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

The principal activity of the company continued to be that of offering quality material handling products and providing exceptional after-sales service and support.

Performance Overview:

Throughout the year to 31 October 2025, Fork Truck Direct (FTD) has remained committed to offering quality material handling products and providing exceptional after-sales service and support.

The overall revenue across all our business sectors from Forklift Sales, Hire and Service were reasonably good, even though it did fall compared to the previous financial year. Revenue for Sales of Goods has fallen by 4%, but this was largely due to market continuing to shift to new lithium forklifts which have a lower market price than the gas, diesel and lead-acid equivalents. Our combined Hire and Service revenues saw a small uplift of 2.3%, and this is predominantly because we implemented price increases for hire charges and service labour rates, in January 2025. The volume of Hire and Service business has remained steady when compared to the previous financial year.

Our profitability has improved markedly, and this has mainly been driven by the increase in the number of new lithium forklift sales. The lithium trucks have a lower purchasing price point than the gas, diesel and lead-acid battery products, and this is the main reason that our purchases fell by 21.6%. Otherwise, the profitability in our Hire and service sectors remained similar to the previous year, whilst our administrative expenses saw a 5% increase on the previous financial year.

Operating review:

FTD’s revenue fell by 1.7% from £12,183,231 in the year ended 31 October 2024 to £11,973,801 in the year ended 31 October 2025. As stated above, this is mainly due to the continued shift towards counterbalance lithium yard forklifts, which have a 10-20% lower market price than the traditional diesel and gas engine counterbalance forklifts.

Gross profit (GP%) increased from £2,744,270 in the year ended 31 October 2024 to £3,016,022 in the year ended 31 October 2025, meaning an increase of 9.9% increase. The key contributing factor to this is the decrease in our cost of sales from £9,438,961 in the year ended October 2024 to £8,957,779 in the year ended 31 October 2025. We also managed to keep our overall administrative expenses relatively stable, with an increase of just £84,474 from the previous financial year, which we believe is reasonably good when considering the increases in NI costs and supplier price increases.

We target 5% growth in profit before tax (PBT), so we were very pleased that PBT increased by 9.9% to the year ended 31 October 2025. The main reason for the increase is because our cost of sales fell by 5% (-£481,182) and the key contributing factors to this are:

• The continued market shift towards lithium forklifts has resulted in lithium trucks making up 60% of our new unit sales (it was less than 30% in the previous financial year). As stated previously, lithium trucks have a 10-20% lower purchase price point than the gas, diesel and lead-acid truck equivalents.

• Towards the end of financial year 2024 we increased our forklift stock holding as two of our main suppliers offered us promotional pricing and extended credit terms. This year, we were happy with the level of stock and the product mix that we were holding, so decided not to make any additional purchases, and this has also contributed to purchases falling in financial year 2025.

Suppliers & Customers

Suppliers:

Throughout the year ended 31 October 2025 FTD continued to develop sales with two of its new forklift suppliers.

FTD has seen an overall increase in new equipment sales, and new equipment sales made up 66% of total truck sales, compared with 57% the previous year. The majority of the counterbalance sales were with the Heli Lithium yard forklift. This has been driven by demand in the market shifting from traditional diesel and gas engine forklifts to lithium (Li-ion) and lead-acid powered forklifts. The new range of the premium Cesab-Toyota warehouse equipment that FTD now offer has also increased the opportunity for greater sales in this market.

The market demand for electric lithium yard forklifts has seen the sales of new Bobcat Doosan yard diesel and gas forklifts fall to just 25 units. To date, Bobcat Doosan still doesn’t manufacture a lithium electric yard forklift to offer as an alternative.

Customers:

Throughout the year ended 31 October 2025 FTD’s Customers have continued to stay loyal and we put this down to our continued commitment to providing a fast and efficient service response, especially when compared with the national providers. FTD monitors its customer service response time and for the financial year we again achieved our target of over 90% for responding to all service calls within 24 hours.

FTD has achieved a <70% retention rate on long-term contract rental renewals (this represents approximately <20% of our overall forklift unit sales), which is lower than last year, and has affected our overall forklift sales revenue and additional profit. However, a further <20% of our end of contract rentals renewals have moved across to short-term hire, so we have retained these customers, but through a rolling short-term hire rather than a long-term rental/sale. We believe that the continued global economic uncertainty has resulted in a more cautious approach to long-term commitments.

Market Risk – As we enter 2026, Global and UK Economic uncertainty has impacted demand for forklift sales, and some FTD customers are holding off decisions to replace forklifts or renew long term contracts. As mentioned above, there has also been a big shift in the market towards lithium powered forklifts and FTD has mitigated this risk by introducing 2 new lithium forklift manufacturers to its product range to target this growing market segment.

