REGISTERED NUMBER: 05500405 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 December 2024

for

A.D.D. Express Ltd

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Statement of Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Cash Flow Statement

13

Notes to the Cash Flow Statement

14

Notes to the Financial Statements

16

DIRECTORS:

D Fairbrother

M A Dunne

D R Sharp

N Burgess

REGISTERED OFFICE:

Unit 8

Chichester Street

Rochdale

Lancashire

OL16 2AU

REGISTERED NUMBER:

05500405 (England and Wales)

AUDITORS:

Lindley Adams Limited Chartered Accountants

Statutory Auditor

28 Prescott Street

Halifax

West Yorkshire

HX1 2LG

The directors present their strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS

The company has two activities within the business pallet distribution and pallet storage . The directors consider that the key financial performance indicators are those that monitor the performance in respect of each of these activities. The revenue of the company is analysed as follows:

2024

2023

Distribution

13,697,496

11,992,513

Storage

516,319

649 978

14,213,815

12,642,491

The company has continued to trade strongly in challenging times. Sales orders are strong and the directors foresee a healthy growth due to the lack of competition from haulage companies. Distribution sales showed growth of 14% and storage revenue fell by 21% in line with the directors' expectations.

Due to an expected rise in cost of sales, distribution costs and administrative expenses the operating profit of the company has decreased from £1,044,117 to £617,303.

The directors monitor gross profit margins as another key performance indicator, and note a decrease in the current year from 27.22%.to 24.96%.

This reflects an ability to maintain and expand the customer base despite proportion increases in cost.

PRINCIPAL RISKS AND UNCERTAINTIES

The company faces a number of business risks and uncertainties due to worsening trading conditions and new competition. In view of this, the directors are looking carefully at both existing and potential new markets. In particular, this table sets out the key risks that have been identified, with the companys approach to mitigating those risks.

Risk - Impact on company - Mitigation

Valuation of second hand trucks

Due to the economic climate numerous logistic companies are going through difficult times and some into administration. This is causing a surplus number of second hand trucks entering the market and subsequently driving down the market value. The company is continually monitoring this with the possibility of amending depreciation policy.

Volatility in markets

The markets continue to be extremely volatile with volume fluctuating constantly within Pallex and our own customers. The company has a loyal but diverse customer base, both in terms of revenue and concentration, reducing its exposure when there is a temporary downturn in certain markets. New markets are being constantly explored and a very strong pipeline is in place.

Inflation

Inflation is always a concern and has been constantly monitored and the effect it has on a company finances along with effect on the markets as people slow down with there spending. The company always shops around for the best deals specifically in the asset finance market for purchasing trucks.

Shrinking haulier numbers

In the current market the number of haulage companies going into administration is 3 per week. This will enable the rest of the market to increase there price due to shortage of supply. The risk is attracting new suppliers into the markets and causing uncertain competition.

ON BEHALF OF THE BOARD:

D Fairbrother - Director

30 September 2025

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of pallet distribution.

DIVIDENDS

Interim dividends have been paid during the year.

Ordinary C shares of 0.01 £162,269.

The directors recommend that no final dividends be paid.

The total distribution of dividends for the year ended 31 December 2024 will be £162,269.

RESEARCH AND DEVELOPMENT

The company currently does not do research and development.

FUTURE DEVELOPMENTS

The directors anticipate the business environment will remain competitive. They believe that the company is in a good financial position and that the risks that have been identified are being well managed. With careful focus on appropriate diversification and development of new revenue streams, as well as continuing review of the state of the market and the activities of competitors, the directors are confident in the company's ability to maintain and build on this position,albeit with cautious growth expectations.

DIRECTORS

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

D Fairbrother

M A Dunne

D R Sharp

N Burgess

FINANCIAL INSTRUMENTS

The company only holds basic financial instruments and has a normal level of exposure to price, credit, liquidity and cash flow risks arising from trading activities which are entirely conducted in sterling. The company does not enter into any formally designated hedging arrangements.

POLITICAL DONATIONS AND EXPENDITURE

There were no political donations and expenditure

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

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

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Lindley Adams Limited Chartered Accountants, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

D Fairbrother - Director

30 September 2025

Opinion

We have audited the financial statements of A.D.D. Express Ltd (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on pages four and five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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

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

As part of our audit, we determined a level for materiality and assessed the risk of material misstatement in the financial statements. Based on our understanding of the company and discussions with the management, we gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates.

