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Registered number: 07528982 COYLE EQUIPMENT SERVICES LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
COYLE EQUIPMENT SERVICES LIMITED COMPANY INFORMATION
Director | W B Coyle
Registered number | 07528982
Registered office | Unit 1 Canal Wharf
| Horsenden Lane North
| Greenford
| Middlesex
| UB6 7PH
Independent auditors | Barnes Roffe Audit Limited
| Chartered Accountants & Statutory Auditors
| 3 Brook Business Centre
| Cowley Mill Road
| Uxbridge
| Middlesex
| UB8 2FX
COYLE EQUIPMENT SERVICES LIMITED CONTENTS
| Page
Strategic report | 1 - 2
Director's report | 3 - 4
Independent auditors' report | 5 - 9
Statement of comprehensive income | 10
Statement of financial position | 11
Statement of changes in equity | 12
Notes to the financial statements | 13 - 31
COYLE EQUIPMENT SERVICES LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 JULY 2025
Introduction
The director presents his Strategic report together with the audited financial statements for the year ended 31 July 2025. The Company specialises in the repair of machinery and equipment and renting and leasing of construction and civil engineering machinery and equipment.
Business review
Coyle Equipment Services Limited specialises in the sale, service and hire of hydraulic attachments. It has become the main dealer for many products such as Epiroc, OKB Attachments, Dawson Sheet Piling Hammers, Auger and Innovex. The Company sees itself as a national supplier and has opened 2 additional depots in the UK in the last 3 years. The Company now has 3 depots: London, Birmingham and Bristol, enabling it to expand geographically and reach more customers in the UK. The Company also has a website which provides information on all its services. The Company prides itself on its outstanding servicing and repair solutions and in-house workshops, which enable it to provide customers with a convenient and reliable source of supply for their requirements. The Company can complete repairs and resolve breakdowns in the quickest time to minimise disruption and downtime. Coyle Equipment Services has one of the largest excavator attachments hire fleets in the UK. We have many attachments to suit every application. All attachments are available with a nationwide Deliver and Fit service. We are constantly adding to our hire fleet to enable us to meet more customer demand. Trading activity has increased in the year, with turnover increasing from £13,437,704 in 2024 to £14,768,464 in 2025. Net profit for the year increased from £1,934,500 in 2024 to £1,953,723 in 2025. The Company’s firm commitment to provide customers with an exceptional, personal, unique and quick service has enabled us to enhance our brand image and achieve strong organic growth through word of mouth and existing client referrals.
Principal risks and uncertainties
The growth of the business and the execution of the Company’s strategy are subject to a number of risks. Many of these risks are common in other companies. Careful risk management is fundamental to the ability of the business to execute its strategic objectives. These risks are discussed below. Credit risk The Company has no significant concentration of credit risk, with the exposure spread over many customers. All customers who trade on credit terms go through a credit vetting process and have a certain credit limit applied. In addition, all receivable balances are monitored daily reducing the exposure to bad debts. Liquidity risk Liquidity risk is managed by continuous monitoring of cashflow ensuring that income streams are maintained, and working capital is available to pay liabilities as they fall due. Page 1
COYLE EQUIPMENT SERVICES LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025
Financial key performance indicators
The director monitors the progress of the Company with reference to the following financial key performance indicators - The Company's gross profit margin was 62.5% (2024 - 59.1%) The Company's net profit margin was 13.2% (2024 - 14.4%) The Company had net assets of £10,444,003 (2024 - £9,990,280) This report was approved by the board on 23 January 2026 and signed on its behalf.
W B Coyle Director
Page 2
COYLE EQUIPMENT SERVICES LIMITED DIRECTOR'S REPORT FOR THE YEAR ENDED 31 JULY 2025 The director presents his report and the financial statements for the year ended 31 July 2025.
Director's responsibilities statement
The director is responsible for preparing the Strategic report, the Director's report and the financial statements in accordance with applicable law and regulations. Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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.
Results and dividends
The profit for the year, after taxation, amounted to £1,953,723 (2024 - £1,934,500). Dividends of £1,500,000 (2024 - £2,000,000) were paid during the year.
