Company registration number 04791049 (England and Wales)
L D Transport Services Limited
Annual report and financial statements
For the year ended 29 January 2025
L D Transport Services Limited
Company information
Directors
Mrs L B Lomas
Mr R A Lomas
Secretary
Mrs L B Lomas
Company number
04791049
Registered office
1 Waterswallows Industrial Park
Waterswallows Road
Buxton
Derbyshire
England
SK17 7JB
Auditor
DJH Audit Limited
St George's House
56 Peter Street
Manchester
M2 3NQ
L D Transport Services Limited
Contents
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
13
Company statement of changes in equity
12
Group statement of cash flows
14
Notes to the financial statements
15 - 29
L D Transport Services Limited
Strategic report
For the year ended 29 January 2025
- 1 -

The directors present the strategic report for the year ended 29 January 2025.

L D Transport Services, established in 2003 and based in Buxton, specializes in providing transport services across the UK for various industries. The company has experienced substantial growth over the years, and in February 2022, it acquired 100% of the share capital of Hazelcroft Garage Limited. This acquisition expanded and enhanced its fleet, strengthening the group's position in the freight transport sector.

Review of the business

The continuing economic instability created by global events has continued to present a difficult trading environment for the Group.

The Group’s consolidated statement of comprehensive income shows turnover of £8.12 million for the year (2024 : £18.96 million for the 18 month period), a reduction of £4.52 million on a pro-rate basis. The majority of this decrease is due to the reduction in the turnover of the Company’s subsidiary, Hazelcroft Garage Limited. The loss before taxation for the year was £1.1 million (2024 : £1.6 million for the 18 month period) while net liabilities increase to £2.54 million (2024 : £1.44 million). Both the loss for the year and increase in net liabilities can be attributed to the loss incurred by the Company’s subsidiary.

The turnover of the parent company, LD Transport Services Limited, was £4.74 million for the 12 month period (2024 : £9.2 million for the 18 month period). The profit before tax and exceptional items for the year was £224,837 (2024 : £79,429 for the 18 month period).

Hazelcroft Garage Limited, the subsidiary, performed disappointingly in the period, with a turnover and loss before tax of £3.38 million and £1.33 million respectively (2024 : £9.75 million and £0.96 million for the 18 month period).

Principal risks and uncertainties

Fuel costs

The Group uses a fuel escalator system for most customers, effectively mitigating the risk of fuel price increases. Investing in HVO fuel has also improved the company’s sustainability profile, which appeals to eco-conscious consumers.

Driver shortages

The Group continues to attract drivers due to its strong reputation and a diverse range of job opportunities. Subcontractors are used when necessary to manage workflow and reduce risk.

Credit risk

To minimize financial risks from customers not meeting their obligations, the Group implements credit control processes and sets appropriate credit limits for all clients.

Inflation risk

The Group regularly reviews its pricing strategies and operational efficiencies to mitigate the impact of inflation. Customer contracts include rates linked to RPI, which are reviewed periodically as per each contract.

Interest rate risk

The Group finances its operations through a combination of retained earnings and external borrowings, which are subject to floating interest rates. While the rise in interest rates during and after the year-end may affect the business, the Group carefully manages its finances to account for these changes.

L D Transport Services Limited
Strategic report (continued)
For the year ended 29 January 2025
- 2 -
Key performance indicators

Group

202 5 202 4

Gross margin -14.9% -1.3%

Net profit margin * -13.6% 7.4%

EBITDA -£642,415 -£185,040

* excluding exceptional items

Future developments

The directors report that business remains positive, with ongoing work being maintained and a number of new contracts being on.

The Group works closely with a related party which has made significant investments in its fleet and infrastructure, enabling it to draw upon a large, modern fleet. The directors continue to explore new revenue streams and a wider customer base to minimise the risks facing the business.

On behalf of the board

Mr R A Lomas
Director
30 April 2026
L D Transport Services Limited
Directors' report
For the year ended 29 January 2025
- 3 -

The directors present their annual report and financial statements for the year ended 29 January 2025.

