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REGISTERED NUMBER: 00371501 (England and Wales)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements

for the Period 31st December 2023 to 28th December 2024

for

R Swain & Sons Limited

| R Swain & Sons Limited (Registered number: 00371501) |

Contents of the Consolidated Financial Statements

for the period 31st December 2023 to 28th December 2024

Page |

| Company Information | 1 |

| Group Strategic Report | 2 |

| Report of the Directors | 4 |

| Report of the Independent Auditors | 8 |

| Consolidated Income Statement | 12 |

| Consolidated Other Comprehensive Income | 13 |

| Consolidated Balance Sheet | 14 |

| Company Balance Sheet | 15 |

| Consolidated Statement of Changes in Equity | 16 |

| Company Statement of Changes in Equity | 17 |

| Consolidated Cash Flow Statement | 18 |

| Notes to the Consolidated Cash Flow Statement | 19 |

| Notes to the Consolidated Financial Statements | 21 |

| R Swain & Sons Limited |

Company Information

for the period 31st December 2023 to 28th December 2024

| DIRECTORS: | R. J. Swain

| M. G. Swain

| M. Deer

| S. J. Rigby

| J. H. Wyatt

| REGISTERED OFFICE: | Vulcan House

| Medway Freight Centre

| Priory Road

| Rochester

| Kent

| ME2 2BD

| REGISTERED NUMBER: | 00371501 (England and Wales)

| AUDITORS: | Beak Kemmenoe

| Chartered Accountants

| & Statutory Auditors

| 1-3 Manor Road

| Chatham

| Kent

| ME4 6AE

| R Swain & Sons Limited (Registered number: 00371501) |

Group Strategic Report

for the period 31st December 2023 to 28th December 2024

The directors present their strategic report of the company and the group for the period 31st December 2023 to 28th December 2024.

REVIEW OF BUSINESS

The group's principal activities during the year were road transport, distribution and warehousing in the UK and Europe.

The financial year 2024 presented significant challenges for the group and the industry it operates in. Despite these challenges there was a marked improvement in performance. This review outlines the key areas that impacted our financial performance in the reporting period and our strategies to further improve profitability.

Below is a structured analysis of the major factors.

Key Financial Changes

Turnover

The group experienced an increase in turnover of £8,682,845, representing a 12.66% rise. This improvement was primarily due to a rise in new business thanks to the hard work of our sales team.

Subcontractor costs

Subcontractor costs increased by £5,020,348, a 31.14% rise. This increase was driven by a rise in new business, which required the use of subcontractors to service.

Repairs and renewals

Repairs and renewals costs fell by £646,291a decrease of 49.22%. A major planned schedule of repairs was carried out at the Rochester facility in the prior year which has now finished.

Hire purchase interest charges

Hire purchase interest charges grew by £328,588, representing a 41.93% increase. The steep rise in Bank of England interest rates along with higher borrowing requirements, led to this significant increase in financial expenses.

OUTLOOK

The group faced multiple financial pressures throughout 2024. Despite these challenges, the group succeeded in stabilising its financial performance.

Actions taken and next steps

Cost Management: The group continues to actively manage costs, particularly in vehicle maintenance and repair, and is reviewing its borrowing structure to mitigate the impact of rising interest rates.

Capital Investment: Plans are in place to expedite vehicle replacements, which will reduce the ongoing repair costs and improve fuel and operational efficiency.

Market Strategy: As the construction industry begins to stabilise, the group is seeking out new growth opportunities in this sector.

The group, with help of its dedicated workforce, through targeted cost control measures, strategic capital investments, and adjustments in market focus, has already seen a return to profitability in the current financial year.

KEY PERFORMANCE INDICATORS

The directors consider the financial and operational stability of the group to be the key performance indicators.

| R Swain & Sons Limited (Registered number: 00371501) |

Group Strategic Report

for the period 31st December 2023 to 28th December 2024

PRINCIPAL RISKS AND UNCERTAINTIES

The group operates in a sector where health and safety is paramount, both within the depots and on the roads, and the group's reputation would be the principal risk in any shortfall in this area. The market for haulage and logistics is very fluid with both UK and Europe based lorries competing for business. The group combats this uncertainty by providing a quality service to a wide customer base.

ON BEHALF OF THE BOARD:

M. Deer - Director

12th September 2025

| R Swain & Sons Limited (Registered number: 00371501) |

Report of the Directors

for the period 31st December 2023 to 28th December 2024

The directors present their report with the financial statements of the company and the group for the period 31st December 2023 to 28th December 2024.

DIVIDENDS

No dividends will be distributed for the period ended 28th December 2024.

DIRECTORS

The directors shown below have held office during the whole of the period from 31st December 2023 to the date of this report.

R. J. Swain

M. G. Swain

M. Deer

S. J. Rigby

J. H. Wyatt

DISABLED PERSONS

The following statements of policy are practiced by the group:

Full and fair consideration is given to applications for employment made by disabled persons, having regard to their particular aptitudes and abilities;

Continued employment and training of staff is offered to those who become disabled whilst they are employees of the group;

The group continues to offer general training, career development and promotion of disabled persons employed by them.

EQUALITY, DIVERSITY AND INCLUSION

The group complies with The Equality Act 2010. The group does not discriminate against age, gender, being in a marriage or in a civil partnership, being pregnant or on maternity leave, disability, race including colour, nationality, ethnic or national origin, religion or belief, sex and sexual orientation.

To prevent discrimination the group has formulated and implemented the following policies:

- Having an equality, diversity and inclusion policy.

- Providing regular anti-discrimination training.

- Clear guidance if discrimination happens.

THE MODERN SLAVERY ACT 2015

Respect for human rights is fundamental to the culture of integrity we want for the group. It is integral to our approach to sustainable development, and governs how we behave towards our employees, contractors, suppliers, and the community in which we work.

We have updated our human rights policies to make our commitment to oppose the use of forced or compulsory labour, human trafficking and all forms of modern slavery (both within our own operations and in our supply chain) even more explicit and to publicly report on what we are doing to prevent it on an annual basis.

COMMUNITY AND ENVIRONMENT

Whilst the group has, by design, minimum direct impact on the local community given the nature of its trade, the group actively engages with local communities to make a positive contribution in terms of creating economic and social value through employment, procurement, taxation and sustainable development initiatives and through strong risk management and respect for human rights. To achieve this, the group takes a partnership approach, listening to the concerns of stakeholders, to give them the confidence that the group will address the impacts it has on them and their environment in a positive way.

| R Swain & Sons Limited (Registered number: 00371501) |

Report of the Directors

for the period 31st December 2023 to 28th December 2024

STREAMLINED ENERGY AND CARBON REPORTING (SECR)

This report presents the carbon emissions of R Swain & Sons Limited and its subsidiaries for the reporting year of 2024 including scope 1, 2 and partial scope 3 emissions.

