The directors present the strategic report for the year ended 30 September 2025.

Turnover to 30 September 2025 has increased to £55,046,382 (2024: £53,303,334). Profit before tax was

£1,593,540, an increase from the prior year (2024: £1,053,334).

The Company has reported an improved financial performance in 2025, influenced by strategic decisions to focus on higher-quality, sustainable contract opportunities and to move away from arrangements that were not aligned with long term objectives. Performance within the refrigeration division remained robust, providing a consistent contribution to the Company’s overall results while strategic plans were undertaken elsewhere in the business. This reflected the strength of established customer relationships and continued demand for specialist temperature-controlled storage solutions.

Since the year end, profitability has remained in line with expectations, and the directors are confident of delivering an improved financial result for the year ending 30 September 2026. This is expected to be achieved despite a deliberate restraint of revenue growth, which reflects the Company’s continued strategic focus on consolidating its core operations and strengthening the quality and sustainability of its contract base. During this period, the Company has also made significant investment in its financial and operational systems, to establish the foundations for future growth, enhanced customer experience and more streamlined operational efficiencies.

The management of the business and the execution of its strategy are the subject of a number of risks and uncertainties.

The key business risks and uncertainties affecting the company are considered to relate to competition within the company’s marketplace, employee retention and effective management of the company’s assets. The company mitigates these risks through actively monitoring and managing the business to ensure that the company’s strategy is delivered.

The financial performance for the year has been analysed as follows:

         Year to 30     Year to 30            

        September    September     Change

2025     2024         £         %

Turnover          55,046,382 53,303,334      (1,743,048) 3.27%

Gross profit     4,733,584 5,864,579 (1,130,995) (19.29%)

Profit before tax      1,593,540     1,053,334 540,206 51.28%

The Companies (Miscellaneous Reporting) Regulations 2018 require companies to publish a statement explaining how the directors have had regard to matters set out in section 172(1)(a) to (f) of the Companies Act 2006 in performing their duties under section 172.

In accordance with section 172, the Directors confirm that they have acted in a way that they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its stakeholders as a whole. The paragraphs below summarise how the Directors have had regard to the matters set out in section 172(1) (a) to (f) of the Act.

The likely consequences of any decision in the long-term

Seven Asset consider the long-term impact of our decisions, whether that be about the profitability of the business, cash reserves, technological and environmental advancements, or our employees. We must always evaluate the consequence of the decisions we make now, which impact on the future, to ensure we are appropriately considering all stakeholders.

The Company specialises in long-term leasing of commercial vehicles and offers value-added services such as maintenance, compliance support, and vehicle tracking technology. The Company operates within a competitive and evolving market, responding to shifts in technology, client demands, and sustainability expectations, with the ultimate aim to support our internal milestones towards long term goals.

The interests of the company’s employees

The Company intends to provide an environment for individuals to achieve success in the short term, but also see an opportunity for growth and sustainability in the long-term, as our employees represent the company in the conduct of its principal activities and delivering our strategic ambitions. We aim to be a responsible employer in the local area, from pay and benefits to our health, safety and workplace environment.

Some key focuses from 2025 include:

• Regular staff events focused on wellbeing following the setup of our wellbeing working group.

• Continuation of staff long service awards

• Internal promotions following the success of our internal training

The need to foster business relationships

Business relationships are key to sustainable success, from suppliers to customers. Seven Asset seeks the promotion and application of our principles to ensure we maintain mutually beneficial relationships. Seven have successful and trusted relations across the country which in turn help us achieve our strategic decisions.

Our suppliers are fundamental to the quality of our service, whether that is the product we supply or the service under our maintenance contracts. Our commercial team engage with suppliers to assess the service they can provide to ensure they can meet our own service requirements.

Customers demand a level of service, which we recognise as being key to customer satisfaction and ultimately whether they renew and/or increase their contracts with us. Decisions on new products must take customer needs into consideration and therefore our key account managers communicate with those customers as necessary. We have taken steps towards upgrading our digital platforms to enhance service delivery.

