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REGISTERED NUMBER: 03844151 (England and Wales)

BRIAN JAMES TRAILERS LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2025

BRIAN JAMES TRAILERS LIMITED (REGISTERED NUMBER: 03844151)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2025

Page |

Company Information | 1 |

Strategic Report | 2 |

Report of the Director | 3 |

Report of the Independent Auditors | 5 |

Income Statement | 8 |

Other Comprehensive Income | 9 |

Balance Sheet | 10 |

Statement of Changes in Equity | 11 |

Cash Flow Statement | 12 |

Notes to the Cash Flow Statement | 13 |

Notes to the Financial Statements | 14 |

BRIAN JAMES TRAILERS LIMITED

COMPANY INFORMATION

FOR THE YEAR ENDED 31ST DECEMBER 2025

| DIRECTOR: | U R D Mickelson

| REGISTERED OFFICE: | Central Chambers

| 45-47 Albert Street

| Rugby

| Warwickshire

| CV21 2SG

| REGISTERED NUMBER: | 03844151 (England and Wales)

| SENIOR STATUTORY AUDITOR: | K Neilson FCA

| INDEPENDENT AUDITORS: | Dains Audit Limited

| Statutory Auditor

| Chartered Accountants

| 2 Chamberlain Square, Paradise Circus

| Birmingham

| B3 3AX

BRIAN JAMES TRAILERS LIMITED (REGISTERED NUMBER: 03844151)

STRATEGIC REPORT

FOR THE YEAR ENDED 31ST DECEMBER 2025

The director presents his strategic report for the year ended 31st December 2025.

REVIEW OF BUSINESS

While the business remains very strong financially and is highly profitable, 2025 was a year of transition due to an unprecedented programme of major product launches, which resulted in a loss of revenue and profit compared to the previous year, due to some lost sales during the transition and much higher development and recruitment costs. These additional costs are all temporary and the large number of new product launches have put the business in a very strong position for future growth of both revenue and profit margins.

PRINCIPAL RISKS AND UNCERTAINTIES

The biggest risk to the business is ongoing economic and political weakness across many of the major European economies, including the UK. The economies in France and Germany are generally performing poorly, and this doesn't necessarily suit the business strategy of producing premium products. The UK economy remains the most important to us, and this continues to underwhelm, with recent rises to unemployment being a good example. The current government is making employment more difficult and more expensive, meaning that we are under constant pressure to increase prices in a weak demand environment, which may have a detrimental impact on potential sales. In order to mitigate these risks, the company is executing a strategy to expand sales outside of Europe, for example in the USA, and to expand into new product categories, for example into the Box Van trailer sector. The combination of expansion plans and new products are expected to outweigh any potential deterioration in economic conditions in our core territories and product sectors, and growth is now more likely than decline.

RESEARCH AND DEVELOPMENT

The company will undertake research and development into any areas of the business that would be beneficial, with the intention to remain at the forefront of both trailer design and trailer manufacturing processes around the world.

POSITION OF THE COMPANY AT THE YEAR END

Despite the slight drop in revenue and profit in 2025 compared to 2024, the business has still generated strong profits and increased the value of its net assets considerably. Excess costs associated with an aggressive product launch and recruitment programme will be confined to 2025, and we now have the product range and team in place to return to growth in 2026.

KEY PERFORMANCE INDICATORS

The management use key performance indicators in their monthly reviews, and utilise them to ensure that business progress is kept on track. Emphasis is placed on order numbers, revenue per trailer, gross profit margins and stock levels together with less numeric issues such as customer satisfaction and complaints.

FUTURE PLANS

The objective is to grow sales and profit margins, and we intend to do this by expanding and improving our existing distribution network and by expanding into new territories such as the USA.

ON BEHALF OF THE BOARD:

U R D Mickelson - Director

18th March 2026

BRIAN JAMES TRAILERS LIMITED (REGISTERED NUMBER: 03844151)

REPORT OF THE DIRECTOR

FOR THE YEAR ENDED 31ST DECEMBER 2025

The director presents his report with the financial statements of the company for the year ended 31st December 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of trailer manufacturing.

DIVIDENDS

A final dividend of £2,750,000 in respect of the year ended 31st December 2024 was paid in the year ended 31st December 2025. The director proposes a final dividend of £2,225,000 for the year ended 31st December 2025.

