R.T. Keedwell Limited

Strategic Report for the Year Ended 31 October 2025

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

Principal activity

The principal activity of the company is road haulage.

Fair review of the business

The company's key financial and other performance indicators during the year were as follows:

Financial KPIs	Unit	2025	2024
Turnover	£	25,147,686	25,382,505
Gross profit	£	2,301,499	2,767,628
Gross margin	%	9	11
EBITDA	£	2,054,460	2,108,547
Net profit/(loss) before tax	£	(633,363)	(424,667)
Current net assets	£	9,661,226	9,323,476
Net assets	£	11,848,966	12,115,856

The general haulage industry, and the company, remains highly capital intensive with relatively low gross and net profit margins. Over recent years the industry has seen both operating costs and pricing pressures increase, thereby further impacting the margins.

The Ukraine and Middle East conflicts and the downturn in the UK economy have continued to impact trading during 2025. Company turnover has decreased from £25.4m to £25.1m. Gross margins are eroded due increased wages, fuel and running costs. The company recorded a gross margin of £2.3m, against £2.8m and net loss of £633k, against £425k.

The company is the group’s principal general haulage operation, accounting for 49% of total turnover. Its performance should therefore be assessed in the context of the strong performance of the wider S R Keedwell Holdings Ltd group, whose key financial and other performance indicators for the same period were as follows:

R.T. Keedwell Limited

Strategic Report for the Year Ended 31 October 2025

	Unit	2025	2024
Turnover	£	51,090,206	50,803,832
Gross profit	£	7,047,638	7,246,491
Gross profit %	%	14	14
EBITDA	£	4,695,978	3,499,641
Net profit/(loss) before tax	£	1,972,319	386,716
Current net assets	£	16,673,805	14,811,292
Net assets	£	30,559,179	28,295,146

Revenue performance is monitored closely by management against gross margins and the return per vehicle, with the aim of ensuring strong utilisation of the vehicles but not at the cost of profits. As part of this the fleet size is constantly being reviewed, and the nature of the work undertaken is challenged.

In addition to this the board continues to monitor costs, with particular focus on employee and fuel costs compared with the cost of utilising subcontractors. The aim is to improve the gross profit margins. Control of these costs has been challenging this year due to increased wage demands from drivers, the need to utilise subcontractors to meet demand, and general overhead increases.

As noted in the prior year, measures continue to be taken to improve operational efficiency and profitability by addressing vehicle utilisation, removing inefficient work patterns and a drive to improve customer rates. These continue to be key areas of focus for the board, and whilst accepting significant progress is still required, they are confident that the actions being taken will enable profitability to continue to improve. The year-end balance sheet position remains strong, with the company well positioned to address the challenging market.

Future developments

The external commercial environment is expected to remain competitive, and the cost of fuel remains significant. However, the board continues to focus on improving margins through a mix of pricing and cost controls. The board are focusing on areas where the business is more efficient, moving into more profitable sectors and are engaging with a number of significant local developments and remain confident that these will provide growth both in revenue and margin.

Since the year-end the company’s 2025/6 trading has brought increased profitability although turnover levels have not increased. As a board we continue to monitor the technological changes within our industry, including fuel types and driverless vehicles and the changing employee environment, with particular focus on recruitment and retention of employees.

R.T. Keedwell Limited

Strategic Report for the Year Ended 31 October 2025

Principal risks and uncertainties

The management of the business and the execution of the company's strategy are subject to a number of risks. The key business risks and uncertainties affecting the company are considered to relate to competition from both national and independent hauliers, fuel prices and the employment and retention of additional HGV drivers. Management monitor these closely ensuring their pricing remains appropriately competitive and that the company is attractive to employees in what is currently an employee market. Fuel price changes are passed on to customers where possible or absorbed.

A number of unforeseen risks have arisen in the past few years, including the Covid-19 pandemic, the effects of the Ukraine and Middle East conflicts and the high inflationary economic environment, and all have impacted the company’s trading. In order to address these challenges the directors continually assessed the risks in detail, concluding that the company remains well placed to navigate such issues. The costs and cash requirements are managed closely and the company seeks to ensure tight controls over the credit procedures and where applicable, government support has been obtained.

Approved by the Board on 22 July 2026 and signed on its behalf by:

S R Keedwell Director

R.T. Keedwell Limited

Directors' Report for the Year Ended 31 October 2025

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

Dividends

Ordinary dividends of £nil were paid during the year (2024: £nil). The directors do not recommend payment of a final dividend.

Directors of the company

The directors who held office during the year were as follows:

H W Crossman (appointed 16 January 2025 and ceased 14 August 2025)

S R Keedwell

G S Janes

J D White

The following director was appointed after the year end:

I C Brown (appointed 18 November 2025)

Financial instruments

Objectives and policies

The company’s principal financial instruments are all relatively standard and comprise bank balances, bank overdrafts, trade creditors, trade debtors, loans to the company and finance lease agreements. The main purpose of these instruments is to raise funds for the company’s operations and to finance the company’s operations.

Price risk, credit risk, liquidity risk and cash flow risk

Due to the nature of the financial instruments used by the company there is no exposure to price risk. The company’s approach to managing other risks applicable to the financial instruments concerned is shown below.

