EXPECT DISTRIBUTION LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
Company registration number 02169364 (England and Wales)
EXPECT DISTRIBUTION LIMITED
COMPANY INFORMATION
Directors
Mr M J Kilner
Mr A D Taylor
Mr N W Rushworth
Mr S P Wood
Mrs H Taylor
Mrs B Kilner
Company number
02169364
Registered office
Premier Point Premier Gate
Staithgate Lane
Bradford
West Yorkshire
BD6 1DW
Auditor
Azets Audit Services
Carlton House
Grammar School Street
Bradford
BD1 4NS
EXPECT DISTRIBUTION LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 6
Directors' responsibilities statement
7
Independent auditor's report
8 - 10
Statement of comprehensive income
11
Balance sheet
12
Statement of changes in equity
13
Notes to the financial statements
14 - 30
EXPECT DISTRIBUTION LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 1 -

The directors present the strategic report for the year ended 30 November 2025.

Review of the business

The Directors report a year of stability for the Company in which revenue growth was limited but the quality of business onboarded enhanced profitability. Economic trading conditions continued to be tough during the period and limited the growth of the Company due to a lack of confidence across businesses which restricted new opportunity.

Our strategy remained focused on a Customer First environment that continually strives add value as their 3PL provider and provide a solution that enables growth to be achieved. Opportunities to become a valued logistics partner remain prevalent where prospective customers have the desire to reduce their fixed cost base and seek value added opportunity with a 3PL partner that is heavily focused on Continuous Improvement.

Headline revenue for the year reduced by £2.2 m (4.0%) whilst our profit before tax grew by £1.05m (3 6.7%) when compared to 2024. Efficiency in operating costs and a reduction in interest rates within the year were the primary factors for the improved performance despite the drop in revenue. Operating Profit and EBITDA increased by £763 k (1 5.3%) and £754 k (13%), both of which are measures used by management to determine underlying trade performance.

Capital Investment within the year was limited to the development of our own Transport Management System, Computer Equipment and Motor Vehicles required for the operation of the business. Investment in infrastructure was limited during the year as we continue to operate from premises which are up to date and fitted out with modern equipment and technology.

Our sales strategy continued to be geared towards Contract Logistics and Warehousing business that operates under long term partnerships which offer scalable, bespoke solutions that add value and are built around the customer’s needs.

Investment in our people remained one of the highest priorities throughout the year as it is recognised that development and the welfare of our people is the key to our success. We continue to attract the industry's talent by operating a culture of opportunity with career progression for those who wish, which is extremely important in a growing business such as Expect.

Benchmarking of pay rates and employee benefits were undertaken in the year across the workforce and increases awarded to maintain our position in the upper quartile of the market. It is as important as ever that our colleagues are appropriately remunerated given current cost of living increases, but also that our benefits package remains industry leading and contributes to their well-being accordingly.

Our priorities continue to remain the health, safety and well-being of those employees and on delivering strong service levels for all our customers. The Directors would like to recognise the dedication of all Expect colleagues once again and thank all involved in making the year a success despite difficult trading conditions.

EXPECT DISTRIBUTION LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 2 -
Principal risks and uncertainties

Financial risk management objectives and policies;

The Company operates mainly in the UK and seeks to mitigate exposure to all forms of risk both internal and external.

Customer and Suppliers;

The Company is not wholly dependent on any one main customer or supplier and has a low concentration risk across the customer base.

Credit Risk;

The Company seeks to reduce risk by carrying out credit checks on new customers and operating strict credit control on its debtor ledger alongside Credit Insurance to cover the inherent risk surrounding bad debts.

Laws and Regulations;

The Company complies with all road traffic, health and safety and employment law and takes its responsibilities very seriously.

Employees;

The average number of employees during the year was 329.

The Company continues to be an equal opportunities employer. In employment related decisions, the company complies with anti-discrimination requirements concerning matters of race, colour, national origin, marital status, sexual orientation, religious belief, age and physical or mental ability. Disabled people are given full and equal consideration for employment and their development is assisted and encouraged.

Employees are consulted about changes which may affect them through the Company's appointed officers.