Health and Safety and increased legislation – we have our experienced General Manager, Stan Kidney, who is IOSH & AIIRSM qualified (H & S), and John Southern who is also IOSH qualified. We have also further strengthened our H & S department with our employee, Ben Theobald, who is now also IOSH qualified and looks after our field service health and safety. This is also to mitigate Stan Kidney’s possible retirement in the next 1-2 years.

Supply Chain – generally, we have seen a return to normal in both forklift delivery lead times and parts supply through 2025. All our suppliers have improved their stock holdings, and we currently see no issues going forward for the coming 12 months. The introduction of two new forklift suppliers also helps further mitigate the risk of any global supply issues.

Financial Risk Management

We monitor our debt ratio year-on-year, and we have seen a decrease in our bank borrowing throughout 2025. The Directors and Financial Controller have made a conscious decision not to use external funding to finance any new additions to our hire fleet, and this was done to redress the balance in our debt ratio as it increased in the previous financial year.

All our forklift HP agreements carry a clause that enables us to settle the agreement at net book value, at any time, without penalty. As we typically pay an upfront deposit of 10% on these HP agreements, then spread the remainder of the cost over 3 or 4 years, the market value of the forklift is always comfortably above its net book value, meaning that if we see a downturn in demand for hire trucks, we always have the option to settle the outstanding finance and sell them on with a good profit margin.

FTD holds biweekly cashflow meetings to help monitor our cash position closely. The introduction of an experienced Credit Controller, working 3 days a week, from November 2024, has also continued to have a really positive impact on our aged debt and bad debt, with bad debt falling by 67% on the previous year.

Financial key performance indicators

• Revenue Growth: Target annual growth of 3 to 5%

FTD saw a decrease in its revenue of 1.7% for the year ended 31 October 2025, predominantly because of the continued shift to counterbalance lithium yard forklifts in place of the traditional diesel and gas engine counterbalance forklifts, which have a 10-20% lower market price. As the majority of our customers have now made the shift to lithium, we expect the impact that this has had on our revenue in the previous two financial years to lessen in the coming financial year. As a result, FTD expects to achieve its 3-5% revenue growth target for the year ended 31 October 2026.

• Profit before tax (PBT) as a Percentage of Revenue: Target of 8-10% PBT as a percentage of revenue

PBT as a percentage of revenue was 9.86% for the year ended 31 October 2025, which is an increase from 8.04% in the previous financial year. As stated previously, we believe FTD will continue selling the lower cost, higher profit margin lithium yard forklifts, in place of the traditional diesel and gas forklifts. However, we do expect to see a reasonable increase in our administrative expenses and overheads as we require additional engineers and internal staff to man the now fully operational Ipswich depot and support the additional requirements of our new customers across all areas. All factors considered, the target of 8-10% should still be achievable for the year ended 31 October 2026.

Non-Financial key performance indicators

• Service Response Time: respond to over 90% of customer breakdowns within 24 hours

FTD achieved this target again for the year to 31 October 2025.

• Customer Retention rate: over 90% retention rate on long-term contract rental renewals

FTD achieved this target again for the year to 31 October 2025.

Future Outlook

FTD is cautiously optimistic that it will achieve all its financial and non-financial targets in the year ahead.

FTD expects the shift to lithium electric forklifts to continue through 2025 -2026 and beyond. We believe we are well placed in this market by offering the Heli lithium forklift products which have an excellent price point and added value, when compared with rival brands.

FTD plans to continue investing in our in-house training program and plans to induct a new young apprentice onto the FTEC forklift engineering apprenticeship course in the coming year.

FTD also plans to employee a new, experienced Sales Manager to operate in a new patch, to increase sales and grow our customer base. We already have 2 field service engineers that live in the area, so we are well placed to support new customers, and have capacity to cope with an increased workload in that patch. The impact of this on revenue and profit in financial year 2026 may be minimal as it typically takes 6-12 months for a new Salesman to generate new business, even if they are experienced.

On behalf of the board

The directors present their annual report and financial statements for the year ended 31 October 2025.

The results for the year are set out on page 10.

Ordinary dividends were paid amounting to £220,008. The directors do not recommend payment of a final dividend.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

The directors are responsible for preparing the annual report 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; and

• 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.

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of principal risks and uncertainties and future developments.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

We have audited the financial statements of Fork Truck Direct Limited (the 'company') for the year ended 31 October 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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 Auditing Standards (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

• the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

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 directors' report.

We have nothing to report in respect of the following matters in relation to which 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.

As explained more fully in the directors' responsibilities statement, 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 is 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.

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 an auditor's report 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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error; and to respond appropriately to those risks.

