REGISTERED NUMBER: SC067039 (Scotland)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2026

FOR

DYCE CARRIERS LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Statement of Comprehensive Income

7

Balance Sheet

8

Statement of Changes in Equity

9

Cash Flow Statement

10

Notes to the Cash Flow Statement

11

Notes to the Financial Statements

13

DIRECTORS:

J D W Moir

Mrs C K Moir

SECRETARY:

Mrs C K Moir

REGISTERED OFFICE:

37 Albyn Place

Aberdeen

Aberdeenshire

AB10 1YN

REGISTERED NUMBER:

SC067039 (Scotland)

SENIOR STATUTORY AUDITOR:

Eric Summers FCCA

AUDITORS:

Leiper & Summers

Statutory Auditors

4 Charlotte Street

Fraserburgh

Aberdeenshire

AB43 9JE

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

The company's principal activity is that of road hauliers within the UK. There have not been any significant changes in the company's principal activity during the year under review and at the date of signing this report, the directors have no plans to change the trade in the future.

REVIEW OF BUSINESS

Dyce Carriers have strategically given itself a strong foothold in a very competitive market, both in Aberdeen and Nationally. Using the depot in Dalgety Bay as a central hub, we are able to operate next day services throughout the UK. In addition to our day to day deliveries we work in conjunction with our business partners nationwide enabling us to offer deliveries in Ireland, Isle of Man and the Benelux Region. Dyce Carriers also operate from depot's in Dalgety Bay, Grangemouth and Poole. The company operates an effective, efficient and excellent service which has helped generate a diverse customer portfolio and resulted in us obtaining a strong, competitive reputation within the industry.

The company's objectives are to continue supplying our current customer base with an exemplary service at competitive prices. We are constantly looking to expand our customer base. Using our distinctive and modern fleet of vehicles as a unique marketing strategy, we continue to keep a high presence within the haulage sector.

The company has continued to reinvest in the fleet and asset investment can be seen on page 19 which was funded from working capital and new finance agreements. The capital investment, along with utilising our mechanics in all depots, results in maintaining a healthy fleet which allows us to deliver a high standard of service to our customers and help reduce the associated fleet maintenance costs. Continued investment into computer hardware and software as well as up to date tracking devices allows us to work more efficiently and effectively to streamline our operation.

The company has achieved turnover of £15.8m and maintained a stable gross margin. The overall financial performance can be seen from review of the Income Statement on page 7. The company's cash position has remained strong and this can be seen on the Cash Flow Statement on page 10.

PRINCIPAL RISKS AND UNCERTAINTIES

As Directors, we continue to take into consideration the adverse effects resulting from the economic uncertainty the world currently faces due to the current wars both in Ukraine and Israel. The company continues to have strong cash reserves and has taken the necessary steps to protect the business and cash flow. As market trading conditions will inevitable improve come time, we feel we are in an excellent position to continue in a positive and productive manner. We are immensely proud of the exemplary service we provide at a competitive price thus staying one step ahead of the competition, whilst satisfying the customers' needs.

The directors manage the cash and borrowing requirements of the business in house in order to maximise interest income and minimise interest expense, whilst ensuring there are sufficient liquid resources to meet the operating needs of the business.

ON BEHALF OF THE BOARD:

Mrs C K Moir - Director

29 October 2026

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

DIVIDENDS

The total distribution of dividends for the year ended 31 January 2026 will be £ 156,000 .

FUTURE DEVELOPMENTS

The directors continue to assess the fleet and review the requirements for future capital investment.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 February 2025 to the date of this report.

J D W Moir

Mrs C K Moir

DONATIONS

The company made charitable donations during the year of £2,775 (2025 - £5,368).

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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Leiper & Summers, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mrs C K Moir - Director

29 October 2026

Opinion

We have audited the financial statements of Dyce Carriers Limited (the 'company') for the year ended 31 January 2026 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 January 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:

- Enquiry of management, those charged with governance around actual and potential litigation and claims.

