REGISTERED NUMBER: 02631070 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 July 2025

for

On-Set Location Services Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Statement of Comprehensive Income

8

Statement of Financial Position

9

Statement of Changes in Equity

10

Statement of Cash Flows

11

Notes to the Statement of Cash Flows

12

Notes to the Financial Statements

13

DIRECTORS:

C S Howard

N S Howard

G M Howard

G Howard

D Dewey-Leader-Foster

SECRETARY:

C S Howard

REGISTERED OFFICE:

The Granary

Crowhill Farm

Ravensden Road

Wilden

Bedfordshire

MK44 2QS

REGISTERED NUMBER:

02631070 (England and Wales)

AUDITORS:

GREGORY WILDMAN

Chartered Accountants

Statutory Auditors

The Granary

Crowhill Farm

Ravensden Road

Wilden

Bedfordshire

MK44 2QS

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

REVIEW OF BUSINESS

As shown in the company's profit and loss account, there has been a 17.89% increase in turnover over the prior year which has resulted in a gross profit of £7,584,927 (2024 - £6,470,442) and a profit on ordinary activities before tax of £5,566,366 (2024 - £4,095,174).

Following a period of disruption in 2023 caused by the global writers' and actors' strikes, the film and HETV industry experienced a gradual recovery during 2024, with activity levels strengthening further into 2025. On-Set Location Services Ltd responded well to this improving market, with an increase in production activity compared to the prior year and continued demand across both domestic and international projects.

In line with the company's ongoing commitment to providing high-quality equipment and services to the Film and HETV industries, On-Set continued to invest in and expand its fleet throughout the year. This included the addition of new specialist trailers and support vehicles designed to meet the evolving requirements of modern productions. Continued investment in Euro VI standard vehicles further reinforced the company's commitment to operating a modern, efficient, and environmentally responsible fleet.

During the year, the company experienced improved utilisation levels across its fleet and equipment, driven by increased production activity. This enabled the efficient deployment of resources across multiple large-scale projects simultaneously. The company also saw increased levels of activity across international locations, particularly within Spain, the Canary Islands, and the Balearics, reflecting growing demand for high-quality location support services on European-based productions. In addition to investment in equipment, the company continued to invest in its workforce, ensuring it has the necessary skills and capacity to support increasing levels of activity while maintaining high standards of service delivery to both existing and new clients.

Overall, the company's continued investment in its fleet, infrastructure, and personnel throughout the period has supported its ability to meet the growing demands of the industry and maintain its position as a leading provider of location services to the Film and HETV sectors.

PRINCIPAL RISKS AND UNCERTAINTIES

Price risk, margin management

We monitor our industry very closely and maintain close relationships with our customers, suppliers and manufacturers.

Our pricing is facilitated by operating a fixed price book for all services, hire and staff. This model helps to maintain our revenue stream.

Costs are closely monitored and managed on a continuing basis by the directors and we mitigate against supply chain risk through continual pricing reviews and maintaining supply chain relationships.

Credit risk

Due to the nature of the industry, it is difficult to credit check companies as each company is created for a specific project. However, our customers in the film and TV industry usually have funding in place for the project ahead of filming dates, in addition services are invoiced weekly and if payment terms are not maintained then the services would be withdrawn leaving a minimal risk of significant bad debts.

Liquidity and cashflow risk

Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. The company is financed by large cash reserves which are more than adequate to ensure that the company meets its operational requirements, in addition the company has short term borrowing which matches the needs of the business.

Foreign exchange risk

The functional currency is GB sterling, the directors believe that the main risk is from fluctuations in the US dollar and the euro. The directors manage this by closely monitoring the exchange rates and the potential risk exposure.

ON BEHALF OF THE BOARD:

N S Howard - Director

27 April 2026

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the provision of location facilities for television and film work.

DIVIDENDS

The total distribution of dividends for the year ended 31 July 2025 was £3,429,983.

FUTURE DEVELOPMENTS

Further advancing its sustainability efforts, On-Set is continuing the deployment of hybrid generator systems across multiple productions, incorporating higher-capacity battery storage solutions. The company continues to invest in Euro VI standard vehicles, reinforcing its commitment to operating a modern, compliant, and environmentally responsible fleet.

