C J H Montgomery 0 1 1 30 September 2025 25.00 25.00 1 153 197 1 October 2024 0 This reserve includes all current and prior period retained profits and losses.This reserve comprises all gains on the revaluation of land and buildings in current and prior periods.This reserve represents the nominal value of shares that have been issued.2994454 1495118 4489572 4489572 5378838 9222925 2891931 5676226 2486907 3546699 2891931 5676226 2891931 5676226 26278861 26708700 849275 1015803 85201 90934 2486907 3546699 349027 384461 69600 519861 715228 3557745 3489902 18361245 17465673 10269636 12101277 816556 531605 617982 5054819 5987518 4683212 4679221 117751 137736 117751 137736 1561000 1561000 1561000 1561000 1449114 82002 10458112 275093 12264321 1437374 1437374 174842 12480 2511269 19146 2717737 1274272 69522 9384217 255947 10983958 12120405 91817 22040548 297489 34550259 1993812 1993812 653874 17235 671109 11466531 91817 24034360 280254 35872962 1595784 3640874 226551 129666 16610 2021 1314143 750000 43359 2215356 927429 1252 1210 532515 657834 1495118 762516 2021 1314143 1497139 551627 2145756 989067 2215356 927429 69600 61638 970981 751269 397291 561307 573690 189962 117126 117126 2642 2642 114484 114484 Critical judgements in applying the Company's accounting policies In preparing these financial statements, the Directors have made the following judgements: Determining and reassessing the residual values and useful economic lives of tangible assets Recoverability of debtors Assessing indicators of impairment Provision for impairment of investments Enter details Enter details Enter details Enter details Enter details Enter details Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.Where they relate to timing differences in respect of interests in subsidiaries, joint ventures and associated undertaking and the group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item recognised in other comprehensive income or directly in equity. In this case, the tax is recognised in other comprehensive income or directly in equity respectively.The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet and are depreciated over their useful lives. The capital elements of future obligations under the leases and hire purchase contracts are included as liabilities in the balance sheet. The interest elements of the rental obligations are charged in the profit and loss account over the years of the leases and hire purchase contracts and represent a constant proportion of the balance of capital repayments outstanding.Cash and cash equivalents include cash in hand, deposits with financial institutions repayable without penalty on notice of not more than 24 hours, other highly liquid investments that mature in no more than three months from the date of acquisition and bank overdrafts. Bank overdrafts, where applicable, are shown within 'Creditors: amounts due within one year'.Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out (FIFO) basis. Finished goods include labour costs and attributable overheads.Investments in subsidiaries are measured at cost less accumulated impairment.Valuation of investments Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.Subsequently, tangible fixed assets are measured using the cost model . Under the cost model, intangible assets are measured at cost less any accumulated depreciation and any accumulated impairment losses.Exceptional items are transactions that fall within the operating activities of the Company but are identifiable due to their size or incidence.Exceptional item Revenue from a contract to provide services is recognised in the period in which services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:the amount of revenue can be measured reliably;it is probable that the Company will receive the consideration due under the transaction;the stage of completion of the contract at the end of the reporting period can be measured reliably; andthe costs incurred or to be incurred in respect of the transaction can be measured reliably. Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.At each period end, foreign currency monetary items are translated using the closing rate, non-monetary items measured on a historical cost basis are translated using the exchange rate at the date of the transaction, and non-monetary items measured at fair value in a foreign currency are translated using the rate at the date when the fair value was determined.The Company's functional and presentational currency is the Pound Sterling.The financial statements have been prepared under the historic cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' (FRS 102) and the Companies Act 2006.The principal activity of the Company is that of haulage contracting.50000 5426193 14583833 20060026 1688816 1688816 1688816 50000 5426193 12895017 18371210 808999 808999 808999 808999 50000 5426193 13704016 19180209 29 June 2026 2994454 4489572 17990947 16556691 22285938 24889004 1561000 1561000 1952058 1035550 1595784 981077 1880065 146007 137863 2681515 3382700 1554431 1364772 23892793 27625007 25447224 28989779 Belfast 29th June 2026 Grant Thornton (NI) LLP Louise Kelly In response to these principal risks, our audit procedures included but were not limited to: enquiries of management on the policies and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected instances of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud;inspection of the company’s regulatory and legal correspondence and review of minutes of the board of directors meetings during the year to corroborate inquiries made;gaining an understanding of the entity’s current activities, the scope of authorisation and the effectiveness of its control environment to mitigate risks related to fraud;discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent manipulation of financial statements throughout the audit;identifying and testing journal entries to address the risk of inappropriate journals and management override of controls;designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing;challenging assumptions and judgements made by management in their significant accounting estimates, including estimating useful lives of tangible fixed assets, carrying value of stock and useful lives of depreciable assets; andreview of the financial statement disclosures to underlying supporting documentation and inquiries of management. The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.As explained more fully in the Directors' responsibilities statement, management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS102 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, management is 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 management either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Company's financial reporting process.