Other performance indicators

The Company's key performance indicators during the year were as follows:

| 202 5 | 202 4
Turnover | 52,860,531 | 55,069,028
Gross Profit | 18,882,373 | 17,561,522
Gross Profit Margin | 36% | 32%
Operating Profit | 5,737,625 | 4,974,956

Promoting the success of the company

The Board of Directors of Expect Distribution Limited have, when making decisions, acted in a way they believe to be in good faith and will duly promote the success of the company for the benefit of its members as a whole, and in doing so have had a regard to stakeholders and the matters set out in subsections 172(1)(a-f) of the Companies Act 2006.

EXPECT DISTRIBUTION LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 3 -

In making this statement the directors have considered the following matters:

1. Consequence and long term impact of decisions made:

The board review the Company strategy on a regular basis and ensure that decisions made are supportive of that strategy and are appropriate to the long term success of the company. Project appraisal documents are produced which comprehensively demonstrate the viability of future investments to ensure they are of benefit to the business.

2. Interests of its employees

Our people are at the heart of our success and are critical to the future of the business and its related success. We endeavour to be an employer of choice that recruits, retains and develops to the highest of standards that in turn will be represented in their career at Expect. Our decisions are always made with our colleagues at the forefront of our minds to ensure their interests are well protected.

3. The need to foster business relationships with customers, suppliers and others

Expect has developed and built on the strength of its long term relationships that it holds with its customers and suppliers. Our mission is to be the best in the industry and fostering relationships is one of the key requirements to ensure we are delivering the best possible service to our customers and working effectively with suppliers.

4. Impact on the community and the environment

Sustainability in our operations is a topic that is of high regard to the board of directors in their conduct and decision making. Our strategy includes a high level of consideration to ensuring we are investing in the newest technology that minimises impact on the environment and our carbon footprint. We are a supporter and sponsor of the local authority in Bradford, ensuring that we give back to the community and support its development.

5. Desirability to maintain a reputation of high standards and business conduct

The board are responsible for setting and delivering the culture, values and reputation of the company. Our colleagues are fundamental to achieving our ambition to be the best in the industry and we are continually developing a culture that allows our colleagues to prosper. Regular training is carried out with our colleagues to ensure that the code of ethics and conduct are continually reinforced in the way that we operate.

6. The need to act fairly as between members of the Company

The Company always seeks to ensure that its communications are transparent and in accordance with the strategy of the business to ensure the long term success is supported. Decisions are made with fairness of all key stakeholders in mind and ensuring that decisions are made in the best interests of its members.

On behalf of the board

Mr M J Kilner
Director
13 April 2026
EXPECT DISTRIBUTION LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 4 -

The directors present their annual report and financial statements for the year ended 30 November 2025.

The financial statements comprise the results for the 52 week period to 28 November 2025.

Principal activities

The principal activity of the company continued to be that of a haulage and transport contractor, being particularly involved in pallet delivery and warehousing.

Results and dividends

The results for the year are set out on page 11.

Ordinary dividends were paid amounting to £2,343,979. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr M J Kilner
Mr A D Taylor
Mr N W Rushworth
Mr S P Wood
Mrs H Taylor
Mrs B Kilner
Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

EXPECT DISTRIBUTION LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 5 -
Employee involvement

The company's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.

There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.

Our people are the face of the Expect brand and the high standard of services we offer to our customers. The culture amongst our colleagues is of extreme importance to the board of directors and employee engagement is fundamental to upholding the culture and values that we operate to.

We are an equal opportunity employer that strives to be an employer of choice, recruiting industry leading talent that will perform to their potential. Our recruitment and retention strategy is continually reviewed to ensure we remain ahead of the market and offer pay and benefits that stand out from the rest.

The Directors are committed to promoting a healthy workforce with focus on mental health and wellbeing, whilst demonstrating a culture of openness to keep colleagues informed of key developments within the business.

