C J H Montgomery01130 September 202525.0025.001446714113921 October 20240129000This reserve includes all current and prior period retained profits and losses.329454543314872764872761341432435473298013414310116310940432980134143329801341431063599011561953695553989334589992101163109404873205142567538707819458082339499266357921466461045599229910429727564983624699294523200003872474036251232569379786143354223655170420267014269113275230599814449945049720315310674213827406269193124255811707203340515047711028453602213886747414431734179148560942229986639408170720431854602574780142461840124198213097493673561960136714421443504155814319911952331054523556132421623952954543314828924421441218748289285541811553629727517522852561065931710449184645151616408532400024475Critical 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 Enter details Enter details Enter details Enter details Enter details Enter details Enter detailsDeferred 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 estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis.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.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 from the sale of goods is recognised when all of the following conditions are satisfied:the Company has transferred the significant risks and rewards of ownership to the buyer;the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;the amount of revenue can be measured reliably;it is probable that the Company will receive the consideration due under the transaction; 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.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 the sale and repair and maintenance of heavy construction.600000527007646700761446714467144676000005255609465560920279392027939202793920279396000003227670262767029 June 20264670076465560994160745132557870344763345792530492683148434606635122596213827450497132421623952957986061735978563873813652941711490572326237501145056014116925120228861409317529th June 2026BelfastGrant Thornton (NI) LLPLouise KellyIn 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 Construction Equipment Distribution 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 2026Each 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 indicatorsDirectors' 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.In dealing with applications for employment from the disabled or where individuals became disabled whilst in the company’s employment, every reasonable effort is made to provide opportunities for them, having regard to the ability of the individuals concerned, and to provide training and other appropriate facilities.14-06-202521-12-2024H M J MontgomeryJ BickertonM KennedyCarson McDowell LLPBank of Ireland607 Antrim RoadNewtownabbeyBT36 4RFNI611955J A Darragh30 September 2025Report and Financial StatementsConstruction Equipment Distribution LimitedFinancials UK FRS 1022026.3.0+76851115536 NI611955 bus:Director1 2025-09-30 NI611955 bus:Director4 2025-09-30 NI611955 bus:Audited 2024-10-01 2025-09-30 NI611955 bus:PrivateLimitedCompanyLtd 2024-10-01 2025-09-30 NI611955 core:OwnedOrFreeholdAssets 2024-10-01 2025-09-30 NI611955 core:RetainedEarningsAccumulatedLosses 2025-09-30 NI611955 core:RetainedEarningsAccumulatedLosses 2024-09-30 NI611955 bus:Agent1 2024-10-01 2025-09-30 NI611955 core:MotorVehicles 2025-09-30 NI611955 bus:Director2 2024-10-01 2025-09-30 NI611955 core:RetainedEarningsAccumulatedLosses 2024-10-01 2025-09-30 NI611955 core:ShareCapital 2024-09-30 NI611955 core:RetainedEarningsAccumulatedLosses 2023-10-01 NI611955 core:WithinOneYear 2024-09-30 NI611955 bus:Director1 2024-10-01 2025-09-30 NI611955 core:BetweenOneFiveYears 2024-09-30 NI611955 core:ShareCapital 2025-09-30 NI611955 core:PreviouslyStatedAmount 2024-09-30 NI611955 bus:Director4 2024-10-01 2025-09-30 NI611955 core:CurrentFinancialInstruments 2025-09-30 NI611955 core:BetweenOneFiveYears 2025-09-30 NI611955 1 2024-10-01 2025-09-30 NI611955 bus:Director3 2024-10-01 2025-09-30 NI611955 bus:RegisteredOffice 2024-10-01 2025-09-30 NI611955 core:ShareCapital 2023-10-01 NI611955 bus:FullAccounts 2024-10-01 2025-09-30 NI611955 curr:PoundSterling 2024-10-01 2025-09-30 NI611955 core:Non-currentFinancialInstruments 2024-09-30 NI611955 core:FurnitureFittingsToolsEquipment 2024-09-30 NI611955 bus:CompanySecretary1 2024-10-01 2025-09-30 NI611955 core:FurnitureFittingsToolsEquipment 2024-10-01 2025-09-30 NI611955 core:MotorVehicles 2024-09-30 NI611955 2024-10-01 NI611955 core:OwnedOrFreeholdAssets core:FurnitureFittingsToolsEquipment 2024-10-01 2025-09-30 NI611955 core:CurrentFinancialInstruments 2024-09-30 NI611955 core:FurnitureFittingsToolsEquipment 2025-09-30 NI611955 core:OwnedOrFreeholdAssets core:MotorVehicles 2024-10-01 2025-09-30 NI611955 core:RetainedEarningsAccumulatedLosses 2023-10-01 2024-09-30 NI611955 core:Non-currentFinancialInstruments 2025-09-30 NI611955 core:WithinOneYear 2025-09-30 NI611955 bus:FRS102 2024-10-01 2025-09-30 NI611955 core:MotorVehicles 2024-10-01 2025-09-30 NI611955 2024-09-30 NI611955 2025-09-30 NI611955 2023-10-01 2024-09-30 NI611955 2024-10-01 2025-09-30 NI611955 2023-10-01 xbrli:pure xbrli:pure iso4217:GBP iso4217:GBP