Principal activities

The principal activity of the Company and Group continued to be that of providing haulage services.

Results and dividends

The results for the year are set out on page 9.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

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

Mrs L B Lomas
Mr R A Lomas
Auditor

DJH Audit Limited were appointed as auditor to the G roup and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of directors' responsibilities

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

United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company 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 group and parent company, and of the profit or loss of the group for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

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

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

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent 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 group and parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

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

L D Transport Services Limited
Directors' report (continued)
For the year ended 29 January 2025
- 4 -
Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to groups and companies entitled to the exemptions of the small companies regime.

On behalf of the board
Mr R A Lomas
Director
30 April 2026
L D Transport Services Limited
Independent auditor's report
To the members of L D Transport Services Limited
- 5 -
Opinion

We have audited the financial statements of L D Transport Services Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 29 January 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the group's and the parent company's affairs as at 29 January 2025 and of the group's loss for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

L D Transport Services Limited
Independent auditor's report (continued)
To the members of L D Transport Services Limited
- 6 -

Opinions on other matters prescribed by the Companies Act 2006

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

- T he information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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

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

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

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

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

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the group's and parent 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 group or parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

L D Transport Services Limited
Independent auditor's report (continued)
To the members of L D Transport Services Limited
- 7 -

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities,

including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including legislation such as the Companies Act 2006, taxation legislation, data protection, employment, health and safety legislation and vehicle operating licence legislation;

- we assessed the extent of compliance with the laws and regulations through making enquiries of management and reviewing legal and professional fee invoices.

We assessed the susceptibility of the company's financial statements to material misstatement, including

obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries posted during the period and at the period end to identify unusual transactions;

- investigated the rationale behind significant or unusual transactions; and

- performed walkthrough tests on major transaction cycles.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed

procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- enquiring of management as to actual and potential litigation and claims;

- reviewing correspondence with HMRC and regulators;

- reviewing legal and professional fees incurred during the period to identify any potential indications of non-compliance with laws and regulations.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of noncompliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

Other matters which we are required to address

The prior period financial statements are not audited, therefore the corresponding figures are unaudited.

L D Transport Services Limited
Independent auditor's report (continued)
To the members of L D Transport Services Limited
- 8 -

Use of our report

This report is made solely to the parent 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 parent company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Christopher Abbott FCA (Senior Statutory Auditor)
For and on behalf of DJH Audit Limited, Statutory Auditor
Accountants
St George's House
56 Peter Street
Manchester
M2 3NQ
5 May 2026
L D Transport Services Limited
Group statement of comprehensive income
For the year ended 29 January 2025
- 9 -
Year
Period
ended
ended
29 January
31 January
2025
2024
Notes
£
£
Turnover
3
8,121,113
18,960,039
Cost of sales
(8,665,804)
(19,226,448)
Gross loss
(544,691)
(266,409)
Administrative expenses
(559,737)
(1,170,965)
Other operating income
41,196
67,847
Operating loss
6
(1,063,232)
(1,369,527)
Interest payable and similar expenses
7
(38,779)
(242,122)
Loss before taxation
(1,102,011)
(1,611,649)
Tax on loss
8
-
0
195,306
Loss for the financial year
(1,102,011)
(1,416,343)
Loss for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.

The notes on pages 15 to 29 form part of these financial statements.

L D Transport Services Limited
Group balance sheet
As at 29 January 2025
29 January 2025
- 10 -
29 January 2025
31 January 2024
Notes
£
£
£
£
Fixed assets
Tangible assets
12
1,384,339
1,981,443
1,384,339
1,981,443
Current assets
Stocks
13
52,304
38,300
Debtors
14
572,713
698,815
Cash at bank and in hand
81,682
225,000
706,699
962,115
Creditors: amounts falling due within one year
15
(4,141,787)
(3,407,757)
Net current liabilities
(3,435,088)
(2,445,642)
Total assets less current liabilities
(2,050,749)
(464,199)
Creditors: amounts falling due after more than one year
16
(491,229)
(975,768)
Net liabilities
(2,541,978)
(1,439,967)
Capital and reserves
Called up share capital
20
100
100
Profit and loss reserves
(2,542,078)
(1,440,067)
Total equity
(2,541,978)
(1,439,967)

The notes on pages 15 to 29 form part of these financial statements.

