D & G NOBLE LIMITED

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST OCTOBER 2025

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Statement of Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Notes to the Financial Statements

12

DIRECTORS:

S Noble

D E Noble

SECRETARY:

D E Noble

REGISTERED OFFICE:

First Floor, Woburn Court

2 Railton Road

Woburn Rd Ind Est

Kempston

Bedfordshire

MK42 7PN

REGISTERED NUMBER:

04867516 (England and Wales)

AUDITORS:

HW Bedford Limited

First Floor, Woburn Court

2 Railton Road

Woburn Rd Ind Est

Kempston

Bedfordshire

MK42 7PN

BANKERS:

Handelsbanken

2nd Floor Clifton House

4a Goldington Road

Bedford

Bedfordshire

MK40 3NF

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

REVIEW OF BUSINESS

The Directors are pleased to report that the Company has continued to grow its operations over the past 12 months. Turnover and rental income increased by 13.44% to £11,055,218, reflecting strong performance across the business.

The Directors believe that this strategic acquisition has strengthened the Company’s market position and enhanced its ability to meet customer demand.

The business has experienced challenges in retaining skilled staff, particularly within the transport planning and administrative teams, together with the recruitment of replacement personnel following staff departures. These challenges reflect ongoing pressures within the wider logistics labour market.

To mitigate these risks, the Company has strengthened its recruitment processes, engaged additional recruitment support, and increased its focus on staff training and development. Management has also reviewed remuneration and working practices to improve staff retention and ensure continuity of service. The Directors continue to monitor staffing levels closely and remain committed to investing in people to support the Company’s ongoing growth.

Following the expansion of the business, the Directors continue to seek larger premises to support ongoing growth. However, this process has presented challenges, as preferred locations—particularly farm land sites—are increasingly being sold to property developers, limiting availability.

Gross margins for the 12 months to 31 October 2025 remained stable at 30%. Operating profit showed a slight decrease during the period, primarily due to rising operating costs, including increased fuel prices and higher vehicle repair and maintenance expenses.

In response, the Directors have implemented a number of cost control measures, including closer monitoring of fuel usage, reviewing supplier contracts, and enhanced maintenance planning to reduce unexpected repair costs. The Company has also continued to review pricing and operational efficiency to help mitigate cost pressures while maintaining service levels.

The Company’s balance sheet total increased from £6.829m to £6.880m during the period. The majority of new commercial vehicle acquisitions were funded through the accumulation of cash reserves, with the remaining expenditure financed via hire purchase obligations.The Directors intend to continue updating the Company’s vehicle fleet on an annual basis, ensuring reliability, operational efficiency, and compliance with environmental and safety standards.

The Directors consider the Company’s liquidity position to be satisfactory, with sufficient cash resources and banking facilities in place to meet ongoing operational requirements and planned capital expenditure. Cash flow remains well managed, supported by effective working capital controls.

Based upon actions taken to date and further initiatives presently being undertaken, the Directors have full confidence in the Company's ability to sustain its profitability and continue the track record of balanced growth evident in prior years.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks and uncertainties facing the Group continue to arise from the highly competitive nature of the industry, together with ongoing increases in vehicle purchase prices, parts, and servicing costs. While vehicle lead times have stabilised during the period, lead times for bodybuilders and ancillary equipment remain extended at approximately six months, which may impact the timing of fleet investment and operational capacity.

During the year, fuel prices continued to fluctuate. The risk associated with changes in fuel costs is mitigated by the Company’s strong customer relationships, with clients generally understanding that variations in fuel prices may result in adjustments to contract pricing.

Uncertainty in fleet maintenance represents an ongoing risk, as it can be challenging to identify and resolve mechanical issues promptly across the vehicle fleet. Unexpected repairs or downtime may impact operational efficiency and costs. The Company mitigates this risk through a proactive maintenance schedule, regular inspections, and investment in staff training to ensure mechanical issues are identified and addressed as quickly as possible.

ON BEHALF OF THE BOARD:

S Noble - Director

28th April 2026

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of hauliers and providing logistics facilities.