Registered number: NI611955

Construction Equipment Distribution Limited

Report and Financial Statements

For The Year Ended 30 September 2025

Construction Equipment Distribution Limited

Company information2
Strategic report4
Directors' report7
Audit report10
Statement of comprehensive income17
Balance sheet18
Statement of changes in equity19
Notes to the financial statements20

Company information

​Directors

J Bickerton (appointed 14-06-2025)
C J H Montgomery
H M J Montgomery
M Kennedy (resigned 21-12-2024)

Company​​ secretary

J A Darragh​

Registered number

NI611955​

Registered office

​​607 Antrim Road​
​​
Newtownabbey​​
BT36 4RF​

​Independent auditors

Grant Thornton (NI) LLP 

Chartered Accountants & Statutory Auditors​​​
12-15 Donegall Square West​
Belfast​​
BT1 6JH​

Bankers

Bank of Ireland​
275 Antrim Road​​
Newtownabbey​​
BT36 7QN​
​

2

Company information

Solicitor

Carson McDowell LLP​
Murray House​
4 Murray Street ​​
Belfast​​
BT1 6DN​​

3

Construction Equipment Distribution 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 the sale and repair and maintenance of heavy construction.

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 within the transport industry and sells its products and services through dealerships and sales representatives to customers throughout the UK. 

Principal risks and uncertainties

The construction equipment 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 and sales support.

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.

4

Construction Equipment Distribution 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.

2025
£
2024
£
Turnover
12,022,886
14,093,175
Gross Margin (%)
5
-
Loss before tax
(1,324,216)
(2,395,295)
Equity Shareholders' Funds
(4,670,076)
(4,655,609)

The business environment in which we operate continues to be extremely challenging, in particular for new trucks. The impact of the current economic uncertainty, pending regulation and strong competition continues to present us with challenges. We however, continue to explore areas of growth to maximise turnover and margin through efficient practises and maintain plans to develop the business in the coming year.

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.

5

Construction Equipment Distribution 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​​​

29 June 2026 

6

Construction Equipment Distribution 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:

J Bickerton (appointed 14-06-2025)

C J H Montgomery

H M J Montgomery

M Kennedy (resigned 21-12-2024)

Results and dividends

The loss for the year, after taxation, amounted to £14,467 (2024 loss: £2,027,939). 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. 

Events since the balance sheet​ date

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

Disabled employees

In dealing with applications for employment from the disabled or where individuals became disabled whilst in the company’s employment, every reasonable effort is made to provide opportunities for them, having regard to the ability of the individuals concerned, and to provide training and other appropriate facilities. 

