REGISTERED NUMBER: 15205938 (England and Wales)

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 October 2025

for

Ballantyne Holdings Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Consolidated Income Statement

7

Consolidated Other Comprehensive Income

8

Consolidated Balance Sheet

9

Company Balance Sheet

10

Consolidated Statement of Changes in Equity

11

Company Statement of Changes in Equity

12

Consolidated Cash Flow Statement

13

Notes to the Consolidated Cash Flow Statement

14

Notes to the Consolidated Financial Statements

15

DIRECTORS:

R A Fox

L Fox

D B Fox

D Fox

REGISTERED OFFICE:

Ballantyne House, John Boyle Road

South Tees Freight Park,

South Bank

Middlesbrough

TS6 6TY

REGISTERED NUMBER:

15205938 (England and Wales)

AUDITORS:

Anderson Barrowcliff Limited

Statutory Auditors

Chartered Accountants

3 Kingfisher Court

Bowesfield Park

Stockton on Tees

TS18 3EX

The directors present their strategic report of the company and the group for the year ended 31 October 2025.

REVIEW OF BUSINESS

The results for the year and financial position of the group are as shown in the annexed financial statements and were considered to be satisfactory by the directors.

The group operates in a highly competitive industry which is facing a number of major challenges including driver shortages, global pressures on fuel prices, efficient vehicle utilisation and road congestion.

PRINCIPAL RISKS AND UNCERTAINTIES

The group supplies services to a wide range of customers within a number of diverse industry sectors. The directors believe that they have taken adequate steps to mitigate the risk and resulting problems of any over dependence on either a particular industry sector or major customer. The group closely monitors the performance levels of both drivers and vehicles to achieve the most efficient utilisation of vehicles.

KEY PERFORMANCE INDICATORS

Given the straightforward nature of the business, the group's directors are of the opinion that analysis using KPI's is not necessary for an understanding of the development, performance or position of the entity and that all relevant financial information has been disclosed within the financial statements.

ON BEHALF OF THE BOARD:

R A Fox - Director

15 July 2026

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

DIVIDENDS

The total distribution of dividends for the year ended 31 October 2025 is £125,000 in respect of the ordinary shares.

DIRECTORS

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

R A Fox

L Fox

D B Fox

D Fox

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

-	select suitable accounting policies and then apply them consistently;

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

-	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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

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

ON BEHALF OF THE BOARD:

R A Fox - Director

15 July 2026

Opinion

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

In our opinion the financial statements:

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

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

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

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

Auditors' responsibilities for the audit of the financial statements

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

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

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.

Based on our understanding of the industry, we have considered applicable laws and regulations which may be fundamental to the group's ability to operate or to avoid a material penalty, and we considered the extent to which non-compliance might have a material effect on the financial statements. We considered 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 the posting of inappropriate manual journal entries to manipulate financial performance, management bias and any significant one-off or unusual transactions.

We discussed among the audit engagement team the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

Audit procedures performed by the engagement team included:

-

Enquiry of management and those charged with governance around actual and potential litigation and claims.

-

Enquiry of entity staff to identify any instances of non-compliance with laws and regulations.

-

Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

-

Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

-

Revenue recognition; agreeing a sample of revenue transactions to gain assurance over the occurrence and accuracy of revenue and also to ensure revenue has been recognised in the correct period.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Helen Wilson FCA (Senior Statutory Auditor)

for and on behalf of Anderson Barrowcliff Limited

Statutory Auditors

Chartered Accountants

3 Kingfisher Court

Bowesfield Park

Stockton on Tees

TS18 3EX

20 July 2026

TURNOVER

10,331,970

9,358,654

Cost of sales

7,572,070

7,062,386

GROSS PROFIT

2,759,900

2,296,268

Administrative expenses

1,749,756

1,703,321

1,010,144

592,947

Other operating income

6,090

8,736

OPERATING PROFIT

4

1,016,234

601,683

Interest receivable and similar income

216,502

213,547

1,232,736

815,230

Interest payable and similar expenses

5

-

1,444

PROFIT BEFORE TAXATION

1,232,736

813,786

Tax on profit

6

307,464

209,733

PROFIT FOR THE FINANCIAL YEAR

925,272

604,053

Profit attributable to:

Owners of the parent

925,272

604,053

PROFIT FOR THE YEAR

925,272

604,053

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

925,272

604,053

Total comprehensive income attributable to:

Owners of the parent

925,272

604,053

FIXED ASSETS

Tangible assets

9

3,661,485

3,705,980

Investments

10

-

-

3,661,485

3,705,980

CURRENT ASSETS

Stocks

11

43,292

49,032

Debtors

12

1,777,913

1,502,850

Cash at bank

5,710,769

4,956,818

7,531,974

6,508,700

CREDITORS

Amounts falling due within one year

13

1,701,788

1,539,281

NET CURRENT ASSETS

5,830,186

4,969,419

TOTAL ASSETS LESS CURRENT LIABILITIES

9,491,671

8,675,399

PROVISIONS FOR LIABILITIES

15

907,000

891,000

NET ASSETS

8,584,671

7,784,399

CAPITAL AND RESERVES

Called up share capital

16

2,000

2,000

Retained earnings

17

8,582,671

7,782,399

SHAREHOLDERS' FUNDS

8,584,671

7,784,399

The financial statements were approved by the Board of Directors and authorised for issue on 15 July 2026 and were signed on its behalf by:

R A Fox - Director

FIXED ASSETS

Tangible assets

9

-

-

Investments

10

1,000

1,000

1,000

1,000

CURRENT ASSETS

Debtors

12

1,000

1,000

Cash at bank

3,366,823

3,228,089

3,367,823

3,229,089

CREDITORS

Amounts falling due within one year

13

186,198

150,314

NET CURRENT ASSETS

3,181,625

3,078,775

TOTAL ASSETS LESS CURRENT LIABILITIES

3,182,625

3,079,775

CAPITAL AND RESERVES

Called up share capital

16

2,000

2,000

Retained earnings

3,180,625

3,077,775

SHAREHOLDERS' FUNDS

3,182,625

3,079,775

Company's profit for the financial year

227,850

3,202,775

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

The financial statements were approved by the Board of Directors and authorised for issue on 15 July 2026 and were signed on its behalf by:

R A Fox - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 12 October 2023

-

7,303,346

7,303,346

Changes in equity

Issue of share capital

2,000

-

2,000

Dividends

-

(125,000

)

(125,000

)

Total comprehensive income

-

604,053

604,053

Balance at 31 October 2024

2,000

7,782,399

7,784,399

Changes in equity

Dividends

-

(125,000

)

(125,000

)

Total comprehensive income

-

925,272

925,272

Balance at 31 October 2025

2,000

8,582,671

8,584,671

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Changes in equity

Issue of share capital

2,000

-

2,000

Dividends

-

(125,000

)

(125,000

)

Total comprehensive income

-

3,202,775

3,202,775

Balance at 31 October 2024

2,000

3,077,775

3,079,775

Changes in equity

Dividends

-

(125,000

)

(125,000

)

Total comprehensive income

-

227,850

227,850

Balance at 31 October 2025

2,000

3,180,625

3,182,625

Cash flows from operating activities

Cash generated from operations

1

1,637,726

1,474,590

Interest element of hire purchase or finance lease rental payments paid

-

(1,444

)

Tax paid

(241,994

)

(168,919

)

Net cash from operating activities

1,395,732

1,304,227

Cash flows from investing activities

Purchase of tangible fixed assets

(840,975

)

(622,781

)

Sale of tangible fixed assets

107,120

103,817

Cash introduced from subsidiary

-

4,099,454

Interest received

216,502

213,547

Net cash from investing activities

(517,353

)

3,794,037

Cash flows from financing activities

Capital repayments in year

-

(16,940

)

Amount introduced by directors

75,447

74,875

Amount withdrawn by directors

(74,875

)

(75,381

)

Share issue

-

1,000

Equity dividends paid

(125,000

)

(125,000

)

Net cash from financing activities

(124,428

)

(141,446

)

Increase in cash and cash equivalents

753,951

4,956,818

Cash and cash equivalents at beginning of year

2

4,956,818

-

Cash and cash equivalents at end of year

2

5,710,769

4,956,818

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

Period

12.10.23

Year Ended

to

31.10.25

31.10.24

£

£

Profit before taxation

1,232,736

813,786

Depreciation charges

793,126

805,021

Profit on disposal of fixed assets

(14,776

)

(6,737

)

Finance costs

-

1,444

Finance income

(216,502

)

(213,547

)

1,794,584

1,399,967

Decrease in stocks

5,740

22,830

Increase in trade and other debtors

(275,063

)

(99,331

)

Increase in trade and other creditors

112,465

151,124

Cash generated from operations

1,637,726

1,474,590

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 October 2025

31.10.25

1.11.24

£

£

Cash and cash equivalents

5,710,769

4,956,818

Period ended 31 October 2024

31.10.24

12.10.23

£

£

Cash and cash equivalents

4,956,818

-

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.11.24

Cash flow

At 31.10.25

£

£

£

Net cash

Cash at bank

4,956,818

753,951

5,710,769

4,956,818

753,951

5,710,769

Total

4,956,818

753,951

5,710,769

1.	STATUTORY INFORMATION

Ballantyne Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Basis of consolidation

The consolidated financial statements incorporate the financial statements of the company and its subsidiary companies. The results of the subsidiaries acquired are consolidated for the periods from the date on which control passed and are accounted for under the purchase method.

As permitted by section 408 of the Companies Act 2006, the profit and loss account of the parent company is not presented as part of these financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Rendering of services

Turnover from haulage is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to completion of the job.

Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.

Tangible fixed assets

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

Freehold property

-

10% on cost

Short leasehold

-

over the period of the lease

Plant and machinery

-

10% on cost

Fixtures and fittings

-

25% on cost

Motor vehicles

-

10% -20% on cost

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell on a first in, first out basis. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Taxation

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Deferred tax

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

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

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

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss.

Provisions

Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

Judgements and key sources of estimation uncertainty

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

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

3.	EMPLOYEES AND DIRECTORS

Period

12.10.23

Year Ended

to

31.10.25

31.10.24

£

£

Wages and salaries

3,377,691

3,209,077

Social security costs

373,070

313,918

Other pension costs

362,268

355,733

4,113,029

3,878,728

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

Period

12.10.23

Year Ended

to

31.10.25

31.10.24

Drivers

51

50

Fitters

4

4

Administration

18

20

Cleaners

1

1

74

75

Period

12.10.23

Year Ended

to

31.10.25

31.10.24

£

£

Directors' remuneration

290,439

278,599

Directors' pension contributions to money purchase schemes

182,621

182,621

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

4

4

Information regarding the highest paid director is as follows:

Period

12.10.23

Year Ended

to

31.10.25

31.10.24

£

£

Emoluments etc

92,300

91,261

Pension contributions to money purchase schemes

61,986

61,986

4.	OPERATING PROFIT

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

Period

12.10.23

Year Ended

to

31.10.25

31.10.24

£

£

Vehicle & equipment leasing costs

21,998

5,714

Depreciation - owned assets

793,126

805,021

Profit on disposal of fixed assets

(14,776

)

(6,736

)

Auditors remuneration

10,000

7,000