REGISTERED NUMBER: 01638922 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

FOR

FIROW LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Income Statement

7

Other Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Cash Flow Statement

11

Notes to the Cash Flow Statement

12

Notes to the Financial Statements

13

DIRECTORS:

P A Rowley

A Bromley

A J Rowley

M Rowley

G S Unsworth

SECRETARY:

A Bromley

REGISTERED OFFICE:

Firow House

Tarporley Road

Oakmere

Northwich

Cheshire

CW8 2ES

REGISTERED NUMBER:

01638922 (England and Wales)

SENIOR STATUTORY AUDITOR:

Darren Cooper BA (Hons) FCA CTA

AUDITORS:

A. Allen & Son Limited

Chartered Accountants

& Statutory Auditors

45 Union Road

New Mills

High Peak

SK22 3EL

BANKERS:

National Westminster Bank Plc

The Bull Ring

Northwich

Cheshire

CW9 5BN

SOLICITORS:

Dixon Keogh

Old Bank Chambers

32 High Street

Northwich

Cheshire

CWM 5BL

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

We aim to present a balanced review of the development and performance of our business during the year and at the year end. Our review is consistent with the size and nature of our business and is written in the context of the risks and uncertainties the business faces.

Firow Limited is a specialised supplier of municipal, waste collection and skip commercial vehicles on both a long-term contractual hire basis as well as a short-term ad-hoc basis. UK markets continued to be influenced by economic and political events and uncertainty both in the UK and abroad, in particular the increase in Employers National Insurance contributions and changes to Business Property Relief announced in the 2024 Autumn Budget. These have contributed to a general decline in business confidence which has prolonged the operational challenges facing our business and continued the need to undertake regular reviews of our short and medium term plans. Given our highly respected position within the industry and strong customer base we managed to end the year with a smaller reduction in turnover from continuing operations than expected. Despite this, operating margins were maintained and profit before tax increased.

As the majority of the hire vehicles we own are committed to longer term contract hire periods, the revenue streams for these vehicles are predetermined and will provide a consistent cash flow into the business. The threat to this consistency is the strength of the clients we hold these contracts with. Particular attention is paid to this area and monitored closely. Our short term hire rental fleet is used to supplement and complement the contract fleet. We consider that our key performance indicators are those that communicate the prudent approach towards structuring the contractual elements of our commitment to clients.

The company holds a strong balance sheet.

The company produces a steady positive cash flow position.

The company holds excellent cash reserves.

The company has fixed contract debt secured at excellent rates.

The company is financially strong and is managed in a prudent manner.

The company achieves good residual values from the disposal of fleet assets.

The company has invested in its maintenance facility and staff resources.

The company has continued to invest in equipment to increase efficiency.

The company has maintained a stable cost base.

Key financial indicators used to monitor the business cover profit, liquidity and gearing as follows:

Gross profit margin 66.32% (2024: 66.09%)

Asset ratio 183.88% (2024: 144.39%)

Gearing ratio 43.51% (2024: 46.80%)

Others also considered are:

Debtor days 43 days (2024: 45 days)

Creditor days 83 days (2024: 71 days)

ON BEHALF OF THE BOARD:

A Bromley - Secretary

17 December 2025

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

PRINCIPAL ACTIVITIES

The principal activities of the company in the year under review were those of specialist providers of municipal and waste vehicles on contract hire, short term hire, associated vehicle maintenance services and facilities management.

DIVIDENDS

No interim dividend was paid during the year. The directors recommend a final dividend of £320.00 per share.

The total distribution of dividends for the year ended 31 July 2025 will be £ 320,000 .

DIRECTORS

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

P A Rowley

A Bromley

A J Rowley

M Rowley

G S Unsworth

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). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, A. Allen & Son Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

A Bromley - Secretary

17 December 2025

Opinion

We have audited the financial statements of Firow Limited (the 'company') for the year ended 31 July 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 31 July 2025 and of its profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

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

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

Auditors' responsibilities for the audit of the financial statements

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

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

Our audit procedures were designed to respond to those identified risks, including non compliance with laws and regulations (irregularities) and fraud that are material to the financial statements. Our Audit procedures include but are not limited to:

discussing with the directors and management their policies and procedures regarding compliance with laws and regulations:

communicating identified laws and regulations throughout our engagement team and remaining alert to any indications on non compliance throughout our audit.

