Company registration number NI653859 (Northern Ireland)
TST HOLDINGS (NI) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
TST HOLDINGS (NI) LIMITED
COMPANY INFORMATION
Directors
Mr Liam Reid
Ms M C Reid
Mr S Reid
Company number
NI653859
Registered office
The John Reid Logistics Park
190 Raceview Road
Ballymena
Northern Ireland
BT42 4HZ
Auditor
SCC Chartered Accountants Ltd
1 The Square
Moy
BT71 7SG
Moy
Co. Tyrone
BT71 7SG
Bankers
Allied Irish Bank
78 Wellington Street
Ballymena
Antrim
BT43 6AF
Solicitors
Mills Selig Solicitors
21 Arthur Street
Belfast
Co. Antrim
BT1 4GA
TST HOLDINGS (NI) LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 29
TST HOLDINGS (NI) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 1 -

The directors present the strategic report for the year ended 30 November 2025.

Review of the business

The financial year ended 30 November 202 5 represents consolidated financial statements prepared on a group basis, consistent with prior periods. The group comprises TST Holdings (NI) Ltd, TST Transport Ltd, TST Logistics Services Ltd, Warley Carriers Ltd, and Finsbridge Investments Ltd. During this period, the group experienced growth, with increased sales in the main trading entities of TST Transport Ltd and Warley Carriers Ltd. TST Transport Ltd remained the largest individual entity, providing full-load transport services and accounting for over 52% of total sales. Warley Carriers Ltd, the Groupage entity, and TST Logistics Services Ltd, the Warehousing entity, contributed 40% and 8% respectively. Key drivers of revenue growth included the expansion of the group’s presence across the UK and Ireland through new locations, the development of partnerships with new customers, and increased revenues from the existing customer base, supported by consistently high service levels.

Margins have improved during the period at both group and individual entity levels, providing a positive outlook for future years. The directors are confident in maintaining current margins as a minimum, in line with the strategic growth plans for the next 12 months, and intend to enhance them further through the development of new revenue streams alongside continued improvements in operational efficiency.

Principal risks and uncertainties

The principal risks and uncertainties facing the group are described below:

Price Risk

Market conditions, competitive pressures, and the cost of shipping and labour continue to be a key challenge industry-wide.

Credit Risks

The group has established policies requiring due diligence and senior-level approval for potential new customers before entering into any contracts or agreement.

Liquidity Risks

The group actively maintains a sufficient cash reserve to ensure the efficient operation of daily activities. Detailed cash flow forecasts are prepared on a weekly, quarterly, and annual basis to ensure that adequate funds are available for both routine operation and any planned expenditures. Additionally, the group operates an invoice discounting facility, which can be accessed if required.

Customs Legislation

A qualified in-house Customs department has been developed in order to mitigate any risks around the changes to the Irish Sea following the results of Brexit.

Financial KPIs

Turnover, gross margin, net profit, cash flow and gearing ratio are the main KPIs operated in the business from a financial perspective.

Corporate Social Responsibility

As the business continues to grow, TST remains mindful of its Corporate Social Responsibility obligations. The board of directors is committed to fulfilling the responsibilities to ensure that the business operates in a socially accountable manner, both to itself, its stakeholders, and the wider public.

Environmental Impact

TST has implemented initiatives that align with the Government’s key targets for 2030 and 2050. A Carbon Reduction roadmap has been developed and is currently being implemented. The business also employs high-end software to monitor areas such as driver behaviour and route efficiency, further evidencing TST’s commitment to sustainability. Additionally, up to 70% of the energy requirements at the Northern Ireland headquarters are met through wind-powered facilities.

TST HOLDINGS (NI) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 2 -

Employees

The safety and mental wellbeing of employees are key priorities at TST Group Ltd. The group is committed to ensuring that employees work in a safe environment, have opportunities to develop the highest level of skill in their chosen fields, feel their voices are hea r d, and that individual goals align with those of the business. Employee turnover and sickness KPIs are used to monitor workforce wellbeing, with outcomes addressed through the implementation or amendment of policies to continuously meet the evolving needs of the TST workforce.

Post Balance Sheet Events

There have been no significant events affecting the group since the year end.

On behalf of the board

Mr Liam Reid
Director
18 June 2026
TST HOLDINGS (NI) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 3 -

The directors present their annual report and financial statements for the year ended 30 November 2025.