DIVIDENDS

An interim dividend of 16525 per share was paid on 20th October 2025. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31st October 2025 will be £ 1,652,500 .

DIRECTORS

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

S Noble

D E Noble

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

-	select suitable accounting policies and then apply them consistently;

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

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, HW Bedford Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

S Noble - Director

28th April 2026

Opinion

We have audited the financial statements of D & G Noble Limited (the 'company') for the year ended 31st October 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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 Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31st October 2025 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

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

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

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

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

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

Responsibilities of directors

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

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

Auditors' responsibilities for the audit of the financial statements

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

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

* Identifying and assessing the controls management has in place to prevent and detect fraud;

* Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;

* Challenging assumptions and judgments made by management in its significant accounting estimates and judgments.

* Identifying and testing journal entries, in particular journal entries posted with unusual account combinations; and

* Assessing the extent of compliance with the relevant laws and regulations.

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

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 accounting policy disclosure pages.

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

Use of our report

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

Alberto Di Lorenzo FCA (Senior Statutory Auditor)

for and on behalf of HW Bedford Limited

First Floor, Woburn Court

2 Railton Road

Woburn Rd Ind Est

Kempston

Bedfordshire

MK42 7PN

28th April 2026

TURNOVER

3

11,055,218

9,745,510

Cost of sales

7,726,332

6,766,094

GROSS PROFIT

3,328,886

2,979,416

Administrative expenses

1,092,621

708,929

2,236,265

2,270,487

Other operating income

46,989

84,462

OPERATING PROFIT

5

2,283,254

2,354,949

Interest receivable and similar income

2,959

11,667

2,286,213

2,366,616

Interest payable and similar expenses

6

29,185

15,201

PROFIT BEFORE TAXATION

2,257,028

2,351,415

Tax on profit

7

567,569

586,332

PROFIT FOR THE FINANCIAL YEAR

1,689,459

1,765,083

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,689,459

1,765,083

FIXED ASSETS

Intangible assets

9

-

-

Tangible assets

10

6,762,186

5,978,507

Investment property

11

275,000

250,000

7,037,186

6,228,507

CURRENT ASSETS

Stocks

12

53,023

44,654

Debtors

13

2,476,083

2,440,206

Cash at bank and in hand

1,342,005

1,449,801

3,871,111

3,934,661

CREDITORS

Amounts falling due within one year

14

2,040,108

1,820,897

NET CURRENT ASSETS

1,831,003

2,113,764

TOTAL ASSETS LESS CURRENT LIABILITIES

8,868,189

8,342,271

CREDITORS

Amounts falling due after more than one year

15

(417,495

)

(173,217

)

PROVISIONS FOR LIABILITIES

18

(1,584,662

)

(1,339,981

)

NET ASSETS

6,866,032

6,829,073

CAPITAL AND RESERVES

Called up share capital

19

100

100

Fair value reserve

20

53,892

35,017

Retained earnings

20

6,812,040

6,793,956

SHAREHOLDERS' FUNDS

6,866,032

6,829,073

The financial statements were approved by the Board of Directors and authorised for issue on 28th April 2026 and were signed on its behalf by:

S Noble - Director

Called up

Fair

share

Retained

value

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1st November 2023

100

5,828,873

35,017

5,863,990

Changes in equity

Dividends

-

(800,000

)

-

(800,000

)

Total comprehensive income

-

1,765,083

-

1,765,083

Balance at 31st October 2024

100

6,793,956

35,017

6,829,073

Changes in equity

Dividends

-

(1,652,500

)

-

(1,652,500

)

Total comprehensive income

-

1,670,584

18,875

1,689,459

Balance at 31st October 2025

100

6,812,040

53,892

6,866,032

1.	STATUTORY INFORMATION

D & G Noble Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The Company's trading address is C P Farm, Woburn Road, Wootton, Bedford, MK43 9EL.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of paragraph 3.17(d);

•

the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

•

the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;

•

the requirement of paragraph 33.7.

Significant judgements and estimates

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 revision nd future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Depreciation

Depreciation is provided by reference to the age and condition of the assets concerned and estimated future use. The gain or loss arising on the disposals or retirement of an item of plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in the income statement.

