Company registration number 03946534 (England and Wales)
ALLTRUCK PLC
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2026
ALLTRUCK PLC
COMPANY INFORMATION
Directors
P G Robinson
D Halliday
N Coates
D Hillier
J Robinson
Secretary
D Halliday
Company number
03946534
Registered office
14 Park Row
Nottingham
NG1 6GR
Auditor
UHY Hacker Young
14 Park Row
Nottingham
NG1 6GR
ALLTRUCK PLC
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Independent auditor's report
4 - 7
Statement of income and retained earnings
8
Balance sheet
9
Statement of cash flows
10
Notes to the financial statements
11 - 28
ALLTRUCK PLC
STRATEGIC REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2026
- 1 -

The directors present the strategic report for the year ended 28 February 2026.

Strategic Overview

For more than three decades the Company has built its reputation on enduring relationships, exceptional customer service and disciplined financial management. The Board believes sustainable success is achieved by earning the trust of customers, investing in people, maintaining financial strength and continually improving every aspect of the business.
The Company's strategy is to deliver market-leading commercial vehicle contract hire, rental, contract distribution and fleet management solutions throughout the United Kingdom. During the year the Board continued its deliberate transition towards a business increasingly underpinned by long-term contracted revenues, reducing reliance on the more cyclical short-term rental market. This strategic direction is intended to create more resilient earnings whilst supporting sustainable long-term growth.
Alongside its commercial strategy, the Company continues to invest in leadership capability, technology and operational excellence. The Company's Investors in People Platinum accreditation reflects its long-standing commitment to developing its people and fostering a culture of continuous improvement.

Business Review

Turnover for the year was £32,969,399 (2025: £33,527,110) and profit before taxation was £184,043 (2025: £320,865). Gross profit margin reduced to 23.1% (2025: 23.9%).
Profitability was principally affected by lower utilisation within the short-term rental fleet together with increased employment costs and broader inflationary pressures. These factors were partly offset by a 24.05% increase in contracted revenues, driven by significant new business wins, particularly within the own-account transport sector.
The Board regards continued growth in long-term contractual income as a significant strategic achievement, strengthening the quality and resilience of future earnings. Despite challenging market conditions, the Company maintained a robust balance sheet, strong liquidity and valuable long-term relationships with customers, manufacturers, suppliers and funding partners.

Strategic Transformation

During the year the Board commenced a comprehensive transformation programme designed to improve operational efficiency, strengthen profitability and better align the operating model with the Company's long-term strategy.
Key initiatives include workforce restructuring in response to increased employment costs, resulting in exceptional costs of £99,358. Reducing the short-term rental fleet by approximately 15% by February 2028.

Post the balance sheet date a decision has been taken to consolidate the company’s four East Midlands operating centres into two strategically located facilities centred around an expanded Nottingham operation. This will result in the planned closure of the Loughborough operating centre, including the cessation of bodybuilding, vehicle painting and DVSA testing activities will be concluded during September 2026. The exceptional item costs will therefore appear in the financial year ending February 2027.
These initiatives represent a strategic investment in creating a leaner, more agile business capable of supporting continued growth in contracted services whilst maintaining the high standards of customer service expected by clients. Wherever possible, the impact on employees has been mitigated through redeployment, TUPE transfers and voluntary redundancy.

ALLTRUCK PLC
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
- 2 -
Financial Strength and Principal Risks

Cash generation remained strong throughout the year, with cash balances of £11,618,459 (2025: £12,128,644), including £2,586,157 (2025: £1,875,000) invested in longer-term deposits. The Company also benefited from other compensation income of £1,133,254 (2025: £974,036).
The Board regularly reviews the principal risks facing the business, including rental fleet utilisation, residual vehicle values, customer credit risk, recruitment and retention, cyber security and wider economic and regulatory change. These risks are managed through disciplined governance, diversified funding and customer relationships, proactive fleet management and robust credit underwriting.

