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REGISTERED NUMBER: 00626633 (England and Wales)

| Group Strategic Report, |

| Report of the Directors and |

| Consolidated Financial Statements |

| for the Year Ended 30 September 2025 |

| for |

| A.V. Dawson Limited |

| A.V. Dawson Limited (Registered number: 00626633) |

Contents of the Consolidated Financial Statements

for the Year Ended 30 September 2025

Page |

| Company Information | 1 |

| Group Strategic Report | 2 |

| Report of the Directors | 5 |

| Report of the Independent Auditors | 7 |

| Consolidated Income Statement | 11 |

| Consolidated Other Comprehensive Income | 12 |

| Consolidated Balance Sheet | 13 |

| Company Balance Sheet | 14 |

| Consolidated Statement of Changes in Equity | 15 |

| Company Statement of Changes in Equity | 16 |

| Consolidated Cash Flow Statement | 17 |

| Notes to the Consolidated Cash Flow Statement | 18 |

| Notes to the Consolidated Financial Statements | 20 |

| A.V. Dawson Limited |

Company Information

for the Year Ended 30 September 2025

| DIRECTORS: | G S Dawson

| J E Young

| A K Watkins

| C Nettle

| L Croce

| C Lloyd

| G E Jones

| SECRETARY: | C Lloyd

| REGISTERED OFFICE: | The Staiths

| Port of Middlesbrough

| Depot Road

| MIDDLESBROUGH

| TS2 1LE

| REGISTERED NUMBER: | 00626633 (England and Wales)

| SENIOR STATUTORY AUDITOR: | Simon Hook FCCA

| AUDITORS: | Clive Owen LLP

| Chartered Accountants and Statutory Auditors

| Kepier House

| Belmont Business Park

| Durham

| DH1 1TW

| A.V. Dawson Limited (Registered number: 00626633) |

Group Strategic Report

for the Year Ended 30 September 2025

The directors present their strategic report of the company and the group for the year ended 30 September 2025.

REVIEW OF BUSINESS

The Group's principal activity during the year continues to be that of haulage, storage and handling of commodities and steel, and holding of commercial properties.

The key financial and other performance indicators during the year were as follows:

| 2025 |  | 2024 |  | Variance |  |

| £'000s |  | £'000s |  | % |  |

Turnover |  | 31,061 |  | 29,431 |  | 5.5% |  |

Profit before tax |  | 4,138 |  | 2,986 |  | 38.6% |  |

Despite facing challenging economic conditions, the Group has managed to maintain a satisfactory financial position. Additionally, the Group is actively pursuing new market opportunities, investing in assets and diversifying its customer base to mitigate future risks. Whilst the economic and political environment remains challenging, these strategic initiatives are expected to drive growth in the coming years.

PRINCIPAL RISKS AND UNCERTAINTIES

The Group constantly reviews any potential risks and uncertainties within the industry sectors in which the Group operates. The principal risks and uncertainties facing the Group are broadly grouped as: health & safety, economy, investment, competitive and financial.

Health & Safety

Safety is the primary company core value and as such is the first agenda item at all Board meetings. The Chairman presents this item to other Board Members and all lost time injury, total all injury and injury frequencies rates are reviewed. These Key Performance Indicators (KPI's) are communicated to all employees across the business on a regular basis so that everyone is fully aware of our safety performance. Everyone is actively encouraged to report all unsafe and near miss incidents in order that they can be investigated, with learning outcomes highlighted and proactive actions implemented.

A.V. Dawson Limited maintained their ROSPA Gold accreditation during 2025, whilst also adding the RoSPA Fleet Safety Award, recognising our systems for managing road risk and highlighting our commitment to Health and Safety best practices.

A summary of Health & Safety KPI's for the year ended 30 September 2025 (including comparatives) is shown below.

Health & Safety KPI's |  |

KPI Name |  | Injury Frequency Rate (IFR) |  | Lost Time Injury (LTI) |  |

KPI Result |  | 0.37 (2024: 0.39) |  | 1 (2024: 1) |  |

Definition |  | Injuries per million working hours. |  | Did not return to work after injury. |  |

KPI Name |  | First aid CAT 1 |  | First aid CAT 2 |  | Total All Injury (TAI) |

KPI Result |  | 1 (2024: 6) |  | 6 (2024: 6) |  | 8 (2024: 13) |

Definition |  | Required hospital attention |  | Treated by work firstaider. |  | All injuries LTI's and minor first aids. |

Why we measure |  | Safety is the business's core value. These metrics track our health and safety performance and are communicated across the business to all employees. |

| A.V. Dawson Limited (Registered number: 00626633) |

Group Strategic Report

for the Year Ended 30 September 2025

PRINCIPAL RISKS AND UNCERTAINTIES (CONTINUED)

Health & Safety (continued)

Following the year end, the Group was deeply saddened by the death of a valued colleague following an incident on site. Our thoughts remain with their family, friends and colleagues, and the Group continues to support the relevant investigations and those affected by this tragic event. While commercial port operations involve inherent safety risks, the Board remains confident that its established safety culture, controls and ongoing commitment to continuous improvement will help ensure this tragic incident remains isolated and that any resulting operational or financial impact is appropriately managed and mitigated.

Economy

Our business remains exposed to economic fluctuations and customer sentiment influenced by the state of the economy. To reduce this vulnerability, we are committed to providing the highest level of customer service. Key drivers for our future sustainability include diversifying revenue streams through strategic business development and implementing continuous operational efficiencies that offer cost-effective solutions for our customers.

Investment

The Group's current infrastructure programme will see the following investments completed within the next financial year:

i) Acquisition of a Network Rail site

ii) Demolition and repurposing of an acquired site

iii) Development of further infrastructure for newly acquired sites

Competitive

The current volatility affecting the steel industry may have a substantial effect on future trading performance. The Group continues to develop new business streams to mitigate the effect of a downturn in the above industry sector and this will continue throughout 2025 and beyond. The Group's strategy remains that of diversifying revenue streams to dilute revenue concentration with a single customer.

Financial

Major capital investment has resulted in a reduction to company cash balances. The business continues to leverage its cash position through active treasury management in order to generate additional revenue from cash balances held. The company is well positioned to continue its strategy of reinvestment.

Personnel and Training

Leadership and succession planning has been identified as critical to the future success of A.V.Dawson Limited Group. The A.V.Dawson Leadership Academy was launched in 2023 to identify and develop talent and to fill leadership and succession gaps. Throughout 2025 this was expanded to include more colleagues, and the introduction of the Skills Academy under the leadership of a dedicated Competency Manager ensures the business is investing in developing the skills required within the industry sector. Investing in our people is a clearly defined and ongoing objective.

Critical Success Factors

Critical success factors focusing on culture and values, business development, IT optimisation, and waste minimisation continue to progress. These development areas tie in closely with a strategic plan which will underpin the long-term success of A.V.Dawson Limited.

| A.V. Dawson Limited (Registered number: 00626633) |

Group Strategic Report

for the Year Ended 30 September 2025

PRINCIPAL RISKS AND UNCERTAINTIES (CONTINUED)

Compliance and Governance

Development of professional support functions including Human Resources, Health and Safety, Procurement, Commercial and Marketing continues apace. This consistent, structured and focussed support enables departmental managers to better maximise commercial and operational opportunities within their areas, whilst ensuring they remain engaged with relevant legal and corporate obligations.

