REGISTERED NUMBER: 02791270 (England and Wales)

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

FOR

BARTLETTS TRANSPORT AND WAREHOUSES LTD

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:

B R Bartlett

G D Bartlett

Ms R L Burns

SECRETARY:

Ms R L Burns

REGISTERED OFFICE:

Old Bank

The Triangle

Paulton

Bristol

BS39 7LE

REGISTERED NUMBER:

02791270 (England and Wales)

AUDITORS:

Fuller & Roper Chartered Accountants

12 Old Mills Industrial Estate

Paulton

Bristol

BS39 7SU

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

The group companies provide wholesale packaging services and hold a number of commercial investment properties.

REVIEW OF BUSINESS

The group has seen a steady increase in turnover and profitability, driven by increased automation within the trading subsidiary, with less emphasis on seasonal product lines.

The company plans on making considerable investment in renewable energy sources for their operating premises in the coming year which will help protect them from future fluctuations in energy prices.

PRINCIPAL RISKS AND UNCERTAINTIES

The group has reviewed it's exposure to possible risk and uncertainties. Energy price fluctuations has been a significant consideration in the year and continues to have a level of uncertainty going forwards. The company has mitigated this risk by investing in renewable energy sources and will be making considerable investment in the coming year.

labour shortages have continued to be a factor across the industry. The company has mitigated this by investing in addition plant to improve automation and have moved away from seasonal labour intensive contracts

GROUP PERFORMANCE

The profit margin has increased 2025: 65% (2024: 59%), partly as a result of reduced energy costs The trading company expects to continue growing steadily and will be looking to expand the business in the next year.The parent company's income from investment properties remains stable with it's properties let on long term leases and well established and financially stable businesses.

ON BEHALF OF THE BOARD:

B R Bartlett - Director

29 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

Interim dividends per share were paid during the year as follows:

Ordinary A Shares £1

-

£3.22914

Ordinary C Shares 1

-

£8400

The total distribution of dividends for the year ended 31 October 2025 will be £ 1,031,805 .

DIRECTORS

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

B R Bartlett

G D Bartlett

Ms R L Burns

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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Fuller & Roper Chartered Accountants, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

B R Bartlett - Director

29 July 2026

Opinion

We have audited the financial statements of Bartletts Transport and Warehouses Ltd (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:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures to respond to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis to our opinion.

We have identified and assess the potential risks related to irregularities, including fraud, by:

- Making enquiries of management regarding the compliance with laws and regulations, the detection of and response to the risk of fraud and any knowledge of actual, suspected or alleged fraud. We also discussed the controls in place to mitigate fraud risks or non-compliance with laws and regulations.

- Obtaining an understanding of the legal and regulatory framework in which the company operates. The key laws and regulations are considered to be accounting standards and the Companies Act 2006.

We have responded to risks identified by performing procedures including the following:

- Making enquiries of management concerning actual and potential litigation claims;

- Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of misstatement due to fraud; and

- Reviewing the financial statement disclosures and testing to supporting documentation.

- Reviewing payroll records and agreeing to nominal ledger entries.

We have also considered the risk of fraud through management override of controls by:

- Testing a sample of journal entries for appropriateness; and

- Assessing whether the judgements made in making accounting estimates are indicative of potential bias.

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. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities 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.

Simon Roper (Senior Statutory Auditor)

for and on behalf of Fuller & Roper Chartered Accountants

12 Old Mills Industrial Estate

Paulton

Bristol

BS39 7SU

29 July 2026

TURNOVER

7,750,796

6,644,808

Cost of sales

2,785,147

2,677,227

GROSS PROFIT

4,965,649

3,967,581

Distribution costs

36,160

29,871

Administrative expenses

1,459,323

1,336,288

1,495,483

1,366,159

OPERATING PROFIT

4

3,470,166

2,601,422

Interest receivable and similar income

74,978

166,592

3,545,144

2,768,014

Gain/loss on revaluation of investment property

227,789

260,081

3,772,933

3,028,095

Interest payable and similar expenses

5

101,392

319,624

PROFIT BEFORE TAXATION

3,671,541

2,708,471

Tax on profit

6

917,710

677,142

PROFIT FOR THE FINANCIAL YEAR

2,753,831

2,031,329

Profit attributable to:

Owners of the parent

2,753,831

2,031,329

PROFIT FOR THE YEAR

2,753,831

2,031,329

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

2,753,831

2,031,329

Note

Prior year adjustment

9

(748,419

)

(1,156,304

)

TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT

2,005,412

875,025

Total comprehensive income attributable to:

Owners of the parent

2,005,412

875,025

FIXED ASSETS

Tangible assets

10

2,631,752

2,683,889

2,662,083

Investments

11

-

-

-

Investment property

12

16,498,407

16,265,081

16,005,000

19,130,159

18,948,970

18,667,083

CURRENT ASSETS

Stocks

13

212,453

130,391

97,374

Debtors

14

2,025,409

2,076,866

1,725,666

Cash at bank and in hand

4,388,067

2,738,735

4,683,410

6,625,929

4,945,992

6,506,450

CREDITORS

Amounts falling due within one year

15

(1,587,153

)

(1,493,501

)

(1,198,040

)

NET CURRENT ASSETS

5,038,776

3,452,491

5,308,410

TOTAL ASSETS LESS CURRENT LIABILITIES

24,168,935

22,401,461

23,975,493

CREDITORS

Amounts falling due after more than one year

16

(1,500,000

)

(1,500,000

)

(4,500,000

)

PROVISIONS FOR LIABILITIES

20

(3,394,288

)

(3,348,840

)

(2,426,908

)

NET ASSETS

19,274,647

17,552,621

17,048,585

CAPITAL AND RESERVES

Called up share capital

21

8,200

8,200

8,200

Share premium

22

50

50

50

Non distributable P&L reserve

22

8,293,776

8,122,934

8,716,151

Retained earnings

22

10,972,621

9,421,437

8,324,184

SHAREHOLDERS' FUNDS

19,274,647

17,552,621

17,048,585

The financial statements were approved by the Board of Directors and authorised for issue on 29 July 2026 and were signed on its behalf by:

B R Bartlett - Director

FIXED ASSETS

Tangible assets

10

2,280,314

2,315,556

2,331,603

Investments

11

250

250

250

Investment property

12

16,498,407

16,265,081

16,005,000

18,778,971

18,580,887

18,336,853

CURRENT ASSETS

Debtors

14

44,178

80,260

106,301

Cash at bank

1,704,236

1,217,237

3,947,254

1,748,414

1,297,497

4,053,555

CREDITORS

Amounts falling due within one year

15

(408,914

)

(365,213

)

(408,914

)

NET CURRENT ASSETS

1,339,500

932,284

3,644,641

TOTAL ASSETS LESS CURRENT LIABILITIES

20,118,471

19,513,171

21,981,494

CREDITORS

Amounts falling due after more than one year

16

(1,500,000

)

(1,500,000

)

(4,500,000

)

PROVISIONS FOR LIABILITIES

20

(3,327,764

)

(3,279,186

)

(2,364,879

)

NET ASSETS

15,290,707

14,733,985

15,116,615

CAPITAL AND RESERVES

Called up share capital

21

8,200

8,200

8,200

Share premium

22

50

50

50

Non distributable P&L reserve

22

8,293,776

8,122,934

8,716,151

Retained earnings

22

6,988,681

6,602,801

6,392,214

SHAREHOLDERS' FUNDS

15,290,707

14,733,985

15,116,615

Company's profit for the financial year

1,588,527

1,144,663

The financial statements were approved by the Board of Directors and authorised for issue on 29 July 2026 and were signed on its behalf by:

B R Bartlett - Director

Non

Called up

distributable

share

Retained

Share

P&L

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 November 2023

8,200

9,480,489

50

8,716,151

18,204,890

Prior year adjustment

-

(1,156,304

)