During the year the board of directors have engaged with colleagues through the following methods:

- Regular employee forums that create a platform for cross directional information exchange and engagement;

- Line managers hold regular one to one meetings with their reports which play a key part in personal development and information exchange;

- Annual employee survey with associated action plans to address key themes that arise and require considered change;

- Benchmarking and review of pay rates resulting in an industry leading increase that remains in the upper quartile of the market;

- Review of the voluntary benefits package we have in place to ensure they are industry leading and support work life balance and personal care;

- Bi-monthly newsletters that include key business updates alongside publications from colleagues and their respective efforts within the business;

- Induction programmes for all new employees joining the Expect family to ensure they understand how the business operates and allowed the opportunity to meet their colleagues;

- Warehouse to Wheels upskill programme introduced, investing in existing employee development and allowing a funded career progression route to becoming a driver;

- Apprenticeship programme enhanced to upskill our existing employees, utilising the levy that was introduced by the government;

- In house and external training packages offered out to all employees within the business with a healthy budget assigned to development.

Auditor

The auditor, Azets Audit Services, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

EXPECT DISTRIBUTION LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 6 -
Energy and carbon report

Expect Distribution are committed to continually developing its infrastructure and investing in energy efficient operating equipment to reduce the overall effect it has on the environment.

Fleet efficiency and reduced empty running are consistently measured and focused on throughout the business, creating partnerships where possible to reduce the overall mileage travelled. Our membership of the Palletline network allows us to reduce the stem mileage associated with our deliveries by selecting the optimal route for the consignment.

Forklift equipment is renewed periodically with over 80% of our fleet now operating with rechargeable electric motors rather than the traditional gas engine. Our renewal policy of 5 years on such equipment ensures we are investing in the most recent technology when renewing equipment.

Alternative fuel vehicles are a firm part of Expect’s replacement vehicle strategy with pilot schemes currently in place to assess viability across certain parts of the operation.

Energy consumption for the annual period of reference are stated in the table below for each respective fuel type used within Expect Distribution Ltd:

Fuel Type | 2025 kWh | 2025 CO2e (tonnes) | 2024 kWh | 2024 CO2e (tonnes)
Diesel – Vehicles | 27,975,549 | 7,674 | 31,141,963 | 7,637
Electricity | 887,148 | 200 | 811,887 | 172
Gas | 523,025 | 96 | 376,835 | 69
Total | 29,385,722 | 7,969 | 32,330,686 | 7,879

The intensity ratio based on total gross emissions was 15.08 (2024 – 14.31) tonnes CO2 per £100,000 of sales revenue.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Mr M J Kilner
Director
13 April 2026
EXPECT DISTRIBUTION LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 7 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- 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.

EXPECT DISTRIBUTION LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF EXPECT DISTRIBUTION LIMITED
- 8 -
Opinion

We have audited the financial statements of Expect Distribution Limited (the 'company') for the year ended 30 November 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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 30 November 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 Auditor's 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 other information comprises the information included in the annual report other than the financial statements and our auditor's 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 our audit:

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

EXPECT DISTRIBUTION LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF EXPECT DISTRIBUTION LIMITED (CONTINUED)
- 9 -
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 identifie d material misstatements in the strategic report or the directors' r eport.

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

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

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

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, 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.

Auditor's 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 auditor's 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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

EXPECT DISTRIBUTION LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF EXPECT DISTRIBUTION LIMITED (CONTINUED)
- 10 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;

- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias and;

- Performing audit work over the timing and recognition of revenue and in particular whether it has been recorded in the correct accounting period.

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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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 auditor's 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.

Victoria Wainwright (Senior Statutory Auditor)
For and on behalf of Azets Audit Services, Statutory Auditor
Chartered Accountants
Carlton House
Grammar School Street
Bradford
BD1 4NS
14 April 2026
EXPECT DISTRIBUTION LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 11 -
2025
2024
Notes
£
£
Turnover
3
52,860,531
55,069,028
Cost of sales
(33,978,158)
(37,507,506)
Gross profit
18,882,373
17,561,522
Administrative expenses
(13,144,748)
(12,586,566)
Operating profit
4
5,737,625
4,974,956
Interest receivable and similar income
8
21,000
-
0
Interest payable and similar expenses
9
(1,846,951)
(2,112,792)
Profit before taxation
3,911,674
2,862,164
Tax on profit
10
(937,370)
(810,980)
Profit for the financial year
2,974,304
2,051,184

The profit and loss account has been prepared on the basis that all operations are continuing operations.