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

The financial statements were approved by the board of directors and authorised for issue on 30 April 2026 and are signed on its behalf by:
30 April 2026
Mr R A Lomas
Director
Company registration number 04791049 (England and Wales)
L D Transport Services Limited
Company balance sheet
As at 29 January 2025
29 January 2025
- 11 -
29 January 2025
31 January 2024
Notes
£
£
£
£
Current assets
Debtors
14
1,340,296
401,275
Cash at bank and in hand
39,462
168,164
1,379,758
569,439
Creditors: amounts falling due within one year
15
(2,727,355)
(2,067,135)
Net current liabilities
(1,347,597)
(1,497,696)
Creditors: amounts falling due after more than one year
16
(127,322)
(202,060)
Net liabilities
(1,474,919)
(1,699,756)
Capital and reserves
Called up share capital
20
100
100
Profit and loss reserves
(1,475,019)
(1,699,856)
Total equity
(1,474,919)
(1,699,756)

The notes on pages 15 to 29 form part of these financial statements.

As permitted by section 408 of the Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £224,837 (2024 - £1,801,506 loss).

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 30 April 2026 and are signed on its behalf by:
30 April 2026
Mr R A Lomas
Director
Company registration number 04791049 (England and Wales)
L D Transport Services Limited
Company statement of changes in equity
For the year ended 29 January 2025
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 30 July 2022
100
210,650
210,750
Period ended 31 January 2024:
Loss and total comprehensive income for the period
-
(1,801,506)
(1,801,506)
Dividends
9
-
(109,000)
(109,000)
Balance at 31 January 2024
100
(1,699,856)
(1,699,756)
Year ended 29 January 2025:
Profit and total comprehensive income
-
224,837
224,837
Balance at 29 January 2025
100
(1,475,019)
(1,474,919)

The notes on pages 15 to 29 form part of these financial statements.

L D Transport Services Limited
Group statement of changes in equity
For the year ended 29 January 2025
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 30 July 2022
100
85,276
85,376
Period ended 31 January 2024:
Loss and total comprehensive income
-
(1,416,343)
(1,416,343)
Dividends
9
-
(109,000)
(109,000)
Balance at 31 January 2024
100
(1,440,067)
(1,439,967)
Year ended 29 January 2025:
Loss and total comprehensive income
-
(1,102,011)
(1,102,011)
Balance at 29 January 2025
100
(2,542,078)
(2,541,978)

The notes on pages 15 to 29 form part of these financial statements.

L D Transport Services Limited
Group statement of cash flows
For the year ended 29 January 2025
- 14 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
434,725
862,214
Interest paid
(38,779)
(242,122)
Income taxes (paid)/refunded
(32,127)
2,057
Net cash inflow from operating activities
363,819
622,149
Investing activities
Purchase of tangible fixed assets
-
(552,229)
Proceeds from disposal of tangible fixed assets
169,250
866,249
Net cash generated from investing activities
169,250
314,020
Financing activities
Proceeds from new bank loans
-
35,907
Repayment of bank loans
(68,952)
(3,482)
Payment of finance leases obligations
(607,445)
(998,209)
Dividends paid to equity shareholders
-
0
(109,000)
Net cash used in financing activities
(676,397)
(1,074,784)
Net decrease in cash and cash equivalents
(143,328)
(138,615)
Cash and cash equivalents at beginning of year
225,000
363,615
Cash and cash equivalents at end of year
81,672
225,000
Relating to:
Cash at bank and in hand
81,682
225,000
Bank overdrafts included in creditors payable within one year
(10)
-

The notes on pages 15 to 29 form part of these financial statements.

L D Transport Services Limited
Notes to the group financial statements
For the year ended 29 January 2025
- 15 -
1
Accounting policies
Company information

L D Transport Services Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 1 Waterswallow Industrial Estate, Waterswallows Road, Buxton, Derbyshire, United Kingdom, SK17 7JB.

