REGISTERED NUMBER: SC109864 (Scotland)

Strategic Report, Report of the Directors and

Audited Financial Statements for the Year Ended 31 March 2026

for

Galt Transport Limited

Page

Strategic Report

1

Report of the Directors

2

Report of the Independent Auditors

3

Statement of Comprehensive Income

6

Balance Sheet

7

Statement of Changes in Equity

8

Cash Flow Statement

9

Notes to the Cash Flow Statement

10

Notes to the Financial Statements

11

The directors present their strategic report for the year ended 31 March 2026.

REVIEW OF BUSINESS

The directors are pleased to report another successful year.

The company has generated turnover of £7,775,740 (2025: £8,187,827) due to excellent services provided. The company has generated £736,324 (2025: £982,366) of profits before tax to give satisfactory results.

At the period end the company had shareholders funds of £8,419,649 (2025: £7,976,416) including distributable profits of £8,351,649 (2025: £7,908,416). The directors therefore believe the company's position to be satisfactory, especially as the company's current assets exceed it current liabilities by £4,260,912 (2025: £4,259,418).

The directors believe that there is a strong foundation to build the business further and improve on the current year's results.

PRINCIPAL RISKS AND UNCERTAINTIES

With trading conditions tough across the wider economy, non payment of customers remains a pertinent risk for the company. The directors have implemented rigorous assessments of new customers and strict credit control procedures to mitigate this risk as far as reasonably possible.

The profitability of the company is at risk from the potentially fluctuating nature of fuel prices, a risk common to the whole of the transport industry and outwith the control of the company.

The directors strive to minimise the risks within their control and to ensure that the company maintains a solid base from which to respond to fluctuating market conditions and to develop profitably in the future.

ON BEHALF OF THE BOARD:

Catherine Galt - Director

3 July 2026

The directors present their report with the financial statements of the company for the year ended 31 March 2026.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the provision of haulage services.

DIVIDENDS

The total distribution of dividends for the year ended 31 March 2026 will be £100,000.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2025 to the date of this report.

Catherine Galt

Andrew Douglas Galt

Linda Jane Rennie

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

Drummond Laurie CA are deemed to be reappointed under section 487(2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:

Catherine Galt - Director

3 July 2026

Opinion

We have audited the financial statements of Galt Transport Limited (the 'company') for the year ended 31 March 2026 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 March 2026 and of its profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

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

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

Auditors' responsibilities for the audit of the financial statements

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities outlined above to detect material misstatements in respect of irregularities, including fraud.

Based on our understanding of the company, we identified that the principal risks of non-compliance with laws and regulations related to fraudulent manipulation of the financial statements, including the risk of override of controls, to reduce profits and tax liabilities. We determined that the most likely method of manipulation would be the posting of inappropriate journal entries. Audit procedures performed by the audit engagement team consisted of a review of large and unusual journal entries, challenging assumptions and judgements made by management in significant accounting estimates, discussions with management related to known or suspected instances of non-compliance with laws and regulations, review of Board minutes where available, and an evaluation of management controls designed to prevent and detect irregularities.

There are inherent limitations in the audit procedures described above and 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. Also, 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 deliberate concealment by, for example, forgery or intentional misrepresentations or through collusion.

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.

Greig Brown (Senior Statutory Auditor)

for and on behalf of Drummond Laurie CA

Statutory Auditor

Unit 5

Gateway Business Park

Beancross Road

Grangemouth

FK3 8WX

6 July 2026

TURNOVER

3

7,775,740

8,187,827

Cost of sales

(5,587,559

)

(5,897,983

)

GROSS PROFIT

2,188,181

2,289,844

Administrative expenses

(1,491,505

)

(1,346,695

)

OPERATING PROFIT

5

696,676

943,149

Interest receivable and similar income

40,094

40,124

736,770

983,273

Interest payable and similar expenses

6

(446

)

(907

)

PROFIT BEFORE TAXATION

736,324

982,366

Tax on profit

7

(193,091

)

(250,270

)

PROFIT FOR THE FINANCIAL YEAR

543,233

732,096

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

543,233

732,096

FIXED ASSETS

Tangible assets

9

5,214,171

4,578,694

CURRENT ASSETS

Stocks

10

27,576

21,394

Debtors

11

1,140,510

1,115,103

Cash at bank and in hand

3,795,746

3,846,955

4,963,832

4,983,452

CREDITORS

Amounts falling due within one year

12

(702,920

)

(724,034

)

NET CURRENT ASSETS

4,260,912

4,259,418

TOTAL ASSETS LESS CURRENT LIABILITIES

9,475,083

8,838,112

CREDITORS

Amounts falling due after more than one year

13

-

(6,293

)

PROVISIONS FOR LIABILITIES

16

(1,055,434

)

