ACCOUNTS - Final Accounts

Operating profit

The operating profit is stated after charging/(crediting):

Registered number: 01314775

RELAY TECHNICAL TRANSPORT LTD

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

RELAY TECHNICAL TRANSPORT LTD

COMPANY INFORMATION

Directors	H D Reid
	D K Rangecroft
	T McMahon


Registered number	01314775


Registered office	3 Brook Business Centre
	Cowley Mill Road
	Uxbridge
	Middlesex
	UB8 2FX


Independent auditors	Barnes Roffe Audit Limited
	Chartered Accountants & Statutory Auditors
	3 Brook Business Centre
	Cowley Mill Road
	Uxbridge
	Middlesex
	UB8 2FX

RELAY TECHNICAL TRANSPORT LTD

CONTENTS

	Page
Strategic report	1
Directors' report	2 - 3
Independent auditors' report	4 - 8
Statement of comprehensive income	9
Statement of financial position	10
Statement of changes in equity	11
Notes to the financial statements	12 - 26

RELAY TECHNICAL TRANSPORT LTD

STRATEGIC REPORT

FOR THE YEAR ENDED 31 MARCH 2025

Introduction

The directors present their Strategic report for the year ended 31 March 2025.

Business review

The year ended 31 March 2025 has been a positive year for the company. The company generated turnover of £13,401,972 (2024 - £12,432,363), an increase of 7.79%. Notwithstanding, the company saw a increase in its EBITDA to £1,009,487 (2024 - £669,842).

The company continues to invest in its fleets to increase delivery capacity levels in line with its strategic objectives.

Principal risks and uncertainties

The company's main financial instrument is cash. The company has various other financial instruments such as trade debtors and trade creditors which arise directly from its operations. The company monitors its use of financial instruments and the risk that may arise on an ongoing basis.

The main risks arising from the financial instruments are detailed below. The company reviews and agrees policies for managing the risks detailed below to minimise exposure.

Credit risk

The company only trades with recognised, creditworthy third parties. In addition, receivable balances are monitored on an ongoing basis with the result that the company's exposure to bad debts is not significant.

Cash flow risk

The Board continually monitors the cash requirements of the company to ensure that the company has ready access to the funds that the board deem necessary at any time during the year. The monitoring and review of future projections by the board ensures that there are adequate facilities readily available from the company’s finance providers to support the company's cash flow requirements.

Financial key performance indicators

The directors have monitored the progress of the company strategy by reference to certain financial key performance indicators.

The company's turnover was £13,401,972 (2024 - £12,432,363).
The company's gross profit margin was 33.55% (2024 - 32.58%).
The company had net assets of £2,462,437 (2024 - £2,242,531).

This report was approved by the board on 2 December 2025 and signed on its behalf.

H D Reid

Director

Page 1

RELAY TECHNICAL TRANSPORT LTD

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 MARCH 2025

The directors present their report and the financial statements for the year ended 31 March 2025.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 for the Company's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

∙state whether applicable UK 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 transactions and disclose with reasonable accuracy at any time the financial position of the Company and to 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.

Going concern assumption

The financial statements have been prepared on a going concern basis. The directors have considered the factors which impact the company's future development, performance, cash flow, and financial position in forming their opinion on the going concern basis. The directors believe that the company has adequate resources to continue to operate and meet its obligations as they fall due for at least twelve months from the date of approval of the financial statements and therefore use of the going concern assumption is appropriate.

Results and dividends

The profit for the year, after taxation, amounted to £325,442 (2024 - £127,525).

During the year, the company paid dividends of £105,536 (2024 - £122,544).

Directors

The directors who served during the year were:

H D Reid

D K Rangecroft

T McMahon

Page 2

RELAY TECHNICAL TRANSPORT LTD

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Future developments

The company aims to expand its operations throughout the country and plans to continue investing in new vehicles to improve its productivity.

Matters covered in the Strategic report

The company has chosen in accordance with section 414C of the Companies Act 2006, to set out financial risk management objectives and policies within the Strategic report

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There are no subsequent events that require disclosure or adjustments to the financial statements.

