REGISTERED NUMBER: 01738399 (England and Wales)

Group Strategic Report, Report of the Director and

Consolidated Financial Statements for the Year Ended 28 February 2025

for

Cullingworth Commercials & Freight

Services Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Director

3

Report of the Independent Auditors

4

Consolidated Income Statement

8

Consolidated Other Comprehensive Income

9

Consolidated Balance Sheet

10

Company Balance Sheet

11

Consolidated Statement of Changes in Equity

12

Company Statement of Changes in Equity

13

Consolidated Cash Flow Statement

14

Notes to the Consolidated Cash Flow Statement

15

Notes to the Consolidated Financial Statements

16

DIRECTOR:

R D Feather

SECRETARY:

R D Feather

REGISTERED OFFICE:

18 St Christopher's Way

Pride Park

Derby

Derbyshire

DE24 8JY

REGISTERED NUMBER:

01738399 (England and Wales)

AUDITORS:

Franklins Accountancy Audit & Tax Limited

18 St Christopher's Way

Pride Park

Derby

Derbyshire

DE24 8JY

The director presents his strategic report of the company and the group for the year ended 28 February 2025.

REVIEW OF BUSINESS

The group turnover has increased in the year to £59.26 million from £50.30 million. The operating profit of the group has increased to £5.89 million from £5.00 million. The director is pleased with the results for the year.

PRINCIPAL RISKS AND UNCERTAINTIES

The trading performance to date in the year to 28th February 2026 has been in line with the directors expectations.

The director is satisfied that there are no significant material risks to the business outside those normally associated with the nature of the haulage industry.

The director believes that along with all other businesses in the UK the current global energy and cost of living crisis could have a potentially negative impact on the business, the extent of which is however currently difficult to quantify. However, the director believes that due to the strong financial position of the company and the fact that the director would move quickly to mitigate any risks arising to the company from increases in expenditure, by continually reviewing the position and adjusting prices to customers, particularly of a subsidiary entity, then the company is sufficiently insulated from these risks.

The director therefore concludes the going concern basis for the preparation of the financial statements is appropriate.

ON BEHALF OF THE BOARD:

R D Feather - Director

11 May 2026

The director presents his report with the financial statements of the company and the group for the year ended 28 February 2025.

PRINCIPAL ACTIVITIES

The principal activities of the group in the year under review were those of haulage contractors, wholesale poultry sales, commercial vehicle repairers and tyre sales, as well as the making and holding of investments.

DIVIDENDS

No dividends will be distributed for the year ended 28 February 2025.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTOR

R D Feather held office during the whole of the period from 1 March 2024 to the date of this report.

POLITICAL DONATIONS AND EXPENDITURE

Various charitable donations have been made in the year amounting to £33,780.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

ON BEHALF OF THE BOARD:

R D Feather - Director

11 May 2026

Opinion

We have audited the financial statements of Cullingworth Commercials & Freight Services Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 28 February 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 28 February 2025 and of the group's profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 director's 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 the 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

-	the Group Strategic Report and the Report of the Director 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 its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

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

-	adequate accounting records have not been kept 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 director's remuneration specified by law are not made; or

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

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is responsible for assessing the group's and the 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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

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:

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the haulage industry, the poultry industry and the investment property market.

- 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 the DVSA issued Operators Licence, the Vehicle & Operator Services Agency (VOSA), the Driver & Vehicle Licensing Agency (DVLA), the Animal Welfare Agency, the Health and Safety Executive (HSE), the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment and environmental legislation, as well as lettings legislation and safety regulations.

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting appropriate correspondence.

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 to identify unusual transactions;

- assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

Where we identified legislation or regulation of particular relevance to the entity, in conjunction with other audit testing, we considered the sufficiency and appropriateness of audit evidence obtained regarding the compliance with that legislation, or regulation, and any consequential risk of material misstatements in the financial statements.

However it must be noted that it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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

Opinion relating to the prior year financial statements

The prior year financial statements were not audited.

