REGISTERED NUMBER: 01900234 (England and Wales)

Walters Resources Limited

Strategic Report, Report of the Directors and

Audited Financial Statements

for the Year Ended 28 February 2025

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Statement of Comprehensive Income

9

Statement of Financial Position

10

Statement of Changes in Equity

11

Notes to the Financial Statements

12

DIRECTORS:

P H Richards

M E R Llewellyn

SECRETARY:

P H Richards

REGISTERED OFFICE:

Hirwaun House,

Hirwaun Industrial Estate

Aberdare

Rhondda Cynon Taff

CF44 9UL

REGISTERED NUMBER:

01900234 (England and Wales)

AUDITORS:

Xeinadin Audit Limited

Chartered Accountants

& Statutory Auditors

Suite 2d

Building 1 Eastern Business Park

St Mellons

Cardiff

South Glamorgan

CF3 5EA

BANKERS:

HSBC plc

Merthyr Tydfil Branch

127/128 High Street

Merthyr Tydfil

CF47 8DN

SOLICITORS:

Hugh James

Two Central Square

Cardiff

CF10 1FS

The directors present their strategic report for the year ended 28 February 2025.

REVIEW OF BUSINESS

The annexed financial statements indicate the results for the year along with the financial standing and accounting details of the company.

For the second consecutive year the demand for machine operators has increased, meaning turnover is up 42% over the levels reported in 2024. This again is directly related to the increases in National Construction Projects. Expectations are that this demand will continue for the medium term.

The Sustainable and Renewable Energy Sector remains a key area of opportunity for the business and the Directors are continually looking for innovative ways to maximize the property portfolio it holds.

The business has traded successfully in the year and has seen the Gross Margin increase to a level which is acceptable to the Board.

Income from non-operating areas of the business have and will continue to support the business.

KEY FINANCIAL HIGHLIGHTS

The company can again report little to no borrowings, robust reserves and continuing profits for the financial year. The financial position of the company remains strong.

2025

2024

2023

2022

£'000

£'000

£'000

£'000

Turnover

40,031

28,231

25,705

19,071

Gross Profit

1,566

557

1,611

2,048

Profit Before Tax

2,376

1,074

2,093

2,908

PRINCIPAL RISKS AND UNCERTAINTIES

As can be seen by the turnover, demand for machine operators has substantially increased in the last twelve months.

As a direct result, pressure on the business to maintain and increase the numbers of operators increases. Retention of operators is key to achieve this and investment in training and support is key to this, in conjunction with offering competitive rates.

As inflation has remained consistent throughout this period, the pressure on wage demands has marginally reduced. However, with increases in National Insurance taking effect from April 25, pressure will again be felt on profitability and the need to increase charges to customers.

Concerns regarding new employment legislation continues to raise concerns with the Board, in what is already a challenging market.

The business currently benefits from a strong order book, it is anticipated that the business will continue to achieve its aims and goals as it trades through the next 12 months.

The Directors look to the future with confidence as the company continues to seek out new opportunities.

ON BEHALF OF THE BOARD:

M E R Llewellyn - Director

24 November 2025

The directors present their report with the financial statements of the company for the year ended 28 February 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the provision of labour to other group companies and development of its land holding for energy based uses.

DIVIDENDS

No dividends will be distributed for the year ended 28 February 2025.

FUTURE DEVELOPMENTS

The directors regularly review the labour requirements of its fellow group companies and in doing so, adjust the company's workforce accordingly.

The directors continue to look to develop the company's strategic land holdings and the natural resources associated with them. Future opportunities within renewable energy projects continue to be actively pursued, which the directors believe are both financially viable and sustainable in the long term.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 March 2024 to the date of this report.

P H Richards

M E R Llewellyn

FINANCIAL INSTRUMENTS

The company's principal financial instruments comprise of bank balances, trade debtors, trade creditors and group inter company loans. The main purpose of these instruments is to raise funds for the company's operations and to finance the company's operations.

Due to the nature of the financial instruments used by the company there is no exposure to price risk. The company's approach to managing other risks applicable to the financial instruments concerned is shown below.

In respect of bank balances the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.

Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

Financial support from parent and other subsidiary undertakings is provided and available to support the financing of the company's operations.

DIRECTORS LIABILITY INSURANCE

A liability insurance policy was in force during the financial year for the benefit of the directors of the company.

EMPLOYMENT POLICY

The company adopts employment policies best suited to its operations and in accordance with UK legislation.

The company continues to invest in its employees in both training and personal development of its staff. The aim is to be the destination of choice for employees looking to join the industry.

Directors and senior management are directly involved in regular management meetings and are therefore informed of the company's activities and development. As a management team they are responsible for the involvement and consultation of their relevant staff.

