REGISTERED NUMBER: 05811459 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 May 2025

for

Bulk Transfer Ltd

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Income Statement

9

Other Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Cash Flow Statement

13

Notes to the Cash Flow Statement

14

Notes to the Financial Statements

16

DIRECTORS:

MS P R Ginnelly

M Lavelle

REGISTERED OFFICE:

C/o Shannon Maple Lodge Denham Way

Maple Cross

Rickmansworth

Hertfordshire

WD3 9SQ

REGISTERED NUMBER:

05811459 (England and Wales)

AUDITORS:

First Assurance Services Limited

Chartered Accountant and Statutory Auditors

46 Wycliffe Road London SW11 5QR

PRINCIPAL ACTIVITIES

The principal activities of the company during the year were that of waste management operations ranging

from trade waste, skip hire, haulage, recycling facilities and waste transfer facilities.

BUSINESS REVIEW

The directors have reviewed the company's performance with reference to relevant financial performance indicators and consider it to be good. The directors have also reviewed the risks faced by the company to enable them to develop strategies that will allow the company to continue to develop its business along similar lines in the future.

KEY PERFORMANCE INDICATORS

Year

2025

2024

Turnover

£ 21,971,782

£ 20,323,679

Gross profit

£,5,930,973

£ 6,777,808

Gross profit margin

27%

33%

Current ratio

1.15

1.04

PRINCIPAL RISKS AND UNCERTAINTIES

The Directors are aware of the need to review all aspects of risk which are likely to affect the financial stability of the Company, whether it be from either the sales or the cost side of the business. On an annual basis the Directors carry out a detailed internal risk assessment analysis on all aspects of the business.

The key risks that may prevent the Company from achieving its objectives are:

Changes to standards or regulatory compliance requirements which could have an adverse impact on the Company's operations and results.

Potential violation of Health and Safety laws and regulations which could have a material adverse effect on business.

The technologies employed fail to deliver expected performance of end product for the markets in which the

Company operates.

The Company is exposed to a number of political, social and macroeconomic risks after the UK's exit from the

European Union, any economic weakness which leads to reduced volumes of waste and recycle will adversely

impact the Company's business.

Extended interruption in the services of a senior management or staff, or if the Company encountered labour

shortages could have an adverse effect on business operations.

To mitigate the aforementioned risks, the Company is making substantial investments in new technologies and continuously reviewing its service offerings to ensure full compliance and alignment with customer needs.The Company actively engages with government bodies and regulators on various strategic topics and consultations.Our Safety team is dedicated to enhancing governance practices. Despite ongoing monitoring of risks post-Brexit we remain committed to delivering services across the UK economy, catering to customers in all sectors.

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The company's operations expose it to a variety of financial risks that include credit risk, liquidity risk and currency risk.

CREDIT RISK

The company monitors credit risk closely and considers its current policies of credit checks and applications of credit limits on all new customers meets its objectives of managing exposure to credit risk.

LIQUIDITY RISK

The company closely monitors its access to bank and other credit facilities in comparison to its outstanding

commitments to ensure it has sufficient funds to meet its obligations as they fall due. The company finance function produces regular forecasts which estimates the cash inflows and outflows, month by month, so that management can ensure that sufficient financing is in place as it is required.

CURRENCY RISK

The Company have no material exposure to currency arrangements.

EMPLOYEES

The Company regularly reviews its employment practices to ensure it promotes dignity at work, equal opportunity and good working relations based on fairness, equality and inclusiveness. The safety of employees is the top priority.

The Company is committed to the continual development of the skills and knowledge and behaviours of its people, providing statutory and safety related training, quality role specific personal development programmes, 'core skills' and management capability building programmes. Opportunities for continuous professional development are offered through a variety of approaches, including e-learning and on the job coaching and assignment to projects.

WORKING TOGETHER SAFELY

Working together safely remains a core driver of the business and remains of utmost importance in the opinion of the Board. Board considers that health and safety is of, at least, equal importance in comparison to any other aspect of business management and is committed to promoting high standards of health, safety and welfare on all of their sites, premises, and in all of their activities.