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, or returns adequate for our audit have not been received from branches not visited by us; orthe financial statements are not in agreement with the accounting records and returns; orcertain 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.The directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' and from the requirement to prepare a Strategic report.We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice of the assets, liabilities and financial position of the Company as at 30 September 2025 and of its financial performance for the year then ended; andhave been prepared in accordance with the requirements of the Companies Act 2006.We have audited the financial statements of Montgomery Transport Limited (the Company) for the year ended 30 September 2025, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).29 June 2026 Each of the persons who are Directors at the time when this Directors' report is approved has confirmed that:so far as the Directors are aware, there is no relevant audit information of which the Company's auditors are unaware, andthe Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.Under Schedule 7.1A of "Large and Medium-Sized Companies and Groups (Accounts and Reports) Regulations 2008" the company has elected to disclose the following directors' report information in the strategic report: • Principal activities and business review• Principal risks and uncertainties• Financial key performance indicators• Going concern • Events after the balance sheet date Directors' responsibilities statementThe Directors are responsible for preparing the Strategic report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements 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; 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 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.H M J Montgomery Carson McDowell LLP Danske Bank Limited 607 Antrim Road Newtownabbey Co Antrim BT36 8RF NI012639 J A Darragh 30 September 2025 Report and Financial Statements Montgomery Transport Limited Financials UK FRS 102 2026.3.0+76851 1688816 NI012639 core:RevaluationReserve 2025-09-30 NI012639 core:OwnedOrFreeholdAssets core:LandBuildings 2025-09-30 NI012639 bus:Audited 2024-10-01 2025-09-30 NI012639 bus:PrivateLimitedCompanyLtd 2024-10-01 2025-09-30 NI012639 1 2023-10-01 2024-09-30 NI012639 core:OwnedOrFreeholdAssets 2024-10-01 2025-09-30 NI012639 core:RetainedEarningsAccumulatedLosses 2025-09-30 NI012639 core:RetainedEarningsAccumulatedLosses 2024-09-30 NI012639 bus:Agent1 2024-10-01 2025-09-30 NI012639 core:OwnedOrFreeholdAssets core:LandBuildings 2024-10-01 2025-09-30 NI012639 core:OfficeEquipment 2025-09-30 NI012639 core:MotorVehicles 2025-09-30 NI012639 bus:Director2 2024-10-01 2025-09-30 NI012639 core:RetainedEarningsAccumulatedLosses 2024-10-01 2025-09-30 NI012639 core:ShareCapital 2024-09-30 NI012639 core:RetainedEarningsAccumulatedLosses 2023-10-01 NI012639 core:Goodwill 2024-09-30 NI012639 core:WithinOneYear 2024-09-30 NI012639 bus:Director1 2024-10-01 2025-09-30 NI012639 core:BetweenOneFiveYears 2024-09-30 NI012639 core:ShareCapital 2025-09-30 NI012639 core:PreviouslyStatedAmount 2024-09-30 NI012639 core:CurrentFinancialInstruments 2025-09-30 NI012639 core:BetweenOneFiveYears 2025-09-30 NI012639 1 2024-10-01 2025-09-30 NI012639 core:SharePremium 2024-10-01 2025-09-30 NI012639 core:Exceptional 2023-10-01 2024-09-30 NI012639 core:RevaluationReserve 2024-09-30 NI012639 bus:RegisteredOffice 2024-10-01 2025-09-30 NI012639 core:ShareCapital 2023-10-01 NI012639 bus:FullAccounts 2024-10-01 2025-09-30 NI012639 curr:PoundSterling 2024-10-01 2025-09-30 NI012639 core:Non-currentFinancialInstruments 2024-09-30 NI012639 core:RevaluationReserve 2023-10-01 NI012639 bus:CompanySecretary1 2024-10-01 2025-09-30 NI012639 core:OwnedOrFreeholdAssets core:OfficeEquipment 2024-10-01 2025-09-30 NI012639 core:OfficeEquipment 2024-10-01 2025-09-30 NI012639 core:MotorVehicles 2024-09-30 NI012639 6 2024-10-01 2025-09-30 NI012639 core:PlantMachinery 2024-09-30 NI012639 core:OfficeEquipment 2024-09-30 NI012639 2024-10-01 NI012639 core:CurrentFinancialInstruments 2024-09-30 NI012639 core:OwnedOrFreeholdAssets core:MotorVehicles 2024-10-01 2025-09-30 NI012639 core:RetainedEarningsAccumulatedLosses 2023-10-01 2024-09-30 NI012639 core:RevaluationReserve 2024-10-01 2025-09-30 NI012639 core:Non-currentFinancialInstruments 2025-09-30 NI012639 core:PlantMachinery 2025-09-30 NI012639 1 2024-10-01 2025-09-30 NI012639 core:WithinOneYear 2025-09-30 NI012639 bus:FRS102 2024-10-01 2025-09-30 NI012639 core:OwnedOrFreeholdAssets core:PlantMachinery 2024-10-01 2025-09-30 NI012639 core:OwnedOrFreeholdAssets core:LandBuildings 2024-09-30 NI012639 2 2024-10-01 2025-09-30 NI012639 core:MotorVehicles 2024-10-01 2025-09-30 NI012639 core:Goodwill 2025-09-30 NI012639 2024-09-30 NI012639 2025-09-30 NI012639 2023-10-01 2024-09-30 NI012639 2024-10-01 2025-09-30 NI012639 2023-10-01 xbrli:pure xbrli:pure iso4217:GBP iso4217:GBP

Registered number: NI012639 # Montgomery Transport Limited ​​​​​ #### Report and Financial Statements #### For The Year​ Ended 30 September 2025
Montgomery Transport Limited
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Company information #### ​Directors C J H Montgomery H M J Montgomery #### Company​​ secretary J A Darragh​ #### Registered number NI012639​ #### Registered office ​​607 Antrim Road​ Newtownabbey​​ Co Antrim​​ BT36 8RF​ #### ​Independent auditors Grant Thornton (NI) LLP Chartered Accountants & Statutory Auditors​​​ 12-15 Donegall Square West​ Belfast​​ BT1 6JH​ #### Bankers Danske Bank Limited​ Donegall Square West​​ Belfast​​ BT1 6JS​ ​ #### Solicitor Carson McDowell LLP​ Murray House​ 4 Murray Street ​​ Belfast​​ BT1 6DN​​
