REGISTERED NUMBER: SC386352 (Scotland)

Strategic Report, Report of the Director and

Financial Statements for the Year Ended 31st March 2026

for

T P Niven Limited

Page

Company Information

1

Strategic Report

2

Report of the Director

3

Report of the Independent Auditors

4

to

5

Income Statement

6

Other Comprehensive Income

7

Balance Sheet

8

Statement of Changes in Equity

9

Cash Flow Statement

10

Notes to the Cash Flow Statement

11

Notes to the Financial Statements

12

to

20

DIRECTOR:

J C Niven

REGISTERED OFFICE:

The Garage

Woodhead Road

Palnackie

Castle Douglas

Dumfriesshire

DG7 1PG

REGISTERED NUMBER:

SC386352 (Scotland)

AUDITORS:

Project Pacioli Audit Co Limited

trading as Farries Kirk & McVean

Chartered Accountants & Statutory Auditors

Dumfries Enterprise Park

Heathhall

Dumfries

DG1 3SJ

SOLICITORS:

JHS Law

8/10 Bank Street

Dumfries

DG1 2NS

The director presents his strategic report for the year ended 31st March 2026.

T P Niven Limited is a road haulage company operating exclusively within the United Kingdom and based in Dumfries & Galloway. The business has been in existence for about a century.

The director believes that the company is well placed to service its customers throughout the UK and particularly in South West Scotland. The management have lengthy experience in the industry to the benefit of both the company and its customers. The company is a member of the Palletline plc haulage group.

REVIEW OF BUSINESS

The director is very happy with the results. Turnover has grown again from £33.7m to £37.2m. Gross profits have increased from £6.5m to £7.1m and gross profit percentage has held at 19.2%. Bottom line profits before tax are up from £498,970 to £695,199. The director considers this to have been a very good year of trading.

Key Performance Indicators (KPI's)

Given the straightforward nature of the business, the director is of the opinion that there are no additional KPI's other than the measures of turnover, gross profit and net profit reported above that are necessary for an understanding of the development, performance or position of the business.

PRINCIPAL RISKS AND UNCERTAINTIES

There are three main areas of concern that may affect the company's business. The volatility in world oil prices can damage profitability if the director is unable to successfully negotiate fuel surcharges with customers. Even if successful in applying surcharges, this could make the cost of haulage unaffordable to customers should fuel escalate drastically. Uncertainties still exist within the current economic climate and there is continual competitive pressure from within the haulage sector with companies looking to move into new areas of work as their traditional markets may have shrunk.

ON BEHALF OF THE BOARD:

J C Niven - Director

24th July 2026

The director presents his report with the financial statements of the company for the year ended 31st March 2026.

DIVIDENDS

An interim dividend of £1.47 per share was paid on 31st March 2026. The director recommends that no final dividend be paid.

The total distribution of dividends for the year ended 31st March 2026 will be £ 100,825 .

DIRECTOR

J C Niven held office during the whole of the period from 1st April 2025 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 director is 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 he 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, Project Pacioli Audit Co Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

J C Niven - Director

24th July 2026

Opinion

We have audited the financial statements of T P Niven Limited (the 'company') for the year ended 31st March 2026 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 31st March 2026 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.

Conclusions relating to going concern

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

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

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

Other information

The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, 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 Director 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 Director 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 Director.

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 director's remuneration specified by law are not made; or

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

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has 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 have assessed the susceptibility of the company's financial statements to material misstatement as being low risk. The directors are very involved in the day to day management of the business and have a focus on controls to address potential fraud and error.

- the nature of the company's activities are significantly regulated. We have assessed the main regulations around the company's activities as being those concerning operation of commercial fleet transport. The company's compliance scores with VOSA were verified with very satisfactory results.

- we have discussed the legal and regulatory framework the company operates under with the director. This has enabled us to gain an understanding of those applicable to the company and the procedures they operate to ensure compliance.

- we have obtained an understanding of the company's policies and procedures on fraud risk through two way communication with the management.

- the Senior Statutory Auditor is satisfied that the engagement audit staff were competent to and capable of recognising non-compliance with laws and regulation. No details of any non-compliance were communicated to us and no such potential instances were noted during the audit process.

We have reached these conclusions following enquiries made of those charged with governance and senior staff and following audit testing procedures and review of financial statements.

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.

