Company registration number SC059157 (Scotland)
A & J NELSON (HAULAGE CONTRACTORS) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
A & J NELSON (HAULAGE CONTRACTORS) LIMITED
COMPANY INFORMATION
Directors
Mr A Nelson
Mr C Nelson
Mrs E Nelson
Miss G Nelson
Mr J S Nelson
Secretary
Mrs E Nelson
Company number
SC059157
Registered office
Great North Road
Kelty
Fife
KY4 0HE
Auditor
Thomson Cooper
3 Castle Court
Carnegie Campus
Dunfermline
Fife
KY11 8PB
Bankers
Bank of Scotland PLC
10/16 King Edward Street
Perth
PH1 5UT
Solicitors
Andersons LLP
40 High Street
Kinross
KY13 8AN
A & J NELSON (HAULAGE CONTRACTORS) LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Profit and loss account
7
Balance sheet
8
Statement of changes in equity
9
Statement of cash flows
10
Notes to the financial statements
11 - 22
A & J NELSON (HAULAGE CONTRACTORS) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2025
- 1 -

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

Business Review

The company has continued to perform well during the past year and along with building on relationships with existing customers, they have also gained new business.

There is a profit, after taxation, of £1,020,970 (2024 - £430,547) and at the balance sheet date the company had a strong net asset position of £7,723,731 (2024 - £8,751,067).

Financial Risk Management Objectives and Policies

The directors are ultimately responsible for the system of internal control, which covers all aspects of the business, and for reviewing its effectiveness. However, any such system is designed to manage, rather than eliminate, the risk of failure to achieve the company's objectives. Therefore any system is only able to provide reasonable, and not absolute assurance against material misstatement or loss. The directors regularly review the risks to which the company is exposed, as well as the operation and effectiveness of the system of internal controls. This is an ongoing process, involving the identification, evaluation and management of the significant risks faced by the company.

Risks are assessed on a regular basis across all areas but, in particular, health and safety, information flow, asset protection and regulatory requirements. A principal risk to the company, as with all companies operating within this business sector, is that of the potential increases in fuel prices.

Key Performance Indicators

The key financial indicators used by the directors are detailed below:

2025
2024
2023
£000
£000
£000
Turnover
8,635
7,715
8,016
Profit/(loss) after tax
1,021
431
1,047
Total shareholder funds
7,724
8,751
8,506
Utilisation of vehicles
93
92
93
The company is continuing to develop new and existing customers to increase turnover and achieve cost efficiencies.

On behalf of the board

Mrs E Nelson
Director
6 May 2026
A & J NELSON (HAULAGE CONTRACTORS) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2025
- 2 -

The directors present their annual report and financial statements for the year ended 31 October 2025.

Principal activities

The principal activity of the company continued to be that of haulage and MOT services.

Directors

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

Mr A Nelson
Mr C Nelson
Mr J Nelson
(Resigned 24 March 2025)
Mrs E Nelson
Miss G Nelson
Mr J S Nelson
Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £185,000. The directors do not recommend payment of a further dividend.

Auditor

In accordance with the company's articles, a resolution proposing that Thomson Cooper be reappointed as auditor of the company 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.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

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

- select suitable accounting policies and then apply them consistently;

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

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

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

A & J NELSON (HAULAGE CONTRACTORS) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 3 -
Statement of disclosure to auditor

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

On behalf of the board
Mrs E Nelson
Director
6 May 2026
A & J NELSON (HAULAGE CONTRACTORS) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF A & J NELSON (HAULAGE CONTRACTORS) LIMITED
- 4 -
Opinion

We have audited the financial statements of A & J Nelson (Haulage Contractors) Limited (the 'company') for the year ended 31 October 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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 October 2025 and of its profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the strategic report and the directors' r eport for the financial 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.