Montgomery Transport Limited Strategic report For the year ended 30 September 2025 #### Introduction The Directors present their Strategic report, Directors' report and financial statements for the year ended 30 September 2025. #### Principal activity The principal activity of the Company is that of haulage contracting. #### Business review We aim to present a balanced and comprehensive review of the development and performance of the business during the year and its position at the year-end. Our review is consistent with the size and nature of the business and is written in the context of the risks and uncertainties we face. The company operates largely within the transport industry and sells its services direct from its locations and through its sales representatives to customers throughout the UK and Ireland. #### Principal risks and uncertainties The transport sector remains extremely competitive with severe competition from both local and national operators. The company seeks to maintain an advantage over its competitors by offering the highest level of customer services. #### Interest rate risk The company has interest based assets and liabilities, both of which bear interest at variable rates. There is a small proportion of the long-term borrowing that has been fixed. The appropriateness of this policy will be revisited should the company’s operations change materially. #### Credit risk The company has implemented the policy that we require credit checks to be performed on all potential customers before any sales are made. The amount of exposure to individual customers is monitored regularly by the company’s management team.
Montgomery Transport Limited Strategic report For the year ended 30 September 2025 #### Financial key performance indicators We consider that our key performance indicators are turnover, gross margin, profit before taxation and growth in shareholders' funds.
Description | 2025 £ | 2024 £
--- | --- | ---
Turnover | 25,447,224 | 28,989,779
Gross Margin (%) | 6 | 5
Loss before tax | (1,952,058) | (1,035,550)
Equity Shareholder's Funds | (20,060,026) | (18,371,210)
The Directors are disappointed with the results for the year. Competition has remained strong both between transport companies and the pallet networks and the availability of drivers continues to be one of the major challenges within the industry. The company will continue to identify and develop new business opportunities within the industry sector with the view to continued growth both organically and through acquisition. As with many businesses of our size, the business environment in which we operate continues to be challenging. The impact of static incomes and strong competition continues to present us with challenges. With this in mind, we are aware that any plans for the future development of the business may be subject to unforeseen future events outside of our control. The Board of Directors of the company, both individually and together, confirmed that they have acted in the way they consider, in good faith, would be most likely to promote success of the company for the benefit of its members as a whole (having regard to the stakeholders and matters set out in Section 172(1) (a-f) of the Act) in the decisions taken during the year ended 30 September 2025. The following paragraphs summarise how the directors fulfil their duties:
| • | As the board of directors, our intention is to behave responsibly and ensure that management operate the business in a responsible manner.
| • | As the board of directors, we are committed to openly engage with our shareholders. It is important to us that shareholders understand our strategy and objectives, so these must be clearly communicated, feedback heard and issues or questions raised properly considered.
| • | As our services provided grow, our risk environment also becomes more complex. It is therefore, important that we effectively identify, evaluate, manage and mitigate the risks the company faces. For details of our principal risks and uncertainties, please see previous paragraphs of our company strategic report.
| • | Our employees are vital to the services provided by the company. We aim to be a responsible employer in our approach to the pay and benefits for our employees. For our business to succeed, we need to manage our employees performance and develop talent while ensuring the company operates as efficiently as possible. The health and safety of our employees is very important to us.
| • | In order to grow our business, we need to develop and maintain strong business relationships. We value all of our suppliers and customers.
#### Events after the balance sheet There have been no significant events affecting the Company since the year end.
Montgomery Transport Limited Strategic report For the year ended 30 September 2025 #### Engagement with suppliers, customers and others Our strategy prioritises growth, driven by continued expansion and bringing new customers into the company, and up-selling services to existing clients. To do this, we continue to develop and nurture strong customer relationships. We value all of our suppliers and have multi-year contracts in place with our key suppliers. This report was approved by the board and signed on its behalf:
C J H Montgomery | ​​
Director | ​​​
Signing date |
Montgomery Transport Limited Directors' report for the year ended 30 September 2025 The Directors present​​ their​ report and the financial statements for the year ended 30 September 2025. #### Directors​​​​​ The Directors​ who served during the year: C J H Montgomery H M J Montgomery #### Results and dividends The Profit for the year, after taxation, amounted to £1,688,816 (2024 Loss: £808,999). The Directors have not recommended a dividend (2024: £Nil). #### Future developments For the future, the directors consider the business is well placed to take advantage of opportunities to develop further. As far as they are aware, there are no major external obstacles to this further development, other than the normal competitive pressures and general economic conditions in each of the Company’s markets. #### Directors’ liability insurance The company has indemnified the directors of the company against liability in respect of proceedings brought by third parties, subject to the conditions set out in the Companies Act 2006. Such qualifying third party indemnity provision was in force during the year and is in force at the date of approving the directors’ report. #### Greenhouse gas emissions, energy consumption and energy efficiency action The company is exempt from the requirement to present a Streamlined Energy and Carbon Reporting disclosure as consolidated disclosures, in which this entity is included, can be found in the financial statements of Ballyvesey Industries Limited, details of which can be found in the Directors' Report. Directors' responsibilities statement The Directors are responsible for preparing the Strategic report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements 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 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.