DIRECTOR

The directors during the year under review were :

U R D Mickelson - appointed 10th March 2026

L S James - resigned 10th March 2026

The director holding office at 31st December 2025 did not hold any beneficial interest in the issued share capital of the company at 1st January 2025 or 31st December 2025.

At 31st December 2025 L S James holds 10% of the share capital of the parent company Brian James Trailers Holdings Limited.

EQUAL OPPORTUNITIES AND DIVERSITY

The company complies with the requirements of the Equality Act 2010 and pursues equality for all employees no matter gender, race or disability.

Applications for employment by disabled persons are fully considered giving regard to their particular aptitudes and skills. In the event that any employee should become disabled during their employment, every effort would be made to accommodate their continuing employment.

ENGAGEMENT WITH EMPLOYEES

The company holds regular communication meetings with employees, which include discussions about the performance of the company and other matters that have a bearing on the manufacturing processes. Regular individual reviews also take place to enable employees to make the most of their opportunities to progress. To this end training and career development opportunities are provided to all employees.

The company will always look to promote internally wherever possible rather than recruiting externally.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Strategic Report, the Report of the Director 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 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 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 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 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 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.

BRIAN JAMES TRAILERS LIMITED (REGISTERED NUMBER: 03844151)

REPORT OF THE DIRECTOR

FOR THE YEAR ENDED 31ST DECEMBER 2025

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is 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 he 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.

ON BEHALF OF THE BOARD:

U R D Mickelson - Director

18th March 2026

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

BRIAN JAMES TRAILERS LIMITED

Opinion

We have audited the financial statements of Brian James Trailers Limited (the 'Company') for the year ended 31 December 2025 which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity, the Cash Flow Statement 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 31st December 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 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.

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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 Director 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 Director have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

BRIAN JAMES TRAILERS 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 Director.

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 director's remuneration specified by law are not made; or

- | we have not received all the information and explanations we require for our audit.

Responsibilities of director

As explained more fully in the Directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

* |  | the senior statutory auditor ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |

* |  | we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector; |

* |  | we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the financial reporting legislation, Companies Act 2006, taxation legislation, anti-bribery, employment, and environmental and health and safety legislation; |

* |  | we assessed the extent of compliance with the laws and regulations identified above through making enquires of management and inspecting legal correspondence; and |

* |  | identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

BRIAN JAMES TRAILERS LIMITED

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 considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |

* |  | considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |

To address the risk of fraud through management bias and override of controls, we:

* |  | performed analytical procedures to identify any unusual or unexpected relationships; |

* |  | tested journal entries to identify unusual transactions; |

* |  | assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and |

* |  | investigated the rationale behind significant or unusual transactions. |

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

* |  | agreeing financial statement disclosures to underlying supporting documentation; |

* |  | reading the minutes of meetings of those charged with governance; |

* |  | enquiring of management as to actual and potential litigation and claims; and |

* |  | reviewing correspondence with HMRC, relevant regulators and the company's legal advisors. |

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 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.

K Neilson FCA (Senior Statutory Auditor)

for and on behalf of Dains Audit Limited

Statutory Auditor

Chartered Accountants

2 Chamberlain Square, Paradise Circus

Birmingham

B3 3AX

18th March 2026

BRIAN JAMES TRAILERS LIMITED (REGISTERED NUMBER: 03844151)

INCOME STATEMENT

FOR THE YEAR ENDED 31ST DECEMBER 2025

| 2025 |  | 2024

| Notes | £ | £ |

TURNOVER | 3 | 36,382,967 |  | 39,840,614 |  |

Cost of sales | 24,933,355 |  | 26,913,905 |  |

GROSS PROFIT | 11,449,612 |  | 12,926,709 |  |

Administrative expenses | 6,473,268 |  | 6,319,479 |  |

OPERATING PROFIT | 5 | 4,976,344 |  | 6,607,230 |  |

Interest receivable and similar income | 525,737 |  | 548,538 |  |

PROFIT BEFORE TAXATION | 5,502,081 |  | 7,155,768 |  |

Tax on profit | 6 | 1,053,555 |  | 1,666,928 |  |

PROFIT FOR THE FINANCIAL YEAR | 4,448,526 |  | 5,488,840 |  |

BRIAN JAMES TRAILERS LIMITED (REGISTERED NUMBER: 03844151)

OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31ST DECEMBER 2025

| 2025 |  | 2024

| Notes | £ | £ |

PROFIT FOR THE YEAR | 4,448,526 |  | 5,488,840 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 4,448,526 |  | 5,488,840 |  |