FUTURE DEVELOPMENTS

The Bank of England’s most recent economic outlook, as published in its Monetary Policy Report – February 2026, indicates that underlying UK economic growth is expected to remain subdued over the near term, with growth projections continuing at modest levels through 2026. Growth is anticipated to be weak, broadly consistent with recent subdued activity and weak confidence among firms surveyed by the Bank, signalling a relatively slow expansion in GDP throughout the year.

The directors have considered the potential impact of this outlook on the company’s operations and financial position. Based on the company’s current trading performance and internal forecasts, they do not consider that the prevailing economic conditions give rise to any material uncertainty regarding the company’s ability to continue as a going concern.

The company will continue to monitor economic developments and respond as appropriate.

ON BEHALF OF THE BOARD:

MS P R Ginnelly - Director

20 May 2026

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

DIVIDENDS

No interim dividend was paid during the year. The directors recommend a final dividend of £1,579.01 per share.

The total distribution of dividends for the year ended 31 May 2025 will be £ 157,901 .

DIRECTORS

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

MS P R Ginnelly

M Lavelle

POLITICAL DONATIONS AND EXPENDITURE

There is no political donation but donation of £12,036 ( 2024: £1,700) paid to various local charities.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

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

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, First Assurance Services Limited, will be proposed for appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

MS P R Ginnelly - Director

20 May 2026

Opinion

We have audited the financial statements of Bulk Transfer Ltd (the 'company') for the year ended 31 May 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice)

- give a true and fair view of the state of the company's affairs as at 31 May 2025 and of its profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the directors' assessment of the company's ability to continue to adopt the going concern basis of accounting included In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

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

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

Auditors' responsibilities for the audit of the financial statements

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

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 consider that the engagement team collectively had the appropriate competence and capabilities to identify or recognize non-compliance with laws and regulations. The audit team identified particular areas that were susceptible to misstatement as part of their fraud discussion which included revenue recognition and related party transactions.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of journal entries and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

We obtained an understanding of the legal and regulatory framework applicable to the company and how management ensures compliance with that framework. The specific laws and regulations considered included, but were not limited to, the Companies Act 2006, UK tax legislation, employment legislation, health and safety regulations, environmental legislation and waste management regulations, road transport and operator licensing requirements, and regulations issued by the Environment Agency and the Traffic Commissioner.

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

Use of our report

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

TAHIR AHMEDANI (Senior Statutory Auditor)

for and on behalf of First Assurance Services Limited

Chartered Accountant and Statutory Auditors

46 Wycliffe Road London SW11 5QR

20 May 2026

TURNOVER

3

21,971,782

20,323,679

Cost of sales

(16,040,809

)

(13,545,871

)

GROSS PROFIT

5,930,973

6,777,808

Administrative expenses

(5,660,678

)

(5,283,362

)

270,295

1,494,446

Other operating income

68,766

175,459

OPERATING PROFIT

5

339,061

1,669,905

Interest receivable and similar income

5,227

4,448

344,288

1,674,353

Interest payable and similar expenses

6

(190,893

)

(182,871

)

PROFIT BEFORE TAXATION

153,395

1,491,482

Tax on profit

7

(58,606

)

(290,254

)

PROFIT FOR THE FINANCIAL YEAR

94,789

1,201,228

PROFIT FOR THE YEAR

94,789

1,201,228

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

94,789

1,201,228

FIXED ASSETS

Tangible assets

9

3,964,309

4,580,786

CURRENT ASSETS

Debtors

10

4,095,915

2,275,699

Cash at bank and in hand

688,284

945,111

4,784,199

3,220,810

CREDITORS

Amounts falling due within one year

11

4,521,068

3,097,513

NET CURRENT ASSETS

263,131

123,297

TOTAL ASSETS LESS CURRENT LIABILITIES

4,227,440

4,704,083

CREDITORS

Amounts falling due after more than one year

12

(723,051

)