EXPECT DISTRIBUTION LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2025
30 November 2025
- 12 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
12
761,572
850,966
Tangible assets
13
3,224,158
3,648,087
Investments
14
56,250
56,250
4,041,980
4,555,303
Current assets
Stocks
15
93,059
89,560
Debtors
16
12,777,248
11,935,911
Cash at bank and in hand
8,758
85,069
12,879,065
12,110,540
Creditors: amounts falling due within one year
17
(14,023,552)
(14,144,481)
Net current liabilities
(1,144,487)
(2,033,941)
Total assets less current liabilities
2,897,493
2,521,362
Creditors: amounts falling due after more than one year
18
(326,906)
(454,065)
Provisions for liabilities
Deferred tax liability
21
483,373
610,408
(483,373)
(610,408)
Net assets
2,087,214
1,456,889
Capital and reserves
Called up share capital
23
7,500
7,500
Profit and loss reserves
2,079,714
1,449,389
Total equity
2,087,214
1,456,889
The financial statements were approved by the board of directors and authorised for issue on 13 April 2026 and are signed on its behalf by:
Mr M J Kilner
Director
Company registration number 02169364 (England and Wales)
EXPECT DISTRIBUTION LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 December 2023
7,500
6,083,675
6,091,175
Year ended 30 November 2024:
Profit and total comprehensive income
-
2,051,184
2,051,184
Dividends
11
-
(6,685,470)
(6,685,470)
Balance at 30 November 2024
7,500
1,449,389
1,456,889
Year ended 30 November 2025:
Profit and total comprehensive income
-
2,974,304
2,974,304
Dividends
11
-
(2,343,979)
(2,343,979)
Balance at 30 November 2025
7,500
2,079,714
2,087,214
EXPECT DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 14 -
1
Accounting policies
Company information

Expect Distribution Limited is a private company limited by shares incorporated in England and Wales. The registered office is Premier Point Premier Gate, Staithgate Lane, Bradford, West Yorkshire, BD6 1DW.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The company has taken advantage of the exemption conferred by section 33.11 of FRS 102 allowing it not to disclose transactions and balance within its group, on the grounds that those entities are related by virtue of having the same control as defined in 33.11(b).

The financial statements of the company are consolidated in the financial statements of Expect Distribution Group Limited. These consolidated financial statements are available from its registered office, Premier Point, Premier Gate, Staithgate Lane, Bradford, BD6 1DW.

The immediate parent company is Expect Group Limited, a company registered in England and Wales with registered office as per the above note.

The ultimate parent company and controlling party is Expect Distribution Group Ltd, a company registered in England and Wales. Expect Distribution Group Ltd is the smallest and largest group into which the company is consolidated.

EXPECT DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 15 -
1.2
Going concern

The directors have considered all factors, including in the wider economy, as part of their assessment of going concern. Although the current economic climate creates both cashflow and profitability risks for the company, the company continues to trade profitably and is cash generative. Budgets and cashflows have been prepared using assumptions for customer demand and supply chain costs as well as expectations for legal and regulatory environmental impacts. These budgets and cashflows indicate continuing profitability and cash generation, consequently the directors believe on balance that they have sufficient resources to enable trading to continue for a period of at least one year from the date of approval of the financial statements. Accordingly, these financial statements have been prepared on the going concern basis.true

1.3
Turnover

Revenue comprises sales of services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

The company recognises revenue from the following major sources:

- Distribution and logistics

- Warehousing

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Distribution and logistics

Distribution and logistics turnover is recognised when the items are delivered, and invoiced once proof of delivery has been received.

Warehousing

Warehouse turnover is recognised to reflect the period storage services are available, as stated within rental agreements.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Customer List
10 years
EXPECT DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 16 -
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
Over the term of the lease
Plant and equipment
3 - 10 Years Straight Line
Fixtures and fittings
3 - 15 Years Straight Line
Computers
2 - 5 Years Straight Line
Motor vehicles
2 - 4 Years Straight Line

Assets under construction are not depreciated until the completed asset is available for use.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Fixed asset investments

Investments are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

EXPECT DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 17 -
1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

EXPECT DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 18 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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 asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of 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 deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

EXPECT DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 19 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.11
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.12
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

EXPECT DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 20 -
1.15
Leases
As lessee

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Depreciation

The depreciation policies have been set according to management's experience of the useful lives of a typical asset in each category, something which is reviewed annually. It is not considered practical to use a per unit basis to allocate depreciation without undue cost and therefore amounts are charged annually. The depreciation charged during the year was £749,398 (2024 - £795,694) which the directors feel is a fair reflection of the benefits derived from the consumption of the tangible fixed assets in use during the period.

