​Directors

N M Anketell
J A Darragh
C J H Montgomery
H M J Montgomery
H H Montgomery (resigned 01-10-2024)
N P Montgomery (resigned 01-10-2024)

Introduction

The Directors present their Strategic report, Directors' report and financial statements for the year ended 30 September 2025.

Principal activity

The principal activity of the Company is a holding company.

Business review

We aim to present a balanced and comprehensive review of the development and performance of the business during the year and its position at the year-end. Our review is consistent with the size and nature of the business and is written in the context of the risks and uncertainties we face. The company operates within the transport industry and sells its products and services through dealerships and sales representatives to customers throughout the UK. 

Principal risks and uncertainties

The transport and logistics sectors remain extremely competitive with intense competition from both local, national and international operators. The company seeks to maintain an advantage over its competitors by offering the highest level of customer service.

The company’s operations expose it to a variety of financial risks that include the effects of changes in commodity prices, exchange rates, interest rate risk, credit risk and liquidity risk. The company’s overall risk management programme seeks to minimise the potential adverse effects on the company’s financial performance. Given the size and structure of the company, the directors have not delegated the responsibility of monitoring financial risk management but instead set the policies that are then implemented by the rest of the company.

Commodity price risk

The company is exposed to some commodity price risk as a result of its operations in various sectors. The costs of managing our exposure to this risk are considered to exceed any potential benefits. The directors regularly revisit the appropriateness of this policy should there be a material change in our size or operations.

Foreign exchange risk

The majority of the company's revenue and expenses are denominated in sterling but we are exposed to some foreign exchange risk in the normal course of business. While the company does not use financial instruments currently to hedge foreign exchange exposure, this is constantly reviewed.

Interest rate risk

The company has interest based assets and liabilities, both of which bear interest at variable rates. There is a small proportion of the long term borrowing that has been fixed. The appropriateness of this policy will be revisited should the company’s operations change materially.

Credit risk

The company has implemented the policy that we require credit checks to be performed on all potential customers before any sales are made. The amount of exposure to individual customers is monitored regularly by the company’s management team.

Financial key performance indicators

We consider that our key performance indicators are profit before taxation and growth in shareholders' funds.

The Directors are satisfied with the year. The impact of the current economic uncertainty, pending regulation and strong competition continues to present us with challenges. We however, continue to explore areas of growth to maximise turnover and margin through efficient practises and maintain plans to develop the business in the coming year.

Directors' statement of compliance with duty to promote the success of the Company

From the perspective of the Directors, the matters for consideration under section 172 of the Companies Act 2006 (“s172”) have been considered to an appropriate extent by the company. Such consideration is included in the statements set out below, noting the Directors’ duty under s172 to act in good faith to promote the success of the company for the benefit of its shareholders but having regard amongst other matters to the following:

For the company, compliance is one of cornerstone values and forms the basis for all decisions and activities. It is the key to integrity in conducting business and as a global company. The Directors are committed to ensuring that all business is carried out in full accordance with the law as well as internal rules and principles.

Engagement with suppliers, customers and others

Our strategy prioritises growth, driven by continued expansion and bringing new customers into the company, and up-selling services to existing clients. To do this, we continue to develop and nurture strong customer relationships. We value all of our suppliers and have multi-year contracts in place with our key suppliers.

This report was approved by the board and signed on its behalf:

The Directors present​​ their​ report and the financial statements for the year ended 30 September 2025.

Results and dividends

The Directors who served during the year:

N M Anketell

J A Darragh

C J H Montgomery

H M J Montgomery

H H Montgomery

N P Montgomery

There have been no significant events affecting the company since the year end. 

Directors’ liability insurance

The company has indemnified the directors of the company against liability in respect of proceedings brought by third parties, subject to the conditions set out in the Companies Act 2006. Such qualifying third party indemnity provision was in force during the year and is in force at the date of approving the directors’ report.

Directors' responsibilities statement​

The Directors are responsible for preparing the Strategic report, the Directors' report and​​ the financial statements in accordance with applicable law and regulations.
Company law requires the Directors​ to prepare financial statements for each financial year. Under that law the Directors have​​ elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 Company​ and of the profit or loss of the Company​​ for that period.

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

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company​​'s transactions and disclose with reasonable accuracy at any time the financial position of the Company​​ and enable them to ensure that the financial statements comply with the Companies Act 2006. They are​ also responsible for safeguarding the assets of the Company​ and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Under Schedule 7.1A of "Large and Medium-Sized Companies and Groups (Accounts and Reports) Regulations 2008" the company has elected to disclose the following directors' report information in the strategic report:

Auditors

Grant Thornton (NI) LLP were appointed as auditors and have indicated their willingness to continue in office in accordance with section 485 of the Companies Act 2006, and a resolution that they will be reappointed will be proposed at the annual general meeting.

Date: 29 June 2026 

We have audited the financial statements of Ballyvesey Holdings Limited​ (the Company)​​​ for the year ended 30 September 2025, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. 

The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditors'​​ responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the ​​​​financial statements in the United Kingdom, including the Financial Reporting Council'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.

