REGISTERED NUMBER: 01395216 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 October 2025

for

D G Taylor Commercial Vehicles Ltd

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Income Statement

10

Other Comprehensive Income

11

Balance Sheet

12

Statement of Changes in Equity

13

Cash Flow Statement

14

Notes to the Cash Flow Statement

15

Notes to the Financial Statements

16

DIRECTORS:

D G Taylor

Y K Taylor

SECRETARY:

Y K Taylor

REGISTERED OFFICE:

Hutton Cranswick Industrial Estate

Driffield

East Yorkshire

YO25 9QE

REGISTERED NUMBER:

01395216 (England and Wales)

SENIOR STATUTORY AUDITOR:

Laura Drew

AUDITORS:

HLAS Audit Limited

Suite 1, The Riverside Building

Livingstone Road

Hessle

HU13 0DZ

The directors present their strategic report for the year ended 31 October 2025.

REVIEW OF BUSINESS AND FUTURE DEVELOPMENTS

The company seeks to exploit market conditions to the best of its ability. This is focused on two key metrics, turnover and pre tax profits. The profit metric overrides the turnover figure where market conditions do not allow for increases in sales volume.

The company has a small number of employees and seeks to provide a competitive salary and good working conditions that comply with legislation. The company is mindful of doing business in an ethical way and seeks to apply the highest standards to all employees' actions. The direct impact of the business on the environment is limited to travel and energy usage which are kept to a minimum and not material to the financial statements. The company has invested in electric vehicles where appropriate.

The company's business model is to buy high quality vehicles for resale or hire. This involves carefully researched knowledge of the used and new commercial vehicle market as well as being a trusted purchaser and vendor. This trust having been built up over many years.

The company regards its ethical trading policy and strong respect from all in the commercial market as being a key driver in its effective trading.

2025

2024

2023

Turnover

£19,766,317

£15,443,918

£21,936,054

Turnover Growth

27.99%

-29.60%

11.52%

Gross Profit

£4,753,238

£4,401,525

£4,704,845

Gross Profit Margin

24.05%

28.50%

21.45%

Net Profit

£2,810,050

£3,462,342

£3,567,159

Net Profit Margin

14.22%

22.42%

16.26%

PRINCIPAL RISKS AND UNCERTAINTIES

The company's principle financial instruments comprise of bank balances, trade debtors and trade creditors. The main purpose of these instruments is to raise funds and finance the company operations.

Price Risk

The company buys and sells commercial vehicles along with the facility of hire through its owned fleet of commercial vehicles. The price of commercial vehicles are based/reduced on the account of pricing pressure and market competition, This risk is managed by monitoring the market continuously and the company has highly experienced staff who hold extensive knowledge of the commercial vehicle market.

Credit risk (trade receivables)

The company's credit risk is primarily attributable to trade receivables. It is company policy that all customers exchange funds for vehicles prior to transfer of ownership, this mitigates this risk and therefore reduced the impact to the company.

Liquidity risk

The company's liquidity risk is managed by ensuring sufficient funds are available to meet the amounts due and does not consider that liquidity poses a significant risk.

Interest rate and cash flow risk

The company has had a favorable cash balance during the financial year and therefore does not consider that the impact of interest rates or cash flows pose a significant risk.

Future and Developments

The long term future of fossil fuels represents a threat to the business whose sales a predominantly powered in this way. The company is monitoring the fuel choices for the future whether they are electric or hydrogen and will adapt its model accordingly. The current commercial vehicle market is driven by changes in emission legislation and improvements in efficiency and as such the company believes it is well placed to respond to future changes.

Non financial Key Performance Indicators

Due to the size of the business and the direct involvement of the director in all operational matters, the company uses only a small number of informal non financial indicators. These include general fleet utilisation, customer feedback, and the overall condition and readiness of vehicles. These measures are monitored personally by the director and are appropriate for the scale of the company.

MATTERS OF STRATEGIC IMPORTANCE

As for many companies of our size, the business environment in which we operate continues to be challenging given the current global and UK economic slowdown. The company approaches the new financial year with optimism of economic growth but still bears in mind the risks and uncertainties of an unstable economy. Whilst future development of the business may be subject to unforeseen future events outside of our control, we strive to continue to grow and build value to strengthen the company's position. We will continue to show flexibility and respond to market conditions and opportunities as they arise.