People, Sustainability and Outlook

The Board believes the Company's greatest competitive advantage is its people. Investment in learning and development, leadership capability and employee engagement remains central to the Company's long-term success. Investors in People Platinum accreditation, Gallup engagement surveys, recognition programmes and flexible working arrangements all support a culture built upon professionalism, trust and continuous improvement.
Investment in technology, Cyber Essentials Plus accreditation and the Alltruck Zero initiative demonstrate the Company's commitment to innovation, security and environmental responsibility.
Whilst the wider economic outlook remains uncertain, the Board is encouraged by improving rental fleet utilisation since the balance sheet date, continued growth in contracted revenues and a healthy pipeline of opportunities. The Directors remain confident that the Company's enduring relationships, financial discipline, operational excellence and commitment to developing its people position Alltruck well to deliver sustainable long-term value for customers, employees and shareholders.

The Board records its sincere thanks to all employees for their professionalism, commitment and contribution throughout the year.

On behalf of the board

D Halliday
Director
29 July 2026
ALLTRUCK PLC
DIRECTORS' REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2026
- 3 -

The directors present their annual report and financial statements for the year ended 28 February 2026.

Principal activities

The principal activity of the company continued to be that of contract hiring and rental of trucks.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £650,000. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

P G Robinson
D Halliday
N Coates
D Hillier
J Robinson
Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
D Halliday
Director
29 July 2026
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ALLTRUCK PLC
- 4 -
Opinion

We have audited the financial statements of Alltruck Plc (the 'company') for the year ended 28 February 2026 which comprise the statement of income and retained earnings, the balance sheet, the statement of cash flows and notes to the financial statements, including 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 28 February 2026 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's 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 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.

INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ALLTRUCK PLC (CONTINUED)
- 5 -

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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

- adequate accounting records have not been kept, 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 directors' r esponsibilities s tatement, 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.

INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ALLTRUCK PLC (CONTINUED)
- 6 -
Auditor's 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.

Based on our understanding of the Company and the industry in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the acts by the Company, which were contrary to applicable laws and regulations including fraud, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to inflated revenue and profit.

Audit procedures performed included, but were not limited to:

- evaluating whether journals posted gave indications of bias by the Directors, that represented a risk of material misstatement due to fraud;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- making enquiries of management on whether they had knowledge of any actual, suspected or alleged fraud;

- gaining an understanding of the internal controls in place through performing walkthrough procedures; and

- reading the minutes of meetings of those charged with governance.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ALLTRUCK PLC (CONTINUED)
- 7 -

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.

James Simmonds
29 July 2026
Senior Statutory Auditor
For and on behalf of UHY Hacker Young
Chartered Accountants
ALLTRUCK PLC
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 28 FEBRUARY 2026
- 8 -
2026
2025
Notes
£
£
Turnover
3
32,969,399
33,527,110
Cost of sales
(25,361,303)
(25,521,471)
Gross profit
7,608,096
8,005,639
Administrative expenses
(6,262,156)
(6,325,762)
Other operating income
5
1,133,254
974,036
Exceptional item
4
(99,358)
-
0
Operating profit
6
2,379,836
2,653,913
Interest receivable and similar income
427,184
282,762
Interest payable and similar expenses
9
(2,622,977)
(2,615,810)
Profit before taxation
184,043
320,865
Tax on profit
10
(329,323)
(42,163)
(Loss)/profit for the financial year
(145,280)
278,702
Retained earnings brought forward
8,092,645
8,463,943
Dividends
11
(650,000)
(650,000)
Retained earnings carried forward
7,297,365
8,092,645

The profit and loss account has been prepared on the basis that all operations are continuing operations.

