED

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 MARCH 2026

Introduction

The directors present their strategic report for Butterwick Investments Limited for the year ended 31 March 2026.

Business review

The results of the Group for the year as set out on page 8 shows a profit for the year on ordinary activities after tax of £1,145,872 (2025: £846,268).

Principal risks and uncertainties

The Group's operations expose it to a variety of financial risks that include the effects of change in credit risk, liquidity risk and interest rate risk. The Group has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the Group by monitoring levels of debt finance and the related finance costs. The Group does not use derivative financial instruments to manage interest rate costs and as such, no hedge accounting is applied.

Given the size of the Group, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the Board. The policies set by the Board of Directors are implemented by the Group's finance department.

Price Risk
The Group is exposed to price risk due to normal inflationary increases in the purchase price of the goods and services it purchases inside the UK. It is also exposed to market forces for the commodities it sells both in the UK and abroad. The Group has no exposure to equity securities price risk as it holds no listed or other equity investments.

Credit Risk
The Group has implemented policies that require appropriate credit checks on potential customers before sales are made. The amount of exposure to any individual counter party is subject to a limit, which is reassessed by our credit insurers.

Liquidity Risk
The Group actively maintains a mixture of long-term and short-term debt finance that is designed to ensure the Group has sufficient available funds for operations and planned expansions.
Interest Rate Risk

The Group has both interest bearing assets and interest bearing liabilities. Interest bearing assets include only cash balances which earn interest at prevailing rate.

Financial key performance indicators

Page 1

BUTTERWICK INVESTMENTS LIMITED

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2026

This report was approved by the board and signed on its behalf.

................................................

Mr P Pearce

Director

Date: 16 October 2026

Page 2

BUTTERWICK INVESTMENTS LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 MARCH 2026

The directors present their report and the financial statements for the year ended 31 March 2026.

Directors' responsibilities statement

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

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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Group's financial statements 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 Group will continue in business.

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

Results and dividends

The profit for the year, after taxation and minority interests, amounted to £589,553 (2025 - £696,624).

Dividends of £404,192 were paid in the year (2025: £246,318).

Directors

The directors who served during the year were:

Mr S M Pearce

Mr R E Pearce

Mrs J S Pearce-Westrop

Mr P Pearce

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Page 3

BUTTERWICK INVESTMENTS LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2026

Auditors

The auditors, Hillier Hopkins LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.

................................................

Mr P Pearce

Director

Date: 16 October 2026

Page 4

BUTTERWICK INVESTMENTS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BUTTERWICK INVESTMENTS LIMITED

Opinion

We have audited the financial statements of Butterwick Investments Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2026, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Analysis of Net Debt, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and 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 Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Group's and of the Parent Company's affairs as at 31 March 2026 and of the Group's profit for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Page 5

BUTTERWICK INVESTMENTS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BUTTERWICK INVESTMENTS LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

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

∙the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the 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 by the Parent Company, or returns adequate for our audit have not been received from branches not visited by us; or

∙the Parent Company financial statements are not in agreement with the accounting records and returns; or

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

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

Page 6

BUTTERWICK INVESTMENTS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BUTTERWICK INVESTMENTS LIMITED (CONTINUED)

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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 and the Parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the Parent Company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

∙the nature of the industry and sector, control environment and business performance including the remuneration incentives and pressures of key management;

∙the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. We consider the results of our enquiries of management about

∙their own identification and assessment of the risks of irregularities;

∙any matters we identified having obtained and reviewed the Group’s documentation of their policies and procedures relating to:

°identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;

°detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

°the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

∙the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

We also obtained an understanding of the legal and regulatory frameworks that the Group operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and relevant tax legislation.

Page 7

BUTTERWICK INVESTMENTS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BUTTERWICK INVESTMENTS LIMITED (CONTINUED)

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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

Other matters

Butterwick Investments Limited was exempt from audit in the prior period under section 477 of the Companies Act 2006.