Montgomery Transport Limited Directors' report for the year ended 30 September 2025 #### Matters covered in the Strategic report Under Schedule 7.1A of "Large and Medium-Sized Companies and Groups (Accounts and Reports) Regulations 2008" the company has elected to disclose the following directors' report information in the strategic report: • Principal activities and business review • Principal risks and uncertainties • Financial key performance indicators • Going concern • Events after the balance sheet date #### Disclosure of information to auditors Each of the persons who are Directors​​​ at the time when this Directors' report​​ is approved has confirmed that:
| • | so far as the Directors are​​​​​ aware, there is no relevant audit information of which the Company's auditors are unaware, and
| • | the Director​​​ has taken all the steps that ought to have been taken as a Director​ in order to be aware of any relevant audit information and to establish that the Company​'s auditors​​​​ are​​​ aware of that information.
#### Auditors Grant Thornton (NI) LLP were appointed as auditors and have indicated their willingness to continue in office in accordance with section 485 of the Companies Act 2006, and a resolution that they will be reappointed will be proposed at the annual general meeting. This report was approved by the board and signed on its behalf: C J H Montgomery Director
Colin John Hugh Montgomery​​​​​ | ​​
Director | ​​​
Date: 29 June 2026
Montgomery Transport Limited Independent auditors' report to the shareholders of Montgomery Transport Limited #### Opinion We have audited the financial statements of Montgomery Transport Limited​ (the Company)​​​ for the year ended 30 September 2025, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements:
| • | give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice of the assets, liabilities and financial position of the Company as at 30 September 2025 and of its financial performance for the year then ended; and
| • | have been prepared in accordance with the requirements of the Companies Act 2006.
#### Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 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 Director with respect to going concern are described in the relevant sections of this report.
Montgomery Transport Limited Independent auditors' report to the shareholders of Montgomery Transport Limited #### Other information Other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' report thereon, including the Directors' report and the Strategic Report. The Directors are responsible for the other information. Our​​ opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we​​ do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we​ identify such material inconsistencies or apparent material misstatements, we are​ required to determine whether there is a material misstatement in the ​​​​​​financial statements or a material misstatement of the other information. 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. #### Opinion on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit:
| • | the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
| • | the group Directors' Report have been prepared in accordance with applicable legal requirements.
#### Matters on which we are required to report by exception In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report and 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 by, 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.
| • | The directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' and from the requirement to prepare a Strategic report.
#### Responsibilities of management and those charged with governance for the financial statements As explained more fully in the Directors' responsibilities statement, management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS102 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, management is 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 management either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Company's financial reporting process.
Montgomery Transport Limited Independent auditors' report to the shareholders of Montgomery Transport Limited #### Responsibilities of the auditor for the audit of the financial statements The objectives of an auditor 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 Auditors' report that includes their 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. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud 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. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK). 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 that the principal risks of non-compliance with laws and regulations related to compliance with Data Privacy law, Employment Law, Environmental Regulations, and Health and Safety laws, and 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 Companies Act 2006 and UK tax legislation. The Audit engagement partner considered the experience and expertise of the engagement team to ensure that the team had appropriate competence and capabilities to identify or recognise non-compliance with the laws and regulation. 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 to manipulate financial performance and management bias through judgements and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions. We apply professional scepticism through the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statements. In response to these principal risks, our audit procedures included but were not limited to:
| • | enquiries of management on the policies and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected instances of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud;
| • | inspection of the company’s regulatory and legal correspondence and review of minutes of the board of directors meetings during the year to corroborate inquiries made;
| • | gaining an understanding of the entity’s current activities, the scope of authorisation and the effectiveness of its control environment to mitigate risks related to fraud;
| • | discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent manipulation of financial statements throughout the audit;
| • | identifying and testing journal entries to address the risk of inappropriate journals and management override of controls;
| • | designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing;
| • | challenging assumptions and judgements made by management in their significant accounting estimates, including estimating useful lives of tangible fixed assets, carrying value of stock and useful lives of depreciable assets; and
| • | review of the financial statement disclosures to underlying supporting documentation and inquiries of management.
The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.