In respect of bank balances the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest. The company makes use of money market facilities where funds are available.

In respect of loans these comprise loans from the directors and loans from financial institutions. The interest rate on the loans from financial institutions is variable but the monthly repayments are fixed. The company manages the liquidity risk by ensuring there are sufficient funds to meet the payments. The loans from the directors are interest free and payable on demand. The directors are aware of the company’s required finance and have determined that these will only be repaid in whole or in part when finance is available.

The company is a lessee in respect of finance leased assets. The liquidity risk in respect of these is managed in the same way as loans above.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to settle amounts as they fall due.

R.T. Keedwell Limited

Directors' Report for the Year Ended 31 October 2025

Going concern

As stated in note 2, the directors have concluded that it is appropriate to prepare the financial statements on a going concern basis.

Future Developments

The future developments of the business are included within the strategic report.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Reappointment of auditors

The auditors Albert Goodman LLP are deemed to be reappointed under section 487(2) of the Companies Act 2006.

Approved by the Board on 22 July 2026 and signed on its behalf by:

S R Keedwell Director

R.T. Keedwell Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

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

•	select suitable accounting policies and apply them consistently;

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

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

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

R.T. Keedwell Limited

Independent Auditor's Report to the Members of R.T. Keedwell Limited

Opinion

We have audited the financial statements of R.T. Keedwell Limited (the 'company') for the year ended 31 October 2025, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, and 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 company's affairs as at 31 October 2025 and of its loss for the year then ended;
•	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
•	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's 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 original financial statements were 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.

R.T. Keedwell Limited

Independent Auditor's Report to the Members of R.T. Keedwell Limited

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report 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 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 matter 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 Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

•	the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

In the light of our 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.

Matters on which we are required to report by exception

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, 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.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 7, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

R.T. Keedwell Limited

Independent Auditor's Report to the Members of R.T. Keedwell Limited

Auditor Responsibilities for the audit of the financial statements

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

•	the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
•	we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the haulage sector;
•	we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, employment, environmental, and health and safety legislation;
•	we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
•	identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

•	making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
•	considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

•	performed analytical procedures to identify any unusual or unexpected relationships;
•	tested journal entries to identify unusual transactions;
•	assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
•	investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

R.T. Keedwell Limited

Independent Auditor's Report to the Members of R.T. Keedwell Limited

•	agreeing financial statement disclosures to underlying supporting documentation;
•	enquiring of management as to actual and potential litigation and claims; and
•	reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company’s legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

Use of our report

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

Christopher Walford FCA (Senior Statutory Auditor)
For and on behalf of Albert Goodman LLP, Statutory Auditor

Goodwood House
Blackbrook Park Avenue
Taunton
Somerset
TA1 2PX

23 July 2026

R.T. Keedwell Limited

Profit and Loss Account
for the Year Ended 31 October 2025

	Note	2025  £	2024  £
Turnover	3	25,147,686	25,382,505
Cost of sales		(22,846,187)	(22,614,877)
Gross profit		2,301,499	2,767,628
Administrative expenses		(2,775,788)	(3,108,142)
Other operating income	4	103,054	105,293
Operating loss	5	(371,235)	(235,221)
Other interest receivable and similar income	6	136,800	228,339
Interest payable and similar charges	7	(398,928)	(417,785)
Loss before tax		(633,363)	(424,667)
Taxation	11	366,473	(107,058)
Loss for the financial year		(266,890)	(531,725)

The above results were derived from continuing operations.

R.T. Keedwell Limited

Statement of Comprehensive Income
for the Year Ended 31 October 2025

	2025 £	2024 £
Loss for the year	(266,890)	(531,725)
Total comprehensive income for the year	(266,890)	(531,725)

R.T. Keedwell Limited

(Registration number: 01658126)
Balance Sheet as at 31 October 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	12	7,556,118	9,901,358
Current assets
Stocks	13	243,258	250,475
Debtors	14	12,260,576	10,507,689
Cash at bank and in hand		2,688,219	3,972,645
		15,192,053	14,730,809
Creditors: Amounts falling due within one year	16	(5,530,827)	(5,407,333)
Net current assets		9,661,226	9,323,476
Total assets less current liabilities		17,217,344	19,224,834
Creditors: Amounts falling due after more than one year	16	(4,842,594)	(6,428,855)
Provisions for liabilities	17	(525,784)	(680,123)
Net assets		11,848,966	12,115,856
Capital and reserves
Called up share capital		100	100
Share premium reserve		15,598	15,598
Retained earnings		11,833,268	12,100,158
Shareholders' funds		11,848,966	12,115,856

Approved and authorised by the Board on 22 July 2026 and signed on its behalf by:
 

S R Keedwell Director

R.T. Keedwell Limited

Statement of Changes in Equity
for the Year Ended 31 October 2025

	Share capital £	Share premium £	Retained earnings £	Total £
At 1 November 2024	100	15,598	12,100,158	12,115,856
Loss for the year	-	-	(266,890)	(266,890)
At 31 October 2025	100	15,598	11,833,268	11,848,966