Energy Intensity Matrix 2024

| Employees/M2 space/£M |  | t.CO2e/yr. |  | t.CO2e |  |

Per employee |  | 513 |  | 151,447 |  | 295.21 |  | t.CO2e/employee |

Per M2 space |  | 25,000 |  | 151,447 |  | 6.06 |  | t.CO2e/M2 |

Turnover £M |  | 77 |  | 151,447 |  | 1,966.84 |  | t.CO2e/£M |

Building |  | 90.2 |  | kWh/M2 |  |

Transport |  | 4.7 |  | kWh/mile |  |

Off road diesel |  | 10.8 |  | kWh/litre |  |

We are dedicated to responsible carbon management and will implement additional energy efficiency measures across our organisation wherever they are cost-effective. We acknowledge that climate change is one of the most pressing environmental challenges facing the global community, and we recognise our responsibility in contributing to the reduction of greenhouse gas emissions.

We have recently implemented, or are in the process of implementing, the following policies to enhance the energy efficiency of the business.

- |  | Two electric 4x2 42 tonne tractor units have been integrated into the fleet, reducing CO2 emissions. |

- |  | Testing has commenced on all electric OEM providers to determine the most appropriate vehicle for our customers. |

- |  | Continued push to move customers to Hydrotreated Vegetable Oil (HVO) reducing the impact of diesel engine greenhouse gas emissions, with an agreement signed with an HVO supplier. |

- |  | A salary sacrifice scheme to encourage all employees to convert to electric vehicles has been rolled out in |

| the year. |

- |  | Maximising trailer capacity and reducing empty running with the implementation of WEBFLEET. |

- |  | Vehicle charging points continue to be installed at depots. |

- |  | Full LED lighting is being retro fitted at our depots. |

- |  | Full refit of offices at Rochester, removing the boiler and moving to a more sustainable heating system with timers and cut off functionality. |

Methodology used in the calculation of disclosures

ESOS methodology carbon emissions have been calculated using the 2018 'UK Government Emission GHG Conversion Factors for Company Reporting'. The electricity carbon factor is based on the UK Grid average (Location Based Scope 2 Carbon Factor, in relation to the GHG Protocol) and does not include generation, or transmission and distribution losses.

For matters solely related to carbon, the SECR methodology outlined in the "Environmental Reporting Guidelines:

including Streamlined Energy and Carbon Reporting and Greenhouse Gas Reporting" was applied, alongside the

Government's GHG reporting conversion factors.

| R Swain & Sons Limited (Registered number: 00371501) |

Report of the Directors

for the period 31st December 2023 to 28th December 2024

EMPLOYEE INVOLVEMENT

The group is aware of its responsibilities to its employees and the key part that they play in the group's progress. The benefits of low staff turnover in continuity and quality of services to customers cannot be over estimated and all employees are encouraged to undertake further training both in house and via external providers to allow them to achieve their personal and professional aspirations.

The group has regular meetings with its employees at all levels to provide them with information on areas that concern them as employees, and to ensure there is a common awareness throughout the group of the financial and economic factors that affect the performance of the group.

The group consults employees or their representatives regularly so that their views can be taken into account when making decisions that are expected to affect their interests, and makes efforts to encourage involvement in these forums in order that they are aware of and can positively gain from that involvement.

BUSINESS ETHICS

The group encourages its employees to be good corporate citizens, acting with integrity in everything they do. The directors strive to create a positive culture in which everyone wants, and knows how, to do the right thing. The group's commitment to integrity is embodied in its Code of Business Conduct and is supported by a comprehensive framework of policies and procedures in areas such as human rights, anti-corruption and fair trading.

All staff receive training to do their job, as well as mandatory health and safety training. In addition, staff have available resources to complete training in other areas.

SECTION 172(1) STATEMENT

The directors recognise that the future of the business depends on the trust and confidence of its stakeholders to operate sustainably in the long term. The directors seek to put its customers' best interests first, invests in its employees, supports the communities in which it operates and strives to generate sustainable profits.

The directors have acted in accordance with their duties codified in law, which include their duty to act in the way in which they consider, in good faith, would be most likely to promote the success of the group, having regard to the stakeholders and matters set out in section 172(1) of the Companies Act 2006.

DISCLOSURE IN THE STRATEGIC REPORT

The directors have disclosed their review of the business, the key performance indicators, principal risks and uncertainties along with future developments in the Strategic Report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- | select suitable accounting policies and then apply them consistently;

- | make judgements and accounting estimates that are reasonable and prudent;

- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

| R Swain & Sons Limited (Registered number: 00371501) |

Report of the Directors

for the period 31st December 2023 to 28th December 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information.

AUDITORS

The auditors, Beak Kemmenoe, are deemed to be re-appointed.

ON BEHALF OF THE BOARD:

M. Deer - Director

12th September 2025

Report of the Independent Auditors to the Members of

R Swain & Sons Limited

Opinion

We have audited the financial statements of R Swain & Sons Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 28th December 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 28th December 2024 and of the group's loss for the period then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Group 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 Group 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 Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of

R Swain & Sons Limited

Matters on which we are required to report by exception

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

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

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

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

Responsibilities of directors

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

Report of the Independent Auditors to the Members of

R Swain & Sons Limited

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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- We identified the laws and regulations applicable to the group through discussions with directors and other management, and from our commercial knowledge and experience of the business sector;

- We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment and health and safety legislation;

- We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and

- Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- Performed analytical procedures to identify any unusual or unexpected relationships;

-Tested journal entries to identify unusual transactions;

- Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

- Investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- Agreeing financial statement disclosures to underlying supporting documentation; and

- Enquiring of management as to actual and potential litigation and claims;

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.

Report of the Independent Auditors to the Members of

R Swain & Sons Limited

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.

