REGISTERED NUMBER: 08925253 (England and Wales)

Group Strategic Report, Report of the Directors and

Audited Consolidated Financial Statements

for the Year Ended 30 November 2024

for

WS Specialist Logistics Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

8

Consolidated Income Statement

11

Consolidated Other Comprehensive Income

12

Consolidated Balance Sheet

13

Company Balance Sheet

14

Consolidated Statement of Changes in Equity

15

Company Statement of Changes in Equity

16

Consolidated Cash Flow Statement

17

Notes to the Consolidated Cash Flow Statement

18

Notes to the Consolidated Financial Statements

20

DIRECTORS:

Mr D N Cox

Mr N McMullan

Mr E J Stobart

Mr D C Griffiths

REGISTERED OFFICE:

Unit 2

Ashville Way Industrial Estate

Sutton Weaver

Runcorn

Cheshire

WA7 3EZ

REGISTERED NUMBER:

08925253 (England and Wales)

AUDITORS:

Harts Limited

Chartered Accountants and Statutory Auditors

Westminster House

10 Westminster Road

Macclesfield

Cheshire

SK10 1BX

The directors present their strategic report of the company and the group for the year ended 30 November 2024.

The directors of the Business retain the strategic view that meeting customer requirements and key service levels remain central to achieving continued growth and further financial performance.

PRINCIPAL ACTIVITIES

The principal activity of the group in the year under review was that of providing haulage solutions to a variety of customers across a number of transport sections. The group also provides a service and maintenance facility to a number of customers. The business model is based on WS Specialist Logistics Limited providing tailored logistical solutions to the customers to support their short, medium and long term requirements. The group's customer base is diverse and it provides services across the UK.

REVIEW OF BUSINESS

Due to the growth and changing nature of the organisation absolute comparisons for year on year performance do not provide a true comparison of underlying trends. Subsidiary WMB Logistics Ltd (previously named P.L. Transport Ltd) continues to perform well and Middlebrook Transport Ltd is in it's 2nd year with the group after being acquired in November 2022.

For the year ending November 2024, turnover has increased from £71m in 2023 to £83m this year. The increase was due to the continued effect of acquisitions on the consolidated results but also growth in turnover with our existing core transport operations. The gross profit margin has reduced slightly to 15.81% (2023: 17.00%) which is predominantly driven by increased costs of the group fleet within the year. Profits before tax have increased to £2,308,084 (2023: £1,504,726) .

Across our key markets, the conditions remain competitive and challenging but the relationship with key customers provides a good platform for the delivery of our strong results. Key contracts are supplemented with organic growth across the business. The balance sheet has continued to show significant year on year improvement. The brought forward net asset balance of £6,737,968 has increased to £8,289,371 driven by the profits.

Tangible assets remain at a similar level to prior year at £3.9m as the strategy of renting assets via a group consortium continues to provide improved economies of scale. Finance lease obligations have decreased in the year in line with this model which has increased flexibility for the business to react quickly to business requirements by increasing or reducing the fleet immediately.

Debtors have increased by £3.2m during the year, this is in proportion to the revenue growth year on year.

Across our key markets, the conditions remain competitive and challenging but the relationship with key customers provides a good platform for the delivery of our strong results. Key contracts are supplemented with organic growth across the business.

The Market

The directors are confident that the business will continue to perform strongly in the future and build on our existing market share. The impact of economic uncertainty in the United Kingdom continues to create some uncertainty across the construction and transport sectors but based on the strong customer relationships, growth plans and diverse nature of our customer base the business continues to mitigate the impact and is in a strong position for future growth plans. The business is continuously reviewing its cost base and cost mitigation processes to ensure efficiency and maximisation of its value chain.

PRINCIPAL RISKS AND UNCERTAINTIES

Credit Risk

Relevant credit checks are performed on potential customers before sales are made. Credit limits are monitored regularly by the Board and credit insurance provider, All transactions, excluding related parties, are subject to an invoice finance facility which is reviewed on a weekly basis in conjunction with the provider.

