REGISTERED NUMBER: 09030923 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 October 2025

for

SSO Logistics Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

7

Income Statement

10

Other Comprehensive Income

11

Balance Sheet

12

Statement of Changes in Equity

13

Notes to the Financial Statements

14

DIRECTORS:

Mr P G Draper

Mr S R Haslam

Mr M D Brown

REGISTERED OFFICE:

Unit 4

Wilcock Road

Old Boston Trading Estate

Haydock

Merseyside

WA11 9SR

REGISTERED NUMBER:

09030923 (England and Wales)

AUDITORS:

Harts Limited

Chartered Accountants and Statutory Auditors

Westminster House

10 Westminster Road

Macclesfield

Cheshire

SK10 1BX

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

REVIEW OF BUSINESS

The company provides freight transportation, contract warehousing and pallet network distribution from operating sites across the North West of England, and trades as a member depot of the Pallet-Track network.

Turnover grew by 14.1% during the year. The directors place greater weight on the fact that gross profit grew faster than turnover and that gross margin improved, so the additional volume was won without discounting. Sub-contractor costs reduced in absolute terms while turnover rose, reflecting a deliberate transfer of work onto the company's own fleet and warehouse capacity. Operating profit and profit before taxation both improved on the prior year.

Administrative expenses grew ahead of turnover. The principal causes were the strengthening of the senior leadership team, a revision to the depreciation applied to the trailer fleet, and the increase in employer's national insurance following the rate and threshold changes effective April 2025. The directors regard the balance as investment in operating capability rather than recurring overhead.

Average headcount reduced slightly while turnover grew, so output per employee improved. Within that total, driver and warehouse numbers increased and indirect operational and administrative roles reduced, adding capacity at the front line while taking cost out behind it.

The company's customer base is well spread. No single customer represents more than 15% of turnover, and warehousing activity is spread across more than twenty customers, so the company is not dependent on any one commercial relationship for its utilisation or its result.

Investment in the operating platform

Senior leadership. The management structure was strengthened during the year at managing director, operations and finance level. The directors consider a properly resourced leadership team to be a precondition of operating safely and profitably at the company's current scale, and of releasing the board from day-to-day operational management.

Technology and systems. Investment continued in operating and financial systems, covering purchase order control, warehouse management and management reporting. The objectives are to reduce manual administration, to improve revenue capture on network traffic where discrepancies have historically gone unrecovered, and to shorten the month-end reporting cycle so that the board and its investors receive timely information.

Telematics and fleet monitoring. Vehicle repairs and maintenance was the company's fastest-growing direct cost during the year. The trailer fleet has aged since the last significant investment cycle and maintenance requirements have risen accordingly. Telematics and fleet monitoring have been extended across the fleet to give the operations team visibility of driving behaviour, fuel consumption and vehicle condition, and to move maintenance from a reactive to a planned basis. The directors expect the benefit to arise principally through improved margin and asset utilisation rather than through reductions in headcount.

Financial position and funding

Net assets increased during the year. The company continues to report net current liabilities, which reduced, and which reflect the use of an invoice discounting facility to fund working capital. Secured borrowings reduced across hire purchase, bank loans and the invoice discounting facility, so that borrowing fell while turnover grew. Interest payable remains significant in relation to operating profit, and reducing the cost of funding is a stated priority for the coming year.

PRINCIPAL RISKS AND UNCERTAINTIES

Network dependence

A share of the company's volume, revenue and cost is carried through the Pallet-Track network, and the company is therefore affected by network rates, by the composition of the membership and by the service performance of other member depots. The company's membership is held under a three-year rolling agreement, which the directors consider provides security of access over the medium term. Exposure is further managed through active management of the depot's own service performance, monitoring of network revenue capture, and maintenance of direct customer relationships alongside network traffic.

Cost inflation

The company is exposed to inflation in driver and warehouse pay, employer's national insurance, insurance premiums, tyres, fuel, maintenance and property costs. Exposure is managed through indexed and reviewable rate structures in customer contracts, procurement of principal consumables, and the telematics and planned maintenance programme described above.

Credit risk

The company carries a substantial trade debtor balance and is exposed to customer failure. Risk is managed through credit insurance, defined credit limits, and monthly review of aged debt by the finance function.