The community and the environment

Seven intend to strengthen its connections with the local community such as links with training colleges for the emergence of future skilled workers and investment in the surrounding areas of Suffolk. Alongside this, we have continued to build on our fleet of electric vehicles to drive our desire to offset our Carbon Footprint. We consult customers on how environmentally friendly vehicles or refrigerated units can aid their business longer term.

Seven have implemented a charitable fund to benefit charities in the local area or with relatable charitable causes.

Maintaining high standards of business conduct

Being economically, environmentally and socially responsible requires high standards of business conduct. It is those high standards that we implement, which complement our decision making, with regular monitoring of performance.

The Board recognises that it has an important role in assessing and monitoring that our desired culture is embedded in the values, attitudes and behaviours we demonstrate, including in our activities and stakeholder relationships.

The need to act fairly between members of the company

The Board considers which course of action best delivers our strategy in the long term, whilst taking into consideration the impact on stakeholders, striking a balance between the Company’s interest and other stakeholders.

On behalf of the board

The directors present their annual report and financial statements for the year ended 30 September 2025.

The principal activity of the company and group continued to be that of the provision of asset management and leasing services of vehicle and temperature controlled storage solutions.

The results for the year are set out on page 11.

The profit for the year, before taxation, amounted to £1,593,540 (2024: £1,053,334). No dividend was paid during the year or the prior year. The directors recommend that no further dividends in respect of the financial year be paid.

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

The company uses various financial instruments. These include cash and overdrafts, along with various items such as trade debtors, trade creditors and hire purchase contracts that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the company's operations. The existence of these financial instruments exposes the group to a number of financial risks, which are described in more detail below.

The main risks arising from the company's financial instruments are credit risk, interest rate risk and liquidity risk. The directors review and agree policies for managing each of these risks and they are summarised below. These policies have remained unchanged from previous years.

Sufficient liquidity is achieved by maintaining close contact with those providing primary external funding in conjunction with regular reviews of cashflow forecasts and budgets.

The company utilises more than one dedicated finance company to achieve the best possible interest rates and spread the risk of increasing interest rates.

In order to manage credit risk the directors set limits for customers based on a combination of payment history and third party credit references. Credit limits are reviewed on a regular basis. This has been particularly important in the current climate. Rentals in advance and deposits in advance are used to reduce this risk.

Technology disruption

Evolving technology in electric vehicles (EVs) and fleet telematics poses both risk and opportunity.

Regulatory risk

Environmental legislation (e.g. low emission zones, zero-emission vehicle mandates) could influence fleet strategy.

Economic conditions

Inflation, interest rate fluctuations, and economic uncertainty may impact capital costs and client demand.

The auditors, Ensors, are deemed to be reappointed under section 487(2) of the Companies Act 2006.

Seven Asset Limited's annual greenhouse gas emissions and energy data for the financial year ended 30 September 2025 was:

The group has followed the 2019 HM Government Environmental Reporting Guidelines. The group has also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Conversion Factors for Company Reporting

The chosen intensity measurement ratios are tonnes of CO2 per £ of sales revenue and tonnes of CO2 per employee.

We remain committed to reducing our environmental impact by lowering energy consumption and improving resource efficiency across the business. This includes encouraging car sharing for journeys to customers and suppliers where practical, making greater use of digital systems to reduce printing, holding virtual meetings where appropriate to minimise travel, and investing in modern and upgraded technology that enables us to operate more efficiently. Everyday behaviours such as switching off unused equipment and recycling materials also contribute to reducing waste and lowering our overall environmental footprint.

Our approach to fleet investment continues to support our wider sustainability objectives, with electric company vehicles remaining central to our long-term strategy. We have maintained charging points at our offices to support this commitment, while our vehicle movement division’s use of electric vans demonstrates that lower emission vehicles can play an important role in the transition to a more sustainable commercial fleet. More efficient journey planning and the reduced need for travel due to the wider use of virtual meetings also support our efforts to lower transport related emissions.

Whilst this does not have a direct impact on our own energy consumption, maintaining and promoting fully electric vehicles within our contract hire fleet remains an important part of our broader commitment to supporting lower emission transport solutions and encouraging more sustainable choices for our customers.