As a proud member of the Good Business Charter (GBC), A.V.Dawson Limited is committed to paying our taxes, not engaging in tax avoidance, and being transparent in our relationship with HMRC.

ON BEHALF OF THE BOARD:

J E Young - Director

25 June 2026

| A.V. Dawson Limited (Registered number: 00626633) |

Report of the Directors

for the Year Ended 30 September 2025

The directors present their report with the financial statements of the company and the group for the year ended 30 September 2025.

DIVIDENDS

Interim dividends totalling £303,922 were paid in respect of the Ordinary £1 shares.

Interim dividends totalling £400,000 were paid in respect of the B Ordinary £1 shares.

Interim dividends totalling £1,339 were paid in respect of the C Ordinary £1 shares.

Interim dividends totalling £1,339 were paid in respect of the D Ordinary £1 shares.

DIRECTORS

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

G S Dawson

J E Young

A K Watkins

C Nettle

L Croce

C Lloyd

G E Jones

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- | select suitable accounting policies and then apply them consistently;

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

- | 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 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 directors are 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 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 group's auditors are aware of that information.

| A.V. Dawson Limited (Registered number: 00626633) |

Report of the Directors

for the Year Ended 30 September 2025

AUDITORS

The auditors, Clive Owen LLP, are deemed to be reappointed under section 487(2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:

J E Young - Director

25 June 2026

Report of the Independent Auditors to the Members of

A.V. Dawson Limited

Opinion

We have audited the financial statements of A.V. Dawson Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 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 30 September 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and 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 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 Group 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 Group 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 Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of

A.V. Dawson Limited

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

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page five, 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 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 directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of

A.V. Dawson Limited

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.

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, to detect material misstatements in respect of irregularities, including fraud. Our audit must be alert to the risk of manipulation of the financial statements and seek to understand the incentives and opportunities for management to achieve this.

We undertake the following procedures to identify and respond to these risks of non-compliance:

- Understanding the key legal and regulatory frameworks that are applicable to the Company. We communicated identified laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit. We determined the most significant of these to be the Health & Safety at work act, Fire precautions act, Employment legislation, Transport and haulage regulations.

- Enquiry of directors and management as to policies and procedures to ensure compliance and any known instances of non-compliance

- Enquiry of directors and management as to areas of the financial statements susceptible to fraud and how these risks are managed

- Challenging management on key estimates, assumptions and judgements made in the preparation of the financial statements. These key areas of uncertainty are disclosed in the accounting policies

- Identifying and testing unusual journal entries, with a particular focus on manual journal entries.

Through these procedures, we did not become aware of actual or suspected non-compliance.

We planned and performed our audit in accordance with auditing standards but owing to the inherent limitations of procedures required in these areas, there is an unavoidable risk that we may not have detected a material misstatement in the accounts. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve concealment, collusion, forgery, misrepresentations, or override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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.

Report of the Independent Auditors to the Members of

A.V. Dawson Limited

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.

Simon Hook FCCA (Senior Statutory Auditor)

for and on behalf of Clive Owen LLP

Chartered Accountants and Statutory Auditors

Kepier House

Belmont Business Park

Durham

DH1 1TW

26 June 2026

| A.V. Dawson Limited (Registered number: 00626633) |

Consolidated

Income Statement

for the Year Ended 30 September 2025

| 2025 |  | 2024

| Notes | £ | £ |

TURNOVER | 3 | 31,061,217 |  | 29,431,105 |  |

Cost of sales | (17,190,111 | ) | (17,281,778 | ) |

GROSS PROFIT | 13,871,106 |  | 12,149,327 |  |

Administrative expenses | (10,358,964 | ) | (9,832,427 | ) |

3,512,142 |  | 2,316,900 |  |

Other operating income | 586,998 |  | 682,394 |  |

OPERATING PROFIT | 5 | 4,099,140 |  | 2,999,294 |  |

Interest receivable and similar income | 374,953 |  | 347,452 |  |

4,474,093 |  | 3,346,746 |  |

Interest payable and similar expenses | 6 | (335,821 | ) | (360,942 | ) |

PROFIT BEFORE TAXATION | 4,138,272 |  | 2,985,804 |  |

Tax on profit | 7 | (1,016,843 | ) | (747,430 | ) |

PROFIT FOR THE FINANCIAL YEAR | 3,121,429 |  | 2,238,374 |  |

Profit attributable to:

Owners of the parent | 3,121,429 |  | 2,238,374 |  |

| A.V. Dawson Limited (Registered number: 00626633) |

Consolidated

Other Comprehensive Income

for the Year Ended 30 September 2025

| 2025 |  | 2024

| Notes | £ | £ |

PROFIT FOR THE YEAR | 3,121,429 |  | 2,238,374 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 3,121,429 |  | 2,238,374 |  |

Total comprehensive income attributable to:

Owners of the parent | 3,121,429 |  | 2,238,374 |  |

| A.V. Dawson Limited (Registered number: 00626633) |

Consolidated Balance Sheet

30 September 2025

| 2025 |  | 2024

| Notes | £ | £ |

FIXED ASSETS

Intangible assets | 10 | (49,453 | ) | (49,453 | ) |

Tangible assets | 11 | 45,934,307 |  | 44,638,452 |  |

Investments | 12 | 45,665 |  | 45,665 |  |

45,930,519 |  | 44,634,664 |  |

CURRENT ASSETS

Stocks | 13 | 122,995 |  | 131,746 |  |

Debtors | 14 | 9,518,761 |  | 8,025,889 |  |

Cash at bank and in hand | 9,317,949 |  | 11,020,358 |  |

18,959,705 |  | 19,177,993 |  |

CREDITORS

Amounts falling due within one year | 15 | (9,806,615 | ) | (9,941,113 | ) |

NET CURRENT ASSETS | 9,153,090 |  | 9,236,880 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 55,083,609 |  | 53,871,544 |  |

CREDITORS

Amounts falling due after more than one year | 16 | (5,720,057 | ) | (6,775,785 | ) |

PROVISIONS FOR LIABILITIES | 20 | (1,245,572 | ) | (1,394,150 | ) |

NET ASSETS | 48,117,980 |  | 45,701,609 |  |

CAPITAL AND RESERVES

Called up share capital | 21 | 176,547 |  | 175,005 |  |

Investment property revaluations | 22 | 954,995 |  | 954,995 |  |

Retained earnings | 22 | 46,986,438 |  | 44,571,609 |  |

SHAREHOLDERS' FUNDS | 48,117,980 |  | 45,701,609 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 25 June 2026 and were signed on its behalf by:

J E Young - Director

C Lloyd - Director

| A.V. Dawson Limited (Registered number: 00626633) |

Company Balance Sheet

30 September 2025

| 2025 |  | 2024

| Notes | £ | £ |

FIXED ASSETS

Intangible assets | 10 | - |  | - |  |

Tangible assets | 11 | 42,122,327 |  | 42,171,879 |  |

Investments | 12 | 776,488 |  | 1,216,280 |  |

42,898,815 |  | 43,388,159 |  |

CURRENT ASSETS

Stocks | 13 | 115,603 |  | 131,746 |  |

Debtors | 14 | 4,899,032 |  | 6,899,423 |  |

Cash at bank and in hand | 9,894,375 |  | 9,272,846 |  |

14,909,010 |  | 16,304,015 |  |

CREDITORS

Amounts falling due within one year | 15 | (6,627,185 | ) | (7,465,325 | ) |

NET CURRENT ASSETS | 8,281,825 |  | 8,838,690 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 51,180,640 |  | 52,226,849 |  |

CREDITORS

Amounts falling due after more than one year | 16 | (5,209,848 | ) | (6,775,785 | ) |

PROVISIONS FOR LIABILITIES | 20 | (871,714 | ) | (1,218,914 | ) |

NET ASSETS | 45,099,078 |  | 44,232,150 |  |

CAPITAL AND RESERVES

Called up share capital | 21 | 176,547 |  | 175,005 |  |

Investment property revaluations | 22 | 954,995 |  | 954,995 |  |

Retained earnings | 22 | 43,967,536 |  | 43,102,150 |  |

SHAREHOLDERS' FUNDS | 45,099,078 |  | 44,232,150 |  |

Company's profit for the financial year | 1,571,986 |  | 979,583 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 25 June 2026 and were signed on its behalf by:

J E Young - Director

C Lloyd - Director

| A.V. Dawson Limited (Registered number: 00626633) |

Consolidated Statement of Changes in Equity

for the Year Ended 30 September 2025

| Called up |  | Investment |

| share |  | Retained |  | property |  | Other |  | Total

| capital |  | earnings |  | revaluations |  | reserves |  | equity

£ | £ | £ | £ | £ |

Balance at 1 October 2023 | 175,005 |  | 43,053,235 |  | 954,995 |  | (120,000 | ) | 44,063,235 |  |

Changes in equity

Reserves allocation | - |  | (120,000 | ) | - |  | 120,000 |  | - |  |

Dividends | - |  | (600,000 | ) | - |  | - |  | (600,000 | ) |

Total comprehensive income | - |  | 2,238,374 |  | - |  | - |  | 2,238,374 |  |

Balance at 30 September 2024 | 175,005 |  | 44,571,609 |  | 954,995 |  | - |  | 45,701,609 |  |

Changes in equity

Issue of share capital | 1,542 |  | - |  | - |  | - |  | 1,542 |  |

Dividends | - |  | (706,600 | ) | - |  | - |  | (706,600 | ) |

Total comprehensive income | - |  | 3,121,429 |  | - |  | - |  | 3,121,429 |  |

Balance at 30 September 2025 | 176,547 |  | 46,986,438 |  | 954,995 |  | - |  | 48,117,980 |  |

| A.V. Dawson Limited (Registered number: 00626633) |

Company Statement of Changes in Equity

for the Year Ended 30 September 2025

| Called up |  | Investment |

| share |  | Retained |  | property |  | Total

| capital |  | earnings |  | revaluations |  | equity

£ | £ | £ | £ |

Balance at 1 October 2023 | 175,005 |  | 42,722,567 |  | 954,995 |  | 43,852,567 |  |

Changes in equity

Dividends | - |  | (600,000 | ) | - |  | (600,000 | ) |

Total comprehensive income | - |  | 979,583 |  | - |  | 979,583 |  |

Balance at 30 September 2024 | 175,005 |  | 43,102,150 |  | 954,995 |  | 44,232,150 |  |

Changes in equity

Issue of share capital | 1,542 |  | - |  | - |  | 1,542 |  |

Dividends | - |  | (706,600 | ) | - |  | (706,600 | ) |

Total comprehensive income | - |  | 1,571,986 |  | - |  | 1,571,986 |  |

Balance at 30 September 2025 | 176,547 |  | 43,967,536 |  | 954,995 |  | 45,099,078 |  |

| A.V. Dawson Limited (Registered number: 00626633) |

Consolidated Cash Flow Statement

for the Year Ended 30 September 2025

| 2025 |  | 2024

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 6,437,939 |  | 5,391,136 |  |

Interest paid | (239,664 | ) | (302,282 | ) |

Interest element of hire purchase payments paid | (91,657 | ) | (54,160 | ) |

Finance costs paid | (4,500 | ) | (4,500 | ) |

Tax paid | (1,262,063 | ) | (771,976 | ) |

Net cash from operating activities | 4,840,055 |  | 4,258,218 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (5,052,725 | ) | (3,517,324 | ) |

Sale of tangible fixed assets | 512,874 |  | 686,924 |  |

Interest received | 374,953 |  | 347,452 |  |

Net cash from investing activities | (4,164,898 | ) | (2,482,948 | ) |

Cash flows from financing activities

Loan repayments in year | (1,187,500 | ) | (875,000 | ) |

New hire purchase contracts in year | 944,071 |  | 321,562 |  |

Capital repayments in year | (1,107,748 | ) | (430,173 | ) |

Amount withdrawn by directors | (220,505 | ) | - |  |

Share issue | 1,542 |  | - |  |

Equity dividends paid | (551,600 | ) | (600,000 | ) |

Net cash from financing activities | (2,121,740 | ) | (1,583,611 | ) |

(Decrease)/increase in cash and cash equivalents | (1,446,583 | ) | 191,659 |  |

Cash and cash equivalents at beginning of year | 2 | 10,764,532 |  | 10,572,873 |  |

Cash and cash equivalents at end of year | 2 | 9,317,949 |  | 10,764,532 |  |

| A.V. Dawson Limited (Registered number: 00626633) |

Notes to the Consolidated Cash Flow Statement

for the Year Ended 30 September 2025

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

| 2025 |  | 2024

£ | £ |

| Profit before taxation | 4,138,272 |  | 2,985,804 |  |

| Depreciation charges | 3,105,549 |  | 3,122,438 |  |

| Loss on disposal of fixed assets | 19,626 |  | 76,211 |  |

| Gain on revaluation of fixed assets | (8,679 | ) | - |  |

| Government grants | (34,467 | ) | (34,428 | ) |

| Finance costs | 335,821 |  | 360,942 |  |

| Finance income | (374,953 | ) | (347,452 | ) |

7,181,169 |  | 6,163,515 |  |

| Decrease in stocks | 8,751 |  | 7,477 |  |

| (Increase)/decrease in trade and other debtors | (1,492,872 | ) | 981,205 |  |

| Increase/(decrease) in trade and other creditors | 740,891 |  | (1,761,061 | ) |

| Cash generated from operations | 6,437,939 |  | 5,391,136 |  |

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 30 September 2025

| 30.9.25 |  | 1.10.24

£ | £ |

| Cash and cash equivalents | 9,317,949 |  | 11,020,358 |  |

| Bank overdrafts | - |  | (255,826 | ) |

9,317,949 |  | 10,764,532 |  |

| Year ended 30 September 2024

| 30.9.24 |  | 1.10.23

£ | £ |

| Cash and cash equivalents | 11,020,358 |  | 10,572,873 |  |

| Bank overdrafts | (255,826 | ) | - |  |

10,764,532 |  | 10,572,873 |  |

| A.V. Dawson Limited (Registered number: 00626633) |

Notes to the Consolidated Cash Flow Statement

for the Year Ended 30 September 2025

3. | ANALYSIS OF CHANGES IN NET FUNDS

| At 1.10.24 | Cash flow | At 30.9.25

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 11,020,358 |  | (1,702,409 | ) | 9,317,949 |  |

| Bank overdrafts | (255,826 | ) | 255,826 |  | - |  |

10,764,532 |  | (1,446,583 | ) | 9,317,949 |  |

| Debt

| Finance leases | (2,253,547 | ) | 198,144 |  | (2,055,403 | ) |

| Debts falling due within 1 year | (1,437,500 | ) | 437,500 |  | (1,000,000 | ) |

| Debts falling due after 1 year | (4,875,000 | ) | 750,000 |  | (4,125,000 | ) |