ALLTRUCK PLC
BALANCE SHEET
AS AT 28 FEBRUARY 2026
28 February 2026
- 9 -
2026
2025
Notes
£
£
£
£
Fixed assets
Tangible assets
13
48,282,660
50,580,651
Current assets
Stocks
14
389,335
462,468
Debtors
15
8,114,152
9,260,407
Investments
16
2,586,157
1,875,000
Cash at bank and in hand
9,032,302
10,253,644
20,121,946
21,851,519
Creditors: amounts falling due within one year
17
(21,726,527)
(25,066,390)
Net current liabilities
(1,604,581)
(3,214,871)
Total assets less current liabilities
46,678,079
47,365,780
Creditors: amounts falling due after more than one year
18
(37,174,011)
(37,077,400)
Provisions for liabilities
Deferred tax liability
20
2,097,203
2,086,235
(2,097,203)
(2,086,235)
Net assets
7,406,865
8,202,145
Capital and reserves
Called up share capital
22
109,500
109,500
Profit and loss reserves
7,297,365
8,092,645
Total equity
7,406,865
8,202,145
The financial statements were approved by the board of directors and authorised for issue on 29 July 2026 and are signed on its behalf by:
D Halliday
Director
Company registration number 03946534 (England and Wales)
ALLTRUCK PLC
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 28 FEBRUARY 2026
- 10 -
2026
2025
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
14,025,243
12,998,119
Interest paid
(2,622,380)
(2,539,802)
Income taxes refunded
36,716
78,492
Net cash inflow from operating activities
11,439,579
10,536,809
Investing activities
Purchase of tangible fixed assets
(6,880,424)
(8,433,091)
Proceeds from disposal of tangible fixed assets
3,164,650
5,203,557
Purchase of current asset investment
(711,157)
(1,875,000)
Interest received
427,184
282,762
Net cash used in investing activities
(3,999,747)
(4,821,772)
Financing activities
Proceeds from new finance leases
28
4,889,703
5,901,665
Payment of finance lease obligations
28
(12,900,877)
(12,279,313)
Dividends paid
(650,000)
(650,000)
Net cash used in financing activities
(8,661,174)
(7,027,648)
Net decrease in cash and cash equivalents
(1,221,342)
(1,312,611)
Cash and cash equivalents at beginning of year
10,253,644
11,566,255
Cash and cash equivalents at end of year
9,032,302
10,253,644
ALLTRUCK PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2026
- 11 -
1
Accounting policies
Company information

Alltruck plc is an unlisted public limited company, registered in England and Wales. The company's registered number and registered office can be found on the Company Information page.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

In respect of income received on undisclosed agency agreements, only the commission element is reported as turnover. This is done on a straight line basis over the period of the agreement.

In respect of vehicle rental income from hire agreements, all income is taken to the profit and loss account on a straight line basis over the period of the rental.

In respect of contracted repairs and maintenance income, income is released into the profit and loss account in line with the expected expenditure profile of the associated repairs and maintenance costs, in order to match income with costs.

In respect of any other services supplied to customers, all income is taken to profit and loss at the same point as the right to receive consideration is acquired.

Turnover is attributable to the company's principal activity, conducted entirely within the United Kingdom.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

ALLTRUCK PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
1
Accounting policies
(Continued)
- 12 -

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computer Software
33.33% straight line
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
10% to 50% straight line
Fixtures and fittings
33.33% to 50% straight line
Office Equipment
33.33% to 100% straight line
Commercial vehicles
10% to 100% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

The company also has a policy to periodically review the recoverable amount of the assets and where appropriate will carry out an impairment review and make a provision against those assets.

1.6
Current asset investment

Current asset investments relate to amounts held in deposit accounts which require notice of longer than 3 months to be withdrawn.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks.

ALLTRUCK PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
1
Accounting policies
(Continued)
- 13 -
1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

ALLTRUCK PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
1
Accounting policies
(Continued)
- 14 -
Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

ALLTRUCK PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
1
Accounting policies
(Continued)
- 15 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

The company operates two pension schemes; The schemes are defined contribution and are administered by Aegon and The People's Pension. The Aegon scheme was superseded with all new employees registered under The People's Pension scheme. The pension contributions are charged to the income statement when due.

1.14
Leases

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 shorter.

ALLTRUCK PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
- 16 -
2
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 amount 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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Repairs & maintenance provision

The company has developed a profiling model for vehicles based upon a one to five year funding agreement. The profiling model over the years was developed based upon the average expenditure incurred in keeping the vehicle in operation over its useful life to Alltruck.