The group consists of L D Transport Services Limited and all of its subsidiaries.

1.1
Reporting period

The financial statements are presented for the 12 month period ended 31 January 2025. The comparative information is for the 18 month period ended 31 January 2024 and is therefore not entirely comparable.

1.2
Basis of preparation

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

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

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

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

- Section 11 ‘Basic Financial Instruments’;

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

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

L D Transport Services Limited
Notes to the group financial statements (continued)
For the year ended 29 January 2025
1
Accounting policies
(Continued)
- 16 -
1.3
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.4
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company L D Transport Services Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 29 January 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.5
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group 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.

The group is currently loss making and is reliant upon financial support from related companies with common control. The group directors have agreed to fully support the company financially for the foreseeable future and will not seek repayment of related company balances due to them above that of which the group can afford. They have also confirmed that there are no plans to close the group.

1.6
Revenue

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

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

L D Transport Services Limited
Notes to the group financial statements (continued)
For the year ended 29 January 2025
1
Accounting policies
(Continued)
- 17 -

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recover able.

1.7
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.8
Tangible fixed assets

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

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

Leasehold improvements
10% on a straight line basis
Plant and equipment
10% on a reducing balance basis
Fixtures and fittings
10% on a reducing balance basis
Motor vehicles, lorries and trailers
at varying rates on a reducing balance basis

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

1.9
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

L D Transport Services Limited
Notes to the group financial statements (continued)
For the year ended 29 January 2025
1
Accounting policies
(Continued)
- 18 -
1.10
Impairment of fixed assets

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

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

1.11
Stocks

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

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

1.12
Cash and cash equivalents

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

1.13
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

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

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest m ethod 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.

L D Transport Services Limited
Notes to the group financial statements (continued)
For the year ended 29 January 2025
1
Accounting policies
(Continued)
- 19 -
Impairment of financial assets

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

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

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

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 group after deducting all of its liabilities.

Basic financial liabilities

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

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. 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.

1.14
Equity instruments

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

1.15
Taxation

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

Current tax

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

L D Transport Services Limited
Notes to the group financial statements (continued)
For the year ended 29 January 2025
1
Accounting policies
(Continued)
- 20 -
Deferred tax

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

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

1.16
Employee benefits

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

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

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

1.17
Retirement benefits

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

1.18
Leases
As lessee

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

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

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

As lessor

When the group acts as a lessor, a lease is classified as a finance lease whenever it transfers substantially all the risks and rewards of ownership of the underlying asset to the lessee, either at the end of the lease term or for the major part of the economic life of the asset. All other leases are classified as operating leases. If an arrangement contains both lease and non-lease components, the group allocates the consideration in the contract to the two elements.

L D Transport Services Limited
Notes to the group financial statements (continued)
For the year ended 29 January 2025
1
Accounting policies
(Continued)
- 21 -

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Judgements and key sources of estimation uncertainty

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

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

Key sources of estimation uncertainty

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

Depreciation rates and estimated useful life of tangible fixed assets

Management review the useful economic lives of depreciable assets at each reporting date as to allocate the cost of assets, less their residual value, over their estimated useful lives. Uncertainties in these estimates relate to the actual life of the tangible fixed assets.

3
Turnover
2025
2024
£
£
Turnover analysed by class of business
Haulage services
8,121,113
18,960,039
4
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
24,500
5,000
Audit of the financial statements of the company's subsidiaries
26,250
25,000
50,750
30,000
For other services
Taxation compliance services
10,000
5,000
All other non-audit services
65,215
71,398
75,215
76,398
L D Transport Services Limited
Notes to the group financial statements (continued)
For the year ended 29 January 2025
- 22 -
5
Employees

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

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Directors
2
1
-
-
Administration
4
4
-
-
Garage
30
52
-
-
Total
36
57
0
0