Director
The director who served during the year was:
W B Coyle
Disclosure of information to auditors
The director at the time when this Director's report is approved has confirmed that: ∙so far as he is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙he 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. Page 3
COYLE EQUIPMENT SERVICES LIMITED DIRECTOR'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025
Auditors
Before 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 director under s485 Companies Act 2006. This report was approved by the board on 23 January 2026 and signed on its behalf.
W B Coyle Director
Page 4
COYLE EQUIPMENT SERVICES LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COYLE EQUIPMENT SERVICES LIMITED
Opinion
We have audited the financial statements of Coyle Equipment Services Limited (the 'Company') for the year ended 31 July 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 July 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 director's 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 director with respect to going concern are described in the relevant sections of this report. Page 5
COYLE EQUIPMENT SERVICES LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COYLE EQUIPMENT SERVICES LIMITED (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 director is 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 Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic report and the Director's 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 Director's 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 director's remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit. Page 6
COYLE EQUIPMENT SERVICES LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COYLE EQUIPMENT SERVICES LIMITED (CONTINUED)
Responsibilities of the director
As explained more fully in the Director's responsibilities statement set out on page 3, the director is 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 director determines 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 director is 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 director either intends to liquidate the Company or to cease operations, or has 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: ∙We identified the laws and regulations applicable to the company through discussion with the director 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: °Companies Act 2006. °FRS102. °Employment legislation. °Tax legislation. °Health and Safety at Work Act 1974. ∙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 noncompliance throughout the audit. Page 7
COYLE EQUIPMENT SERVICES LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COYLE EQUIPMENT SERVICES LIMITED (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. Page 8
COYLE EQUIPMENT SERVICES LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COYLE EQUIPMENT SERVICES LIMITED (CONTINUED)
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. Simon Carr (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 26 January 2026 Page 9
COYLE EQUIPMENT SERVICES LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 JULY 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 14,768,464 | 13,437,704
Cost of sales |  | (5,541,725) | (5,499,421)
Gross profit |  | 9,226,739 | 7,938,283
Administrative expenses |  | (6,798,489) | (5,519,350)
Operating profit | 5 | 2,428,250 | 2,418,933
Interest receivable and similar income | 9 | 61,178 | 89,966
Interest payable and similar expenses | 10 | (14,296) | (70,030)
Profit before tax |  | 2,475,132 | 2,438,869
Tax on profit | 11 | (521,409) | (504,369)
Profit for the financial year |  | 1,953,723 | 1,934,500
Total comprehensive income for the year |  | 1,953,723 | 1,934,500
The notes on pages 13 to 31 form part of these financial statements.
Page 10
COYLE EQUIPMENT SERVICES LIMITED REGISTERED NUMBER: 07528982 STATEMENT OF FINANCIAL POSITION AS AT 31 JULY 2025
|  | 2025 |  | 2024
Note | £ | £ | £ | £
Fixed assets |  |  |  |  |
Tangible assets | 13 |  | 6,427,910 |  | 6,075,571
|  |  | 6,427,910 |  | 6,075,571
Current assets |  |  |  |  |
Stocks | 14 | 1,957,548 |  | 1,955,319 |
Debtors: amounts falling due within one year | 15 | 4,994,719 |  | 4,107,457 |
Cash at bank and in hand | 16 | 3,059,333 |  | 3,607,734 |
|  | 10,011,600 |  | 9,670,510 |
Creditors: amounts falling due within one year | 17 | (5,576,943) |  | (4,972,066) |
Net current assets |  |  | 4,434,657 |  | 4,698,444
Total assets less current liabilities |  |  | 10,862,567 |  | 10,774,015
Creditors: amounts falling due after more than one year | 18 |  | - |  | (360,385)
Provisions for liabilities |  |  |  |  |
Deferred tax | 22 |  | (418,564) |  | (423,350)
Net assets |  |  | 10,444,003 |  | 9,990,280
Capital and reserves |  |  |  |  |
Called up share capital | 23 |  | 4 |  | 4
Profit and loss account | 24 |  | 10,443,999 |  | 9,990,276
|  |  | 10,444,003 |  | 9,990,280
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 January 2026.