There is a different model for different tonnage of lorries as well as trailers and ambulances, so it is specific for the class of asset.

A provision is then established using the appropriate model for each vehicle held by the company. The revenue is then released to the profit and loss account, based upon the profile. The company periodically assesses the provision against the actual costs incurred for each class of vehicle.

Depreciation and useful life of assets

The depreciation policies for assets are either in line with the funding agreement or written off over the useful life as assessed by the directors.

The rates are annually reviewed in line to what the directors believe the assets are worth, taking into account the income streams generated by those assets and the profits generated by the sale of those assets.

Vehicles on operating leases and not capitalised

Where the company decides not to capitalise a vehicle this is due to the criteria of FRS102 being met to enable the company to account for these vehicles as operating leases.

ALLTRUCK PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
- 17 -
3
Turnover
2026
2025
£
£
Turnover analysed by class of business
Contracted income from hire
17,493,849
14,101,758
Contracted fleet management
2,762,226
4,251,058
Non-contracted income from hire
10,336,984
11,101,106
Engineering and other services
2,376,340
4,073,188
32,969,399
33,527,110
2026
2025
£
£
Turnover analysed by geographical market
United Kingdom
32,969,399
33,527,110
4
Exceptional item
2026
2025
£
£
Expenditure
Restructuring Expenses
99,358
-
5
Other operating income

Other operating income represents compensation received during the year of £1,133,254 (2025: £974,036).

6
Operating profit
2026
2025
Operating profit for the year is stated after charging/(crediting):
£
£
Auditors' remuneration
30,250
27,500
Depreciation of owned tangible fixed assets
2,414,837
1,961,380
Depreciation of tangible fixed assets held under finance leases
9,012,243
8,458,419
Impairment of owned tangible fixed assets
-
0
37,633
Profit on disposal of tangible fixed assets
(566,491)
(42,502)
Other non-audit services
2,750
2,500
Operating lease payments made in respect of land & buildings
238,527
214,168
ALLTRUCK PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
- 18 -
7
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2026
2025
Number
Number
Production staff
91
79
Management and administrative staff
56
55
Sales staff
11
13
Total
158
147

Their aggregate remuneration comprised:

2026
2025
£
£
Wages and salaries
6,380,102
6,182,283
Social security costs
601,044
454,743
Pension costs
306,232
252,746
7,287,378
6,889,772
8
Directors' remuneration
2026
2025
£
£
Remuneration for qualifying services
404,782
525,887
Company pension contributions to defined contribution schemes
45,501
83,132
450,283
609,019
Remuneration disclosed above include the following amounts paid to the highest paid director:
2026
2025
£
£
Remuneration for qualifying services
108,059
131,566
Company pension contributions to defined contribution schemes
25,015
20,854
ALLTRUCK PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
- 19 -
9
Interest payable and similar expenses
2026
2025
£
£
Other finance costs
Interest on finance leases and hire purchase contracts
2,622,977
2,615,810
10
Taxation
2026
2025
£
£
Current tax
UK corporation tax on profits for the current period
36,456
-
0
Adjustments in respect of prior periods
281,899
(227,971)
Total current tax
318,355
(227,971)
Deferred tax
Origination and reversal of timing differences
10,968
80,940
Adjustment in respect of prior periods
-
0
189,194
Total deferred tax
10,968
270,134
Total tax charge
329,323
42,163
ALLTRUCK PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
10
Taxation
(Continued)
- 20 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2026
2025
£
£
Profit before taxation
184,043
320,865
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2025: 25.00%)
46,011
80,216
Tax effect of expenses that are not deductible in determining taxable profit
1,127
280
Chargeable gains
30,432
20,147
Movement in deferred tax not recognised
2,082
903
Adjustments in respect of prior years
281,899
(227,971)
Adjustments in respect of fixed assets
-
0
223
Capital allowance timing differences
-
0
381
Deferred tax adjustments in respect of prior years
-
0
189,194
Tax at marginal rate
(1,475)
-
0
Difference in tax value on gains
(30,753)
(21,210)
Taxation charge for the year
329,323
42,163
11
Dividends
2026
2025
£
£
Interim paid
650,000
650,000

Dividends paid during the year were £650,000 (2025: £650,000). The Board of Directors agreed the dividends based on the results of the year ended 28 February 2026 and previous years. It was agreed that the dividends were to be the only dividends declared during the year ended 28 February 2026. The rate of this dividend was calculated to incorporate the fact that the ordinary shareholders who are also directors agreed to a salary sacrifice.