Liquidity and funding

Working capital is funded principally through an invoice discounting facility secured by a fixed and floating charge, and fleet acquisition is funded through hire purchase. The company reports net current liabilities. The directors monitor headroom against the facility weekly and consider the funding structure appropriate to the company's working capital cycle. The reduction in overall borrowing during the year has increased resilience.

Asset condition and replacement

The company's ability to trade depends on the availability and condition of its tractor units and trailers. Deferral of replacement transfers cost into maintenance and reduces vehicle availability. The directors review the fleet replacement programme against contracted work, maintenance experience and the cost and availability of asset finance.

Regulatory and compliance

The company operates under an operator's licence and is subject to drivers' hours, vehicle maintenance, health and safety and warehouse regulation. Non-compliance could affect the licence and the ability to trade. Compliance is managed through documented systems, scheduled inspection regimes including racking inspection, driver training and internal reporting to the board.

People

Recruitment and retention of qualified drivers and experienced warehouse staff remains a constraint across the sector. The directors address this through pay review, investment in equipment and facilities, training, and the strengthened management structure.

FUTURE DEVELOPMENTS

The directors' priorities for the year ending 31 October 2026 are:

- to continue transferring sub-contracted work onto the company's own fleet where it can be carried profitably, so that margin improvement continues alongside revenue growth;

- to increase utilisation of existing warehouse capacity and to appraise additional storage volume where it can be supported by contracted demand;

- to progress the fleet replacement programme, with particular attention to the trailer fleet;

- to complete the telematics and planned maintenance programme and to measure its effect on fuel consumption, maintenance cost and vehicle availability;

- to extend systems investment so that administration is reduced, network revenue is captured in full and management reporting is delivered promptly after each month end; and

- to reduce the cost of funding by continuing to lower borrowing and by reviewing the terms of the company's facilities.

The directors are satisfied with the progress made during the year and consider that the company is well positioned to make further progress in the year ahead.

KEY PERFORMANCE INDICATORS

2025

2024

Turnover (£m)

12.94

11.34

Gross profit (£m)

4.60

3.88

Gross margin (%)

35.5

34.2

Operating profit (£'000)

617

457

Operating margin (%)

4.8

4.0

EBITDA (£'000)

971

726

Profit before taxation (£'000)

417

296

Net secured debt (£m)

1.89

2.38

Net secured debt EBITDA (times)

1.95

3.27

Net assets (£'000)

335

147

Average headcount

81

82

Turnover per employee (£'000)

160

138

ON BEHALF OF THE BOARD:

Mr P G Draper - Director

31 July 2026

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of Freight transportation services.

DIVIDENDS

The total distribution of dividends for the year ended 31 October 2025 will be £138,810 (2024: £299,020).

DIRECTORS

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

Mr P G Draper

Mr S R Haslam

Other changes in directors holding office are as follows:

Mr M D Brown was appointed as a director after 31 October 2025 but prior to the date of this report.

DISCLOSURE IN THE STRATEGIC REPORT

In accordance with section 414A of the Companies Act 2006, the company has prepared a strategic report which can be found on page 2 and which includes a fair review of the company’s business and a description of the principal risks and uncertainties facing the company.

THIRD PARTY INDEMNITY PROVISIONS

In accordance with the Company's Articles of Association and as permitted by the Companies Act 2006, the Company maintained qualifying third party indemnity provisions for the benefit of its directors throughout the financial year and up to the date of approval of this Directors' Report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the 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 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 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 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.

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 company'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 company's auditors are aware of that information.

AUDITORS

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

ON BEHALF OF THE BOARD:

Mr P G Draper - Director

31 July 2026

Opinion

We have audited the financial statements of SSO Logistics Limited (the 'company') for the year ended 31 October 2025 which comprise the Income Statement, Other 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 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 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.

Other matter

The financial statements for the year ended 31 October 2024 were not audited and are presented as comparative information only. We do not express an opinion on those financial statements.

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 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 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 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 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, 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 five, 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 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.

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:

The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

Our approach was as follows:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those that relate to the reporting framework (UK GAAP and the Companies Act 2006) and employment law. In addition the Company has to comply with laws and regulations relating to its operations and health and safety.

