REGISTERED NUMBER: 02581818 (England and Wales)

Strategic Report, Report of the Directors and

Audited Financial Statements for the Year Ended 28 February 2025

for

Tardis Environmental UK Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Statement of Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

Notes to the Financial Statements

14

DIRECTORS:

Mr A Boydon

Mr C Boydon

Mr R Boydon

Mrs K Collier

Mr D W R Furlong

SECRETARY:

Mrs J Causer

REGISTERED OFFICE:

Site 4

Halesfield 21

Telford

Shropshire

TF7 4PA

REGISTERED NUMBER:

02581818 (England and Wales)

INDEPENDENT AUDITORS:

Lewis Smith & Co.

Chartered Certified Accountants

Statutory Auditors

The Old Doctor's House

74 Grange Road

Dudley

West Midlands

DY1 2AW

BANKERS:

Coutts

440 The Strand

London

WC2R OQS

BANKERS:

Hsbc Uk Bank Plc

The Bridge

Walsall

WS1 1LN

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

The company has continued to perform reasonably through the year ended 28 February 2025. However, sales have fallen slightly by 1.3%, from £34.8m in the previous year to £34.35m this year.

The gross profit achieved by the company has also fallen to from £23.3m to £22.6m. This is due to an increase in costs during the year, in addition to the slight drop in sales.

REVIEW OF BUSINESS

We have in this period expanded our depots operationally with additions in areas that we intend to grow.

We have also continued investment in new plant and equipment plus additional investment in vehicles to support our operation

Staffing levels have remained steady with no real growth there.

Our product range has been increasing to allow us to offer more on site solutions to customers.

Our aim is to continue to invest and with aggressive sales look to increase our market share moving forward.

PRINCIPAL RISKS AND UNCERTAINTIES

As a company, we intend to limit our risks through better management of the key elements of the business, i.e. Employment Law, Health and Safety Law and Transport Law, linked to better training of the workforce.

ON BEHALF OF THE BOARD:

Mr R Boydon - Director

13 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 provision of sanitisation services on construction sites and plant hire.

DIVIDENDS

No interim dividends were paid during the year on any of the shares. The directors recommend a final dividend of £94269.66 per share on the Ordinary £1 shares but none on any other classes of shares.

The total distribution of dividends for the year ended 28 February 2025 will be £ 8,390,000 .

DIRECTORS

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

Mr A Boydon

Mr C Boydon

Mr R Boydon

Mrs K Collier

Mr D W R Furlong

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). 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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Lewis Smith & Co., will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr R Boydon - Director

13 November 2025

Opinion

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

In our opinion the financial statements:

-	give a true and fair view of the state of the 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 three, 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.

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit.

We also:

- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

- Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the company to cease to continue as a going concern.

- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

- Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the company to express an opinion on the financial statements. We are responsible for the direction, supervision and performance of the company audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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.

Craig Beale (Senior Statutory Auditor)

for and on behalf of Lewis Smith & Co.

Chartered Certified Accountants

Statutory Auditors

The Old Doctor's House

74 Grange Road

Dudley

West Midlands

DY1 2AW

13 November 2025

TURNOVER

3

34,348,081

34,798,164

Cost of sales

11,745,957

11,471,457

GROSS PROFIT

22,602,124

23,326,707

Administrative expenses

11,531,593

11,223,518

11,070,531

12,103,189

Other operating income

15,523

37,967

OPERATING PROFIT

5

11,086,054

12,141,156

Interest receivable and similar income

27,536

76,125

11,113,590

12,217,281

Interest payable and similar expenses

6

-

996

PROFIT BEFORE TAXATION

11,113,590

12,216,285

Tax on profit

7

2,720,781

2,939,061

PROFIT FOR THE FINANCIAL YEAR

8,392,809

9,277,224

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

8,392,809

9,277,224

FIXED ASSETS

Tangible assets

9

1,055,684

1,395,217

CURRENT ASSETS

Stocks

10

72,815

58,798

Debtors

11

6,599,434

5,508,380

Cash at bank

1,609,476

1,087,003

8,281,725

6,654,181

CREDITORS

Amounts falling due within one year

12

6,607,212

5,246,858

NET CURRENT ASSETS

1,674,513

1,407,323

TOTAL ASSETS LESS CURRENT LIABILITIES

2,730,197

2,802,540

PROVISIONS FOR LIABILITIES

14

190,953

266,105

NET ASSETS

2,539,244

2,536,435

CAPITAL AND RESERVES

Called up share capital

15

100

100

Retained earnings

16

2,539,144

2,536,335

SHAREHOLDERS' FUNDS

2,539,244

2,536,435

The financial statements were approved by the Board of Directors and authorised for issue on 13 November 2025 and were signed on its behalf by:

Mr R Boydon - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 March 2023

100

2,509,111

2,509,211

Changes in equity

Dividends

-

(9,250,000

)

(9,250,000

)

Total comprehensive income

-

9,277,224

9,277,224

Balance at 29 February 2024

100

2,536,335

2,536,435

Changes in equity

Dividends

-

(8,390,000

)

(8,390,000

)

Total comprehensive income

-

8,392,809

8,392,809

Balance at 28 February 2025

100

2,539,144

2,539,244

Cash flows from operating activities

Cash generated from operations

1

10,996,532

13,990,419

Interest paid

-

(996

)

Tax paid

(4,924,971

)

(2,326,897

)

Net cash from operating activities

6,071,561

11,662,526

Cash flows from investing activities

Purchase of tangible fixed assets

(25,147

)

(68,822

)

Sale of tangible fixed assets

-

16,164

Interest received

27,536

76,125

Net cash from investing activities

2,389

23,467

Cash flows from financing activities

New loans taken in the year

2,838,523

-

Loan repayments in year

-

(6,385,675

)