Our audit procedures in relation to fraud included but were not limited to:

marking enquires of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud:

gaining an understanding of the internal controls established to mitigate risks related to fraud:

discussing amongst the engagement team the risk of fraud; and

addressing the risk of fraud through management override of controls by performing journal entry testing.

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentation or override of internal controls.

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.

Darren Cooper BA (Hons) FCA CTA (Senior Statutory Auditor)

for and on behalf of A. Allen & Son Limited

Chartered Accountants

& Statutory Auditors

45 Union Road

New Mills

High Peak

SK22 3EL

17 December 2025

TURNOVER

3

14,597,549

15,388,083

Cost of sales

4,916,906

5,210,393

GROSS PROFIT

9,680,643

10,177,690

Administrative expenses

6,570,867

7,661,209

3,109,776

2,516,481

Other operating income

7,250

86,600

OPERATING PROFIT

5

3,117,026

2,603,081

Interest receivable and similar income

6

389,626

321,623

3,506,652

2,924,704

Interest payable and similar expenses

7

626,515

511,092

PROFIT BEFORE TAXATION

2,880,137

2,413,612

Tax on profit

8

750,104

628,407

PROFIT FOR THE FINANCIAL YEAR

2,130,033

1,785,205

PROFIT FOR THE YEAR

2,130,033

1,785,205

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

2,130,033

1,785,205

FIXED ASSETS

Tangible assets

10

23,627,148

24,230,903

Investments

11

-

987,000

23,627,148

25,217,903

CURRENT ASSETS

Stocks

12

80,000

80,000

Debtors

13

1,888,335

2,098,238

Cash at bank and in hand

12,836,622

8,476,528

14,804,957

10,654,766

CREDITORS

Amounts falling due within one year

14

7,925,659

7,260,758

NET CURRENT ASSETS

6,879,298

3,394,008

TOTAL ASSETS LESS CURRENT LIABILITIES

30,506,446

28,611,911

CREDITORS

Amounts falling due after more than one year

15

(10,935,573

)

(11,010,218

)

PROVISIONS FOR LIABILITIES

18

(783,000

)

(623,853

)

NET ASSETS

18,787,873

16,977,840

CAPITAL AND RESERVES

Called up share capital

19

1,000

1,000

Retained earnings

20

18,786,873

16,976,840

SHAREHOLDERS' FUNDS

18,787,873

16,977,840

The financial statements were approved by the Board of Directors and authorised for issue on 17 December 2025 and were signed on its behalf by:

A Bromley - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 August 2023

1,000

15,431,635

15,432,635

Changes in equity

Dividends

-

(240,000

)

(240,000

)

Total comprehensive income

-

1,785,205

1,785,205

Balance at 31 July 2024

1,000

16,976,840

16,977,840

Changes in equity

Dividends

-

(320,000

)

(320,000

)

Total comprehensive income

-

2,130,033

2,130,033

Balance at 31 July 2025

1,000

18,786,873

18,787,873

Cash flows from operating activities

Cash generated from operations

1

7,997,446

7,329,707

Interest element of hire purchase payments paid

(626,516

)

(511,092

)

Tax paid

(361,674

)

(501,946

)

Net cash from operating activities

7,009,256

6,316,669

Cash flows from investing activities

Purchase of tangible fixed assets

(6,343,591

)

(5,529,337

)

Sale of tangible fixed assets

2,695,511

1,402,296

Sale of fixed asset investments

987,000

-

Interest received

389,626

321,623

Net cash from investing activities

(2,271,454

)

(3,805,418

)

Cash flows from financing activities

Capital repayments in year

(62,508

)

(1,141,178

)

Amount introduced by directors

364,800

242,700

Amount withdrawn by directors

(360,000

)

(240,000

)

Equity dividends paid

(320,000

)

(240,000

)

Net cash from financing activities

(377,708

)

(1,378,478

)

