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REGISTERED NUMBER: 06972530 (England and Wales)

| LES SMITH HAULAGE LIMITED |

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |

| AUDITED FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31ST JULY 2025 |

LES SMITH HAULAGE LIMITED (REGISTERED NUMBER: 06972530) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST JULY 2025

| Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Report of the Directors | 3 |

| Report of the Independent Auditors | 4 |  | to |  | 6

| Statement of Income and Retained Earnings | 7 |

| Statement of Financial Position | 8 |

| Statement of Cash Flows | 9 |

| Notes to the Statement of Cash Flows | 10 |

| Notes to the Financial Statements | 11 |  | to |  | 19

| LES SMITH HAULAGE LIMITED |

COMPANY INFORMATION

FOR THE YEAR ENDED 31ST JULY 2025

| DIRECTORS: | Mr A L Smith

| Mr D B Smith

| Mr N L Smith

| REGISTERED OFFICE: | Kelvin Road

| Greenbridge Industrial Estate

| SWINDON

| Wiltshire

| SN3 3JW

| REGISTERED NUMBER: | 06972530 (England and Wales)

| AUDITORS: | Sumer Audit

| Hermes House

| Fire Fly Avenue

| SWINDON

| Wiltshire

| SN2 2GA

| BANKERS: | HSBC Bank Plc

| 1 Marlborough Road

| SWINDON

| Wiltshire

| SN3 1QN

LES SMITH HAULAGE LIMITED (REGISTERED NUMBER: 06972530) |

STRATEGIC REPORT

FOR THE YEAR ENDED 31ST JULY 2025

The directors present their strategic report for the year ended 31st July 2025.

REVIEW OF BUSINESS

The directors are pleased with the results the company is reporting for the year, turnover increased in the year from £8,570,118 to £9,661,382 and profit before tax has increased from £96,313 to £524,813.

Over the past 12 months the company continued to invest in their fleet of vehicles and their work force in order to achieve their financial targets and other objectives of the directors. The directors are particularly pleased in meeting their annual sales target despite the ongoing economic challenges.

In November 2021, the company purchased freehold land and buildings known as 2 Pavilion, Stirling Road, South Marston, Swindon for a consideration of £1.2 million. The property has been developed as a further trading site for the company and is facilitating further expansion and cost saving. The acquisition was funded via a secured, 15 year term, bank loan of £1.1 million with development costs being funded from existing cash reserves and a further bank loan advance of £1.32 million. The site became operational in March 2024. During the financial year the site became fully utilised which has contributed to the increase in turnover, gross profit and profit after tax.

PRINCIPAL RISKS AND UNCERTAINTIES

Increase in fuel prices, labour shortages and increase in the cost of labour have the potential to impact the business. The directors continue to monitor costs on a regular basis and have worked hard to ensure they have the right amount of labour in the company.

KEY PERFORMANCE INDICATORS

The directors use the following key performance indicators (KPI's) in reviewing business performance:

Turnover - £9,661,382 (2024: £8,570,118)

Gross profit - £2,323,678 (2024: £1,769,425)

Gross profit margin - 24.1% (2024: 20.7%)

The company prepare and review financial information and management accounts on a regular basis.

The directors believe the company is in a strong position at the year end.

ON BEHALF OF THE BOARD:

Mr A L Smith - Director

3rd March 2026

LES SMITH HAULAGE LIMITED (REGISTERED NUMBER: 06972530) |

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31ST JULY 2025

The directors present their report with the financial statements of the company for the year ended 31st July 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of transport and haulier services.

DIVIDENDS

No dividends will be distributed for the year ended 31st July 2025.

DIRECTORS

The directors shown below have held office during the whole of the period from 1st August 2024 to the date of this report.