We understood how SSO Logistics Limited is complying with those frameworks by making inquiries of management and the head of technical, and confirmation to identify any non-compliance with laws and regulations.

We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur by discussion with directors to understand where it's considered there was a susceptibility to fraud. We considered the controls that the Company has established to address risks identified, or that otherwise prevent, deter and detect fraud.

To evaluate the risk of fraud through management bias and override of controls, analytical procedures have been performed to identify any unusual or unexpected relationships; investigated the rationale behind significant or unusual transactions; and tested journal entries to identify unusual transactions. Controls have also been considered, that the company has established to address risks identified, or that otherwise prevent, defer and detect fraud. No susceptibilities identified in these controls.

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.

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations that could materially impact the financial statements. Taking into accounts our understanding of the Company, our procedures involved enquires of management and focussed testing as appropriate with consideration to risk assessment.

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.

David Taylor BFP FCA (Senior Statutory Auditor)

for and on behalf of Harts Limited

Chartered Accountants and Statutory Auditors

Westminster House

10 Westminster Road

Macclesfield

Cheshire

SK10 1BX

31 July 2026

TURNOVER

3

12,942,081

11,340,699

Cost of sales

(8,345,005

)

(7,458,495

)

GROSS PROFIT

4,597,076

3,882,204

Administrative expenses

(4,145,674

)

(3,571,810

)

451,402

310,394

Other operating income

165,335

146,357

OPERATING PROFIT

6

616,737

456,751

Income from fixed asset investments

2,581

13,063

Interest receivable and similar income

18

-

619,336

469,814

Interest payable and similar expenses

8

(202,691

)

(173,527

)

PROFIT BEFORE TAXATION

416,645

296,287

Tax on profit

9

(89,932

)

(107,505

)

PROFIT FOR THE FINANCIAL YEAR

326,713

188,782

PROFIT FOR THE YEAR

326,713

188,782

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

326,713

188,782

FIXED ASSETS

Tangible assets

12

1,746,224

1,950,646

Investments

13

10,000

10,000

1,756,224

1,960,646

CURRENT ASSETS

Debtors

14

3,172,839

2,673,490

Cash at bank

136,391

78,789

3,309,230

2,752,279

CREDITORS

Amounts falling due within one year

15

(3,762,300

)

(3,261,482

)

NET CURRENT LIABILITIES

(453,070

)

(509,203

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,303,154

1,451,443

CREDITORS

Amounts falling due after more than one year

16

(541,438

)

(838,277

)

PROVISIONS FOR LIABILITIES

20

(426,943

)

(466,296

)

NET ASSETS

334,773

146,870

CAPITAL AND RESERVES

Called up share capital

21

100

100

Retained earnings

22

334,673

146,770

SHAREHOLDERS' FUNDS

334,773

146,870

The financial statements were approved by the Board of Directors and authorised for issue on 31 July 2026 and were signed on its behalf by:

Mr P G Draper - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 November 2023

100

615,799

615,899

Prior year adjustment

-

(358,791

)

(358,791

)

As restated

100

257,008

257,108

Changes in equity

Dividends

-

(299,020

)

(299,020

)

Total comprehensive income

-

401,335

401,335

Balance at 31 October 2024

100

359,323

359,423

Prior year adjustment

-

(212,553

)

(212,553

)

As restated

100

146,770

146,870

Changes in equity

Dividends

-

(138,810

)

(138,810

)

Total comprehensive income

-

326,713

326,713

Balance at 31 October 2025

100

334,673

334,773

1.	STATUTORY INFORMATION

SSO Logistics 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 Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

The financial statements are rounded to the nearest £1.

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.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The directors do not consider that there are any critical judgements, apart from those involving estimates, made in applying the Company's accounting policies.

The directors consider that there are no key sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of VAT and trade discounts.

When the outcome of a transaction can be estimated reliably, turnover from services is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to finalisation of work completed.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

10% on cost

Motor vehicles

-

20% on reducing balance and 10% on cost

Computer equipment

-

25% on cost

Included in Motor vehicles are trailers which are depreciated at 10% on cost. Where it is reasonably certain that an asset held under a finance lease will be transferred to ownership at the end of the lease, the estimated useful life is used as opposed to the lease term.