Fuel Risk

The volatility in fuel prices provides a significant risk to the business. Variable fuel rates have been implemented with a number of key customers to mitigate the potential impact as per industry standards.

Key performance indicators

A number of KPI's are used by the company's directors to analysis and understand the business performance.

2024

2023

Revenue per driver

£308,737

£215,242

Administrative expenses (percentage of revenue)

13.0%

15.0%

Current ratio

1.12

1.15

Gross profit

15.81%

17.00%

Revenue by driver has increased following changes in profile of volume and more profitable revenue streams. Administration expenses have been reduced by more efficient planning of resources.

All of the above KPI's are in line with management expectations. In addition to the above several financial and non-financial KPI's are used for internal management reporting, these include but are not limited to Revenue per mile, empty miles, health and safety reporting and tachograph infringements. The results of these metrics are the outcome of continuous operational improvements and economies of scale.

S172 STATEMENT

At WS, we are committed to promoting sustainability and minimising our environmental impact in the transportation industry. We recognise the urgent need to address climate change and protect the planet for future generations. Therefore, we have developed the following sustainability policy to guide our operations and decision-making processes:

1. Environmental Responsibility:

-Carbon Emissions Reduction: We will actively work towards reducing our carbon emissions by implementing fuel-efficient technologies, optimising routes, and promoting the use of renewable energy sources where and when possible.

-Alternative Fuels: We will explore the use alternative fuels, such as electric, hybrid, or biofuels, to reduce our reliance on fossil fuels and contribute to cleaner air quality.

-Vehicle Maintenance: Our vehicles have efficient internal combustion engines, promoting fuel efficiency and lower - emissions, significantly reducing greenhouse gas emissions, leading to cleaner air and a healthier environment.

-Waste Management: We will implement waste reduction and recycling programs throughout our operations, encouraging employees to reduce, reuse, and recycle waste.

2. Energy Efficiency:

-Infrastructure: We will invest in energy-efficient infrastructure, including onsite fuelling stations and facilities, to reduce energy consumption and promote sustainable practices.

-Equipment and Technology: We will utilise energy-efficient vehicles and technology systems to minimise energy waste and improve operational efficiency.

-Renewable Energy: We will explore opportunities to incorporate renewable energy sources into our operations, such as installing solar panels and wind turbines on our facilities or utilising renewable energy credits.

3. Supply Chain and Partnerships:

-Sustainable Suppliers: We will prioritise working with suppliers and partners who share our commitment to sustainability. We will encourage them to adopt sustainable practices and reduce their own environmental impact.

-Collaboration: We will actively collaborate with customers, industry stakeholders, and government agencies to promote sustainable transportation solutions, share best practices, and drive positive change in the industry.

-Transparency: We will maintain transparency in our sustainability efforts by regularly reporting and communicating our progress, goals, and initiatives to stakeholders and the public.

4. Employee Engagement

-Training and Awareness: We will provide training and educational programs to our employees to raise awareness about sustainability and empower them to contribute to our sustainability goals.

-Incentives: We will develop incentive programs to recognise and reward employees who actively participate in sustainability initiatives, propose innovative ideas, and demonstrate sustainable behaviours.

5. Continuous Improvement:

-Goal Setting: We will set ambitious and measurable sustainability goals to continuously improve our performance and track our progress over time.

-Monitoring and Evaluation: We will regularly monitor and evaluate our sustainability practices, seeking feedback from stakeholders, conducting audits, and using relevant metrics to identify areas for improvement.

-Innovation: We will foster a culture of innovation, encouraging employees to explore and implement new technologies, practices, and strategies that promote sustainability.

This sustainability policy will serve as a foundation for WS's commitment to sustainable practices. We will regularly review and update this policy to align with emerging best practices and evolving environmental challenges. By integrating sustainability into our operations, we aim to be a responsible and environmentally conscious leader in the transportation industry.