A & J NELSON (HAULAGE CONTRACTORS) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF A & J NELSON (HAULAGE CONTRACTORS) LIMITED
- 5 -
Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

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

Extent to which the audit was considered capable of detecting irregularities, including fraud

We considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud after discussions with management in the following areas: existence and timing of recognition of income, posting of unusual journals along with complex transactions. We discussed these risks with management and based on this, designed audit procedures to test the timing and existence of revenue by agreeing a sample of invoices from the system through to payment, tested a sample of journals to confirm they were appropriate and reviewed areas of judgement for indicators of management bias to address these risks based on our knowledge of the business. In addition, we completed procedures to conclude on the compliance of the disclosures in the financial statements and accounts with all applicable requirements.

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience through discussion with the officers and other management (as required by the auditing standards).

We reviewed the laws and regulations in areas that directly affect the financial statements including financial and taxation legislation and considered the extent of compliance with those laws and regulations as part of our procedures on the related financial statement items.

With the exception of any known or possible non-compliance with relevant and significant laws and regulations, and as required by the auditing standards, our work in respect of these was limited to enquiry of the officers and management of the company.

We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

A & J NELSON (HAULAGE CONTRACTORS) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF A & J NELSON (HAULAGE CONTRACTORS) LIMITED
- 6 -

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.

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.

Use of our report

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

Sharon Collins (Senior Statutory Auditor)
For and on behalf of Thomson Cooper, Statutory Auditors
Dunfermline
11 May 2026
A & J NELSON (HAULAGE CONTRACTORS) LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 OCTOBER 2025
- 7 -
2025
2024
Notes
£
£
Turnover
3
8,634,617
7,715,295
Cost of sales
(5,792,110)
(5,438,692)
Gross profit
2,842,507
2,276,603
Administrative expenses
(1,691,378)
(1,802,114)
Other operating income
17,431
14,402
Operating profit
4
1,168,560
488,891
Interest receivable and similar income
7
135,531
116,166
Interest payable and similar expenses
8
(1,739)
(1,739)
Amounts written off investments
9
15,202
-
Profit before taxation
1,317,554
603,318
Tax on profit
10
(296,584)
(172,771)
Profit for the financial year
1,020,970
430,547

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

A & J NELSON (HAULAGE CONTRACTORS) LIMITED
BALANCE SHEET
AS AT 31 OCTOBER 2025
31 October 2025
- 8 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
12
4,524,523
4,738,288
Investments
13
2,314,181
1,004,545
6,838,704
5,742,833
Current assets
Stocks
14
57,773
50,135
Debtors
15
1,326,226
1,076,676
Cash at bank and in hand
1,558,789
3,578,909
2,942,788
4,705,720
Creditors: amounts falling due within one year
16
(922,625)
(582,717)
Net current assets
2,020,163
4,123,003
Total assets less current liabilities
8,858,867
9,865,836
Creditors: amounts falling due after more than one year
17
(70,414)
(68,675)
Provisions for liabilities
(1,064,722)
(1,046,094)
Net assets
7,723,731
8,751,067
Capital and reserves
Called up share capital
20
44,785
64,625
Capital redemption reserve
19,840
-
0
Profit and loss reserves
7,659,106
8,686,442
Total equity
7,723,731
8,751,067
The financial statements were approved by the board of directors and authorised for issue on 6 May 2026 and are signed on its behalf by:
Mr C Nelson
Director
Company Registration No. SC059157
A & J NELSON (HAULAGE CONTRACTORS) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2025
- 9 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 November 2023
64,625
-
0
8,440,895
8,505,520
Year ended 31 October 2024:
Profit and total comprehensive income
-
-
430,547
430,547
Dividends
11
-
-
(185,000)
(185,000)
Balance at 31 October 2024
64,625
-
0
8,686,442
8,751,067
Year ended 31 October 2025:
Profit and total comprehensive income
-
-
1,020,970
1,020,970
Dividends
11
-
-
(185,000)
(185,000)
Own shares acquired
-
-
(1,863,306)
(1,863,306)
Redemption of shares
20
(19,840)
19,840
-
0
-
0
Balance at 31 October 2025
44,785
19,840
7,659,106
7,723,731
A & J NELSON (HAULAGE CONTRACTORS) LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2025
- 10 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
2,055,067
1,570,622
Interest paid
(1,739)
(1,739)
Income taxes paid
-
0
(297,045)
Net cash inflow from operating activities
2,053,328
1,271,838
Investing activities
Purchase of tangible fixed assets
(1,127,231)
(2,922,393)
Proceeds from disposal of tangible fixed assets
260,992
749,305
Purchase of investments
(1,294,434)
(1,004,545)
Interest received
108,441
113,075
Dividends received
27,090
3,091
Net cash used in investing activities
(2,025,142)
(3,061,467)
Financing activities
Purchase of own shares
(1,863,306)
-
0
Dividends paid
(185,000)
(185,000)
Net cash used in financing activities
(2,048,306)
(185,000)
Net decrease in cash and cash equivalents
(2,020,120)
(1,974,629)
Cash and cash equivalents at beginning of year
3,578,909
5,553,538
Cash and cash equivalents at end of year
1,558,789
3,578,909
A & J NELSON (HAULAGE CONTRACTORS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
- 11 -
1
Accounting policies
Company information