EXPECT DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 21 -
3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Services
52,860,531
55,069,028
2025
2024
£
£
Turnover analysed by geographical market
UK Sales
52,351,578
54,411,407
European Sales
508,953
657,621
52,860,531
55,069,028
2025
2024
£
£
Other revenue
Dividends received
21,000
-
4
Operating profit
2025
2024
Operating profit for the year is stated after charging:
£
£
Exchange losses
5,984
5,582
Depreciation of owned tangible fixed assets
502,719
544,209
Depreciation of tangible fixed assets held under finance leases
246,679
251,485
Amortisation of intangible assets
90,476
52,715
Operating lease charges
6,416,381
6,539,190
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
37,000
30,800
EXPECT DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 22 -
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Directors
6
6
Central
35
28
Contracts and own fleet
179
217
Storage
109
113
Total
329
364

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
14,156,075
14,301,581
Social security costs
1,451,991
1,242,780
Pension costs
367,311
701,396
15,975,377
16,245,757
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
281,177
108,417
Company pension contributions to defined contribution schemes
100,000
-
381,177
108,417
Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
134,740
-
8
Interest receivable and similar income
2025
2024
£
£
Other income from investments
Dividends received
21,000
-
0
EXPECT DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 23 -
9
Interest payable and similar expenses
2025
2024
£
£
Interest on bank overdrafts and loans
204,802
318,484
Interest payable to group undertakings
1,573,789
1,649,248
Interest on finance leases and hire purchase contracts
68,360
145,060
1,846,951
2,112,792
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
1,097,775
849,784
Adjustments in respect of prior periods
(33,370)
64,158
Total current tax
1,064,405
913,942
Deferred tax
Origination and reversal of timing differences
(125,004)
(102,962)
Adjustment in respect of prior periods
(2,031)
-
0
Total deferred tax
(127,035)
(102,962)
Total tax charge
937,370
810,980

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
3,911,674
2,862,164
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
977,919
715,541
Tax effect of expenses that are not deductible in determining taxable profit
1,654
6,045
Tax effect of income not taxable in determining taxable profit
(5,250)
-
0
Adjustments in respect of prior years
(33,370)
64,158
Group relief
(6,791)
(3,193)
Deferred tax adjustments in respect of prior years
(2,031)
(2,070)
Fixed asset differences
37,435
30,499
Movement in deferred tax not recognised
(32,196)
-
0
Taxation charge for the year
937,370
810,980
EXPECT DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 24 -
11
Dividends
2025
2024
£
£
Interim paid
2,343,979
6,685,470
12
Intangible fixed assets
Customer List
£
Cost
At 1 December 2024
903,681
Additions
1,082
At 30 November 2025
904,763
Amortisation and impairment
At 1 December 2024
52,715
Amortisation charged for the year
90,476
At 30 November 2025
143,191
Carrying amount
At 30 November 2025
761,572
At 30 November 2024
850,966
EXPECT DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 25 -
13
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 December 2024
884,854
3,160,392
1,992,027
803,831
509,000
7,350,104
Additions
-
0
30,368
18,773
125,523
150,805
325,469
At 30 November 2025
884,854
3,190,760
2,010,800
929,354
659,805
7,675,573
Depreciation and impairment
At 1 December 2024
554,651
1,110,560
1,297,603
611,147
128,056
3,702,017
Depreciation charged in the year
45,758
286,653
170,986
142,314
103,687
749,398
At 30 November 2025
600,409
1,397,213
1,468,589
753,461
231,743
4,451,415
Carrying amount
At 30 November 2025
284,445
1,793,547
542,211
175,893
428,062
3,224,158
At 30 November 2024
330,203
2,049,832
694,424
192,684
380,944
3,648,087

Tangible fixed assets includes assets held under finance leases or hire purchase contracts, as follows:

2025
2024
£
£
Total Assets
1,137,979
1,353,474
14
Fixed asset investments
2025
2024
£
£
Unlisted investments
56,250
56,250
15
Stocks
2025
2024
£
£
Fuel and tyre stock
93,059
89,560
EXPECT DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 26 -
16
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
7,404,877
6,992,850
Amounts owed by group undertakings
4,109,180
3,083,295
Other debtors
9,894
260,024
Prepayments and accrued income
1,253,297
1,599,742
12,777,248
11,935,911

Amounts owed by group undertakings are repayable on demand.