BRIAN JAMES TRAILERS LIMITED (REGISTERED NUMBER: 03844151)

BALANCE SHEET

31ST DECEMBER 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 8 | 10,522 |  | 21,326 |  |

Tangible assets | 9 | 1,756,011 |  | 1,937,203 |  |

Investments | 10 | 17,421 |  | 17,421 |  |

1,783,954 |  | 1,975,950 |  |

CURRENT ASSETS

Stocks | 11 | 4,193,574 |  | 3,477,594 |  |

Debtors | 12 | 8,252,118 |  | 7,908,940 |  |

Cash at bank | 13,653,645 |  | 13,280,023 |  |

26,099,337 |  | 24,666,557 |  |

CREDITORS

Amounts falling due within one year | 13 | 2,438,422 |  | 3,023,027 |  |

NET CURRENT ASSETS | 23,660,915 |  | 21,643,530 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 25,444,869 |  | 23,619,480 |  |

PROVISIONS FOR LIABILITIES | 15 | 248,922 |  | 122,059 |  |

NET ASSETS | 25,195,947 |  | 23,497,421 |  |

CAPITAL AND RESERVES

Called up share capital | 16 | 762 |  | 762 |  |

Capital redemption reserve | 17 | 240 |  | 240 |  |

Retained earnings | 17 | 25,194,945 |  | 23,496,419 |  |

SHAREHOLDERS' FUNDS | 25,195,947 |  | 23,497,421 |  |

The financial statements were approved by the director and authorised for issue on 18th March 2026 and were signed by:

U R D Mickelson - Director

BRIAN JAMES TRAILERS LIMITED (REGISTERED NUMBER: 03844151)

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31ST DECEMBER 2025

| Called up |  | Capital |

| share |  | Retained |  | redemption |  | Total

| capital |  | earnings |  | reserve |  | equity

£ | £ | £ | £ |

Balance at 1st January 2024 | 762 |  | 20,377,579 |  | 240 |  | 20,378,581 |  |

Changes in equity

Dividends | - |  | (2,370,000 | ) | - |  | (2,370,000 | ) |

Total comprehensive income | - |  | 5,488,840 |  | - |  | 5,488,840 |  |

Balance at 31st December 2024 | 762 |  | 23,496,419 |  | 240 |  | 23,497,421 |  |

Changes in equity

Dividends | - |  | (2,750,000 | ) | - |  | (2,750,000 | ) |

Total comprehensive income | - |  | 4,448,526 |  | - |  | 4,448,526 |  |

Balance at 31st December 2025 | 762 |  | 25,194,945 |  | 240 |  | 25,195,947 |  |

BRIAN JAMES TRAILERS LIMITED (REGISTERED NUMBER: 03844151)

CASH FLOW STATEMENT

FOR THE YEAR ENDED 31ST DECEMBER 2025

| 2025 |  | 2024

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 4,764,581 |  | 7,669,910 |  |

Tax paid | (1,826,880 | ) | (1,297,420 | ) |

Net cash from operating activities | 2,937,701 |  | 6,372,490 |  |

Cash flows from investing activities

Purchase of intangible fixed assets | - |  | (16,538 | ) |

Purchase of tangible fixed assets | (234,767 | ) | (658,122 | ) |

Sale of tangible fixed assets | 11,800 |  | 24,147 |  |

Interest received | 525,737 |  | 548,538 |  |

Net cash from investing activities | 302,770 |  | (101,975 | ) |

Cash flows from financing activities

Loan to parent company | (116,849 | ) | (106,120 | ) |

Equity dividends paid | (2,750,000 | ) | (2,370,000 | ) |

Net cash from financing activities | (2,866,849 | ) | (2,476,120 | ) |

Increase in cash and cash equivalents | 373,622 |  | 3,794,395 |  |

Cash and cash equivalents at beginning of year | 2 | 13,280,023 |  | 9,485,628 |  |

Cash and cash equivalents at end of year | 2 | 13,653,645 |  | 13,280,023 |  |

BRIAN JAMES TRAILERS LIMITED (REGISTERED NUMBER: 03844151)