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 Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Samuel Hodson ACA BSc (Senior Statutory Auditor)

for and on behalf of

Hillier Hopkins LLP

Chartered Accountants

Statutory Auditor

Radius House

51 Clarendon Road

Watford

Herts

WD17 1HP

19 October 2026

Page 8

BUTTERWICK INVESTMENTS LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 MARCH 2026

	2026	2025
Note	£	£


Turnover	4	10,934,376	5,372,033
Cost of sales		(5,985,044)	(3,580,756)
Gross profit		4,949,332	1,791,277
Administrative expenses		(3,948,144)	(1,261,299)
Fair value movements		565,000	-
Operating profit		1,566,188	529,978
Interest receivable and similar income	8	100,901	204,636
Interest payable and similar expenses	9	(26,065)	(43,475)
Profit before taxation		1,641,024	691,139
Tax on profit	10	(495,152)	155,129
Profit for the financial year		1,145,872	846,268

Profit for the year attributable to:
Non-controlling interests	556,319	149,644
Owners of the Parent Company	589,553	696,624
	1,145,872	846,268

There was no other comprehensive income for 2026 (2025:£NIL).

The notes on pages 20 to 42 form part of these financial statements.

Page 9

BUTTERWICK INVESTMENTS LIMITED

REGISTERED NUMBER: 00623056

CONSOLIDATED BALANCE SHEET

AS AT 31 MARCH 2026

		2026		2025
Note		£		£

Fixed assets
Intangible assets			2,812,808		3,143,726
Tangible assets	13		3,132,609		4,522,381
Investment property	15		8,502,921		5,768,769
			14,448,338		13,434,876
Current assets
Stocks		996,709		804,993
Debtors Within One Year	17	4,174,263		3,603,222
Cash at bank and in hand	18	1,042,649		2,644,560
		6,213,621		7,052,775
Creditors: amounts falling due within one year	19	(3,107,631)		(3,655,946)
Net current assets			3,105,990		3,396,829
Total assets less current liabilities			17,554,328		16,831,705
Creditors: amounts falling due after more than one year			(116,776)		(229,015)
Provisions for liabilities
Deferred taxation	22	(1,167,561)		(982,627)
			(1,167,561)		(982,627)
Net assets			16,269,991		15,620,063

Page 10

BUTTERWICK INVESTMENTS LIMITED

REGISTERED NUMBER: 00623056

CONSOLIDATED BALANCE SHEET (CONTINUED)

AS AT 31 MARCH 2026

		2026		2025
Note		£		£

Capital and reserves
Called up share capital	23	5,001,000	5,001,000
Non distributable reserve	24	2,626,874	2,203,124
Profit and loss account	24	6,820,879	7,059,268
Equity attributable to owners of the Parent Company		14,448,753	14,263,392
Non-controlling interests		1,821,238	1,356,671
		16,269,991	15,620,063

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 October 2026.

................................................ Mr S M Pearce	................................................ Mr P Pearce
Director	Director

The notes on pages 20 to 42 form part of these financial statements.

Page 11

BUTTERWICK INVESTMENTS LIMITED

REGISTERED NUMBER: 00623056

COMPANY BALANCE SHEET

AS AT 31 MARCH 2026

		As restated
	2026	2025
Note	£	£

Fixed assets
Tangible assets	13		33		33
Investments	14		8,901,190		7,276,190
Investment Property	15		8,006,575		8,993,769
			16,907,798		16,269,992
Current assets
Debtors: amounts falling due within one year	17	545,473		485,890
Cash at bank and in hand	18	42,716		214,793
		588,189		700,683
Creditors: amounts falling due within one year	19	(747,673)		(1,030,122)
Net current liabilities			(159,484)		(329,439)
Total assets less current liabilities			16,748,314		15,940,553

Provisions for liabilities
Deferred taxation	22	(1,025,092)		(1,008,356)
			(1,025,092)		(1,008,356)
Net assets			15,723,222		14,932,197

Page 12

BUTTERWICK INVESTMENTS LIMITED

REGISTERED NUMBER: 00623056

COMPANY BALANCE SHEET (CONTINUED)

AS AT 31 MARCH 2026

		As restated
	2026	2025
Note	£	£

Capital and reserves
Called up share capital	23		5,001,000		5,001,000
Non distributable reserve	24		3,072,992		3,027,992
Profit and loss account brought forward		6,903,205		6,608,962
Profit for the year		1,195,217		540,561
Other changes in the profit and loss account		(449,192)		(246,318)
Profit and loss account carried forward			7,649,230		6,903,205
			15,723,222		14,932,197

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 October 2026.

