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REGISTERED NUMBER: 05252290 (England and Wales)

| UNAUDITED FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 30 SEPTEMBER 2025 |

| FOR |

| DEPOT RAIL LIMITED |

| DEPOT RAIL LIMITED (REGISTERED NUMBER: 05252290) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 4 |

| DEPOT RAIL LIMITED |

COMPANY INFORMATION

FOR THE YEAR ENDED 30 SEPTEMBER 2025

| DIRECTORS: | Mr O D Snell

| Mrs A E Snell

| REGISTERED OFFICE: | Unit 5-6

| Sandars Road

| GAINSBOROUGH

| Lincolnshire

| DN21 1RZ

| REGISTERED NUMBER: | 05252290 (England and Wales)

| ACCOUNTANTS: | Shucksmith Accountants (Gainsborough) Limited

| 94-96 Oswald Road

| SCUNTHORPE

| North Lincolnshire

| DN15 7PA

| DEPOT RAIL LIMITED (REGISTERED NUMBER: 05252290) |

BALANCE SHEET

30 SEPTEMBER 2025

| 30.9.25 | 30.9.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 4 | - |  | - |  |

Tangible assets | 5 | 1,043,454 |  | 1,013,309 |  |

1,043,454 |  | 1,013,309 |  |

CURRENT ASSETS

Stocks | 674,279 |  | 209,790 |  |

Debtors | 6 | 525,805 |  | 1,270,118 |  |

Cash at bank and in hand | 550,898 |  | 500,956 |  |

1,750,982 |  | 1,980,864 |  |

CREDITORS

Amounts falling due within one year | 7 | 784,989 |  | 1,312,700 |  |

NET CURRENT ASSETS | 965,993 |  | 668,164 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 2,009,447 |  | 1,681,473 |  |

CREDITORS

Amounts falling due after more than one year | 8 | (263,512 | ) | (279,712 | ) |

PROVISIONS FOR LIABILITIES | 11 | (62,549 | ) | (63,386 | ) |

NET ASSETS | 1,683,386 |  | 1,338,375 |  |

CAPITAL AND RESERVES

Called up share capital | 12 | 100 |  | 100 |  |

Retained earnings | 13 | 1,683,286 |  | 1,338,275 |  |

SHAREHOLDERS' FUNDS | 1,683,386 |  | 1,338,375 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

| DEPOT RAIL LIMITED (REGISTERED NUMBER: 05252290) |

BALANCE SHEET - continued

30 SEPTEMBER 2025

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 November 2025 and were signed on its behalf by:

Mr O D Snell - Director

| DEPOT RAIL LIMITED (REGISTERED NUMBER: 05252290) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

1. | STATUTORY INFORMATION

| Depot Rail 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 Company 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| Turnover

| Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services to customers.

| Goodwill

| Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its estimated useful life of five years.

| This amount has now been fully written off.

| 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.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Freehold property | - | not provided

| Plant and machinery | - | 15% on reducing balance

| Fixtures and fittings | - | 15% on reducing balance

| Motor vehicles | - | 25% on reducing balance

| Computer equipment | - | 25% on reducing balance

| Stocks

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

| Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the 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.

| DEPOT RAIL LIMITED (REGISTERED NUMBER: 05252290) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2025

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 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.

| 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

| 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 profit or loss in the period to which they relate.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 16 (2024 - 15 ) .

4. | INTANGIBLE FIXED ASSETS

| Goodwill

£ |

| COST

| At 1 October 2024

| and 30 September 2025 | 60,000 |  |

| AMORTISATION

| At 1 October 2024

| and 30 September 2025 | 60,000 |  |

| NET BOOK VALUE

| At 30 September 2025 | - |  |

| At 30 September 2024 | - |  |

| DEPOT RAIL LIMITED (REGISTERED NUMBER: 05252290) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2025