Engagement with employees

Meetings with employee representatives took place during the year to keep employees informed as to the performance of the company and plans for the future. Management was also aware of the views of employees through these regular meetings. 

7

Construction Equipment Distribution Limited

Directors' report

for the year ended 30 September 2025

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.

8

Construction Equipment Distribution 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
 

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 

9

Construction Equipment Distribution Limited

Independent auditors' report to the shareholders of Construction Equipment Distribution Limited

Opinion

We have audited the financial statements of Construction Equipment Distribution 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.

10

Construction Equipment Distribution Limited

Independent auditors' report to the shareholders of Construction Equipment Distribution Limited

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.

11

Construction Equipment Distribution Limited

Independent auditors' report to the shareholders of Construction Equipment Distribution 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.

12

Construction Equipment Distribution Limited

Independent auditors' report to the shareholders of Construction Equipment Distribution Limited

​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.

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.

13

Construction Equipment Distribution Limited

Independent auditors' report to the shareholders of Construction Equipment Distribution Limited

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 statement.

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;

14

Construction Equipment Distribution Limited

Independent auditors' report to the shareholders of Construction Equipment Distribution Limited

•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.

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 ​

15

Construction Equipment Distribution Limited

Independent auditors' report to the shareholders of Construction Equipment Distribution Limited

12-15 Donegall Square West

​Belfast

BT1 6JH

Date:29th June 2026​

16

Construction Equipment Distribution Limited

Statement of comprehensive income​
​for the year ended 30 September 2025

Note
2025
£
2024
£
Turnover
 4
12,022,886
14,093,175
Cost of sales
(11,450,560)
(14,116,925)
Gross profit
572,326
(23,750)
Administrative expenses
(1,365,294)
(1,711,490)
Other operating income
(5,638)
(738)
Operating loss
 6
(798,606)
(1,735,978)
Interest payable and similar expenses
 9
(525,610)
(659,317)
Loss before tax
(1,324,216)
(2,395,295)
Tax on Loss
 10
1,309,749
367,356
Loss for the financial year
(14,467)
(2,027,939)

The notes on pages 19 to 32 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)

17

Construction Equipment Distribution Limited

Registered number: NI611955​

Balance sheet​

as at 30 September 2025

Note
2025
£
2024
£
Fixed assets
Tangible fixed assets
 11
213,827
450,497
 
213,827
450,497
Current assets
Stocks
 12
3,797,861
4,335,422
Debtors: amounts falling due within one year
 13
1,045,599
2,299,104
Cash at bank and in hand
-
596
 
4,843,460
6,635,122
Creditors: amounts falling due within one year
 14
(10,635,990)
(11,561,953)
Net current liabilities
(5,792,530)
(4,926,831)
Total assets less current liabilities
(5,578,703)
(4,476,334)
Creditors: amounts falling due after more than one year
 15
(32,980)
(134,143)
 
(5,611,683)
(4,610,477)
Provisions for liabilities
Deferred taxation
 17
941,607
(45,132)
Net liabilities
(4,670,076)
(4,655,609)
Capital and reserves
Called up share capital
 18
600,000
600,000
Profit and loss account
 19
(5,270,076)
(5,255,609)
Total capital and reserves
(4,670,076)
(4,655,609)

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 19 to 32 form part of these financial statements.

18

Construction Equipment Distribution Limited

Statement of changes in equity
For The Year​ Ended 30 September 2025​

Called up share capital
£
Profit and loss account
£
Total
£
At 1 October 2023 
600,000
(3,227,670)
(2,627,670)
Loss for the year
-
(2,027,939)
(2,027,939)
At 1 October 2024
600,000
(5,255,609)
(4,655,609)
Loss for the year
-
(14,467)
(14,467)
At 30 September 2025
600,000
(5,270,076)
(4,670,076)

The notes on pages 19 to 32 form part of these financial statements.

