Company Registration No. 04842175 (England and Wales)
Garton Holdings Limited
Annual report and
group financial statements
for the year ended 31 March 2026
Garton Holdings Limited
Company information
Directors
Finbarr Desmond O'Connor
Amanda Jones
Barry O'Connor
Ryan Jones
Joanne Rowland
Keegan Jones
(Appointed 1 April 2025)
Company number
04842175
Registered office
Garton Court
Boundary Way
Hemel Hempstead
Hertfordshire
HP2 7RH
Auditor
Saffery LLP
71 Queen Victoria Street
London
EC4V 4BE
Bankers
Bank of Scotland plc
33 Old Broad Street
London
EC2N 1HW
Garton Holdings Limited
Contents
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Group statement of comprehensive income
9
Group statement of financial position
10
Company statement of financial position
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 30
Garton Holdings Limited
Strategic report
For the year ended 31 March 2026
1

The directors present the strategic report for the year ended 31 March 2026.

We aim to present a balance d and comprehensive review of the performance and development of our business during the year and its position at the year end. This review is consistent with the size and nature of the organi s ation and is written in the context of the risks and uncertainties we fac e.

Review of the business

A summary of the company’s results are as follows:

2026 2025

Turnover £18.1m £19.2m

Gross profit margin 42.33% 36.72%

Profit before tax £1.313m_________£1.076m

EBITDA £9.1m £8.0m

During the financial period, we continued to experience sustained high demand for trailer rental. Trailer utilisation for the year averaged 97.3%. During the financial year the trailer fleet increased from 2,280 to 2,523. 2025-2026 was a challenging year for the haulage industry, Trailer Resources has a well-established team and performed well in a tough business sector.

During the financial year, the surplus cash within the business was invested into the purchase of new trailers, reducing our interest payable costs and enabling the business to develop and build relationships with key accounts.

The directors' carefully consider the future business performance with reference to the current economic climate and market challenges, this forming part of the financial forecasting and assessment for the next financial year. The directors anticipate that 2026 -2027 will be a challenging year, due to low profit margins experienced by the haulage industry and the ongoing conflict in the Middle East resulting in increased costs especially for fuel, customers will be seeking cost reductions. The directors are confident the business is well placed to continue to progress from a financial and operational perspective, with a strong management team and dedicated staff.

Trailer Resources is continually expanding the team throughout the UK, providing more geographical coverage around the UK.

Principal risks and uncertainties

We mitigate the risk of losing key customers, by delivering a high-quality service, which differentiates the company from our competitors. Maintaining our high standards protects our strong reputation.

The business’ principal financial instruments comprise of business current account, trade debtors, trade creditors and hire purchase agreements, to finance business’ operations.

Cash flow management is a key focus area for the company. Six monthly cash flow forecasts are prepared and updated on a rolling weekly basis, in order to ensure there are sufficient funds to meet the business needs at all times.

Trade debtors are constantly monitored with strict credit limits and credit terms are applied.

In respect of trade creditors and hire purchase agreements the payment dates are managed ensuring we have sufficient funds available to meet amounts due on the required payment dates.

Garton Holdings Limited
Strategic report (continued)
For the year ended 31 March 2026
2
Key performance indicators

Key financial performance indicators are monitored on a regular basis

- Net profit percentage has increased from 4% to 5.3%.

- Debtor days were maintained. Debtor days in 2026 were 46 days, compared to 41 days in 2025.

- Net assets have increased from £8.0 million to £9.0 million.

On behalf of the board

Finbarr Desmond O'Connor
Director
24 August 2026
Garton Holdings Limited
Directors' report
For the year ended 31 March 2026
3

The directors present their annual report and financial statements for the year ended 31 March 2026.

Principal activities

The principal activity of the group continued to be that of the rental of lorry trailers.

The principal activity of the company continued to be that of the provision of staff services to other group companies.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £nil (2025: £90,000). The directors do not recommend payment of a further dividend.