Gerald McGill, BA CA (Senior Statutory Auditor)

for and on behalf of Project Pacioli Audit Co Limited

trading as Farries Kirk & McVean

Chartered Accountants & Statutory Auditors

Dumfries Enterprise Park

Heathhall

Dumfries

DG1 3SJ

24th July 2026

TURNOVER

3

37,176,287

33,688,534

Cost of sales

(30,030,434

)

(27,207,083

)

GROSS PROFIT

7,145,853

6,481,451

Administrative expenses

(6,050,995

)

(5,608,592

)

OPERATING PROFIT

6

1,094,858

872,859

Income from fixed asset investments

2,100

1,547

Interest receivable and similar income

1,288

1,718

1,098,246

876,124

Interest payable and similar expenses

7

(403,047

)

(377,154

)

PROFIT BEFORE TAXATION

695,199

498,970

Tax on profit

8

(173,599

)

(114,314

)

PROFIT FOR THE FINANCIAL YEAR

521,600

384,656

PROFIT FOR THE YEAR

521,600

384,656

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

521,600

384,656

FIXED ASSETS

Tangible assets

10

8,134,557

8,475,407

Investments

11

20,000

20,000

8,154,557

8,495,407

CURRENT ASSETS

Stocks

12

248,710

161,941

Debtors

13

6,890,674

6,239,546

Cash at bank and in hand

8,566

3,356

7,147,950

6,404,843

CREDITORS

Amounts falling due within one year

14

(7,302,305

)

(6,619,677

)

NET CURRENT LIABILITIES

(154,355

)

(214,834

)

TOTAL ASSETS LESS CURRENT LIABILITIES

8,000,202

8,280,573

CREDITORS

Amounts falling due after more than one year

15

(3,279,253

)

(3,944,289

)

PROVISIONS FOR LIABILITIES

19

(538,352

)

(574,462

)

NET ASSETS

4,182,597

3,761,822

CAPITAL AND RESERVES

Called up share capital

20

68,719

68,719

Share premium

21

1,248,509

1,248,509

Capital redemption reserve

21

31,286

31,286

Retained earnings

21

2,834,083

2,413,308

SHAREHOLDERS' FUNDS

4,182,597

3,761,822

The financial statements were approved by the director and authorised for issue on 24th July 2026 and were signed by:

J C Niven - Director

Called up

Capital

share

Retained

Share

redemption

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1st April 2024

68,719

2,101,300

1,248,509

31,286

3,449,814

Changes in equity

Dividends

-

(72,648

)

-

-

(72,648

)

Total comprehensive income

-

384,656

-

-

384,656

Balance at 31st March 2025

68,719

2,413,308

1,248,509

31,286

3,761,822

Changes in equity

Dividends

-

(100,825

)

-

-

(100,825

)

Total comprehensive income

-

521,600

-

-

521,600

Balance at 31st March 2026

68,719

2,834,083

1,248,509

31,286

4,182,597

Cash flows from operating activities

Cash generated from operations

1

3,600,603

2,945,944

Interest paid

(34,731

)

(38,279

)

Interest element of hire purchase and finance lease rental payments paid

(368,316

)

(338,875

)

Tax paid

(127,655

)

(92,819

)

Net cash from operating activities

3,069,901

2,475,971

Cash flows from investing activities

Purchase of tangible fixed assets

(269,840

)

(143,624

)

Sale of tangible fixed assets

110,925

395,807

Interest received

1,288

1,718

Dividends received

2,100

1,547

Net cash from investing activities

(155,527

)

255,448

Cash flows from financing activities

Inter company loans

(15,702

)

(168,671

)

Capital repayments in year

(2,426,470

)

(2,722,910

)

Amount introduced by directors

100,825

72,648

Amount withdrawn by directors

(100,825

)

(72,648

)

Equity dividends paid

(100,825

)

(72,648

)

Net cash from financing activities

(2,542,997

)

(2,964,229

)

Increase/(decrease) in cash and cash equivalents

371,377

(232,810

)

Cash and cash equivalents at beginning of year

2

(953,253

)

(720,443

)

Cash and cash equivalents at end of year

2

(581,876

)

(953,253

)

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

2026

2025

£

£

Profit before taxation

695,199

498,970

Depreciation charges

2,258,617

2,186,728

Loss on disposal of fixed assets

27,072

19,301

Finance costs

403,047

377,154

Finance income

(3,388

)

(3,265

)

3,380,547

3,078,888

(Increase)/decrease in stocks

(86,769

)