Increase in cash and cash equivalents

4,360,094

1,132,773

Cash and cash equivalents at beginning of year

2

8,476,528

7,343,755

Cash and cash equivalents at end of year

2

12,836,622

8,476,528

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

31/7/25

31/7/24

£

£

Profit before taxation

2,880,137

2,413,612

Depreciation charges

5,776,012

5,921,387

Profit on disposal of fixed assets

(1,524,176

)

(632,308

)

Finance costs

626,515

511,092

Finance income

(389,626

)

(321,623

)

7,368,862

7,892,160

Increase in stocks

-

(10,000

)

Decrease/(increase) in trade and other debtors

179,793

(298,259

)

Increase/(decrease) in trade and other creditors

448,791

(254,194

)

Cash generated from operations

7,997,446

7,329,707

2.	CASH AND CASH EQUIVALENTS

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

Year ended 31 July 2025

31.7.25

1.8.24

£

£

Cash and cash equivalents

12,836,622

8,476,528

Year ended 31 July 2024

31.7.24

1.8.23

£

£

Cash and cash equivalents

8,476,528

7,343,797

Bank overdrafts

-

(42

)

8,476,528

7,343,755

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.8.24

Cash flow

At 31.7.25

£

£

£

Net cash

Cash at bank and in hand

8,476,528

4,360,094

12,836,622

8,476,528

4,360,094

12,836,622

Debt

Finance leases

(16,790,066

)

62,508

(16,727,558

)

(16,790,066

)

62,508

(16,727,558

)

Total

(8,313,538

)

4,422,602

(3,890,936

)

1.	STATUTORY INFORMATION

Firow 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The principal accounting policies adopted in the preparation of the financial statements are set out below.

The financial statements have been prepared under the historic cost convention, except for modification to a fair value basis for certain fixed assets, as specified in the accounting policies below.

Turnover

Turnover represents net invoiced vehicle hire rentals and sales of associated logistical and maintenance services, excluding value added tax.

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.

Property (Oakmere)

-

in accordance with the property years

Improvements (Oakmere)

-

12.5% on cost

Improvements (Pinxton)

-

12.5% on cost

Plant & equipment

-

20% on reducing balance

Fixtures & fittings

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer & office equipment

-

33% on reducing balance

Stocks

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

Financial instruments

The following assets and liabilities are classified as financial instruments; trade debtors, trade creditors, bank loans and directors loans.

Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method.

Directors loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Foreign currencies

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

Hire purchase and leasing commitments

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.

Employee benefits

Short term employee benefits, including holiday pay, are recognised as an expense in the Statement of Income and Retained Earnings in the period in which they are incurred.

Unlisted investment.

Unlisted investments are valued at cost plus directly attributable expenditure.

3.

TURNOVER

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

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

31/7/25

31/7/24

£

£

Vehicle hire

13,615,504

14,371,763

Services & parts

982,045

1,016,320

14,597,549

15,388,083

An analysis of turnover by geographical market is given below:

31/7/25

31/7/24

£

£

United Kingdom

14,597,549

15,388,083

14,597,549

15,388,083

4.	EMPLOYEES AND DIRECTORS

31/7/25

31/7/24

£

£

Wages and salaries

2,766,942

2,844,283

Social security costs

80,490

101,089

Other pension costs

179,314

179,145

3,026,746

3,124,517

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

31/7/25

31/7/24

Directors

3

3

Administration

7

7

Operations

41

39

51

49

31/7/25

31/7/24

£

£

Directors' remuneration

594,721

770,505

Directors' pension contributions to money purchase schemes

179,314

179,145

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

Money purchase schemes

3

3

Information regarding the highest paid director is as follows:

31/7/25

31/7/24

£

£

Emoluments etc

234,482

310,610

Pension contributions to money purchase schemes

27,793

27,798

5.	OPERATING PROFIT

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

31/7/25

31/7/24

£

£

Depreciation - owned assets

5,776,012

1,068,119

Depreciation - assets on hire purchase contracts

-

4,853,268

Profit on disposal of fixed assets

(1,524,176

)

(632,308

)

Auditors' remuneration

9,535

8,584

6.

INTEREST RECEIVABLE AND SIMILAR INCOME

31/7/25

31/7/24

£

£

Bank interest received

354,626

321,623

Other interest received

35,000

-

389,626

321,623