................................................ Mr S M Pearce	................................................ Mr P Pearce
Director	Director

The notes on pages 20 to 42 form part of these financial statements.

Page 13


		BUTTERWICK INVESTMENTS LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2026

	Called up share capital	Non distributable reserve	Profit and loss account	Equity attributable to owners of Parent Company	Non-controlling interests	Total equity
	£	£	£	£	£	£
At 1 April 2025	5,001,000	2,203,124	7,059,268	14,263,392	1,356,671	15,620,063
Comprehensive income for the year
Profit for the year	-	-	589,553	589,553	556,319	1,145,872
Total comprehensive income for the year	-	-	589,553	589,553	556,319	1,145,872
Contributions by and distributions to owners
Dividends: Equity capital	-	-	(404,192)	(404,192)	(91,752)	(495,944)
Non-distributable transfer	-	423,750	(423,750)	-	-	-
Total transactions with owners	-	423,750	(827,942)	(404,192)	(91,752)	(495,944)
At 31 March 2026	5,001,000	2,626,874	6,820,879	14,448,753	1,821,238	16,269,991

The notes on pages 20 to 42 form part of these financial statements.

Page 14


		BUTTERWICK INVESTMENTS LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2025

	Called up share capital	Non distributable reserve	Profit and loss account	Equity attributable to owners of Parent Company	Non-controlling interests	Total equity
	£	£	£	£	£	£
At 1 April 2024	5,001,000	2,203,124	6,608,962	13,813,086	-	13,813,086
Comprehensive income for the year
Profit for the year	-	-	696,624	696,624	149,644	846,268
Total comprehensive income for the year	-	-	696,624	696,624	149,644	846,268
Contributions by and distributions to owners
On acquisition of subsidiaries	-	-	-	-	1,240,738	1,240,738
Dividends: Equity capital	-	-	(246,318)	(246,318)	(33,711)	(280,029)
Total transactions with owners	-	-	(246,318)	(246,318)	1,207,027	960,709
At 31 March 2025	5,001,000	2,203,124	7,059,268	14,263,392	1,356,671	15,620,063

The notes on pages 20 to 42 form part of these financial statements.

Page 15

BUTTERWICK INVESTMENTS LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2026

	Called up share capital	Non distributable reserve	Profit and loss account	Total equity
	£	£	£	£
At 1 April 2024	5,001,000	3,027,992	6,608,962	14,637,954
Comprehensive income for the year
Profit for the year	-	-	540,561	540,561
Total comprehensive income for the year	-	-	540,561	540,561
Contributions by and distributions to owners
Dividends: Equity capital	-	-	(246,318)	(246,318)
Total transactions with owners	-	-	(246,318)	(246,318)

At 1 April 2025 (as previously stated)	5,001,000	4,037,323	6,903,205	15,941,528
Prior year adjustment - (see Note 25)	-	(1,009,331)	-	(1,009,331)
At 1 April 2025 (as restated)	5,001,000	3,027,992	6,903,205	14,932,197
Comprehensive income for the year
Profit for the year	-	-	1,195,217	1,195,217
Other comprehensive income for the year	-	-	-	-
Total comprehensive income for the year	-	-	1,195,217	1,195,217
Contributions by and distributions to owners
Dividends: Equity capital	-	-	(404,192)	(404,192)
Non-distributable transfer	-	45,000	(45,000)	-
Total transactions with owners	-	45,000	(449,192)	(404,192)
At 31 March 2026	5,001,000	3,072,992	7,649,230	15,723,222

The notes on pages 20 to 42 form part of these financial statements.

Page 16

BUTTERWICK INVESTMENTS LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2026

			2026	2025
			£	£

Cash flows from operating activities
Profit for the financial year	1,145,872	846,268
Adjustments for:
Amortisation of intangible assets	330,918	165,459
Depreciation of tangible assets	807,237	469,721
(Profit)/Loss on disposal of tangible assets	(40,411)	(11,805)
(Profit)/Loss on disposal of investment properties	(35,024)	8,866
Interest paid	26,065	43,475
Interest received	(100,901)	(204,636)
Taxation charge	495,152	(155,129)
(Increase) in stocks	(191,716)	(251,349)
(Increase)/decrease in debtors	(571,041)	570,648
Net fair value (gains)/losses recognised in P&L	(565,000)	-
(Decrease)/increase in creditors	(654,065)	544,092
Corporation tax (paid)	(204,468)	(136,094)
Net cash generated from operating activities	442,618	1,889,516