As a business, On-Set Location Services Ltd remains firmly committed to promoting equality, diversity, and inclusion across its workforce, while eliminating unlawful discrimination. The company strives to ensure its workforce is representative of all sections of society and its customer base, creating an environment in which every employee feels respected and empowered to perform at their best. This commitment extends to the delivery of services, ensuring fairness and equality for all clients and members of the public.

On-Set continues to support a wide range of leading TV and film production companies, including Sky, Apple, Netflix, Disney, Amazon Studios, Fresco Films, Anima Stillking & Palma Pictures among many others.

Looking ahead, On-Set is undertaking significant investment to expand its operational capabilities. This includes the construction of a new purpose-built office facility to support increasing staff levels, alongside the development of a new four-bay preparation facility to improve vehicle readiness and operational efficiency. In addition, the expansion of the existing workshop will effectively double fabrication and engineering capacity, enabling increased production output and further enhancing the quality and innovation of specialist vehicle and trailer builds.

The company is also investing in a dedicated workshop and storage facility for its growing classic vehicle collection, supporting the supply of 1970s, 1980s, and 1990s action vehicles for production use.

With years of data-driven insights and continued investment in emerging technologies, On-Set remains at the forefront of sustainability innovation, supporting productions in reducing their environmental impact while delivering industry-leading services.

Internationally, On-Set is experiencing significant growth in Spain, including the Canary Islands and the Balearics, supported by an operational base at Ciudad de la Luz Studios. This expansion positions the company to better service the increasing demand for high-quality location services across European productions.

2026 has already begun strongly, with a notable increase in production activity compared to the previous year, reflecting both industry growth and On-Set's strengthened market position.

DIRECTORS

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

C S Howard

N S Howard

G M Howard

G Howard

Other changes in directors holding office are as follows:

D Dewey-Leader-Foster - appointed 28 March 2025

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 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, GREGORY WILDMAN, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

N S Howard - Director

27 April 2026

Opinion

We have audited the financial statements of On-Set Location Services Limited (the 'company') for the year ended 31 July 2025 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 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.

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

We obtained an understanding of the legal and regulatory frameworks within which the company operates focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations in this context were the Companies Act 2006 and UK tax legislation. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statements.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements and the financial report (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate entries including journals to overstate revenue or understate expenditure and management bias in accounting estimates.

Our audit procedures to respond to these risks, performed by the engagement team, included:

-enquiries of management, and the Directors about their own identification and assessment of the risks of the irregularities, reviewing accounting estimates for biases and reviewing regulatory correspondence;

- Performing audit work over the risk of management override of controls. including test 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 bias;

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

- We have confirmed the income recognition basis is appropriate, tested a sample of income transactions to confirm completeness, tested a sample of journals to confirm they were appropriate and reviewed areas of judgment for indicators of management bias to address these risks.

- We obtained a full asset register and tested a sample of assets for existence by establishing the asset's location and substantiating current usage by reference to hire contracts, and taking photographic evidence. The valuation of self-build asset additions were tested by reviewing the overall spend in comparison to managements breakdown of costs.

Owing to 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, even though we have properly planned and performed our audit in accordance with auditing standards. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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

Use of our report

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

Helen Jones FCA (Senior Statutory Auditor)