Directors

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

Finbarr Desmond O'Connor
Amanda Jones
Barry O'Connor
Ryan Jones
Joanne Rowland
Keegan Jones
(Appointed 1 April 2025)
Statement of directors' responsibilities

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 U nited K ingdom 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.

Garton Holdings Limited
Directors' report (continued)
For the year ended 31 March 2026
4
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 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.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to groups and companies entitled to the exemptions of the small companies regime.

On behalf of the board
Finbarr Desmond O'Connor
Director
24 August 2026
Garton Holdings Limited
Independent auditor's report
To the members of Garton Holdings Limited
5
Opinion

We have audited the financial statements of Garton Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2026 which comprise the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group 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 group's and the parent company's affairs as at 31 March 2026 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.

Garton Holdings Limited
Independent auditor's report (continued)
To the members of Garton Holdings Limited
6

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- T he 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 group and the parent company and their 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

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

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

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

Responsibilities of directors

As explained more fully in the 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 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.

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.

Garton Holdings Limited
Independent auditor's report (continued)
To the members of Garton Holdings Limited
7

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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the group and parent company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the group and parent company by discussions with directors and by updating our understanding of the sector in which the group and parent company operates.

Laws and regulations of direct significance in the context of the group and parent company include The Companies Act 2006 and UK Tax legislation.

Audit response to risks identified

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of group and parent company financial statement disclosures. We reviewed the parent company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the parent company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

As group auditors, our assessment of matters relating to non-compliance with laws or regulations and fraud differed at group and component level according to their particular circumstances. Our communications included a request to identify instances of non-compliance with laws and regulations and fraud that could give rise to a material misstatement of the group financial statements in addition to our risk assessment.

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.

Garton Holdings Limited
Independent auditor's report (continued)
To the members of Garton Holdings Limited
8

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.

Roger Weston
Senior Statutory Auditor
For and on behalf of Saffery LLP
24 August 2026
Statutory Auditors
71 Queen Victoria Street
London
EC4V 4BE
Garton Holdings Limited
Group statement of comprehensive income
For the year ended 31 March 2026
9
2026
2025
Notes
£
£
Turnover
3
18,133,213
19,194,491
Cost of sales
(10,456,557)
(12,146,729)
Gross profit
7,676,656
7,047,762
Administrative expenses
(4,804,709)
(4,612,707)
Operating profit
4
2,871,947
2,435,055
Interest receivable and similar income
3
26,976
24
Interest payable and similar expenses
8
(1,585,504)
(1,356,522)
Profit before taxation
1,313,419
1,078,557
Tax on profit
9
(345,428)
(316,503)
Profit for the financial year
967,991
762,054
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
Garton Holdings Limited
Group statement of financial position
As at 31 March 2026
10
2026
2025
Notes
£
£
£
£
Fixed assets
Tangible assets
11
42,180,885
35,340,324
42,180,885
35,340,324
Current assets
Debtors
14
2,773,976
2,467,492
Cash at bank and in hand
1,989,432
2,107,709
4,763,408
4,575,201
Creditors: amounts falling due within one year
15
(13,256,197)
(10,827,678)
Net current liabilities
(8,492,789)
(6,252,477)
Total assets less current liabilities
33,688,096
29,087,847
Creditors: amounts falling due after more than one year
16
(22,061,642)
(18,846,187)
Provisions for liabilities
Deferred tax liability
18
3,050,800
2,633,997
(3,050,800)
(2,633,997)
Net assets
8,575,654
7,607,663
Capital and reserves
Called up share capital
20
100
100
Share premium account
274,982
274,982
Profit and loss reserves
8,300,572
7,332,581
Total equity
8,575,654
7,607,663

