The directors present the strategic report for the year ended 31 December 2025.
Financial performance
Group turnover for the year ended 31 December 2025 was £71.0m (2024: £73.9m), The reduction reflects a combination of lower transport volumes and changes in customer activity during the year with additional focus on improving margins as well as turnover.
The majority of revenue continues to be generated from haulage services, which accounted for £68.0m of turnover during the year, while warehousing and related logistics services generated £3.0m.
Gross profit for the year was £19.4m (2024: £19.6m) representing a gross margin of 27.3%, compared to prior year which generated 26.5%.
Finance costs for the year were £3.35m, of which £2m relates to interest paid to its parent company Sitra Invest NV.
Financial Position
At 31 December 2025 the group continued to maintain a substantial asset base primarily comprising its fleet of tractors and tanks used in logistics operations with a fixed asset balance of £33.0m
Operating activities generated £8.1m of cash, demonstrating the underlying cash generative nature of the group’s logistics operations despite the capital intensity of the sector.
Cash balances increased to £1.8m at the year end (2024: £1.3m).
During the year the company invested £5.0m in new tangible assets, primarily tractor units and tanks designed to maintain operational reliability and efficiency.
The directors are satisfied that the business maintains adequate liquidity through its existing banking and financing arrangements.
Key Performance Indicators
The group uses the traditional performance measures of Gross Margin, Revenue, EBITDA and EBIT to manage and monitor business performance.
In addition to traditional financial performance measures, the group also use the following key performance indicators to monitor performance:
- Revenue per vehicle
- Revenue per mile
- Cost per mile
- DOT (delivery on time) – customer focused
- SQI (service quality index) – customer focused
These are monitored on a regular basis by the Board and the directors are satisfied with the performance in these areas during the period.
The group uses various financial instruments, including intercompany loans, finance leases and hire purchase contracts, cash and various items such as trade debtors that arise directly from its operations. The main purpose of these financial instruments is to provide finance for the group'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 risk arising from the group's financial instruments is liquidity risk, credit risk and cash flow interest rate risk. The directors review and agree policies for managing each of these risks and they are summarised below. The policies have remained unchanged from previous years.
Liquidity risk
The group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. Short term flexibility is achieved by invoice discounting facilities. The maturity of borrowings is set out in the notes to the financial statements.
Credit risk
The group's principle financial assets, are cash and trade debtors. The credit risk associated with cash is limited. The principle credit risk arises therefore from its trade debtors.
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 limited are reviewed by the credit controller on a regular basis in conjunction with debt ageing and collection history.
Interest rate risk
The group finances its operations through a mixture of retained profits, finance leases and hire purchase contracts and bank borrowings. The group's exposure to interest rate fluctuations on its borrowings is managed by the use of both fixed and floating rate facilities.
This section describes how the directors have considered the matters set out in section 172(1) of the Companies Act 2006, as amended by the Companies (miscellaneous reporting) Regulations 2018, when performing their duty to promote the success of the group, and in doing so have regard (amongst other matters) to:
a) the likely consequences of any decision in the long term;
b) the interests of the group's employees;
c) the need to foster the group's business relationships with suppliers, customers and others;
d) the impact of the group's operations on the community and the environment;
e) the desirability of the group maintaining a reputation for high standards of business conduct; and
f) the need to act fairly as between members of the group.
The directors consider that they have acted in good faith to promote the success of the group for the benefit of its members as a whole.
The directors believe that they have been able to generate high levels of employee engagement during the period through providing regular business performance communication, flexible working practices and ongoing learning and development support.
The directors believe that the financial and operating performance of the group has been achieved through developing close working relationships with customers, suppliers and employees in the period.
As part of their induction, a director is briefed on their duties and they can access professional advice on these, either from the Company Secretary or, if they judge it necessary, from an independent advisor.
The Board confirms that, during the year it has regard to the matters set out above. Further details as to how the directors have fulfilled their duties, together with references to relevant areas within these financial statements are set out below.
On behalf of the board
The directors present their annual report and financial statements for the year ended 31 December 2025.
The loss for the year, after taxation, amounted to £1,902,013 (2024: £1,665,610).
No ordinary dividends were paid. The directors do not recommend payment of a final dividend (2024: Same).
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
The group made no contributions to charities during the financial period. There were £Nil political donations during the financial year (2024: £Nil).
The group systematically provides employees with information on matters of concern to them, consulting them or their representatives regularly, so that their views can be taken into account when making decisions that are likely to affect their interests. Employee involvement in the group is encouraged, as achieving a common awareness on the part of all employees of the financial and economic factors affecting the group plays a major role in maintaining its competitive advantage. The group encourages the involvement of employees by means of regular communication and meetings.