ON BEHALF OF THE BOARD:

D G Taylor - Director

30 June 2026

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

PRINCIPAL ACTIVITIES

The principal activities of the company in the year under review were those of the purchase, resale and hiring of commercial vehicles.

DIVIDENDS

No dividends will be distributed for the year ended 31 October 2025.

DIRECTORS

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

D G Taylor

Y K Taylor

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, HLAS Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

D G Taylor - Director

30 June 2026

Opinion

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

In our opinion the financial statements:

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

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

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

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

Auditors' responsibilities for the audit of the financial statements

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

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

Audit response to risks identified

- the nature of the industry and sector, control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets

- results of our enquiries of management and their own identification and assessment of the risks of irregularities;

- any matters we identified having obtained and reviewed the companies' documentation of their policies and procedures relating to:

- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance;

- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

- the matters discussed among the audit engagement team including regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to revenue deferrals. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, UK Corporate Governance Code and local tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty.

Audit response to risks identified

Our procedures to respond to risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

- enquiring of management concerning actual and potential litigation and claims;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and

- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.

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.

Laura Drew (Senior Statutory Auditor)

for and on behalf of HLAS Audit Limited

Suite 1, The Riverside Building

Livingstone Road

Hessle

HU13 0DZ

30 June 2026

TURNOVER

3

19,766,317

15,443,918

Cost of sales

(15,013,079

)

(11,042,393

)

GROSS PROFIT

4,753,238

4,401,525

Administrative expenses

(2,679,332

)

(1,634,456

)

OPERATING PROFIT

5

2,073,906

2,767,069

Interest receivable and similar income

736,144

695,274

PROFIT BEFORE TAXATION

2,810,050

3,462,343

Tax on profit

7

(717,650

)

(869,586

)

PROFIT FOR THE FINANCIAL YEAR

2,092,400

2,592,757

PROFIT FOR THE YEAR

2,092,400

2,592,757

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

2,092,400

2,592,757

FIXED ASSETS

Tangible assets

9

8,040,107

9,785,824

CURRENT ASSETS

Stocks

10

1,221,000

2,006,373

Debtors

11

1,954,565

834,606

Cash at bank

20,837,250

16,817,316

24,012,815

19,658,295

CREDITORS

Amounts falling due within one year

12

2,759,362

2,110,063

NET CURRENT ASSETS

21,253,453

17,548,232

TOTAL ASSETS LESS CURRENT LIABILITIES

29,293,560

27,334,056

PROVISIONS FOR LIABILITIES

13

1,058,957

1,191,853

NET ASSETS

28,234,603

26,142,203

CAPITAL AND RESERVES

Called up share capital

14

100

100

Revaluation reserve

15

315,019

315,019

Retained earnings

15

27,919,484

25,827,084

SHAREHOLDERS' FUNDS

28,234,603

26,142,203

The financial statements were approved by the Board of Directors and authorised for issue on 30 June 2026 and were signed on its behalf by:

D G Taylor - Director

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 November 2023

100

24,234,327

315,019

24,549,446

Changes in equity

Dividends

-

(1,000,000

)

-

(1,000,000

)

Total comprehensive income

-

2,592,757

-

2,592,757

Balance at 31 October 2024

100

25,827,084

315,019

26,142,203

Changes in equity

Total comprehensive income

-

2,092,400

-

2,092,400

Balance at 31 October 2025

100

27,919,484

315,019

28,234,603

Cash flows from operating activities

Cash generated from operations

1

4,784,711

3,424,221

Tax paid

(876,741

)

(744,311

)

Net cash from operating activities

3,907,970

2,679,910

Cash flows from investing activities

Purchase of tangible fixed assets

(1,826,612

)

(5,125,403

)

Sale of tangible fixed assets

1,206,090

3,508,600

Interest received

736,144

695,274

Net cash from investing activities

115,622

(921,529

)