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 24 August 2026 and are signed on its behalf by:
24 August 2026
Finbarr Desmond O'Connor
Director
Company registration number 04842175 (England and Wales)
Garton Holdings Limited
Company statement of financial position
As at 31 March 2026
31 March 2026
11
2026
2025
Notes
£
£
£
£
Fixed assets
Investments
12
1,921,834
1,921,834
Current assets
Debtors
14
3,744
14,707
Cash at bank and in hand
340,307
355,424
344,051
370,131
Creditors: amounts falling due within one year
15
(780,522)
(807,239)
Net current liabilities
(436,471)
(437,108)
Net assets
1,485,363
1,484,726
Capital and reserves
Called up share capital
20
100
100
Share premium account
274,982
274,982
Profit and loss reserves
1,210,281
1,209,644
Total equity
1,485,363
1,484,726

As permitted by section 408 of the Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £637 (2025 - £595 loss).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 24 August 2026 and are signed on its behalf by:
24 August 2026
Finbarr Desmond O'Connor
Director
Company registration number 04842175 (England and Wales)
Garton Holdings Limited
Group statement of changes in equity
For the year ended 31 March 2026
12
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2024
100
274,982
6,660,527
6,935,609
Year ended 31 March 2025:
Profit and total comprehensive income
-
-
762,054
762,054
Dividends
10
-
-
(90,000)
(90,000)
Balance at 31 March 2025
100
274,982
7,332,581
7,607,663
Year ended 31 March 2026:
Profit and total comprehensive income
-
-
967,991
967,991
Balance at 31 March 2026
100
274,982
8,300,572
8,575,654
Garton Holdings Limited
Company statement of changes in equity
For the year ended 31 March 2026
13
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2024
100
274,982
1,300,239
1,575,321
Year ended 31 March 2025:
Loss and total comprehensive income for the year
-
-
(595)
(595)
Dividends
10
-
-
(90,000)
(90,000)
Balance at 31 March 2025
100
274,982
1,209,644
1,484,726
Year ended 31 March 2026:
Profit and total comprehensive income
-
-
637
637
Balance at 31 March 2026
100
274,982
1,210,281
1,485,363
Garton Holdings Limited
Group statement of cash flows
For the year ended 31 March 2026
14
2026
2025
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
10,030,197
9,060,912
Interest paid
(1,585,504)
(1,356,522)
Income taxes paid
(70,831)
(62,641)
Net cash inflow from operating activities
8,373,862
7,641,749
Investing activities
Purchase of tangible fixed assets
(13,758,087)
(10,793,198)
Proceeds from disposal of tangible fixed assets
625,404
807,766
Interest received
26,976
24
Net cash used in investing activities
(13,105,707)
(9,985,408)
Financing activities
Payment of finance leases obligations
4,613,568
3,185,291
Dividends paid to equity shareholders
-
0
(90,000)
Net cash generated from financing activities
4,613,568
3,095,291
Net (decrease)/increase in cash and cash equivalents
(118,277)
751,632
Cash and cash equivalents at beginning of year
2,107,709
1,356,077
Cash and cash equivalents at end of year
1,989,432
2,107,709
Garton Holdings Limited
Notes to the group financial statements
For the year ended 31 March 2026
15
1
Accounting policies
Company information

Garton Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Garton Court, Boundary Way, Hemel Hempstead, Hertfordshire, HP2 7RH.

The group consists of Garton Holdings Limited and all of its subsidiaries.

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, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

1.2
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

Garton Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 March 2026
1
Accounting policies (continued)
16
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Garton Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 March 2026. 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 g roup.

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.

1.4
Going concern

A t the time of approving the financial statements, t he directors have a reasonable expectation that the group and parent company ha ve 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.

1.5
Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts. R ental income is recognised on a straight line basis over the contract period.

Revenue from the hire of vehicles to third parties is recognised over the life of the contract. Revenue from the provision of vehicle repairs and MOTs is recognised upon completion of the service. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

Revenue from the sale of vehicles to third parties is recognised at the point of sale.

1.6
Intangible fixed assets - goodwill

Goodwill arising on the acquisition of subsidiary undertakings represents the excess of the fair value of the consideration over the fair value of the identifiable assets and liabilities acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

The group was formed on 4 December 2003. The financial statements for the year ended 31 March 2023 represent the first year consolidation. Any goodwill arising upon formation of the group in 2003 is fully amortised. On this basis, no goodwill has been recognised in the financial statements.