(1,148,201

)

PROVISIONS FOR LIABILITIES

15

(530,426

)

(518,807

)

NET ASSETS

2,973,963

3,037,075

CAPITAL AND RESERVES

Called up share capital

16

100

100

Retained earnings

17

2,973,863

3,036,975

SHAREHOLDERS' FUNDS

2,973,963

3,037,075

The financial statements were approved by the Board of Directors and authorised for issue on 20 May 2026 and were signed on its behalf by:

MS P R Ginnelly - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 June 2023

100

1,981,634

1,981,734

Changes in equity

Dividends

-

(145,887

)

(145,887

)

Total comprehensive income

-

1,201,228

1,201,228

Balance at 31 May 2024

100

3,036,975

3,037,075

Changes in equity

Dividends

-

(157,901

)

(157,901

)

Total comprehensive income

-

94,789

94,789

Balance at 31 May 2025

100

2,973,863

2,973,963

Cash flows from operating activities

Cash generated from operations

1

1,371,722

3,106,690

Interest paid

(190,893

)

(182,871

)

Tax paid

54,066

(254,855

)

Net cash from operating activities

1,234,895

2,668,964

Cash flows from investing activities

Purchase of tangible fixed assets

(959,440

)

(2,317,446

)

Sale of tangible fixed assets

169,461

161,475

Interest received

5,227

4,448

Net cash from investing activities

(784,752

)

(2,151,523

)

Cash flows from financing activities

Capital repayments in year

(711,709

)

166,334

Amount introduced by directors

-

719

Equity dividends paid

(157,901

)

(145,887

)

Net cash from financing activities

(869,610

)

21,166

(Decrease)/increase in cash and cash equivalents

(419,467

)

538,607

Cash and cash equivalents at beginning of year

2

945,111

406,504

Cash and cash equivalents at end of year

2

525,644

945,111

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

31.5.25

31.5.24

£

£

Profit before taxation

153,395

1,491,482

Depreciation charges

1,475,223

1,309,879

Profit on disposal of fixed assets

(68,766

)

(102,965

)

(10,407

)

(9,968

)

20,000

-

Finance costs

190,893

182,871

Finance income

(5,227

)

(4,448

)

1,755,111

2,866,851

(Increase)/decrease in trade and other debtors

(1,820,216

)

82,901

Increase in trade and other creditors

1,436,827

156,938

Cash generated from operations

1,371,722

3,106,690

2.	CASH AND CASH EQUIVALENTS

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

Year ended 31 May 2025

31.5.25

1.6.24

£

£

Cash and cash equivalents

688,284

945,111

Bank overdrafts

(162,640

)

-

525,644

945,111

Year ended 31 May 2024

31.5.24

1.6.23

£

£

Cash and cash equivalents

945,111

406,504

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.6.24

Cash flow

At 31.5.25

£

£

£

Net cash

Cash at bank and in hand

945,111

(256,827

)

688,284

Bank overdrafts

-

(162,640

)

(162,640

)

945,111

(419,467

)

525,644

Debt

Finance leases

(2,417,917

)

711,709

(1,706,208

)

Debts falling due within 1 year

(10,000

)

(459

)

(10,459

)

Debts falling due after 1 year

(10,865

)

10,865

-

(2,438,782

)

722,115

(1,716,667

)

Total

(1,493,671

)

302,648

(1,191,023

)

1.	STATUTORY INFORMATION

Bulk Transfer Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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.

Going Concern

The financial statements have been prepared on a going concern basis.

In assessing whether the going concern basis is appropriate, the directors have considered the company's current and forecast financial position, including cash flow forecasts covering a period of at least twelve months from the date of approval of the financial statements. This assessment has taken into account the company's trading performance, available cash resources, expected future income, committed and anticipated expenditure, and access to financing where relevant.

The directors are satisfied that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they believe it is appropriate to prepare the financial statements on a going concern basis.

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be measured reliably. Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value-added tax and other sales taxes.