Use of our report

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

James Richardson (Senior Statutory Auditor)

for and on behalf of Franklins Accountancy Audit & Tax Limited

18 St Christopher's Way

Pride Park

Derby

Derbyshire

DE24 8JY

11 May 2026

TURNOVER

4

59,258,599

50,296,740

Cost of sales

51,359,250

44,629,278

GROSS PROFIT

7,899,349

5,667,462

Administrative expenses

3,781,608

1,987,674

4,117,741

3,679,788

Other operating income

1,769,226

1,324,326

OPERATING PROFIT

6

5,886,967

5,004,114

Interest receivable and similar income

944,130

433,655

6,831,097

5,437,769

Interest payable and similar expenses

7

87,499

2,357

PROFIT BEFORE TAXATION

6,743,598

5,435,412

Tax on profit

8

1,737,421

1,117,813

PROFIT FOR THE FINANCIAL YEAR

5,006,177

4,317,599

Profit attributable to:

Owners of the parent

5,006,177

4,317,599

PROFIT FOR THE YEAR

5,006,177

4,317,599

OTHER COMPREHENSIVE INCOME

Fair value (losses)/gains on investment

properties

(4,049,072

)

1,045,401

Fair value gains on unlisted investments

(30,799

)

-

Other distribution

Deferred tax adjustment

Income tax relating to components of other comprehensive income

1,019,968

(261,350

)

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

(3,059,903

)

784,051

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,946,274

5,101,650

Total comprehensive income attributable to:

Owners of the parent

1,946,274

5,101,650

FIXED ASSETS

Intangible assets

11

-

-

Tangible assets

12

7,706,464

7,302,996

Investments

13

1,041,419

997,007

Investment property

14

14,281,300

18,740,815

23,029,183

27,040,818

CURRENT ASSETS

Stocks

15

367,158

417,081

Debtors

16

13,245,413

11,494,558

Cash at bank and in hand

13,842,963

10,708,749

27,455,534

22,620,388

CREDITORS

Amounts falling due within one year

17

8,071,987

8,402,910

NET CURRENT ASSETS

19,383,547

14,217,478

TOTAL ASSETS LESS CURRENT LIABILITIES

42,412,730

41,258,296

PROVISIONS FOR LIABILITIES

19

1,944,746

2,736,586

NET ASSETS

40,467,984

38,521,710

CAPITAL AND RESERVES

Called up share capital

20

29,588

29,588

Other reserves

21

100

100

Non-distributable reserve

21

2,140,035

5,199,938

Retained earnings

21

38,298,261

33,292,084

SHAREHOLDERS' FUNDS

40,467,984

38,521,710

The financial statements were approved by the director and authorised for issue on 11 May 2026 and were signed by:

R D Feather - Director

FIXED ASSETS

Intangible assets

11

-

-

Tangible assets

12

7,683,221

7,280,908

Investments

13

5,835,286

5,790,874

Investment property

14

5,781,300

6,234,465

19,299,807

19,306,247

CURRENT ASSETS

Stocks

15

-

208,624

Debtors

16

6,989,324

6,405,936

Cash at bank and in hand

9,425,849

8,366,251

16,415,173

14,980,811

CREDITORS

Amounts falling due within one year

17

3,443,851

4,343,734

NET CURRENT ASSETS

12,971,322

10,637,077

TOTAL ASSETS LESS CURRENT LIABILITIES

32,271,129

29,943,324

PROVISIONS FOR LIABILITIES

19

1,129,021

918,909

NET ASSETS

31,142,108

29,024,415

CAPITAL AND RESERVES

Called up share capital

20

29,588

29,588

Other reserves

21

100

100

Non-distributable reserve

21

(297,465

)

(242,324

)

Retained earnings

21

31,409,885

29,237,051

SHAREHOLDERS' FUNDS

31,142,108

29,024,415

Company's profit for the financial year

2,172,834

4,372,985

The financial statements were approved by the director and authorised for issue on 24 November 2025 and were signed by:

R D Feather - Director

Called up

share

Retained

Other

Non-distributable

Total

capital

earnings

reserves

reserve

equity

£

£

£

£

£

Balance at 1 March 2023

29,588

28,974,485

100

4,415,887

33,420,060

Changes in equity

Total comprehensive income

-

4,317,599

-

784,051

5,101,650

Balance at 29 February 2024

29,588

33,292,084

100

5,199,938

38,521,710

Changes in equity

Total comprehensive income

-

5,006,177

-

(3,059,903

)

1,946,274

Balance at 28 February 2025

29,588

38,298,261

100

2,140,035

40,467,984

Called up

share

Retained

Other

Non-distributable

Total

capital

earnings

reserves

reserve

equity

£

£

£

£

£

Balance at 1 March 2023

100

24,864,066

100

(1,026,375

)