The company continues to develop a team of highly skilled and motivated machine operators, who are able to adapt to differing requirements from our customers.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), 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 of 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 judgements 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

M E R Llewellyn - Director

24 November 2025

Opinion

We have audited the financial statements of Walters Resources Limited (the 'company') for the year ended 28 February 2025 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 28 February 2025 and of its 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 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. 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 company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, 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 Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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.

Auditors' responsibilities for the audit of the financial statements

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

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

In identifying and assessing risks of material misstatement in respect of irregularities including fraud and non-compliance with laws and regulations we have considered the following:

- The nature of the industry and sector, control environment and business performance;

- Results of the enquiries of management about their own identification and assessment of the risks of

irregularities;

- Any matters we have identified having obtained and reviewed the company's documentation of their

policies and procedures relating to:

-- identifying, evaluating and complying with laws and regulations and whether they were aware of any

instance of noncompliance;

-- 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 the following areas: timing of recognition of income.. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the company 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. The key laws and regulations we considered in this context included UK Companies Act, health and safety and tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty.

Audit response to risks identified

Our procedures to respond to risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance

with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

- enquiring of management concerning actual and potential litigation and claims;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of

material misstatement due to fraud;

- reviewing correspondence with HMRC; and

- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal

entries and other adjustments; assessing whether the judgements made in making accounting estimates are

indicative of a potential bias; and evaluating the business rationale of any significant transactions that are

unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members including internal specialists, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error.

As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

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

Use of our report

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

Catherine Ingram FCCA (Senior Statutory Auditor)

for and on behalf of Xeinadin Audit Limited

Chartered Accountants

& Statutory Auditors

Suite 2d

Building 1 Eastern Business Park

St Mellons

Cardiff

South Glamorgan

CF3 5EA

25 November 2025

TURNOVER

3

40,030,956

28,230,813

Cost of sales

38,465,265

27,673,681

GROSS PROFIT

1,565,691

557,132

Administrative expenses

400,886

395,305

1,164,805

161,827

Other operating income

105,031

108,013

OPERATING PROFIT

5

1,269,836

269,840

Income from participating interests

668,000

450,000

Interest receivable and similar income

6

438,521

354,969

1,106,521

804,969

2,376,357

1,074,809

Interest payable and similar expenses

7

-

516

PROFIT BEFORE TAXATION

2,376,357

1,074,293

Tax on profit

8

423,059

152,050

PROFIT FOR THE FINANCIAL YEAR

1,953,298

922,243

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,953,298

922,243

FIXED ASSETS

Tangible assets

9

-

-

Investments

10

10

10

Investment property

11

1,574,341

1,604,342

1,574,351

1,604,352

CURRENT ASSETS

Stocks

12

652,803

652,803

Debtors

13

4,629,854

2,639,758

Cash at bank

9,892,462

9,554,393

15,175,119

12,846,954

CREDITORS

Amounts falling due within one year

14

1,713,155

1,368,289

NET CURRENT ASSETS

13,461,964

11,478,665

TOTAL ASSETS LESS CURRENT LIABILITIES

15,036,315

13,083,017

CAPITAL AND RESERVES

Called up share capital

15

5,100

5,100

Non distributable reserve

16

457,998

457,998

Retained earnings

16

14,573,217

12,619,919

SHAREHOLDERS' FUNDS

15,036,315

13,083,017

The financial statements were approved by the Board of Directors and authorised for issue on 24 November 2025 and were signed on its behalf by:

M E R Llewellyn - Director

Called up

Non

share

Retained

distributable

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 March 2023

5,100

11,697,676

457,998

12,160,774

Changes in equity

Total comprehensive income

-

922,243

-

922,243

Balance at 29 February 2024

5,100

12,619,919

457,998

13,083,017

Changes in equity

Total comprehensive income

-

1,953,298

-

1,953,298

Balance at 28 February 2025

5,100

14,573,217

457,998

15,036,315

1.	STATUTORY INFORMATION

Walters Resources Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepared publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group.

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of paragraph 3.17(d);

•

the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

•

the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;

•

the requirements of paragraphs 26.18(b), 26.19 to 26.21 and 26.23;

•

the requirement of paragraph 33.7.

Significant judgements and estimates

In the application of the company's accounting policies, the management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The following judgements and estimates that the directors have made in the process of applying the company's accounting policies have the most significant effect on the amounts recognised in the financial statements:

28.02.25

29.02.24

£

£

Land remediation accrual

20,499

87,451

Turnover

Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of discounts and rebates allowed by the company and value added tax.