Principal activities

The group's principal activities during the year continued to be freight transport, operation of warehousing and storage facilities, and other transportation support activities.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

No preference dividends were paid. The directors do not recommend payment of a final dividend.

Directors

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

Mr Liam Reid
Ms M C Reid
Mr S Reid
Future developments

The directors anticipate that any future developments would relate to the principal business activity of the Group.

Auditor

SCC Chartered Accountants, the company's auditors, have indicated their willingness to remain in office in accordance with Section 485 of the Companies Act 2006.

Statement of directors' responsibilities

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

- select suitable accounting policies and then apply them consistently;

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

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

TST HOLDINGS (NI) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 4 -
Statement of disclosure to auditor

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 auditor of the company 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 auditor of the company is aware of that information.

Medium-sized companies exemption

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

On behalf of the board
Mr Liam Reid
Director
18 June 2026
TST HOLDINGS (NI) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TST HOLDINGS (NI) LIMITED
- 5 -
Opinion

We have audited the financial statements of TST Holdings (NI) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2025 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group 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 group's and the parent company's affairs as at 30 November 2025 and of the group's profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The 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:

- T he information given in the strategic report and the directors' r eport 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.

TST HOLDINGS (NI) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TST HOLDINGS (NI) LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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

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

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

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

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, 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 parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 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.

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

Based on our understanding of the company and industry, we identified the principal risks of non-compliance with laws and regulations to employment law, health and safety law and data protection regulations. We also considered those laws that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and Financial Reporting Standards.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements and determined that the principal risks related to fraudulent financial reporting and management bias in accounting estimates. We communicated the identified laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit. Audit procedures performed by the auditors included, but were not limited to:

- Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;

- Reviewing key correspondence with external legal advisors;

- Challenging assumptions and judgements made by management in their significant accounting estimates;

- Identifying and testing of unusual journal entries

Owing to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading 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. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

TST HOLDINGS (NI) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TST HOLDINGS (NI) LIMITED
- 7 -

The purpose of our audit work and to whom we owe our responsibilities

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.

Sean G. Cavanagh (Senior Statutory Auditor)
for and on behalf of SCC Chartered Accountants Ltd
1 The Square
Moy
Co. Tyrone
BT71 7SG
18 June 2026
TST HOLDINGS (NI) LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 8 -
2025
2024
Notes
£
£
Turnover
3
31,499,674
26,722,528
Cost of sales
(22,031,932)
(18,162,005)
Gross profit
9,467,742
8,560,523
Distribution costs
-
0
(296,137)
Administrative expenses
(8,465,341)
(7,524,292)
Other operating income
1,278,271
823,846
Operating profit
5
2,280,672
1,563,940
Interest payable and similar expenses
7
(934,496)
(923,819)
Profit before taxation
1,346,176
640,121
Tax on profit
8
(13,149)
-
0
Profit for the financial year
22
1,333,027
640,121

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

TST HOLDINGS (NI) LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 9 -
2025
2024
£
£
Profit for the year
1,333,027
640,121
Other comprehensive income
-
-
Cash flow hedges gain arising in the year
-
0
-
0
Total comprehensive income for the year
1,333,027
640,121
Total comprehensive income for the year is all attributable to the owners of the parent company.
TST HOLDINGS (NI) LIMITED
GROUP BALANCE SHEET
AS AT 30 NOVEMBER 2025
30 November 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Goodwill
9
1,832,906
1,832,906
Tangible assets
10
9,965,156
9,321,734
Investments
11
10,000
10,000
11,808,062
11,164,640
Current assets
Stocks
13
172,836
162,897
Debtors
14
8,402,034
8,623,124
Cash at bank and in hand
1,041,788
1,136,493
9,616,658
9,922,514
Creditors: amounts falling due within one year
15
(9,395,467)
(9,284,583)
Net current assets
221,191
637,931
Total assets less current liabilities
12,029,253
11,802,571
Creditors: amounts falling due after more than one year
16
(9,338,917)
(10,641,465)
Provisions for liabilities
Deferred tax liability
19
-
0
(196,204)
-
196,204
Net assets
2,690,336
1,357,310
Capital and reserves
Called up share capital
21
456,382
456,382
Share premium account
22
495,035
495,035
Profit and loss reserves
22
1,738,919
405,893
Total equity
2,690,336
1,357,310

