Company registration number 05518779 (England and Wales)
BERGS UK HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
BERGS UK HOLDINGS LIMITED
COMPANY INFORMATION
Directors
P A Marklund
P O Nilsson
N A Pannell
(Appointed 27 January 2026)
Company number
05518779
Registered office
Baltic Wharf
Wallasea Island
Rochford
Essex
United Kingdom
SS4 SHA
Auditor
Azets Audit Services
Globe House
Eclipse Park
Sittingbourne Road
Maidstone
Kent
United Kingdom
ME14 3EN
BERGS UK HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 17
BERGS UK HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

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

Review of the business

The company's principal activity continues to be that of a non-trading company holding shares in its trading subsidaries.

Development and financial performance during the year

The company did not trade during the year.

The company received a dividend of £860,336 in the year (2024: £420,000) and, therefore after deducting interest payable on group finance, there was a profit loss before and after tax of £860,336 (2024: £305,131).

Within the Group, ongoing improvements continue to be made to the port’s infrastructure and health and safety standards. Recent developments include the attraction of new timber customers to the port, and approval has been obtained for jetty refurbishments and other significant infrastructure upgrades. These developments are expected to strengthen the port’s operational capacity and position it well for future growth.

Financial position at the reporting date

The balance sheet shows that the company's net assets at the year end amount to £1,009,897.

Principal risks and uncertainties

Management continually monitor the key risks facing the company and the wider group, together with assessing the controls used for managing these risks. The board of directors formally reviews and documents the principal risks facing the business at least annually.

On behalf of the board

P A Marklund
Director
30 June 2026
BERGS UK HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -

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

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

P A Marklund
P O Nilsson
N A Pannell
(Appointed 27 January 2026)
Results and dividends

The company has again this year incurred some admin expenses in respect of bank charges during the year, Otherwise, any expenses apart from loan interest continue to be met by its subsidiary undertakings.

Financial instruments

The company's only financial instrument are its shares in subsidiary undertakings

Auditor

The auditor, Azets Audit Services, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Disclosure in the Directors' Report

As permitted by paragraph 1A of Schedule 7 to the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 certain notes which are required to be disclosed in the directors’ report have been omitted and they are included in the Strategic Report on page 1. These notes relate to the review and analysis of business during the current year.

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt a going concern basis in preparing the annual financial statements.

Further details regarding the adoption of the going concern basis can be found in note 1.2 to the financial statements.

On behalf of the board
P A Marklund
Director
30 June 2026
BERGS UK HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the 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;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the 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.

BERGS UK HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BERGS UK HOLDINGS LIMITED
- 4 -
Opinion

We have audited the financial statements of Bergs UK Holdings Limited (the 'company') for the year ended 31 December 2025 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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 31 December 2025 and of its profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's 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 other information comprises the information included in the annual report other than the financial statements and our auditor's 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.

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

BERGS UK HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BERGS UK HOLDINGS LIMITED (CONTINUED)
- 5 -
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 identifie d material misstatements in the strategic report or the directors' r eport.

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

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

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

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

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

BERGS UK HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BERGS UK HOLDINGS LIMITED (CONTINUED)
- 6 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we 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. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;

- Reviewing minutes of meetings of those charged with governance;

- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

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 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.

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

Daniel Graves BA(Hons) FCA (Senior Statutory Auditor)
For and on behalf of Azets Audit Services, Statutory Auditor
Chartered Accountants
Globe House
Eclipse Park
Sittingbourne Road
Maidstone
Kent
ME14 3EN
6 July 2026
BERGS UK HOLDINGS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 7 -
2025
2024
Notes
£
£
Administrative expenses
-
0
(625)
Interest receivable and similar income
3
860,336
420,007
Interest payable and similar expenses
4
-
0
(114,251)
Profit before taxation
860,336
305,131
Tax on profit
5
-
0
-
0
Profit for the financial year
860,336
305,131

The profit and loss account has been prepared on the basis that all operations are continuing operations.

BERGS UK HOLDINGS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -
2025
2024
£
£
Profit for the year
860,336
305,131
Other comprehensive income
-
-
Total comprehensive income for the year
860,336
305,131
BERGS UK HOLDINGS LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2025
31 December 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
6
1,009,897
1,009,897
Current assets
-
-
Creditors: amounts falling due within one year
8
-
0
(860,336)
Net current liabilities
-
0
(860,336)
Net assets
1,009,897
149,561
Capital and reserves
Called up share capital
9
9,896
9,896
Profit and loss reserves
1,000,001
139,665
Total equity
1,009,897
149,561
The financial statements were approved by the board of directors and authorised for issue on 30 June 2026 and are signed on its behalf by:
P A Marklund
Director
Company registration number 05518779 (England and Wales)
BERGS UK HOLDINGS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 10 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2024
9,896
(165,466)
(155,570)
Period ended 31 December 2024:
Profit and total comprehensive income for the year
-
305,131
305,131
Balance at 31 December 2024
9,896
139,665
149,561
Period ended 31 December 2025:
Profit and total comprehensive income for the year
-
860,336
860,336
Balance at 31 December 2025
9,896
1,000,001
1,009,897
BERGS UK HOLDINGS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
-
-
Net cash used in investing activities
-
0
-
0
Net cash used in financing activities
-
0
-
0
Net increase in cash and cash equivalents
-
0
-
0
Cash and cash equivalents at beginning of year
-
0
-
0
Cash and cash equivalents at end of year
-
0
-
0
BERGS UK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 12 -
1
Accounting policies
Company information

Bergs UK Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Baltic Wharf, Waalasea Island, Rochford, Essex, SS4 2HA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £1.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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

1.4
Financial assets

The company applies the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments, which are classified as basic.

