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

The 2025 financial year continued the strong trading performance achieved in recent years, as the Company further strengthened its position as a trusted partner and leading service provider within the petroleum logistics sector.

Volumes delivered and, consequently, turnover exceeded budgeted expectations. This performance was driven by the continued growth of key long-standing customer relationships, together with the successful development of new business opportunities arising within the market. Our ongoing investment in, and commitment to, the Aviation Fuels sector enabled us to expand our geographical coverage during 2025, further strengthening our presence in this strategically important market.

The fuels market continued to present a number of challenges throughout the year, including disruption arising from changes in refinery operations and supply flows. The Company was well positioned to respond in an agile and effective manner, supporting customers throughout these periods of uncertainty and change.

Driver and staffing levels remained stable year-on-year, with recruitment and retention rates continuing at satisfactory levels. Ongoing investment in occupational training remains a key contributor to our success, and further enhancements were implemented during the year. Additional developments to our employee portal were also completed during 2025, with the platform continuing to evolve in support of employee engagement and operational efficiency.

Administrative and operating costs were managed effectively throughout the year, with a continued focus on internal efficiencies to ensure the business could respond quickly and effectively to fluctuations in activity levels.

Investment in the fleet continued during the year, with further additions to both the truck and trailer fleets incorporating the latest safety, environmental and technological advancements. All fleet investments made during the 2025 financial year were funded through cash generated from operations, reducing reliance on external financing and demonstrating the Company's ongoing commitment to investing in the business. As at the 2025 year-end, the Company had no outstanding liabilities or borrowings with external finance providers or other group companies.

The fuels market in which we operate remains challenging, particularly with regard to changing supply points, short-term supply arrangements and product availability. The Company is pleased with the manner in which its skilled employees and driver workforce continue to demonstrate flexibility and adaptability, responding effectively to market developments and evolving customer requirements, often at short notice. We remain mindful of the market's exposure to both local and global factors that can impact fuel supply and continue to monitor these risks closely.

The outlook for 2026 remains positive, although competition within the market continues to intensify. We recognise the importance of remaining flexible, adaptable and innovative to ensure that we continue to meet the evolving needs and expectations of our customers while maintaining our position as a leading service provider within the sector.

With both long-term contracts secured and a white fleet customer base that continues to expand, the principal risk of a significant reduction in business activity has been mitigated to an acceptable level. The Directors are confident that the business has the necessary contingencies and a sufficiently diversified customer portfolio to maintain stability and successfully navigate market challenges.

Ongoing conflicts in the Middle East and Ukraine continue to create broader macroeconomic risks and uncertainty, alongside political and regulatory developments at both national and international levels.

Inflationary pressures and elevated interest rates, although moderating from recent peaks, continue to be closely monitored to minimise their impact on the business. The Company's reduced reliance on external financing has limited its exposure to interest rate fluctuations. However, inflation continues to affect key cost areas, particularly wages and salaries. The Company remains committed to maintaining an appropriate balance between market competitiveness and supporting the needs of its employees.

Our target market remains highly competitive, with continued pressure on margins and an increasing need for cost efficiency, operational flexibility, continuous improvement, and the delivery of high standards of safety and service. Customers also place significant emphasis on environmental performance and sustainability. In addition, increased scrutiny of the oil sector by campaign groups presents certain operational risks, which the Company seeks to mitigate through enhanced safety awareness and strengthened security measures.

We continue to monitor demand trends for road fuels throughout the ongoing energy transition and remain confident that market volumes will be sufficient to support the business in the medium term.

With the continued support of our parent company and the wider group, we remain well positioned to meet the challenges of the contract-driven sector in which we operate.

Maintaining and further developing our systems and processes remains a priority, ensuring that we can respond and adapt to changes in the marketplace promptly and effectively.

The development and implementation of innovative IT solutions, ongoing investment in our fleet, and the adoption of safety-focused technologies continue to be key strategic priorities.

Close monitoring of overhead costs, effective credit control procedures, and rigorous cash flow management help to minimise our exposure to financial risk.

As our operations become increasingly digitised, we recognise the importance of protecting the business from cybersecurity threats, including data breaches, ransomware attacks, and phishing attempts. During 2025, the Company implemented additional cybersecurity protection to further strengthen the resilience and security of its IT infrastructure. We continue to invest in real-time threat monitoring and have implemented employee awareness training programmes to strengthen understanding of cyber risks and support a robust security culture.

This section includes our voluntary reporting of energy and greenhouse gas emissions for the period 1 January 2025 to 31 December 2025. While we are not required to report our emissions, this has been prepared in line with the Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018, implementing the government’s Streamlined Energy and Carbon Reporting (SECR) policy.

Our methodology to calculate our greenhouse gas emissions is based on the 'Environmental Reporting Guidelines: Including streamlined energy and carbon reporting guidance (March 2019)’, using DESNZ's 2025 conversion factors. In some cases, consumption has been extrapolated from available data or direct comparison made to a comparable period.

We report using a financial control approach to define our organisational boundary. We have reported all material emission sources required by the regulations for which we deem ourselves to be responsible and have maintained records of all source data and calculations.

During the reporting period 43% of our company cars have been upgraded to PHEV.

The table below includes total energy consumption (reported as kWh) and greenhouse gas emissions for the sources required by the regulations, along with our intensity ratio.

Please note, due to rounding, individual figures may not sum to the totals provided

31st December 2025 31st December 2024

Turnover £37,997,834 £34,662,728

Gross Profit % 17.98 18.68

Net Profit % 9.01 9.74

Overheads % 9.12 9.15

Current Ratio % 2.07 1.67

The Directors of the company act in good faith to promote the short, medium and long-term success of the company for the benefit of its employees, key internal and external stakeholders, the wider community and the environment.

