Ingrebourne Valley Limited

The principal activities of the company in the period under review were those of managers and operators of inert and non-hazardous restoration schemes and quarrying. CHANGE OF ACCOUNTING PERIOD The accounting period was extended to 30 September 2025 in order to align with group reporting. The profit and loss figures therefore represent a 15 month period and are not comparable. GOING CONCERN The accounts have been prepared on a going concern basis. The Directors acknowledge the difficult trading conditions in 2024 and 2025 have had a significant impact on cashflow. The nature of the Company's activities is such that new sites (or new phases within existing sites) also place a significant burden on cashflow, as investment into upfront costs is required. As a result the adjusted debt service ratio for the year is below that required by the principal bankers. During the period, the Company received a letter of concern from the bank to acknowledge the covenant breach in 2024 and to put in place actions to enable the bank to continue to support the business. The Company has taken a number of steps to support with cashflow, including: - Utilising the £10m funds received from the sale of IV Links Limited by the parent company to reduce debt by £4.85m and provide working capital; - Receipt of loans from Directors and Shareholders of £1.85m; - Obtaining a £1m overdraft facility from the Bank; - Receiving a 6 month capital repayment holiday on existing bank loans for the period from December 2025 to June 2026 The Directors are confident that trading in 2026 will deliver operating profits. There is also the expectation that the realisation of assets held within other group companies will result significant positive cashflows in the short to medium term, which in turn will lead to the repayment of group loans. The net assets of the company remain in a strong position at £70.3m. The balance sheet represents the underlying strength of the Company and the significant future potential value that can be extracted from its assets. The Directors have identified several sites that in their opinion are suitably restored and no longer form part of the core operation of the business and should be considered for disposal for future potential gain. As the result of the ongoing support of its shareholders and lenders, the positive trading outlook and balance sheet strength, the accounts have been prepared on a going concern basis.