REGISTERED NUMBER: SC295966 (Scotland)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 March 2026

for

Wm Hamilton & Sons Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Income Statement

8

Other Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Notes to the Financial Statements

12

DIRECTORS:

Mr D Graham

Mr R T Hamilton

Mr G R Hamilton

Mr D W Hamilton

Mr J Gill

SECRETARY:

Mr D Graham

REGISTERED OFFICE:

Dovesdale Farm

Carlisle Road

Stonehouse

Lanarkshire

ML9 3PR

REGISTERED NUMBER:

SC295966 (Scotland)

AUDITORS:

I A Stewart & Co Limited

The Mechanics Workshop

New Lanark

ML11 9DB

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

REVIEW OF BUSINESS

The company continues to focus on its core activities and the directors are satisfied with the turnover and the level of profitability returned for the year.

Turnover reduced slightly by 1.3% at £21,386,177 (2025 - £21,680,029). Cost of sales reduced by 6.6% resulting in an increased gross margin of 46.4% (2025 - 43.4%).

An increase in overheads of 10.7% has resulted in operating profit margin of 37.6% (2025 - 33.9%).

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks and uncertainties affecting the business include the following:

Commercial relationships: a significant part of turnover is generated from the construction sector and levels of activity within this sector could impact on turnover and profitability.

Health and Safety: management strive to provide a safe working environment at all times. Various Health and Safety accreditations are used to assist management including ISO9001, ISO14001, ISO45001 as well as other construction and haulage related memberships.

Credit risk: the company's credit risk is primarily attributed to its trade and other debtors. Strict credit control procedures are adopted to minimise exposure to credit risk.

FUTURE OUTLOOK

The company continues to focus on its core activities. It continues to invest in its workforce and fleet of modern vehicles and with few other financial commitments and good liquidity the company is in a positive position to react quickly to changes in the sector it operates within.

ON BEHALF OF THE BOARD:

Mr D Graham - Director

7 September 2026

The directors present their report with the financial statements of the company for the year ended 31 March 2026.

PRINCIPAL ACTIVITIES

The principal activities of the company in the year under review were those of haulage contractors and plant hire.

DIVIDENDS

The total distribution of dividends for the year ended 31 March 2026 will be £ 1,460,000 .

DIRECTORS

The company is a wholly owned subsidiary of Wm Hamilton Group Limited. The directors during the period under review and their interest in the share capital of the holding company was as follows:

Ordinary Shares £1

31.3.26

31.3.25

£

£

D Graham

5,260

5,260

R T Hamilton

2,640

2,640

G R Hamilton

-

-

D W Hamilton

-

-

J M Gill

-

-

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 company and of the profit or loss of the company 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;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, I A Stewart & Co Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr D Graham - Director

7 September 2026

Opinion

We have audited the financial statements of Wm Hamilton & Sons Limited (the 'company') for the year ended 31 March 2026 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, 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:

-	give a true and fair view of the state of the company's affairs as at 31 March 2026 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 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 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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

We have nothing to report in respect of the following matters where 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.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, included, but were not limited to the following:

Ensuring that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.

Understanding and evaluating the design and implementation of management's controls in place to prevent and detect irregularities.

Challenging assumptions and judgements made by management in their significant accounting estimates and assessing whether they were indicative of potential bias.

Assessing the extent of compliance with laws and regulations through making enquiries of management and inspection of legal correspondence.

Testing journal entries to identify unusual transactions and investigation of the rational behind significant or unusual transactions to address the risk of fraud through management bias and override of controls.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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 Watson (Senior Statutory Auditor)

for and on behalf of I A Stewart & Co Limited

The Mechanics Workshop

New Lanark

ML11 9DB

7 September 2026

TURNOVER

3

21,386,177

21,680,029

Cost of sales

11,467,996

12,281,227

GROSS PROFIT

9,918,181

9,398,802

Administrative expenses

2,283,372

2,062,695

7,634,809

7,336,107

Other operating income

407,875

3,000

OPERATING PROFIT

5

8,042,684

7,339,107

Interest receivable and similar income

104,736

134,932

8,147,420

7,474,039

Interest payable and similar expenses

6

448,996

57,246

PROFIT BEFORE TAXATION

7,698,424

7,416,793

Tax on profit

7

2,014,716

1,856,837

PROFIT FOR THE FINANCIAL YEAR

5,683,708

5,559,956

PROFIT FOR THE YEAR

5,683,708

5,559,956

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

5,683,708

5,559,956

FIXED ASSETS

Tangible assets

9

17,354,245

16,568,481

Investments

10

-

500,000

17,354,245

17,068,481

CURRENT ASSETS

Stocks

11

207,471

171,303

Debtors

12

21,953,376

18,511,536

Cash at bank

3,706,901

3,214,345

25,867,748

21,897,184

CREDITORS

Amounts falling due within one year

13

6,711,999

6,487,846

NET CURRENT ASSETS

19,155,749

15,409,338

TOTAL ASSETS LESS CURRENT LIABILITIES

36,509,994

32,477,819

CREDITORS

Amounts falling due after more than one year

14

(4,077,821

)

(4,557,832

)

