REGISTERED NUMBER: 09832260 (England and Wales)

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

CARGOSTORE WORLDWIDE TRADING LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Consolidated Statement of Comprehensive Income

10

Consolidated Balance Sheet

11

Company Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Company Statement of Changes in Equity

14

Consolidated Cash Flow Statement

15

Notes to the Consolidated Cash Flow Statement

16

Notes to the Consolidated Financial Statements

17

DIRECTORS:

A Hart

A Patrick

SECRETARY:

Gateley Secretaries Limited

REGISTERED OFFICE:

The Old Exchange

12 Compton Road

London

SW19 7QD

REGISTERED NUMBER:

09832260 (England and Wales)

AUDITORS:

Cooper Parry Group Limited

Statutory Auditor

First Floor, Davidson House

Forbury Square

Reading

Berkshire

RG1 3EU

The directors present their strategic report of the company and the group for the year ended 31 December 2024.

REVIEW OF BUSINESS

The business traded profitably, reflecting a robust business model and strong market position, for the year under review during which geopolitical events continued to have some impact on the markets in which the Group operates. The business generated a material increase in profit before taxation for the year.

The Group limits dependency on any one sector by serving a variety of end markets and geographic regions. The offshore division provides a complete range of cargo carrying units to service the offshore wind sector, oil and gas sector, offshore catering and offshore service companies. The intermodal division supplies ISO certified storage and shipping containers supporting projects in mining, aid and stability, community development and general logistics for B2B customers.

The directors have maintained strategic focus on leveraging fleet availability, customer service and international presence to consolidate the Group's market position in targeted geographies and certain asset types where good recurring returns can be achieved.

The period of trading covered by the financial statements commenced on 1 January 2024 and ended on 31 December 2024.

PRINCIPAL RISKS AND UNCERTAINTIES

The Group monitors and assess the impact of geopolitical events, including the war in Ukraine, war in the Middle East and US Tariffs on the business. Specific areas of focus are continuity of supply of services and equipment, logistics and equipment costs and sanctioned companies or individuals.

Local economic factors such as regulatory changes and local conflicts could affect the business therefore the directors monitor markets and events closely and manage this risk through targeted geographic expansion and careful asset management.

With respect to currency exposure in general, the Group benefits from an element of natural hedging because it both buys and sells in a variety of matching currencies. The principal specific currency exposure of the Parent Company is the Euro where it has a significant level of long-term debt and to a lesser extent to US Dollars. An exercise performed by the Group indicated that given the mix of revenue streams from different currencies, holding debt in Euro and US Dollars provided a greater natural hedge than holding sterling debt. Exposure to individual currencies has not been individually hedged.

The Group has some exposure to interest rate risk.

Geopolitical events

On an ongoing basis the Group has in place appropriate due diligence checks for all new customers, suppliers and operating locations. The Group as a matter of course monitors potential risks to supply chain, revenue generation and cost base. Since the onset of the war in Ukraine, the Group has completed a specific review of its supplier and customer base to assess risks associated with sanctions and continuity of supply. While these events are ongoing the Group has not identified any material risk to operations or profitability arising from current events.

Withdrawal of the United Kingdom from the European Union

The United Kingdom withdrew from the European Union on 31 January 2020 and entered an implementation period which ended on 31 December 2020. To date the Group has not experienced any material negative impact on trading as a result of the withdrawal and the directors are managing any related risks by closely monitoring developments and are confident that the Group will be able to amend and modify its procedures to remain fully compliant with any future rules and regulations, and to maintain its standing and reputation in the marketplace throughout Europe and worldwide.

KEY PERFORMANCE INDICATORS

Management uses key performance indicators (KPI's) to monitor the generation of shareholder value. Of these, the principal indicators for 2024 are shown below:

2024

2023

£

£

Turnover

14,528,018

13,545,011

Gross profit

9,410,417

8,770,815

Gross profit margin

64.77%

64.75%

*Adjusted EBITDA

6,973,412

5,854,690

Profit before tax

5,813,346

4,857,301

* Adjusted EBITDA represents earnings before interest, tax, depreciation, amortisation, FX, non-executive costs, exceptional costs and monitoring fees.

Management is pleased with the performance of the business in the year covered by the financial statements. The KPIs are monitored regularly and reported to the board to ensure the Company's strategic objectives are being met. The underlying performance, underpinned by strong operating cash contribution and the maintenance of profit margins demonstrates the business' resilience. The Company's ability to adapt puts it in a strong position to grow regardless of geopolitical events.

FUTURE DEVELOPMENTS

The directors intend to continue to develop the business in line with their existing strategy which includes strong focus on efficient asset management, cost control, geographic expansion, identification of niche markets and excellent customer service. Supported by Connection Capital and Agathos, the directors believe that the business is set on a stable course for future growth and increased profitability.

