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

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

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

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.

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.

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

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.

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

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.

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.

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.

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

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

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

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

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

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

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

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