A & J Nelson (Haulage Contractors) Limited is a private company limited by shares incorporated in Scotland. The registered office is Great North Road, Kelty, Fife, KY4 0HE.

1.1
Accounting convention

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

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

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements the directors consider that the company has adequate resources to continue in operational existence for a period of not less than twelve months. The directors have reviewed the cashflow requirements and are satisfied that the company has sufficient cash reserves. The directors consider that both short term liquidity and longer term financial viability is appropriate and as such continue to adopt the going concern basis of accounting in preparing the financial statements.true

1.3
Turnover

Turnover from haulage and garage services represents the value of the services provided under controls to the extent that there is a right to consideration and is recorded at the value of consideration due. Revenue is recognised on completion of the work done.

1.4
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. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income and accumulated equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in a profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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

Plant and equipment
15%/20% Reducing Balance
Tenant improvements
4% Straight Line
IT equipment
20% Straight Line
Motor vehicles
20% - 25% Reducing Balance

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

A & J NELSON (HAULAGE CONTRACTORS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
Accounting policies
(Continued)
- 12 -
1.5
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

1.6
Fixed asset investments

Fixed asset investments are investments held for the long term and are initially recognised at cost. Subsequently, fixed asset investments are measured at fair value, with changes in fair value recognised in profit or loss for the period.

Fair value is determined by reference to published market prices where available. Where no reliable market price exists, fair value is estimated using appropriate valuation techniques.

Transaction costs are expensed to profit or loss as incurred.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). 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.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
Stocks

Stocks are valued at the lower of cost and net realisable value.

1.9
Cash at bank and in hand

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.

A & J NELSON (HAULAGE CONTRACTORS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
Accounting policies
(Continued)
- 13 -
1.10
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

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

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

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

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

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

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

A & J NELSON (HAULAGE CONTRACTORS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
Accounting policies
(Continued)
- 14 -
Basic financial liabilities

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

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

1.11
Equity instruments

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

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

1.12
Taxation

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

Current tax

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

A & J NELSON (HAULAGE CONTRACTORS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
Accounting policies
(Continued)
- 15 -
Deferred tax

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

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

1.13
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i s measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.14
Retirement benefits

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

1.15
Leases

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

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

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

Depreciation is charged on tangible fixed assets using depreciation rates calculated reflecting the expected useful lives and residual values. The rates used are reviewed annually by the directors.

A & J NELSON (HAULAGE CONTRACTORS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 16 -
3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Haulage and garage sales
8,634,617
7,715,295
2025
2024
£
£
Other significant revenue
Interest income
108,441
113,075
Dividends received
27,090
3,091

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.