Mr A L Smith

Mr D B Smith

Mr N L Smith

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and 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 and then apply them consistently;

- | make judgements and accounting estimates that are reasonable and prudent;

- | 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 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Sumer Audit, will not be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr A L Smith - Director

3rd March 2026

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

LES SMITH HAULAGE LIMITED

Opinion

We have audited the financial statements of Les Smith Haulage Limited (the 'company') for the year ended 31st July 2025 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- | give a true and fair view of the state of the company's affairs as at 31st 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 UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

LES SMITH HAULAGE LIMITED

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 Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

- | adequate accounting records have not been kept, 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.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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 a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to employment law and company legislation and we considered the extent to which non-compliance might have a material effect on the financial statements of the company. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and Corporation Tax Act 2010. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or reduce expenditure, and management bias in accounting estimates and judgemental areas of the financial statements. Audit procedures performed by the audit engagement team included:

-Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;

-Understanding of management's internal controls designed to prevent and detect irregularities, and fraud;

-Reviewing the company's legal costs to check for non-compliance with laws and regulations and fraud;

-Review of tax compliance;

-Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing;

-Testing transactions entered into outside of the normal course of the company's business; and

-Identifying and testing journal entries, in particular any journal entries with fraud characteristics such as journals with round numbers.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

LES SMITH HAULAGE LIMITED

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

David Iain Black (Senior Statutory Auditor)

for and on behalf of Sumer Audit

Hermes House

Fire Fly Avenue

SWINDON

Wiltshire

SN2 2GA

9th March 2026

LES SMITH HAULAGE LIMITED (REGISTERED NUMBER: 06972530) |

STATEMENT OF INCOME AND

RETAINED EARNINGS

FOR THE YEAR ENDED 31ST JULY 2025

| 2025 |  | 2024

| Notes | £ | £ |

TURNOVER | 3 | 9,661,382 |  | 8,570,118 |  |

Cost of sales | 7,337,704 |  | 6,800,693 |  |

GROSS PROFIT | 2,323,678 |  | 1,769,425 |  |

Administrative expenses | 1,512,474 |  | 1,414,360 |  |

811,204 |  | 355,065 |  |

Other operating income | 1,139 |  | 4,305 |  |

OPERATING PROFIT | 5 | 812,343 |  | 359,370 |  |

Interest receivable and similar income | 103 |  | 2,269 |  |

812,446 |  | 361,639 |  |

Interest payable and similar expenses | 6 | 287,633 |  | 265,326 |  |

PROFIT BEFORE TAXATION | 524,813 |  | 96,313 |  |

Tax on profit | 7 | 146,873 |  | 45,455 |  |

PROFIT FOR THE FINANCIAL YEAR | 377,940 |  | 50,858 |  |

Retained earnings at beginning of year | 4,165,312 |  | 4,114,454 |  |

RETAINED EARNINGS AT END OF YEAR | 4,543,252 |  | 4,165,312 |  |

LES SMITH HAULAGE LIMITED (REGISTERED NUMBER: 06972530) |

STATEMENT OF FINANCIAL POSITION

31ST JULY 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 8 | - |  | - |  |

Tangible assets | 9 | 7,669,037 |  | 7,973,211 |  |

7,669,037 |  | 7,973,211 |  |

CURRENT ASSETS

Stocks | 10 | 26,092 |  | 21,976 |  |

Debtors | 11 | 1,950,172 |  | 1,840,157 |  |

Cash at bank | 849,886 |  | 452,195 |  |

2,826,150 |  | 2,314,328 |  |

CREDITORS

Amounts falling due within one year | 12 | 2,415,747 |  | 1,943,848 |  |

NET CURRENT ASSETS | 410,403 |  | 370,480 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 8,079,440 |  | 8,343,691 |  |

CREDITORS

Amounts falling due after more than one year | 13 | (3,070,710 | ) | (3,750,691 | ) |

PROVISIONS FOR LIABILITIES | 17 | (465,378 | ) | (427,588 | ) |

NET ASSETS | 4,543,352 |  | 4,165,412 |  |

CAPITAL AND RESERVES

Called up share capital | 18 | 100 |  | 100 |  |

Retained earnings | 19 | 4,543,252 |  | 4,165,312 |  |

SHAREHOLDERS' FUNDS | 4,543,352 |  | 4,165,412 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 3rd March 2026 and were signed on its behalf by:

Mr A L Smith - Director

LES SMITH HAULAGE LIMITED (REGISTERED NUMBER: 06972530) |

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31ST JULY 2025

| 2025 |  | 2024

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 1,376,347 |  | 569,888 |  |

Interest paid | (242,025 | ) | (240,724 | ) |

Interest element of hire purchase and finance lease rental payments paid | (45,608 | ) | (24,602 | ) |

Tax paid | 77,166 |  | (102,629 | ) |

Net cash from operating activities | 1,165,880 |  | 201,933 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (141,373 | ) | (1,359,874 | ) |