19

Construction Equipment Distribution Limited

1. General information

Construction Equipment Distribution 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, County Antrim, BT36 4RF.

The principal activity of the Company is the sale and repair and maintenance of heavy construction.

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 3.

The Company's functional and presentational currency is the Pound Sterling.

20

Construction Equipment Distribution Limited

2. Accounting policies continued
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 companies house.

c. Revenue

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

•the Company​​​ ​has transferred the significant risks and rewards of ownership to the buyer;
•the Company​​​ retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
•the amount of revenue can be measured reliably;
•it is probable that the Company​​​ will receive the consideration due under the transaction; and
•the costs incurred or to be incurred in respect of the transaction can be measured reliably.

21

Construction Equipment Distribution Limited

2. Accounting policies continued
c. Revenue continued

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.
d. 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
Plant and equipment
12.5% straight line
Motor Vehicles
20% to 25% straight line
Fixtures, fittings and equipment
10% straight line
Computer equipment
20% 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.

22

Construction Equipment Distribution Limited

2. Accounting policies continued
e. 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.

f. Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis.

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.

g. 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'.

h. Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest rate method, less any impairment.

i. Creditors

Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

23

Construction Equipment Distribution Limited

2. Accounting policies continued
j. 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.

k. 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.

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.

24

Construction Equipment Distribution Limited

2. Accounting policies continued
l. Pension costs

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. 

The contributions are recognised as an expense in the income statement when they fall due. Amounts not paid are shown in accruals as a liability in the statement of financial position. The assets of the plan are held separately from the company in independently administered funds.

m. 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.

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 

25

Construction Equipment Distribution 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 re-assessed 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. 
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​.

26

Construction Equipment Distribution Limited

5. Auditors'
2025
£
2024
£
Fees payable to the Company's auditor for the audit of the Company's annual financial statements
24,000
24,475
6. Operating profit

Arrived at after charging:

2025
£
2024
£
Depreciation of owned assets
138,866
53,700
Depreciation of assets held on hire purchase and finance lease agreements
92,717
99,539
Loss on disposal of property, plant and equipment
5,638
738
Auditors' remuneration - audit services
24,000
24,475
7. Employees

Staff costs, including Directors' remuneration, were as follows:

2025
£
2024
£
 
Wages and salaries
1,110,490
1,730,611
Social security costs
150,869
200,168
Pension costs, defined contribution scheme
32,912
37,536
1,294,271
1,968,315

The average monthly number of employees, including the Director, during the year was as follows:


2025
No.

2024
No.
Operations
14
22
Sales and administration
6
11
 
20
33
8. Directors'

The directors received no remuneration from the company in the year (2024: £Nil).

27

Construction Equipment Distribution Limited

9. Interest payable and similar expenses
2025
£
2024
£
Bank interest payable
515,161
640,853
Hire purchase and finance lease interest payable
10,449
18,464
 
525,610
659,317
10. Taxation
2025
£
2024
£
Corporation tax
UK Corporation tax on profits for the year
(297,275)
175,228
Adjustments in respect of previous periods
(558,143)
(59,692)
 
(855,418)
115,536
 
(855,418)
115,536
Total current tax
(855,418)
115,536
Deferred tax
Origination and reversal of timing differences
(12,187)
(482,892)
Deferred tax - adjustments in respect of previous periods
(442,144)
-
Total deferred tax
(454,331)
(482,892)
Tax on Loss
(1,309,749)
(367,356)

An entity shall disclose a reconciliation between the tax expense/income included in profit or loss and the profit or loss before tax multiplied by the applicable by the applicable tax rate. (FRS 102 Section 29.27 (b))

Reconciliation of tax credit
2025
£
2024
£
Loss before tax
(1,324,216)
(2,395,295)
Loss multiplied by the standard rate of corporation tax in the UK of 25.00% (2024 - 25.00%)
(331,054)
(523,556)
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
1,991
1,952
Adjustment to tax charge in respect of prior periods
(558,143)
115,536
Deferred tax (credit)/expense relating to changes in tax rates or laws
(442,144)
35,041
Other differences
19,601
3,671
Total tax credit for the year
(1,309,749)
(367,356)