- Reviewing minutes of meetings of those charged with governance.

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

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

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.

Eric Summers FCCA (Senior Statutory Auditor)

for and on behalf of Leiper & Summers

Statutory Auditors

4 Charlotte Street

Fraserburgh

Aberdeenshire

AB43 9JE

29 October 2026

TURNOVER

3

15,774,528

15,763,749

Cost of sales

11,622,899

11,496,847

GROSS PROFIT

4,151,629

4,266,902

Administrative expenses

3,532,752

3,123,837

618,877

1,143,065

Other operating income

43,026

58,487

OPERATING PROFIT

5

661,903

1,201,552

Income from fixed asset investments

2,182

3,808

Interest receivable and similar income

6,622

15,707

8,804

19,515

670,707

1,221,067

Gain/loss on revaluation of investments

39,248

46,326

709,955

1,267,393

Interest payable and similar expenses

6

196,768

165,137

PROFIT BEFORE TAXATION

513,187

1,102,256

Tax on profit

7

163,350

292,416

PROFIT FOR THE FINANCIAL YEAR

349,837

809,840

FIXED ASSETS

Tangible assets

9

10,060,359

8,905,750

Investments

10

397,965

305,968

10,458,324

9,211,718

CURRENT ASSETS

Stocks

11

79,487

83,680

Debtors

12

2,424,746

2,616,201

Cash at bank and in hand

2,215,128

1,931,801

4,719,361

4,631,682

CREDITORS

Amounts falling due within one year

13

3,598,217

3,078,814

NET CURRENT ASSETS

1,121,144

1,552,868

TOTAL ASSETS LESS CURRENT LIABILITIES

11,579,468

10,764,586

CREDITORS

Amounts falling due after more than one year

14

(2,234,152

)

(1,776,457

)

PROVISIONS FOR LIABILITIES

18

(1,658,678

)

(1,495,328

)

NET ASSETS

7,686,638

7,492,801

CAPITAL AND RESERVES

Called up share capital

19

182

182

Revaluation reserve

20

349,667

349,667

Capital redemption reserve

20

22

22

Retained earnings

20

7,336,767

7,142,930

SHAREHOLDERS' FUNDS

7,686,638

7,492,801

The financial statements were approved by the Board of Directors and authorised for issue on 29 October 2026 and were signed on its behalf by:

Mrs C K Moir - Director

Called up

Capital

share

Retained

Revaluation

redemption

Total

capital

earnings

reserve

reserve

equity

£

£

£

£

£

Balance at 1 February 2024

182

6,517,090

349,667

22

6,866,961

Changes in equity

Dividends

-

(184,000

)

-

-

(184,000

)

Total comprehensive income

-

809,840

-

-

809,840

Balance at 31 January 2025

182

7,142,930

349,667

22

7,492,801

Changes in equity

Dividends

-

(156,000

)

-

-

(156,000

)

Total comprehensive income

-

349,837

-

-

349,837

Balance at 31 January 2026

182

7,336,767

349,667

22

7,686,638

Cash flows from operating activities

Cash generated from operations

1

2,576,321

2,146,505

Interest paid

(43,733

)

(55,549

)

Interest element of hire purchase payments paid

(153,035

)

(109,588

)

Tax paid

(5,000

)

-

Net cash from operating activities

2,374,553

1,981,368

Cash flows from investing activities

Purchase of tangible fixed assets

(700,660

)

(522,621

)

Purchase of fixed asset investments

(389,416

)

(128,996

)

Sale of tangible fixed assets

470,276

41,750

Sale of fixed asset investments

340,376

89,297

Interest received

6,622

15,707

Dividends received

2,182

3,808

Net cash from investing activities

(270,620

)

(501,055

)

Cash flows from financing activities

Loan repayments in year

(41,703

)

(42,404

)

Capital repayments in year

(1,623,203

)

(1,163,563

)

Amount withdrawn by directors

300

(513

)

Equity dividends paid

(156,000

)