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
1,345,345
3,103,877
-
0
-
0
Social security costs
138,182
322,092
-
-
Pension costs
37,891
84,307
-
0
-
0
1,521,418
3,510,276
-
0
-
0
6
Operating loss
2025
2024
£
£
Operating loss for the year is stated after charging:
Depreciation of tangible fixed assets
420,817
986,768
Loss on disposal of tangible fixed assets
7,039
3,088
Impairment of intangible assets
-
0
197,719
Operating lease charges
43,438
112,452
7
Interest payable and similar expenses
2025
2024
£
£
Interest on bank overdrafts and loans
21,277
36,591
Interest on invoice finance arrangements
9,562
34,712
Interest on finance leases and hire purchase contracts
6,476
168,552
Other interest
1,464
2,267
Total finance costs
38,779
242,122
L D Transport Services Limited
Notes to the group financial statements (continued)
For the year ended 29 January 2025
- 23 -
8
Taxation
2025
2024
£
£
Current tax
Adjustments in respect of prior periods
-
0
17,982
Deferred tax
Origination and reversal of timing differences
-
0
(213,288)
Total tax charge/(credit)
-
0
(195,306)

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

2025
2024
£
£
Loss before taxation
(1,102,011)
(1,611,649)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
(275,503)
(402,912)
Tax effect of expenses that are not deductible in determining taxable profit
10,735
49,482
Tax effect of utilisation of tax losses not previously recognised
147,092
124,000
Permanent capital allowances in excess of depreciation
117,676
11,077
Depreciation on assets not qualifying for tax allowances
-
0
9,337
Other permanent differences
-
0
(4,272)
Under/(over) provided in prior years
-
0
17,982
Taxation charge/(credit)
-
(195,306)
9
Dividends
2025
2024
Recognised as distributions to equity holders:
£
£
Interim paid
-
109,000
L D Transport Services Limited
Notes to the group financial statements (continued)
For the year ended 29 January 2025
- 24 -
10
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 February 2024 and 29 January 2025
274,688
Amortisation and impairment
At 1 February 2024 and 29 January 2025
274,688
Carrying amount
At 29 January 2025
-
0
At 31 January 2024
-
0
The company had no intangible fixed assets at 29 January 2025 or 31 January 2024.

More information on impairment movements in the prior year is given in note 11.

11
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2025
2024
Notes
£
£
In respect of:
Goodwill
10
-
197,719
Recognised in:
Administrative expenses
-
197,719

The impairment losses in respect of financial assets are recognised in other gains and losses in the consolidated profit and loss account.

L D Transport Services Limited
Notes to the group financial statements (continued)
For the year ended 29 January 2025
- 25 -
12
Tangible fixed assets
Group
Leasehold improvements
Plant and equipment
Fixtures and fittings
Motor vehicles, lorries and trailers
Total
£
£
£
£
£
Cost
At 1 February 2024
248,992
294,353
28,569
6,410,372
6,982,286
Disposals
-
0
-
0
-
0
(516,165)
(516,165)
At 29 January 2025
248,992
294,353
28,569
5,894,207
6,466,121
Depreciation and impairment
At 1 February 2024
149,527
187,360
21,806
4,642,150
5,000,843
Depreciation charged in the year
24,889
11,300
797
383,831
420,817
Eliminated in respect of disposals
-
0
-
0
-
0
(339,878)
(339,878)
At 29 January 2025
174,416
198,660
22,603
4,686,103
5,081,782
Carrying amount
At 29 January 2025
74,576
95,693
5,966
1,208,104
1,384,339
At 31 January 2024
99,465
106,993
6,763
1,768,222
1,981,443
The company had no tangible fixed assets at 29 January 2025 or 31 January 2024.

Included within tangible fixed assets are assets held under finance leases or hire purchase contracts, as follows:

Group
Company
2025
2024
2025
2024
£
£
£
£
Motor vehicles, lorries and trailers
1,176,390
1,812,669
-
0
-
0

These assets act as security for the hire purchase contracts to which they relate.