Auditors

After the year end Barnes Roffe LLP resigned as auditors due to the transfer of its audit business and its successor Barnes Roffe Audit Limited was appointed by the directors under s485 Companies Act 2006.

This report was approved by the board on 2 December 2025 and signed on its behalf.

H D Reid

Director

Page 3

RELAY TECHNICAL TRANSPORT LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RELAY TECHNICAL TRANSPORT LTD

Opinion

We have audited the financial statements of Relay Technical Transport Ltd (the 'Company') for the year ended 31 March 2025, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity and the related notes, 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 March 2025 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 United Kingdom, including the Financial Reporting Council'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.

Page 4

RELAY TECHNICAL TRANSPORT LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RELAY TECHNICAL TRANSPORT LTD (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.

Opinion 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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Strategic report and the Directors' report 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 Directors' report.

We have nothing to report in respect of the following matters in relation to which 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.

Page 5

RELAY TECHNICAL TRANSPORT LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RELAY TECHNICAL TRANSPORT LTD (CONTINUED)

Responsibilities of directors

As explained more fully in the Directors' responsibilities statement set out on page 2, 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 is 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 an Auditors' report 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. 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 law 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 company through discussion with directors and other management, and from our commercial knowledge and experience of the relevant sector;

∙The specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, are as follows:

   i) Companies Act 2006.
   ii) FRS 102.
   iii) Tax legislation.
   iv) Employment legislation.

∙We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and reviewing supporting evidence where applicable; and

∙Laws and regulations were communicated within the audit team at the planning meeting, and during the audit as any further laws and regulation were identified. The audit team remained alert to instances of non-compliance throughout the audit.

Page 6

RELAY TECHNICAL TRANSPORT LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RELAY TECHNICAL TRANSPORT LTD (CONTINUED)

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

∙Making enquiries of management as to where they consider there was susceptibility to fraud and their knowledge of actual suspected and alleged fraud;

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

∙Reviewing the financial statements and testing the disclosures against supporting documentation;

∙Performing analytical procedures to identify any unusual or unexpected trends or anomalies;

∙Inspecting and testing journal entries to identify unusual or unexpected transactions;

∙Assessing whether judgement and assumptions made in determining significant accounting estimates were indicative of management bias; and

∙Investigating the rationale behind significant transactions, or transactions that are unusual or outside the company’s usual course of business.

The areas that we identified as being susceptible to misstatement through fraud were:

∙Management bias in the estimates and judgements made;

∙Management override of controls; and

∙Posting of unusual journals or transactions.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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 Auditors' report.

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 an Auditors' report 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.

Page 7

RELAY TECHNICAL TRANSPORT LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RELAY TECHNICAL TRANSPORT LTD (CONTINUED)

Q Mehdi (Senior statutory auditor)

for and on behalf of

Barnes Roffe Audit Limited

Chartered Accountants & Statutory Auditors

3 Brook Business Centre

Cowley Mill Road

Uxbridge

Middlesex

UB8 2FX

4 December 2025

Page 8

RELAY TECHNICAL TRANSPORT LTD

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 MARCH 2025

	2025	2024
Note	£	£


Turnover	4	13,401,972	12,432,363
Cost of sales		(8,904,716)	(8,382,495)
Gross profit		4,497,256	4,049,868
Administrative expenses		(4,042,315)	(3,844,569)
Operating profit	5	454,941	205,299
Interest receivable and similar income	9	58,859	44,422
Interest payable and similar expenses	10	(86,822)	(48,861)
Profit before tax		426,978	200,860
Tax on profit	11	(101,536)	(73,335)
Profit for the financial year		325,442	127,525

Total comprehensive income for the year

325,442

127,525

The notes on pages 12 to 26 form part of these financial statements.