-

-

(1,156,304

)

As restated

8,200

8,324,185

50

8,716,151

17,048,586

Changes in equity

Dividends

-

(673,996

)

-

-

(673,996

)

Total comprehensive income

-

2,519,667

-

(593,217

)

1,926,450

Balance at 31 October 2024

8,200

10,169,856

50

8,122,934

18,301,040

Prior year adjustment

-

(748,419

)

-

-

(748,419

)

As restated

8,200

9,421,437

50

8,122,934

17,552,621

Changes in equity

Dividends

-

(1,031,805

)

-

-

(1,031,805

)

Total comprehensive income

-

2,582,989

-

170,842

2,753,831

Balance at 31 October 2025

8,200

10,972,621

50

8,293,776

19,274,647

Non

Called up

distributable

share

Retained

Share

P&L

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 November 2023

8,200

7,548,519

50

8,716,151

16,272,920

Prior year adjustment

-

(1,156,304

)

-

-

(1,156,304

)

As restated

8,200

6,392,215

50

8,716,151

15,116,616

Changes in equity

Dividends

-

(673,996

)

-

-

(673,996

)

Total comprehensive income

-

1,633,001

-

(593,217

)

1,039,784

Balance at 31 October 2024

8,200

7,351,220

50

8,122,934

15,482,404

Prior year adjustment

-

(748,419

)

-

-

(748,419

)

As restated

8,200

6,602,801

50

8,122,934

14,733,985

Changes in equity

Dividends

-

(1,031,805

)

-

-

(1,031,805

)

Total comprehensive income

-

1,417,685

-

170,842

1,588,527

Balance at 31 October 2025

8,200

6,988,681

50

8,293,776

15,290,707

Cash flows from operating activities

Cash generated from operations

1

3,564,685

2,417,234

Interest paid

(101,392

)

(319,624

)

Tax paid

(811,838

)

(423,819

)

Net cash from operating activities

2,651,455

1,673,791

Cash flows from investing activities

Purchase of tangible fixed assets

(46,702

)

(110,902

)

Purchase of investment property

(5,537

)

-

Sale of tangible fixed assets

6,893

-

Interest received

74,978

166,592

Net cash from investing activities

29,632

55,690

Cash flows from financing activities

Loan repayments in year

-

(3,000,000

)

Amount withdrawn by directors

50

(160

)

Equity dividends paid

(1,031,805

)

(673,996

)

Net cash from financing activities

(1,031,755

)

(3,674,156

)

Increase/(decrease) in cash and cash equivalents

1,649,332

(1,944,675

)

Cash and cash equivalents at beginning of year

2

2,738,735

4,683,410

Cash and cash equivalents at end of year

2

4,388,067

2,738,735

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

2025

2024

as restated

£

£

Profit before taxation

3,671,541

2,708,471

Depreciation charges

90,089

89,097

Loss on disposal of fixed assets

1,858

-

Gain on revaluation of fixed assets

(227,789

)

(260,081

)

Finance costs

101,392

319,624

Finance income

(74,978

)

(166,592

)

3,562,113

2,690,519

Increase in stocks

(82,062

)

(33,017

)

Decrease/(increase) in trade and other debtors

51,457

(351,200

)

Increase in trade and other creditors

33,177

110,932

Cash generated from operations

3,564,685

2,417,234

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

4,388,067

2,738,735

Year ended 31 October 2024

31.10.24

1.11.23

as restated

£

£

Cash and cash equivalents

2,738,735

4,683,410

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.11.24

Cash flow

At 31.10.25

£

£

£

Net cash

Cash at bank and in hand

2,738,735

1,649,332

4,388,067

2,738,735

1,649,332

4,388,067

Debt

Debts falling due after 1 year

(1,500,000

)

-

(1,500,000

)

(1,500,000

)

-

(1,500,000

)

Total

1,238,735

1,649,332

2,888,067