23,837,891

Changes in equity

Issue of share capital

29,488

-

-

-

29,488

Total comprehensive income

-

4,372,985

-

784,051

5,157,036

Balance at 29 February 2024

29,588

29,237,051

100

(242,324

)

29,024,415

Changes in equity

Total comprehensive income

-

2,172,834

-

(55,141

)

2,117,693

Balance at 28 February 2025

29,588

31,409,885

100

(297,465

)

31,142,108

Cash flows from operating activities

Cash generated from operations

1

6,548,464

4,902,191

Interest paid

(87,499

)

(2,357

)

Tax paid

(1,392,160

)

(1,280,125

)

Net cash from operating activities

5,068,805

3,619,709

Cash flows from investing activities

Purchase of tangible fixed assets

(1,834,230

)

(1,350,842

)

Purchase of fixed asset investments

(102,900

)

(187,422

)

Purchase of investment property

(334,476

)

(1,040,533

)

Sale of tangible fixed assets

416,139

347,000

Sale of fixed asset investments

16,738

-

Sale of investment property

291,621

116,437

Interest received

944,130

433,655

Net cash from investing activities

(602,978

)

(1,681,705

)

Cash flows from financing activities

Capital repayments in year

(17,194

)

(50,316

)

Amount introduced by directors

3,953

3,946

Amount withdrawn by directors

(1,318,372

)

(720,050

)

Net cash from financing activities

(1,331,613

)

(766,420

)

Increase in cash and cash equivalents

3,134,214

1,171,584

Cash and cash equivalents at beginning of year

2

10,708,749

9,537,165

Cash and cash equivalents at end of year

2

13,842,963

10,708,749

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

2025

2024

as restated

£

£

Profit before taxation

6,743,598

5,435,412

Depreciation charges

1,222,244

1,036,943

Loss/(profit) on disposal of fixed assets

49,348

(44,632

)

Loss on revaluation of fixed assets

207,278

-

Finance costs

87,499

2,357

Finance income

(944,130

)

(433,655

)

7,365,837

5,996,425

Decrease in stocks

49,923

68,474

Increase in trade and other debtors

(1,637,513

)

(1,948,235

)

Increase in trade and other creditors

770,217

785,527

Cash generated from operations

6,548,464

4,902,191

2.	CASH AND CASH EQUIVALENTS

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

Year ended 28 February 2025

28.2.25

1.3.24

£

£

Cash and cash equivalents

13,842,963

10,708,749

Year ended 29 February 2024

29.2.24

1.3.23

as restated

£

£

Cash and cash equivalents

10,708,749

9,537,165

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.3.24

Cash flow

At 28.2.25

£

£

£

Net cash

Cash at bank and in hand

10,708,749

3,134,214

13,842,963

10,708,749

3,134,214

13,842,963

Debt

Finance leases

(17,194

)

17,194

-

(17,194

)

17,194

-

Total

10,691,555

3,151,408

13,842,963

1.	STATUTORY INFORMATION

Cullingworth Commercials & Freight Services Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Basis of consolidation

The consolidated financial statements include the results of the company and its subsidiary undertakings (the 'group') as if they formed a single entity. Intercompany balances and transactions are therefore eliminated in full. The results of the subsidiary undertakings are included in the consolidated profit and loss account from the date that control commences until the date that control ceases. Control is established when the company has the power to govern the operating and financial policies of an entity so as to obtain benefits from its activities. In assessing control, the group takes into consideration potential voting rights that are currently exercisable.

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.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Turnover

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

The company recognises turnover when the amount of turnover can be reliably measured, and it is probable that future economic benefits can be reliably measured, and it is probable that future economic benefits will flow to the entity. Turnover from the sale of goods is recognised when the risks and rewards of ownership are transferred to the customer. Turnover from services is recognised in the accounting periods in which the services are rendered.

Goodwill

Goodwill arose on the consolidation of the group accounts following the purchase of Air Buildings Limited in August 2010. In accordance with Financial Reporting Standard 102, the goodwill value has been amortised evenly over its estimated useful life and has been amortised in full by the year end.

Tangible fixed assets

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

Freehold property & improvements

-

15% on reducing balance and 2% on cost

Plant and fixtures

-

25% on reducing balance and 20% on cost

Motor vehicles

-

25% on reducing balance

Office equipment

-

15% on reducing balance

Investment property

Investment property is shown at fair value. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss and included in the non-distributable reserve.