Garton Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 March 2026
1
Accounting policies (continued)
17
1.7
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:

Leasehold improvements
20% Straight Line
Plant and machinery
Between 10% and 20% Straight Line
Fixtures, fittings & equipment
20% Straight Line
Motor vehicles
20% Straight Line
Horses
17% 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 recognised in the income statement.

1.8
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n 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.

1.9
Impairment of fixed assets

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.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

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.

Garton Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 March 2026
1
Accounting policies (continued)
18

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.

1.10
Cash and cash equivalents

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.

1.11
Financial instruments

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 statement of financial position 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

Basic financial assets, which include debtors, 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

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.

Garton Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 March 2026
1
Accounting policies (continued)
19
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 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.

Classification of financial liabilities

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

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 paymen ts 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.

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 subsequently 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 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 group's contractual obligations expire or are discharged or cancelled.

1.12
Equity instruments

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.

1.13
Taxation

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

Garton Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 March 2026
1
Accounting policies (continued)
20
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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

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.

1.14
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.

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.16
Leases

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 statement of financial position 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 lease d asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.17
Foreign exchange

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.

Garton Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 March 2026
21
2
Critical accounting judgements and key sources of estimation uncertainty

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.

Key sources of estimation uncertainty

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.

Decommissioning and bad debt provisions

In formulating provisions, management makes judgements that are based on the risk profile of the customer, economic conditions and historic trends.

3
Turnover and other revenue
2026
2025
£
£
Turnover analysed by class of business
Rental
14,945,732
13,246,443
Trailer sales
407,252
3,156,302
Labour, workshop parts, other
2,780,229
2,791,746
18,133,213
19,194,491
2026
2025
£
£
Other revenue
Interest income
26,976
24
4
Operating profit
2026
2025
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of tangible fixed assets
6,381,394
5,749,563
Profit on disposal of tangible fixed assets
(89,272)
(181,095)
Operating lease charges
408,509
423,774
Garton Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 March 2026
22
5
Auditor's remuneration
2026
2025
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company's subsidiaries
21,500
21,500
6
Employees

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

Group
Company
2026
2025
2026
2025
Number
Number
Number
Number
41
37
41
37

Their aggregate remuneration comprised:

Group
Company
2026
2025
2026
2025
£
£
£
£
Wages and salaries
2,875,166
2,642,694
2,875,166
2,642,694
Social security costs
406,347
329,207
406,347
329,207
Pension costs
53,519
52,423
53,519
52,423
3,335,032
3,024,324
3,335,032
3,024,324
7
Directors' remuneration
2026
2025
£
£
Remuneration for qualifying services
1,021,516
919,363
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2026
2025
£
£
Remuneration for qualifying services
344,512
344,726

During the year to 31 March 2026, the total compensation for qualifying services by key management personnel amounted to £1,145,713 (2025: £919,363).

Garton Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 March 2026
23
8
Interest payable and similar expenses
2026
2025
£
£
Interest on finance leases and hire purchase contracts
1,585,504
1,356,522
9
Taxation
2026
2025
£
£
Current tax
UK corporation tax on profits for the current period
(49)
71,841
Adjustments in respect of prior periods
(71,326)
-
0
Total current tax
(71,375)
71,841
Deferred tax
Origination and reversal of timing differences
416,803
244,662
Total tax charge
345,428
316,503