(184,000

)

Net cash from financing activities

(1,820,606

)

(1,390,480

)

Increase in cash and cash equivalents

283,327

89,833

Cash and cash equivalents at beginning of year

2

1,931,801

1,841,968

Cash and cash equivalents at end of year

2

2,215,128

1,931,801

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2026

2025

£

£

Profit before taxation

513,187

1,102,256

Depreciation charges

1,385,880

1,117,450

Profit on disposal of fixed assets

(78,958

)

(13,010

)

Gain on revaluation of fixed assets

(39,248

)

(46,326

)

Finance costs

196,768

165,137

Finance income

(8,804

)

(19,515

)

1,968,825

2,305,992

Decrease/(increase) in stocks

4,193

(25,336

)

Decrease/(increase) in trade and other debtors

196,455

(57,407

)

Increase/(decrease) in trade and other creditors

406,848

(76,744

)

Cash generated from operations

2,576,321

2,146,505

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 January 2026

31.1.26

1.2.25

£

£

Cash and cash equivalents

2,215,128

1,931,801

Year ended 31 January 2025

31.1.25

1.2.24

£

£

Cash and cash equivalents

1,931,801

1,841,968

3.	ANALYSIS OF CHANGES IN NET DEBT

Other

non-cash

At 1.2.25

Cash flow

changes

At 31.1.26

£

£

£

£

Net cash

Cash at bank

and in hand

1,931,801

283,327

2,215,128

1,931,801

283,327

2,215,128

Debt

Finance leases

(2,489,525

)

1,623,203

-

(3,101,178

)

Debts falling due

within 1 year

(30,000

)

(4,000

)

-

(34,000

)

Debts falling due

after 1 year

(602,584

)

45,703

-

(556,881

)

(3,122,109

)

1,664,906

-

(3,692,059

)

Total

(1,190,308

)

1,948,233

-

(1,476,931

)

1.	STATUTORY INFORMATION

Dyce Carriers 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 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 £.

The financial statements have been prepared on the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Going Concern

At 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.

Significant judgements and estimates

In the application of the company's accounting policies, 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.

Key sources of estimation uncertainty

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:

Useful lives and deprecation of fixed assets

Depreciation rates are based on the estimated useful lives of assets, which is judgement exercised by management taking into account actual experience.

Turnover

Turnover represents net invoiced sales of services, excluding value added tax.

Tangible fixed assets

Tangible fixed assets other than freehold land are stated at cost less depreciation. 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:

Freehold property - 2% Straight line

Plant and machinery - 15 to 20% Reducing balance / 20% Straight line

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.

Assets under construction are not depreciated until the relevant asset is ready for use.

Stocks

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

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.

Taxation

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 obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Rents received

Rent received in respect of land owned by the company is accounted for in the period to which it relates.

Employee benefits

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.

Impairment of fixed assets

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

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

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

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried in at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Cash and cash equivalents

Cash and cash equivalents 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.

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 statement of financial position 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

Basic financial assets, which include trade and other receivables 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.

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, 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.

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.

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.

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 trade and other payables, 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 receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

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.

Derecognition of financial liabilities

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

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

3.

TURNOVER

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

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

2026

2025

£

£

Road haulage

15,774,528

15,763,749

15,774,528

15,763,749

An analysis of turnover by geographical market is given below:

2026

2025

£

£

United Kingdom

15,774,528

15,763,749

15,774,528

15,763,749

4.	EMPLOYEES AND DIRECTORS

2026

2025

£

£

Wages and salaries

5,021,614

4,639,439

Social security costs

589,467

462,009

Other pension costs

249,720

255,151

5,860,801

5,356,599

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

2026

2025

Directors

2

2

Administration

7

6

Logistics

10

10

Drivers

61

63

Mechanics and yard

14

11

94

92

2026

2025

£

£

Directors' remuneration

69,054

66,437

Directors' pension contributions to money purchase schemes

135,868

149,600

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

2

2