J. LONG & SONS (HAULAGE) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2025
Company registration number 00704013 (England and Wales)
J. LONG & SONS (HAULAGE) LIMITED
COMPANY INFORMATION
Directors
Mr M J Kilner
(Appointed 9 September 2025)
Mr A Taylor
(Appointed 9 September 2025)
Company number
00704013
Registered office
Unit 2, Premier Point
Staithgate Lane
Bradford
BD6 1DW
Auditor
Azets Audit Services
Carlton House
Grammar School Street
Bradford
BD1 4NS
J. LONG & SONS (HAULAGE) LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 26
J. LONG & SONS (HAULAGE) LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 30 NOVEMBER 2025
- 1 -

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

Review of the business

The financial statements prepared are for a 14 month period ended 30 November 2025. The comparatives are for a 12 month period ended 30 September 2024.

The Directors report a year of a difficult trading period which resulted in an increase in underlying losses and a reflection of the impact that the haulage industry is facing at present and the ever-increasing cost base which was mostly absorbed.

Underlying revenue decreased by 10% when compared to the prior year and loss before tax increased to £(355)k. Trading conditions continued to be tough and resulted in significant cost increases which were absorbed throughout the year. In addition, a realignment of the cost base took place which resulted in exceptional costs which were necessary to ensure the business returns to profit for 2026.

During the year the entire share capital was purchased by Vantage Point Logistics Limited and since then has benefitted from the input and shared resource of Expect Distribution Group Limited. These two factors will provide the support needed to return the business to profit and ensure prosperity for the future for all stakeholders.

Since the acquisition, the board have been focussed on driving synergy across the G roup and good progress has been made. Alignment to working practices is key and will help structure the business ready for the next phase in which growth is anticipated.

Our 2026 strategy is to focus on developing our service offering in line with the Expect Distribution Group, with long term partnerships our primary aim where we add value to our customers’ supply chain. Retention of existing customers is a priority and we must focus on continuing to service those customers to a high standard, whilst investing heavily in the workforce that enable our day-to-day success.

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 Longs of Leeds colleagues once again and thank all involved throughout what has been a difficult trading period.

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. During the year Credit Insurance was taken out 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.

J. LONG & SONS (HAULAGE) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2025
- 2 -
Principal risks and uncertainties (continued)

Employees;

The average number of employees during the year was 112.

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:

| (14mths) 202 5 | (12mths) 202 4
Turnover | 20,010,166 | 18,539,542
Gross Profit | 2,685,778 | 2,278,007
Gross Profit Margin | 13% | 12%
Operating Loss | (363,663) | (141,223)

On behalf of the board

Mr M J Kilner
Director
13 April 2026
J. LONG & SONS (HAULAGE) LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 NOVEMBER 2025
- 3 -

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

Principal activities

The principal activity of the company continued to be that of road haulage contractors.

The financial statements prepared are for a 14 month period ended 30 November 2025. The comparatives are for a 12 month period ended 30 September 2024.

Results and dividends

The results for the period are set out on page 8.

Ordinary dividends were paid amounting to £407,032. The directors do not recommend payment of a final dividend.

Directors

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

Mr M A Long
(Resigned 9 September 2025)
Mr S P Long
(Resigned 9 September 2025)
Mr J Long
(Resigned 9 September 2025)
Mrs S Boycott
(Resigned 9 September 2025)
Mr M J Kilner
(Appointed 9 September 2025)
Mr A Taylor
(Appointed 9 September 2025)
Auditor

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

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.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr M J Kilner
Director
13 April 2026
J. LONG & SONS (HAULAGE) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 30 NOVEMBER 2025
- 4 -

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; 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.

The directors are responsible for the maintenance and integrity of the company website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

J. LONG & SONS (HAULAGE) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF J. LONG & SONS (HAULAGE) LIMITED
- 5 -
Opinion

We have audited the financial statements of J. Long & Sons (Haulage) Limited (the 'company') for the period ended 30 November 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 loss for the period 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 period 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.

J. LONG & SONS (HAULAGE) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF J. LONG & SONS (HAULAGE) LIMITED (CONTINUED)
- 6 -
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.

J. LONG & SONS (HAULAGE) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF J. LONG & SONS (HAULAGE) LIMITED (CONTINUED)
- 7 -

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;

- Reviewing minutes of meetings of those charged with governance;

- 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.