Ronald Price FCA (Senior Statutory Auditor)

for and on behalf of Beak Kemmenoe

Chartered Accountants

& Statutory Auditors

1-3 Manor Road

Chatham

Kent

ME4 6AE

12th September 2025

| R Swain & Sons Limited (Registered number: 00371501) |

Consolidated

Income Statement

for the period 31st December 2023 to 28th December 2024

| Period |  | Period

| 31.12.23 |  | 1.1.23

| to |  | to

| 28.12.24 |  | 30.12.23

| Notes | £ | £ |

TURNOVER | 3 | 77,283,469 |  | 68,600,624 |  |

Cost of sales | 62,003,178 |  | 55,948,832 |  |

GROSS PROFIT | 15,280,291 |  | 12,651,792 |  |

Administrative expenses | 13,692,276 |  | 13,139,853 |  |

OPERATING PROFIT/(LOSS) | 5 | 1,588,015 |  | (488,061 | ) |

Interest payable and similar expenses | 7 | 1,963,917 |  | 1,693,508 |  |

LOSS BEFORE TAXATION | (375,902 | ) | (2,181,569 | ) |

Tax on loss | 8 | (9,636 | ) | (456,741 | ) |

LOSS FOR THE FINANCIAL PERIOD | (366,266 | ) | (1,724,828 | ) |

Loss attributable to:

Owners of the parent | (366,266 | ) | (1,724,828 | ) |

| R Swain & Sons Limited (Registered number: 00371501) |

Consolidated

Other Comprehensive Income

for the period 31st December 2023 to 28th December 2024

| Period |  | Period

| 31.12.23 |  | 1.1.23

| to |  | to

| 28.12.24 |  | 30.12.23

| Notes | £ | £ |

LOSS FOR THE PERIOD | (366,266 | ) | (1,724,828 | ) |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD | (366,266 | ) | (1,724,828 | ) |

Total comprehensive income attributable to:

Owners of the parent | (366,266 | ) | (1,724,828 | ) |

| R Swain & Sons Limited (Registered number: 00371501) |

Consolidated Balance Sheet

28th December 2024

| 2024 | 2023 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 10 | 613,846 |  | 891,773 |  |

Tangible assets | 11 | 38,801,148 |  | 32,944,777 |  |

Investments | 12 | 42,988 |  | 42,988 |  |

39,457,982 |  | 33,879,538 |  |

CURRENT ASSETS

Stocks | 13 | 1,023,175 |  | 934,784 |  |

Debtors | 14 | 21,653,883 |  | 15,200,011 |  |

Investments | 15 | 326,284 |  | 326,284 |  |

Cash at bank and in hand | 636,602 |  | 2,233,570 |  |

23,639,944 |  | 18,694,649 |  |

CREDITORS

Amounts falling due within one year | 16 | 24,366,920 |  | 18,523,761 |  |

NET CURRENT (LIABILITIES)/ASSETS | (726,976 | ) | 170,888 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 38,731,006 |  | 34,050,426 |  |

CREDITORS

Amounts falling due after more than one year | 17 | (27,702,916 | ) | (22,646,434 | ) |

PROVISIONS FOR LIABILITIES | 21 | (38,885 | ) | (48,521 | ) |

NET ASSETS | 10,989,205 |  | 11,355,471 |  |

CAPITAL AND RESERVES

Called up share capital | 22 | 8,550 |  | 8,550 |  |

Share premium | 23 | 1,650 |  | 1,650 |  |

Capital redemption reserve | 23 | 3,450 |  | 3,450 |  |

Retained earnings | 23 | 10,975,555 |  | 11,341,821 |  |

SHAREHOLDERS' FUNDS | 10,989,205 |  | 11,355,471 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 12th September 2025 and were signed on its behalf by:

M. Deer - Director

| R Swain & Sons Limited (Registered number: 00371501) |

Company Balance Sheet

28th December 2024

| 2024 | 2023 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 10 | - |  | - |  |

Tangible assets | 11 | 32,741,713 |  | 27,722,437 |  |

Investments | 12 | 20,237,954 |  | 20,237,954 |  |

52,979,667 |  | 47,960,391 |  |

CURRENT ASSETS

Stocks | 13 | 1,023,175 |  | 934,784 |  |

Debtors | 14 | 18,768,636 |  | 11,844,757 |  |

Investments | 15 | 326,284 |  | 326,284 |  |

Cash at bank and in hand | 473,550 |  | 598,938 |  |

20,591,645 |  | 13,704,763 |  |

CREDITORS

Amounts falling due within one year | 16 | 21,397,252 |  | 14,393,719 |  |

NET CURRENT LIABILITIES | (805,607 | ) | (688,956 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 52,174,060 |  | 47,271,435 |  |

CREDITORS

Amounts falling due after more than one year | 17 | 38,069,533 |  | 33,169,091 |  |

NET ASSETS | 14,104,527 |  | 14,102,344 |  |

CAPITAL AND RESERVES

Called up share capital | 22 | 8,550 |  | 8,550 |  |

Share premium | 23 | 1,650 |  | 1,650 |  |

Capital redemption reserve | 23 | 3,450 |  | 3,450 |  |

Retained earnings | 23 | 14,090,877 |  | 14,088,694 |  |

SHAREHOLDERS' FUNDS | 14,104,527 |  | 14,102,344 |  |

Company's profit/(loss) for the financial year | 2,183 |  | (1,371,136 | ) |

The financial statements were approved by the Board of Directors and authorised for issue on 12th September 2025 and were signed on its behalf by:

M. Deer - Director

| R Swain & Sons Limited (Registered number: 00371501) |

Consolidated Statement of Changes in Equity

for the period 31st December 2023 to 28th December 2024

| Called up |  | Capital |

| share |  | Retained |  | Share |  | redemption |  | Total

| capital |  | earnings |  | premium |  | reserve |  | equity

£ | £ | £ | £ | £ |

Balance at 1st January 2023 | 8,550 |  | 13,066,649 |  | 1,650 |  | 3,450 |  | 13,080,299 |  |

Changes in equity

Total comprehensive income | - |  | (1,724,828 | ) | - |  | - |  | (1,724,828 | ) |

Balance at 30th December 2023 | 8,550 |  | 11,341,821 |  | 1,650 |  | 3,450 |  | 11,355,471 |  |

Changes in equity

Total comprehensive income | - |  | (366,266 | ) | - |  | - |  | (366,266 | ) |

Balance at 28th December 2024 | 8,550 |  | 10,975,555 |  | 1,650 |  | 3,450 |  | 10,989,205 |  |

| R Swain & Sons Limited (Registered number: 00371501) |

Company Statement of Changes in Equity

for the period 31st December 2023 to 28th December 2024

| Called up |  | Capital |

| share |  | Retained |  | Share |  | redemption |  | Total

| capital |  | earnings |  | premium |  | reserve |  | equity

£ | £ | £ | £ | £ |

Balance at 1st January 2023 | 8,550 |  | 15,459,830 |  | 1,650 |  | 3,450 |  | 15,473,480 |  |

Changes in equity

Total comprehensive income | - |  | (1,371,136 | ) | - |  | - |  | (1,371,136 | ) |

Balance at 30th December 2023 | 8,550 |  | 14,088,694 |  | 1,650 |  | 3,450 |  | 14,102,344 |  |

Changes in equity

Total comprehensive income | - |  | 2,183 |  | - |  | - |  | 2,183 |  |

Balance at 28th December 2024 | 8,550 |  | 14,090,877 |  | 1,650 |  | 3,450 |  | 14,104,527 |  |

| R Swain & Sons Limited (Registered number: 00371501) |

Consolidated Cash Flow Statement

for the period 31st December 2023 to 28th December 2024

| Period |  | Period

| 31.12.23 |  | 1.1.23

| to |  | to

| 28.12.24 |  | 30.12.23

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 1,589,501 |  | 4,810,570 |  |