(8,566,047 | ) | 1,385,644 |  | (7,180,403 | ) |

| Total | 2,198,485 |  | (60,939 | ) | 2,137,546 |  |

| A.V. Dawson Limited (Registered number: 00626633) |

Notes to the Consolidated Financial Statements

for the Year Ended 30 September 2025

1. | STATUTORY INFORMATION

| A.V. Dawson 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.

| There were no material departures from that standard.

| The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.

| 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.

| Significant judgements and estimates

| Preparation of the financial statements requires management to make significant judgements and estimates.

| The items in the financial statements where these judgements and estimates have been made include:

| Depreciation - Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset. An estimate of the useful economic life of assets is detailed in the depreciation accounting policy. The value of depreciation charge in the profit and loss account during the year was £3,105,549.

| Provisions - There is an element of estimation and judgement made by the directors when considering some of the accruals not yet billed e.g. Rates and Dilapidation provision.

| Accrued income - There is an element of estimation and judgement made by the directors when considering some of the income not yet billed.

| Investment property valuations - Investment properties were last formally valued in 2020. There is an element of estimation and judgement made by management when reviewing these values at the balance sheet date.

| A.V. Dawson Limited (Registered number: 00626633) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 September 2025

2. | ACCOUNTING POLICIES - continued

| Turnover

| Turnover represents net invoiced sales of goods and services, excluding value added tax.

| Turnover represents net invoiced rents received on investment properties, excluding value added tax.

| Income recognition

| Income is recognised when the conditions contained within a contract for services have been met.

| Income is recognised when a contract for the sale of goods is determined as unconditional.

| Rental income is recognised in accordance with the contractual terms of the lease.

| Goodwill

| Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of five years.

| Negative goodwill is in respect of an acquisition of a business in 2022 and will be written back to the profit and loss account over the next 5 years.

| Intangible assets

| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

| 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 properties | - | 10% - 50% on cost, 2% on cost and not provided

| Leasehold properties | - | 25% on cost and over period of the lease

| Plant and machinery | - | 25% on reducing balance, 25% on cost, 12.5% on cost, 10 - 25% on cost and 10% - 50% on cost

| Motor vehicles | - | 25% on cost, 25% on reducing balance and 10% - 50% on cost

| Workshop and office equipment | - | 15% to 33% on cost, 20% on cost and 12.5 - 25% on cost

| Assets held in capital work in progress are not depreciated as the assets are not yet brought into use.

| In accordance with FRS 102:

| i. Investment properties are stated at their fair value, with any surplus or deficit,accounted for through the Profit and Loss account. The cumulative effect of any revaluations, less deferred tax, are held within a non-distributable reserve called Investment property revaluations. The properties have been valued by the directors at the year-end; and

| ii. No depreciation or amortisation is provided in respect of freehold investment properties and leasehold investments with over 20 years to run.

| iii. Land included within Freehold Properties is not depreciated.

| The directors consider that this accounting policy results in the accounts giving a true and fair view. Depreciation is only one of many factors reflected in the annual valuation and the amount which might otherwise be shown cannot be separately identified or quantified.

| Investments in subsidiaries

| Investments in subsidiary undertakings are recognised at cost.

| A.V. Dawson Limited (Registered number: 00626633) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 September 2025

2. | ACCOUNTING POLICIES - continued

| Stocks

| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

| Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell and is accounted for on a FIFO basis.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

| Foreign currencies

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

| Hire purchase and leasing commitments

| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

| Rentals paid under operating leases are charged to the profit and loss account as incurred.

| Financial instruments

| Basic financial instruments are recognised at amortised cost with changes recognised in profit or loss.

| Investments

| Investments held as fixed assets are stated at cost less provision for any impairment in value.

| 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 the profit and loss account in the period to which they relate.

| A.V. Dawson Limited (Registered number: 00626633) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 September 2025

3. | TURNOVER

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

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

| 2025 |  | 2024

£ | £ |

| Haulage | 9,696,507 |  | 10,280,799 |  |

| Storage and handling | 7,610,283 |  | 7,144,150 |  |

| Rents receivable | 2,456,185 |  | 2,512,094 |  |

| Workshop services | 448,039 |  | 421,008 |  |

| Port of Middlesbrough | 9,415,885 |  | 7,735,006 |  |

| Cockfield Knight | 1,193,381 |  | 1,110,860 |  |

| Renewable energy revenue | 42,963 |  | 116,781 |  |

| Professional services | 197,974 |  | 110,407 |  |

31,061,217 |  | 29,431,105 |  |

| An analysis of turnover by geographical market is given below:

| 2025 |  | 2024

£ | £ |

| United Kingdom | 31,061,217 |  | 29,431,105 |  |

31,061,217 |  | 29,431,105 |  |

4. | EMPLOYEES AND DIRECTORS

|  | 2025 |  | 2024 |

| £ |  | £ |  |

| Wages and salaries |  | 8,869,417 |  | 8,652,258 |

| Social security |  | 972,025 |  | 855,446 |

| Pension |  | 686,459 |  | 499,039 |

|  | 10,527,901 |  | 10,006,743 |

| The average monthly number of employees during the year was as follows

|  | 2025 |  | 2024 |

| Management |  | 33 |  | 19 |

| Administration |  | 39 |  | 60 |

| Warehousing, maintenance and operations |  | 57 |  | 29 |

| Haulage |  | 48 |  | 59 |

| Cobra operations |  | - |  | 4 |

|  | 177 |  | 171 |

| 2025 |  | 2024

£ | £ |

| Directors' remuneration | 935,908 |  | 878,817 |  |

| A.V. Dawson Limited (Registered number: 00626633) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 September 2025