NOTES TO THE CASH FLOW STATEMENT

FOR THE YEAR ENDED 31ST DECEMBER 2025

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

| 2025 |  | 2024

£ | £ |

| Profit before taxation | 5,502,081 |  | 7,155,768 |  |

| Depreciation charges | 418,866 |  | 474,550 |  |

| Profit on disposal of fixed assets | (3,903 | ) | (20,425 | ) |

| Finance income | (525,737 | ) | (548,538 | ) |

5,391,307 |  | 7,061,355 |  |

| (Increase)/decrease in stocks | (715,980 | ) | 1,382,427 |  |

| Decrease/(increase) in trade and other debtors | 336,223 |  | (789,099 | ) |

| (Decrease)/increase in trade and other creditors | (246,969 | ) | 15,227 |  |

| Cash generated from operations | 4,764,581 |  | 7,669,910 |  |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

| Year ended 31st December 2025

| 31.12.25 |  | 1.1.25

£ | £ |

| Cash and cash equivalents | 13,653,645 |  | 13,280,023 |  |

| Year ended 31st December 2024

| 31.12.24 |  | 1.1.24

£ | £ |

| Cash and cash equivalents | 13,280,023 |  | 9,485,628 |  |

3. | ANALYSIS OF CHANGES IN NET FUNDS

| At 1.1.25 | Cash flow | At 31.12.25

£ | £ | £ |

| Net cash |

| Cash at bank | 13,280,023 |  | 373,622 |  | 13,653,645 |  |

13,280,023 |  | 373,622 |  | 13,653,645 |  |

| Total | 13,280,023 |  | 373,622 |  | 13,653,645 |  |

BRIAN JAMES TRAILERS LIMITED (REGISTERED NUMBER: 03844151)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2025

1. | STATUTORY INFORMATION

| Brian James Trailers Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

| The presentation currency of the financial statements is the Pound Sterling (£).

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.

| Preparation of consolidated financial statements

| The financial statements contain information about Brian James Trailers Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 401 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Lifco AB, Verkmastaregatan 1, SE-745 85 Enkoping, Sweden.

| Significant judgements and estimates

| There are no significant judgements, other than depreciation detailed in the accounting policy below, that have a material effect on the financial statements nor any accounting estimates that have a high risk of causing a material adjustment in a future accounting period.

| 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. |

| 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.

| The website is being evenly amortised over its useful life of 3 years.

| Tangible fixed assets

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

| Plant and equipment | - | 10% on cost

| Fixtures and fittings | - | 10% on cost

| Motor vehicles | - | 20% on cost

| Computer equipment | - | 33% on cost

| Investments in subsidiaries

| Investments in subsidiary undertakings are recognised at cost.

BRIAN JAMES TRAILERS LIMITED (REGISTERED NUMBER: 03844151)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST DECEMBER 2025

2. | ACCOUNTING POLICIES - continued

| Stocks

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

| Taxation

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

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

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

| Deferred tax

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

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

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

| Foreign currencies

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

| Hire purchase and leasing commitments

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

| Pension costs and other post-retirement benefits

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

3. | TURNOVER

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

| An analysis of turnover by geographical market is given below:

| 2025 |  | 2024

£ | £ |

| United Kingdom | 13,873,361 |  | 14,499,463 |  |

| Europe | 16,643,499 |  | 19,569,097 |  |

| Rest of the World | 5,866,107 |  | 5,772,054 |  |

36,382,967 |  | 39,840,614 |  |

BRIAN JAMES TRAILERS LIMITED (REGISTERED NUMBER: 03844151)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST DECEMBER 2025

4. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 7,042,581 |  | 6,996,351 |  |

| Social security costs | 849,095 |  | 721,975 |  |

| Other pension costs | 126,090 |  | 135,385 |  |

8,017,766 |  | 7,853,711 |  |

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

| 2025 |  | 2024

| Administrative | 49 |  | 39 |  |

| Production | 143 |  | 152 |  |

| Director | 1 |  | 1 |  |

193 |  | 192 |  |

| 2025 |  | 2024

£ | £ |

| Director's remuneration | 93,294 |  | 193,752 |  |

| Director's pension contributions to money purchase schemes | 1,321 |  | 1,321 |  |