Page 9

RELAY TECHNICAL TRANSPORT LTD

REGISTERED NUMBER: 01314775

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2025

	2025	2025	2024	2024
Note	£	£	£	£

Fixed assets
Tangible assets	13		2,053,040		1,537,694
Current assets
Stocks	14	33,985		35,524
Debtors: amounts falling due within one year	15	1,912,686		2,264,325
Cash at bank and in hand	16	2,361,769		1,792,214
		4,308,440		4,092,063
Creditors: amounts falling due within one year	17	(1,847,533)		(1,760,420)
Net current assets			2,460,907		2,331,643
Total assets less current liabilities			4,513,947		3,869,337
Creditors: amounts falling due after more than one year	18		(1,337,873)		(1,014,705)
Provisions for liabilities
Deferred tax	20	(262,637)		(161,101)
Other provisions	21	(451,000)		(451,000)
			(713,637)		(612,101)
Net assets			2,462,437		2,242,531

Capital and reserves
Called up share capital	22	5,900	5,900
Share premium account	23	39,100	39,100
Profit and loss account	23	2,417,437	2,197,531
		2,462,437	2,242,531

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 2 December 2025.

H D Reid

Director

The notes on pages 12 to 26 form part of these financial statements.

Page 10

RELAY TECHNICAL TRANSPORT LTD

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2025

	Called up share capital	Share premium account	Profit and loss account	Total equity
	£	£	£	£
At 1 April 2024	5,900	39,100	2,197,531	2,242,531
Comprehensive income for the year
Profit for the year	-	-	325,442	325,442
Total comprehensive income for the year	-	-	325,442	325,442
Contributions by and distributions to owners
Dividends: Equity capital	-	-	(105,536)	(105,536)
Total transactions with owners	-	-	(105,536)	(105,536)
At 31 March 2025	5,900	39,100	2,417,437	2,462,437

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2024

	Called up share capital	Share premium account	Profit and loss account	Total equity
	£	£	£	£
At 1 April 2023	5,900	39,100	2,192,550	2,237,550
Comprehensive income for the year
Profit for the year	-	-	127,525	127,525
Total comprehensive income for the year	-	-	127,525	127,525
Contributions by and distributions to owners
Dividends: Equity capital	-	-	(122,544)	(122,544)
Total transactions with owners	-	-	(122,544)	(122,544)
At 31 March 2024	5,900	39,100	2,197,531	2,242,531

The notes on pages 12 to 26 form part of these financial statements.

Page 11

RELAY TECHNICAL TRANSPORT LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1.	General information

Relay Technical Transport Ltd is a company limited by shares, incorporated in England and Wales. The address of the registered office is 3 Brook Business centre, Cowley Mill Road, Uxbridge, Middlesex, UB8 2FX.

The company specialises in road haulage and warehousing.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

∙the requirements of Section 7 Statement of Cash Flows;

∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); and

∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Relay Holdings (UK) Limited as at 31 March 2025 and these financial statements may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.

Page 12

RELAY TECHNICAL TRANSPORT LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the year in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

• the amount of revenue can be measured reliably;

• it is probable that the Company will receive the consideration due under the contract;

• the stage of completion of the contract at the reporting date can be measured reliably; and

• the costs incurred and the costs to complete the contract can be measured reliably.

2.4

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to the Statement of comprehensive income during the year in which they are incurred.

Page 13

RELAY TECHNICAL TRANSPORT LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.5

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following bases:

Leasehold buildings	-	Period of lease
Plant and machinery	-	25% straight line
Motor vehicles	-	20% straight line
Fixtures and fittings	-	25% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.

2.6

Going concern

The financial statements have been prepared on a going concern basis. The directors have considered the factors which impact the company's future development, performance, cash flow, and financial position in forming their opinion on the going concern basis. The directors believe that the company has adequate resources to continue to operate and meet its obligations as they fall due for at least twelve months from the date of approval of the financial statements and therefore use of the going concern assumption is appropriate.

2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of comprehensive income.

2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 14

RELAY TECHNICAL TRANSPORT LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.10

Creditors

Creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.11

Finance costs

Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2.13

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future years. The finance element of the rental payment is charged to the Statement of comprehensive income so as to produce a constant periodic rate of charge on the net obligation outstanding in each year.

2.14

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.15

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 15

RELAY TECHNICAL TRANSPORT LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.16

Interest income

Interest income is recognised in the Statement of comprehensive income using the effective interest method.