We identified the laws and regulations which we considered to have a direct effect on the financial statements and considered that the most significant are the Companies Act 2006, Financial Reporting Standards and UK tax legislation.

The engagement partner assessed that the engagement team had the appropriate competence and capabilities to identify or recognise non-compliance with the laws and regulations.

We enquired with management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations including fraud. We also designed specific appropriate audit procedures including:

- Agreeing financial statement disclosures to supporting documentation.

- Analytical procedures to identify any unusual or unexpected relationships.

- Testing appropriateness of journal entries, large bank items and accounting estimates for potential bias.

- Testing transactions for validity.

- Verifying the existence, ownership and valuation of fixed assets

- Enquire with management as to actual and potential litigation and claims.

- Review of correspondence and minutes.

We are not aware of any actual or suspected non-compliance with laws and regulations, and we are not responsible for preventing or detecting non-compliance with all laws and regulations. The primary responsibility for the prevention and detection of fraud rests with management and those charged with governance.

There are inherent limitations in audit procedures and there is an unavoidable risk that we may not have detected

material misstatements within the financial statements, even though the audit is properly planned and performed in accordance with ISA's UK. The further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. The risk of not detecting a material misstatement due to fraud is higher than the risk due to error as fraud may involve a deliberate concealment or collusion.

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

Use of our report

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

David Adams FCA (Senior Statutory Auditor)

for and on behalf of Lindley Adams Limited Chartered Accountants

Statutory Auditor

28 Prescott Street

Halifax

West Yorkshire

HX1 2LG

30 September 2025

TURNOVER

14,213,815

12,642,491

Cost of sales

(10,665,221

)

(9,200,689

)

GROSS PROFIT

3,548,594

3,441,802

Distribution costs

(610,756

)

(519,417

)

Administrative expenses

(2,787,022

)

(2,298,311

)

150,816

624,074

Other operating income

466,487

420,043

OPERATING PROFIT

6

617,303

1,044,117

Interest receivable and similar income

-

456

617,303

1,044,573

Interest payable and similar expenses

7

(88,730

)

(75,608

)

PROFIT BEFORE TAXATION

528,573

968,965

Tax on profit

8

(229,841

)

(224,269

)

PROFIT FOR THE FINANCIAL YEAR

298,732

744,696

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

298,732

744,696

FIXED ASSETS

Intangible assets

10

14,432

31,932

Tangible assets

11

3,073,179

2,846,687

Investments

12

255,000

125,000

3,342,611

3,003,619

CURRENT ASSETS

Stocks

13

29,493

38,914

Debtors

14

5,841,206

5,411,035

Cash at bank

2,619

100,615

5,873,318

5,550,564

CREDITORS

Amounts falling due within one year

15

4,601,313

4,200,313

NET CURRENT ASSETS

1,272,005

1,350,251

TOTAL ASSETS LESS CURRENT LIABILITIES

4,614,616

4,353,870

CREDITORS

Amounts falling due after more than one year

16

(965,573

)

(904,809

)

PROVISIONS FOR LIABILITIES

20

(654,853

)

(591,334

)

NET ASSETS

2,994,190

2,857,727

CAPITAL AND RESERVES

Called up share capital

21

131

131

Capital redemption reserve

22

11

11

Retained earnings

22

2,994,048

2,857,585

SHAREHOLDERS' FUNDS

2,994,190

2,857,727

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2025 and were signed on its behalf by:

D Fairbrother - Director

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 January 2023

114

2,316,560

11

2,316,685

Changes in equity

Issue of share capital

17

-

-

17

Dividends

-

(203,671

)

-

(203,671

)

Total comprehensive income

-

744,696

-

744,696

Balance at 31 December 2023

131

2,857,585

11

2,857,727

Changes in equity

Dividends

-

(162,269

)

-

(162,269

)

Total comprehensive income

-

298,732

-

298,732

Balance at 31 December 2024

131

2,994,048

11

2,994,190

Cash flows from operating activities

Cash generated from operations

1

1,766,136

1,559,045

Interest paid

(10,000

)