ON BEHALF OF THE BOARD:

A Patrick - Director

13 June 2025

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

The Group comprises companies which are specialist suppliers of ISO9001 shipping containers and DNV-ST-E271 2.7-1 certified cargo carrying units for on and offshore projects. Both ISA and DNV units are offered to rent and for sale to a wide range of customers operating across a number of sectors.

DNV 2.7-1, updated to DNV-ST-E271 2.7-1 from December 2024, refers to the trademark of Det Norske Veritas AS, which denotes an industry-standard container which is recognised by the International Maritime Organisation. ISO9001 refers to a standard management system which may be applied to freight and logistics.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2024.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

A Hart

A Patrick

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information.

AUDITORS

The audit business of Haines Watts was acquired by Cooper Parry Group Limited on 30th September 2024. Haines Watts has resigned as auditor and Cooper Parry Group Limited has been appointed in its place.

The auditors, Cooper Parry Group Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

A Patrick - Director

13 June 2025

Opinion

We have audited the financial statements of Cargostore Worldwide Trading Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 31 December 2024 and of the group's profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Group 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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

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

-	certain disclosures of directors' remuneration specified by law are not made; or

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent 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:

We obtained an understanding of the legal and regulatory framework applicable to the Group, which includes the Company, and the industry in which it operates. We determined that the following laws and regulations were most significant: FRS102 - the Financial Reporting Standard applicable in the UK & The Republic of Ireland, the Companies Act 2006, relevant tax compliance regulations in the UK and DNV certification standards.

We obtained an understanding of how the Group is complying with those legal and regulatory frameworks by making enquiries of management.

We assessed the susceptibility of the group's financial statements to material misstatement, including how fraud might occur, by meeting with management to understand where management considered there was susceptibility to fraud. Audit procedures performed by the audit team included:

- Challenging assumptions and judgements made by management in its significant accounting estimates;

- Identifying and testing journal entries, with a focus on entries made with unusual accounting combinations;

- Confirming with management whether they have knowledge of any actual, suspected or illegal fraud;

- Evaluating whether there was evidence of bias by management that represents a risk of material misstatement due to fraud.

These procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error.

Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance with all laws and regulations.

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.

Martin Thomas FCCA (Senior Statutory Auditor)

for and on behalf of Cooper Parry Group Limited

Statutory Auditor

First Floor, Davidson House

Forbury Square

Reading

Berkshire

RG1 3EU

13 June 2025

TURNOVER

4

14,528,018

13,545,011

Cost of sales

5,117,601

4,774,196

GROSS PROFIT

9,410,417

8,770,815

Administrative expenses

3,625,598

3,876,227

OPERATING PROFIT

6

5,784,819

4,894,588

Interest receivable and similar income

43,690

-

5,828,509

4,894,588

Interest payable and similar expenses

8

13,024

37,287

PROFIT BEFORE TAXATION

5,815,485

4,857,301

Tax on profit

9

872,783

931,313

PROFIT FOR THE FINANCIAL YEAR

4,942,702

3,925,988

OTHER COMPREHENSIVE INCOME

Foreign currency translation

25,892

(60,194

)

Deferred tax on sale of revalued assets

10,639

24,547

Income tax relating to components of other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

36,531

(35,647

)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

4,979,233

3,890,341

Profit attributable to:

Owners of the parent

4,942,702

3,925,988

Total comprehensive income attributable to:

Owners of the parent

4,979,233

3,890,341

FIXED ASSETS

Intangible assets

11

(392,846

)

(474,099

)

Tangible assets

12

14,353,986

13,993,378

Investments

13

-

-

13,961,140

13,519,279

CURRENT ASSETS

Stocks

14

42,864

62,739

Debtors

15

12,572,464

9,981,100

Cash at bank

3,976,084

3,809,581

16,591,412

13,853,420

CREDITORS

Amounts falling due within one year

16

2,354,880

4,102,820

NET CURRENT ASSETS

14,236,532

9,750,600

TOTAL ASSETS LESS CURRENT LIABILITIES

28,197,672

23,269,879

PROVISIONS FOR LIABILITIES

19

2,928,125

2,979,599

NET ASSETS

25,269,547

20,290,280

CAPITAL AND RESERVES

Called up share capital

20

11

11

Revaluation reserve

21

2,505,722

2,802,487

Retained earnings

21

22,763,814

17,487,782

SHAREHOLDERS' FUNDS

25,269,547

20,290,280

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 13 June 2025 and were signed on its behalf by:

A Patrick - Director

A Hart - Director

FIXED ASSETS

Intangible assets

11

(392,846

)

(474,099

)