13
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Raw materials and consumables
52,304
38,300
-
-
L D Transport Services Limited
Notes to the group financial statements (continued)
For the year ended 29 January 2025
- 26 -
14
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
359,614
327,057
-
0
44,219
Other debtors
79,878
330,150
1,224,295
344,956
Prepayments and accrued income
133,221
41,608
116,001
12,100
572,713
698,815
1,340,296
401,275
15
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
17
74,748
68,952
74,738
68,952
Obligations under finance leases
18
390,616
588,260
-
0
-
0
Trade creditors
213,127
177,908
-
0
-
0
Corporation tax payable
100
32,227
-
0
32,227
Other taxation and social security
34,365
9,642
4,920
-
0
Other creditors
3,329,331
2,461,679
2,600,697
1,955,206
Accruals and deferred income
99,500
69,089
47,000
10,750
4,141,787
3,407,757
2,727,355
2,067,135
16
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
17
127,322
202,060
127,322
202,060
Obligations under finance leases
18
363,907
773,708
-
0
-
0
491,229
975,768
127,322
202,060
L D Transport Services Limited
Notes to the group financial statements (continued)
For the year ended 29 January 2025
- 27 -
17
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank loans
202,060
271,012
202,060
271,012
Bank overdrafts
10
-
0
-
0
-
0
202,070
271,012
202,060
271,012
Payable within one year
74,748
68,952
74,738
68,952
Payable after one year
127,322
202,060
127,322
202,060
18
Finance lease obligations
Group
Company
2025
2024
2025
2024
Amounts due:
£
£
£
£
Current liabilities
390,616
588,260
-
0
-
0
Non-current liabilities
363,907
773,708
-
0
-
0
754,523
1,361,968
-
-
Group
Company
2025
2024
2025
2024
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
390,616
588,260
-
0
-
0
In two to five years
363,907
773,708
-
0
-
0
754,523
1,361,968
-
-

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are between 4 and 5 years minimum term. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

19
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
37,891
84,307
L D Transport Services Limited
Notes to the group financial statements (continued)
For the year ended 29 January 2025
19
Retirement benefit schemes
(Continued)
- 28 -

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

20
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
ordinary shares of £1 each
100
100
100
100
21
Related party transactions
Transactions with related parties

During the year the following related party transactions occurred between the company and companies which two of the directors of the company have control of. The transactions were carried out on an arms length basis.

Services provided to companies under common control
Services received from companies under common control
2025
2024
2025
2024
£
£
£
£
Group
Companies in which two directors have common control over
1,745,405
4,385,226
5,421,627
3,370,374
Company
Companies in which two directors have common control over
-
-
4,294,445
1,690,525

Balances included in other creditors total l ed £3,310,112 (202 4 - £2,433,337). These amounts are interest free, unsecured and repayable on demand.

At the balance sheet date, a loan due to a company under common control of £1,845,213 was reassigned to another company under common control of the directors. The reassignment was carried out at the carrying value with no gain no loss arising from the transaction. No amounts have been written off, waived or provided for in respect of this transaction.

L D Transport Services Limited
Notes to the group financial statements (continued)
For the year ended 29 January 2025
- 29 -
22
Analysis of changes in net debt - group
1 February 2024
Cash flows
29 January 2025
£
£
£
Cash at bank and in hand
225,000
(143,318)
81,682
Bank overdrafts
-
0
(10)
(10)
225,000
(143,328)
81,672
Borrowings excluding overdrafts
(271,012)
68,952
(202,060)
Obligations under finance leases
(1,361,968)
607,445
(754,523)
(1,407,980)
533,069
(874,911)
23
Cash generated from group operations
2025
2024
£
£
Loss after taxation
(1,102,011)
(1,416,343)
Adjustments for:
Taxation charged/(credited)
-
0
(195,306)
Finance costs
38,779
242,122
Loss on disposal of tangible fixed assets
7,039
3,088
Amortisation and impairment of intangible assets
-
197,719
Depreciation and impairment of tangible fixed assets
420,815
986,768
Movements in working capital:
(Increase)/decrease in stocks
(14,004)
23,464
Decrease in debtors
151,358
1,215,259
Increase/(decrease) in creditors
932,749
(194,557)
Cash generated from operations
434,725
862,214
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