2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.

Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to the Statement of comprehensive income.

2.18

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

In preparing these financial statements, the directors have had to make the following judgments in applying the above accounting policies that have had the most significant effect on the amounts recognised in the financial statements:

1. Determine whether there are indicators of impairment of the company's tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset.

Page 16

RELAY TECHNICAL TRANSPORT LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

3.Judgments in applying accounting policies (continued)

2. Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing the asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

3. The directors make assessments annually over provisions held in the financial statements, based on known obligations that can be reliably estimated.

Turnover

The whole of the turnover is attributable to the principal activity of the company being road haulage and warehousing. An analysis of turnover by destination of business is as follows:

					2025	2024
					£	£

United Kingdom	12,972,598	12,358,214
Europe	429,374	74,149
	13,401,972	12,432,363

Depreciation of tangible fixed assets	554,546	464,543
Rent - operating leases	586,574	581,481
Profit on sale of tangible assets	-	(36,055)

Fees payable to the Company's auditors for the audit of the Company's financial statements

13,710

13,310

Page 17

RELAY TECHNICAL TRANSPORT LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Wages and salaries	6,180,337	5,761,731
Social security costs	655,730	610,620
Cost of defined contribution scheme	269,078	259,525
	7,105,145	6,631,876

The average monthly number of employees, including the directors, during the year was as follows:

	2025	2024
	No.	No.

Administration	35	33
Warehouse and distribution	133	128

	168	161

8.	Directors' remuneration
		2025	2024
		£	£

Directors' emoluments	273,664	237,183
Company contributions to defined contribution pension schemes	90,967	91,409
	364,631	328,592

	During the year retirement benefits were accruing to 3 directors (2024 - 3) in respect of defined contribution pension schemes.
	The highest paid director received remuneration of £134,755 (2024 - £132,748).
	The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £9,549 (2024 - £Nil).

Page 18

RELAY TECHNICAL TRANSPORT LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

9.	Interest receivable and similar income
		2025	2024
		£	£

	Bank interest receivable	58,859	44,422
		58,859	44,422

10.	Interest payable and similar expenses
		2025	2024
		£	£

	Finance leases and hire purchase contracts	86,822	48,861
		86,822	48,861

Corporation tax
Current tax on profits for the year	-	(30,335)
	-	(30,335)

Total current tax	-	(30,335)

Deferred tax
Origination and reversal of timing differences	101,536	103,670
Total deferred tax	101,536	103,670


		101,536	73,335

Page 19

RELAY TECHNICAL TRANSPORT LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

11.Taxation (continued)

Profit on ordinary activities before tax

426,978

200,860

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	106,745	50,215
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	3,743	7,049
Capital allowances for year in excess of depreciation	(81)	(203,089)
Short term timing difference leading to an increase/(decrease) in taxation	21,810	(7,968)
Unreleived losses carried forward	(30,681)	227,128
Total tax charge for the year	101,536	73,335

Factors that may affect future tax charges

There are no significant factors that may affect future tax charges.

The company has taxable losses carried forward of approximately £565,735 (2024 - £478,489)
available to offset against future taxable profits.

12.	Dividends
		2025	2024
		£	£

	Dividend paid on equity capital	105,536	122,544
		105,536	122,544

Page 20

RELAY TECHNICAL TRANSPORT LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

13.	Tangible fixed assets

	Long-term leasehold property	Plant and machinery	Motor vehicles	Fixtures and fittings	Total
	£	£	£	£	£
Cost
At 1 April 2024	59,782	1,238,312	6,147,602	731,377	8,177,073
Additions	-	31,886	1,038,006	-	1,069,892
At 31 March 2025	59,782	1,270,198	7,185,608	731,377	9,246,965
Depreciation
At 1 April 2024	59,782	1,182,903	4,692,139	704,555	6,639,379
Charge for the year	-	25,548	512,792	16,206	554,546
At 31 March 2025	59,782	1,208,451	5,204,931	720,761	7,193,925
Net book value
At 31 March 2025	-	61,747	1,980,677	10,616	2,053,040
At 31 March 2024	-	55,409	1,455,463	26,822	1,537,694

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
	2025	2024
	£	£


Plant and machinery	24,431	19,688
Motor vehicles	1,973,512	1,441,668
	1,997,943	1,461,356

14.	Stocks
		2025	2024
		£	£

Stocks	33,985	35,524
	33,985	35,524

Page 21

RELAY TECHNICAL TRANSPORT LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

15.