Cash flows from investing activities
Purchase of subsidiary group net of cash acquired	-	(5,262,712)
Purchase of tangible fixed assets	(481,475)	(456,474)
Sale of tangible fixed assets	44,421	48,647
Purchase of investment properties	(1,567,767)	-
Sale of investment properties	493,639	283,430
Interest received	100,901	204,636
HP interest paid	(17,960)	(20,379)
Net cash from investing activities	(1,428,241)	(5,202,852)

Page 17

BUTTERWICK INVESTMENTS LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2026

		2026	2025
		£	£


Cash flows from financing activities
Issue of ordinary shares	-	5,000,000
Repayment of/new finance leases	(112,239)	(14,843)
Dividends paid	(404,192)	(246,318)
Interest paid	(8,105)	(23,096)
Dividends paid to non-controlling interests	(91,752)	(33,711)
Net cash used in financing activities	(616,288)	4,682,032
Net (decrease)/increase in cash and cash equivalents	(1,601,911)	1,368,696
Cash and cash equivalents at beginning of year	2,644,560	1,275,864
Cash and cash equivalents at the end of year	1,042,649	2,644,560

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	1,042,649	2,644,560
	1,042,649	2,644,560

The notes on pages 20 to 42 form part of these financial statements.

Page 18

BUTTERWICK INVESTMENTS LIMITED

CONSOLIDATED ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 31 MARCH 2026


At 1 April 2025	Cash flows	At 31 March 2026
£	£	£

Cash at bank and in hand	2,644,560	(1,601,911)	1,042,649
Debt due within 1 year	(711,775)	702,872	(8,903)
Finance leases	(363,214)	112,239	(250,975)
	1,569,571	(786,800)	782,771

The notes on pages 20 to 42 form part of these financial statements.

Page 19

BUTTERWICK INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

1.	General information

Butterwick Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is Pendragon House, 65 London Road, St Albans, Hertfordshire, AL1 1LJ.

The principal activity of the company is as an investment holding entity, the Group is involved in the recycling of paper and plastic materials. The principal place of business is 5 Acrewood Way, St Albans AL4 0JY.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

2.3

Going concern

At the year end the Group held a net current asset position of £3,105,990 and a net asset position of £16,269,991. In preparing the these financial statements, the directors have assessed the ability of the Group to continue to operate for a period of at least twelve months from the date of signing the financial statements. The directors have prepared forecasts for the twelve months following approval of these financial statements based on what they consider to be reasonable assumptions based on the level of trading.

Page 20

BUTTERWICK INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 21

BUTTERWICK INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Group has transferred the significant risks and rewards of ownership to the buyer;

∙the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Group will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Group will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.6

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 22

BUTTERWICK INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

2.9

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

2.10

Current and deferred taxation

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and

∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 23

BUTTERWICK INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

2.11

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life of 10 years.

2.12

Tangible fixed assets

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

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property	-	50 years on buildings
Plant and machinery	-	10-20% straight line
Motor vehicles	-	20% reducing balance
Office equipment	-	20% reducing balance

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

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.13

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 24

BUTTERWICK INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

2.15

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

2.16

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.17

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

2.18

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.19

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.

Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.20

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Group's Balance Sheet when the Group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention

Page 25

BUTTERWICK INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

2.20

Financial instruments (continued)

to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction,

Page 26

BUTTERWICK INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

2.20

Financial instruments (continued)

whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

2.21

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 27

BUTTERWICK INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgements that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

Carrying value of Group investments and Goodwill
The directors have assessed whether there have been any indicators of impairment for the investments held and where this was deemed to be the case, whether there has been any impairment to the carrying values. The directors have assessed that no impairment is required against the investments at the year end date taking into account all relevant forecasts and data available.

The goodwill is being amortised over a 10 year period and this is still the directors best estimate of the time period over which the value will be realised. No changes or impairments have been recognised in the year.