Turnover

Turnover represents revenue from haulage services and the provision of storage facilities. Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and that it can be measured reliably.

Revenue from haulage services is recognised when the service is performed, typically upon delivery of goods. Revenue from storage facilities is recognised over the period in which the service is provided, in line with the contractual terms agreed with customers. This approach ensures that turnover is matched with the delivery of services and the associated economic benefits.

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax, and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

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

Tangible fixed assets

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

Improvements to property

-

10% on cost

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance and 10 years less residual balance

Computer equipment

-

33% on cost

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to location and conditional necessary for it to be capable of operating the matter intended by management.

Investment property

Investment properties for which fair value can be measured reliably are measured at fair value at each reporting date with changes in fair value recognised in profit or loss. No formal valuation has taken place during the year by a professional independent valuer. The current fair value is based on a recognised valuation model.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

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 statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade debtors, are initially measured at transactions 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 nd 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.

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 when the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit and loss.

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 payments 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. Amounts 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

Other financial liabilities, including debt instruments that do not meet the definition of a basic financial instrument, are measured at fair value through profit or loss.

Equity instruments

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

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Hire purchase and leasing commitments

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

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

Pension costs and other post-retirement benefits

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

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

3.

TURNOVER

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

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

31/10/25

31/10/24

£

£

Haulage and logistics

10,925,902

9,646,715

Rent receivable

129,316

98,795

11,055,218

9,745,510

All income in the current and prior year were for services provided in the UK.

4.	EMPLOYEES AND DIRECTORS

31/10/25

31/10/24

£

£

Wages and salaries

3,889,380

3,370,473

Other pension costs

272,000

24,000

4,161,380

3,394,473

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

31/10/25

31/10/24

Directors

2

2

Direct and administrative employees

63

60

65

62

31/10/25

31/10/24

£

£

Directors' remuneration

26,659

24,559

Directors' pension contributions to money purchase schemes

272,000

24,000

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

Money purchase schemes

2

2

5.	OPERATING PROFIT

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

31/10/25

31/10/24

£

£

Depreciation - owned assets

754,008

635,445

Depreciation - assets on hire purchase contracts

137,680

173,316

Loss/(profit) on disposal of fixed assets

6,551

(3,091

)

Auditors' remuneration

8,500

8,000

Auditors' remuneration for non audit work

2,500

3,500

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

31/10/25

31/10/24

£

£

Interest on late tax payment

7,717

733

Hire purchase interest

21,468

14,468

29,185

15,201

7.

TAXATION

Analysis of the tax charge

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

31/10/25

31/10/24

£

£

Current tax:

UK corporation tax

322,888

511,238

Deferred tax

244,681

75,094

Tax on profit

567,569

586,332

Reconciliation of total tax charge included in profit and loss

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

31/10/25

31/10/24

£

£

Profit before tax

2,257,028

2,351,415

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

564,257

587,854

Effects of:

Expenses not deductible for tax purposes

2,374

4,273

Income not taxable for tax purposes

(6,250

)

-

Capital allowances in excess of depreciation

(237,493

)

(80,116

)

Adjustments to tax charge in respect of previous periods

-

(773

)

Deferred tax

244,681

75,094

Total tax charge

567,569

586,332

8.

DIVIDENDS

31/10/25

31/10/24

£

£

Ordinary shares of £1 each

Interim

1,652,500

800,000

9.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st November 2024

and 31st October 2025

62,000

AMORTISATION

At 1st November 2024

and 31st October 2025

62,000

NET BOOK VALUE

At 31st October 2025

-

At 31st October 2024

-

10.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1st November 2024

183,356

175,889

81,612

Additions

-

-

276

Disposals

(145,818

)

-

-

At 31st October 2025

37,538

175,889

81,888

DEPRECIATION

At 1st November 2024

152,476

148,888

46,835

Charge for year

3,655

6,750

5,225

Eliminated on disposal

(145,819

)

-

-

At 31st October 2025

10,312

155,638

52,060

NET BOOK VALUE

At 31st October 2025

27,226

20,251

29,828

At 31st October 2024

30,880

27,001

34,777