PROVISIONS FOR LIABILITIES

16

(3,449,995

)

(3,161,517

)

NET ASSETS

28,982,178

24,758,470

CAPITAL AND RESERVES

Called up share capital

17

790

790

Share premium

18

239,684

239,684

Capital redemption reserve

18

528

528

Retained earnings

18

28,741,176

24,517,468

SHAREHOLDERS' FUNDS

24

28,982,178

24,758,470

The financial statements were approved by the Board of Directors and authorised for issue on 7 September 2026 and were signed on its behalf by:

Mr D Graham - Director

Called up

Capital

share

Retained

Share

redemption

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 April 2024

790

19,632,512

239,684

528

19,873,514

Changes in equity

Dividends

-

(675,000

)

-

-

(675,000

)

Total comprehensive income

-

5,559,956

-

-

5,559,956

Balance at 31 March 2025

790

24,517,468

239,684

528

24,758,470

Changes in equity

Dividends

-

(1,460,000

)

-

-

(1,460,000

)

Total comprehensive income

-

5,683,708

-

-

5,683,708

Balance at 31 March 2026

790

28,741,176

239,684

528

28,982,178

1.	STATUTORY INFORMATION

Wm Hamilton & Sons Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors including expectations of future events that are believed to be reasonable under the circumstances.

There are no key judgements, estimates or assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Turnover

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

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

at varying rates on cost and over period of licence

Plant and machinery

-

at 10% and 20% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

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.

Basic financial assets

Basic financial assets, which include debtors and bank balances are initially measured at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the 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.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future 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 and 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. 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets held under finance leases and hire purchase contracts are recognised in the financial statements as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and the reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.

TURNOVER

The turnover and profit before taxation are attributable to the principal activities of the company.

An analysis of turnover by class of business is given below:

31.3.26

31.3.25

£

£

Haulage and plant hire

21,386,177

21,680,029

21,386,177

21,680,029

An analysis of turnover by geographical market is given below:

31.3.26

31.3.25

£

£

United Kingdom

21,386,177

21,680,029

21,386,177

21,680,029

4.	EMPLOYEES AND DIRECTORS

31.3.26

31.3.25

£

£

Wages and salaries

4,931,422

4,682,799

Social security costs

667,910

538,519

Other pension costs

91,192

88,933

5,690,524

5,310,251

The average number of employees during the year was as follows:

31.3.26

31.3.25

Administration

13

12

Direct Labour

77

73

90

85

31.3.26

31.3.25

£

£

Directors' remuneration

546,873

457,116

Directors' pension contributions to money purchase schemes

5,056

4,238

Information regarding the highest paid director is as follows:

31.3.26

31.3.25

£

£

Emoluments etc

253,933

255,000

5.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.3.26

31.3.25

£

£

Other operating leases

25,000

25,000

Depreciation - owned assets

2,384,358

2,487,817

Profit on disposal of fixed assets

(751,144

)

(727,584

)

Auditors' remuneration

7,150

9,250

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.3.26

31.3.25

£

£

Bank interest

196

-

Other interest

236

9,234

Interest on taxation

60,447

-

Hire purchase

388,117

48,012

448,996

57,246

7.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

31.3.26

31.3.25

£

£

Current tax:

UK corporation tax

1,726,238

2,166,325

Deferred tax

288,478

(309,488

)

Tax on profit

2,014,716

1,856,837

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.3.26

31.3.25

£

£

Profit before tax

7,698,424

7,416,793

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2025 - 25%)

1,924,606

1,854,198

Effects of:

Capital allowances in excess of depreciation

(198,368

)

-

Depreciation in excess of capital allowances

-

312,127

Deferred tax charge for the year

288,478

(309,488

)

Total tax charge

2,014,716

1,856,837

8.

DIVIDENDS

31.3.26

31.3.25

£

£

Ordinary shares of £1 each

Interim

1,460,000

675,000

9.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

Totals

£

£

£

£

COST

At 1 April 2025

8,761,973

19,230,512

370,523

28,363,008

Additions

-

4,071,978

-

4,071,978

Disposals

-

(2,263,756

)

-

(2,263,756

)

At 31 March 2026

8,761,973

21,038,734

370,523

30,171,230

DEPRECIATION

At 1 April 2025

5,107,359

6,389,786

297,382

11,794,527

Charge for year

100,349

2,272,264

11,745

2,384,358

Eliminated on disposal

-

(1,361,900

)

-

(1,361,900

)

At 31 March 2026

5,207,708

7,300,150

309,127

12,816,985

NET BOOK VALUE

At 31 March 2026

3,554,265

13,738,584

61,396

17,354,245

At 31 March 2025

3,654,614

12,840,726

73,141

16,568,481

Freehold property includes land at cost of £4,169,595 to which a licenced consent to trade is attached.

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

Plant &

machinery

Total

£

£

At 31 March 2026

7,757,624

7,757,624

At 31 March 2025

7,227,618

7,227,618

10.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2025

500,000

Disposals

(500,000

)

At 31 March 2026

-

NET BOOK VALUE

At 31 March 2026

-

At 31 March 2025

500,000