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets are classified into specified categories. The classification depends on the nature and purpose of the financial assets and is determined at the time of recognition.

The company's financial assets, comprise investments in non-puttable ordinary shares which are measured at transaction price including transaction costs.

1.5
Financial liabilities

Basic financial liabilities are initially measured at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

BERGS UK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 13 -
1.7

Group accounts

The company has taken advantage of the exemption provided by Section 401 of the Companies Act 2006 not to prepare group accounts, as the accounts into which the company is consolidated are publicly available. Accordingly the financial statements present information about it as an individual undertaking and not about the group.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Assessing indicators of impairment

In assessing whether there have been any indicators of impairment of assets, the directors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Estimating recoverable value

Where an indication of impairment exists the directors will carry out an impairment review to determine the recoverable amount. In the case of fixed asset investments, which are accounted for at the cost less any accumulated impairment losses, recoverable amount is the lower of fair value and original cost of acquisition. The directors' assessment is made by reference to the net asset position and future cash flows of its subsidiary undertakings.

3
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
-
0
7
Income from fixed asset investments
Income from shares in group undertakings
860,336
420,000
Total income
860,336
420,007
BERGS UK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
3
Interest receivable and similar income
2025
2024
(Continued)
- 14 -

Investment income includes the following:

Interest on financial assets not measured at fair value through profit or loss
-
0
7
4
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest payable to group undertakings
-
0
114,251
5
Taxation

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
860,336
305,131
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
215,084
76,283
Change in unrecognised deferred tax assets
-
0
28,717
Non taxable franked investment income
(215,084)
(105,000)
Taxation for the year
-
-
6
Fixed asset investments
2025
2024
Notes
£
£
Investments in subsidiaries
12
1,009,897
1,009,897

Fixed asset investments are stated at historic cost.

7
Financial instruments
2025
2024
£
£
Carrying amount of financial assets
Equity instruments measured at cost less impairment
1,009,897
1,009,897
Carrying amount of financial liabilities
Measured at amortised cost
-
860,336
BERGS UK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 15 -
8
Creditors: amounts falling due within one year
2025
2024
£
£
Amounts due to group undertakings
-
0
860,336
9
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 10p each
98,957
98,957
9,896
9,896
10
Financial commitments, guarantees and contingent liabilities

In February 2025, all of Bergs Timber AB's bank loans were amortised. Bergs Timber AB then retained a revolving credit facility with Danske Bank A/S and AB Svensk Exportkredit (SEK) of SEK 200 million, which was not utilszed during the year and which was terminated in December 2025. In addition to this credit facility, Bergs Timber AB and its subidiaries had an overdraft facility with Danske Bank A/S of SEK 50 million.

In March 2026, the parent company took out a long-term loan from Danske Bank A/S of SEK 200 million for its long-term financing. The loan has a term of three years with the possibility of extension for a further two years. In addition, the overdraft facility with Danske Bank was increased to SEK 100 million from 1 January 2026. The loan agreement contains, in addition to customary financial covenant undertakings, restrictions regarding the pledging of assets, the taking out of loans or the provision of guarantees, the sale or transfer of assets, acquisitions, and the merging or consolidation of operations with another company; however there are no specific Group securities/guarantees for the UK Group entities in relation to this refinancing loan.

11
Related party transactions

The immediate parent company is Bergs Timber AB, a company registered in Sweden.

The ultimate parent company is Norvik hf., a company registered in Iceland. Norvik hf forms the smallest and largest group for which group accounts are prepared and of which the company is a member.

Norvik hf. prepares group financial statements and copies can be obtained from Vallakor 4, 203 Koubavogira (Kopavogur), Iceland. Accordingly the company has taken advantage of the exemption available in paragraph 33.1(A) of FRS 102 not to make disclosures concerning group related party transactions.

The balance due to group undertakings is disclosed in note 8.

BERGS UK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 16 -
12
Subsidiaries

These financial statements are separate company financial statements for 31 December 2025.

Details of the company's trading subsidiaries at 31 December 2025 are as follows:

Name of undertaking and country of
Nature of business
Class of
% Held
incorporation or residency
shareholding
Direct
Indirect
Port of Creeksea Limited
England and Wales
Wharfing and stevedores and provision of wood treatment and transport services for group companies
Ordinary
100
0
Baltic Wharf Properties Limited
England and Wales
Property investment
Ordinary
100
0
Crouch Shipping Agency Limited
England and Wales
Ships agents and shipping agency
Ordinary
100
0
The aggregate capital and reserves and the result for the year of trading subsidiaries excluded from consolidation was as follows:
Name of undertaking
Profit/(Loss)
Capital and Reserves
£
£
Port of Creeksea Limited
(592,221)
0
(3,303,032)
0
Baltic Wharf Properties Limited
178,370
3,466,090
Crouch Shipping Agency Limited
449,985
19,454
13
Cash generated from operations
2025
2024
£
£
Profit for the year after tax
860,336
305,131
Movements in working capital:
(Increase)/decrease in debtors
-
665
(Decrease) in creditors
(860,336)
(305,796)
Cash absorbed by operations
-
-
BERGS UK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 17 -
14
Analysis of changes in net debt
2025
£
Opening net debt
Changes in net debt arising from:
Cash flows of the entity
-
Closing net debt as analysed below
-
0
Closing net debt
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