Cash flows from financing activities

Amount introduced by directors

834,114

1,000,222

Amount withdrawn by directors

(837,772

)

(171,157

)

Equity dividends paid

-

(1,000,000

)

Net cash from financing activities

(3,658

)

(170,935

)

Increase in cash and cash equivalents

4,019,934

1,587,446

Cash and cash equivalents at beginning of year

2

16,817,316

15,229,870

Cash and cash equivalents at end of year

2

20,837,250

16,817,316

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

2025

2024

£

£

Profit before taxation

2,810,050

3,462,343

Depreciation charges

2,676,133

2,828,037

Profit on disposal of fixed assets

(309,894

)

(1,519,412

)

Finance income

(736,144

)

(695,274

)

4,440,145

4,075,694

Decrease in stocks

785,373

929,517

(Increase)/decrease in trade and other debtors

(1,119,959

)

305,159

Increase/(decrease) in trade and other creditors

679,152

(1,886,149

)

Cash generated from operations

4,784,711

3,424,221

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 October 2025

31.10.25

1.11.24

£

£

Cash and cash equivalents

20,837,250

16,817,316

Year ended 31 October 2024

31.10.24

1.11.23

£

£

Cash and cash equivalents

16,817,316

15,229,870

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.11.24

Cash flow

At 31.10.25

£

£

£

Net cash

Cash at bank

16,817,316

4,019,934

20,837,250

16,817,316

4,019,934

20,837,250

Total

16,817,316

4,019,934

20,837,250

1.	STATUTORY INFORMATION

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Monetary amounts in these financial statements are rounded to the nearest whole £1. The financial statements are presented in sterling which is also the functional currency of the company.

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:

Estimation uncertainty on useful lives of depreciable assets

The carrying value of depreciable assets, £8,040,107 (See Note 8) requires the directors to make an estimate of the assets' useful economic lives and undertake an annual review for impairment. The estimated lives applied are detailed in the accounting policy note.

Turnover

Turnover represents net invoiced sale, hire and repair of commercial vehicles.

Tangible fixed assets

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

Freehold property

-

2% on cost

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Hire Vehicles

-

20% on cost

Stocks

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

Financial instruments

Financial Instruments which meet the criteria of a basic financial instrument as defined in Section 11 of FRS102 are accounted for under the amortised historic cost model.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

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.

Sales under operating leases

Assets held by the company for leasing under operating leases are capitalised as tangible fixed assets. Rentals receivable in the year under operating leases are included in turnover, recognised over the period of the rental agreement.

Impairment of assets

At each reporting date non-financial assets, such as tangible fixed assets, are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared to the carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount and an impairment loss is recognised in the profit and loss account.

3.

TURNOVER

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

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

2025

2024

£

£

Income from operating leases

3,652,765

3,928,645

Other income

16,113,552

11,515,273

19,766,317

15,443,918

4.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

715,448

816,590

Social security costs

85,318

101,094

Other pension costs

9,499

8,840

810,265

926,524

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

2025

2024

Office

3

3

Servicing

5

5

Sales and management

4

4

12

12

2025

2024

£

£

Directors' remuneration

105,750

108,500

5.	OPERATING PROFIT

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

2025

2024

£

£

Depreciation - owned assets

2,676,133

2,392,310

Profit on disposal of fixed assets

(309,894

)

(1,519,412

)

Auditors - other services

21,500

20,000

6.	AUDITORS' REMUNERATION

2025

2024

£

£

Fees payable to the company's auditors for the audit of the company's financial statements

6,000

6,000

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

850,547

682,847

Deferred tax

(132,897

)

186,739

Tax on profit

717,650

869,586

UK corporation tax has been charged at 25% .

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:

2025

2024

£

£

Profit before tax

2,810,050

3,462,343

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

702,513

865,586

Effects of:

Depreciation in excess of capital allowances

225,508

197,114

allowances

Profit/Loss on disposal of assets

(77,474

)

(379,853

)

Deferred tax movement

(132,897

)

186,739

Total tax charge

717,650

869,586

8.

DIVIDENDS

2025

2024

£

£

Ordinary Shares shares of £1 each

Interim

-

1,000,000