5. | OPERATING PROFIT

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

| 2025 |  | 2024

£ | £ |

| Hire of plant and machinery | 79,792 |  | 68,660 |  |

| Depreciation - owned assets | 408,062 |  | 442,497 |  |

| Profit on disposal of fixed assets | (3,903 | ) | (20,425 | ) |

| Website amortisation | 10,804 |  | 32,053 |  |

| Group auditors' remuneration | 12,010 |  | 13,890 |  |

| Company auditors' remuneration | 24,000 |  | 24,000 |  |

| Foreign exchange differences | (143,901 | ) | 255,505 |  |

| Rent | 544,841 |  | 479,136 |  |

6. | 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 | 926,692 |  | 1,687,955 |  |

| Deferred tax | 126,863 |  | (21,027 | ) |

| Tax on profit | 1,053,555 |  | 1,666,928 |  |

BRIAN JAMES TRAILERS LIMITED (REGISTERED NUMBER: 03844151)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST DECEMBER 2025

6. | TAXATION - continued

| Reconciliation of total tax charge included in profit and loss

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

| 2025 |  | 2024

£ | £ |

| Profit before tax | 5,502,081 |  | 7,155,768 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 1,375,520 |  | 1,788,942 |  |

| Effects of:

| Expenses not deductible for tax purposes | 1,452 |  | 917 |  |

| Capital allowances in excess of depreciation | - |  | (133 | ) |

| Depreciation in excess of capital allowances | 129,213 |  | - |  |

| Claims for previous years | (423,423 | ) | (96,245 | ) |

| Group relief | (29,207 | ) | (26,553 | ) |

| provision |

| Total tax charge | 1,053,555 |  | 1,666,928 |  |

7. | DIVIDENDS

| 2025 |  | 2024

£ | £ |

| Ordinary shares of £0.01 each

| Final | 2,750,000 |  | 2,370,000 |  |

8. | INTANGIBLE FIXED ASSETS

| Website

£ |

| COST

| At 1st January 2025

| and 31st December 2025 | 245,934 |  |

| AMORTISATION

| At 1st January 2025 | 224,608 |  |

| Amortisation for year | 10,804 |  |

| At 31st December 2025 | 235,412 |  |

| NET BOOK VALUE

| At 31st December 2025 | 10,522 |  |

| At 31st December 2024 | 21,326 |  |

BRIAN JAMES TRAILERS LIMITED (REGISTERED NUMBER: 03844151)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST DECEMBER 2025

9. | TANGIBLE FIXED ASSETS

| Fixtures |

| Plant and |  | and |  | Motor |  | Computer |

| equipment |  | fittings |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 1st January 2025 | 5,096,967 |  | 108,338 |  | 476,662 |  | 240,032 |  | 5,921,999 |  |

| Additions | 193,728 |  | 25,035 |  | 2,800 |  | 13,204 |  | 234,767 |  |

| Disposals | (12,592 | ) | (18,540 | ) | (48,397 | ) | (30,893 | ) | (110,422 | ) |

| At 31st December 2025 | 5,278,103 |  | 114,833 |  | 431,065 |  | 222,343 |  | 6,046,344 |  |

| DEPRECIATION

| At 1st January 2025 | 3,432,242 |  | 66,831 |  | 264,622 |  | 221,101 |  | 3,984,796 |  |

| Charge for year | 321,101 |  | 9,755 |  | 64,254 |  | 12,952 |  | 408,062 |  |

| Eliminated on disposal | (6,170 | ) | (17,097 | ) | (48,396 | ) | (30,862 | ) | (102,525 | ) |

| At 31st December 2025 | 3,747,173 |  | 59,489 |  | 280,480 |  | 203,191 |  | 4,290,333 |  |

| NET BOOK VALUE

| At 31st December 2025 | 1,530,930 |  | 55,344 |  | 150,585 |  | 19,152 |  | 1,756,011 |  |

| At 31st December 2024 | 1,664,725 |  | 41,507 |  | 212,040 |  | 18,931 |  | 1,937,203 |  |

10. | FIXED ASSET INVESTMENTS

| Shares in

| group

| undertakings

£ |

| COST

| At 1st January 2025

| and 31st December 2025 | 17,421 |  |

| NET BOOK VALUE

| At 31st December 2025 | 17,421 |  |

| At 31st December 2024 | 17,421 |  |

| The company's investments at the Balance Sheet date in the share capital of companies include the following:

| Brian James Trailers Gmbh

| Registered office: Goehrener Strasse 6, 04463 Grosspoesna, Germany

| Nature of business: Sale of trailers

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

2025 | 2024 |

£ | £ |

| Aggregate capital and reserves | 501,222 |  | 570,263 |  |

| (Loss)/profit for the year | (99,417 | ) | 15,478 |  |

BRIAN JAMES TRAILERS LIMITED (REGISTERED NUMBER: 03844151)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST DECEMBER 2025