The auditor, Sedulo Audit Limited, will be proposed for reappointment in accordance with Section 487 of the Companies Act 2006.
The SECR disclosure presents the group's carbon footprint within the UK across Scope 1 and 2 emissions and total energy use of electricity, gas and transport fuel.
This disclosure has been prepared in line with the group's year end of 31 December 2025.
Abbey Logistics Group has elected to use Scope 1 and 2 CO2e (tonnes) by number of vehicles in the fleet and has chosen this metric as it is a common business metric for the industry sector.
CO2e per vehicle has decreased due to better utilisation of vehicles in the fleet as the ongoing investment in new fleet.
The group invests in technology that tracks vehicle performance in order to promote the efficient usage of fuel. The group also invests in tractor units at the efficient Euro VI specification.
The group reported a strong trading result during the year.
The directors have prepared these financial statements on a going concern basis.
The directors have considered the current economic environment and have prepared trading and cash flow projections until 30 June 2027. These forecasts demonstrate that the company is able to generate sufficient cash flows to service its ongoing debt and business requirements as they become due.
The directors are confident that the development of close working relationships with customers, suppliers and employees, put the business in a strong position to continue its growth aspirations along with being able to respond to changing market conditions, along with the opportunities for growth as part of the wider Sitra group.
After careful consideration, the directors have concluded that they have a reasonable expectation that the Company has adequate resources to continue in operational existence for at least 12 months from the date of signing these financial statements. Therefore, the directors continue to adopt the going concern basis in preparing the financial statements.
There are no significant events affecting the company post year end.
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 Axle Topco Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 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 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).
Basis for 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
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.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
We obtained an understanding of the legal and regulatory frameworks applicable to the Company and the industry in which it operates. We determined that the most significant laws and regulations is the Companies Act 2006.
We obtained an understanding of how the Company is complying with those legal and regulatory frameworks by making inquiries of management and those responsible for legal and compliance procedures. We corroborated our inquiries through our review of board minutes.
We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the group engagement team included:
- Evaluation of the processes and controls established to address the risks related to irregularities and fraud;
- Making inquiries, in respect of fraud, of those outside the finance team, including key management and the board;
- Challenging assumptions and judgements made by management in the Company's significant accounting estimates;
- Identifying and testing unusual journal entries; and
- Identifying and testing related party transactions.
The assessment of the appropriateness of the collective competence and capabilities of the engagement team included consideration of the engagement team's knowledge of the industry in which the Company operates, and the understanding of, and practical experience with, audit engagements of a similar nature and complexity through appropriate training and participation.
The engagement team's discussions in respect of potential non-compliance with laws and regulations and fraud included the risk of fraud in revenue recognition.
In assessing the potential risks of material misstatement, we obtained an understanding of:
- The Company's operations, including the nature of its revenue sources, expected financial statement disclosures and business risks that may result in risk of material misstatement; and
- The Company's control environment including the adequacy of procedures for authorisation of transactions.
These audit procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error and detecting irregularities that result from fraud is inherently more difficult than detecting those that result from error, as fraud may involve collusion, deliberate concealment, forgery or intentional misrepresentations. Also, the further removed non compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we would become aware of it.
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.
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.
There was no other comprehensive income for the year (2024: Same).
All results arose from continuing operations (2024: Same).
The notes on pages 18 to 37 form part of these financial statements.
The notes on pages 18 to 37 form part of these financial statements.
The notes on pages 18 to 37 form part of these financial statements.
As permitted by section 408 of the 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 £0 (2024 - £0 profit).
The notes on pages 18 to 37 form part of these financial statements.
The notes on pages 18 to 37 form part of these financial statements.
The notes on pages 18 to 37 form part of these financial statements.
Axle Topco Limited ("the Company") is a holding company. The principal activity of the Group was that of the provision of logistics services. The company is a private company limited by shares and is incorporated in England and Wales. The address of its registered office is Suite 11, Stone Cross Place, Stone Cross Lane, Lowton, Warrington, WA3 2SH.
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires group management to exercise judgement in applying the group's accounting policies (see
note 3).
The company has taken advantage of the exemption allowed under section 408 or the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The financial statements are presented in Pounds Sterling (£), the group and company's functional currency.
The consolidated group financial statements consist of the financial statements of the parent company Axle Topco 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 December 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.
Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.
Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.
If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.
Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.
The group reported a strong trading result during the year.
The directors have prepared these financial statements on a going concern basis.