5. | TANGIBLE FIXED ASSETS

| Fixtures

| Freehold |  | Plant and |  | and

| property |  | machinery |  | fittings

£ | £ | £ |

| COST

| At 1 October 2024 | 612,308 |  | 407,687 |  | 62,836 |  |

| Additions | - |  | 54,219 |  | - |  |

| Disposals | - |  | - |  | - |  |

| At 30 September 2025 | 612,308 |  | 461,906 |  | 62,836 |  |

| DEPRECIATION

| At 1 October 2024 | - |  | 109,948 |  | 24,495 |  |

| Charge for year | - |  | 18,189 |  | 5,751 |  |

| Eliminated on disposal | - |  | - |  | - |  |

| At 30 September 2025 | - |  | 128,137 |  | 30,246 |  |

| NET BOOK VALUE

| At 30 September 2025 | 612,308 |  | 333,769 |  | 32,590 |  |

| At 30 September 2024 | 612,308 |  | 297,739 |  | 38,341 |  |

| Motor |  | Computer |

| vehicles |  | equipment |  | Totals

£ | £ | £ |

| COST

| At 1 October 2024 | 89,542 |  | 16,472 |  | 1,188,845 |  |

| Additions | 18,495 |  | 2,863 |  | 75,577 |  |

| Disposals | (14,289 | ) | (512 | ) | (14,801 | ) |

| At 30 September 2025 | 93,748 |  | 18,823 |  | 1,249,621 |  |

| DEPRECIATION

| At 1 October 2024 | 31,596 |  | 9,497 |  | 175,536 |  |

| Charge for year | 16,741 |  | 2,388 |  | 43,069 |  |

| Eliminated on disposal | (11,972 | ) | (466 | ) | (12,438 | ) |

| At 30 September 2025 | 36,365 |  | 11,419 |  | 206,167 |  |

| NET BOOK VALUE

| At 30 September 2025 | 57,383 |  | 7,404 |  | 1,043,454 |  |

| At 30 September 2024 | 57,946 |  | 6,975 |  | 1,013,309 |  |

6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 30.9.25 |  | 30.9.24

£ | £ |

| Trade debtors | 423,235 |  | 548,094 |  |

| Other debtors | 30,074 |  | 35,216 |  |

| Prepayments and accrued income | 72,496 |  | 686,808 |  |

525,805 |  | 1,270,118 |  |

| DEPOT RAIL LIMITED (REGISTERED NUMBER: 05252290) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2025

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

| 30.9.25 |  | 30.9.24

£ | £ |

| Bank loans and overdrafts | 11,940 |  | 11,940 |  |

| Hire purchase contracts (see note 9) | 10,880 |  | 9,368 |  |

| Trade creditors | 361,341 |  | 572,544 |  |

| Tax | 169,272 |  | 10,732 |  |

| Social security and other taxes | 25,976 |  | 24,819 |  |

| VAT | 144,254 |  | 67,998 |  |

| Other creditors | 8,244 |  | 9,462 |  |

| Directors' current accounts | 520 |  | 520 |  |

| Accruals and deferred income | 52,562 |  | 605,317 |  |

784,989 |  | 1,312,700 |  |

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

| 30.9.25 |  | 30.9.24

£ | £ |

| Bank loans - 1-2 years | 11,940 |  | 11,940 |  |

| Bank loans - 2-5 years | 35,820 |  | 35,820 |  |

| Bank loans more 5 yr by instal | 200,045 |  | 207,413 |  |

| Hire purchase contracts (see note 9) | 15,707 |  | 24,539 |  |

263,512 |  | 279,712 |  |

| Amounts falling due in more than five years:

| Repayable by instalments

| Bank loans more 5 yr by instal | 200,045 |  | 207,413 |  |

9. | LEASING AGREEMENTS

| Minimum lease payments under hire purchase fall due as follows:

| 30.9.25 |  | 30.9.24 |

£ | £ |

| Net obligations repayable:

| Within one year | 10,880 |  | 9,368 |  |

| Between one and five years | 15,707 |  | 24,539 |  |

26,587 |  | 33,907 |  |

10. | SECURED DEBTS

| The following secured debts are included within creditors:

| 30.9.25 |  | 30.9.24

£ | £ |

| Bank loans | 259,745 |  | 267,113 |  |

| DEPOT RAIL LIMITED (REGISTERED NUMBER: 05252290) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2025

11. | PROVISIONS FOR LIABILITIES

| 30.9.25 |  | 30.9.24

£ | £ |

| Deferred tax | 62,549 |  | 63,386 |  |

| Deferred |

| tax |

£ |

| Balance at 1 October 2024 | 63,386 |  |

| Accelerated capital allowances | (837 | ) |

| Balance at 30 September 2025 | 62,549 |  |

12. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 30.9.25 |  | 30.9.24

| value: | £ | £ |

| 100 | Ordinary | £1 | 100 |  | 100 |  |

13. | RESERVES

| Retained

| earnings

£ |

| At 1 October 2024 | 1,338,275 |  |

| Profit for the year | 504,011 |  |

| Dividends | (159,000 | ) |

| At 30 September 2025 | 1,683,286 |  |

14. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

| During the year the directors, Mr O D Snell and Mrs A E Snell charged the company £520 (2024 - £520) for use of home as office.

15. | RELATED PARTY DISCLOSURES

| During the year, total dividends of £159,000 (2024 - £179,000) were paid to the directors .

| At 30 September 2025 there was a balance owed by the company to the directors - Mr O D Snell and Mrs A E Snell - of £520 (2024 - £520).

| This balance has been shown in Creditors.

16. | ULTIMATE CONTROLLING PARTY

| The ultimate control of the company lies with the two directors, Mr O D Snell and Mrs A E Snell, who between them hold 100% of the issued share capital.