ON BEHALF OF THE BOARD:

Mr E J Stobart - Director

2 October 2025

The directors present their report with the financial statements of the company and the group for the year ended 30 November 2024.

DIVIDENDS

No dividends were paid out of the group this year to owners of the parent (2023: nil).

Dividends paid to non controlling interests in the year amounted to £nil (2023: £192,296).

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 December 2023 to the date of this report.

Mr D N Cox

Mr N McMullan

Mr E J Stobart

Mr D C Griffiths

GOING CONCERN

The Financial Statements have been prepared on the going concern basis.

The Directors have prepared appropriate forecasts and believe that due to the strong liquidity position and the strong long term relationships with Customers, Banks, and Suppliers the group will continue to operate with substantial headroom.

The group has continued to navigate global and macroeconomic factors such as the Covid Pandemic and supply chain issues which have arisen from the War in Ukraine in the past, as well as more recent domestic challenges such as the economic downturn in the United Kingdom. For these reasons and the continued profitability being generated from the Business, the directors have a reasonable expectation that the group has adequate resources to continue securely in operational existence for the

foreseeable future.

MATTERS COVERED IN THE STRATEGIC REPORT

As permitted by S414c(11) of Companies Act 2006, the director has elected to disclose information, required to be in the director's report by schedule 7 of the 'Large and Medium-sized Companies, and Groups (Accounts and Reports) Regulation 2008, in the Strategic report.

ENGAGEMENT WITH EMPLOYEES

The group's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS

The group held review meetings with key suppliers to ensure quality standards were met and to discuss ways to improve collaboration and efficiency.

STREAMLINED ENERGY AND CARBON REPORTING

The company's energy consumption primarily relates to fuel for its extensive fleet of Trucks. Our fleet has an average age of less than 2 years, which ensures the diesel engines are the among the most efficient available. We are constantly renewing our fleet which ensures we run the most efficient engines available.

We have invested in a bespoke Traffic Management System which allows our Operations team to plan volumes in the most efficient manner, reducing empty running on the fleet and in turn reducing carbon emissions.

We invest in driver training and engage in internal marketing campaigns to ensure the drivers have the knowledge and support to help them reduce carbon emissions through their driving style and having knowledge of best practice.

We are constantly reviewing and updating our equipment, systems, and training to reduce carbon emissions.

Secondary to the carbon omitted from the fleet is power required for depot and office premises. The premises require lighting, heating, and power to the computer equipment and related infrastructure. We are currently reviewing all power sources and practices to ensure we have the most efficient solutions and implementing improvement when practically possible. The company uses modern, energy-efficient computer hardware. Equipment is turned off when not required.

A small number of managerial employees use their vehicles for travel required by their roles. During the past year employees have only travelled to meetings by car when absolutely necessary and the changing work practices caused by the pandemic saw an increase in video conferencing, which is likely to reduce the prevalence of face to-face meetings and the associated travel in future.

During the period, the company consumed 74,575,352 kWh of energy. Transport consumption has been derived from fuel invoices and employee vehicle expense claims and converted into kWh using data derived from https://www.gov.uk/government/publications/greenhouse-gas-reporting-conversion-factors-2022.

These measures have been converted into Carbon Dioxide equivalent (kgC02e) emissions equating to 16,786,892.

The intensity ratio used in the business is to take Carbon Dioxide equivalent (kg C02e) and look at this as a ratio of turnover. Our intensity turnover ratio (kgCO2e/£) is 0.197.

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), 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 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.

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, Harts Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr E J Stobart - Director

2 October 2025

Opinion

We have audited the financial statements of WS Specialist Logistics Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 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 30 November 2024 and of the group's 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 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.

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 page six, 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.

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:

The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

Our approach was as follows:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and the Group, and determined that the most significant are the Health and Safety at Work Act and Traffic Commissioner Regulations.

We understood how the group companies are complying with those frameworks by making inquiries of management responsible for company legislation and legislation procedures.