for and on behalf of GREGORY WILDMAN

Chartered Accountants

Statutory Auditors

The Granary

Crowhill Farm

Ravensden Road

Wilden

Bedfordshire

MK44 2QS

29 April 2026

TURNOVER

3

15,329,129

13,001,938

Cost of sales

7,744,202

6,531,496

GROSS PROFIT

7,584,927

6,470,442

Administrative expenses

2,133,334

2,567,274

5,451,593

3,903,168

Other operating income

61,651

87,071

OPERATING PROFIT

5

5,513,244

3,990,239

Interest receivable and similar income

95,687

104,935

5,608,931

4,095,174

Interest payable and similar expenses

7

42,565

-

PROFIT BEFORE TAXATION

5,566,366

4,095,174

Tax on profit

8

1,421,528

334,700

PROFIT FOR THE FINANCIAL YEAR

4,144,838

3,760,474

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

4,144,838

3,760,474

FIXED ASSETS

Tangible assets

10

22,506,712

21,447,959

CURRENT ASSETS

Stocks

11

452,924

931,814

Debtors

12

3,594,262

2,559,245

Cash at bank and in hand

5,881,403

8,045,638

9,928,589

11,536,697

CREDITORS

Amounts falling due within one year

13

2,403,479

4,015,233

NET CURRENT ASSETS

7,525,110

7,521,464

TOTAL ASSETS LESS CURRENT LIABILITIES

30,031,822

28,969,423

PROVISIONS FOR LIABILITIES

15

4,722,016

4,374,472

NET ASSETS

25,309,806

24,594,951

CAPITAL AND RESERVES

Called up share capital

16

100

100

Retained earnings

17

25,309,706

24,594,851

SHAREHOLDERS' FUNDS

25,309,806

24,594,951

The financial statements were approved by the Board of Directors and authorised for issue on 27 April 2026 and were signed on its behalf by:

N S Howard - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 August 2023

100

21,020,377

21,020,477

Changes in equity

Dividends

-

(186,000

)

(186,000

)

Total comprehensive income

-

3,760,474

3,760,474

Balance at 31 July 2024

100

24,594,851

24,594,951

Changes in equity

Dividends

-

(3,429,983

)

(3,429,983

)

Total comprehensive income

-

4,144,838

4,144,838

Balance at 31 July 2025

100

25,309,706

25,309,806

Cash flows from operating activities

Cash generated from operations

1

5,888,435

5,401,196

Interest paid

(36,646

)

-

Interest element of hire purchase or finance lease rental payments paid

(5,919

)

-

Tax paid

(1,284,598

)

(454,900

)

Net cash from operating activities

4,561,272

4,946,296

Cash flows from investing activities

Purchase of tangible fixed assets

(4,033,863

)

(3,732,844

)

Sale of tangible fixed assets

1,750,334

925,151

Interest received

95,687

104,935

Net cash from investing activities

(2,187,842

)

(2,702,758

)

Cash flows from financing activities

Associated business transactions

(935,048

)

(9,250

)

Amount withdrawn by directors

(172,634

)

172,634

Equity dividends paid

(3,429,983

)

(186,000

)

Net cash from financing activities

(4,537,665

)

(22,616

)

(Decrease)/increase in cash and cash equivalents

(2,164,235

)

2,220,922

Cash and cash equivalents at beginning of year

2

8,045,638

5,824,716

Cash and cash equivalents at end of year

2

5,881,403

8,045,638

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

31.7.25

31.7.24

£

£

Profit before taxation

5,566,366

4,095,174

Depreciation charges

1,796,394

1,799,572

Profit on disposal of fixed assets

(571,619

)

(304,928

)

Finance costs

42,565

-

Finance income

(95,687

)

(104,935

)

6,738,019

5,484,883

Decrease/(increase) in stocks

478,890

(931,814

)

Increase in trade and other debtors

(99,968

)

(956,691

)

(Decrease)/increase in trade and other creditors

(1,228,506

)

1,804,818

Cash generated from operations

5,888,435

5,401,196

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 July 2025

31.7.25

1.8.24

£

£

Cash and cash equivalents

5,881,403

8,045,638

Year ended 31 July 2024

31.7.24

1.8.23

£

£

Cash and cash equivalents

8,045,638

5,824,716

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.8.24

Cash flow

At 31.7.25

£

£

£

Net cash

Cash at bank and in hand

8,045,638

(2,164,235

)

5,881,403

8,045,638

(2,164,235

)

5,881,403

Total

8,045,638

(2,164,235

)

5,881,403

1.	STATUTORY INFORMATION

On-Set Location Services Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Revenue recognition

Turnover represents the fair value of consideration receivable for the provision of location facilities, equipment hire and associated services to the film and television industry, net of VAT and trade discounts.

Revenue is recognised as follows:

Hire of equipment and vehicles

Revenue from the hire of trailers, vehicles and related equipment is recognised on a time-apportioned basis over the period of hire.

Provision of staff and support services

Revenue from the provision of drivers, technicians and other support staff is recognised as the services are performed.

Sale of trailers

Revenue from the sale of trailers is recognised when the control and significant risks and rewards are transferred to the customer.