Montgomery Transport Limited Independent auditors' report to the shareholders of Montgomery Transport Limited #### 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. Louise Kelly​ FCA (Senior Statutory Auditor) For and on behalf of Grant Thornton (NI) LLP ​ Chartered Accountants and Statutory Auditor Belfast Date:29th June 2026​ 12-15 Donegall Square West ​Belfast BT1 6JH
Montgomery Transport Limited Statement of comprehensive income​ ​for the year ended 30 September 2025
| Note | 2025 £ | 2024 £
--- | --- | --- | ---
Turnover | 4 | 25,447,224 | 28,989,779
Cost of sales |  | (23,892,793) | (27,625,007)
Total Gross profit | 5 | 1,554,431 | 1,364,772
Administrative expenses |  | (2,681,515) | (3,382,700)
Other operating income |  | 146,007 | 137,863
Total Operating loss |  | (981,077) | (1,880,065)
Exceptional item | 10 | - | 1,595,784
Interest payable and similar expenses | 8 | (970,981) | (751,269)
Loss before tax |  | (1,952,058) | (1,035,550)
Taxation | 9 | 3,640,874 | 226,551
Profit/(loss) for the financial year |  | 1,688,816 | (808,999)
The notes on pages 15 to 27 form part of these financial statements. The above results were derived from continuing operations. There was no other comprehensive income for the year (2024: £Nil)
Montgomery Transport Limited Registered number: NI012639​ Balance sheet​ as at 30 September 2025
| Note | 2025 £ | 2024 £
--- | --- | --- | ---
Fixed assets |  |  |
Investments | 12 | 1,561,000 | 1,561,000
Tangible fixed assets | 11 | 22,285,938 | 24,889,004
|  | 23,846,938 | 26,450,004
Current assets |  |  |
Stocks | 13 | 117,751 | 137,736
Debtors: amounts falling due within one year | 14 | 10,269,636 | 12,101,277
Cash at bank and in hand |  | 17,990,947 | 16,556,691
|  | 28,378,334 | 28,795,704
Creditors: amounts falling due within one year | 15 | (26,278,861) | (26,708,700)
Net current assets |  | 2,099,473 | 2,087,004
Total assets less current liabilities |  | 25,946,411 | 28,537,008
Creditors: amounts falling due after more than one year | 16 | (2,891,931) | (5,676,226)
|  | 23,054,480 | 22,860,782
Provisions for liabilities |  |  |
Deferred taxation | 18 | (2,994,454) | (4,489,572)
Net assets |  | 20,060,026 | 18,371,210
Capital and reserves |  |  |
Called up share capital | 20 | 50,000 | 50,000
Revaluation reserve | 19 | 5,426,193 | 5,426,193
Profit and loss account | 19 | 14,583,833 | 12,895,017
Total capital and reserves |  | 20,060,026 | 18,371,210
The financial statements were approved and authorised for issue by the board and were signed on its behalf:
C J H Montgomery |
Director |
Date: 29 June 2026 The notes on pages 15 to 27 form part of these financial statements.
Montgomery Transport Limited Statement of changes in equity For The Year​ Ended 30 September 2025​
| Called up share capital £ | Revaluation reserve £ | Profit and loss account £ | Total £
--- | --- | --- | --- | ---
At 1 October 2023 | 50,000 | 5,426,193 | 13,704,016 | 19,180,209
Loss for the year | - | - | (808,999) | (808,999)
At 1 October 2024 | 50,000 | 5,426,193 | 12,895,017 | 18,371,210
Profit for the year | - | - | 1,688,816 | 1,688,816
At 30 September 2025 | 50,000 | 5,426,193 | 14,583,833 | 20,060,026
The notes on pages 15 to 27 form part of these financial statements.
Montgomery Transport Limited 1. General information Montgomery Transport Limited is a private company limited by shares and is incorporated in Northern Ireland. The address of its registered office is 607 Antrim Road, Newtownabbey, Co Antrim, Northern Ireland, BT36 8RF. The principal activity of the Company is that of haulage contracting. 2. Accounting policies The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been applied consistently to all periods presented, unless otherwise stated. a. Basis of preparation of financial statements The financial statements have been prepared under the historic cost convention unless otherwise specified within these accounting policies and in accordance with ​Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' (FRS 102) and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's​ accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in note #. The Company's functional and presentational currency is the Pound Sterling. b. Disclosure exemptions for qualifying entities under FRS 102 The Company has taken advantage of the following disclosure exemptions in preparing its ​​​​financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
| • | the requirements ofSection 7 Statement of Cash Flows and paragraph 3.17(d).
| • | the requirements of section 11 Basic Financial Instruments paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b), 11.48(c), 12.26, 12.27, 12.29(a), 12.29(b) and 12.29Aas equivalent information is included in the consolidated financial statements of the group in which the Company is consolidated.
| • | the requirements of section 26 paragraphs 26.18(b), 26.19 to 26.21 and 26.23 as the Company is a subsidiary and the share-based payment arrangement concerns equity instruments of another group entity.​​​
| • | the requirement of section 33 Related Party Disclosures paragraph 33.7.
| • | the requirements of section 29 Income Tax paragraph 29.28(b) and 29.29;
| • | the requirement of paragraph 24(b) of IFRS 6 Exploration for and Evaluation of Mineral Resources to disclose the operating and investing cash flows arising from the exploration for and evaluation of mineral resources (when applying this standard in accordance with paragraph 34.11 of FRS 102).
The information is included in the consolidated financial statements of Ballyvesey Industries Limited as at 30 September 2025 and these financial statements may be obtained from Carr Hill, Doncaster, England, DN4 8DE. c. Foreign currency translation Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end, foreign currency monetary items are translated using the closing rate, non-monetary items measured on a historical cost basis are translated using the exchange rate at the date of the transaction, and non-monetary items measured at fair value in a foreign currency are translated using the rate at the date when the fair value was determined.