Sale of tangible fixed assets | 26,901 |  | 18,163 |  |

Interest received | 103 |  | 2,269 |  |

Net cash from investing activities | (114,369 | ) | (1,339,442 | ) |

Cash flows from financing activities

New loans in year | 8,200 |  | 1,311,800 |  |

Loan repayments in year | (335,020 | ) | (172,921 | ) |

Capital repayments in year | (327,000 | ) | (216,170 | ) |

Net cash from financing activities | (653,820 | ) | 922,709 |  |

Increase/(decrease) in cash and cash equivalents | 397,691 |  | (214,800 | ) |

Cash and cash equivalents at beginning of year | 2 | 452,195 |  | 666,995 |  |

Cash and cash equivalents at end of year | 2 | 849,886 |  | 452,195 |  |

LES SMITH HAULAGE LIMITED (REGISTERED NUMBER: 06972530) |

NOTES TO THE STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31ST JULY 2025

1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 2025 |  | 2024

£ | £ |

| Profit before taxation | 524,813 |  | 96,313 |  |

| Depreciation charges | 521,683 |  | 409,916 |  |

| Loss on disposal of fixed assets | 76,353 |  | 55,923 |  |

| Finance costs | 287,633 |  | 265,326 |  |

| Finance income | (103 | ) | (2,269 | ) |

1,410,379 |  | 825,209 |  |

| (Increase)/decrease in stocks | (4,116 | ) | 12,994 |  |

| Increase in trade and other debtors | (110,015 | ) | (132,305 | ) |

| Increase/(decrease) in trade and other creditors | 80,099 |  | (136,010 | ) |

| Cash generated from operations | 1,376,347 |  | 569,888 |  |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

| Year ended 31st July 2025

| 31.7.25 |  | 1.8.24

£ | £ |

| Cash and cash equivalents | 849,886 |  | 452,195 |  |

| Year ended 31st July 2024

| 31.7.24 |  | 1.8.23

£ | £ |

| Cash and cash equivalents | 452,195 |  | 666,995 |  |

3. | ANALYSIS OF CHANGES IN NET DEBT

| Other |

| non-cash |

| At 1.8.24 | Cash flow | changes | At 31.7.25

£ | £ | £ | £ |

| Net cash |

| Cash at bank

| and in hand | 452,195 |  | 397,691 |  | 849,886 |  |

452,195 |  | 397,691 |  | 849,886 |  |

| Debt

| Hire purchase and

| finance leases | (736,373 | ) | 327,000 |  | (179,390 | ) | (588,763 | ) |

| Debts falling due

| within 1 year | (237,862 | ) | (113,836 | ) | - |  | (351,698 | ) |

| Debts falling due

| after 1 year | (3,236,346 | ) | 440,656 |  | - |  | (2,795,690 | ) |

(4,210,581 | ) | 653,820 |  | (179,390 | ) | (3,736,151 | ) |

| Total | (3,758,386 | ) | 1,051,511 |  | (179,390 | ) | (2,886,265 | ) |

LES SMITH HAULAGE LIMITED (REGISTERED NUMBER: 06972530) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST JULY 2025

1. | STATUTORY INFORMATION

| Les Smith Haulage Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address are as below:

| Registered number: 06972530

| Registered office: Kelvin Road, Greenbridge Industrial Estate, Swindon, Wiltshire SN3 3JW

| The presentation currency of the financial statements is the Pound Sterling (£) rounded to the nearest pound.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

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

| Significant judgements and estimates

| In preparing these financial statements, the directors have made the following judgements:

| - Determine whether leases entered into by the company as a lessee are operating leases or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.

| - Determine the period of useful economic life and any residual value of all tangible fixed assets order to write off the value of each asset over that period.

| - Determine an appropriate provision for bad and doubtful debts by assessing the recoverability of all balances on a balance by balance basis.

| Turnover

| Turnover is recognised to the extent that the company obtains the right to consideration in exchange for its performance. Turnover is measured at the fair value of consideration received, excluding discounts, rebates, VAT and other sales taxes or duty.

| Goodwill

| Goodwill, being the amount paid in connection with the acquisition of a business in 2009, is being amortised evenly over its estimated useful life of ten years.

| Intangible assets

| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

| Freehold property | - | 2% - 20% on cost

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

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

| Motor vehicles | - | 25% on reducing balance

| Computer equipment | - | 33% on cost

| Stocks

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

LES SMITH HAULAGE LIMITED (REGISTERED NUMBER: 06972530) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST JULY 2025

2. | ACCOUNTING POLICIES - continued

| Financial instruments

| 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.