Tangible assets

12

14,351,810

13,993,378

Investments

13

30,711

30,711

13,989,675

13,549,990

CURRENT ASSETS

Stocks

14

42,088

62,739

Debtors

15

11,251,468

9,231,464

Cash at bank

3,810,987

3,103,785

15,104,543

12,397,988

CREDITORS

Amounts falling due within one year

16

2,741,834

4,084,177

NET CURRENT ASSETS

12,362,709

8,313,811

TOTAL ASSETS LESS CURRENT LIABILITIES

26,352,384

21,863,801

PROVISIONS FOR LIABILITIES

19

2,928,125

2,979,599

NET ASSETS

23,424,259

18,884,202

CAPITAL AND RESERVES

Called up share capital

20

11

11

Revaluation reserve

21

2,505,722

2,802,487

Retained earnings

21

20,918,526

16,081,704

SHAREHOLDERS' FUNDS

23,424,259

18,884,202

Company's profit for the financial year

4,529,418

3,303,664

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 13 June 2025 and were signed on its behalf by:

A Hart - Director

A Patrick - Director

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 January 2023

11

13,255,098

3,144,830

16,399,939

Changes in equity

Total comprehensive income

-

3,925,988

-

3,925,988

Transfer from revaluation

reserve to P&L reserves

-

366,890

(366,890

)

-

Release of deferred tax on disposal of revalued assets

-

-

24,547

24,547

Currency translation

differences

-

(60,194

)

-

(60,194

)

Balance at 31 December 2023

11

17,487,782

2,802,487

20,290,280

Changes in equity

Total comprehensive income

-

4,942,702

-

4,942,702

Transfer from revaluation

reserve to P&L reserves

-

307,404

(307,404

)

-

Release of deferred tax on disposal of revalued assets

-

-

10,639

10,639

Currency translation

differences

-

25,926

-

25,926

Balance at 31 December 2024

11

22,763,814

2,505,722

25,269,547

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 January 2023

11

12,411,150

3,144,830

15,555,991

Changes in equity

Total comprehensive income

-

3,303,664

-

3,303,664

Transfer from revaluation

reserve to P&L reserves

-

366,890

(366,890

)

-

Release of deferred tax on disposal of revalued assets

-

-

24,547

24,547

Balance at 31 December 2023

11

16,081,704

2,802,487

18,884,202

Changes in equity

Total comprehensive income

-

4,529,418

-

4,529,418

Transfer from revaluation

reserve to P&L reserves

-

307,404

(307,404

)

-

Release of deferred tax on disposal of revalued assets

-

-

10,639

10,639

Balance at 31 December 2024

11

20,918,526

2,505,722

23,424,259

Cash flows from operating activities

Cash generated from operations

1

2,008,695

4,072,161

Interest paid

(13,024

)

(12,928

)

Interest element of hire purchase or finance lease rental payments paid

-

(24,359

)

Tax paid

(830,639

)

(480,312

)

Net cash from operating activities

1,165,032

3,554,562

Cash flows from investing activities

Purchase of intangible fixed assets

-

(25,888

)

Purchase of tangible fixed assets

(1,546,151

)

(951,888

)

Sale of tangible fixed assets

478,006

412,625

Interest received

43,690

-

Net cash from investing activities

(1,024,455

)

(565,151

)

Cash flows from financing activities

Capital repayments in year

-

(582,655

)

Net cash from financing activities

-

(582,655

)

Increase in cash and cash equivalents

140,577

2,406,756

Cash and cash equivalents at beginning of year

2

3,809,581

1,463,019

Effect of foreign exchange rate changes

25,926

(60,194

)

Cash and cash equivalents at end of year

2

3,976,084

3,809,581

1.	RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM OPERATIONS

2024

2023

£

£

Profit for the financial year

4,942,702

3,925,988

Depreciation charges

791,941

774,232

Profit on disposal of fixed assets

(165,657

)

(145,851

)

Deferred tax on sale of revalued assets

10,639

24,547

Finance costs

13,024

37,287

Finance income

(43,690

)

-

Taxation

872,783

931,313

6,421,742

5,547,516

Decrease/(increase) in stocks

19,875

(52,876

)

Increase in trade and other debtors

(2,562,926

)

(3,665,424

)

(Decrease)/increase in trade and other creditors

(1,869,996

)

2,242,945

Cash generated from operations

2,008,695

4,072,161

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 December 2024

31/12/24

1/1/24

£

£

Cash and cash equivalents

3,976,084

3,809,581

Year ended 31 December 2023

31/12/23

1/1/23

£

£

Cash and cash equivalents

3,809,581

1,463,019

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1/1/24

Cash flow

At 31/12/24

£

£

£

Net cash

Cash at bank

3,809,581

166,503

3,976,084

3,809,581

166,503

3,976,084

Total

3,809,581

166,503

3,976,084

1.	STATUTORY INFORMATION

Cargostore Worldwide Trading Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiary ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Going concern

The financial statements have been prepared on a going concern basis.

The directors have carefully reviewed the future prospects of the Company and Group and their forecasted cash flows for at least the 18-month period from the date of signing these financial statements, to ensure the Group can continue to operate profitably and meet its future obligations as they fall due. Upon doing so, the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future being at least the next 12 months from signing of these financial statements.