Turnover is recognised from other labour and operator charges on the basis of the dates they were provided during the financial year and hence the amounts to which the company is entitled. Any charges made in arrears or advance are adjusted for in accrued or deferred income as appropriate.

Turnover from the sale of land stock subject to a contract of sale, is recognised on completion of that contract.

Rents receivable on investment properties are recognised on a straight-line basis in relation to the period. Incentives given to enter into an operating lease are debited to the profit and loss account on a straight-line basis over the period of the lease.

Dividend income is recognised when the right to receive payment is established.

Interest income is recognised using the effective interest rate method.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

10 - 25% on cost

Fixtures and fittings

-

10% on cost

Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation and any impairment losses.

Investments in associates

Investments in associate undertakings are recognised at cost.

Investment property

Investment property is included at fair value. Gains are recognised in the statement of comprehensive income. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Inventories

Stocks of land purchased for development are stated at the lower of cost and estimated selling price less costs to complete and sell.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Pension costs and other post-retirement benefits

The company makes contributions to employees' personal defined contribution pension schemes. The assets of the schemes are held separately from those of the company in independently administered funds. Contributions payable for the year are charged in the profit and loss account.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

3.

TURNOVER

All turnover and the profit before taxation for the year are derived from the company's principal activities, entirely within the United Kingdom.

4.	EMPLOYEES AND DIRECTORS

28.2.25

29.2.24

£

£

Wages and salaries

34,385,385

24,778,321

Social security costs

3,379,970

2,351,530

Other pension costs

452,895

394,795

38,218,250

27,524,646

The average number of employees during the year was as follows:

28.2.25

29.2.24

Administration

19

18

Production

510

410

529

428

28.2.25

29.2.24

£

£

Directors' remuneration

-

-

5.	OPERATING PROFIT

The operating profit is stated after charging:

28.2.25

29.2.24

£

£

Auditors' remuneration

7,000

8,550

Auditors' remuneration for non audit work

441

420

6.

INTEREST RECEIVABLE AND SIMILAR INCOME

28.2.25

29.2.24

£

£

Bank interest received

438,521

354,969

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

28.2.25

29.2.24

£

£

Other interest

-

516

8.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

28.2.25

29.2.24

£

£

Current tax:

UK corporation tax

422,582

152,050

Corporation tax - prior year

477

-

Tax on profit

423,059

152,050

UK corporation tax was charged at 24.49%) in 2024.

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

28.2.25

29.2.24

£

£

Profit before tax

2,376,357

1,074,293

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 24.490%)

594,089

263,094

Effects of:

Expenses not deductible for tax purposes

2,750

-

Income not taxable for tax purposes

(187,694

)

(110,202

)

Adjustments to tax charge in respect of previous periods

477

(544

)

Remeasurement of deferred tax in respect of changes in tax rates

-

6

Deferred tax not recognised

683

(304

)

Gains/rollover relief

12,754

-

Total tax charge

423,059

152,050

9.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

COST

At 1 March 2024

and 28 February 2025

24,911

725

25,636

DEPRECIATION

At 1 March 2024

and 28 February 2025

24,911

725

25,636

NET BOOK VALUE

At 28 February 2025

-

-

-

At 29 February 2024

-

-

-

10.	FIXED ASSET INVESTMENTS

Interest

in

associate

£

COST

At 1 March 2024

and 28 February 2025

10

NET BOOK VALUE

At 28 February 2025

10

At 29 February 2024

10

The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Associated companies

Pennant Walters (Holdings) Limited

Registered office: England and Wales

Nature of business: Business consultancy and holding company

%

Class of shares:

holding

Ordinary

33.33

31.12.24

31.12.23

£

£

Aggregate capital and reserves

35,588,177

32,260,450

Profit for the year

3,890,001

2,636,603

Pennant Walters ML Limited

Registered office: England and Wales

Nature of business: Development of onshore wind farm

%

Class of shares:

holding

Ordinary

30.00

31.12.24

31.12.23

£

£

Aggregate capital and reserves

(243,843

)

(146,615

)

Loss for the year

(97,228

)

(66,761

)

Pennant Walters MCYC Limited

Registered office: England and Wales

Nature of business: Development of onshore wind farm

%

Class of shares:

holding

Ordinary

30.00

31.12.24

31.12.23

£

£

Aggregate capital and reserves

(300,888

)

(129,685

)

Loss for the year

(171,203

)

(30,425

)

Pennant Walters MM Limited

Registered office: England and Wales

Nature of business: Development of onshore wind farm

%

Class of shares:

holding

Ordinary

30.00

31.12.24

31.12.23

£

£

Aggregate capital and reserves

(82,678

)

(63,271

)

Loss for the year

(19,407

)

(45,942

)