4. | EMPLOYEES AND DIRECTORS - continued

| The number of directors to whom retirement benefits were accruing was as follows:

| Money purchase schemes | 7 |  | 7 |  |

| Information regarding the highest paid director is as follows:

| 2025 |  | 2024

£ | £ |

| Emoluments etc | 176,125 |  | 163,994 |  |

5. | OPERATING PROFIT

| The operating profit is stated after charging:

| 2025 |  | 2024

£ | £ |

| Depreciation - owned assets | 2,209,171 |  | 2,423,618 |  |

| Depreciation - assets on hire purchase contracts | 896,378 |  | 698,820 |  |

| Loss on disposal of fixed assets | 19,626 |  | 76,211 |  |

| Audit fee | 62,500 |  | 89,095 |  |

| Foreign exchange differences | 10,095 |  | 7,066 |  |

| Grants released | 34,428 |  | 34,428 |  |

6. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£ | £ |

| Loan interest | 239,664 |  | 302,282 |  |

| Hire purchase | 91,657 |  | 54,160 |  |

| Preference share dividends | 4,500 |  | 4,500 |  |

335,821 |  | 360,942 |  |

7. | TAXATION

| Analysis of the tax charge

| The tax charge on the profit for the year was as follows:

| 2025 |  | 2024

£ | £ |

| Current tax:

| UK corporation tax | 1,165,421 |  | 983,145 |  |

| Prior year overprovision | - |  | 3,025 |  |

| Total current tax | 1,165,421 |  | 986,170 |  |

| Deferred tax | (148,578 | ) | (238,740 | ) |

| Tax on profit | 1,016,843 |  | 747,430 |  |

| A.V. Dawson Limited (Registered number: 00626633) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 September 2025

7. | TAXATION - continued

| Reconciliation of total tax charge included in profit and loss

| The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

| 2025 |  | 2024

£ | £ |

| Profit before tax | 4,138,272 |  | 2,985,804 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2024 - 25 %) | 1,034,568 |  | 746,451 |  |

| Effects of:

| Expenses not deductible for tax purposes | 56,815 |  | 8,057 |  |

| Capital allowances in excess of depreciation | (74,540 | ) | (10,103 | ) |

| Adjustments to tax charge in respect of previous periods | - |  | 3,025 |  |

| Total tax charge | 1,016,843 |  | 747,430 |  |

8. | INDIVIDUAL INCOME STATEMENT

| As permitted by Section 408 of the Companies Act 2006, the Profit and Loss Account of the parent company is not presented as part of these financial statements.

9. | DIVIDENDS

|  | 2025 |  |  | 2024 |

|  | £ |  |  | £ |

| Ordinary shares of £1 each Interim |  |  | 303,922 |  |  | - |

| B Ordinary shares of £1 each Interim |  |  | 400,000 |  |  | 600,000 |

| C Ordinary shares of £1 each Interim |  |  | 1,339 |  |  | - |

| D Ordinary shares of £1 each Interim |  |  | 1,339 |  |  | - |

|  | 706,600 |  |  | 600,000 |

| A.V. Dawson Limited (Registered number: 00626633) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 September 2025

10. | INTANGIBLE FIXED ASSETS

| Group

| Goodwill

£ |

| COST

| At 1 October 2024

| and 30 September 2025 | 547 |  |

| AMORTISATION

| At 1 October 2024

| and 30 September 2025 | 50,000 |  |

| NET BOOK VALUE

| At 30 September 2025 | (49,453 | ) |

| At 30 September 2024 | (49,453 | ) |

| Company

| Goodwill

£ |

| COST

| At 1 October 2024

| and 30 September 2025 | 50,000 |  |

| AMORTISATION

| At 1 October 2024

| and 30 September 2025 | 50,000 |  |

| NET BOOK VALUE

| At 30 September 2025 | - |  |

| At 30 September 2024 | - |  |

| A.V. Dawson Limited (Registered number: 00626633) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 September 2025

11. | TANGIBLE FIXED ASSETS

| Group

| Freehold |  | Leasehold |  | Investment |  | Plant and

| properties |  | properties |  | properties |  | machinery

£ | £ | £ | £ |

| COST OR VALUATION

| At 1 October 2024 | 33,066,156 |  | 2,066,396 |  | 7,447,794 |  | 16,647,490 |  |

| Additions | 2,264,193 |  | - |  | - |  | 703,997 |  |

| Disposals | - |  | - |  | - |  | (703,392 | ) |

| Revaluations | 8,679 |  | - |  | - |  | - |  |

| Impairments | (127,500 | ) | - |  | - |  | - |  |

| At 30 September 2025 | 35,211,528 |  | 2,066,396 |  | 7,447,794 |  | 16,648,095 |  |

| DEPRECIATION

| At 1 October 2024 | 5,988,722 |  | 1,720,863 |  | - |  | 11,301,180 |  |

| Charge for year | 969,219 |  | 116,000 |  | - |  | 1,159,142 |  |

| Eliminated on disposal | - |  | - |  | - |  | (224,519 | ) |

| At 30 September 2025 | 6,957,941 |  | 1,836,863 |  | - |  | 12,235,803 |  |

| NET BOOK VALUE

| At 30 September 2025 | 28,253,587 |  | 229,533 |  | 7,447,794 |  | 4,412,292 |  |

| At 30 September 2024 | 27,077,434 |  | 345,533 |  | 7,447,794 |  | 5,346,310 |  |

| Workshop |

| Capital |  | and |

| work in |  | Motor |  | office |

| progress |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ |

| COST OR VALUATION

| At 1 October 2024 | 1,549,942 |  | 7,308,712 |  | 425,532 |  | 68,512,022 |  |

| Additions | 682,076 |  | 1,293,041 |  | 109,418 |  | 5,052,725 |  |

| Disposals | (7,000 | ) | (65,096 | ) | - |  | (775,488 | ) |

| Revaluations | - |  | - |  | - |  | 8,679 |  |

| Impairments | - |  | - |  | - |  | (127,500 | ) |

| At 30 September 2025 | 2,225,018 |  | 8,536,657 |  | 534,950 |  | 72,670,438 |  |

| DEPRECIATION

| At 1 October 2024 | - |  | 4,510,027 |  | 352,778 |  | 23,873,570 |  |

| Charge for year | - |  | 825,744 |  | 35,444 |  | 3,105,549 |  |

| Eliminated on disposal | - |  | (18,469 | ) | - |  | (242,988 | ) |

| At 30 September 2025 | - |  | 5,317,302 |  | 388,222 |  | 26,736,131 |  |

| NET BOOK VALUE

| At 30 September 2025 | 2,225,018 |  | 3,219,355 |  | 146,728 |  | 45,934,307 |  |

| At 30 September 2024 | 1,549,942 |  | 2,798,685 |  | 72,754 |  | 44,638,452 |  |

| A.V. Dawson Limited (Registered number: 00626633) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 September 2025

11. | TANGIBLE FIXED ASSETS - continued

| Group

| Cost or valuation at 30 September 2025 is represented by:

| Freehold |  | Leasehold |  | Investment |  | Plant and

| properties |  | properties |  | properties |  | machinery

£ | £ | £ | £ |

| Valuation in 1999 | - |  | - |  | 740,746 |  | - |  |

| Valuation in 2020 | - |  | - |  | 379,090 |  | - |  |

| Cost | 35,211,528 |  | 2,066,396 |  | 6,327,958 |  | 16,648,095 |  |

35,211,528 |  | 2,066,396 |  | 7,447,794 |  | 16,648,095 |  |

| Workshop |

| Capital |  | and |

| work in |  | Motor |  | office |

| progress |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ |

| Valuation in 1999 | - |  | - |  | - |  | 740,746 |  |

| Valuation in 2020 | - |  | - |  | - |  | 379,090 |  |

| Cost | 2,225,018 |  | 8,536,657 |  | 534,950 |  | 71,550,602 |  |

2,225,018 |  | 8,536,657 |  | 534,950 |  | 72,670,438 |  |

| If investment property had not been revalued it would have been included at the following historical cost:

2025 | 2024 |

£ | £ |

| Cost | 6,327,958 |  | 6,327,958 |  |

| Investment properties were valued on an fair value basis on 30 September 2020 by the Directors .

| The Directors believe investment properties to still be held at fair value as at 30 September 2025.

| A.V. Dawson Limited (Registered number: 00626633) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 September 2025

11. | TANGIBLE FIXED ASSETS - continued

| Group

| Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

| Plant and |  | Motor |

| machinery |  | vehicles |  | Totals

£ | £ | £ |

| COST OR VALUATION

| At 1 October 2024 | 3,371,047 |  | 2,084,860 |  | 5,455,907 |  |

| Additions | - |  | 1,048,957 |  | 1,048,957 |  |

| Transfer to ownership | (367,153 | ) | (57,094 | ) | (424,247 | ) |

| At 30 September 2025 | 3,003,894 |  | 3,076,723 |  | 6,080,617 |  |

| DEPRECIATION

| At 1 October 2024 | 1,036,636 |  | 736,151 |  | 1,772,787 |  |

| Charge for year | 309,568 |  | 586,810 |  | 896,378 |  |

| Transfer to ownership | (146,861 | ) | (10,467 | ) | (157,328 | ) |

| At 30 September 2025 | 1,199,343 |  | 1,312,494 |  | 2,511,837 |  |

| NET BOOK VALUE

| At 30 September 2025 | 1,804,551 |  | 1,764,229 |  | 3,568,780 |  |

| At 30 September 2024 | 2,334,411 |  | 1,348,709 |  | 3,683,120 |  |

| Company

| Freehold |  | Leasehold |  | Investment |  | Plant and

| properties |  | properties |  | properties |  | machinery

£ | £ | £ | £ |

| COST OR VALUATION

| At 1 October 2024 | 32,925,028 |  | 1,486,396 |  | 7,447,794 |  | 9,626,076 |  |

| Additions | 2,264,193 |  | - |  | - |  | 36,962 |  |

| Disposals | - |  | - |  | - |  | (699,792 | ) |

| Revaluations | 8,679 |  | - |  | - |  | - |  |

| At 30 September 2025 | 35,197,900 |  | 1,486,396 |  | 7,447,794 |  | 8,963,246 |  |

| DEPRECIATION

| At 1 October 2024 | 5,977,885 |  | 1,486,396 |  | - |  | 4,807,036 |  |

| Charge for year | 968,026 |  | - |  | - |  | 679,029 |  |

| Eliminated on disposal | - |  | - |  | - |  | (220,919 | ) |

| At 30 September 2025 | 6,945,911 |  | 1,486,396 |  | - |  | 5,265,146 |  |

| NET BOOK VALUE

| At 30 September 2025 | 28,251,989 |  | - |  | 7,447,794 |  | 3,698,100 |  |

| At 30 September 2024 | 26,947,143 |  | - |  | 7,447,794 |  | 4,819,040 |  |

| A.V. Dawson Limited (Registered number: 00626633) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 September 2025

11. | TANGIBLE FIXED ASSETS - continued

| Company

| Workshop |

| Capital |  | and |

| work in |  | Motor |  | office |

| progress |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ |

| COST OR VALUATION

| At 1 October 2024 | 1,542,942 |  | 2,133,903 |  | 322,696 |  | 55,484,835 |  |

| Additions | 81,183 |  | - |  | 109,418 |  | 2,491,756 |  |

| Disposals | - |  | (65,096 | ) | - |  | (764,888 | ) |

| Revaluations | - |  | - |  | - |  | 8,679 |  |

| At 30 September 2025 | 1,624,125 |  | 2,068,807 |  | 432,114 |  | 57,220,382 |  |

| DEPRECIATION

| At 1 October 2024 | - |  | 783,839 |  | 257,800 |  | 13,312,956 |  |

| Charge for year | - |  | 347,777 |  | 29,655 |  | 2,024,487 |  |

| Eliminated on disposal | - |  | (18,469 | ) | - |  | (239,388 | ) |

| At 30 September 2025 | - |  | 1,113,147 |  | 287,455 |  | 15,098,055 |  |

| NET BOOK VALUE

| At 30 September 2025 | 1,624,125 |  | 955,660 |  | 144,659 |  | 42,122,327 |  |

| At 30 September 2024 | 1,542,942 |  | 1,350,064 |  | 64,896 |  | 42,171,879 |  |

| Cost or valuation at 30 September 2025 is represented by:

| Freehold |  | Leasehold |  | Investment |  | Plant and

| properties |  | properties |  | properties |  | machinery

£ | £ | £ | £ |

| Valuation in 1999 | - |  | - |  | 740,746 |  | - |  |

| Valuation in 2020 | - |  | - |  | 379,090 |  | - |  |

| Cost | 35,197,900 |  | 1,486,396 |  | 6,327,958 |  | 8,963,246 |  |

35,197,900 |  | 1,486,396 |  | 7,447,794 |  | 8,963,246 |  |

| Workshop |

| Capital |  | and |

| work in |  | Motor |  | office |

| progress |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ |

| Valuation in 1999 | - |  | - |  | - |  | 740,746 |  |

| Valuation in 2020 | - |  | - |  | - |  | 379,090 |  |

| Cost | 1,624,125 |  | 2,068,807 |  | 432,114 |  | 56,100,546 |  |

1,624,125 |  | 2,068,807 |  | 432,114 |  | 57,220,382 |  |

| A.V. Dawson Limited (Registered number: 00626633) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 September 2025

11. | TANGIBLE FIXED ASSETS - continued

| Company

| If investment property had not been revalued it would have been included at the following historical cost:

2025 | 2024 |

£ | £ |

| Cost | 6,327,958 |  | 6,327,958 |  |

| Investment properties were valued on an fair value basis on 30 September 2020 by the Directors .

| The Directors believe investment properties to still be held at fair value as at 30 September 2025.

| Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

| Plant and |  | Motor |

| machinery |  | vehicles |  | Totals

£ | £ | £ |

| COST OR VALUATION

| At 1 October 2024 | 3,371,047 |  | 2,084,860 |  | 5,455,907 |  |

| Transfer to ownership | (367,153 | ) | (57,094 | ) | (424,247 | ) |

| At 30 September 2025 | 3,003,894 |  | 2,027,766 |  | 5,031,660 |  |

| DEPRECIATION

| At 1 October 2024 | 1,036,636 |  | 736,151 |  | 1,772,787 |  |

| Charge for year | 309,568 |  | 346,424 |  | 655,992 |  |

| Transfer to ownership | (146,861 | ) | (10,467 | ) | (157,328 | ) |

| At 30 September 2025 | 1,199,343 |  | 1,072,108 |  | 2,271,451 |  |

| NET BOOK VALUE

| At 30 September 2025 | 1,804,551 |  | 955,658 |  | 2,760,209 |  |

| At 30 September 2024 | 2,334,411 |  | 1,348,709 |  | 3,683,120 |  |

12. | FIXED ASSET INVESTMENTS

| Group

| Unlisted

| investments

£ |

| COST

| At 1 October 2024

| and 30 September 2025 | 45,665 |  |

| NET BOOK VALUE

| At 30 September 2025 | 45,665 |  |

| At 30 September 2024 | 45,665 |  |

| A.V. Dawson Limited (Registered number: 00626633) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 September 2025