11. | STOCKS

2025 | 2024 |

£ | £ |

| Stocks | 4,193,574 |  | 3,477,594 |  |

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

2025 | 2024 |

£ | £ |

| Trade debtors | 1,271,372 |  | 1,490,599 |  |

| Amounts owed by group undertakings | 5,847,054 |  | 5,730,205 |  |

| Other debtors | 38,920 |  | 164,468 |  |

| Corporation tax repayable | 562,552 |  | - |  |

| Prepayments and accrued income | 532,220 |  | 523,668 |  |

8,252,118 |  | 7,908,940 |  |

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

2025 | 2024 |

£ | £ |

| Trade creditors | 2,123,406 |  | 2,222,557 |  |

| Corporation tax | - |  | 337,636 |  |

| Social security and other taxes | 229,864 |  | 210,793 |  |

| Other creditors | 17,182 |  | 184,275 |  |

| Accruals and deferred income | 67,970 |  | 67,766 |  |

2,438,422 |  | 3,023,027 |  |

14. | LEASING AGREEMENTS

| Minimum lease payments under non-cancellable operating leases fall due as follows:

2025 | 2024 |

£ | £ |

| Within one year | 544,077 |  | 544,077 |  |

| Between one and five years | 1,907,231 |  | 2,176,308 |  |

| In more than five years | - |  | 275,000 |  |

2,451,308 |  | 2,995,385 |  |

15. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

£ | £ |

| Deferred tax

| Accelerated capital allowances | 248,922 |  | 122,059 |  |

| Deferred |

| tax |

£ |

| Balance at 1st January 2025 | 122,059 |  |

| Accelerated capital allowances | 126,863 |  |

| Balance at 31st December 2025 | 248,922 |  |

BRIAN JAMES TRAILERS LIMITED (REGISTERED NUMBER: 03844151)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST DECEMBER 2025

16. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

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

| value: | £ | £ |

| 76,200 | Ordinary | £0.01 | 762 |  | 762 |  |

| There is a single class of shares. There is no restriction on the distribution of dividends or the repayment of capital. Each share has the right to a single vote.

17. | RESERVES

| Capital redemption reserve

| The capital redemption reserve represents equity redeemed by the company.

| Retained earnings

| The retained earnings represent the total amount of distributable reserves available to the company.

18. | PENSION COMMITMENTS

| The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension costs charge represents contributions payable by the company to the fund and amounted to £126,090 (2024 - £135,385). There are no contributions outstanding at the balance sheet date.

19. | ULTIMATE PARENT COMPANY

| The immediate parent undertaking of this company is Brian James Trailers Holdings Limited, a company registered in the UK, whose registered office is Central Chambers, 45-47 Albert Street, Rugby, CV21 2SG.

| The ultimate parent company is Carl Bennet AB, a company incorporated in Sweden.

| The largest group of which the company is a member and for which consolidated group financial statements are prepared is Carl Bennet AB whose principal place of business is Box 10035 S-434 21 Kungsbacka, Sweden.

| The smallest group of which the company is a member and for which consolidated group financial statements are prepared is Lifco AB, a company incorporated in Sweden. Its principal place of business is Verkmastaregatan 1, SE-745 85 Enkoping, Sweden.

20. | RELATED PARTY DISCLOSURES

| In the period the company sold goods to its subsidiary, Brian James Trailers GmbH, amounting to £4,269,149 (2024 - £9,049,715).

| In the period the company paid commission to its subsidiary, Brian James Trailers GmbH, amounting to £345,723 (2024 - £439,715). At 31st December 2025 there was an amount of £24,937 (2024 - £25,554) included in trade creditors relating to Brian James Trailers GmbH.

| Rents payable of £269,077 (2024 - £204,136) for the lease of three factories was paid to Boomslang Investments Limited, a company owned by a family member of the former director L S James.

| At the balance sheet date, a loan of £5,847,054 (2024 - £5,730,205) was owed by Brian James Trailers Holdings Limited, the immediate parent company.This loan is interest free and repayable on demand.

BRIAN JAMES TRAILERS LIMITED (REGISTERED NUMBER: 03844151)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST DECEMBER 2025

21. | ULTIMATE CONTROLLING PARTY

| The ultimate controlling party is Carl Bennet by virtue of his shareholding in Carl Bennet AB.