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

The financial statements were approved by the board of directors and authorised for issue on 18 June 2026 and are signed on its behalf by:
18 June 2026
Mr Liam Reid
Director
Company registration number NI653859 (Northern Ireland)
TST HOLDINGS (NI) LIMITED
COMPANY BALANCE SHEET
AS AT 30 NOVEMBER 2025
30 November 2025
- 11 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
11
342
342
342
342
Current assets
Debtors
14
1,570,645
1,953,427
Cash at bank and in hand
3,030
8,098
1,573,675
1,961,525
Creditors: amounts falling due within one year
15
(199,573)
(1,518,163)
Net current assets
1,374,102
443,362
Total assets less current liabilities
1,374,444
443,704
Creditors: amounts falling due after more than one year
16
(1,381,871)
(451,132)
Net liabilities
(7,427)
(7,428)
Capital and reserves
Called up share capital
21
200
200
Profit and loss reserves
22
(7,627)
(7,628)
Total equity
(7,427)
(7,428)

As permitted by section 408 of the Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £1 (2024 - £7,498 loss).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 18 June 2026 and are signed on its behalf by:
18 June 2026
Mr Liam Reid
Director
Company registration number NI653859 (Northern Ireland)
TST HOLDINGS (NI) LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 12 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 December 2023
456,382
495,035
(234,228)
717,189
Year ended 30 November 2024:
Profit and total comprehensive income
-
-
640,121
640,121
Balance at 30 November 2024
456,382
495,035
405,893
1,357,310
Year ended 30 November 2025:
Profit and total comprehensive income
-
-
1,333,026
1,333,027
Balance at 30 November 2025
456,382
495,035
1,738,919
2,690,336
TST HOLDINGS (NI) LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 13 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 December 2023
200
(130)
70
Year ended 30 November 2024:
Loss and total comprehensive income for the year
-
(7,498)
(7,498)
Balance at 30 November 2024
200
(7,628)
(7,428)
Year ended 30 November 2025:
Profit and total comprehensive income
-
1
1
Balance at 30 November 2025
200
(7,627)
(7,427)
TST HOLDINGS (NI) LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 14 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
3,205,213
334,559
Interest paid
(934,496)
(923,819)
Income taxes refunded
183,055
-
0
Net cash inflow/(outflow) from operating activities
2,453,772
(589,260)
Investing activities
Purchase of tangible fixed assets
(1,938,485)
(5,382,073)
Proceeds from disposal of tangible fixed assets
11,821
4,524
Loans made to other entities
6,918
(6,918)
Repayment of loans
-
6,918
Net cash used in investing activities
(1,919,747)
(5,377,549)
Financing activities
Repayment of bank loans
(793,675)
1,481,374
Payment of finance leases obligations
98,779
478,918
Net cash (used in)/generated from financing activities
(694,897)
1,960,292
Net decrease in cash and cash equivalents
(160,872)
(4,006,517)
Cash and cash equivalents at beginning of year
1,133,651
496,090
Cash and cash equivalents at end of year
1,013,944
1,133,651
Relating to:
Cash at bank and in hand
1,041,788
1,136,493
Bank overdrafts included in creditors payable within one year
(27,844)
(2,842)
TST HOLDINGS (NI) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 15 -
1
Accounting policies
Company information

TST Holdings (NI) Limited (“the company”) is a private limited company domiciled and incorporated in Northern Ireland. The registered office is The John Reid Logistics Park, 190 Raceview Road, Ballymena, Northern Ireland, BT42 4HZ.

The group consists of TST Holdings (NI) Limited and all of its subsidiaries.

1.1
Accounting convention

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.

These consolidated financial statements comprise the financial statements of TST Holdings (NI) Ltd (the “Company”) and its subsidiaries (together, the “Group”) for the year ended 30 November 2025.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company TST Holdings (NI) Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 30 November 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

TST HOLDINGS (NI) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 16 -

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group 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.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

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.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
Tangible fixed assets

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

TST HOLDINGS (NI) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 17 -

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

Freehold land and buildings
Over 50 Years
Plant and equipment
Over 5 Years
Fixtures and fittings
Over 5 Years
Computers
Over 5 Years
Motor vehicles
Over 5 Years

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 recognised in the profit and loss account.