17
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Obligations under finance leases
20
268,053
468,529
Other borrowings
19
1,203,358
-
0
Trade creditors
5,991,355
6,917,610
Amounts owed to group undertakings
1,635,524
1,276,333
Corporation tax
621,220
836,994
Other taxation and social security
1,340,544
1,599,885
Other creditors
194,377
256,548
Accruals and deferred income
2,769,121
2,788,582
14,023,552
14,144,481

Amounts owed to group undertakings are repayable on demand.

18
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Obligations under finance leases
20
326,906
454,065
EXPECT DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 27 -
19
Loans and overdrafts
2025
2024
£
£
Other loans
1,203,358
-
0
Payable within one year
1,203,358
-
0

Other loans are in relation to an invoice discounting facility. Amounts are all due within one year.

The company's overdraft is covered by a debenture over the fixed and floating assets of the company and a counter indemnity is also held by bankers.

Expect Distribution Limited provides a guarantee for the loans held in Expect Distribution Group Limited.

20
Finance lease obligations
2025
2024
Future minimum lease payments due under finance leases:
£
£
Within one year
297,052
648,712
In two to five years
342,038
495,673
639,090
1,638,757
Less: future finance charges
(44,131)
(105,737)
594,959
922,594

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

EXPECT DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 28 -
21
Deferred taxation

The following are the deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
483,373
610,408
2025
Movements in the year:
£
Liability at 1 December 2024
610,408
Credit to profit or loss
(127,035)
Liability at 30 November 2025
483,373

The deferred tax liability set out above is expected to reverse within 5 years and relates to accelerated capital allowances that are expected to mature within the same period.

The UK corporation tax rate was 25% throughout the year.

Deferred tax balances at the reporting date are therefore measured at 25% (202 4 - 25%).

22
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
367,311
701,396

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

The total commitment outstanding in relation to retirement benefit contributions totalled £66,300 (2024 - £128,784)

EXPECT DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 29 -
23
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A Shares of £1 each
6,000
6,000
6,000
6,000
Ordinary B Shares of £1 each
1,312
1,312
1,312
1,312
Ordinary C Shares of £1 each
188
188
188
188
7,500
7,500
7,500
7,500

The A ordinary shares have the right to participate in dividends and on a return of capital if certain levels of return are achieved, and full voting rights.

The B & C ordinary shares have the right to participate in dividends and on a return of capital if certain levels of return are achieved, but no voting rights.

24
Operating lease commitments
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£
£
Within 1 year
3,613,676
3,000,996
Years 2-5
9,918,135
8,185,651
After 5 years
4,084,394
3,402,317
17,616,205
14,588,964

The operating leases represent leases motor vehicles, plant & machinary and properties to third parties. The leases are negotiated over terms of 3-10 years and rentals are fixed for 3-5 years.

25
Related party transactions

During the year, the company paid rent to a related party of £624,996 (2024 - £686,904). The related party is controlled by a director of Expect Distrubution Limited.

26
Directors' transactions

Interest free loans have been granted by/(to) the company to/(from) its directors as follows:

Description
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
Directors Loan
-
13,514
(31,655)
(18,141)
13,514
(31,655)
(18,141)
EXPECT DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 30 -
27
Ultimate controlling party

The immediate parent company is Expect Group Limited, a company registered in England and Wales with registered office Premier Point, Premier Gate, Staithgate Lane, Bradford, BD6 1DW.

The ultimate parent company and controlling party is Expect Distribution Group Ltd, a company registered in England and Wales with registered office Premier Point, Premier Gate, Staithgate Lane, Bradford, BD6 1DW. Expect Distribution Group Ltd is the smallest and largest group into which the company is consolidated.

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