4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
10,800
10,400
Depreciation of tangible fixed assets
1,093,147
801,086
(Profit)/loss on disposal of tangible fixed assets
(13,143)
310,795
5
Employees

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

2025
2024
Number
Number
Office and management
10
10
Drivers and mechanics
50
49
60
59

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
2,504,738
2,362,423
Social security costs
297,657
256,184
Pension costs
134,014
88,028
2,936,409
2,706,635
A & J NELSON (HAULAGE CONTRACTORS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 17 -
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
258,747
315,575
Company pension contributions to defined contribution schemes
50,000
50,000
308,747
365,575

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2024 - 4).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
67,000
67,000
Company pension contributions to defined contribution schemes
20,000
20,000

The directors consider the key management personnel to be the directors.

7
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
87,669
111,394
Other interest income
20,772
1,681
Total interest revenue
108,441
113,075
Other income from investments
Dividends received
27,090
3,091
Total income
135,531
116,166
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
87,669
111,394
8
Interest payable and similar expenses
2025
2024
£
£
Other finance costs
Other interest
1,739
1,739
A & J NELSON (HAULAGE CONTRACTORS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 18 -
9
Amounts written off investments
2025
2024
£
£
Fair value gains/(losses) on financial instruments
Gain on financial assets held at fair value through profit or loss
15,202
-
0
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
277,956
-
0
Adjustments in respect of prior periods
-
0
(18,063)
Total current tax
277,956
(18,063)
Deferred tax
Origination and reversal of timing differences
18,628
190,834
Total tax charge
296,584
172,771

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

2025
2024
£
£
Profit before taxation
1,317,554
603,318
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
329,389
150,830
Tax effect of expenses that are not deductible in determining taxable profit
64,443
155,904
Tax effect of utilisation of tax losses not previously recognised
(110,373)
29,405
Unutilised tax losses carried forward
-
0
115,800
Permanent capital allowances in excess of depreciation
(2,216)
(529,638)
Under/(over) provided in prior years
-
0
(18,063)
Deferred tax adjustments in respect of prior years
18,627
190,834
Loss on sale of fixed assets
(3,286)
77,699
Taxation charge for the year
296,584
172,771
11
Dividends
2025
2024
£
£
Final paid
185,000
185,000
A & J NELSON (HAULAGE CONTRACTORS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 19 -
12
Tangible fixed assets
Investment Property
Plant and equipment
Tenant improvements
IT equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 1 November 2024
240,000
857,101
186,291
14,896
6,136,753
7,435,041
Additions
-
0
81,508
26,553
2,120
1,017,050
1,127,231
Disposals
-
0
(15,748)
-
0
-
0
(606,959)
(622,707)
At 31 October 2025
240,000
922,861
212,844
17,016
6,546,844
7,939,565
Depreciation and impairment
At 1 November 2024
-
0
528,256
109,751
2,329
2,056,417
2,696,753
Depreciation charged in the year
-
0
54,745
7,313
3,100
1,027,989
1,093,147
Eliminated in respect of disposals
-
0
(5,650)
-
0
-
0
(369,208)
(374,858)
At 31 October 2025
-
0
577,351
117,064
5,429
2,715,198
3,415,042
Carrying amount
At 31 October 2025
240,000
345,510
95,780
11,587
3,831,646
4,524,523
At 31 October 2024
240,000
328,845
76,540
12,567
4,080,336
4,738,288

The company's investment property is included in the financial statements at directors' valuation. The directors of the company are of the opinion that this value is an accurate reflection of the open market of the property based on market prices in the area.