Financial instruments

The Company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances, are initially recognised at transaction price unless the arrangement constitutes a financing transaction. Such assets are subsequently measured at amortised cost, less any impairment.

Basic financial liabilities, including trade and other creditors, bank loans and loans from fellow group undertakings, are initially recognised at transaction price unless the arrangement constitutes a financing transaction. Such liabilities are subsequently measured at amortised cost.

Financial assets are derecognised when the contractual rights to the cash flows from the asset expire or are settled. Financial liabilities are derecognised when the obligation specified in the contract is discharged, cancelled or expires.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. Where objective evidence exists, an impairment loss is recognised in the profit and loss account.

Investments

Investments in unlisted shares are initially recognised at cost, which includes directly attributable transaction costs. Subsequently, they are measured at cost less any accumulated impairment losses.

At each reporting date, investments are reviewed for indicators of impairment. Where there is objective evidence that the recoverable amount of an investment is less than its carrying amount, an impairment loss is recognised in the profit and loss account.

Cash and cash equivalents

Cash and cash equivalents comprise cash in hand, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less.

Trade and other debtors

Trade and other debtors are recognised initially at transaction price and subsequently measured at amortised cost, less any impairment.

Trade and other creditors

Trade and other creditors are recognised initially at transaction price and subsequently measured at amortised cost.

Foreign currency translation

The Company's functional and presentation currency is Pounds Sterling (£).

Transactions denominated in foreign currencies are recorded at the exchange rates ruling at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into Sterling at the exchange rates ruling at the reporting date.

Exchange differences arising on the settlement of monetary items or on translating monetary items at rates different from those at which they were initially recorded are recognised in profit or loss in the period in which they arise.

Non-monetary assets and liabilities measured at historical cost are translated using the exchange rate at the date of the transaction. Non-monetary assets and liabilities measured at fair value are translated using the exchange rate when the fair value was determined.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

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.

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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. Contributions unpaid at the balance sheet date are included within creditors.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

31.10.25

31.10.24

as restated

£

£

Rendering of services

12,942,081

11,340,699

12,942,081

11,340,699

An analysis of turnover by geographical market is given below:

31.10.25

31.10.24

as restated

£

£

United Kingdom

12,942,081

11,340,699

12,942,081

11,340,699

4.	EMPLOYEES AND DIRECTORS

31.10.25

31.10.24

as restated

£

£

Wages and salaries

3,434,487

2,844,249

Social security costs

357,073

240,338

Other pension costs

57,234

45,063

3,848,794

3,129,650

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

31.10.25

31.10.24

as restated

Drivers

31

26

Directors

5

4

Warehouse

15

14

Operations

27

34

Finance

3

4

81

82

5.	DIRECTORS' EMOLUMENTS

31.10.25

31.10.24

as restated

£

£

Directors' remuneration

187,337

79,696

Directors' pension contributions to money purchase schemes

4,907

954

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

Money purchase schemes

2

3

6.	OPERATING PROFIT

The operating profit is stated after charging:

31.10.25

31.10.24

as restated

£

£

Depreciation of tangible fixed assets

354,369

269,582

Operating lease payments

627,218

608,461

Auditors' remuneration: Audit fees

12,000

-

(Profit)/loss on disposal of tangible fixed assets

(10,495

)

82,227

(Gains)/losses on foreign exchange transactions

24

63

7.	AUDITORS' REMUNERATION

31.10.25

31.10.24

as restated

£

£

Fees payable to the company's auditors for the audit of the company's financial statements

12,000

10,359

Total audit fees

12,000

10,359

Fees payable to the Company's auditor for:

31.10.25

31.10.24

£

£

Audit of the financial statements

12,000

-

Taxation services

2,687

2,535

Other non audit services

7,794

7,824

22,481

10,359

8.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.10.25

31.10.24

as restated

£

£

Loan interest

122,327

122,886

Other interest payable

14,181

2,174

Hire purchase interest

66,183

48,467

202,691

173,527

9.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

31.10.25

31.10.24

as restated

£

£

Current tax:

UK corporation tax

129,285

-

Deferred tax

(39,353

)

107,505

Tax on profit

89,932

107,505