12. | FIXED ASSET INVESTMENTS - continued

| Company

| Shares in |

| group |  | Unlisted |

| undertakings |  | investments |  | Totals

£ | £ | £ |

| COST

| At 1 October 2024 | 1,166,280 |  | 50,000 |  | 1,216,280 |  |

| Impairments | (439,792 | ) | - |  | (439,792 | ) |

| At 30 September 2025 | 726,488 |  | 50,000 |  | 776,488 |  |

| NET BOOK VALUE

| At 30 September 2025 | 726,488 |  | 50,000 |  | 776,488 |  |

| At 30 September 2024 | 1,166,280 |  | 50,000 |  | 1,216,280 |  |

| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

| Subsidiaries

| W G Thomas & Co Limited

| Registered office: C/O Av Dawson Limited The Staiths, Port Of Middlesbrough, Depot Road, Middlesbrough, Cleveland, United Kingdom, TS2 1LE

| Nature of business: Dormant

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| Dawson (Tees Wharf) Limited

| Registered office: C/O Av Dawson Ltd The Staiths, Port Of Middlesbrough, Depot Road, Middlesbrough, Cleveland, United Kingdom, TS2 1LE

| Nature of business: Dormant

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| AVD Industrial and Port Services Ltd

| Registered office: The Staiths, Port Of Middlesbrough, Depot Road, Middlesbrough, United Kingdom, TS2 1LE

| Nature of business: Dormant

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| A.V. Dawson Transport Ltd

| Registered office: The Staiths, Port Of Middlesbrough, Depot Road, Middlesbrough, United Kingdom, TS2 1LE

| Nature of business: Haulage

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| A.V. Dawson Limited (Registered number: 00626633) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 September 2025

12. | FIXED ASSET INVESTMENTS - continued

| Port of Middlesbrough Ltd

| Registered office: The Staiths, Port Of Middlesbrough, Depot Road, Middlesbrough, United Kingdom, TS2 1LE

| Nature of business: Port services

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| Cockfield Knight & Co Ltd

| Registered office: The Staiths, Port Of Middlesbrough, Depot Road, Middlesbrough, United Kingdom, TS2 1LE

| Nature of business: Shipping agents

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| Middlesbrough Port Ltd

| Registered office: C/O Av Dawson Ltd, The Staiths, Port Of Middlesbrough, Depot Road, Middlesbrough, United Kingdom, TS2 1LE

| Nature of business: Dormant

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| Port Middlesbrough Ltd

| Registered office: The Staiths, Port Of Middlesbrough, Depot Road, Middlesbrough, United Kingdom, TS2 1LE

| Nature of business: Dormant

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| Cobra Middlesbrough Limited

| Registered office: The Staiths, Port Of Middlesbrough, Depot Road, Middlesbrough, United Kingdom, TS2 1LE

| Nature of business: Dry bulk handling terminal operatives

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

13. | STOCKS

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Consumables | 122,995 |  | 131,746 |  | 115,603 |  | 131,746 |  |

| A.V. Dawson Limited (Registered number: 00626633) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 September 2025

14. | DEBTORS

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Amounts falling due within one year: |

| Trade debtors | 5,442,836 |  | 4,477,504 |  | 412,117 |  | 790,466 |  |

| Amounts owed by group undertakings | - |  | - |  | 1,763,031 |  | 2,928,278 |  |

| Other debtors | 1,147,386 |  | 649,082 |  | 1,059,484 |  | 552,193 |  |

| Prepayments and accrued income | 2,928,539 |  | 2,899,303 |  | 969,790 |  | 1,375,950 |  |

9,518,761 |  | 8,025,889 |  | 4,204,422 |  | 5,646,887 |  |

| Amounts falling due after more than one | year: |

| Amounts owed by group undertakings | - |  | - |  | 694,610 |  | 1,252,536 |  |

| Aggregate amounts | 9,518,761 |  | 8,025,889 |  | 4,899,032 |  | 6,899,423 |  |

15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Bank loans and overdrafts (see note 17) | 750,000 |  | 1,443,326 |  | 750,000 |  | 1,443,326 |  |

| Preference shares (see note 17) | 250,000 |  | 250,000 |  | 250,000 |  | 250,000 |  |

| Hire purchase contracts (see note 18) | 993,368 |  | 920,212 |  | 757,353 |  | 920,212 |  |

| Trade creditors | 1,410,705 |  | 2,001,262 |  | 777,558 |  | 1,320,712 |  |

| Corporation tax | 262,572 |  | 359,214 |  | 262,572 |  | 215,339 |  |

| Taxation and social security | 1,006,016 |  | 511,610 |  | 69,415 |  | 87,813 |  |

| Other creditors | 535,346 |  | 267,046 |  | 139,985 |  | 31,360 |  |

| Amounts due to related undertakings | 23,208 |  | 23,208 |  | 23,208 |  | 23,208 |  |

| Deferred grants | 34,428 |  | 34,428 |  | 34,428 |  | 34,428 |  |

| Directors' current accounts | 636,002 |  | 856,507 |  | 636,002 |  | 856,507 |  |

| Accruals and deferred income | 3,904,970 |  | 3,274,300 |  | 2,926,664 |  | 2,282,420 |  |

9,806,615 |  | 9,941,113 |  | 6,627,185 |  | 7,465,325 |  |

16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Bank loans (see note 17) | 4,125,000 |  | 4,875,000 |  | 4,125,000 |  | 4,875,000 |  |

| Hire purchase contracts (see note 18) | 1,062,035 |  | 1,333,335 |  | 551,826 |  | 1,333,335 |  |

| Deferred grants | 533,022 |  | 567,450 |  | 533,022 |  | 567,450 |  |

5,720,057 |  | 6,775,785 |  | 5,209,848 |  | 6,775,785 |  |

| A.V. Dawson Limited (Registered number: 00626633) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 September 2025

17. | LOANS

| An analysis of the maturity of loans is given below:

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Amounts falling due within one year or on | demand: |

| Bank overdrafts | - |  | 255,826 |  | - |  | 255,826 |  |

| Bank loans | 750,000 |  | 1,187,500 |  | 750,000 |  | 1,187,500 |  |

| Preference shares | 250,000 |  | 250,000 |  | 250,000 |  | 250,000 |  |

1,000,000 |  | 1,693,326 |  | 1,000,000 |  | 1,693,326 |  |

| Amounts falling due between one and two | years: |

| Bank loans - 1-2 years | 750,000 |  | 750,000 |  | 750,000 |  | 750,000 |  |

| Amounts falling due between two and five | years: |

| Bank loans - 2-5 years | 2,250,000 |  | 2,250,000 |  | 2,250,000 |  | 2,250,000 |  |

| Amounts falling due in more than five years: |

| Repayable by instalments

| Bank loans more 5 yr by

| instalments | 1,125,000 |  | 1,875,000 |  | 1,125,000 |  | 1,875,000 |  |

1,125,000 |  | 1,875,000 |  | 1,125,000 |  | 1,875,000 |  |

| Details of shares shown as liabilities are as follows:

| The shares are non-voting, carry a cumulative dividend of 1.8% per annum, receive priority over all other classes of shares on a winding up and are redeemable at par over a period of 20 years from the date of issue or such earlier date as agreed by both the shareholder and the company.

| A.V. Dawson Limited (Registered number: 00626633) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 September 2025

18. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Group

| Hire purchase |

| contracts |

2025 | 2024 |

£ | £ |

| Gross obligations repayable:

| Within one year | 1,059,100 |  | 968,603 |  |

| Between one and five years | 1,126,648 |  | 1,381,654 |  |

2,185,748 |  | 2,350,257 |  |

| Finance charges repayable:

| Within one year | 65,732 |  | 48,391 |  |

| Between one and five years | 64,613 |  | 48,319 |  |

130,345 |  | 96,710 |  |

| Net obligations repayable:

| Within one year | 993,368 |  | 920,212 |  |

| Between one and five years | 1,062,035 |  | 1,333,335 |  |

2,055,403 |  | 2,253,547 |  |

| Company

| Hire purchase |

| contracts |

2025 | 2024 |

£ | £ |

| Gross obligations repayable:

| Within one year | 796,482 |  | 968,603 |  |

| Between one and five years | 561,016 |  | 1,381,654 |  |

1,357,498 |  | 2,350,257 |  |

| Finance charges repayable:

| Within one year | 39,129 |  | 48,391 |  |

| Between one and five years | 9,190 |  | 48,319 |  |

48,319 |  | 96,710 |  |

| Net obligations repayable:

| Within one year | 757,353 |  | 920,212 |  |

| Between one and five years | 551,826 |  | 1,333,335 |  |

1,309,179 |  | 2,253,547 |  |

| A.V. Dawson Limited (Registered number: 00626633) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 September 2025

18. | LEASING AGREEMENTS - continued

| Group

| Non-cancellable |

| operating leases |

2025 | 2024 |

£ | £ |

| Within one year | 57,900 |  | 59,147 |  |

| Between one and five years | - |  | 231,600 |  |

| In more than five years | - |  | 2,078,700 |  |

57,900 |  | 2,369,447 |  |

| Company

| Non-cancellable |

| operating leases |

2025 | 2024 |

£ | £ |

| Within one year | - |  | 1,247 |  |

19. | SECURED DEBTS

| The following secured debts are included within creditors:

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Bank overdraft | - |  | 255,826 |  | - |  | 255,826 |  |

| Bank loans | 4,875,000 |  | 6,062,500 |  | 4,875,000 |  | 6,062,500 |  |

| Hire purchase contracts | 2,055,403 |  | 2,253,547 |  | 1,309,179 |  | 2,253,547 |  |

6,930,403 |  | 8,571,873 |  | 6,184,179 |  | 8,571,873 |  |

| The bank loans are secured by a fixed and floating charge over the property of the Group. The hire purchase contracts are secured over the assets to which they relate.

| Loans are due to expire in January 2032. Interest on loans is 3.15% per annum.

20. | PROVISIONS FOR LIABILITIES

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Deferred tax | 1,245,572 |  | 1,394,150 |  | 871,714 |  | 1,218,914 |  |

| Group

| Deferred |

| tax |

£ |

| Balance at 1 October 2024 | 1,394,150 |  |

| Accelerated capital allowances | (148,578 | ) |

| Balance at 30 September 2025 | 1,245,572 |  |

| A.V. Dawson Limited (Registered number: 00626633) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 September 2025

20. | PROVISIONS FOR LIABILITIES - continued

| Company

| Deferred |

| tax |

£ |

| Balance at 1 October 2024 | 1,218,914 |  |

| Accelerated capital allowances | (347,200 | ) |

| Balance at 30 September 2025 | 871,714 |  |

21. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: |  |  | Class: |  |  | Nominal |  |  | 2025 |  |  | 2024 |

|  | value: |  |  | £ |  |  | £ |

| 175,000 |  |  | Ordinary |  |  | £1 |  |  | 175,000 |  |  | 175,000 |

| 5 |  |  | B Ordinary |  |  | £1 |  |  | 5 |  |  | 5 |

| 771 |  |  | C Ordinary |  |  | £1 |  |  | 771 |  |  | - |

| 771 |  |  | D Ordinary |  |  | £1 |  |  | 771 |  |  | - |

|  | 176,547 |  |  | 175,005 |

| The Ordinary shares have full voting rights, right to dividends and the right to capital distributions (including on winding up).There are no rights to redemption.

| The B Ordinary shares have full voting rights, right to dividends and the right to capital distributions (including on winding up). There are no rights to redemption.

| The C Ordinary shares have full voting rights, right to dividends and the right to capital distributions (including on winding up). There are no rights to redemption.

| The D Ordinary shares have full voting rights, right to dividends and the right to capital distributions (including on winding up). There are no rights to redemption.

22. | RESERVES

| Group

| Investment |

| Retained |  | property |

| earnings |  | revaluations |  | Totals

£ | £ | £ |

| At 1 October 2024 | 44,571,609 |  | 954,995 |  | 45,526,604 |  |

| Profit for the year | 3,121,429 |  | 3,121,429 |  |

| Dividends | (706,600 | ) | (706,600 | ) |

| At 30 September 2025 | 46,986,438 |  | 954,995 |  | 47,941,433 |  |

| A.V. Dawson Limited (Registered number: 00626633) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 September 2025

22. | RESERVES - continued

| Company

| Investment |

| Retained |  | property |

| earnings |  | revaluations |  | Totals

£ | £ | £ |

| At 1 October 2024 | 43,102,150 |  | 954,995 |  | 44,057,145 |  |

| Profit for the year | 1,571,986 |  | 1,571,986 |  |

| Dividends | (706,600 | ) | (706,600 | ) |

| At 30 September 2025 | 43,967,536 |  | 954,995 |  | 44,922,531 |  |

| Retained earnings - includes all current and prior period retained profits and losses, less any distributions made.

| Investment property revaluations - represents the cumulative effect of revaluations of investment properties.

23. | RELATED PARTY DISCLOSURES

| Key management personnel of the entity or its parent (in the aggregate)

2025 | 2024 |

£ | £ |

| Remuneration | 1,271,482 |  | 1,942,589 |  |

| Amount due to related party | 791,002 |  | 856,507 |  |

| Interest is charged at 8.25% per annum on balances owed by AV Dawson Limited.

24. | ULTIMATE CONTROLLING PARTY

| The controlling party is G S Dawson.