(17,470

)

Interest element of hire purchase payments paid

(78,730

)

(58,138

)

Tax paid

(167,607

)

(127,110

)

Net cash from operating activities

1,509,799

1,356,327

Cash flows from investing activities

Purchase of tangible fixed assets

(56,147

)

(40,163

)

Purchase of fixed asset investments

(130,000

)

-

Sale of tangible fixed assets

344,757

325,395

Interest received

-

456

Net cash from investing activities

158,610

285,688

Cash flows from financing activities

Loan repayments in year

(16,671

)

61,309

Capital repayments in year

(1,260,621

)

(744,594

)

Amount introduced by directors

168,273

-

Amount withdrawn by directors

(539,866

)

(187,987

)

Share issue

-

17

Group loan movements

44,749

(483,185

)

Equity dividends paid

(162,269

)

(203,671

)

Net cash from financing activities

(1,766,405

)

(1,558,111

)

(Decrease)/increase in cash and cash equivalents

(97,996

)

83,904

Cash and cash equivalents at beginning of year

2

100,615

16,711

Cash and cash equivalents at end of year

2

2,619

100,615

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

31.12.24

31.12.23

£

£

Profit before taxation

528,573

968,965

Depreciation charges

804,195

617,826

Loss/(profit) on disposal of fixed assets

21,891

(35,615

)

Provisions

(10,000

)

10,000

Finance costs

88,730

75,608

Finance income

-

(456

)

1,433,389

1,636,328

Decrease/(increase) in stocks

9,421

(11,066

)

Decrease/(increase) in trade and other debtors

22,085

(182,673

)

Increase in trade and other creditors

301,241

116,456

Cash generated from operations

1,766,136

1,559,045

2.	CASH AND CASH EQUIVALENTS

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

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

2,619

100,615

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

100,615

16,711

3.	ANALYSIS OF CHANGES IN NET DEBT

Other

non-cash

At 1.1.24

Cash flow

changes

At 31.12.24

£

£

£

£

Net cash

Cash at bank

100,615

(97,996

)

2,619

100,615

(97,996

)

2,619

Debt

Finance leases

(1,700,615

)

1,260,621

-

(1,763,681

)

Debts falling due

within 1 year

(1,124,274

)

(19,148

)

-

(1,143,422

)

Debts falling due

after 1 year

(35,819

)

35,819

-

-

(2,860,708

)

1,277,292

-

(2,907,103

)

Total

(2,760,093

)

1,179,296

-

(2,904,484

)

1.	STATUTORY INFORMATION

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

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared on a going concern basis, under the historical cost convention.

Significant judgements and estimates

The preparation of financial statements requires management to make significant judgements and estimates and assumptions

Estimates and assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future period affected.

The main area of judgement that has most significant effect on the amounts recognised in the financial statements is in relation to determining the useful economic life of fixed assets when setting the company's depreciation policies.

Key Source 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.

Useful life of tangible fixed assets

The company's results are materially impacted by the application of it's depreciation policies, which are based on the expected useful life of it's tangible fixed assets. The directors' estimates of useful life are subject to estimation uncertainty. The degree of uncertainty related to vehicles is reduced significantly by the policy of retaining a commercial vehicle for a set period beyond it's finance period.

Turnover

Turnover represents net invoiced sales of services, excluding VAT.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2005, is being amortised evenly over its estimated useful life of twenty years.

Tangible fixed assets

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 the shorter.

Short leasehold

-

Straight line over 3 years

Improvements to property

-

10% on cost

Commercial vehicles

-

25% on reducing balance

Fixtures and equipment

-

10% on cost

Motor vehicles

-

25% on reducing balance

Computer & office equipment

-

25% on cost

Stocks

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

Basic financial instruments

Basic financial instruments are recognised at amortised cost.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Hire purchase and leasing commitments

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.

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

Pension costs and other post-retirement benefits

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

4.	EMPLOYEES AND DIRECTORS

31.12.24

31.12.23

£

£

Wages and salaries

2,534,996

2,435,473

Social security costs

243,977

245,119

Other pension costs

268,268

135,495

3,047,241

2,816,087

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

31.12.24

31.12.23

Drivers

42

38

Logistics

13

15

Administrative

28

30

83

83