1.8
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the g roup’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

In the parent c ompany financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible 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.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

TST HOLDINGS (NI) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 18 -

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.

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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.

1.11
Cash and cash equivalents

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.

1.12
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and 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

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 m ethod 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.

TST HOLDINGS (NI) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 19 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

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.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group 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.

Classification of financial liabilities

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 group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 paymen ts 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.

TST HOLDINGS (NI) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 20 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group 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 group.

1.14
Taxation

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

Current 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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

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 if, and only if, there is 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.

TST HOLDINGS (NI) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 21 -
1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

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

1.17
Leases

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 lease d asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the group’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.

3
Turnover
2025
2024
£
£
Turnover analysed by class of business
31,499,674
26,722,528
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
31,499,674
26,722,528
TST HOLDINGS (NI) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 22 -
4
Exceptional item
2025
2024
£
£
Expenditure
Exceptional item - Admin costs (incl in Admin range)
80,741
-
80,741
-
5
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange (gains)/losses
(30,075)
16,787
Fees payable to the group's auditor for the audit of the group's financial statements
-
7,500
Depreciation of owned tangible fixed assets
1,284,386
1,007,395
Profit on disposal of tangible fixed assets
(1,144)
(4,124)
Operating lease charges
641,239
644,472
6
Employees

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

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
190
170
13
10

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
8,450,138
4,944,431
1,023,212
655,644
Social security costs
935,276
547,031
94,805
80,020
Pension costs
145,374
89,765
19,924
18,922
9,530,788
5,581,227
1,137,941
754,586
TST HOLDINGS (NI) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 23 -
7
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
279,748
236,337
Interest on invoice finance arrangements
429,891
485,755
709,639
722,092
Other finance costs:
Interest on finance leases and hire purchase contracts
218,372
184,180
Other interest
6,485
17,547
Total finance costs
934,496
923,819
8
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
13,149
-
0

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:

2025
2024
£
£
Profit before taxation
1,346,176
640,121
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
336,544
160,030
Permanent capital allowances in excess of depreciation
(323,395)
(160,030)
Taxation charge
13,149
-
9
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 December 2024 and 30 November 2025
1,867,906
Amortisation and impairment
At 1 December 2024 and 30 November 2025
35,000
TST HOLDINGS (NI) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
9
Intangible fixed assets
(Continued)
- 24 -
Carrying amount
At 30 November 2025
1,832,906
At 30 November 2024
1,832,906
The company had no intangible fixed assets at 30 November 2025 or 30 November 2024.
10
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 December 2024
362,878
11,579,257
160,351
269,822
710,043
13,082,351
Additions
16,832
1,889,665
15,274
16,714
-
0
1,938,485
Disposals
-
0
-
0
-
0
-
0
(28,000)
(28,000)
At 30 November 2025
379,710
13,468,922
175,625
286,536
682,043
14,992,836
Depreciation and impairment
At 1 December 2024
189,593
2,885,400
139,623
190,512
355,489
3,760,617
Depreciation charged in the year
16,563
1,100,611
16,198
21,539
129,475
1,284,386
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(17,323)
(17,323)
At 30 November 2025
206,156
3,986,011
155,821
212,051
467,641
5,027,680
Carrying amount
At 30 November 2025
173,554
9,482,911
19,804
74,485
214,402
9,965,156
At 30 November 2024
173,285
8,693,857
20,728
79,310
354,554
9,321,734

The net carrying value of tangible fixed assets includes £6,969,632 (202 4 - £7,840,621) in respect of assets held under finance leases or hire purchase contracts

11
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
12
-
0
-
0
342
342
Unlisted investments
10,000
10,000
-
0
-
0
10,000
10,000
342
342
TST HOLDINGS (NI) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
11
Fixed asset investments
(Continued)
- 25 -
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 December 2024 and 30 November 2025
10,000
Carrying amount
At 30 November 2025
10,000
At 30 November 2024
10,000
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 December 2024 and 30 November 2025
342
Carrying amount
At 30 November 2025
342
At 30 November 2024
342
12
Subsidiaries