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
1,313,419
1,078,557
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2025: 25.00%)
328,355
269,639
Tax effect of expenses that are not deductible in determining taxable profit
17,386
27,206
Permanent capital allowances in excess of depreciation
2,054
19,465
Other permanent differences
1,228
-
0
Under/(over) provided in prior years
(962)
-
0
Deferred tax adjustments in respect of prior years
68,996
-
0
Deferred tax movements
(1,265)
193
Over provision
(70,364)
-
0
Taxation charge
345,428
316,503
10
Dividends
2026
2025
Recognised as distributions to equity holders:
£
£
Final paid
-
90,000
Garton Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 March 2026
24
11
Tangible fixed assets
Group
Leasehold improvements
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Horses
Total
£
£
£
£
£
£
Cost
At 1 April 2025
14,000
59,317,762
73,705
686,994
135,000
60,227,461
Additions
-
0
13,638,069
21,947
98,071
-
0
13,758,087
Disposals
-
0
(3,846,038)
-
0
(43,345)
(135,000)
(4,024,383)
At 31 March 2026
14,000
69,109,793
95,652
741,720
-
0
69,961,165
Depreciation and impairment
At 1 April 2025
6,067
24,349,186
40,568
378,984
112,332
24,887,136
Depreciation charged in the year
2,800
6,225,737
15,734
131,705
5,418
6,381,394
Disposals
-
0
(3,327,156)
-
0
(43,345)
(117,750)
(3,488,251)
At 31 March 2026
8,867
27,247,767
56,302
467,344
-
0
27,780,280
Carrying amount
At 31 March 2026
5,133
41,862,026
39,350
274,376
-
0
42,180,885
At 31 March 2025
7,933
34,968,576
33,137
308,010
22,668
35,340,324
The company had no tangible fixed assets at 31 March 2026 or 31 March 2025.

Plant and machinery includes amounts in respect of assets held on hire purchase (and leased to customers)

with a net book value of £41,652,488 (2025: £34,845,048). The depreciation charge for the year in relation to these assets amounted to £6,156,067 (2025: £5,533,930).

Garton Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 March 2026
25
12
Fixed asset investments
Group
Company
2026
2025
2026
2025
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
1,921,834
1,921,834
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2025 and 31 March 2026
1,921,834
Carrying amount
At 31 March 2026
1,921,834
At 31 March 2025
1,921,834
13
Subsidiaries

Details of the company's subsidiaries at 31 March 2026 are as follows:

Name of undertaking
Address
Nature of business
Class of shares held
Trailer Resources Limited
1
Lorry trailer rentals
Ordinary

Registered office addresses (all UK unless otherwise indicated):

1 Garton Court, Boundary Way, Hemel Hempstead, Hertfordshire HP2 7RH

14
Debtors
Group
Company
2026
2025
2026
2025
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,215,560
2,094,485
-
0
-
0
Corporation tax recoverable
70,364
-
0
-
0
-
0
Other debtors
127,340
95,018
-
0
-
0
Prepayments and accrued income
360,712
277,989
3,744
14,707
2,773,976
2,467,492
3,744
14,707
Garton Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 March 2026
26
15
Creditors: amounts falling due within one year
Group
Company
2026
2025
2026
2025
Notes
£
£
£
£
Obligations under hire purchase agreements
17
7,900,676
6,502,563
-
0
-
0
Trade creditors
1,134,510
936,943
3,744
-
0
Corporation tax payable
-
0
71,842
-
0
595
Other taxation and social security
280,673
222,815
280,673
222,815
Other creditors
7,826
6,360
7,826
6,360
Accruals and deferred income
3,932,512
3,087,155
488,279
577,469
13,256,197
10,827,678
780,522
807,239
16
Creditors: amounts falling due after more than one year
Group
Company
2026
2025
2026
2025
Notes
£
£
£
£
Obligations under hire purchase agreements
17
22,061,642
18,846,187
-
0
-
0

The hire purchase agreements are secured against the respective lorry trailers owned by the company included within tangible fixed assets.