Amount introduced by directors

52,658

353,694

Amount withdrawn by directors

(52,658

)

(353,694

)

Equity dividends paid

(8,390,000

)

(9,250,000

)

Net cash from financing activities

(5,551,477

)

(15,635,675

)

Increase/(decrease) in cash and cash equivalents

522,473

(3,949,682

)

Cash and cash equivalents at beginning of year

2

1,087,003

5,036,685

Cash and cash equivalents at end of year

2

1,609,476

1,087,003

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

28.2.25

29.2.24

£

£

Profit before taxation

11,113,590

12,216,285

Depreciation charges

364,680

524,943

Loss on disposal of fixed assets

-

11,532

Finance costs

-

996

Finance income

(27,536

)

(76,125

)

11,450,734

12,677,631

Increase in stocks

(14,017

)

(2,762

)

(Increase)/decrease in trade and other debtors

(566,581

)

1,094,409

Increase in trade and other creditors

126,396

221,141

Cash generated from operations

10,996,532

13,990,419

2.	CASH AND CASH EQUIVALENTS

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

Year ended 28 February 2025

28.2.25

1.3.24

£

£

Cash and cash equivalents

1,609,476

1,087,003

Year ended 29 February 2024

29.2.24

1.3.23

£

£

Cash and cash equivalents

1,087,003

5,036,685

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.3.24

Cash flow

At 28.2.25

£

£

£

Net cash

Cash at bank

1,087,003

522,473

1,609,476

1,087,003

522,473

1,609,476

Total

1,087,003

522,473

1,609,476

1.	STATUTORY INFORMATION

Tardis Environmental UK 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.

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

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates

The company does not have any significant judgements or estimates in their accounts.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Rendering of services

When the outcome of a transaction can be estimated reliably, turnover from the hire of equipment is recognised when the assets is hired in advance for the minimum hire period. Turnover from tank empties and all other services are recognised by reference to the stage of completion at the balance sheet date.

Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.

Interest received

Interest income is recognised using the effective interest method.

Tangible fixed assets

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

Improvements to property

-

25% on reducing balance

Plant and machinery

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Stocks

Stocks are consumable items held over at the end of the year and not goods for resale. Fuel stock is valued at the average cost per litre for the final month of the year multiplied by the litres held at the year end date. Other consumable stock is valued at its purchase price. The total value of stock not considered significant and not to be material in terms of the accounts.

Financial instruments

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortized cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

The company does not have any other basic financial instruments.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

28.2.25

29.2.24

£

£

Hire of Equipment

34,348,081

34,798,164

34,348,081

34,798,164

4.	EMPLOYEES AND DIRECTORS

28.2.25

29.2.24

£

£

Wages and salaries

7,321,460

6,798,120

Social security costs

779,020

719,911

Other pension costs

138,851

133,516

8,239,331

7,651,547

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

28.2.25

29.2.24

Director

1

1

Admin

43

43

Driver

131

130

175

174

28.2.25

29.2.24

£

£

Directors' remuneration

22,115

27,520

Directors' pension contributions to money purchase schemes

421

413

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

1

1

5.	OPERATING PROFIT

The operating profit is stated after charging:

28.2.25

29.2.24

£

£

Hire of plant and machinery

359,425

322,537

Other operating leases

566,829

713,509

Depreciation - owned assets

364,680

524,944

Loss on disposal of fixed assets

-

11,532

Auditors' remuneration

12,300

11,900

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

28.2.25

29.2.24

£

£

Interest on late tax payments

-

996

7.

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

2,725,527

3,048,539

Prior year tax adjustment

70,406

-

Total current tax

2,795,933

3,048,539

Deferred tax

(75,152

)

(109,478

)

Tax on profit

2,720,781

2,939,061

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

11,113,590

12,216,285

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 24.492%)

2,778,398

2,992,013

Effects of:

Expenses not deductible for tax purposes

20,051

11,673

Depreciation in excess of capital allowances

75,153

107,092

Adjustments to tax charge in respect of previous periods

70,405

-

Group relief

(148,074

)

(62,214

)

Deferred tax

(75,152

)

(109,478

)

Hybrid tax rate rounding difference

-

(25

)

Total tax charge

2,720,781

2,939,061

8.

DIVIDENDS

28.2.25

29.2.24

£

£

Ordinary shares of £1 each

Interim dividends

8,390,000

9,250,000

9.	TANGIBLE FIXED ASSETS

Improvements

to

Plant and

Motor

Computer

property

machinery

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 March 2024

21,786

890,160

1,680,206

364,328

2,956,480

Additions

-

-

-

25,147

25,147

Disposals

-

-

-

(253,184

)

(253,184

)

At 28 February 2025

21,786

890,160

1,680,206

136,291

2,728,443

DEPRECIATION

At 1 March 2024

19,870

392,031

832,547

316,815

1,561,263

Charge for year

480

124,540

211,921

27,739

364,680

Eliminated on disposal

-

-

-

(253,184

)

(253,184

)

At 28 February 2025

20,350

516,571

1,044,468

91,370

1,672,759

NET BOOK VALUE

At 28 February 2025

1,436

373,589

635,738

44,921

1,055,684

At 29 February 2024

1,916

498,129

847,659

47,513

1,395,217

10.

STOCKS

28.2.25

29.2.24

£

£

Stocks

72,815

58,798

11.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.25

29.2.24

£

£

Trade debtors

5,874,189

5,363,460

Other debtors

50,189

5,073

Tax

524,473

-

Prepayments and accrued income

150,583

139,847

6,599,434

5,508,380