The directors present the strategic report for the year ended 31 December 2025.

The business performed relatively strongly in 2025 as macroeconomic and local factors were a little more favourable than in previous years. The business had a stronger finish to the year with higher trade through to November 2025 against a reasonably healthy construction back drop. The J.P. Rentals business also benefited from the addition of circa 200 vans, on hire to Scottish Councils, from 1st October 2025 (ex Peter Vardy business).

The recent USA & Iran crisis has created some uncertainty from late February 2026, impacting adversely on consumer and customer confidence, which has made growing our sales more challenging and has put additional pressure on commodity and consumable costs, increased fuel price and raised inflation in the short term. All these factors are adverse for most businesses and the Board have taken steps to manage and mitigate the cost increases in Jarvie Plant Group, as well as ensuring our investments continue to be priortised very carefully. The Board is confident that we can overcome a mid-term crisis and impact on the economy with our current strategies.

Despite the healthy sales performance in 2025, input costs in the form of materials, energy and wages have continued to rise and there is a persistent shortage of skilled labour in the market which creates recruiting challenges.

Turnover of £34,198,000 (2024: £29,877,000) was up reflecting growth in plant, accommodation and vehicles division as well as certain ancillary offerings. Gross profit margin of 29.0% has grown from 28.3% in 2024 reflecting higher sales and better asset utilization. Total capital additions in 2025 were £24,405,000 (2024: £16,406,000) taking the fleet net book value to £67,752,000 at the end of 2025 (2024: £60,697,000).

Residual values for used equipment remained positive throughout the year and disposals from asset trading were increased, as we sought to optimize our fleet in 2025 such that the gain on sale recognised was £4,569,000, compared to £3,322,000 in 2024. Administrative Expenses in 2025 grew to £9,575,000 (2024: £8,631,000) as we invested in our operations and increased national insurance costs took effect.

The statement of comprehensive income reflects higher interest costs, arising from the group’s decision to invest for growth and assume an increase in finance leases, resulting in total interest payable of £2,496,000 compared to £2,127,000 in 2024. The directors expect the broad rates of interest to rise a little in 2026 and thus will continue to seek the most cost-effective way of generating greater revenue from fleet investment.

The above factors resulted in a profit before tax of £2,541,000 (2024: £1,182,000). Retained profit for the year was £1,734,000 (2024: £813,000). A dividend of £315,000 was approved in respect of 2025 (2024: nil). The group’s balance sheet at December 2025 reported net assets of £27,168,000 (2024: £25,749,000). The net cash outflow of £122,000 in the year (2024: Inflow of £244,000) reflected the increased investment in operations to support future trading activities.

The group operated within its borrowing limits and banking covenants in 2025 and the directors believe there is sufficient solvency within the business to drive profitable growth for the foreseeable future. The USA & Iran crisis (length and severity) remain the most significant uncertainty for the business in terms of the mid to longer term impact on the economy and construction industry in particular. However, the Board believe that we are well placed to overcome any major and sustained issues.

The directors consider that in the current economic climate, the principal risk is that of customer insolvency and bad debt. This is managed through a combination of tight credit control and the active pursuit of defaulters through all debt-recovery or legal channels.

The group's operations expose it to a variety of financial risks. The directors note that the plant and vehicle hire industries remain competitive and that inflationary cost pressures require to be kept under close review. Given the size of the group, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the Board. The policies set by the directors are implemented by the group's finance department.

Price risk - given the size of the group's operations, the cost of managing exposure to commodity price risk exceed the potential benefits. The directors will revisit the appropriateness of this policy should the group's operations significantly change in size.

Credit risk/cash flow risk - trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and regular monitoring of amounts outstanding for both time and credit limits. Banking facilities are also structured to meet ongoing working capital and investment requirements of the group.

Liquidity risk - trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts when due.

Financial instrument risk - the group has established risk and financial management framework of which the primary objectives are to protect the group from events which hinder the achievement of the group's performance objectives.

The group recognises its corporate responsibility to carry out its operations whilst minimising environmental impacts. The directors continued aim is to comply with all applicable environmental legislation, prevent pollution and reduce waste wherever possible.

The group is committed to achieving the highest practicable standards in health and safety management and strives to make all sites and office environments safe for employees and customers alike.

On behalf of the board

The directors present their annual report and financial statements for the year ended 31 December 2025.

The principal activity of the company and group continued to be that of plant, accommodation and vehicle hire.

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

Ordinary dividends were paid amounting to £315,000 (2024: £nil). The directors do not recommend payment of a further dividend (2024: £nil).