17
Hire purchase obligations
Group
Company
2026
2025
2026
2025
Amounts due:
£
£
£
£
Current liabilities
7,900,676
6,502,563
-
0
-
0
Non-current liabilities
22,061,642
18,846,187
-
0
-
0
29,962,318
25,348,750
-
-

Hire purchase 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 8 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

Garton Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 March 2026
27
18
Deferred taxation

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

Liabilities
Liabilities
2026
2025
Group
£
£
Accelerated capital allowances
3,153,434
2,635,092
Tax losses
-
(1,095)
Losses and other deductions
(102,634)
-
3,050,800
2,633,997
The company has no deferred tax assets or liabilities.
Group
Company
2026
2026
Movements in the year:
£
£
Liability at 1 April 2025
2,633,997
-
Charge to profit or loss
416,803
-
Liability at 31 March 2026
3,050,800
-
19
Retirement benefit schemes
2026
2025
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
53,519
52,423

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.

Garton Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 March 2026
28
20
Share capital
Group and company
2026
2025
2026
2025
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 10p each
-
1,000
-
100
A Ordinary Shares of 10p each
300
-
30
-
B Ordinary Shares of 10p each
50
-
5
-
C Ordinary Shares of 10p each
150
-
15
-
D Ordinary Shares of 0p each
500
-
50
-
1,000
1,000
100
100

On 20 August 2025, the company redesignated the following:

- 300 Ordinary Shares to 300 A Ordinary Shares,

- 50 Ordinary Shares to 50 B Ordinary Shares,

- 150 Ordinary Shares to 150 C Ordinary Shares, and

- 500 Ordinary Shares to 500 D Ordinary Shares.

A Ordinary, B Ordinary and C Ordinary Shares have a right to vote, receive dividends and a return of assets.

D Ordinary Shares do not have a right to vote or received dividends. They also rank second in priority (after the A Ordinary, B Ordinary and C Ordinary Shares) on a return of assets.

21
Financial commitments, guarantees and contingent liabilities

The group has a debenture, in favour of Bank of Scotland plc, which includes a charge over certain assets of the group.

The subsidiary has given an unconditional cross guarantee in favour of its parent company, Garton Holdings Limited.

Garton Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 March 2026
29
22
Operating lease commitments
As lessee

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:

Group
Company
2026
2025
2026
2025
£
£
£
£
Within 1 year
350,000
350,000
-
-
Years 2-5
1,469,166
1,400,000
-
-
After 5 years
7,230,417
3,135,417
-
-
9,049,583
4,885,417
-
-
As lessor - operating leases
At the reporting end date the group had contracted with tenants for the minimum lease payments:
Group
Company
2026
2025
2026
2025
Future amounts receivable:
£
£
£
£
Within 1 year
97,500
260,000
-
-
Years 2-5
-
195,000
-
-
97,500
455,000
-
-
23
Related party transactions

During the year, the group was charged £160,417 (2025: £350,000) in respect of rent for a property owned by the director's pension scheme. These transactions were carried out in the normal course of business.

The company has taken advantage of the exemption to disclose related party transactions with companies that are wholly owned within the group. Amounts outstanding at the year end are disclosed in the Debtors and Creditors notes.

24
Directors' transactions

Dividends totalling £nil (2025: £90,000) were paid in the year in respect of shares held by the company's directors.

25
Controlling party

The ultimate controlling party is Finbarr Desmond O'Connor by virtue of his shareholding in Garton Holdings Limited.

Garton Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 March 2026
30
26
Cash generated from group operations
2026
2025
£
£
Profit for the year after tax
967,991
762,054
Adjustments for:
Taxation charged
345,428
316,503
Finance costs
1,585,504
1,356,522
Investment income
(26,976)
(24)
Gain on disposal of tangible fixed assets
(89,272)
(181,095)
Depreciation and impairment of tangible fixed assets
6,381,394
5,749,563
Movements in working capital:
Increase in debtors
(236,120)
(213,675)
Increase in creditors
1,271,064
1,271,063
Cash generated from operations
10,199,013
9,060,911
27
Analysis of changes in net debt - group
1 April 2025
Cash flows
31 March 2026
£
£
£
Cash at bank and in hand
2,107,709
(118,277)
1,989,432
Obligations under hire purchase agreements
(25,348,750)
(4,613,568)
(29,962,318)
(23,241,041)
(4,731,845)
(27,972,886)
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