(855,403

)

NET ASSETS

8,419,649

7,976,416

CAPITAL AND RESERVES

Called up share capital

17

68,000

68,000

Retained earnings

18

8,351,649

7,908,416

SHAREHOLDERS' FUNDS

8,419,649

7,976,416

The financial statements were approved by the Board of Directors and authorised for issue on 3 July 2026 and were signed on its behalf by:

Catherine Galt - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2024

68,000

7,296,320

7,364,320

Changes in equity

Dividends

-

(120,000

)

(120,000

)

Total comprehensive income

-

732,096

732,096

Balance at 31 March 2025

68,000

7,908,416

7,976,416

Changes in equity

Dividends

-

(100,000

)

(100,000

)

Total comprehensive income

-

543,233

543,233

Balance at 31 March 2026

68,000

8,351,649

8,419,649

Cash flows from operating activities

Cash generated from operations

1

1,592,383

1,765,970

Interest element of hire purchase payments paid

(446

)

(907

)

Tax paid

(6,940

)

-

Net cash from operating activities

1,584,997

1,765,063

Cash flows from investing activities

Purchase of tangible fixed assets

(1,768,301

)

(343,202

)

Sale of tangible fixed assets

203,555

277,000

Interest received

40,094

40,124

Net cash from investing activities

(1,524,652

)

(26,078

)

Cash flows from financing activities

Capital repayments in year

(9,132

)

(31,003

)

Amount withdrawn by directors

(2,422

)

(80

)

Equity dividends paid

(100,000

)

(120,000

)

Net cash from financing activities

(111,554

)

(151,083

)

(Decrease)/increase in cash and cash equivalents

(51,209

)

1,587,902

Cash and cash equivalents at beginning of year

2

3,846,955

2,259,053

Cash and cash equivalents at end of year

2

3,795,746

3,846,955

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

31.3.26

31.3.25

£

£

Profit before taxation

736,324

982,366

Depreciation charges

1,029,521

990,702

Profit on disposal of fixed assets

(100,252

)

(194,627

)

Finance costs

446

907

Finance income

(40,094

)

(40,124

)

1,625,945

1,739,224

Increase in stocks

(6,182

)

(1,104

)

(Increase)/decrease in trade and other debtors

(18,467

)

88,317

Decrease in trade and other creditors

(8,913

)

(60,467

)

Cash generated from operations

1,592,383

1,765,970

2.	CASH AND CASH EQUIVALENTS

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

Year ended 31 March 2026

31.3.26

1.4.25

£

£

Cash and cash equivalents

3,795,746

3,846,955

Year ended 31 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

3,846,955

2,259,053

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.25

Cash flow

At 31.3.26

£

£

£

Net cash

Cash at bank and in hand

3,846,955

(51,209

)

3,795,746

3,846,955

(51,209

)

3,795,746

Debt

Finance leases

(15,425

)

9,132

(6,293

)

(15,425

)

9,132

(6,293

)

Total

3,831,530

(42,077

)

3,789,453

1.	STATUTORY INFORMATION

Galt Transport Limited is a private company, limited by shares, domiciled in Scotland, registration number SC109864. The registered office is Bankend Road, Broadmeadow Industrial Estate, Dumbarton, G82 2RB.

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.

Significant judgements and estimates

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are outlined below.

1. Useful lives of depreciable assets (Property, Plant and Equipment)

Management reviews the useful lives and residual values of depreciable assets at each reporting date, based on the expected utility of the assets. Uncertainties in these estimates relate to technological obsolescence and changes in usage, which could impact future depreciation charges.

2. Impairment of trade receivables

The company estimates the provision for expected credit losses (or impairment) of trade receivables. This requires assumptions regarding the likelihood of collection and the credit risk profile of customers based on past experience and forward-looking economic factors.

Turnover

Turnover represents net invoiced sales in respect of haulage services, excluding value added tax. Sales are recognised at the point at which the goods are delivered or the service is complete.

Tangible fixed assets and depreciation

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

Freehold property

-

2% on cost

Office buildings

-

10% on cost and 5% on cost

Tenants improvements

-

15% on reducing balance

Plant & equipment

-

20% on cost, 10% on cost and 10% on reducing balance

Motor vehicles

-

25% on reducing balance

Tangible fixed assets are stated at cost less depreciation. Cost represent purchase price together with any incidental costs of acquisition.

The directors have considered the residual value of all tangible fixed assets to be immaterial and therefore all tangible fixed assets are depreciated to nil value.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is represented by purchase price.

Financial instruments

Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument.

Basic financial assets (including trade and other debtors, cash and bank balances) and basic financial liabilities (including trade and other creditors) are initially measured at the transaction price. They are subsequently measured at amortized cost using the effective interest method, less any provision for impairment.