Debtors

					2025	2024
					£	£


Trade debtors	1,722,555	2,144,755
Other debtors	9,356	40,693
Prepayments and accrued income	180,775	78,877
	1,912,686	2,264,325

16.	Cash and cash equivalents
		2025	2024
		£	£

Cash at bank and in hand	2,361,769	1,792,214
	2,361,769	1,792,214

17.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Trade creditors	511,813	582,733
Amounts owed to group undertakings	102,695	109,482
Other taxation and social security	510,329	538,108
Obligations under finance lease and hire purchase contracts	490,310	298,060
Other creditors	114,898	113,730
Accruals and deferred income	117,488	118,307
	1,847,533	1,760,420

Obligations under hire purchase contracts are secured over the assets to which they relate.

Page 22

RELAY TECHNICAL TRANSPORT LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

18.	Creditors: Amounts falling due after more than one year
		2025	2024
		£	£

Obligations under finance leases and hire purchase contracts	1,337,873	1,014,705
	1,337,873	1,014,705

Obligations under hire purchase contracts are secured over the assets to which they relate.

Within one year	490,310	298,060
Between 1-5 years	1,337,873	1,014,705
	1,828,183	1,312,765

Page 23

RELAY TECHNICAL TRANSPORT LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

20.	Deferred taxation

		2025
		£

	At beginning of year	161,101
	Charged to the Statement of comprehensive income	101,536
	At end of year	262,637

The provision for deferred taxation is made up as follows:
	2025	2024
	£	£

Accelerated capital allowances	416,776	284,559
Tax losses carried forward	(150,303)	(119,622)
Pension surplus	(3,836)	(3,836)
	262,637	161,101

21.	Provisions

		Other Provision
		£

	At 1 April 2024	451,000
	At 31 March 2025	451,000

The provision for dilapidation represents the estimated cost of fulfilling the company's obligation to the landlord on expiration of the lease to restore properties to the same conditions as they were at the start of the lease.

22.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

5,900 Ordinary shares of £1 each	5,900	5,900

Page 24

RELAY TECHNICAL TRANSPORT LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

23.

Reserves

Share premium account

Share premium includes excess amount received by a company over the par value of its shares.

Profit and loss account

Profit and loss account includes all current and prior year retained profits and losses.

24.	Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £269,078 (2024 - £259,525). Contributions totalling £29,915 (2024 - £29,919) were payable to the fund at the reporting date and are included in creditors.

Land and buildings
Not later than 1 year	441,102	531,976
Later than 1 year and not later than 5 years	161,750	513,219
	602,852	1,045,195

					2025	2024
					£	£

Other
Not later than 1 year	21,879	25,220
Later than 1 year and not later than 5 years	12,047	19,825
	33,926	45,045

26.	Related party transactions
	The company has taken advantage of the exemption allowed by Financial Reporting Standard 102 not to disclose any transactions with its immediate parent undertaking and other members of the group that are wholly owned.

Page 25

RELAY TECHNICAL TRANSPORT LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

27.	Post balance sheet events

There are no subsequent events that require disclosure or adjustments to the financial statements.

28.	Ultimate parent undertaking and controlling party

The immediate and ultimate parent undertaking of the company is Relay Holdings (UK) Limited, a company incorporated in England and Wales, whose registered office address is 3 Brook Business Centre, Cowley Mill Road, Uxbridge, Middlesex, UB8 2FX.

The smallest and the largest group preparing consolidated accounts is Relay Holdings (UK) Limited. The accounts of Relay Holdings (UK) Limited are available at Companies House, Crown Way, Cardiff, CF14 3UZ.

The company is under control of the Reid family by virtue of their shareholding in the parent undertaking.

Page 26