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

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

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

Other information

Other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' report thereon, including the Directors' report and the Strategic Report. The Directors are responsible for the other information. Our​​ opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we​​ do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we​ identify such material inconsistencies or apparent material misstatements, we are​ required to determine whether there is a material misstatement in the ​​​​​​financial statements or a material misstatement of the other information. 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.

Opinion on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment we have obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report

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

As explained more fully in the Directors' responsibilities statement, management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS102 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, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so. 

Those charged with governance are responsible for overseeing the Company's financial reporting process.

This report is made solely to the Company’s members, as a body, in accordance with chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Louise Kelly​ FCA (Senior Statutory Auditor)

For and on behalf of
Grant Thornton (NI) LLP
Chartered Accountants and Statutory Auditor
Belfast

Date:29th June 2026​

The above results were derived from continuing operations.

There was no other comprehensive income for the year (2024: £Nil)

The financial statements were approved and authorised for issue by the board and were signed on its behalf:

Date: 29 June 2026 

The notes on pages 20 to 38 form part of these financial statements.

Ballyvesey Holdings Limited is a private company limited by shares and is incorporated in England & Wales. The address of its registered office is C/O Commercial Vehicle Auctions Limited​, Carr Hill​, Doncaster​, SL3 OED​.

The principal activity of the Company is a holding company.

The financial statements have been prepared under the historic 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' (FRS 102) 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 management to exercise judgement in applying the Company's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in note 3.

The Company's functional and presentational currency is the Pound Sterling.

The Company has taken advantage of the following disclosure exemptions in preparing its financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

The information is included in the consolidated financial statements of Ballyvesey Industries Limited as at 30 September 2025 and these financial statements may be obtained from companies house.

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

Revenue from a contract to provide services is recognised in the period in which services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the life must not exceed 10 years.

If factors such as a change in how an intangible asset is used, technological advancement, or changes in market prices indicate that the residual value or useful life of an asset has changed since the most recent balance sheet​ date, the Company​ reviews its previous estimates and, if current expectations differ, amends the residual value, amortisation method or useful life, accounting for this as a change in an accounting estimate.

Tangible fixed assets are initially recognised at cost. Cost includes the purchase price and any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Subsequently, tangible fixed assets are measured using the cost model. Under the cost model, intangible assets are measured at cost less any accumulated depreciation and any accumulated impairment losses.

All tangible fixed assets are considered to have a finite useful life.

Depreciation is calculated to allocate the depreciable amount of tangible fixed assets to their residual values over their estimated useful lives on the following bases​:

If factors such as a change in how an asset is used, technological advancement, or changes in market prices indicate that the residual value or useful life of an asset has changed since the most recent balance sheet date, the Company reviews its previous estimates and, if current expectations differ, amends the residual value, amortisation method or useful life, accounting for this as a change in an accounting estimate.

Tangible fixed assets are derecognised on disposal, with the difference between the net disposal proceeds and the carrying amount recognised in profit or loss.

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the Balance sheet date. Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out (FIFO)​​ basis. Finished goods​ include labour costs and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If an item of stock​ is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Cash and cash equivalents include cash in hand, deposits with financial institutions repayable without penalty on notice of not more than 24 hours, other highly liquid investments that mature in no more than three months from the date of acquisition and bank overdrafts. Bank overdrafts, where applicable, are shown within 'Creditors: amounts due within one year'.

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. 

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Where assets leased to a third party give rights approximating to ownership (finance leases), the assets are treated if they had been sold outright. The amount removed from the fixed assets is the net book value on disposal of the asset. The profit on disposal, being the excess of the present value of the minimum leases payments over net book value is credited to profit or loss. Lease payments are analysed between capital and interest components so that the interest element of the payment is credited to profit or loss over the term of the lease and represents a constant proportion of the balance of capital repayments outstanding. The capital part reduces the amounts owed by the lessee.

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation. Lease payments are apportioned between finance costs in the Statement of Comprehensive Income and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. 

The contributions are recognised as an expense in the income statement 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 company in independently administered funds.

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when a shareholders' written resolution is passed.

The Directors​​ consider that disclosure of turnover analysed by class of business and by geographical market would be seriously prejudicial to the interests of the Company​.

Arrived at after charging:

The directors' remuneration for the year was as follows:

The replacement cost of stocks does not differ materially from the balance sheet amount. Finished goods and goods for resale include £4,513,224 (2024: £1,783,988 ) of goods held on a consignment basis with the same amount recognised in trade creditors.

Amounts due under hire purchase and finance lease agreements are secured against the assets to which they relate.

The maturity of the bank loan is as follows:

Authorised

Allotted, called up and fully paid shares

Each ordinary share holds one voting right.

This reserve includes all current and prior period retained profits and losses.

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £199,805 (2024 - £270,907).

Ballyvesey Holdings Limited is a 100% subsidiary of Ballyvesey Industries Limited. The company has taken advantage of the exemption given in FRS 102 section 33. This exemption permits non-disclosure of related party transactions of a wholly owned subsidiary company within the Ballyvesey Industries Group.