Tangible fixed assets

Property, plant and equipment are stated at cost less accumulated depreciation. Such cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all property, plant and equipment, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Buildings freehold - 4% p.a. straight line

Hire fleet lorries - 10% p.a. reducing balance

Other hire fleet - 10% p.a. reducing balance

Plant and machinery - 10% p.a. reducing balance

Computer equipment - 15% p.a. reducing balance

Motor vehicles - 10% p.a. reducing balance

Fixtures and fittings - 33% p.a. straight line & 15% p.a. reducing balance

The carrying value of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Stocks

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Net realisable value is based on the estimated selling price less any further costs expected to be incurred to completion and disposal.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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

Transactions in currencies other than pounds sterling are initially recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.

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.

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme for the benefits of its employees. The pension cost charged for the period represents contributions payable by the company to the scheme and amounts to £64,081 (2024 - £58,758).

At the balance sheet date the company had unpaid pension liabilities of £18,020 (2024 - £16,393).

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities at the balance sheet date, 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.

Management applies judgement in estimating the value of fleet improvements. This judgement is based on an allocation of costs related to bringing the fleet into use. The estimates have been assessed for reasonableness.

The company has made no other significant estimates or judgements in the preparation of the financial statements.

Impairment of non financial assets

Where there are indicators of impairment of individual assets the company performs impairment testing based on fair value less costs to sell. The fair value less costs to sell calculation is based on observable market prices less incremental costs for disposing of the asset. If the fair value less costs to sell is less than its carrying amount, the carrying amount of the asset is impaired and it is reduced to its recoverable amount through an impairment in profit and loss.

An impairment loss recognised for all assets is reversed in a subsequent period if and only if the reasons for the impairment loss have ceased to apply.

Cash and cash equivalents

Cash and cash equivalents in the balance sheet comprises cash at banks and in hand and short term deposits with an original maturity date of three months or less. For the purpose of the cash flow, cash and cash equivalents consist of cash and cash equivalents as defined above, net of outstanding bank overdrafts.

Short-term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from the impairment are recognised in the income statement in other operating expenses.

3.

TURNOVER

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

An analysis of turnover by geographical market is given below:

31.7.25

31.7.24

£

£

United Kingdom

13,405,062

12,807,157

Europe

1,924,067

194,781

15,329,129

13,001,938

4.	EMPLOYEES AND DIRECTORS

31.7.25

31.7.24

£

£

Wages and salaries

2,840,717

3,149,166

Social security costs

318,348

372,059

Other pension costs

43,794

36,036

3,202,859

3,557,261

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

31.7.25

31.7.24

Admin

8

8

Drivers

38

29

Workshop

17

20

63

57

31.7.25

31.7.24

£

£

Directors' remuneration

321,576

959,840

Directors' pension contributions to money purchase schemes

3,058

2,543

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

Money purchase schemes

3

2

Information regarding the highest paid director is as follows:

31.7.25

31.7.24

£

£

Emoluments etc

118,838

483,133

Pension contributions to money purchase schemes

442

1,246

5.	OPERATING PROFIT

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

31.7.25

31.7.24

£

£

Hire of plant and machinery

196,367

141,735

Other operating leases

51,285

45,403

Depreciation - owned assets

1,796,395

1,799,571

Profit on disposal of fixed assets

(571,619

)

(304,928

)

Foreign exchange differences

(11,140

)

2,539

6.	AUDITORS' REMUNERATION

31.7.25

31.7.24

£

£

Fees payable to the company's auditors for the audit of the company's financial statements

45,595

50,405

Auditors' remuneration for non audit work

56,669

41,626

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.7.25

31.7.24

£

£

Corporation tax interest

36,646

-

Other loan interest

5,919

-

42,565

-

8.

TAXATION

Analysis of the tax charge

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

31.7.25

31.7.24

£

£

Current tax:

UK corporation tax

1,073,984

558,563

Deferred tax

347,544

(223,863

)

Tax on profit

1,421,528

334,700

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:

31.7.25

31.7.24

£

£

Profit before tax

5,566,366

4,095,174

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

1,391,592

1,023,794

Effects of:

Expenses not deductible for tax purposes

21,316

13,713

Depreciation in excess of capital allowances

8,620

8,620

Effect of change in corporation tax rate

-

(711,427

)

Total tax charge

1,421,528

334,700