Interest paid | (851,661 | ) | (909,840 | ) |

Interest element of hire purchase payments paid | (1,112,256 | ) | (783,668 | ) |

Tax refunded | - |  | 459,384 |  |

Net cash from operating activities | (374,416 | ) | 3,576,446 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (12,139,512 | ) | (10,019,102 | ) |

Sale of tangible fixed assets | 1,590,616 |  | 2,436,397 |  |

Net cash from investing activities | (10,548,896 | ) | (7,582,705 | ) |

Cash flows from financing activities

New loans | 2,564,061 |  | 1,750,000 |  |

Loan repayments | (797,302 | ) | (793,940 | ) |

New hire purchase contracts | 12,019,431 |  | 7,358,707 |  |

Hire purchase capital repayments | (4,459,846 | ) | (4,587,843 | ) |

Net cash from financing activities | 9,326,344 |  | 3,726,924 |  |

Decrease in cash and cash equivalents | (1,596,968 | ) | (279,335 | ) |

Cash and cash equivalents at beginning of period | 2 | 2,233,570 |  | 2,512,905 |  |

Cash and cash equivalents at end of period | 2 | 636,602 |  | 2,233,570 |  |

| R Swain & Sons Limited (Registered number: 00371501) |

Notes to the Consolidated Cash Flow Statement

for the period 31st December 2023 to 28th December 2024

1. | RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| Period |  | Period

| 31.12.23 |  | 1.1.23

| to |  | to

| 28.12.24 |  | 30.12.23

£ | £ |

| Loss before taxation | (375,902 | ) | (2,181,569 | ) |

| Depreciation charges | 5,169,866 |  | 4,967,065 |  |

| Profit on disposal of fixed assets | (199,414 | ) | (841,104 | ) |

| Finance costs | 1,963,917 |  | 1,693,508 |  |

6,558,467 |  | 3,637,900 |  |

| Increase in stocks | (88,391 | ) | (97,527 | ) |

| (Increase)/decrease in trade and other debtors | (6,453,872 | ) | 841,351 |  |

| Increase in trade and other creditors | 1,573,297 |  | 428,846 |  |

| Cash generated from operations | 1,589,501 |  | 4,810,570 |  |

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:

| Period ended 28th December 2024

| 28.12.24 |  | 31.12.23

£ | £ |

| Cash and cash equivalents | 636,602 |  | 2,233,570 |  |

| Period ended 30th December 2023

| 30.12.23 |  | 1.1.23

£ | £ |

| Cash and cash equivalents | 2,233,570 |  | 2,512,905 |  |

| R Swain & Sons Limited (Registered number: 00371501) |

Notes to the Consolidated Cash Flow Statement

for the period 31st December 2023 to 28th December 2024

3. | ANALYSIS OF CHANGES IN NET DEBT

| At 31.12.23 | Cash flow | At 28.12.24

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 2,233,570 |  | (1,596,968 | ) | 636,602 |  |

2,233,570 |  | (1,596,968 | ) | 636,602 |  |

| Liquid resources |

| Current asset investments | 326,284 |  | - |  | 326,284 |  |

326,284 |  | - |  | 326,284 |  |

| Debt

| Finance leases | (13,339,284 | ) | (7,559,585 | ) | (20,898,869 | ) |

| Debts falling due within 1 year | (5,304,251 | ) | (2,607,446 | ) | (7,911,697 | ) |

| Debts falling due after 1 year | (11,316,723 | ) | 840,687 |  | (10,476,036 | ) |

(29,960,258 | ) | (9,326,344 | ) | (39,286,602 | ) |

| Total | (27,400,404 | ) | (10,923,312 | ) | (38,323,716 | ) |

| R Swain & Sons Limited (Registered number: 00371501) |

Notes to the Consolidated Financial Statements

for the period 31st December 2023 to 28th December 2024

1. | STATUTORY INFORMATION

| R Swain & Sons 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 General Information page.

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.

| Basis of consolidation

| The group financial statements drawn up to 28 December 2024 consolidate the financial statements of the company and its subsidiary undertakings. The results of subsidiaries acquired or sold are consolidated for the periods from or to the date on which control passed.

| Business combinations are accounted for under the purchase method. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by the group. All intra-group transactions, balances, income and expenses are eliminated on consolidation.

| Critical accounting judgements and key sources of estimation uncertainty

| In the application of the group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 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.

| In preparing the financial statements the directors have made the following judgements:

| Determining whether there are indicators of impairment of the group's goodwill. Factors taken into consideration in reaching a decision include the economic viability and expected future financial performance of the subsidiaries' businesses and as well as any significant changes to the market, economic or legal environments in which the subsidiaries operate in.

| R Swain & Sons Limited (Registered number: 00371501) |

Notes to the Consolidated Financial Statements - continued

for the period 31st December 2023 to 28th December 2024

2. | ACCOUNTING POLICIES - continued

| Turnover

| Turnover is the total amount receivable by the group for goods supplied and services provided, excluding VAT and trade discounts.

| The group operates almost exclusively in the United Kingdom and haulage income represents the vast majority of turnover.

| Intangible assets

| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

| Goodwill

| Goodwill, being the amounts paid in connection with the acquisition of businesses in 2015, 2018 and 2022, are being amortised evenly over their estimated useful lives.

| In 2015, the group acquired 100% of the ordinary share capital of Swain Lifting Solutions Limited, the £691,336 of goodwill arising from the acquisition has been fully amortised.

| In 2018, the group acquired 100% of the ordinary share capital of Swain Container Solutions Limited, the £3,241,728 of goodwill arising from the acquisition was being written off over its estimated useful life of five years. During the previous reporting period the directors estimated that the goodwill relating to the Swain Container Solutions Limited acquisition had a remaining useful life of six years. The net book value brought forward at 3 January 2021 is now being written off over six years.

| In 2022, the group acquired 100% of the ordinary share capital of W. Coy & Son Limited, the £208,782 of goodwill arising from the acquisition is being written off over its estimated useful life of six years.

| Tangible fixed assets

| Tangible fixed assets are stated in the balance sheet at cost less accumulated depreciation. The cost of tangible fixed assets includes directly attributable costs incurred in their acquisition and installation.

| Depreciation

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is shorter.

| Freehold buildings are depreciated at 2% on a straight line basis.

| Plant and machinery are depreciated at 15% to 25% on a reducing balance basis or over three to five years straight line.

| Motor vehicles are depreciated at 20% to 25% on a reducing balance basis, 8% on cost or over three to five years straight line.

| Stocks

| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

| Stock items are regularly reviewed to determine if the net realisable value has fallen below the carrying amount.