- 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
J. LONG & SONS (HAULAGE) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 NOVEMBER 2025
- 8 -
Period
Year
ended
ended
30 November
30 September
2025
2024
Notes
£
£
Turnover
3
20,010,166
18,539,542
Cost of sales
(17,324,388)
(16,261,535)
Gross profit
2,685,778
2,278,007
Administrative expenses
(3,049,441)
(2,525,030)
Other operating income
-
0
105,800
Operating loss
4
(363,663)
(141,223)
Interest receivable and similar income
7
22,790
21,089
Interest payable and similar expenses
8
(13,781)
(18,529)
Loss before taxation
(354,654)
(138,663)
Tax on loss
9
59,092
28,584
Loss for the financial period
(295,562)
(110,079)

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

J. LONG & SONS (HAULAGE) LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2025
30 November 2025
- 9 -
30 November 2025
30 September 2024
Notes
£
£
£
£
Fixed assets
Tangible assets
11
247,672
493,267
Investments
12
255,000
255,000
502,672
748,267
Current assets
Stocks
13
70,936
114,411
Debtors
14
3,734,372
3,587,870
Cash at bank and in hand
176,852
684,743
3,982,160
4,387,024
Creditors: amounts falling due within one year
15
(4,086,870)
(3,870,802)
Net current (liabilities)/assets
(104,710)
516,222
Total assets less current liabilities
397,962
1,264,489
Creditors: amounts falling due after more than one year
16
(21,642)
(120,064)
Provisions for liabilities
Deferred tax liability
18
19,780
85,291
(19,780)
(85,291)
Net assets
356,540
1,059,134
Capital and reserves
Called up share capital
20
1,555
1,555
Profit and loss reserves
354,985
1,057,579
Total equity
356,540
1,059,134

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

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 00704013 (England and Wales)
J. LONG & SONS (HAULAGE) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 NOVEMBER 2025
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 October 2023
1,555
1,340,680
1,342,235
Year ended 30 September 2024:
Loss and total comprehensive income
-
(110,079)
(110,079)
Dividends
10
-
(173,022)
(173,022)
Balance at 30 September 2024
1,555
1,057,579
1,059,134
Period ended 30 November 2025:
Loss and total comprehensive income
-
(295,562)
(295,562)
Dividends
10
-
(407,032)
(407,032)
Balance at 30 November 2025
1,555
354,985
356,540
J. LONG & SONS (HAULAGE) LIMITED
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 NOVEMBER 2025
- 11 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
25
(931,576)
203,411
Interest paid
(13,781)
(18,529)
Income taxes paid
(18,292)
(93,918)
Net cash (outflow)/inflow from operating activities
(963,649)
90,964
Investing activities
Purchase of tangible fixed assets
(32,094)
(21,579)
Proceeds from disposal of tangible fixed assets
93,372
254,190
Proceeds from disposal of investments
-
0
(130,000)
Repayment of loans
-
0
125,000
Interest received
22,790
21,089
Net cash generated from investing activities
84,068
248,700
Financing activities
Repayment of borrowings
(95,041)
(78,452)
Advance/(repayment) of bank loans
873,763
(66,668)
Payment of finance leases obligations
-
0
(51,440)
Dividends paid
(407,032)
(173,022)
Net cash generated from/(used in) financing activities
371,690
(369,582)
Net decrease in cash and cash equivalents
(507,891)
(29,918)
Cash and cash equivalents at beginning of period
684,743
714,661
Cash and cash equivalents at end of period
176,852
684,743
J. LONG & SONS (HAULAGE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2025
- 12 -
1
Accounting policies
Company information

J. Long & Sons (Haulage) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 2, Premier Point, Staithgate Lane, Bradford, BD6 1DW.

1.1
Reporting period

These financial statements are presented for a fourteen month period to 30 November 2025. This is due the company being acquired during the year and the reporting date extended to agree to the parent company reporting date. The comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.

1.2
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 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 disclosure exemptions of Section 33.1A of FRS 102 which permit it to not present details of its transactions with members of the group headed Vantage Point Logistics Limited where relevant group companies are wholly owned.

1.3
Going concern

The directors have considered all factors, including in the wider economy, as part of their assessment of going true 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.

J. LONG & SONS (HAULAGE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 13 -
1.4
Turnover

Turnover represents amounts receivable for road haulage contracting and providing warehouse facilities net of VAT and trade discounts.

The company recognises revenue from the following major sources:

- Haulage

- Warehousing

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

Haulage

Road haulage 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.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, 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:

Plant and machinery
15% Reducing balance and 25% Straight line
Fixtures, fittings and equipment
50% Straight line
Motor vehicles
25% Reducing balance

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

Interests in subsidiaries, associates and jointly controlled entities 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.

The investment relates to an entity in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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).

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asse t 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.

J. LONG & SONS (HAULAGE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 14 -

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 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 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.

