REGISTERED NUMBER: 01193533 (England and Wales)

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

FLEXI FORKLIFT RENTAL LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

D J Houston

J S Porter

L L Burt

M Jones

SECRETARY:

Higgs Secretarial Limited

REGISTERED OFFICE:

3 Waterfront Business Park

Dudley Road

Brierley Hill

West Midlands

DY5 1LX

REGISTERED NUMBER:

01193533 (England and Wales)

SENIOR STATUTORY AUDITOR:

Ian Cattell FCA

AUDITORS:

Crombies Accountants Limited

Chartered Accountants and Statutory Auditor

34 Waterloo Road

Wolverhampton

West Midlands

WV1 4DG

FIXED ASSETS

Tangible assets

4

4,301,500

2,814,808

CURRENT ASSETS

Debtors

5

4,927,362

5,905,069

Cash at bank

6,406

5,813

4,933,768

5,910,882

CREDITORS

Amounts falling due within one year

6

706,140

365,559

NET CURRENT ASSETS

4,227,628

5,545,323

TOTAL ASSETS LESS CURRENT LIABILITIES

8,529,128

8,360,131

CREDITORS

Amounts falling due after more than one year

7

(3,442,964

)

(3,395,966

)

PROVISIONS FOR LIABILITIES

(888,855

)

(703,702

)

NET ASSETS

4,197,309

4,260,463

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

4,197,307

4,260,461

SHAREHOLDERS' FUNDS

4,197,309

4,260,463

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 June 2026 and were signed on its behalf by:

D J Houston - Director

1.	STATUTORY INFORMATION

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

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The preparation of financial statements in compliance with FRS102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies. (See later note)

Judgments and key sources of estimation uncertainty

In preparing these financial statements, the directors have had to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenditure.

The estimates and associated assumptions are based on historic experiences and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The judgements, estimates and assumptions which have significant risk of material adjustments to carrying amount of assets and liabilities are:

-Tangible fixed assets

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors, In re-assessing asset lives, factors such as technical innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

-Stock provisions

The company has recognised provisions for the impairment of stock. The judgements, estimates and associated assumptions necessary to calculate these provisions are based on historical experience and other reasonable factors. In the case of the provisions for the impairment of stock, this covers obsolescence through technological or customer specific reasons. This provision is based on the assessment of stock value and ageing, quantities on hand, usage, changes in the market, technical developments and warranty periods. The value of stock included in the financial statements is net of the provision for the impairment of stock.

-Bad debt provision

The company has recognised provisions against specific trade debtor balances. The judgements and estimates necessary to calculate these provisions are based on historical experience and other reasonable factors. This provision is based on the age of debt balances and the assessed recoverability. The value of trade debtors in note 11 is stated net of the provision of bad debts.

Changes in accounting policy- revaluation of plant and machinery

During the year the company changed its accounting policy for plant and machinery from the cost model to the revaluation model.Previously plant and machinery were carried at historical cost less accumulated depreciation, under the new policy, these assets are carried at their fair value at the date of the revaluation less subsequent depreciation.

The change has been made to provide more relevant information to users of the financial statments, as it reflects the current fair value of the company's assets.

The revaluation was performed as at 31 December 2025 by an independent qualified valuer, Andrew Bibby of Hilco Valuation Services using market value as the valuation basis.As a result of the revaluation the carrying amount of plant and machinery increased by £689,516 which has been recognised in the Profit and Loss account as a write back of depreciation previously charged.No prior period figures have been restated as the change has been applied prospectively.

The company's policy is to carry out revaluations with sufficient regularity to ensure that the carrying amount does not differ materially from fair value.

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and it can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover is recognised from the sale of goods when the entity has transferred to the buyer the significant risks and rewards of ownership of the goods. This occurs when the buyer takes possession of the goods.