W B Coyle
Director
The notes on pages 13 to 31 form part of these financial statements. Page 11
COYLE EQUIPMENT SERVICES LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 JULY 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 August 2024 | 4 | 9,990,276 | 9,990,280
Comprehensive income for the year |  |  |
Profit for the year | - | 1,953,723 | 1,953,723
Total comprehensive income for the year | - | 1,953,723 | 1,953,723
Dividends: Equity capital | - | (1,500,000) | (1,500,000)
At 31 July 2025 | 4 | 10,443,999 | 10,444,003
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 JULY 2024
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 August 2023 | 4 | 10,055,776 | 10,055,780
Comprehensive income for the year |  |  |
Profit for the year | - | 1,934,500 | 1,934,500
Total comprehensive income for the year | - | 1,934,500 | 1,934,500
Contributions by and distributions to owners |  |  |
Dividends: Equity capital | - | (2,000,000) | (2,000,000)
At 31 July 2024 | 4 | 9,990,276 | 9,990,280
| The notes on pages 13 to 31 form part of these financial statements.
Page 12
COYLE EQUIPMENT SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
1. | General information
Coyle Equipment Services Limited is a company limited by shares, incorporated in England and Wales. The address of the registered office is Unit 1 Canal Wharf, Horsenden Lane North, Greenford, Middlesex, UB6 7PH. The Company specialises in the repair of machinery and equipment, and renting, leasing, and selling of construction and civil engineering machinery and equipment. 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). This information is included in the consolidated financial statements of Canal Wharf Holdings Limited as at 31 July 2025 and these financial statements may be obtained from Companies House. Page 13
COYLE EQUIPMENT SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 2.Accounting policies (continued)
| 2.3 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each year end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at year end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of comprehensive income except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of comprehensive income within 'other operating income'.
| 2.4 | 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: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. Page 14
COYLE EQUIPMENT SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 2.Accounting policies (continued)
| 2.4 | Revenue (continued)
Rendering of services Revenue from a contract to provide services is recognised in the period 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 end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably. Rentals received under operating leases are credited to the Statement of comprehensive income on a straight line basis over the lease term. Revenue recognised in respect of hire of equipment is recognised over the length of the respective lease term. Revenue recognised in respect of ancillary services is recognised as services are provided to customers.
| 2.5 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to the Statement of comprehensive income 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.
| 2.6 | Interest income
Interest income is recognised in the Statement of comprehensive income using the effective interest method.
| 2.7 | 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.
| 2.8 | Borrowing costs
All borrowing costs are recognised in the Statement of comprehensive income in the year in which they are incurred. Page 15
COYLE EQUIPMENT SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 2.Accounting policies (continued)
| 2.9 | 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.
| 2.10 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss 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.
| 2.11 | 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. Page 16
COYLE EQUIPMENT SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 2.Accounting policies (continued)
| 2.11 | Tangible fixed assets (continued)
Depreciation is provided on the following basis:
|  |  |  | Freehold property | - | 2% on cost
|  |  |  | Plant and machinery | - | 25% on cost
|  |  |  | Motor vehicles | - | 25% on cost
|  |  |  | Fixtures and fittings | - | 25% on cost
|  |  |  | Office equipment | - | 25% on cost
Land is not depreciated. 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.
| 2.12 | 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 weighted average basis. 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 Statement of comprehensive income.
| 2.13 | 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.
| 2.14 | 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.
| 2.15 | Creditors
Short-term 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. Page 17
COYLE EQUIPMENT SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 2.Accounting policies (continued)
| 2.16 | Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to the Statement of comprehensive income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of financial position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of financial position.
| 2.17 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Other financial assets Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the Page 18
COYLE EQUIPMENT SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 2.Accounting policies (continued)
| 2.17 | Financial instruments (continued)
asset’s original effective interest rate. The impairment loss is recognised in profit or loss. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Basic financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled. Page 19
COYLE EQUIPMENT SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 2.Accounting policies (continued)
| 2.18 | 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.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
In preparing these financial statements, the director has had to make judgments in applying the above accounting policies. Those with the most significant effect on the amounts recognised in the financial statements are as follows: ∙Determine whether trade debtors are recoverable. Factors taken into consideration include credit insurance and expected recovery. ∙Determine whether there are indicators of impairment of the Company's stock. Factors taken into consideration in reaching such a decision include the ageing of unsold stock and expected future realisability of the stock. ∙Determine the useful economic life of fixed assets. Factors taken into consideration include industry standards and experience in the use of fixed assets in the past. There are no other key sources of estimation uncertainty.