28,742

(Increase)/decrease in trade and other debtors

(651,128

)

147,546

Increase/(decrease) in trade and other creditors

957,953

(309,232

)

Cash generated from operations

3,600,603

2,945,944

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 31st March 2026

31.3.26

1.4.25

£

£

Cash and cash equivalents

8,566

3,356

Bank overdrafts

(590,442

)

(956,609

)

(581,876

)

(953,253

)

Year ended 31st March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

3,356

321

Bank overdrafts

(956,609

)

(720,764

)

(953,253

)

(720,443

)

3.	ANALYSIS OF CHANGES IN NET DEBT

Other

non-cash

At 1.4.25

Cash flow

changes

At 31.3.26

£

£

£

£

Net cash

Cash at bank

and in hand

3,356

5,210

8,566

Bank overdrafts

(956,609

)

366,167

(590,442

)

(953,253

)

371,377

(581,876

)

Debt

Hire purchase and

finance leases

(6,003,075

)

2,426,470

-

(5,362,529

)

(6,003,075

)

2,426,470

-

(5,362,529

)

Total

(6,956,328

)

2,797,847

-

(5,944,405

)

1.	STATUTORY INFORMATION

T P Niven Limited is a private company, limited by shares , registered in Scotland. 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 (£).

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.

Turnover

Turnover represents the total invoice value, excluding value added tax, of sales made during the year. In accordance with the principles of revenue recognition, income is recognised as the right to consideration obtained through performance of contractual obligations, and is included in the financial statements when the company is legally entitled to the income. In practice the company recognises entitlement to income based on the load date of goods rather than delivery date.

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.

Freehold property

-

2% on cost and not provided

Tenant's improvements

-

2% on cost

Plant & equipment

-

15% on reducing balance

Trailers

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance and at varying rates on cost

Computer equipment

-

25% on cost

Tangible fixed assets are initially measured at cost. After initial recognition, tangible assets are measured at cost less accumulated depreciation. Amounts written off each asset over the estimated useful life represent cost less residual value. The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end each reporting period. The value of land within land & buildings is not depreciated.

Stocks

Stocks are valued at the lower of cost, using the first in first out method, and net realisable value, after making allowance for obsolete and slow moving items.

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 does not operate a pension scheme but does make contributions to money purchase schemes on behalf of employees. Such contributions are charged to the profit or loss in the period to which they relate.

Invoice financing

The company use Invoice Financing through RBS Invoice Finance Limited to accelerate the receipt of funds due from debtors. No rights are transferred to the finance provider, all benefits and risks remain with the company and all finance is potentially repayable therefore linked presentation is not appropriate. Accordingly debtors are disclosed in full within the balance sheet and any associated finance is included within creditors due within one year.

Provisions and contingencies

Provisions are recognised when the company has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

Financial instruments

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value, less bank overdrafts.

Trade debtors

Trade debtors are amounts due from customers for the sale of services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price and represent the full value of the services charged to customers, including any amounts charged on for third parties.

Trade Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts due to sub-contractors are recognised within Trade Creditors.

Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date they are presented as non current liabilities.

Borrowings

Interest bearing borrowings are initially recorded at fair value, net of transaction costs. Interest bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transactions costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share Capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3.

TURNOVER

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

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

2026

2025

£

£

Rendering of services

36,835,175

33,521,379

Sale & recharges of goods

341,112

167,155

37,176,287

33,688,534

4.	EMPLOYEES AND DIRECTORS

2026

2025

£

£

Wages and salaries

13,249,597

12,298,213

Social security costs

1,536,376

1,145,035

Other pension costs

322,579

297,085

15,108,552

13,740,333

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

2026

2025

Directors

1

1

Management & administration

15

13

Direct employees

308

287

324

301

5.	DIRECTORS' EMOLUMENTS

2026

2025

£

£

Director's remuneration

74,197

71,686

Director's pension contributions to money purchase schemes

60,321

61,921

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

Money purchase schemes

1

1

The total remuneration in respect of key management personnel is the same as that of directors' remuneration.

6.	OPERATING PROFIT

The operating profit is stated after charging:

2026

2025

£

£

Hire of plant and machinery

968,053

737,117

Other operating leases

1,109,284

848,560

Depreciation - owned assets

376,403

301,117

Depreciation - assets on hire purchase contracts and finance leases

1,882,214

1,885,612

Loss on disposal of fixed assets

27,072

19,301

Auditors' remuneration

18,330

15,000