ALLTRUCK PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
- 21 -
12
Intangible fixed assets
Computer Software
£
Cost
At 1 March 2025 and 28 February 2026
400,414
Amortisation and impairment
At 1 March 2025 and 28 February 2026
400,414
Carrying amount
At 28 February 2026
-
0
At 28 February 2025
-
0
13
Tangible fixed assets
Plant and machinery
Fixtures and fittings
Office Equipment
Commercial vehicles
Total
£
£
£
£
£
Cost
At 1 March 2025
2,109,534
262,737
551,928
70,320,696
73,244,895
Additions
16,691
8,412
18,304
12,729,388
12,772,795
Disposals
-
0
-
0
-
0
(9,890,771)
(9,890,771)
At 28 February 2026
2,126,225
271,149
570,232
73,159,313
76,126,919
Depreciation and impairment
At 1 March 2025
1,734,023
223,581
491,302
20,215,338
22,664,244
Depreciation charged in the year
142,819
19,287
46,653
11,161,846
11,370,605
Eliminated in respect of disposals
-
0
-
0
-
0
(6,190,590)
(6,190,590)
At 28 February 2026
1,876,842
242,868
537,955
25,186,594
27,844,259
Carrying amount
At 28 February 2026
249,383
28,281
32,277
47,972,719
48,282,660
At 28 February 2025
375,511
39,156
60,626
50,105,358
50,580,651

Included in the total net book value of tangible fixed assets held at 28 February 2026 was £42,378,875 (2025: £44,390,528) in respect of assets held under hire purchase and finance lease contracts.

ALLTRUCK PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
- 22 -
14
Stocks
2026
2025
£
£
Stocks
389,335
462,468
15
Debtors
2026
2025
Amounts falling due within one year:
£
£
Trade debtors
4,569,117
4,566,002
Corporation tax recoverable
-
0
368,615
Other debtors
363,941
826,637
Prepayments and accrued income
1,244,328
1,837,738
6,177,386
7,598,992
2026
2025
Amounts falling due after more than one year:
£
£
Prepayments and accrued income
1,936,766
1,661,415
Total debtors
8,114,152
9,260,407
16
Current asset investments
2026
2025
£
£
Fixed term deposit accounts
2,586,157
1,875,000
ALLTRUCK PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
- 23 -
17
Creditors: amounts falling due within one year
2026
2025
Notes
£
£
Obligations under finance leases
19
10,541,065
13,041,458
Trade creditors
4,799,727
4,835,563
Corporation tax
36,456
-
0
Other taxation and social security
322,036
150,561
Other creditors
908,510
778,824
Accruals and deferred income
5,118,733
6,259,984
21,726,527
25,066,390
18
Creditors: amounts falling due after more than one year
2026
2025
Notes
£
£
Obligations under finance leases
19
32,216,852
31,835,262
Deferred income
4,957,159
5,242,138
37,174,011
37,077,400
Amounts included above which fall due after five years are as follows:
Payable by instalments
1,013,255
769,910
Payable other than by instalments
561,432
684,548
1,574,687
1,454,458
19
Finance lease obligations
2026
2025
Future minimum lease payments due under finance leases:
£
£
Within one year
10,541,065
13,041,458
In two to five years
31,203,597
31,065,352
In over five years
1,013,255
769,910
42,757,917
44,876,720

The above liabilities are secured on the assets that they relate to.