We assessed the susceptibility of the Company and Group's financial statements to material misstatement, including how fraud might occur by discussion with directors to understand where its considered there was a susceptibility to fraud. We considered the controls that the Company and the Group had established to address risks identified, or that otherwise prevent, deter and detect fraud.

To address the risk of fraud through management bias and override of controls, we performed analytical procedures to identify and unusual or unexpected relationships; investigated the rationale behind significant or unusual transactions; and tested journal entries to identify unusual transactions.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Material misstatement that arises due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations that could materially impact the financial statements. Taking into account our understanding of the Company and Group, our procedures involved enquires of management and focussed testing as appropriate with consideration to risk assessment.

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.

Melissa Bowers FCCA (Senior Statutory Auditor)

for and on behalf of Harts Limited

Chartered Accountants and Statutory Auditors

Westminster House

10 Westminster Road

Macclesfield

Cheshire

SK10 1BX

3 October 2025

TURNOVER

5

82,775,689

70,814,762

Cost of sales

(69,692,289

)

(58,761,111

)

GROSS PROFIT

13,083,400

12,053,651

Administrative expenses

(10,767,060

)

(10,458,910

)

2,316,340

1,594,741

Other operating income

39,509

-

OPERATING PROFIT

7

2,355,849

1,594,741

Income from fixed asset investments

4,800

-

Interest receivable and similar income

78,490

-

2,439,139

1,594,741

Interest payable and similar expenses

9

(131,056

)

(90,015

)

PROFIT BEFORE TAXATION

2,308,083

1,504,726

Tax on profit

10

(621,288

)

(666,745

)

PROFIT FOR THE FINANCIAL YEAR

1,686,795

837,981

Profit attributable to:

Owners of the parent

1,605,595

941,700

Non-controlling interests

81,200

(103,719

)

1,686,795

837,981

PROFIT FOR THE YEAR

1,686,795

837,981

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,686,795

837,981

Total comprehensive income attributable to:

Owners of the parent

1,605,594

941,699

Non-controlling interests

81,201

(103,718

)

1,686,795

837,981

FIXED ASSETS

Intangible assets

12

1,271,475

1,783,006

Tangible assets

13

3,889,004

3,226,454

Investments

14

-

-

5,160,479

5,009,460

CURRENT ASSETS

Stocks

15

5,372,522

4,643,851

Debtors: amounts falling due within one year

16

25,757,168

24,124,052

Debtors: amounts falling due after more than one year

16

3,559,213

2,040,821

Cash at bank and in hand

1,879,822

1,495,915

36,568,725

32,304,639

CREDITORS

Amounts falling due within one year

17

(32,521,232

)

(28,054,080

)

NET CURRENT ASSETS

4,047,493

4,250,559

TOTAL ASSETS LESS CURRENT LIABILITIES

9,207,972

9,260,019

CREDITORS

Amounts falling due after more than one year

18

(343,696

)

(1,797,365

)

PROVISIONS FOR LIABILITIES

22

(471,371

)

(756,546

)

NET ASSETS

8,392,905

6,706,108

CAPITAL AND RESERVES

Called up share capital

23

120

120

Share premium

24

3,042,657

3,042,657

Retained earnings

24

5,124,039

3,518,444

SHAREHOLDERS' FUNDS

8,166,816

6,561,221

NON-CONTROLLING INTERESTS

25

226,089

144,887

TOTAL EQUITY

8,392,905

6,706,108

The financial statements were approved by the Board of Directors and authorised for issue on 2 October 2025 and were signed on its behalf by:

Mr E J Stobart - Director

FIXED ASSETS

Intangible assets

12

-

344,046

Tangible assets

13

2,967,413

2,183,868

Investments

14

3,115,478

3,115,478

6,082,891

5,643,392

CURRENT ASSETS

Stocks

15

5,281,243

4,567,639

Debtors: amounts falling due within one year

16

21,352,956

18,939,116

Debtors: amounts falling due after more than one year

16

3,559,213

2,040,821

Cash at bank and in hand

1,153,736

558,674

31,347,148

26,106,250

CREDITORS

Amounts falling due within one year

17

(28,519,394

)