Useful life of business assets
The directors have used their knowledge of the business to estimate the useful lives of the tangible assets in use. In assessing the appropriate useful lives, the directors consider factors such as the expected usage of the assets, anticipated technological developments, physical wear and tear, maintenance programmes and historical experience of similar assets. The directors review the useful lives of tangible fixed assets annually and amend them where necessary to reflect current expectations.

Stock
Stock is included as per the accounting policy set out above. Management have assessed the need to write off or provide against any specific items based on the levels held at year end, and the expected sales of such items in the immediate period post year end.

Debtors recoverability
The recoverability of Trade Debtors has been assessed as at the year end and up until the date of signing these financial statements. Management have based the decision to provide for any amounts based on their judgement of all the available information, and their experience of the specific nature of Trade Receivable in question.

Investment property
The valuation of investment property is based on management's assessment of fair value at the balance sheet date. In determining the valuation, management have considered previous professional valuations, available market evidence, including comparable property transactions and expected rental yields, together with the specific characteristics of the property. Changes in market conditions and assumptions applied could result in a material difference to the carrying value of the investment property.

Page 28

BUTTERWICK INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

Turnover

An analysis of turnover by class of business is as follows:
	2026	2025
	£	£

Recycling services	10,336,414	4,810,970
Rental income	597,962	561,063
	10,934,376	5,372,033

Analysis of turnover by country of destination:

					2026	2025
					£	£

United Kingdom	9,754,410	4,634,107
Rest of Europe	247,799	164,352
Rest of the world	932,167	573,574
	10,934,376	5,372,033

Fees payable to the Company's auditors for the audit of the consolidated and Parent Company's financial statements	6,000	-
Fees payable to the Company's auditors in respect of:
The auditing of accounts of associates of the Company	25,700	-
Taxation compliance services	5,300	-
All non-audit services not included above	8,200	-

Page 29

BUTTERWICK INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

6.	Employees
	Staff costs, including directors' remuneration, were as follows:

Group	Group	Company	Company
2026	2025	2026	2025
£	£	£	£


Wages and salaries	2,918,208	1,326,746	118,800	89,900
Social security costs	390,673	140,084	6,248	3,075
Cost of defined contribution scheme	86,246	37,340	7,500	3,750
	3,395,127	1,504,170	132,548	96,725

The average monthly number of employees, including the directors, during the year was as follows:

	Group	Group	Company	Company
	2026	2025	2026	2025
	No.	No.	No.	No.

Employees	65	61	5	5

7.	Directors' remuneration
		2026	2025
		£	£

Directors' emoluments	109,800	80,900
Group contributions to defined contribution pension schemes	7,500	3,750
	117,300	84,650

During the year retirement benefits were accruing to 4 directors (2025 - 4) in respect of defined contribution pension schemes.

8.	Interest receivable
		2026	2025
		£	£

	Other interest receivable	100,901	204,636
		100,901	204,636

Page 30

BUTTERWICK INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

9.	Interest payable and similar expenses
		2026	2025
		£	£

Other loan interest payable	8,105	23,096
Finance leases and hire purchase contracts	17,960	20,379
	26,065	43,475

Corporation tax
Current tax on profits for the year	319,187	204,468
Adjustments in respect of previous periods	(8,969)	4,606
	310,218	209,074

Total current tax	310,218	209,074

Deferred tax
Origination and reversal of timing differences	184,934	(364,203)
Total deferred tax	184,934	(364,203)


	Tax on profit	495,152	(155,129)

Page 31

BUTTERWICK INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

10.Taxation (continued)

Profit on ordinary activities before tax

1,641,024

691,139

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2025 - 25%)	410,256	172,785
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	8,650	4,534
Capital allowances for year in excess of depreciation	(2,107)	9,123
Utilisation of tax losses	-	(445,600)
Adjustments to tax charge in respect of prior periods	(8,969)	4,606
Short-term timing difference leading to an increase (decrease) in taxation	(706)	(919)
Non-taxable income	88,028	100,342
Total tax charge for the year	495,152	(155,129)

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

11.	Dividends
		2026	2025
		£	£

	Ordinary dividends	404,192	246,318
		404,192	246,318

Page 32

BUTTERWICK INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

12.	Intangible assets
	Group and Company

		Goodwill
		£

	At 1 April 2025	3,309,185
	At 31 March 2026	3,309,185

	At 1 April 2025	165,459
	Charge for the year on owned assets	330,918
	At 31 March 2026	496,377
	Net book value
	At 31 March 2026	2,812,808
	At 31 March 2025	3,143,726