13
Fixed asset investments
2025
2024
£
£
Unlisted investments
2,314,181
1,004,545
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 November 2024
1,004,545
Additions
1,294,434
Valuation changes
15,202
At 31 October 2025
2,314,181
Carrying amount
At 31 October 2025
2,314,181
At 31 October 2024
1,004,545
A & J NELSON (HAULAGE CONTRACTORS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 20 -
14
Stocks
2025
2024
£
£
Raw materials and consumables
57,773
50,135
15
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
1,292,479
1,047,367
Prepayments and accrued income
33,747
29,309
1,326,226
1,076,676
16
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
172,304
183,434
Corporation tax
277,956
-
0
Other taxation and social security
310,050
208,690
Other creditors
115,783
148,723
Accruals and deferred income
46,532
41,870
922,625
582,717
17
Creditors: amounts falling due after more than one year
2025
2024
£
£
Other creditors
70,414
68,675
18
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
1,064,722
1,046,094
A & J NELSON (HAULAGE CONTRACTORS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
18
Deferred taxation
(Continued)
- 21 -
2025
Movements in the year:
£
Liability at 1 November 2024
1,046,094
Charge to profit or loss
18,628
Liability at 31 October 2025
1,064,722
19
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
134,014
88,028

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

20
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
44,785
64,625
44,785
64,625

During the year, the company bought back 19,840 ordinary shares of £1 each. The share buy back was approved by the shareholders on 4 March 2025 and completed on 24 March 2025.

21
Reserves

Profit and loss account - This reserve records retained earnings and accumulated losses. Included within this reserve is a balance of £138,780 (2024: £138,780) which relates to the revaluation of investment property.

The capital redemption reserve of £19,840 (2024: £nil) arose on the redemption of the company’s own shares and represents the nominal value of shares redeemed. The reserve is not distributable.

22
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£
£
Within one year
90,000
90,000
Between two and five years
75,000
180,000
Within one year
165,000
270,000
A & J NELSON (HAULAGE CONTRACTORS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 22 -
23
Contingencies

A contingent liability exists in respect of a potential tax liability as a result of tax relief received from share of losses in investment partnerships for the period 2010 to 2012. The total tax relief received amounted to £515,369. To date the company has paid £139,687 in respect of an accelerated payment notice. There is an ongoing enquiry between HMRC and the investment partnerships. As of January 2024, any tax relief for the partnership investors will be restricted to the cash element of the film expenditure which varies by partnership. In October 2025, the First‑tier Tribunal issued a further decision confirming that the film rights held by the LLPs constitute intangible fixed assets for the purposes of Part 8 of the Corporation Tax Act 2009 and that HMRC cannot reopen this issue. While these developments clarify certain technical aspects, they do not conclude HMRC’s enquiries, nor do they allow the Company to reliably quantify the financial impact. Accordingly, no provision has been recognised in accordance with FRS 102 Section 21, and the matter continues to be disclosed as a contingent liability.

24
Events after the reporting date

On 13 January 2026, the company acquired 100 ordinary shares of £1 each in Nelson Commercial Estates Limited for consideration of £100. Nelson Commercial Estates Limited was incorporated on 1 3 January 202 6.

25
Related party transactions

The company rents its operating premises from the Trustees of the directors' Retirement and Death Benefit Scheme. The charge for the year amounted to £90,000 (2024 £90,000). The company also paid expenses on behalf of the pension scheme totalling £5,107 (2024: £4,494).

During the year, the company bought back 19,840 ordinary shares of £1 each from Mr J Nelson, former director. The shares were paid for out of profits with a total consideration of £1,863,306. The share buy back was approved by the shareholders on 4 March 2025 and completed on 24 March 2025.

26
Cash generated from operations
2025
2024
£
£
Profit after taxation
1,020,970
430,547
Adjustments for:
Taxation charged
296,584
172,771
Finance costs
1,739
1,739
Investment income
(135,531)
(116,166)
(Gain)/loss on disposal of tangible fixed assets
(13,143)
310,795
Depreciation and impairment of tangible fixed assets
1,093,147
801,085
Other gains and losses
(15,202)
-
Movements in working capital:
(Increase)/decrease in stocks
(7,638)
8,857
(Increase)/decrease in debtors
(249,550)
110,251
Increase/(decrease) in creditors
63,691
(149,257)
Cash generated from operations
2,055,067
1,570,622
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