| Short term trade creditors are measured at the transaction price. Other financial liabilities, including loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Hire purchase and leasing commitments

| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. | TURNOVER

| The turnover and profit before taxation are attributable to the one principal activity of the company.

| An analysis of turnover by class of business is given below:

| 2025 |  | 2024

£ | £ |

| Haulage | 9,155,816 |  | 8,120,187 |  |

| Storage | 505,566 |  | 449,931 |  |

9,661,382 |  | 8,570,118 |  |

LES SMITH HAULAGE LIMITED (REGISTERED NUMBER: 06972530) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST JULY 2025

4. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 3,247,955 |  | 3,004,043 |  |

| Social security costs | 361,157 |  | 317,343 |  |

| Other pension costs | 62,756 |  | 177,695 |  |

3,671,868 |  | 3,499,081 |  |

| The average number of employees during the year was as follows:

| 2025 |  | 2024

| Staff | 70 |  | 67 |  |

| 2025 |  | 2024

£ | £ |

| Directors' remuneration | 439,115 |  | 413,722 |  |

| Directors' pension contributions to money purchase schemes | 1,766 |  | 123,990 |  |

| The number of directors to whom retirement benefits were accruing was as follows:

| Money purchase schemes | 3 |  | 3 |  |

| Information regarding the highest paid director is as follows:

| 2025 |  | 2024

£ | £ |

| Emoluments etc | 156,059 |  | 180,615 |  |

| Pension contributions to money purchase schemes | 572 |  | 1,330 |  |

5. | OPERATING PROFIT

| The operating profit is stated after charging:

| 2025 |  | 2024

£ | £ |

| Depreciation - owned assets | 323,951 |  | 270,424 |  |

| Depreciation - assets on hire purchase contracts and finance leases | 197,732 |  | 139,493 |  |

| Loss on disposal of fixed assets | 76,353 |  | 55,923 |  |

| Auditors' remuneration | 11,100 |  | 10,500 |  |

| Lease payments recognised as an expense | 540,204 |  | 374,174 |  |

6. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£ | £ |

| Bank loan interest | 242,025 |  | 240,724 |  |

| Hire purchase | 45,608 |  | 24,602 |  |

287,633 |  | 265,326 |  |

LES SMITH HAULAGE LIMITED (REGISTERED NUMBER: 06972530) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST JULY 2025

7. | TAXATION

| Analysis of the tax charge

| The tax charge on the profit for the year was as follows:

| 2025 |  | 2024

£ | £ |

| Current tax:

| UK corporation tax | 109,083 |  | - |  |

| Under/(over) provision | - |  | (166 | ) |

| Total current tax | 109,083 |  | (166 | ) |

| Deferred tax | 37,790 |  | 45,621 |  |

| Tax on profit | 146,873 |  | 45,455 |  |

| UK corporation tax has been charged at 25% .

| Reconciliation of total tax charge included in profit and loss

| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

| 2025 |  | 2024

£ | £ |

| Profit before tax | 524,813 |  | 96,313 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 131,203 |  | 24,078 |  |

| Effects of:

| Expenses not deductible for tax purposes | 13,242 |  | 14,994 |  |

| Capital allowances in excess of depreciation | - |  | (126,919 | ) |

| Adjustments to tax charge in respect of previous periods | - |  | (166 | ) |

| Deferred tax charge | - |  | 133,468 |  |

| Adjustments to deferred tax charge in respect of previous periods | (8,253 | ) | - |  |

| Deferred tax overprovision on losses carried back in respect of previous periods | 10,681 |  | - |  |