Page 33

BUTTERWICK INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

13.	Tangible fixed assets
	Group

	Freehold property	Plant and machinery	Motor vehicles	Office equipment	Total
	£	£	£	£	£
Cost or valuation
At 1 April 2025	2,125,176	8,223,476	1,566,533	55,950	11,971,135
Additions	-	447,422	34,053	-	481,475
Disposals	-	-	(40,940)	-	(40,940)
Transfer from invesment property	(1,060,000)	-	-	-	(1,060,000)
At 31 March 2026	1,065,176	8,670,898	1,559,646	55,950	11,351,670
Depreciation
At 1 April 2025	21,142	6,543,895	830,471	53,246	7,448,754
Charge for the year on owned assets	21,084	625,686	159,260	1,207	807,237
Disposals	(10,600)	-	(26,330)	-	(36,930)
At 31 March 2026	31,626	7,169,581	963,401	54,453	8,219,061
Net book value
At 31 March 2026	1,033,550	1,501,317	596,245	1,497	3,132,609
At 31 March 2025	2,104,034	1,679,581	736,062	2,704	4,522,381

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
	2026	2025
	£	£


Motor vehicles	269,216	342,086
	269,216	342,086

Page 34

BUTTERWICK INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

13.Tangible fixed assets (continued)

	Company

		Plant and machinery
		£
	Cost or valuation
	At 1 April 2025	776,346
	At 31 March 2026	776,346
	Depreciation
	At 1 April 2025	776,313
	At 31 March 2026	776,313
	Net book value
	At 31 March 2026	33
	At 31 March 2025	33

14.	Fixed asset investments

	Company

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 April 2025 (as previously stated)	7,756,860
	Prior Year Adjustment (Note 25)	(480,670)
	At 1 April 2025 (as restated)	7,276,190
	Additions	1,625,000

Page 35

BUTTERWICK INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

	At 31 March 2026	8,901,190

Subsidiary undertakings
The following were subsidiary undertakings of the Company:
Name	Class of shares	Holding

Pearce Compaction Systems Limited	Ordinary	77%
Kenbay Compaction Systems Limited**	Ordinary	77%
Pearce Group Holdings Investments Limited	Ordinary	75%
Ecobed (UK) Limited**	Ordinary	75%
Pearce Holdings (Investments) Limited**	Ordinary	75%
Pearce Recycling Group Limited**	Ordinary	75%
Paper Planet Limited**	Ordinary	75%

**Entites held indirectly via ownership of the subsidiary parent.

15.	Investment property
	Group

		Freehold investment property
		£
	Valuation
	At 1 April 2025	5,768,769
	Additions at cost	1,567,767
	Disposals	(458,615)
	Surplus on revaluation	565,000
	Transfer from tangible fixed assets	1,060,000
	At 31 March 2026	8,502,921

The 2026 valuations were made by the directors or independent third-party valuers, on an open market value basis.

Page 36

BUTTERWICK INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

15.Investment property (continued)

	Company

		Freehold investment property
		£
	Valuation
	At 1 April 2025	8,993,769
	Additions at cost	477,885
	Disposals	(2,090,079)
	Surplus on revaluation	625,000
	At 31 March 2026	8,006,575

The 2026 valuations were made by the directors or independent third-party valuers, on an open market value basis.

The properties were last externally valued on 31 March 2023 by an independent advisory firm.

16.	Stocks
		Group	Group
		2026	2025
		£	£

Raw materials and consumables	996,709	804,993
	996,709	804,993

The difference between purchase price or production cost of stocks and their replacement cost is not material.

Page 37

BUTTERWICK INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

17.