Details of the company's subsidiaries at 30 November 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
TST Transport Ltd
The John Reid Logistics Park, 190 Raceview Road, Ballymena, BT42 4HZ
Ordinary
100.00
-
TST Logistic Services Ltd
The John Reid Logistics Park, 190 Raceview Road, Ballymena, BT42 4HZ
Ordinary
100.00
-
Finsbridge Investments Ltd
Oldbury Road, West Bromwich, West Midlands, England, B70 9DP
Ordinary
100.00
-
Warley Carriers Limited
Oldbury Road, West Bromwich, West Midlands, England, B70 9DP
Ordinary
0
100.00
13
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Raw materials and consumables
172,836
162,897
-
-
TST HOLDINGS (NI) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 26 -
14
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
6,843,302
7,561,900
-
0
-
0
Amounts owed by group undertakings
(8,106)
-
0
1,226,599
1,953,427
Other debtors
916,574
612,748
336,673
-
0
Prepayments and accrued income
650,264
448,476
7,373
-
0
8,402,034
8,623,124
1,570,645
1,953,427
15
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
17
362,129
373,430
-
0
-
0
Obligations under finance leases
18
630
3,610
-
0
-
0
Trade creditors
2,732,849
1,297,978
26,611
6,360
Amounts owed to group undertakings
(925,861)
-
0
10,000
1,402,003
Other taxation and social security
951,148
1,138,981
147,377
116,145
Other creditors
5,638,540
5,707,554
6,736
(2)
Accruals and deferred income
636,032
763,030
8,849
(6,343)
9,395,467
9,284,583
199,573
1,518,163
16
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
17
1,953,812
2,711,184
-
0
-
0
Obligations under finance leases
18
5,716,770
5,615,011
-
0
-
0
Trade creditors
180,817
1,623,759
-
0
-
0
Other creditors
1,487,518
691,511
1,381,871
451,132
9,338,917
10,641,465
1,381,871
451,132
TST HOLDINGS (NI) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 27 -
17
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank loans
2,288,097
3,081,772
-
0
-
0
Bank overdrafts
27,844
2,842
-
0
-
0
2,315,941
3,084,614
-
-
Payable within one year
362,129
373,430
-
0
-
0
Payable after one year
1,953,812
2,711,184
-
0
-
0

The long-term loans are secured by f loating charge s that covers all the property or undertaking of the company.

The loans bear interest at commercial rates and are repayable in instalments, with final maturity dates extending beyond one year. Certain bank loans are secured on Group assets. The credit card facility is repayable on demand.

The Group complied with all banking covenants during the year. The directors consider that the carrying amounts of borrowings approximate to their fair values.

18
Finance lease obligations
Group
Company
2025
2024
2025
2024
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
630
3,610
-
0
-
0
In two to five years
5,716,770
5,615,011
-
0
-
0
5,717,400
5,618,621
-
-

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2025
2024
Group
£
£
Accelerated capital allowances
-
(196,204)
TST HOLDINGS (NI) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
19
Deferred taxation
(Continued)
- 28 -
The company has no deferred tax assets or liabilities.
Group
Company
2025
2025
Movements in the year:
£
£
Asset at 1 December 2024
(196,204)
(196,204)
Charge to profit or loss
196,204
196,204
Asset at 30 November 2025
-
-
20
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
145,374
89,765

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

21
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
200 Ordinary shares of £1 each
200
200
200
200
22
Reserves
Profit and loss reserves

At 30 November 2024 the Group’s capital and reserves comprised:

- Ordinary share capital – £200, representing issued ordinary shares of £1 each. Ordinary shareholders are entitled to one vote per share and to receive dividends as declared.

- Preference share capital – £456,182, representing issued preference shares. Preference shareholders are entitled to a fixed dividend and rank ahead of ordinary shareholders on a winding up.

- Share premium account – £495,035, representing the excess of amounts received on the issue of shares over their nominal value, net of related issue costs.

- Profit and loss reserves – deficit of £1,333,027, representing cumulative retained earnings and losses net of dividends paid.

Total equity at 30 November 202 5 amounted to £2,284,444.

TST HOLDINGS (NI) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 29 -
23
Events after the reporting date

There have been no significant post balance sheet events.

24
Controlling party
The ultimate controlling party is deemed to be Mr Liam Reid as he owns 51% (2024:51%) of the Ordinary Share Capital.
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