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

The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

The auditor, Johnston Carmichael LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of future developments and financial instrument risk management policies.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

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

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 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 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; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and 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 company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

We have audited the financial statements of Jarvie Plant Group Limited (‘the parent company’) and its subsidiaries (‘the group’) for the year ended 31 December 2025, which comprise the group statement of comprehensive income, group balance sheet, company balance sheet, group statement of changes in equity, company statement of changes in equity, 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 December 2025 and of the group's profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 or 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 and financial statements other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report and financial statements. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

• The information given in the strategic report and the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• The strategic report and the directors’ report have been prepared in accordance with applicable legal requirements.

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

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

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

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

• Certain disclosures of directors’ remuneration specified by law are not made; or

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

As explained more fully in the directors’ responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the group’s and parent company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or parent company or to cease operations, or have no realistic alternative but to do so.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which the audit is considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

We assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations by considering their experience, past performance and support available.

All engagement team members were briefed on relevant identified laws and regulations and potential fraud risks at the planning stage of the audit. Engagement team members were reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

We obtained an understanding of the legal and regulatory frameworks that are applicable to the group and the parent company and the sector in which they operate, focusing on those provisions that had a direct effect on the determination of material amounts and disclosures in the financial statements. The most relevant frameworks we identified include:

• Companies Act 2006;

• UK Tax legislation;

• Health and safety regulation; and

• UK Generally Accepted Accounting Practice

We gained an understanding of how the group and the parent company are complying with these laws and regulations by making enquiries of management and those charged with governance. We corroborated these enquiries through our review of submitted returns, external inspections, relevant correspondence with regulatory bodies and board meeting minutes.

We assessed the susceptibility of the group’s and parent company’s financial statements to material misstatement, including how fraud might occur, by meeting with management and those charged with governance to understand where it was considered there was susceptibility to fraud. This evaluation also considered how management and those charged with governance were remunerated and whether this provided an incentive for fraudulent activity. We considered the overall control environment and how management and those charged with governance oversee the implementation and operation of controls. In areas of the financial statements where the risks were considered to be higher, we performed procedures to address each identified risk. We identified a heightened fraud risk in relation to:

• Management override of controls

• Revenue recognition

In addition to the above, the following procedures were performed to provide reasonable assurance that the financial statements were free of material fraud or error:

• Reviewing minutes of meetings of those charged with governance for reference to: breaches of laws and regulation or for any indication of any potential litigation and claims; and events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud;

• Reviewing the level of and reasoning behind the group’s and parent company’s procurement of legal and professional services;

• Performing audit procedures over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing judgements made by management in their calculation of accounting estimates for potential management bias;

• Performing sales cut-off testing ensuring transactions were recorded in the appropriate accounting period;

• Performing sales completeness testing ensuring that all sales transactions that should have been recorded have been included in the financial statements by reconciling the sales order system to the general ledger and tracing a sample of transactions through to cash receipt;

• Completion of appropriate checklists and use of our experience to assess the group’s and parent company’s compliance with the Companies Act 2006; and

• Agreement of the financial statement disclosures to supporting documentation.

Our audit procedures were designed to respond to the risk of material misstatements in the financial statements, recognising that 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 intentional concealment, forgery, collusion, omission or misrepresentation. There are inherent limitations in the audit procedures performed 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.

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 were no items of other comprehensive income in the current or prior year.

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £3,958,777 (2024 - £438,050 loss).

Jarvie Plant Group Limited (“the company”) is a private limited company domiciled and incorporated in Scotland. The registered office is Dalgrain Industrial Estate, Dalgrain Road, Grangemouth, United Kingdom, FK3 8ET.

The group consists of Jarvie Plant Group Limited and all of its subsidiaries.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £000.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102 and has taken advantage of the exemption available from the requirement to present a company only cash flow statement and related notes and disclosures.

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

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.

In assessing the ability of the company and group to continue as a going concern, the directors have considered current and forecast results, as well as current and potential future sources of funding. The directors have reviewed forecasted cashflows for 12 months from the date of signing the financial misstatements. The directors have a reasonable expectation that the company and group have adequate resources to continue in operational existence for the foreseeable future.

While the Group’s balance sheet shows net current liabilities of £11,130k at 31 December 2025 (2024: £8,773k), the directors are satisfied that operating cash flows during this period will allow for settlement of their obligations as they fall due.

Based on the above factors, the directors are satisfied that it remains appropriate for the company and group to prepare its financial statements on a going concern basis.

Revenue is recognised to the extent that it is probable that economic benefits will flow to the group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding trade discounts, settlement discounts, volume rebates, value added tax and other sales taxes. The following criteria must be met before revenue is recognised:

Rendering of services

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

• the amount of revenue can be measured reliably;

• it is probable that the group will receive the consideration due under the contract; and

• the costs incurred and the costs to complete the contract can be measured reliably.