Based on our understanding of the company and industry, and through discussion with the directors and other management (as required by the auditing standards), we identified the principal risks of non-compliance with laws and regulations related to health and safety and employment law. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, United Kingdom Generally Accepted Accounting Practice, the constitution of the company and taxation legislation. We communicated identified laws and regulations through our team and examined alert to any indications of non-compliance throughout the audit. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries and management bias in the allocation and valuation of stock and fixed assets. Audit procedures performed by the engagement team included:

• discussions with management and assessment of known or suspected instances of non-compliance with laws and regulations and fraud; and

• challenging assumptions and judgements made by management in its significant accounting estimates; and

• performing analytical procedures to identify any unusual or unexpected relationships, including related party transactions, that may indicate risk of material misstatement due to fraud; and

• confirmation of related parties with management, and review of transactions throughout the period to identify any previously undisclosed transactions with related parties outside the normal course of business; and

• undertaking random testing on items in the statement of financial position and performance statement; and

• identifying and testing journal entries within and post year end, in particular any manual entries made at the year end for financial statement preparation.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leasing to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 an auditor's report 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.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

Fork Truck Direct Limited is a private company limited by shares incorporated in England and Wales. The registered office is 12 Station Court, Station Approach, Wickford, Essex, SS11 7AT.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest British Pound Sterling.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The following judgements have had the most significant effect on amounts recognised in the financial statements.

The company depreciates the plant out for hire over its useful economic lives which reflects management's estimate for the period that the company intends to derive future economic benefits from the use of those fixed assets. Changes in expected levels of usage from technological developments could affect the useful economic lives and residual values of these assets. This could affect the future depreciation charge of these assets. Net realisable value of these assets and those held as stock is often hard to assess and depends on the condition of the plant when returned off contract. Some plant may require extensive rectification costs although these can be mitigated somewhat by re-charging the customer for excessive wear and tear. The carrying amount of the company's plant out for hire is in note 11 to the financial statements.

Generally fork trucks are classified as fixed assets if they are out on long term hire contracts and as stock if they are short term hire or available for sale. However, the status can change for any individual truck should it become off hire or back on hire, and transfers between classifications may be necessary. Consequently, the assessment of net realisable value of stock is subject to the same uncertainties as plant out for hire as mentioned above.

The whole of the turnover relates to activities undertaken in the United Kingdom.

Included within depreciation is £206,617 (2024: £213,144) in relation assets held under a finance lease.

The average monthly number of persons (including directors) employed by the company during the year was:

Their aggregate remuneration comprised:

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

Included within tangible fixed assets are assets held under finance leases or hire purchase contracts, as follows:

Included within other debtors are debtors due after more than one year of £57,030 (2024: £57,030).

Many suppliers of stock lines include a reservation of title clause such that amounts owed to those suppliers and included within trade creditors are secured against the stock held by the company. The maximum value of trade creditors which could be secured this way is as per the balance above. Obligations under finance and hire purchase contracts are secured on related fixed assets and stock.

Obligations under finance lease and hire purchase contracts are secured on related fixed assets and stock.

The company originally took out a Coronavirus Business Interruption Loan with Natwest for £225,000. This commenced in June 2021 and is repayable over 5 years with monthly instalments of £3,750 attracting an interest rate of 3.34% above base rate.

The provision relates to expected claims on products sold during the current and prior periods that remain under warranty at the reporting date. Claims are generally expected to arise and be settled within 3 to 24 months of sale.

The following are the major deferred tax liabilities and assets recognised by the company:

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

Ordinary shares have one vote per share and rank pari passu with the CRP Shares save as to dividend.

Convertible redeemable preferred shares had one vote per share, and all shares rank equally. All shares have now been repurchased by the company.

Non-voting shares on termination of employment the individual agrees to allow the company to buy back the shares at the original price paid.

On 16 December 2024, 47 convertible redeemable preferred shares were repurchased by the company for £200,000.

This reserve records the amount above the nominal value received for shares sold, less transaction costs and premiums paid on redemption of share capital above par.

This reserve relates to shares that have been brought back by the company.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

During the year the company entered into the following transactions with related parties:

During the year, the company purchased costs of sales of £853,868 (2024: £3,384,644) from a now former shareholder of the company. As at 31 October 2025, £221,615 (2024: £571,429) was owed to the former shareholder, included in Trade Creditors within Creditors: amounts falling due within one year. All transactions were undertaken on normal commercial terms. During the year, this shareholder sold their remaining shares back to the company, therefore they are no longer a shareholder at the year end.

During the year. the company paid £200,000 (2024: £200,000) to repurchase shares from a shareholder. Further details are included within Note 21.

During the year, the directors entered into the following advances and creditors with the company:

Dividends totalling £170,168 (2024 - £170,168) were paid in the year in respect of shares held by the company's directors.

During the year, close family of the directors received remuneration and dividends totalling £148,217 (2024: £193,332).

In the year to 31 October 2024, M Dixon had a current account which had a brought forward balance of £17,240, advances of £122,773, and repayments of £110,668 leaving a balance outstanding of £29,345.

In the year to 31 October 2024, S Culham had a current account which had a brought forward balance of £56,611, advances of £144,227, and repayments of £118,362 leaving a balance outstanding of £82,476.

The company is controlled by its Directors, by virtue of shareholding.