Debtors

Group	Group	Company	Company
2026	2025	2026	2025
£	£	£	£


Trade debtors	1,881,622	1,385,376	675	850
Amounts owed by group undertakings	-	-	480,670	480,670
Other debtors	2,020,248	1,919,685	63,878	120
Prepayments and accrued income	272,393	298,161	250	4,250
	4,174,263	3,603,222	545,473	485,890

18.	Cash and cash equivalents
		Group	Group	Company	Company
		2026	2025	2026	2025
		£	£	£	£

Cash at bank and in hand	1,042,649	2,644,560	42,716	214,793
	1,042,649	2,644,560	42,716	214,793

19.	Creditors: Amounts falling due within one year
		Group	Group	Company	Company
		2026	2025	2026	2025
		£	£	£	£

Trade creditors	1,045,058	980,128	-	-
Amounts owed to group undertakings	-	-	582,896	-
Corporation tax	317,904	323,977	104,050	149,267
Other taxation and social security	394,131	201,978	2,672	22,896
Obligations under finance lease and hire purchase contracts	134,199	134,199	-	-
Other creditors	351,092	1,035,651	46,275	721,965
Accruals and deferred income	865,247	980,013	11,780	135,994
	3,107,631	3,655,946	747,673	1,030,122

Page 38

BUTTERWICK INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

20.	Creditors: Amounts falling due after more than one year
		Group	Group
		2026	2025
		£	£

Net obligations under finance leases and hire purchase contracts	116,776	229,015
	116,776	229,015

21.	Hire purchase and finance leases
	Minimum lease payments under hire purchase fall due as follows:
		Group	Group
		2026	2025
		£	£

Within one year	134,199	134,199
Between 1-5 years	116,776	229,015
	250,975	363,214

Hire purchase liabilities are secured over the assets to which they relate.

Page 39

BUTTERWICK INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

22.	Deferred taxation
	Group

		2026
		£

	At beginning of year	(982,627)
	Charged to profit or loss	(184,934)
	At end of year	(1,167,561)

Company

		2026
		£

	At beginning of year (as restated)	(1,008,356)
	Charged to profit or loss	(16,736)
	At end of year	(1,025,092)


The provision for deferred taxation is made up as follows:
	Group	Group	Company	Company
	2026	2025	2026	2025
	£	£	£	£

Accelerated capital allowances	(462,049)	(535,121)	(916)	975
Tax losses carried forward	161,074	284,383	-	-
Short term timing differences	9,039	2,485	155	-
Revaluation timing differences	(875,625)	(734,374)	(1,024,331)	(1,009,331)
	(1,167,561)	(982,627)	(1,025,092)	(1,008,356)

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BUTTERWICK INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

23.	Share capital
		2026	2025
		£	£

Allotted, called up and fully paid

500 (2025 - 500) A Ordinary of £1 each shares of £1.00 each	500	500
500 (2025 - 500) B Ordinary of £1 each shares of £1.00 each	500	500
5,000,000 (2025 - 5,000,000) Redeemable preference shares of £1 each shares of £1.00 each	5,000,000	5,000,000

	5,001,000	5,001,000

Ordinary A and Ordinary B shares rank pari passu for voting rights and dividend entitlement.

Preference shares could be redeemed at par, in part or in whole, at the option of the Company and upon giving 3 months notice of the date of redemption. Holders are entitled to a cumulative preferential dividend at the option of the Company but do not have any voting rights attached to them.

24.

Reserves

Non-distributable reserve

Relates to unrealised gains on property revaluations not distributable.

Profit and loss account

The profit and loss reserve represents the cumulative profit or loss, net of dividends paid and other adjustments.

25.	Prior year adjustment

The prior period adjustments were recognised as follows:

The provision of deferred tax liabilities on the revalued investment properties was previously omitted in prior periods. The net effect of the adjustment is to increase the deferred tax liability by £1,009,331 with a corresponding decrease to the non distributable reserve.

The company investment in subsidiaries was also adjusted to reflect the correct cash outflow, the net effect was to reduce the investment value and increase the other debtors by £480,670.

26.	Pension commitments

The group operates a defined contributions pension scheme. The pension cost charge represents contributions payable by the company to the fund, amounts totalling £14,853 (2025 - £8,200) were due to the pension provider at year end and were included in creditors.

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BUTTERWICK INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

27.	Commitments under operating leases
	At 31 March 2026 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
		Group	Group
		2026	2025
		£	£

Not later than 1 year	136,886	191,777
Later than 1 year and not later than 5 years	131,707	312,421
	268,593	504,198

28.	Related party transactions
	During the year the parent company charged rent of £135,200 (2025: £135,200) to group entities on investment properties in use by the subsidiaries.

29.	Controlling party

The company's ultimate controlling party is S M Pearce.

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