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

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

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of comprehensive income.

Equity investments are measured at cost less impairment until a reliable measure of fair value becomes available.

In the parent company financial statements, investments in subsidiaries 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.

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.

Stocks are stated at the lower of cost and net realisable value, being estimated selling price less costs to complete and sell.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in the statement of comprehensive income. Reversals of impairment losses are also recognised in the statement of comprehensive income.

Cash and cash equivalents are basic financial assets and include cash in hand.

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 certain debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets classified as receivable within one year are not amortised.

Financial assets 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 the statement of comprehensive income.

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 the statement of comprehensive income.

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.

Basic financial liabilities, including certain creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price. 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.

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 statement of comprehensive income 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 statement of comprehensive income, 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 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.

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

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 the statement of comprehensive income 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.

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

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

The group depreciates tangible fixed assets over their estimated useful lives. The estimation of the useful lives of assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied by the directors.

The carrying value of tangible fixed assets at the reporting date is outlined at note 12.

All of the group's turnover is generated within the United Kingdom.

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

Their aggregate remuneration comprised:

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2024 - 3).

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:

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts is:

Details of the company's subsidiaries at 31 December 2025 are as follows:

Registered office:

1) Dalgrain Industrial Estate, Dalgrain Road, Grangemouth, FK3 8ET

2) Suite 1, 7th Floor, 50 Broadway, London, SW1H 0BL

Jarvie Properties Limited (SC396401) and Jarvie Plant Operated Hire Limited (SC444458) are taking advantage of section 479a of the Companies Act 2006, exemption from audit, related to subsidiary companies, in line with section 479c of the Companies Act 2006.

Amounts owed by group undertakings are interest free and repayable on demand.

Group other creditors includes £556,000 (2024 - £1,603,000) in relation to an invoice finance facility which is secured by floating charge over all of the property or undertaking of the group.

Amounts owed to group undertakings are interest free and repayable on demand.

Group and parent company bank overdrafts have been netted against cash at bank and in hand where there is a right to offset.

The group and company bank loans and overdrafts are secured by way of standard securities over the group's heritable property, a bond and floating charge over the assets of the company and an unlimited intercompany guarantee between Jarvie Plant Group Limited, Jarvie Plant Limited and J.P. Rentals Limited, held by the Royal Bank of Scotland plc. Jarvie Plant Limited and J.P. Rentals Limited are subsidiary undertakings of Jarvie Plant Group Limited.

Included in the above group and company bank loan balance is a loan of £nil (2024: £242,000) obtained as part of the Coronavirus Business Interruption Loan Scheme ('CBILS').

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

Obligations under finance lease are secured over the assets concerned.

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

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.

Contributions totalling £51,000 (2024: £40,000) were payable at the reporting date and are included in other creditors.

The company has one class of Ordinary shares which carry voting rights but no right to fixed income.

This reserve includes all current and prior periods retained profits net of dividends paid.

Share premium account

This reserve records the amount above the nominal value received for shares issued, less transaction costs.

Capital redemption reserve

This reserve is as a result of the repurchase 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:

Company

As at 31 December 2025, Jarvie Plant Pension Fund owed £nil (2024 - £14,000) to Jarvie Plant Group Limited. This amount, included in debtors, accrues interest at 2.5% and is repayable within one year. The Jarvie Plant Pension Fund is a related party as the beneficiaries of the fund are the directors of the company.

Group

Rent of £51,695 (2024: £22,000) and £173,305 (2024: £325,000) was charged by the Jarvie Plant Pension Fund to J.P. Rentals Limited and Jarvie Plant Limited respectively for rental of business premises. As at 31 December 2025, Jarvie Plant Pension Fund was owed £52,000 (2024: £nil) by Jarvie Plant Limited, included in other creditors.

In April 2022, Jarvie Properties Limited advanced a loan of £500,000 to Carnethy Developments Limited, a company owned in part by the shareholders of the group. The loan is repayable on demand and attracts an interest rate of 2.5% per annum. The balance of the loan at 31 December 2025 was £517,000 (2024: £509,000).

Other information

The group has taken advantage of disclosure exemptions available under Section 33 of FRS 102 whereby it has not disclosed transactions entered into with any wholly-owned subsidiary of the group.

The following amounts were advanced to/(repaid by) directors in the current year. Directors' loan balances are repayable on demand and incur interest charged at 2.5%. Amounts owed from directors at the reporting date are included within other debtors at note 16.

In the opinion of the directors, J Jarvie is the ultimate controlling party by virtue of his majority shareholding.