Montgomery Transport Limited 2. Accounting policies continued d. Revenue Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. #### Rendering of services Revenue from a contract to provide services is recognised in the period in which services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
| • | the amount of revenue can be measured reliably;
| • | it is probable that the Company​​​ will receive the consideration due under the transaction;
| • | the stage of completion of the contract at the end of the reporting period can be measured reliably; and
| • | the costs incurred or to be incurred in respect of the transaction can be measured reliably.
e. Exceptional item Exceptional items are transactions that fall within the operating activities of the Company but are identifiable due to their size or incidence. f. Tangible fixed assets Tangible fixed assets are initially recognised at cost. Cost includes the purchase price and any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Subsequently, tangible fixed assets are measured using the cost model. Under the cost model, intangible assets are measured at cost less any accumulated depreciation and any accumulated impairment losses. All tangible fixed assets are considered to have a finite useful life. Depreciation is calculated to allocate the depreciable amount of tangible fixed assets to their residual values over their estimated useful lives on the following bases​:
Asset class | Depreciation method and rate
--- | ---
Land | Not depreciated
Plant and machinery | 25% straight line
Leasehold property and improvements | 2% straight line
Office equipment | 25-33% straight line
Motor lorries, trailers, vans and motor cars | 6% to 25% straight line
If factors such as a change in how an asset is used, technological advancement, or changes in market prices indicate that the residual value or useful life of an asset has changed since the most recent balance sheet date, the Company reviews its previous estimates and, if current expectations differ, amends the residual value, amortisation method or useful life, accounting for this as a change in an accounting estimate. Tangible fixed assets are derecognised on disposal, with the difference between the net disposal proceeds and the carrying amount recognised in profit or loss. g. Impairment of fixed assets Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.
Montgomery Transport Limited 2. Accounting policies continued h. Valuation of investments Investments in subsidiaries are measured at cost less accumulated impairment. i. Stocks Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out (FIFO)​​ basis. Finished goods​ include labour costs and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If an item of stock​ is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss. j. Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits with financial institutions repayable without penalty on notice of not more than 24 hours, other highly liquid investments that mature in no more than three months from the date of acquisition and bank overdrafts. Bank overdrafts, where applicable, are shown within 'Creditors: amounts due within one year'. k. Debtors Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables. l. Creditors Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method. m. Leasing and hire purchase commitments Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet and are depreciated over their useful lives. The capital elements of future obligations under the leases and hire purchase contracts are included as liabilities in the balance sheet. The interest elements of the rental obligations are charged in the profit and loss account over the years of the leases and hire purchase contracts and represent a constant proportion of the balance of capital repayments outstanding. n. Taxation The tax expense for the year​ comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item recognised in other comprehensive income or directly in equity. In this case, the tax is recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company ​​operates​ ​and generates​​ income.
Montgomery Transport Limited 2. Accounting policies continued n. Taxation continued Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
| • | The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
| • | Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. o. Pension costs For pensions which are to be met from externally funded defined benefit schemes, costs are accounted for on the basis of charging the pensions cost over the period during which the employer will benefit from the employee's services. The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme. Short term benefits including holiday pay and other similar benefits are recognised as an expense in the period in which service is rendered. The company is a member of a Group defined benefit pension scheme. A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including age, length of service and remuneration. Due to the complex nature of membership profile in the Group Pension Scheme, it is not practicable to allocate the Company with its portion of the associated assets and liabilities of the Group Scheme. Any surplus or deficit in the Group Pension Scheme will be recognised in full as an asset or liability in the Company's parent undertakings accounts. Short term benefits including holiday pay and other similar benefits are recognised as an expense in the period in which the service is rendered. p. Provisions Provisions are recognised when the company has an obligation at the reporting date 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. q. Share capital Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. 3. Judgements #### Judgements in applying accounting policies and key sources of estimation uncertainty Critical judgements in applying the Company's accounting policies In preparing these financial statements, the Directors have made the following judgements:
| • | Determining and reassessing the residual values and useful economic lives of tangible assets
| • | Recoverability of debtors
| • | Assessing indicators of impairment
| • | Provision for impairment of investments
Montgomery Transport Limited 3. Judgements continued #### Key accounting estimates and assumptions The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, rarely equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below: Determining and reassessing the residual values and useful economic lives of tangible assets
| • | The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on future investments, economic utilisation and physical condition of the assets.
Recoverability of debtors
| • | Short term debtors are measured at transaction price, less any impairment. Estimates are made in respect to the recoverable value of trade and other debtors. When assessing the level of provisions required, factors including current trading experience, historical experience and the ageing profile of debtors are considered.
Assessing indicators of impairment
| • | At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss. If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.
Provision for impairment of investments
| • | Determining whether the carrying value of the financial assets have been impaired requires an estimation of the value in use of the company's investments in subsidiaries. The value in use calculation requires the directors to estimate the future cash flows expected to arrive from these assets and a suitable discount in order to calculate present value. After reviewing these calculations, the directors have determined that no impairment has arisen.