| R Swain & Sons Limited (Registered number: 00371501) |

Notes to the Consolidated Financial Statements - continued

for the period 31st December 2023 to 28th December 2024

2. | ACCOUNTING POLICIES - continued

| Financial instruments

| Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities.

| All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

| Financial assets and liabilities are only offset in the balance sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Group intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

| Debt instruments that comply with all of the conditions of paragraph 11.9 of FRS 102 are classified as 'basic'. For debt instruments that do not meet the conditions of FRS 102.11.9, the Group considers whether the debt instrument is consistent with the principle in paragraph 11.9A of FRS 102 in order to determine whether it can be classified as basic. Instruments classified as 'basic' financial instruments are measured subsequently at amortised cost using the effective interest method. Debt instruments that have no stated interest rate (and do not constitute financing transaction) and are classified as payable or receivable within one year are initially measured at an undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.

| With the exception of some hedging instruments, other debt instruments not meeting conditions of being 'basic' financial instruments are measured at fair value through profit or loss.

| Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairment.

| Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the Group transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the Group, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party. Trade and other debtors are non-interest bearing and generally on terms payable within 30 to 90 days.

| Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

| Taxation

| Taxation for the period comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, 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.

| R Swain & Sons Limited (Registered number: 00371501) |

Notes to the Consolidated Financial Statements - continued

for the period 31st December 2023 to 28th December 2024

2. | ACCOUNTING POLICIES - continued

| 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 period 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.

| Foreign currencies

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

| Hire purchase and leasing commitments

| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

| Pension costs and other post-retirement benefits

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

| Operating lease agreements

| Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against on a straight line basis over the period of the lease.

3. | TURNOVER

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

|  | Period |  |  | Period |

|  | 31.12.23 |  |  | 1.1.23 |

|  | to |  |  | to |

|  | 28.12.24 |  |  | 30.12.23 |

|  | £ |  |  | £ |

| Rendering of services |  | 77,283,469 |  |  | 68,600,624 |

| The group operates almost exclusively in the United Kingdom and haulage income represents the vast majority of turnover.

| R Swain & Sons Limited (Registered number: 00371501) |

Notes to the Consolidated Financial Statements - continued

for the period 31st December 2023 to 28th December 2024

4. | EMPLOYEES AND DIRECTORS

| Period |  | Period

| 31.12.23 |  | 1.1.23

| to |  | to

| 28.12.24 |  | 30.12.23

£ | £ |

| Wages and salaries | 20,578,970 |  | 19,609,892 |  |

| Social security costs | 2,041,340 |  | 1,944,099 |  |

| Other pension costs | 399,392 |  | 425,878 |  |

23,019,702 |  | 21,979,869 |  |

| The average number of employees during the period was as follows:

| Period |  | Period

| 31.12.23 |  | 1.1.23

| to |  | to

| 28.12.24 |  | 30.12.23

| Management | 10 |  | 10 |  |

| Administration | 141 |  | 140 |  |

| Productive labour | 362 |  | 333 |  |

513 |  | 483 |  |

| Period |  | Period

| 31.12.23 |  | 1.1.23

| to |  | to

| 28.12.24 |  | 30.12.23

£ | £ |

| Directors' remuneration | 452,702 |  | 523,265 |  |

| Directors' pension contributions to money purchase schemes | 7,132 |  | 46,059 |  |

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

| Money purchase schemes | 3 |  | 3 |  |

| Information regarding the highest paid director is as follows:

| Period |  | Period

| 31.12.23 |  | 1.1.23

| to |  | to

| 28.12.24 |  | 30.12.23

£ | £ |

| Emoluments etc | 105,112 |  | 185,862 |  |

| Pension contributions to money purchase schemes | 2,384 |  | - |  |

| R Swain & Sons Limited (Registered number: 00371501) |

Notes to the Consolidated Financial Statements - continued

for the period 31st December 2023 to 28th December 2024

5. | OPERATING PROFIT/(LOSS)

| The operating profit (2023 - operating loss) is stated after charging/(crediting):

| Period |  | Period

| 31.12.23 |  | 1.1.23

| to |  | to

| 28.12.24 |  | 30.12.23

£ | £ |

| Depreciation - owned assets | 895,087 |  | 1,029,497 |  |

| Depreciation - assets on hire purchase contracts | 3,996,852 |  | 3,659,640 |  |

| Profit on disposal of fixed assets | (199,413 | ) | (841,104 | ) |

| Goodwill amortisation | 277,927 |  | 277,927 |  |

| Bad debts | (4,460 | ) | 17,888 |  |

6. | AUDITORS' REMUNERATION

| The audit fee stated in the financial statements is made up of the following services

|  | Period |  | Period |  |

|  | 31.12.23 |  | 1.1.23 |  |

|  | to |  | to |  |

|  | 28.12.24 |  | 30.12.23 |  |

|  | £ |  | £ |  |

| Fees payable to the company’s auditor for the audit of the |  |

| company’s annual accounts |  | 46,650 |  | 37,500 |  |

| Fees payable to the company’s auditor for other services: |  |

| Audit of the accounts of subsidiaries |  | 25,715 |  | 28,404 |  |

| Non-audit related services |  | 10,000 |  | 11,500 |  |

7. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| Period |  | Period

| 31.12.23 |  | 1.1.23

| to |  | to

| 28.12.24 |  | 30.12.23

£ | £ |

| Loan and overdraft interest | 851,661 |  | 909,840 |  |

| Hire purchase interest | 1,112,256 |  | 783,668 |  |

1,963,917 |  | 1,693,508 |  |

| R Swain & Sons Limited (Registered number: 00371501) |

Notes to the Consolidated Financial Statements - continued

for the period 31st December 2023 to 28th December 2024

8. | TAXATION

| Analysis of the tax credit

| The tax credit on the loss for the period was as follows:

| Period |  | Period

| 31.12.23 |  | 1.1.23

| to |  | to

| 28.12.24 |  | 30.12.23

£ | £ |

| Deferred tax | (9,636 | ) | (456,741 | ) |

| Tax on loss | (9,636 | ) | (456,741 | ) |

| Reconciliation of total tax credit included in profit and loss

| The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below:

| Period |  | Period

| 31.12.23 |  | 1.1.23

| to |  | to

| 28.12.24 |  | 30.12.23

£ | £ |

| Loss before tax | (375,902 | ) | (2,181,569 | ) |

| Loss multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 24 %) | (93,976 | ) | (523,577 | ) |

| Effects of:

| Expenses not deductible for tax purposes | 485 |  | 2,375 |  |

| Capital allowances in excess of depreciation | (1,784,178 | ) | (1,109,296 | ) |

| Goodwill amortisation | 69,482 |  | 66,702 |  |

| Profit on disposal of tangible fixed assets | (23,472 | ) | (212,137 | ) |

| Losses carried forward | 1,831,659 |  | 1,775,933 |  |

| Deferred tax | (9,636 | ) | (456,741 | ) |

| Total tax credit | (9,636 | ) | (456,741 | ) |

9. | INDIVIDUAL INCOME STATEMENT

| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.