1.8
Stocks

Fuel is valued at the lower of cost and net realisable value. Amounts recoverable on contracts are stated at the net sales realisable value of the work done after provisions for contingencies.

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.

J. LONG & SONS (HAULAGE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 15 -
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, 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.

Derecognition of financial liabilities

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

J. LONG & SONS (HAULAGE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 16 -
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.

1.15
Leases
As lessee

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.

J. LONG & SONS (HAULAGE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 17 -
1.16
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

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 £142,877 (2024 - £229,001) 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.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
20,010,166
18,539,542
2025
2024
£
£
Other revenue
Interest income
22,790
21,089
Grants received
-
20,000
Insurance claims
-
85,800
J. LONG & SONS (HAULAGE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2025
- 18 -
4
Operating loss
2025
2024
Operating loss for the period is stated after charging/(crediting):
£
£
Government grants
-
(20,000)
Fees payable to the company's auditor for the audit of the company's financial statements
25,500
19,250
Depreciation of owned tangible fixed assets
142,877
210,316
Depreciation of tangible fixed assets held under finance leases
-
18,685
Loss on disposal of tangible fixed assets
41,440
85,564
Operating lease charges
2,269,408
1,525,570
5
Employees

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

2025
2024
Number
Number
Administration and management
25
43
Drivers
74
99
Warehouse
11
12
Mechanics
2
2
Total
112
156

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
5,234,252
5,315,531
Social security costs
597,991
543,538
Pension costs
122,119
125,829
5,954,362
5,984,898

The above employee numbers represent those employed by the company as at the reporting date. The numbers exclude any employee that left before the company sale and the payroll transferred to the new owners in October 2025.

J. LONG & SONS (HAULAGE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2025
- 19 -
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
3,992
98,566
Company pension contributions to defined contribution schemes
-
1,543
3,992
100,109
7
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
22,790
21,089
8
Interest payable and similar expenses
2025
2024
£
£
Interest on bank overdrafts and loans
4,308
-
Other interest on financial liabilities
8,094
16,091
Interest on finance leases and hire purchase contracts
374
2,438
Other interest
1,005
-
0
13,781
18,529
J. LONG & SONS (HAULAGE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2025
- 20 -
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
1,803
13,412
Adjustments in respect of prior periods
4,616
-
0
Total current tax
6,419
13,412
Deferred tax
Origination and reversal of timing differences
(65,511)
(41,996)
Total tax credit
(59,092)
(28,584)

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

2025
2024
£
£
Loss before taxation
(354,654)
(138,663)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
(88,664)
(34,666)
Tax effect of expenses that are not deductible in determining taxable profit
32,302
39
Adjustments in respect of prior years
4,616
-
0
Other permanent differences
1
-
0
Fixed asset difference
-
0
7,053
Other tax adjustments, reliefs and transfer
(256)
(1,010)
Movement in deferred tax not recognised
(7,091)
-
0
Taxation credit for the period
(59,092)
(28,584)
10
Dividends
2025
2024
£
£
Interim paid
407,032
173,022

The dividends paid during the period were in relation to the Ordinary shares amounting to £407,032 (2024: £173,022).

J. LONG & SONS (HAULAGE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2025
- 21 -
11
Tangible fixed assets
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 October 2024
242,980
226,052
1,630,401
2,099,433
Additions
1,075
31,019
-
0
32,094
Disposals
-
0
-
0
(772,640)
(772,640)
At 30 November 2025
244,055
257,071
857,761
1,358,887
Depreciation and impairment
At 1 October 2024
196,799
191,248
1,218,119
1,606,166
Depreciation charged in the period
10,097
36,504
96,276
142,877
Eliminated in respect of disposals
-
0
-
0
(637,828)
(637,828)
At 30 November 2025
206,896
227,752
676,567
1,111,215
Carrying amount
At 30 November 2025
37,159
29,319
181,194
247,672
At 30 September 2024
46,181
34,804
412,282
493,267

12
Fixed asset investments
2025
2024
£
£
Unlisted investments
255,000
255,000
13
Stocks
2025
2024
£
£
Fuel and tyre stock
70,936
114,411
J. LONG & SONS (HAULAGE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2025
- 22 -
14
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
2,820,525
2,792,529
Corporation tax recoverable
1,057
-
0
Amounts owed by group undertakings
316,480
-
0
Other debtors
-
0
3,980
Prepayments and accrued income
596,310
791,361
3,734,372
3,587,870

Amounts owed by group undertakings are repayable on demand.

Included within trade debtors is an amount secured against the invoice discounting facility totalling £1,377,917 (2024 - £nil).