4. Turnover The Directors​​ consider that disclosure of turnover analysed by class of business and by geographical market would be seriously prejudicial to the interests of the Company​. 5. Operating profit Arrived at after charging:
| 2025 £ | 2024 £
--- | --- | ---
Depreciation of owned assets | 754,464 | 575,047
Depreciation of assets held on hire purchase and finance lease agreements | 1,963,273 | 2,265,517
Loss on disposal of property, plant and equipment | 29,887 | 4,765
Operating lease expense - property | - | 360,000
Foreign exchange (gain)/loss | (658,013) | 548,391
Auditors' remuneration - audit services | 23,801 | 21,029
Montgomery Transport Limited 6. Employees Staff costs, including Directors' remuneration, were as follows:
| 2025 £ | 2024 £
--- | --- | ---
Wages and salaries | 6,489,305 | 6,604,255
Social security costs | 895,524 | 1,095,417
Pension costs, defined contribution scheme | 194,679 | 238,134
| 7,579,508 | 7,937,806
The average monthly number of employees, including the Director, during the year was as follows:
| 2025 No. | 2024 No.
--- | --- | ---
Drivers and yardmen | 106 | 157
Administration | 47 | 42
| 153 | 199
7. Directors' The directors' remuneration for the year was as follows:
| 2025 £ | 2024 £
--- | --- | ---
Directors' emoluments | 114,484 | 114,484
Amounts receivable under long-term incentive schemes | 2,642 | 2,642
| 117,126 | 117,126
8. Interest payable and similar expenses
| 2025 £ | 2024 £
--- | --- | ---
Interest payable on bank overdraft and bank loans | 573,690 | 189,962
Hire purchase and finance lease interest payable | 397,291 | 561,307
| 970,981 | 751,269
Montgomery Transport Limited 9. Taxation
| 2025 £ | 2024 £
--- | --- | ---
Corporation tax |  |
UK Corporation tax on profits for the year | 69,600 | (61,638)
Adjustments in respect of previous periods | (2,215,356) | (927,429)
| (2,145,756) | (989,067)
| (2,145,756) | (989,067)
Total current tax | (2,145,756) | (989,067)
Deferred tax |  |
Origination and reversal of timing differences | (1,497,139) | (551,627)
Arising from origination and reversal of timing differences | 2,021 | 1,314,143
Total deferred tax | (1,495,118) | 762,516
Tax on loss | (3,640,874) | (226,551)
The tax on loss before tax for the year is equal to the standard rate of corporation tax in the UK of 25% (2024- 25%). The differences are reconciled below:
Reconciliation of tax credit | 2025 £ | 2024 £
--- | --- | ---
Loss before tax | (1,952,058) | (1,035,550)
Loss multiplied by the standard rate of corporation tax in the UK of 25.00% (2024 - 25.00%) | (532,515) | (657,834)
Effects of: |  |
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 1,252 | 1,210
Decrease in UK and foreign current tax from adjustment for prior periods | (2,215,356) | (927,429)
Fixed asset timing differences | - | 43,359
Chargeable losses | (750,000) | -
Deferred tax expense from unrecognised temporary difference from a prior period | 2,021 | 1,314,143
Non-taxable income less expenses not deductible for tax purposes, other than goodwill and impairment | (16,610) | -
Other differences | (129,666) | -
Total tax credit for the year | (3,640,874) | (226,551)
Montgomery Transport Limited 10. Exceptional items
| 2025 £ | 2024 £
--- | --- | ---
Gain on surrender of lease | - | (1,595,784)
11. Tangible fixed assets
| Freehold property £ | Plant and machinery £ | Motor vehicles £ | Office equipment £ | Total £
--- | --- | --- | --- | --- | ---
Cost |  |  |  |  |
At 1 October 2024 | 11,466,531 | 91,817 | 24,034,360 | 280,254 | 35,872,962
Additions | 653,874 | - | - | 17,235 | 671,109
Disposals | - | - | (1,993,812) | - | (1,993,812)
At 30 September 2025 | 12,120,405 | 91,817 | 22,040,548 | 297,489 | 34,550,259
Depreciation and impairment |  |  |  |  |
At 1 October 2024 | (1,274,272) | (69,522) | (9,384,217) | (255,947) | (10,983,958)
Charge for the year on owned assets | (174,842) | (12,480) | (2,511,269) | (19,146) | (2,717,737)
Disposals | - | - | 1,437,374 | - | 1,437,374
At 30 September 2025 | (1,449,114) | (82,002) | (10,458,112) | (275,093) | (12,264,321)
Net book value |  |  |  |  |
At 30 September 2025 | 10,671,291 | 9,815 | 11,582,436 | 22,396 | 22,285,938
At 30 September 2024 | 10,192,259 | 22,295 | 14,650,143 | 24,307 | 24,889,004
The net book value of assets includes £9,606,722 (2024: £12,632,337) in respect of assets held under finance lease or hire purchase. The depreciation charge in respect of such assets amounted to £1,963,273 (2024: £2,265,517) for the year.