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 auditor of the company 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 auditor of the company is aware of that information.

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

United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company 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 group and parent company, and of the profit or loss of the group for that period.

In preparing these financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;

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

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

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent 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 group and parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

We have audited the financial statements of Seven Asset Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the group's and the parent company's affairs as at 30 September 2025 and of the group's profit for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The 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' report 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.

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

• the parent company financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of directors' remuneration specified by law are not made; or

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

As explained more fully in the directors' responsibilities statement, 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 group's and parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or parent company or to cease operations, or have no realistic alternative but to do so.

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.

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.

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.

Our audit was designed to include tests of detail together with an assessment of the control environment to enable us to obtain reasonable assurance about whether the financial statements are free from material misstatement due to fraud.

In planning and designing our audit procedures we assessed the risks of material misstatement due to fraud. Our assessment concluded that the areas of highest risk are non-compliance with laws and regulations and management override of controls. The company also has a high number of intercompany transactions and balances with fellow group companies and companies under common ownership.

We obtained an understanding of the legal and regulatory frameworks that the company operates in through discussions with management, and from our commercial knowledge and experience of the sector in which the company operates. This enabled us to identify the key laws and regulations applicable to the company. We focussed on specific laws and regulations which we considered may have a direct impact on the financial statements including the Companies Act 2006, taxation legislation, data protection, anti-bribery and employment laws.

To address the risk of fraud we performed the following audit procedures:

• Thorough review of journal entries and other adjustments for appropriateness and evaluating the business rationale of any transactions outside of the normal course of business.

• Assessment of key accounting estimates within the financial statements in order to assess their reasonableness and determine whether there is any bias in management’s estimates.

• Reconcile and agree all intercompany balances with fellow group companies and companies under common ownership.

• All team members were informed of the relevant laws and regulations and potential fraud risks at the planning stage and reminded to remain alert to any indications of fraud or non-compliance.

• Enquiring of management whether there have been any alleged, suspected or actual instances of fraud during the year.

• Enquiring of management and those charged with governance whether there have been any actual or potential litigation or claims.

• Obtained direct confirmation from the company’s solicitors regarding compliance with laws and regulations and potential litigation or claims.

• Reviewing correspondence with relevant legal authorities.

• Reviewing legal expense accounts for any indicators of litigation or claims.

There are, however, inherent limitations to our above audit procedures. Material misstatements that arise due to fraud can be harder to detect then those that arise from error as they are likely to involve deliberate concealment or collusion.

Use of our report

This report is made solely to the parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £1,526,380 (2024: £695,719).

Seven Asset Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 35-37 St Peters Street, Ipswich, IP1 1XF.

The group consists of Seven Asset Limited and all of its subsidiaries.

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 other than described below.

The directors consider that in order to give a true and fair view it is necessary to present interest relating to hire purchase and finance lease arrangements within cost of sales. The effect of this is presented on note 9. The reason for this is that as an asset management company, the Company acquires assets under differing commercial arrangements and, depending on both market conditions and available resources, the mix of these commercial arrangements varies from time to time. In particular, this applies the presentational differences required when accounting for operating lease versus financing leases/hire purchase. The artificial distinction between the two has a material impact on the Company’s gross margin which is a key performance indicator used by both management and other users of the financial statements. For this reason, the directors consider it is necessary to present interest relating to hire purchase and finance lease arrangements within cost of sales in order to show a true and fair view of the Company’s performance by not artificially distorting the Company’s gross margin depending on the mix of financing arrangements it chooses to use from time to time.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts 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.

The consolidated group financial statements consist of the financial statements of the parent company Seven Asset Limited together with all entities controlled by the parent company (its subsidiaries).

All financial statements are made up to 30 September 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

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

The turnover shown in the profit and loss account represents amounts receivable during the year, exclusive of VAT. Turnover consists mainly of rentals and associated maintenance from contracts for the hire of vehicles and portable storage facilities together with the provision of management services. Turnover from operating lease arrangements is recognised in profit or loss on a straight-line basis over the lease term.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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

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

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 recognised in the profit and loss account.

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

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.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and 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, 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, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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.