(24,370,069

)

NET CURRENT ASSETS

2,827,754

1,736,181

TOTAL ASSETS LESS CURRENT LIABILITIES

8,910,645

7,379,573

CREDITORS

Amounts falling due after more than one year

18

(338,425

)

(171,335

)

PROVISIONS FOR LIABILITIES

22

(282,849

)

(470,540

)

NET ASSETS

8,289,371

6,737,698

CAPITAL AND RESERVES

Called up share capital

23

120

120

Share premium

24

3,042,657

3,042,657

Retained earnings

24

5,246,594

3,694,921

SHAREHOLDERS' FUNDS

8,289,371

6,737,698

Company's profit for the financial year

1,551,673

1,395,067

The financial statements were approved by the Board of Directors and authorised for issue on 2 October 2025 and were signed on its behalf by:

Mr E J Stobart - Director

Called up

share

Retained

Share

capital

earnings

premium

£

£

£

Balance at 1 December 2022

120

2,785,355

3,042,657

Changes in equity

Total comprehensive income

-

941,700

-

Purchase of own shares

-

(208,611

)

-

Balance at 30 November 2023

120

3,518,444

3,042,657

Changes in equity

Total comprehensive income

-

1,605,595

-

Balance at 30 November 2024

120

5,124,039

3,042,657

Non-controlling

Total

Total

interests

equity

£

£

£

Balance at 1 December 2022

5,828,132

515,921

6,344,053

Changes in equity

Total comprehensive income

941,700

(103,718

)

837,982

Minority interest dividend

-

(192,927

)

(192,927

)

Purchase of own shares

(208,611

)

(74,389

)

(283,000

)

Balance at 30 November 2023

6,561,221

144,887

6,706,108

Changes in equity

Total comprehensive income

1,605,595

81,201

1,686,796

Balance at 30 November 2024

8,166,816

226,088

8,392,904

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 December 2022

120

2,299,854

3,042,657

5,342,631

Changes in equity

Total comprehensive income

-

1,395,067

-

1,395,067

Balance at 30 November 2023

120

3,694,921

3,042,657

6,737,698

Changes in equity

Total comprehensive income

-

1,551,673

-

1,551,673

Balance at 30 November 2024

120

5,246,594

3,042,657

8,289,371

Cash flows from operating activities

Cash generated from operations

1

2,872,048

2,350,347

Interest paid

(101,649

)

(61,007

)

Interest element of hire purchase payments paid

(29,407

)

(29,008

)

Tax paid

(900,275

)

(273,281

)

Net cash from operating activities

1,840,717

1,987,051

Cash flows from investing activities

Purchase of intangible fixed assets

-

(162,237

)

Purchase of tangible fixed assets

(2,294,354

)

(1,097,730

)

Sale of tangible fixed assets

992,011

2,570,988

Interest received

78,490

-

Dividends received

4,800

-

Net cash from investing activities

(1,219,053

)

1,311,021

Cash flows from financing activities

Proceeds from borrowings

21,783

-

Repayment of borrowings

-

(2,710,000

)

Repayment of bank loans

(4,227

)

(183,943

)

Bank overdrafts

(5,898

)

-

Payment of finance lease obligations

(254,813

)

(1,497,150

)

Amount introduced by directors

-

50,010

Amount withdrawn by directors

(500

)

-

Dividends paid to minority interests

-

(192,927

)

Purchase of own shares

-

(283,000

)

Net cash from financing activities

(243,655

)

(4,817,010

)

Increase/(decrease) in cash and cash equivalents

378,009

(1,518,938

)

Cash and cash equivalents at beginning of year

2

1,495,915

3,014,853

Cash and cash equivalents at end of year

2

1,873,924

1,495,915