Rendering of services

Revenue is recognised when control of the services has been transferred to the customer and the company has satisfied its performance obligations.

Revenue from skip hire services is recognised over the period that the skip is provided to the customer, as the service is performed. Revenue is therefore recognised over the hire period as the customer receives and consumes the benefit of the service.

Revenue from waste transfer and disposal services is recognised at the point the waste is received and accepted at the company’s facility and the service of receiving and processing the waste has been performed. Charges are typically determined based on the weight of the waste received. Revenue from bulk waste transport services is recognised when the transportation service has been completed and delivery has occurred, as this represents the point at which the performance obligation has been satisfied.

Functional and Presentation Currency

The Company’s functional currency is Pounds Sterling (GBP), being the currency of the primary economic environment in which the Company operates.

The Company’s financial statements are presented in Pounds Sterling (GBP), which is also the Company’s presentation currency, as this is considered appropriate for statutory reporting purposes in the United Kingdom.

The Company did not enter into any foreign currency transactions during the year.

Cash and Cash Equivalents

Cash and cash equivalents comprise cash in hand, demand deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value.

Cash equivalents are held for the purpose of meeting short-term cash commitments rather than for investment or other purposes, and have a maturity of three months or less from the date of acquisition.

Bank overdrafts are presented within borrowings in current liabilities on the balance sheet. Where a right of offset exists under a notional pooling arrangement and the Group intends to settle on a net basis, bank overdrafts are offset against cash and cash equivalents in the balance sheet.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery - 20% on Straight Line Method

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost included expenditure that is directly attributable to bringing the assets to the location and condition necessary for it to be capable of operating in the manner intended by management.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss.

All other such investments are subsequently measured at cost less impairment. All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence ofimpairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Leasing and hire purchase contracts

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.Assets, obtained under hire purchase contracts and finance leases, are capitalised as tangible fixed assets.

Assets acquired under hire purchase contracts are depreciated over their useful lives.Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Critical accounting judgements and key sources of estimation uncertainty

Critical Accounting Judgements and Key Sources of Estimation Uncertainty

The preparation of the Company’s financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses.

Judgements, estimates and associated assumptions are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

The key areas involving significant judgement and estimation uncertainty are as follows:

Useful lives and residual values of property, plant and equipment – Estimates are applied in determining the useful lives and residual values of property, plant and equipment. These estimates directly affect the depreciation charges recognised in the statement of comprehensive income. Useful lives and residual values are reviewed periodically and adjusted where expectations differ from previous estimates.

Deferred tax – Deferred tax is recognised in respect of timing differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The recognition and measurement of deferred tax require judgement in assessing the likelihood that future taxable profits will be available against which deductible timing differences can be utilised, and in estimating the amounts and timing of future tax consequences based on tax rates and legislation enacted or substantively enacted at the reporting dat

3.

TURNOVER

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

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

31.5.25

31.5.24

£

£

Haulage

18,055,386

16,504,319

Recycling

3,916,396

3,819,360

21,971,782

20,323,679

An analysis of turnover by geographical market is given below:

31.5.25

31.5.24

£

£

United Kingdom

21,971,782

20,323,679

21,971,782

20,323,679

4.	EMPLOYEES AND DIRECTORS

31.5.25

31.5.24

£

£

Wages and salaries

2,426,609

2,151,670

Social security costs

254,870

228,998

Other pension costs

46,992

44,279

2,728,471

2,424,947

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

31.5.25

31.5.24

Average number of employees

52

48

31.5.25

31.5.24

£

£

Directors' remuneration

277,852

260,728

Information regarding the highest paid director is as follows:

31.5.25

31.5.24

£

£

Emoluments etc

178,671

178,671

Accrued pension at 31 May 2025

3,083

1,322

5.	OPERATING PROFIT

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

31.5.25

31.5.24

£

£

Hire of plant and machinery

-

69,226

Depreciation - owned assets

1,475,222

1,309,879

Profit on disposal of fixed assets

(68,766

)

(102,965

)

Auditors' remuneration

8,000

-