| Total tax charge | 146,873 |  | 45,455 |  |

8. | INTANGIBLE FIXED ASSETS

| Goodwill

£ |

| COST

| At 1st August 2024

| and 31st July 2025 | 397,772 |  |

| AMORTISATION

| At 1st August 2024

| and 31st July 2025 | 397,772 |  |

| NET BOOK VALUE

| At 31st July 2025 | - |  |

| At 31st July 2024 | - |  |

LES SMITH HAULAGE LIMITED (REGISTERED NUMBER: 06972530) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST JULY 2025

9. | TANGIBLE FIXED ASSETS

| Fixtures

| Freehold |  | Plant and |  | and

| property |  | machinery |  | fittings

£ | £ | £ |

| COST

| At 1st August 2024 | 6,298,345 |  | 1,629,397 |  | 117,335 |  |

| Additions | 2,200 |  | 209,336 |  | 1,977 |  |

| Disposals | - |  | (245,200 | ) | (8,500 | ) |

| At 31st July 2025 | 6,300,545 |  | 1,593,533 |  | 110,812 |  |

| DEPRECIATION

| At 1st August 2024 | 251,742 |  | 791,381 |  | 42,811 |  |

| Charge for year | 89,109 |  | 148,322 |  | 10,979 |  |

| Eliminated on disposal | - |  | (167,044 | ) | (7,379 | ) |

| At 31st July 2025 | 340,851 |  | 772,659 |  | 46,411 |  |

| NET BOOK VALUE

| At 31st July 2025 | 5,959,694 |  | 820,874 |  | 64,401 |  |

| At 31st July 2024 | 6,046,603 |  | 838,016 |  | 74,524 |  |

| Motor |  | Computer |

| vehicles |  | equipment |  | Totals

£ | £ | £ |

| COST

| At 1st August 2024 | 2,626,339 |  | 48,082 |  | 10,719,498 |  |

| Additions | 102,431 |  | 4,819 |  | 320,763 |  |

| Disposals | (411,295 | ) | (24,231 | ) | (689,226 | ) |

| At 31st July 2025 | 2,317,475 |  | 28,670 |  | 10,351,035 |  |

| DEPRECIATION

| At 1st August 2024 | 1,630,711 |  | 29,642 |  | 2,746,287 |  |

| Charge for year | 264,627 |  | 8,646 |  | 521,683 |  |

| Eliminated on disposal | (387,318 | ) | (24,231 | ) | (585,972 | ) |

| At 31st July 2025 | 1,508,020 |  | 14,057 |  | 2,681,998 |  |

| NET BOOK VALUE

| At 31st July 2025 | 809,455 |  | 14,613 |  | 7,669,037 |  |

| At 31st July 2024 | 995,628 |  | 18,440 |  | 7,973,211 |  |

LES SMITH HAULAGE LIMITED (REGISTERED NUMBER: 06972530) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST JULY 2025

9. | TANGIBLE FIXED ASSETS - continued

| Fixed assets, included in the above, which are held under hire purchase contracts and finance leases are as follows:

| Plant and |  | Motor |

| machinery |  | vehicles |  | Totals

£ | £ | £ |

| COST

| At 1st August 2024 | 167,881 |  | 1,088,320 |  | 1,256,201 |  |

| Additions | 56,473 |  | 102,431 |  | 158,904 |  |

| Transfer to ownership | (26,250 | ) | (366,250 | ) | (392,500 | ) |

| At 31st July 2025 | 198,104 |  | 824,501 |  | 1,022,605 |  |

| DEPRECIATION

| At 1st August 2024 | 34,922 |  | 317,156 |  | 352,078 |  |

| Charge for year | 26,521 |  | 171,211 |  | 197,732 |  |

| Transfer to ownership | (10,128 | ) | (211,738 | ) | (221,866 | ) |

| At 31st July 2025 | 51,315 |  | 276,629 |  | 327,944 |  |

| NET BOOK VALUE

| At 31st July 2025 | 146,789 |  | 547,872 |  | 694,661 |  |

| At 31st July 2024 | 132,959 |  | 771,164 |  | 904,123 |  |

10. | STOCKS

2025 | 2024 |

£ | £ |

| Stocks | 26,092 |  | 21,976 |  |

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

2025 | 2024 |

£ | £ |

| Trade debtors | 1,585,154 |  | 1,473,982 |  |

| Other debtors | 2,883 |  | 2,883 |  |

| Prepayments and accrued income | 362,135 |  | 363,292 |  |

1,950,172 |  | 1,840,157 |  |

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

2025 | 2024 |

£ | £ |

| Bank loans and overdrafts (see note 14) | 351,698 |  | 237,862 |  |

| Hire purchase contracts and finance leases (see note 15) | 313,743 |  | 251,905 |  |