| R Swain & Sons Limited (Registered number: 00371501) |

Notes to the Consolidated Financial Statements - continued

for the period 31st December 2023 to 28th December 2024

10. | INTANGIBLE FIXED ASSETS

| Group

| Goodwill

£ |

| COST

| At 31st December 2023

| and 28th December 2024 | 4,146,846 |  |

| AMORTISATION

| At 31st December 2023 | 3,255,073 |  |

| Amortisation for period | 277,927 |  |

| At 28th December 2024 | 3,533,000 |  |

| NET BOOK VALUE

| At 28th December 2024 | 613,846 |  |

| At 30th December 2023 | 891,773 |  |

| Company

| Goodwill

£ |

| COST

| At 31st December 2023

| and 28th December 2024 | 5,000 |  |

| AMORTISATION

| At 31st December 2023

| and 28th December 2024 | 5,000 |  |

| NET BOOK VALUE

| At 28th December 2024 | - |  |

| At 30th December 2023 | - |  |

| R Swain & Sons Limited (Registered number: 00371501) |

Notes to the Consolidated Financial Statements - continued

for the period 31st December 2023 to 28th December 2024

11. | TANGIBLE FIXED ASSETS

| Group

| Freehold |  | Plant and |  | Motor |

| property |  | machinery |  | vehicles |  | Totals

£ | £ | £ | £ |

| COST

| At 31st December 2023 | 17,005,114 |  | 4,317,062 |  | 31,071,149 |  | 52,393,325 |  |

| Additions | - |  | 349,831 |  | 11,789,681 |  | 12,139,512 |  |

| Disposals | - |  | (28,431 | ) | (6,928,495 | ) | (6,956,926 | ) |

| At 28th December 2024 | 17,005,114 |  | 4,638,462 |  | 35,932,335 |  | 57,575,911 |  |

| DEPRECIATION

| At 31st December 2023 | 1,619,325 |  | 3,320,770 |  | 14,508,453 |  | 19,448,548 |  |

| Charge for period | 170,476 |  | 283,539 |  | 4,437,924 |  | 4,891,939 |  |

| Eliminated on disposal | - |  | (20,366 | ) | (5,545,358 | ) | (5,565,724 | ) |

| At 28th December 2024 | 1,789,801 |  | 3,583,943 |  | 13,401,019 |  | 18,774,763 |  |

| NET BOOK VALUE

| At 28th December 2024 | 15,215,313 |  | 1,054,519 |  | 22,531,316 |  | 38,801,148 |  |

| At 30th December 2023 | 15,385,789 |  | 996,292 |  | 16,562,696 |  | 32,944,777 |  |

| Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

| Motor

| vehicles

£ |

| COST

| At 31st December 2023 | 22,839,262 |  |

| Additions | 11,704,435 |  |

| Transfer to ownership | (6,103,491 | ) |

| At 28th December 2024 | 28,440,206 |  |

| DEPRECIATION

| At 31st December 2023 | 7,851,730 |  |

| Charge for period | 3,996,852 |  |

| Transfer to ownership | (4,528,039 | ) |

| At 28th December 2024 | 7,320,543 |  |

| NET BOOK VALUE

| At 28th December 2024 | 21,119,663 |  |

| At 30th December 2023 | 14,987,532 |  |

| R Swain & Sons Limited (Registered number: 00371501) |

Notes to the Consolidated Financial Statements - continued

for the period 31st December 2023 to 28th December 2024

11. | TANGIBLE FIXED ASSETS - continued

| Company

| Freehold |  | Plant and |  | Motor |

| property |  | machinery |  | vehicles |  | Totals

£ | £ | £ | £ |

| COST

| At 31st December 2023 | 17,005,114 |  | 2,589,066 |  | 23,673,712 |  | 43,267,892 |  |

| Additions | - |  | 13,773 |  | 9,446,689 |  | 9,460,462 |  |

| Disposals | - |  | - |  | (4,898,725 | ) | (4,898,725 | ) |

| At 28th December 2024 | 17,005,114 |  | 2,602,839 |  | 28,221,676 |  | 47,829,629 |  |

| DEPRECIATION

| At 31st December 2023 | 1,619,325 |  | 2,160,865 |  | 11,765,265 |  | 15,545,455 |  |

| Charge for period | 170,476 |  | 110,610 |  | 3,436,250 |  | 3,717,336 |  |

| Eliminated on disposal | - |  | - |  | (4,174,875 | ) | (4,174,875 | ) |

| At 28th December 2024 | 1,789,801 |  | 2,271,475 |  | 11,026,640 |  | 15,087,916 |  |

| NET BOOK VALUE

| At 28th December 2024 | 15,215,313 |  | 331,364 |  | 17,195,036 |  | 32,741,713 |  |

| At 30th December 2023 | 15,385,789 |  | 428,201 |  | 11,908,447 |  | 27,722,437 |  |

| Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

| Motor

| vehicles

£ |

| COST

| At 31st December 2023 | 15,614,186 |  |

| Additions | 9,446,689 |  |

| Transfer to ownership | (4,161,263 | ) |

| At 28th December 2024 | 20,899,612 |  |

| DEPRECIATION

| At 31st December 2023 | 5,232,812 |  |

| Charge for period | 3,027,153 |  |

| Transfer to ownership | (3,239,715 | ) |

| At 28th December 2024 | 5,020,250 |  |

| NET BOOK VALUE

| At 28th December 2024 | 15,879,362 |  |

| At 30th December 2023 | 10,381,374 |  |

| R Swain & Sons Limited (Registered number: 00371501) |

Notes to the Consolidated Financial Statements - continued

for the period 31st December 2023 to 28th December 2024

12. | FIXED ASSET INVESTMENTS

| Group

| Interest

| in

| investments

£ |

| COST

| At 31st December 2023

| and 28th December 2024 | 42,988 |  |

| NET BOOK VALUE

| At 28th December 2024 | 42,988 |  |

| At 30th December 2023 | 42,988 |  |

| Company

| Shares in

| group

| undertakings

£ |

| COST

| At 31st December 2023

| and 28th December 2024 | 20,237,954 |  |

| NET BOOK VALUE

| At 28th December 2024 | 20,237,954 |  |

| At 30th December 2023 | 20,237,954 |  |

| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

| Subsidiaries

| Proctors Transport Limited

| Registered office: Vulcan House, Priory Road, Rochester, ME2 2BD

| Nature of business: Dormant

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

2024 | 2023 |

£ | £ |

| Aggregate capital and reserves | 2 |  | 2 |  |

| R Swain & Sons Limited (Registered number: 00371501) |

Notes to the Consolidated Financial Statements - continued

for the period 31st December 2023 to 28th December 2024

12. | FIXED ASSET INVESTMENTS - continued

| Flatbed Network Limited

| Registered office: Vulcan House, Priory Road, Rochester, ME2 2BD

| Nature of business: Dormant

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

2024 | 2023 |

£ | £ |

| Aggregate capital and reserves | 100 |  | 100 |  |

| Reservoir Holdings Limited

| Registered office: 1-3 Manor Road, Chatham, Kent, ME4 6AE

| Nature of business: Dormant

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

2024 | 2023 |

£ | £ |

| Aggregate capital and reserves | 34,752 |  | 34,752 |  |

| Swain Lifting Solutions Limited

| Registered office: Vulcan House, Priory Road, Rochester, ME2 2BD

| Nature of business: Haulage

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

2024 | 2023 |

£ | £ |

| Aggregate capital and reserves | 980,186 |  | 540,839 |  |

| Profit for the period | 439,347 |  | 37,873 |  |

| Swain Container Solutions Limited

| Registered office: Armada House, Tilbury Freeport, Tilbury, Essex, RM18 7ET

| Nature of business: Haulage

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| 31.3.24 |  | 31.3.23

£ | £ |

| Aggregate capital and reserves | 15,351,646 |  | 15,310,418 |  |

| Profit for the year | 41,228 |  | 423,107 |  |

| R Swain & Sons Limited (Registered number: 00371501) |

Notes to the Consolidated Financial Statements - continued

for the period 31st December 2023 to 28th December 2024

12. | FIXED ASSET INVESTMENTS - continued

| W. Coy & Son Limited

| Registered office: Vulcan House, Priory Road, Rochester, ME2 2BD

| Nature of business: Haulage

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

2024 | 2023 |

£ | £ |

| Aggregate capital and reserves | 562,205 |  | 594,270 |  |

| (Loss)/profit for the period | (32,065 | ) | 141,333 |  |

| Swain Logistics Ltd

| Registered office: 1-3 Manor Road, Chatham, Kent, ME4 6AE

| Nature of business: Dormant

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

2024 | 2023 |

£ | £ |

| Aggregate capital and reserves | 100 |  | 100 |  |

13. | STOCKS

| Group |  | Company |

2024 | 2023 | 2024 | 2023 |

£ | £ | £ | £ |

| Stocks | 1,023,175 |  | 934,784 |  | 1,023,175 |  | 934,784 |  |

14. | DEBTORS

| Group |  | Company |

2024 | 2023 | 2024 | 2023 |

£ | £ | £ | £ |

| Amounts falling due within one year: |

| Trade debtors | 16,723,922 |  | 12,831,290 |  | 15,036,994 |  | 10,481,034 |  |

| Other debtors | 636,712 |  | 528,671 |  | 215,276 |  | 139,733 |  |

| Deferred tax asset | - |  | - |  | 31,726 |  | 111,554 |  |

| Prepayments and accrued income | 3,490,281 |  | 1,014,356 |  | 2,856,672 |  | 491,108 |  |

20,850,915 |  | 14,374,317 |  | 18,140,668 |  | 11,223,429 |  |

| Amounts falling due after more than one | year: |

| Other debtors | 802,968 |  | 825,694 |  | 627,968 |  | 621,328 |  |

| Aggregate amounts | 21,653,883 |  | 15,200,011 |  | 18,768,636 |  | 11,844,757 |  |

| R Swain & Sons Limited (Registered number: 00371501) |

Notes to the Consolidated Financial Statements - continued

for the period 31st December 2023 to 28th December 2024

15. | CURRENT ASSET INVESTMENTS

| Group |  | Company |

2024 | 2023 | 2024 | 2023 |

£ | £ | £ | £ |

| Current asset investments | 326,284 |  | 326,284 |  | 326,284 |  | 326,284 |  |

16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |  | Company |

2024 | 2023 | 2024 | 2023 |

£ | £ | £ | £ |

| Bank loans and overdrafts (see note 18) | 7,911,697 |  | 5,304,251 |  | 7,911,697 |  | 5,304,251 |  |

| Hire purchase contracts (see note 19) | 6,506,709 |  | 4,633,844 |  | 4,314,240 |  | 3,255,709 |  |

| Trade creditors | 5,587,505 |  | 3,126,880 |  | 5,486,765 |  | 2,423,871 |  |

| Social security and other taxes | 1,624,883 |  | 1,421,911 |  | 1,521,672 |  | 1,349,658 |  |

| Other creditors | 729,608 |  | 2,173,906 |  | 256,006 |  | 379,010 |  |

| Accruals and deferred income | 2,006,518 |  | 1,862,969 |  | 1,906,872 |  | 1,681,220 |  |

24,366,920 |  | 18,523,761 |  | 21,397,252 |  | 14,393,719 |  |

17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

| Group |  | Company |

2024 | 2023 | 2024 | 2023 |

£ | £ | £ | £ |

| Bank loans (see note 18) | 10,476,036 |  | 11,316,723 |  | 10,476,036 |  | 11,316,723 |  |

| Hire purchase contracts (see note 19) | 14,392,160 |  | 8,705,440 |  | 11,431,207 |  | 6,513,306 |  |

| Other creditors | 2,834,720 |  | 2,624,271 |  | 16,162,290 |  | 15,339,062 |  |

27,702,916 |  | 22,646,434 |  | 38,069,533 |  | 33,169,091 |  |

18. | LOANS

| An analysis of the maturity of loans is given below:

| Group |  | Company |

2024 | 2023 | 2024 | 2023 |

£ | £ | £ | £ |

| Amounts falling due within one year or on | demand: |

| Bank loans | 7,911,697 |  | 5,304,251 |  | 7,911,697 |  | 5,304,251 |  |

| Amounts falling due between one and two | years: |

| Bank loans - 1-2 years | 10,476,036 |  | 11,316,723 |  | 10,476,036 |  | 11,316,723 |  |

| R Swain & Sons Limited (Registered number: 00371501) |

Notes to the Consolidated Financial Statements - continued

for the period 31st December 2023 to 28th December 2024

19. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Group

| Hire purchase |

| contracts |

2024 | 2023 |

£ | £ |

| Gross obligations repayable:

| Within one year | 7,611,713 |  | 5,333,593 |  |

| Between one and five years | 15,777,770 |  | 9,507,780 |  |

23,389,483 |  | 14,841,373 |  |

| Finance charges repayable:

| Within one year | 1,105,004 |  | 699,749 |  |

| Between one and five years | 1,385,610 |  | 802,340 |  |

2,490,614 |  | 1,502,089 |  |

| Net obligations repayable:

| Within one year | 6,506,709 |  | 4,633,844 |  |

| Between one and five years | 14,392,160 |  | 8,705,440 |  |

20,898,869 |  | 13,339,284 |  |

| Company

| Hire purchase |

| contracts |

2024 | 2023 |

£ | £ |

| Gross obligations repayable:

| Within one year | 5,219,160 |  | 3,734,088 |  |

| Between one and five years | 12,599,477 |  | 7,094,982 |  |

17,818,637 |  | 10,829,070 |  |

| Finance charges repayable:

| Within one year | 904,920 |  | 478,379 |  |

| Between one and five years | 1,168,270 |  | 581,676 |  |

2,073,190 |  | 1,060,055 |  |

| Net obligations repayable:

| Within one year | 4,314,240 |  | 3,255,709 |  |

| Between one and five years | 11,431,207 |  | 6,513,306 |  |

15,745,447 |  | 9,769,015 |  |

| R Swain & Sons Limited (Registered number: 00371501) |

Notes to the Consolidated Financial Statements - continued

for the period 31st December 2023 to 28th December 2024

19. | LEASING AGREEMENTS - continued

| Company

| Non-cancellable |

| operating leases |

2024 | 2023 |

£ | £ |

| Within one year | 635,036 |  | 1,244,510 |  |

| Between one and five years | 998,329 |  | 1,502,973 |  |

1,633,365 |  | 2,747,483 |  |

20. | SECURED DEBTS

| The following secured debts are included within creditors:

| Group |  | Company |

2024 | 2023 | 2024 | 2023 |

£ | £ | £ | £ |

| Bank loans | 18,387,733 |  | 16,620,974 |  | 18,387,733 |  | 16,620,974 |  |

| Hire purchase contracts | 20,898,869 |  | 13,339,284 |  | 15,745,447 |  | 9,769,015 |  |

39,286,602 |  | 29,960,258 |  | 34,133,180 |  | 26,389,989 |  |

| The bank loans and overdrafts are secured by a fixed charge on the freehold properties and a debenture over all other assets.

| Obligations under hire purchase contracts are secured on the assets concerned.

21. | PROVISIONS FOR LIABILITIES

| Group |

2024 | 2023 |

£ | £ |

| Deferred tax | 38,885 |  | 48,521 |  |

| Group

| Deferred |

| tax |

£ |

| Balance at 31st December 2023 | 48,521 |  |

| Provided during the period | (9,636 | ) |

| Balance at 28th December 2024 | 38,885 |  |

| R Swain & Sons Limited (Registered number: 00371501) |

Notes to the Consolidated Financial Statements - continued

for the period 31st December 2023 to 28th December 2024

21. | PROVISIONS FOR LIABILITIES - continued

| Company

| Deferred |

| tax |

£ |

| Balance at 31st December 2023 | (111,554 | ) |

| Provided during the period | 79,828 |  |

| Balance at 28th December 2024 | (31,726 | ) |

22. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2024 | 2023 |

| value: | £ | £ |

| 8,550 | Ordinary shares | £1 | 8,550 |  | 8,550 |  |

| Ordinary shares have full rights in respect of voting, entitlement to dividends and assets on a winding up.

23. | RESERVES

| Group

| Capital |

| Retained |  | Share |  | redemption |

| earnings |  | premium |  | reserve |  | Totals

£ | £ | £ | £ |

| At 31st December 2023 | 11,341,821 |  | 1,650 |  | 3,450 |  | 11,346,921 |  |

| Deficit for the period | (366,266 | ) | (366,266 | ) |

| At 28th December 2024 | 10,975,555 |  | 1,650 |  | 3,450 |  | 10,980,655 |  |

| Company

| Capital |

| Retained |  | Share |  | redemption |

| earnings |  | premium |  | reserve |  | Totals

£ | £ | £ | £ |

| At 31st December 2023 | 14,088,694 |  | 1,650 |  | 3,450 |  | 14,093,794 |  |

| Profit for the period | 2,183 |  | 2,183 |  |

| At 28th December 2024 | 14,090,877 |  | 1,650 |  | 3,450 |  | 14,095,977 |  |

| R Swain & Sons Limited (Registered number: 00371501) |

Notes to the Consolidated Financial Statements - continued

for the period 31st December 2023 to 28th December 2024

24. | CAPITAL COMMITMENTS

2024 | 2023 |

£ | £ |

| Contracted but not provided for in the

| financial statements | 2,533,460 |  | - |  |

| The capital commitments represent vehicles ordered but not delivered by the reporting date.

25. | RELATED PARTY DISCLOSURES

| The following related parties with material transactions existed during the period. The nature of the relationship for each of them was that of shared directors and shareholders.

| Related Party |  | Transaction details |  | 2024 |  | 2023 |  |

|  | £ |  | £ |  |

| Medway Hauliers Limited |  | Sales |  | 186,886 |  | 1,074,404 |  |

|  | Purchases |  | 207,651 |  | 537,700 |  |

|  | Trade debtors |  | 226,184 |  | 14,858 |  |

|  | Trade creditors |  | 701,621 |  | 118,595 |  |

|  | Other creditors |  | 2,434,523 |  | 2,297,987 |  |

| Ebbsfleet Transport Limited |  | Sales |  | 899,944 |  | 1,669,111 |  |

|  | Purchases |  | 43,000 |  | 136,759 |  |

|  | Trade debtors |  | 3,349 |  | 304,917 |  |

|  | Trade creditors |  | 25,752 |  | 6,113 |  |

|  | Other debtors |  | 540,947 |  | 621,328 |  |

| Hallett Silbermann Limited |  | Sales |  | - |  | 2,192,186 |  |

|  | Purchases |  | 482,451 |  | 191,754 |  |

|  | Trade debtors |  | 482,545 |  | 321,679 |  |

|  | Trade creditors |  | 443,723 |  | 17,731 |  |

|  | Other creditors |  | 73,913 |  | 97,242 |  |

| Eurobulk Ltd |  | Sales |  | 687,743 |  | 1,201,103 |  |

|  | Purchases |  | 595 |  | 312,786 |  |

|  | Trade debtors |  | 1,393,290 |  | 1,141,383 |  |

|  | Other debtors |  | 87,021 |  | - |  |

|  | Other creditors |  | - |  | 8,304 |  |

| Gateway Cargo Limited |  | Sales |  | - |  | 32,626 |  |

|  | Purchases |  | 68,314 |  | 88,930 |  |

|  | Trade debtors |  | 4,836 |  | 25,467 |  |

|  | Trade creditors |  | 55,146 |  | 17,663 |  |

| No amounts were written off in the year. |

26. | ULTIMATE CONTROLLING PARTY

| The group is controlled by R. J. Swain by virtue of his majority shareholding.