15
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans
17
924,985
51,222
Other borrowings
17
84,623
81,242
Trade creditors
2,555,474
2,999,347
Corporation tax
2,596
13,412
Other taxation and social security
170,911
373,870
Other creditors
71,907
92,145
Accruals and deferred income
276,374
259,564
4,086,870
3,870,802
16
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Other borrowings
17
21,642
120,064
J. LONG & SONS (HAULAGE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2025
- 23 -
17
Loans and overdrafts
2025
2024
£
£
Bank loans
924,985
51,222
Other loans
106,265
201,306
1,031,250
252,528
Payable within one year
1,009,608
132,464
Payable after one year
21,642
120,064

Bank loans in current year related to new invoice discounting facility arrangement which commenced in 2025. Commission charge on this facility is subject to a fixed rate of 5.95%.

Bank loans in prior year relate to a CBILS loan being drawn down which is secured under the UK Government's EFG guarantee. Capital repayments commenced in April 2021 at £5,556 per month and was fully repaid in October 2025. Interest on this loan was subject to 3.25% above the Bank of England's base rate of interest.

Other loans relate to a pension scheme loan which is secured by mortgage charges over the premises of J. Long & Sons (Holdings) Limited together with a debenture over the assets of the company. T he loan is repayable by monthly instalments of £7,249 and interest is charged at 3.5%.

18
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
19,780
85,291
2025
Movements in the period:
£
Liability at 1 October 2024
85,291
Credit to profit or loss
(65,511)
Liability at 30 November 2025
19,780

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

J. LONG & SONS (HAULAGE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2025
- 24 -
19
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
122,119
125,829

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. Of the above amounts charged to profit and loss, £22,030 (2024 - £23,509) remained accrued at the reporting date.

20
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
1,555
1,400
1,555
1,400
'A' Ordinary Shares of £1 each
0
155
-
0
155
1,555
1,555
1,555
1,555

During the period the 155 Ordinary 'A' shaes at £1 nominal value were redesignated to Ordinary shares at £1 nominal value.

In the prior year the company issued Ordinary 'A' shares at £1 nominal value each and a total value of £155. Ordinary 'A' shares do not carry any entitlement to dividend or any voting rights. Rights of share holdings vary on wind-up depending on class of share.

21
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
1,502,927
1,512,357
Years 2-5
2,466,333
4,210,437
After 5 years
275,087
285,085
4,244,347
6,007,879
J. LONG & SONS (HAULAGE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2025
- 25 -
22
Related party transactions
Transactions with related parties

During the period the company entered into the following transactions with related parties:

Rental charge
Interest charge
2025
2024
2025
2024
£
£
£
£
Other related parties
96,443
82,000
8,094
16,091

The following amounts were outstanding at the reporting end date:

2025
2024
Amounts due to related parties
£
£
Other related parties
94,539
201,306

The following amounts were outstanding at the reporting end date:

2025
2024
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
316,480
-
Other related parties
160,811
-
23
Directors' transactions

Advances or credits have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
Loan Account
-
30,235
(30,235)
-
30,235
(30,235)
-
24
Ultimate controlling party

During the period and after its acqusition of 100% shareholding of the company from J. Long & Sons (Holdings) Limited, t he ultimate controlling party of the company became Vanatage Point Logistics Limited, a company registered in the United Kingdom with registered office Unit 2 Premier Point, Staithgate Lane, Bradford, BD6 1DW.

Vantage Point Logistics Limited is the smallest and largest group into which the company is consolidated. However, this will only come into effect for the accounting period ended 30 November 2026.

J. LONG & SONS (HAULAGE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2025
- 26 -
25
Cash (absorbed by)/generated from operations
2025
2024
£
£
Loss after taxation
(295,562)
(110,079)
Adjustments for:
Taxation credited
(59,092)
(28,584)
Finance costs
13,781
18,529
Investment income
(22,790)
(21,089)
Loss on disposal of tangible fixed assets
41,440
85,564
Depreciation and impairment of tangible fixed assets
142,877
229,001
Movements in working capital:
Decrease in stocks
43,475
34,868
(Increase)/decrease in debtors
(145,445)
205,737
Decrease in creditors
(650,260)
(210,536)
Cash (absorbed by)/generated from operations
(931,576)
203,411
26
Analysis of changes in net funds/(debt)
1 October 2024
Cash flows
30 November 2025
£
£
£
Cash at bank and in hand
684,743
(507,891)
176,852
Borrowings excluding overdrafts
(252,528)
(778,722)
(1,031,250)
432,215
(1,286,613)
(854,398)
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