28

Construction Equipment Distribution Limited

11. Tangible fixed assets
Motor vehicles
£
Fixtures, fittings and equipment
£
Total
£
Cost
At 1 October 2024
780,142
461,840
1,241,982
Disposals
(170,720)
(431,854)
(602,574)
At 30 September 2025
609,422
29,986
639,408
Depreciation and impairment
At 1 October 2024
(474,144)
(317,341)
(791,485)
Charge for the year on owned assets
(102,845)
(36,022)
(138,867)
Disposals
170,720
334,051
504,771
At 30 September 2025
(406,269)
(19,312)
(425,581)
Net book value
At 30 September 2025
203,153
10,674
213,827
At 30 September 2024
305,998
144,499
450,497

The net book value of assets includes £196,620 (2024: £302,997 ) in respect of assets held under finance lease or hire purchase. The depreciation charge in respect of such assets amounted to £92,717 (2024: £93,676) for the year.

12. Stocks
2025
£
2024
£
Work in progress
142,691
132,752
Finished goods and goods for resale
3,655,170
4,202,670
 
3,797,861
4,335,422

The replacement cost of stocks does not differ materially from the balance sheet amount.

29

Construction Equipment Distribution Limited

13. Debtors
2025
£
2024
£
Due within one year
Debtors
403,625
1,232,569
Amounts owed by group undertakings
320,000
387,247
Other debtors
24,699
29,452
Corporation tax receivable
297,275
649,836
 
1,045,599
2,299,104
14. Creditors
2025
£
2024
£
Bank overdrafts
2,663,579
2,146,646
Trade creditors
1,945,808
2,339,499
Amounts owed to group undertakings
5,142,567
5,387,078
Other taxation and social security
87,320
-
Obligations under finance lease and hire purchase contracts
101,163
109,404
Other creditors
-
589,992
Accruals and deferred income
695,553
989,334
 
10,635,990
11,561,953

As security for any bank overdraft which may arise, Bank of Ireland holds a full mortgage debenture over the assets of the company. The company has also entered into an unlimited intercompany cross guarantee with other members of the Ballyvesey Industries Limited Group. 

Amounts due under hire purchase and finance lease agreements are secured against the assets to which they relate.

15. Creditors
2025
£
2024
£
Obligations under finance lease and hire purchase contracts
32,980
134,143

30

Construction Equipment Distribution Limited

16. Obligations under finance leases and hire purchase contracts

At 30 September 2025, the Company had future minimum payments falling due under finance leases for each of the following periods:

2025
£
2024
£
Not later than one year
101,163
109,404
Later than one year and not later than five years
32,980
134,143
 
134,143
243,547
17. Deferred taxation
2025
£
At 1 October 2024 (as previously stated)
487,276
Charged to profit or loss
(454,331)
At 30 September 2025
32,945

The deferred tax balance is made up as follows:

2025
£
2024
£
Accelerated capital allowances
32,945
941,607

31

Construction Equipment Distribution Limited

18. Share capital

Authorised

2025
£
2024
£
Ordinary
shares of £1 each
600,000
600,000

Allotted, called up and fully paid shares

2025
Number
2025
£
2024
Number
2024
£
Ordinary 
shares of £1 each
600,000
600,000
600,000
600,000

Each ordinary share holds one voting right.

19. Reserves

Called up share capital

This reserve represents the nominal value of shares that have been issued.

Profit and loss account

This reserve includes all current and prior period retained profits and losses.

20. 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 £32,912 (2024: £37,536). 

21. Other financial commitments

At 30 September 2025, the Company had future minimum commitments under non-cancellable operating leases as set out below:

Property
2025
£
Property
2024
£
Within one year
-
129,000

32

Construction Equipment Distribution Limited

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.

33