Financial instruments

Financial assets

Financial assets comprise cash at bank and in hand, trade debtors, amounts owed by group undertakings and other debtors; these are initially recorded at cost on the date they originate and are subsequently recorded at cost less provisions for impairment. The company considers evidence of impairment for all individual trade and other debtors and amounts owed by group undertakings, and any subsequent impairment is recognised in the statement of income and retained earnings.

Impairment of financial assets

Impairment provisions are recognised when there is objective evidence that a financial asset or group of financial assets is impaired. Objective evidence includes significant financial difficulties of the counterparty, default or significant delays in payment.

Impairment provisions represent the difference between the net carrying amount of a financial asset and the value of the expected future cash receipts from that asset if lower.

Financial liabilities

Financial liabilities comprise trade creditors, other creditors and accruals; these are initially recorded, and subsequently carried, at cost on the date they originate.

Financial liabilities also comprise obligations under finance lease and hire purchase contracts; these are initially recorded at cost on the date they originate and are subsequently carried at amortised cost under the effective interest method.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case tax is recognised in other comprehensive income or directly in equity, respectively.

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax

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

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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are translated into sterling using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the retranslation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the profit and loss account.

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.

Provisions

Provisions are made where an event has taken place that gives rise to a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of obligation.

Provisions are charged as an expense to the statement of income and retained earnings in the year that the company becomes aware of the obligation, and are measured at the best estimate at the statement of financial position date of the expenditure required to settle obligation, taking into account relevant risks and uncertainties.

Cash flow exemption

The company has taken advantage of the exemption in Financial Reporting Standard 102 requirements of section 7 from producing a cash flow statement on the grounds that a consolidated cash flow statement will be included in the consolidated accounts of the holding company.

Going concern

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.

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2024 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST OR VALUATION

At 1 January 2025

5,122,502

Additions

1,644,038

Disposals

(1,451,570

)

At 31 December 2025

5,314,970

DEPRECIATION

At 1 January 2025

2,307,694

Eliminated on disposal

(604,708

)

Charge written back

(689,516

)

At 31 December 2025

1,013,470

NET BOOK VALUE

At 31 December 2025

4,301,500

At 31 December 2024

2,814,808

Cost or valuation at 31 December 2025 is represented by:

Plant and

machinery

£

Valuation in 2025

689,516

Cost

4,625,454

5,314,970

If plant and machinery had not been revalued it would have been shown at historical cost of £5,314,970 with an accumulated depreciation charge of £2,082,883.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

437,335

496,612

Amounts owed by group undertakings

4,466,181

5,381,033

Prepayments

23,846

27,424

4,927,362

5,905,069

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

232,802

220,424

Trade creditors

22,830

39,277

Amounts owed to group undertakings

365,328

-

Tax

(6,055

)

-

Social security and other taxes

34,006

50,135

Accrued expenses

57,229

55,723

706,140

365,559

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans - 2-5 years

3,442,964

3,395,966

8.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Bank overdrafts

232,802

220,424

Bank loans

3,442,964

3,395,966

3,675,766

3,616,390

Bank loans are secured by a fixed and floating charge over the assets of the company together with a first composite all-asset debenture over the company and its Security Obligors.

Hire purchase liabilities are secured on the related assets.

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Ian Cattell FCA (Senior Statutory Auditor)

for and on behalf of Crombies Accountants Limited

10.	CONTINGENT LIABILITIES

The company is a party to a composite account agreement between Narrow Aisle Group Topco Limited and its bankers which provides unlimited cross-guarantees by and between all parties to the agreement, secured by a cross company debenture.

11.	RELATED PARTY DISCLOSURES

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.

12.	ULTIMATE HOLDING COMPANY

Narrow Aisle Group Topco Limited, a company incorporated in England and Wales is the ultimate parent company.

The largest group of undertakings for which group financial statements are drawn up is Narrow Aisle Group Topco Limited whose registered office is located at 3 Waterfront Business Park, Dudley Road, Brierley Hill, West Midlands DY5 1LX.

13.	ULTIMATE CONTROLLING PARTY

There is no one ultimate controlling party.