| Trade creditors | 584,383 |  | 539,110 |  |

| Corporation tax | 186,249 |  | - |  |

| Social security and other taxes | 87,596 |  | 79,532 |  |

| VAT | 310,102 |  | 235,367 |  |

| Other creditors | 442,300 |  | 470,681 |  |

| Accruals and deferred income | 139,676 |  | 129,391 |  |

2,415,747 |  | 1,943,848 |  |

LES SMITH HAULAGE LIMITED (REGISTERED NUMBER: 06972530) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST JULY 2025

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

2025 | 2024 |

£ | £ |

| Bank loans (see note 14) | 2,795,690 |  | 3,236,346 |  |

| Hire purchase contracts and finance leases (see note 15) | 275,020 |  | 484,468 |  |

| Trade creditors | - |  | 29,877 |  |

3,070,710 |  | 3,750,691 |  |

| The terms of the hire purchase agreements for the above balance have repayments in equal installments ending between August 2023 and December 2027, at interest rates that vary between 7.82% and 18.5%

14. | LOANS

| An analysis of the maturity of loans is given below:

2025 | 2024 |

£ | £ |

| Amounts falling due within one year or on demand:

| Bank loans | 351,698 |  | 237,862 |  |

| Amounts falling due between one and two years:

| Bank loans - 1-2 years | 367,947 |  | 259,976 |  |

| Amounts falling due between two and five years:

| Bank loans - 2-5 years | 1,008,835 |  | 835,615 |  |

| Amounts falling due in more than five years:

| Repayable by instalments

| Bank loans - more than 5 years | 1,418,908 |  | 2,140,755 |  |

| The terms of the loan agreements for the above balances have repayments in equal installments ending between October 2028 and September 2039, at interest rates that vary between 2.46% above the BOE base rate and 2.5% over the BOE base rate.

15. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Hire purchase contracts |  | Finance leases |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Net obligations repayable:

| Within one year | 276,162 |  | 241,713 |  | 37,581 |  | 10,192 |  |

| Between one and five years | 275,020 |  | 475,124 |  | - |  | 9,344 |  |

551,182 |  | 716,837 |  | 37,581 |  | 19,536 |  |

LES SMITH HAULAGE LIMITED (REGISTERED NUMBER: 06972530) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST JULY 2025

15. | LEASING AGREEMENTS - continued

| Non-cancellable |

| operating leases |

2025 | 2024 |

£ | £ |

| Within one year | 391,668 |  | 310,298 |  |

| Between one and five years | 695,221 |  | 213,382 |  |

1,086,889 |  | 523,680 |  |

16. | SECURED DEBTS

| The following secured debts are included within creditors:

2025 | 2024 |

£ | £ |

| Bank loans | 3,147,388 |  | 3,474,208 |  |

| Hire purchase contracts and finance leases | 588,763 |  | 736,373 |  |

3,736,151 |  | 4,210,581 |  |

| The hire purchase liability is secured upon the assets on which finance was obtained.

| The bank loans and overdraft is secured upon a debenture comprising of fixed and floating charges over all of the assets and undertaking of Les Smith Haulage Limited including all present and future freehold and leasehold property, book and other debts, chattels, goodwill and uncalled capital, both present and future.

| Finally, the bank holds First Legal Mortgages over the freehold properties of the company known as Kelvin Road, Swindon, SN3 3JG, Unit 10 Athena Avenue, Swindon, SN2 8EJ and The Pavilion and Land at 2 Stirling Road, Swindon.

17. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

£ | £ |

| Deferred tax

| Accelerated capital allowances | 465,378 |  | 515,434 |  |

| Deferred tax losses | - |  | (87,846 | ) |

465,378 |  | 427,588 |  |

| Deferred |

| tax |

£ |

| Balance at 1st August 2024 | 427,588 |  |

| Charge to Statement of Comprehensive Income during year | 37,790 |  |

| Balance at 31st July 2025 | 465,378 |  |

18. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

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

LES SMITH HAULAGE LIMITED (REGISTERED NUMBER: 06972530) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST JULY 2025

18. | CALLED UP SHARE CAPITAL - continued

| All shares rank equally in regards to voting rights. The shares have a nominal value of £1 and were issued at par. All shares rank equally in regards to dividends. All shares rank in proportion to the nominal amount paid up with regards to distributions on winding up or other repayment of capital.

19. | RESERVES

| Retained

| earnings

£ |

| At 1st August 2024 | 4,165,312 |  |

| Profit for the year | 377,940 |  |

| At 31st July 2025 | 4,543,252 |  |