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.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group 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.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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.

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 through 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.

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the group 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 group.

The tax expense represents the sum of the tax currently payable and deferred 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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or receive more tax.

Deferred tax assets are recognised only to the extent that directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

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.

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Long term contracts

Lease and maintenance contracts carried out by the company are on average for five years. The directors consider that it is appropriate to treat all these contracts as long term and revenue being accounted for evenly over the term of the contract.

Costs incurred to carry out work in long term contracts are matched with long term contract work included in turnover.

Provision is made for foreseeable losses on all contracts based on the loss which is currently estimated to arise over the duration of the contract, irrespective of the amount of work carried out at the balance sheet date.

Subsidiary exemptions

The company's subsidiary, Used Trucks Limited, is exempt from the requirements of the Act relating to the audit of accounts under section 479A of the Companies Act 2006.

Used Trucks Limited has two dormant subsidiaries, Used Containers Limited and Used Vans Limited, which are exempt from preparing individual accounts by virtue of s394A of the Companies Act 2006.

In the application of the group’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.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the aging profile of debtors and historical experience.

The company estimates the rates of depreciation used to write down the different classes of assets the company owns. This is based on prior experience of asset lives while taking into account any additional circumstances. Once fully depreciated over its useful life the asset should be stated at its residual value or £nil if there is no residual value. The estimates of residual values involve assumptions about future market conditions, the expected useful life of the assets, and their anticipated disposal values. The residual values are reviewed annually and adjusted if necessary to reflect current market conditions and asset usage.

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

Their aggregate remuneration comprised:

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2024 - 4).

Interest payable of £2,475,980 (2024: £2,991,232) in respect of hire purchase and finance lease arrangements for assets hired out has been included within cost of sales as the directors consider it to be a direct cost associated with generating the company's sales.

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:

Included within the net book value of £44,345,101 is £38,314,761 (2024: £43,976,611) relating to assets held under hire purchase agreements. The depreciation charged to the financial statements in the year in respect of such assets amounted to £10,441,764 (2024: £10,892,141). The cost of the assets acquired for the purpose of letting under operating leases amounts to £86,407,766 (2024: £88,228,446).

Included within motor vehicles is £101,927 (2024: £949,168) relating to vehicles which are being prepared for the final customer and where finance has not yet been obtained. No depreciation is charged on these vehicles.

Fixed asset investments relate to the 100% shareholding held in the subsidiary company, Used Trucks Limited, registered office address Cardinal Court, 35-37 St Peters Street, Ipswich, IP1 1XF.

Stock recognised in cost of sales during the year as an expense was £152,661 (2024: £289,212).

Amounts due from related parties are unsecured and have no fixed terms of repayment.

Amounts due under finance leases are secured on the underlying assets.

Amounts due to related parties are unsecured, interest free and have no fixed terms of repayment.

Amounts due under finance leases are secured on the underlying assets.

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is five years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

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

The deferred tax liability set out above is not expected to reverse completely within the 12 months following the date of these accounts, and relates to accelerated capital allowances that are expected to mature within the same period.

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

The A shares shall confer upon the holders thereof all rights to attend and vote at general meetings, and to participate in all capital distributions of the company pari passu with the B shares.

The B shares shall confer upon the holders thereof all rights to attend and vote at general meetings, and to participate in all capital distributions of the company pari passu with the A shares and the following rights of participation in income distribution of the company, namely

- the right to a payment of gross preferential dividend annually in arrears on 31 December in each year;

- the right to be paid such preferential dividend in priority to any dividend declared in respect of any other class of shares.

Represents the nominal value of the redeemed shares in the current and prior years.

Includes all current and prior year retained profits and losses.

The directors have confirmed that there were no contingent liabilities at 30 September 2025 or 30 September 2024.

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

At the year-end, the company had entered into hire purchase agreements for the acquisition of refrigerated containers. The total capital expenditure contracted for but not provided in the financial statements amounts to £9,010,612 (2024: £4,637,902).

The remuneration of key management personnel is as follows.

Mr R V Dunnett is the ultimate controlling party of the company by virtue of his majority shareholding.