ALLTRUCK PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
- 24 -
20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2026
2025
Balances:
£
£
Accelerated capital allowances
2,097,203
2,084,098
Tax losses
-
2,137
2,097,203
2,086,235
2026
Movements in the year:
£
Liability at 1 March 2025
2,086,235
Charge to profit or loss
10,968
Liability at 28 February 2026
2,097,203

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

21
Retirement benefit schemes
2026
2025
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
306,232
252,746

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

At the year end there is an outstanding amount of £19,521 (2025: £30,391) relating to the pension scheme.

ALLTRUCK PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
- 25 -
22
Share capital
2026
2025
2026
2025
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100,000
100,000
100,000
100,000
Ordinary A of £1 each
9,500
9,500
9,500
9,500
109,500
109,500
109,500
109,500
23
Capital commitments

At the balance sheet date the company had entered into contracts to re-purchase commercial vehicles it had managed as an agent of a number of banks and finance companies.

2026
2025
£
£
Due to be purchased within one year
779,941
926,500
Due to be purchased after one year
5,851,164
4,939,133
6,631,105
5,865,633

To offset the risk of these commitments the company has "call options" with vehicle manufacturers to purchase such vehicles at a pre determined value.

Due to be purchased within one year
346,000
435,000
Due to be purchased after one year
2,495,400
1,179,400
2,841,400
1,614,400
A prudent view of future vehicle values is taken and such values are reviewed annually and any foreseeable losses accounted for.
ALLTRUCK PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
- 26 -
24
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2026
2025
£
£
Within 1 year
258,554
276,940
Years 2-5
229,158
494,205
487,712
771,145

Subsequent to the year end, the company committed to two further operating lease arrangements. One lease represents a new agreement entered into after the reporting date, while the other reflects an extension of an existing lease. Together, these additional commitments amount to £1,039,500 and will be recognised in future periods.

25
Related party transactions

At the year end the amount outstanding in respect of the loan to Mrs J Robinson, a shareholder, is £200,000 (2025: £200,000). The amount is disclosed within Other Debtors. Key management personnel remuneration in the year totalled £672,263 (2025: £779,697). Close family members of the directors received remuneration of £192,389 (2025: £155,711) in the year. The company’s operates from premises which are leased from a pension scheme of which P G Robinson and D A Halliday are beneficiaries. During the year rental costs totalling £195,000 (2025: £194,426) were entered into with the aforementioned. During the year a director was appointed as a director of another company, from the date of his appointment, the company incurred expenses with this entity of £17,926, of which £395 remained outstanding at the year end. There were no outstanding balances in the prior year.

26
Ultimate controlling party

The controlling party is Mr P G Robinson.

ALLTRUCK PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
- 27 -
27
Cash generated from operations
2026
2025
£
£
(Loss)/profit for the year after tax
(145,280)
278,702
Adjustments for:
Taxation charged
329,323
42,163
Finance costs
2,622,977
2,615,810
Investment income
(427,184)
(282,762)
Gain on disposal of tangible fixed assets
(566,491)
(42,502)
Depreciation and impairment of tangible fixed assets
11,370,605
10,457,432
Movements in working capital:
Decrease in stocks
73,133
33,808
Decrease in debtors
1,929,662
1,338,428
Decrease in creditors
(876,523)
(2,333,731)
(Decrease)/increase in deferred income
(284,979)
890,771
Cash generated from operations
14,025,243
12,998,119

28
Further note in regards to cash flow from financing activities

Contained within the cash flow statement is the net value of movements within the hire purchase liabilities. This is broken down as follows;

2026
2025
£
£
Cash inflow from new hire purchase agreements
4,889,703
5,901,665
Capital repayments made during the year
(12,900,877)
(12,279,313)
(8,011,174)
(6,377,648)
ALLTRUCK PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
(Continued)
- 28 -
29
Analysis of changes in net debt
New finance leases
1 March 2025
Cash flows
Cash inflow
Non cash additions
28 February 2026
£
£
£
£
£
Cash at bank and in hand
10,253,644
(1,221,342)
-
-
9,032,302
Obligations under finance leases
(44,876,720)
12,900,877
(4,889,703)
(5,892,371)
(42,757,917)
(34,623,076)
11,679,535
(4,889,703)
(5,892,371)
(33,725,615)
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