Strategic decisions are made to preserve the long-term security of the business. Decision making by the Directors is performed with a collaborative and hands-on business approach, supported by the ultimate parent company. Close and regular monitoring of Key Performance Indicators along with stringent and sustainable cash flow management enable the Directors to make strategic decisions based on sound and accurate information.

Sustainability and the environment are fundamental pillars to the industry in which the company operates. The Directors give full consideration to the environmental impact when investing in both vehicles and equipment, taking advantage of the most up to date technologies available in order to minimise our carbon footprint and promote sustainability.

The Directors recognise that the sector in which the company operates demands the highest standards in relation to the safety of its employees, customers, service providers and the wider community. The Directors take a hands-on role in ensuring the companies QHSE policies and procedures are implemented, respected and regularly monitored and amended to ensure they remain robust and fit for purpose.

The Board of Directors value the importance of all business relationships with suppliers, customers, industry organisations and the wider community. Promoting integrity, transparency and honesty in order to maximise, sustain and enhance all important business relationships. The Directors recognise that the company is a service company and therefore high importance is placed on promoting the highest levels of customer service whilst ensuring business ethics and integrity are maintained at all times.

The Directors ensure that the company continues to explore and develop new technology and IT solutions in order to enhance customer service, reduce our carbon footprint, and enhance our methods of communication to employees and other stakeholders.

Our employees are a fundamental asset to the success of our business. We aim to be a responsible employer considering health, safety and wellbeing of our employees a priority. The Company supports inclusion and diversity and is committed to providing equal opportunities to all employees, maintaining high employee engagement.

On behalf of the board

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

We specialise in providing bulk road tanker transport services by road and providing flexible, convenient and comprehensive logistics solutions for our customers in the United Kingdom.

J W Suckling Transport Ltd is a wholly owned subsidiary of SBG Holding International Ltd and the ultimate holding company is SBG Holding SPA, a company registered in Italy. The SBG Group operates throughout Europe providing logistics services and complementary activities to meet its customers needs.

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

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

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

The auditors, Rowland Hall, will be proposed for re-appointment in accordance with Section 485 of the Companies Act 2006.

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

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 company’s auditor 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 company’s auditor is aware of that information.

We have audited the financial statements of J W Suckling Transport Limited (the 'company') for the year ended 31 December 2025 which comprise the statement of income and retained earnings, the balance sheet 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 company's affairs as at 31 December 2025 and of its profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

In the light of the knowledge and understanding of the company and its 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, or returns adequate for our audit have not been received from branches not visited by us; or

• the 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 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 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.

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

- Obtaining an understanding of the legal and regulatory frameworks applicable to the entity including, but not limited to, the Companies Act 2006, The Financial Reporting Standard 102, UK Tax Legislation and Health and Safety legislation and considering the culture and control environment of the organisation.

- Enquiry of management, those charged with governance and the entity’s solicitors around actual and potential litigation and claims.

- Review of legal costs to ascertain the nature of the costs and possible related non- compliance.

- Reviewing minutes of meetings of those charged with governance..

- Performing audit work over the risk of management override of controls, including testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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 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.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

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

J W Suckling Transport Limited is a private company limited by shares incorporated in England and Wales. The registered office is 12 Argent Court, Sylvan Way, Southfields Business Park, Laindon, Essex, SS15 6TH.

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 £.

These financial statements for the year ended 31 December 2025 are the first financial statements of J W Suckling Transport Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 January 2024. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.

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

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

• Section 4 ‘Statement of Financial Position’ – Reconciliation of the opening and closing number of shares;

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

• Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ – Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

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

The financial statements of the company are consolidated in the financial statements of SBG Holding S.P.A. These consolidated financial statements are available from its registered office, in Italy.

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

Turnover is the amount derived from the provision of goods and services falling within the company's ordinary activities after deduction of trade discounts and value added tax.

Revenue from contracts for the provision of haulage services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly driver rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

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

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

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 credited or charged to profit or loss.

In accordance with company policy, expenditure is only classified as capital items where individual item costs exceed £500.

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

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

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

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

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

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

Financial assets and liabilities are offset, with 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 company 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 company 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 company’s contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the company 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 company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

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 company’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 when the company has 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.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

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 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 leases asset are consumed.

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

In the application of the company’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.

An analysis of the company's turnover is as follows:

The average monthly number of persons (including directors) employed by the 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 2 (2024 - 2).

Then main rate of UK corporation tax rate increased from 19% to 25% effective 1st April 2023.

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:

Tangible fixed assets includes assets held under finance leases or hire purchase contracts, as follows:

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

The deferred tax liability set out above is expected to reverse within future periods and relates to accelerated capital allowances that are expected to mature within the same period.

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

Operating lease payments represent rentals payable by the company for certain of its properties and equipment.

Leases for properties are for a period of either 5 or 7 years and rentals are fixed for that period.

Other leases are mainly in respect of land for parking operational vehicles, office equipment and company cars for periods between 2 and 5 years.

At the reporting end date the company 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 is a wholly owned subsidiary of SBG Holding International Limited, a company registered in England.

The ultimate holding company is SBG Holding SPA, a company registered in Italy. That company is controlled by Miss Barbara Bertani by virtue of her majority shareholding.

Copies of the consolidated accounts of SBG Holding SPA which include J W Suckling Transport Limited can be obtained from that company's registered office in Italy.