R W Stewart Limited

	Page
Accountant's Report	1
Balance Sheet	2—3
Notes to the Financial Statements	4—6

Report to the director on the preparation of the unaudited statutory accounts of R W Stewart Limited for the year ended 31 March 2025

In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of R W Stewart Limited for the year ended 31 March 2025 which comprise the Profit and Loss Account, the Balance Sheet and the related notes, from the company's accounting records and from information and explanations you have given to us.

As a practising member of ICAS, we are subject to its ethical and other professional requirements which are detailed at https://www.icas.com/regulation-technical-resources/documents/framework-for-the-preparation-of-accounts-revised-june-2020.

This report is made solely to the director of R W Stewart Limited , as a body, in accordance with the terms of our engagement letter dated . Our work has been undertaken solely to prepare for your approval the accounts of R W Stewart Limited and state those matters that we have agreed to state to the director of R W Stewart Limited , as a body, in this report in accordance with the requirements of the ICAS as detailed at https://www.icas.com/regulation-technical-resources/documents/framework-for-the-preparation-of-accounts-revised-june-2020. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than R W Stewart Limited and its director, as a body, for our work or for this report.

It is your duty to ensure that R W Stewart Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of R W Stewart Limited . You consider that R W Stewart Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of R W Stewart Limited . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

Signed

4 December 2025

Glen Drummond Ltd

Chartered Accountants

Argyll House

Quarrywood Court

Livingston

EH54 6AX

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R W Stewart Limited

Balance Sheet

As At 31 March 2025

Balance Sheet

Registered number: SC412893

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		2,250,943		1,954,551

			2,250,943		1,954,551
CURRENT ASSETS
Debtors	5	1,207,903		554,365
Cash at bank and in hand		11,792		19,138

		1,219,695		573,503
Creditors: Amounts Falling Due Within One Year	6	(949,888 )		(606,239 )

NET CURRENT ASSETS (LIABILITIES)			269,807		(32,736 )

TOTAL ASSETS LESS CURRENT LIABILITIES			2,520,750		1,921,815

Creditors: Amounts Falling Due After More Than One Year	7		(1,125,824 )		(850,320 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(355,925 )		(265,665 )

NET ASSETS			1,039,001		805,830

CAPITAL AND RESERVES
Called up share capital	10		2		2
Profit and Loss Account			1,038,999		805,828

SHAREHOLDERS' FUNDS			1,039,001		805,830

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R W Stewart Limited

Balance Sheet (continued)

As At 31 March 2025

For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

Mr A Stewart

Director

4 December 2025

The notes on pages 4 to 6 form part of these financial statements.

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R W Stewart Limited

Notes to the Financial Statements

For The Year Ended 31 March 2025

Notes to the Financial Statements

1. General Information

R W Stewart Limited is a private company, limited by shares, incorporated in Scotland, registered number SC412893 . The registered office is Drumavon Farm, Linlithgow, West Lothian, EH49 7PU.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Going Concern Disclosure

The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.

2.3. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from that of freight transport supplied by the company. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold	5% reducing balance
Plant & Machinery	25% reducing balance
Motor Vehicles	25% reducing balance

2.5. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts 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 the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

2.6. Financial Instruments

Basic financial instruments are initially recognised at transaction price, including transaction costs, and subsequently measured at amortised cost using the effective interest method, where applicable. These can include trade and other debtors, cash and bank balances, trade and other creditors, and intercompany balances. Financial assets are assessed at the end of each reporting period for evidence of impairment and adjusted if necessary. The company does not hold or issue any complex financial instruments such as derivatives.

2.7. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

...CONTINUED

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R W Stewart Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.7. Taxation - continued

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 1 (2024: 1)

4. Tangible Assets

	Land & Property
	Freehold	Plant & Machinery	Motor Vehicles	Total
	£	£	£	£
Cost
As at 1 April 2024	531,984	2,029,741	45,000	2,606,725
Additions	68,566	871,495	-	940,061
Disposals	-	(750,773 )	(45,000 )	(795,773 )

As at 31 March 2025	600,550	2,150,463	-	2,751,013

Depreciation
As at 1 April 2024	65,873	564,504	21,797	652,174
Provided during the period	29,456	149,474	967	179,897
Disposals	-	(309,237 )	(22,764 )	(332,001 )

As at 31 March 2025	95,329	404,741	-	500,070

Net Book Value
As at 31 March 2025	505,221	1,745,722	-	2,250,943

As at 1 April 2024	466,111	1,465,237	23,203	1,954,551

5. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	992,616	554,365
Other debtors	215,287	-

	1,207,903	554,365

6. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	462,975	375,885
Trade creditors	2	3,400
Bank loans and overdrafts	12,393	20,000
Other creditors	473,609	171,019
Taxation and social security	909	35,935

	949,888	606,239

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R W Stewart Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

7. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	1,125,824	795,864
Bank loans	-	54,456

	1,125,824	850,320

8. Secured Creditors

Of the creditors the following amounts are secured.

The bank loan is supported by a 100% guarantee from the UK Government.

The finance lease/hire purchase liabilities are secured over the assets concerned.

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	1,588,799	1,266,549
Bank loans and overdrafts	2,109	74,456

9. Obligations Under Finance Leases and Hire Purchase

	2025	2024
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	462,975	375,885
Later than one year and not later than five years	1,125,824	795,864

	1,588,799	1,171,749

	1,588,799	1,171,749

10. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	2	2

11. Related Party Transactions

The company operates a loan account with the director, Mr A Stewart.

During the year, the company repaid loans totalling £21,736 to the director. At the year end, the balance due to the director was £40,030 (2024: £61,767). This loan is unsecured, interest free and has no fixed repayment terms.

The company operates a loan account with R W Stewart, a partnership controlled by A Stewart.

During the year, the company sold goods and services totalling £25,794 (2024: £327,251) to R W Stewart. This was conducted under normal commercial terms. During the year, the company received loans totalling £195,812 from R W Stewart. At the year end, the balance due from R W Stewart was £137,320 (2024: £58,492). This loan is unsecured, interest free and has no fixed repayment terms.

The company operates a loan account with RWS Haulage Ltd, a company controlled by A Stewart.

During the year, the company sold goods and services totalling £359,375 (2024: £NIL) to RWS Haulage Ltd. This was conducted under normal commercial terms. During the year, the company advanced loans totalling £341,345 to RWS Haulage Ltd. At the year end, the balance due from RWS Haulage Ltd was £341,345 (2024L: £NIL). This loan is unsecured, interest free and has no fixed repayment terms.

The company operates a loan account with George Stewart & Sons, a sole trade controlled by A Stewart.

During the year, the company advanced loans totalling £92,234 to George Stewart & Sons. At the year end, the balance due from George Stewart & Sons was £92,234 (2024: £NIL). This loan is unsecured, interest free and has no fixed repayment terms.

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