At the end of each reporting period, the company assesses whether there is objective evidence of impairment of any financial asset. If there is, an impairment loss is recognised in the income statement.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity. Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled, or expires.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.

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.

Pension costs and other post-retirement benefits

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

Provisions

Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are discounted where the time value of money is material.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

Cash and cash equivalents

Cash and cash equivalents include cash at bank and in hand and highly liquid interest-bearing securities with maturities of three months or less. In the cash-flow statement, cash and cash equivalents are shown net of bank overdrafts, which are included as current borrowings in liabilities on the balance sheet.

3.

TURNOVER

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

An analysis of turnover by geographical market is given below:

31.3.26

31.3.25

£

£

United Kingdom

7,775,740

8,187,827

7,775,740

8,187,827

4.	EMPLOYEES AND DIRECTORS

31.3.26

31.3.25

£

£

Wages and salaries

2,416,009

2,453,842

Social security costs

313,740

271,505

Other pension costs

80,300

56,247

2,810,049

2,781,594

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

31.3.26

31.3.25

Employees

55

54

31.3.26

31.3.25

£

£

Directors' remuneration

97,643

108,200

Directors' pension contributions to money purchase schemes

2,575

2,526

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

Money purchase schemes

2

2

5.	OPERATING PROFIT

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

31.3.26

31.3.25

£

£

Depreciation - owned assets

1,021,966

976,860

Depreciation - assets on hire purchase contracts

7,555

13,842

Profit on disposal of fixed assets

(100,252

)

(194,627

)

Auditors' remuneration

9,050

8,600

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.3.26

31.3.25

£

£

Hire purchase

446

907

7.

TAXATION

Analysis of the tax charge

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

31.3.26

31.3.25

£

£

Current tax:

UK corporation tax

-

6,940

Under/overprovision

(6,940

)

-

Total current tax

(6,940

)

6,940

Deferred tax

200,031

243,330

Tax on profit

193,091

250,270

Reconciliation of total tax charge included in profit and loss

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

31.3.26

31.3.25

£

£

Profit before tax

736,324

982,366

Profit multiplied by the standard rate of corporation tax in the UK of 19% (2025 - 19%)

139,902

186,650

Effects of:

Expenses not deductible for tax purposes

236

302

Income not taxable for tax purposes

(19,048

)

(36,979

)

Capital allowances in excess of depreciation

(115,187

)

-

Depreciation in excess of capital allowances

-

120,063

Utilisation of tax losses

(5,903

)

(263,096

)

Adjustments to tax charge in respect of previous periods

(6,940

)

-

Deferred tax

200,031

243,330

Total tax charge

193,091

250,270

8.

DIVIDENDS

31.3.26

31.3.25

£

£

B Ordinary shares of £1 each

Final

25,000

30,000

C Ordinary shares of £1 each

Final

25,000

30,000

D Ordinary shares of £1 each

Final

25,000

30,000

E Ordinary shares of £1 each

Final

25,000

30,000

100,000

120,000

9.	TANGIBLE FIXED ASSETS

Freehold

Office

Tenants

property

buildings

improvements

£

£

£

COST

At 1 April 2025

516,389

427,754

36,413

Additions

-

-

-

Disposals

-

-

-

At 31 March 2026

516,389

427,754

36,413

DEPRECIATION

At 1 April 2025

93,659

134,235

35,959

Charge for year

8,728

21,546

68

Eliminated on disposal

-

-

-

At 31 March 2026

102,387

155,781

36,027

NET BOOK VALUE

At 31 March 2026

414,002

271,973

386

At 31 March 2025

422,730

293,519

454

Plant &

Motor

equipment

vehicles

Totals

£

£

£

COST

At 1 April 2025

3,153,750

6,504,650

10,638,956

Additions

632,751

1,135,550

1,768,301

Disposals

(230,809

)

(749,945

)

(980,754

)

At 31 March 2026

3,555,692

6,890,255

11,426,503

DEPRECIATION

At 1 April 2025

1,838,354

3,958,055

6,060,262

Charge for year

157,920

841,259

1,029,521

Eliminated on disposal

(179,052

)

(698,399

)

(877,451

)

At 31 March 2026

1,817,222

4,100,915

6,212,332

NET BOOK VALUE

At 31 March 2026

1,738,470

2,789,340

5,214,171

At 31 March 2025

1,315,396

2,546,595

4,578,694

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

Motor

vehicles

£

COST

At 1 April 2025

and 31 March 2026

74,750

DEPRECIATION

At 1 April 2025

44,530

Charge for year

7,555

At 31 March 2026

52,085

NET BOOK VALUE

At 31 March 2026

22,665

At 31 March 2025

30,220

10.

STOCKS

31.3.26

31.3.25

£

£

Raw materials

27,576

21,394