4. | Turnover
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Sale of equipment | 3,742,026 | 3,291,094
| Hire of equipment | 10,807,921 | 9,981,819
| Ancillary services | 218,517 | 164,791
|  | 14,768,464 | 13,437,704
| All turnover arose within the United Kingdom.
Page 20
COYLE EQUIPMENT SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
5. | Operating profit
| The operating profit is stated after charging/(crediting):
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on sale of tangible assets | (597,077) | (237,294)
| Exchange differences | 1,661 | 3,711
| Other operating lease rentals | 210,492 | 305,550
| Depreciation | 2,541,468 | 1,802,555
6. | Auditors' remuneration
| During the year, the Company obtained the following services from the Company's auditors:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 15,140 | 14,700
7. | Employees
| Staff costs, including director's remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 2,096,842 | 1,608,850
| Social security costs | 245,071 | 167,658
| Cost of defined contribution scheme | 45,727 | 33,982
|  | 2,387,640 | 1,810,490
| The average monthly number of employees, including the director, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  |  | 54 | 42
Page 21
COYLE EQUIPMENT SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
8. | Director's remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Director's emoluments | 12,492 | 28,000
|  | 12,492 | 28,000
| During the year retirement benefits were accruing to no director (2024 - Nil) in respect of defined contribution pension schemes.
9. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 61,178 | 89,966
|  | 61,178 | 89,966
10. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | 11,058 | 12,741
| Hire purchase interest payable | 3,238 | 5,765
| Other interest | - | 51,524
|  | 14,296 | 70,030
Page 22
COYLE EQUIPMENT SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
11. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 690,837 | 649,371
| Adjustments in respect of previous periods | (164,642) | (90,242)
|  | 526,195 | 559,129
| Total current tax | 526,195 | 559,129
| Deferred tax |  |
| Origination and reversal of timing differences | (4,786) | (54,760)
| Total deferred tax | (4,786) | (54,760)
| Tax on profit | 521,409 | 504,369
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 2,475,132 | 2,438,869
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 618,783 | 609,717
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 30,919 | 13,044
| Capital allowances for year differing from depreciation | 37,436 | (28,350)
| Adjustments to tax charge in respect of prior periods | (164,642) | (90,242)
| Other timing differences | 118 | 200
| Group relief | (1,205) | -
| Total tax charge for the year | 521,409 | 504,369
Page 23
COYLE EQUIPMENT SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
12. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Dividend paid | 1,500,000 | 2,000,000
|  | 1,500,000 | 2,000,000
Page 24
COYLE EQUIPMENT SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
13. | Tangible fixed assets
|  | Freehold property | Plant and machinery | Motor vehicles | Fixtures and fittings | Office equipment | Total
|  | £ | £ | £ | £ | £ | £
| Cost |  |  |  |  |  |
| At 1 August 2024 | 1,972,317 | 10,813,917 | 1,733,184 | 113,807 | 36,338 | 14,669,563
| Additions | 64,491 | 2,521,541 | 615,877 | 38,715 | 7,531 | 3,248,155
| Disposals | - | (1,284,769) | (406,130) | (6,399) | - | (1,697,298)
| At 31 July 2025 | 2,036,808 | 12,050,689 | 1,942,931 | 146,123 | 43,869 | 16,220,420
| Depreciation |  |  |  |  |  |
| At 1 August 2024 | - | 7,488,165 | 1,021,527 | 65,122 | 19,178 | 8,593,992
| Charge for the year on owned assets | 267,097 | 1,842,132 | 312,196 | 25,210 | 5,981 | 2,452,616
| Charge for the year on financed assets | - | - | 88,852 | - | - | 88,852
| Disposals | - | (975,657) | (367,293) | - | - | (1,342,950)
| At 31 July 2025 | 267,097 | 8,354,640 | 1,055,282 | 90,332 | 25,159 | 9,792,510
| Net book value |  |  |  |  |  |
| At 31 July 2025 | 1,769,711 | 3,696,049 | 887,649 | 55,791 | 18,710 | 6,427,910
| At 31 July 2024 | 1,972,317 | 3,325,752 | 711,657 | 48,685 | 17,160 | 6,075,571
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Motor vehicles | 59,419 | 157,072
|  | 59,419 | 157,072
Page 25
COYLE EQUIPMENT SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
14. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Finished goods and goods for resale | 1,957,548 | 1,955,319
|  | 1,957,548 | 1,955,319
15. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 3,662,268 | 3,004,479
| Amounts owed by group undertakings | 4,130 | -
| Amounts owed by related undertakings | 1,055,369 | 699,694
| Other debtors | 1,000 | 2,800
| Prepayments and accrued income | 271,952 | 400,484
|  | 4,994,719 | 4,107,457
16. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 3,059,333 | 3,607,734
|  | 3,059,333 | 3,607,734
Page 26
COYLE EQUIPMENT SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
17. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 341,845 | 57,674
| Trade creditors | 807,973 | 1,057,575
| Amounts owed to group undertakings | 3,617,062 | 2,072,215
| Corporation tax | 122,227 | 899,947
| Other taxation and social security | 154,952 | 400,925
| Obligations under finance lease and hire purchase contracts | 19,646 | 27,273
| Other creditors | 454,330 | 84,689
| Accruals and deferred income | 58,908 | 371,768
|  | 5,576,943 | 4,972,066
| The loan is secured by a legal charge over the Company's property.
18. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | - | 340,739
| Net obligations under finance leases and hire purchase contracts | - | 19,646
|  | - | 360,385
| The loan is secured by a legal charge over the Company's property.
Page 27
COYLE EQUIPMENT SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
19. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Bank loans | 341,845 | 57,674
|  | 341,845 | 57,674
| Amounts falling due 1-2 years |  |
| Bank loans | - | 340,739
|  | - | 340,739
|  | 341,845 | 398,413
| The loan is secured by a legal charge over the Company's property.
20. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Within one year | 19,646 | 27,273
| Between 1-5 years | - | 19,646
|  | 19,646 | 46,919
| The agreements are secured against the assets to which they relate.
Page 28
COYLE EQUIPMENT SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
21. | Financial instruments
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Financial assets |  |
| Financial assets that are debt instruments measured at amortised cost | 4,722,767 | 3,706,973
| Financial liabilities |  |
| Financial liabilities measured at amortised cost | 5,240,856 | 3,659,811
| Financial assets measured at amortised cost comprise trade debtors, other debtors, amounts owed by group undertakings and amounts owed by related undertakings. Financial liabilities measured at amortised cost comprise bank loans, amounts owed to group undertakings, obligations under finance lease and hire purchase contracts, other creditors and trade creditors.
22. | Deferred taxation
|  | 2025 | 2024
|  | £ | £
| At beginning of year | 423,350 | 478,110
| Credited to the Statement of comprehensive income | (4,786) | (54,760)
| At end of year | 418,564 | 423,350
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | 418,564 | 423,350
|  | 418,564 | 423,350
Page 29
COYLE EQUIPMENT SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
23. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 4 Ordinary shares of £1 each | 4 | 4
24. | Reserves
Profit and loss account Profit and loss account includes all current and prior year profit and losses.
25. | 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 £45,727 (2024 - £33,982). Contributions totalling £8,418 (2024 - £7,287) were payable to the fund at the reporting date and are included in creditors.
26. | Transactions with the director
At the year end, the Company owed £434,684 (2024 - £75,288) to the director.
27. | Related party transactions
| The Company is exempt from disclosing transactions with its parent company, and other wholly owned group subsidiaries, under FRS102, as it is itself a wholly owned subsidiary. At the year end an amount of £1,055,369 (2024 - £699,694) was due from a company under common control.
28. | Post balance sheet events
There have been no significant events affecting the Company since the year end. Page 30
COYLE EQUIPMENT SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
29. | Ultimate parent undertaking and controlling part
The immediate and ultimate parent undertaking is Canal Wharf Holdings Ltd, a company incorporated in England and Wales. This is the smallest and largest group in which the results of the Company are consolidated. The ultimate controlling party is the director by virtue of his majority shareholding in Canal Wharf Holdings Ltd. Consolidated accounts for Canal Wharf Holdings Ltd, registered office is Unit 1 Canal Wharf, Horsenden Lane North, Greenford, Middlesex, England, UB6 7PH, are available at Companies House, Crown Way, Cardiff, CF14 3UZ.
Page 31