The directors have considered the current economic environment and have prepared trading and cash flow projections until 30 June 2027. These forecasts demonstrate that the company is able to generate sufficient cash flows to service its ongoing debt and business requirements as they become due.
The directors are confident that the development of close working relationships with customers, suppliers and employees, put the business in a strong position to continue its growth aspirations along with being able to respond to changing market conditions, along with the opportunities for growth as part of the wider Sitra group.
After careful consideration, the directors have concluded that they have a reasonable expectation that the Company has adequate resources to continue in operational existence for at least 12 months from the date of signing these financial statements. Therefore, the directors continue to adopt the going concern basis in preparing the financial statements.
The Group recognises revenue from the provision of logistics services when the delivery of goods and services is complete, and the customer has accepted the service, in accordance with FRS 102. Revenue is measured at the fair value of the consideration received or receivable, net of any discounts, VAT, or other taxes.
The Group generates revenue from the following key activities:
1) Transport and Freight Services:
Revenue is recognised at the point when the transportation service is completed, i.e., when goods have been delivered to the customer’s destination.
2) Warehousing and Storage Services:
Revenue is billed a week in arrears and recognised at this point.
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Investments in subsidiaries are measured at cost less accumulated impairment.
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible 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.
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.
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.
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 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 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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
The group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan
under which the group pays fixed contributions into a separate entity. Once the contributions have been paid the
group has no further payment obligations.
The contributions are recognised as an expense in profit or loss when when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the group in independently administered funds.
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 and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
Finance costs
Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the process of the associated capital instrument.
Exceptional items
Exceptional items are transactions that fall within the ordinary activities of the group but are presented separately due to their size or incidence.
Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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 following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Determining whether goodwill is impaired requires an estimation of the value in use of the cash generating units to which goodwill has been allocated. the value in use calculation requires an entity to estimate the future cash flows expected to arise from the cash generating unit and a suitable discount rate in order to calculate present value. An impairment review has been performed at the reporting date and no impairment has been identified.
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of assets and the residual values are assessed annually and may vary depending on a number of factors.
European countries include Belgium, France, Germany, the Netherlands and Ireland.
The average monthly number of persons (including directors) employed by the group during the year was:
Their aggregate remuneration comprised:
During the period retirement benefits were accruing to 4 director (2024: 4) in respect of defined contribution pension schemes.
The actual (credit)/charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:
The Group has not recognised a deferred tax asset of £240,758 (FY24: £119,888) in respect of carried forward losses.
Amortisation on intangible assets is charged to administrative expenses.
Included within tangible fixed assets are assets held under finance leases or hire purchase contracts, as follows:
Details of the company's subsidiaries at 31 December 2025 are as follows:
Registered office addresses (all UK unless otherwise indicated):
All the above subsidiaries are included in the consolidation. The company's investment in Axle Bidco Limited is direct ownership, all other investments are indirect ownership. The registered office of all subsidiaries is the same as the company as seen on the company information page.
The directors believe that the carrying value of investments is supported by their underlying net assets and the present value of future trading cashflows.
There was no significant difference between the replacement cost of inventories and their carrying amounts. Inventories are stated after provisions for impairment of £Nil (2024: £Nil)
Amounts owed by group undertakings are unsecured, interest free and are repayable on demand. Group trade debtors are stated after provisions for impairment of £Nil (2024: £64,000).
Cash at bank and in hand for the group £1,816,971 (2024: £1,275,995).
Financing costs directly attributable to the issue of financial liabilities are deducted from the initial amount recognised and amortised over the financial liabilities expected useful life.
The invoice financing facility is secured on the trade debtor balance of the group.
Obligations under finance leases and hire purchase contracts are secured against the assets to which they relate.
Obligations under finance leases and hire purchase contracts are secured against the assets to which they relate.
Of the total Sitra loan, £35,656,688 and is not repayable until December 2030 at the earliest. This loan incurs interest at 6% compounded per year. The remaining £1,418,448 is repayable in instalments and incurs interest at 5.6%.
The group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £767,854 (2024: £450,770). Contributions totalling £128,890 (2024: £154,094) were payable to the fund at the Statement of Financial Position date and are included in other creditors.
All A-E ordinary shares rank pari passu in relation to voting, dividend and distribution rights.
Includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.
A non-distributable reserve, following the purchase of the company’s own shares.
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:
Amounts contracted for but not provided in the financial statements:
The company had no operating lease commitments. The group had capital commitments of £190,000 at 31 December 2025 (31 December 2024: £2,408,133) in relation to tractor units and tanks.
The company has taken the exemption conferred by FRS 102 Section 33 not to disclose transactions with wholly owned subsidiary entities.
There are no significant events affecting the company post year end.