Montgomery Transport Limited 12. Investments
| Goodwill £ | Total £
--- | --- | ---
Cost |  |
At 1 October 2024 | 1,561,000 | 1,561,000
Net book value |  |
At 30 September 2025 | 1,561,000 | 1,561,000
At 30 September 2024 | 1,561,000 | 1,561,000
In the directors' opinion, the value of the investments is not less than the aggregate amounts at which they were shown in the balance sheet. The company is exempt from preparing group financial statements under Section 400 of the Companies Act 2006 as it is a parent company included in the financial statements of a larger group. #### Details of undertakings Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking | Registered office | Proportion of voting rights and shares held 2025 % | Proportion of voting rights and shares held 2024 %
--- | --- | --- | ---
Montgomery Transport (Ireland) Ltd | Rep of Ireland | 100 | 100
Montgomery Distribution Ltd | Northern Ireland | 100 | 100
Montgomery Freight Management Ltd | Northern Ireland | 100 | 100
Rockmount Vehicle Maintenance Ltd | Northern Ireland | 100 | 100
Montgomery Tank Services Limited | Northern Ireland | 100 | 100
Morrey Oils Holdings Limited | England | 100 | 100
Morrey Oils Limited | England | 100 | 100
Montgomery Transport Limited 12. Investments continued #### Subsidiary undertakings Montgomery Transport (Ireland) Ltd The principal activity of Montgomery Transport (Ireland) Ltd is haulage contractor. Montgomery Distribution Ltd The principal activity of Montgomery Distribution Ltd is haulage contractor. Montgomery Freight Management Ltd The principal activity of Montgomery Freight Management Ltd is transport. Rockmount Vehicle Maintenance Ltd The principal activity of Rockmount Vehicle Maintenance Ltd is vehicle repair. Montgomery Tank Services Limited The principal activity of Montgomery Tank Services Limited is transport. Morrey Oils Holdings Limited The principal activity of Morrey Oils Holdings Limited is dormant. Morrey Oils Limited The principal activity of Morrey Oils Limited is dormant. 13. Stocks
| 2025 £ | 2024 £
--- | --- | ---
Consumables | 117,751 | 137,736
The replacement cost of stocks does not differ materially from the balance sheet amount.
Montgomery Transport Limited 14. Debtors
| 2025 £ | 2024 £
--- | --- | ---
Due within one year |  |
Debtors | 4,683,212 | 4,679,221
Amounts owed by group undertakings | 5,054,819 | 5,987,518
Other debtors | 531,605 | 617,982
Corporation tax receivable | - | 816,556
| 10,269,636 | 12,101,277
Amounts due from related parties are unsecured, interest free and payable on demand. 15. Creditors
| Note | 2025 £ | 2024 £
--- | --- | --- | ---
Bank overdrafts |  | 18,361,245 | 17,465,673
Trade creditors |  | 3,557,745 | 3,489,902
Amounts owed to group undertakings |  | 519,861 | 715,228
Corporation tax |  | 69,600 | -
Other taxation and social security |  | 349,027 | 384,461
Obligations under finance lease and hire purchase contracts | 17 | 2,486,907 | 3,546,699
Other creditors |  | 85,201 | 90,934
Accruals and deferred income |  | 849,275 | 1,015,803
|  | 26,278,861 | 26,708,700
As security for the bank overdraft, Danske Bank Limited hold fixed and floating charges over the company's assets. The company is joined in an unlimited intercompany cross guarantee with fellow subsidiaries of Ballyvesey Industries Limited. Amounts due under hire purchase and finance lease agreements are secured against the assets to which they relate. Amounts owed to group undertakings are unsecured, interest free; and repayable on demand. Amounts due to trade creditors are due in the coming months based on credit terms. Amounts due regarding tax and other security are due for payments according to statutory deadlines. 16. Creditors
| Note | 2025 £ | 2024 £
--- | --- | --- | ---
Obligations under finance lease and hire purchase contracts | 17 | 2,891,931 | 5,676,226
Amounts due under hire purchase and finance lease agreements are secured against the assets to which they relate. 17. Obligations under finance leases and hire purchase contracts The maturity of these amounts is as follows:
| 2025 £ | 2024 £
--- | --- | ---
Within one year | 2,486,907 | 3,546,699
In two to five years | 2,891,931 | 5,676,226
| 5,378,838 | 9,222,925
Montgomery Transport Limited 18. Deferred taxation
| 2025 £ | 2024 £
--- | --- | ---
At 1 October 2024 | (4,489,572) | (3,727,056)
Charged / (credited) to profit or loss | 1,495,118 | (762,516)
At 30 September 2025 | (2,994,454) | (4,489,572)
The deferred tax balance is made up as follows:
| 2025 £ | 2024 £
--- | --- | ---
Short term timing differences | 36,784 | 40,304
Accelerated capital allowances | (2,657,239) | (3,405,877)
Revaluation of property | (373,999) | (1,123,999)
| (2,994,454) | (4,489,572)
19. Reserves #### Called up share capital This reserve represents the nominal value of shares that have been issued. #### Revaluation reserve This reserve comprises all gains on the revaluation of land and buildings in current and prior periods. #### Profit and loss account This reserve includes all current and prior period retained profits and losses. 20. Share capital #### Authorised
|  | 2025 £ | 2024 £
--- | --- | --- | ---
Ordinary shares | of £1 each | 50,000 | 50,000
#### Allotted, called up and fully paid shares
|  | 2025 Number | 2025 £ | 2024 Number | 2024 £
--- | --- | --- | --- | --- | ---
Ordinary shares | of £1 each | 50,000 | 50,000 | 50,000 | 50,000
Montgomery Transport Limited 20. Share capital continued Each ordinary share holds one voting right. 21. Pension commitments The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £194,679 (2024 :£238,134). 22. Parent undertaking and ultimate controlling party The company's immediate parent is Ballyvesey Holdings Limited, incorporated in England. The most senior parent entity producing publicly available financial statements is Ballyvesey Industries Limited. These financial statements are available upon request from Carr Hill, Doncaster, DN4 8DE. The ultimate controlling parties are the Members of the Montgomery Family Trusts.