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REGISTERED NUMBER: 01445943 (England and Wales)

Strategic Report, Report of the Directors and

Audited Financial Statements for the Year Ended 31st March 2025

for

Swain Container Solutions Limited

Previously known as

Express Freight Services (U.K.) Limited

| Swain Container Solutions Limited (Registered number: 01445943) |

Contents of the Financial Statements

for the Year Ended 31st March 2025

Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Report of the Directors | 4 |

| Report of the Independent Auditors | 6 |

| Income Statement | 10 |

| Other Comprehensive Income | 11 |

| Balance Sheet | 12 |

| Statement of Changes in Equity | 13 |

| Cash Flow Statement | 14 |

| Notes to the Cash Flow Statement | 15 |

| Notes to the Financial Statements | 16 |

| Swain Container Solutions Limited |

Company Information

for the Year Ended 31st March 2025

| DIRECTORS: | A. J. Baxter

| M. Deer

| S. J. Rigby

| REGISTERED OFFICE: | Vulcan House

| Medway Freight Centre

| Strood

| Kent

| ME2 2BD

| REGISTERED NUMBER: | 01445943 (England and Wales)

| SENIOR STATUTORY AUDITOR: | Ronald Dennis Price

| AUDITORS: | Beak Kemmenoe

| Chartered Accountants

| & Statutory Auditors

| 1-3 Manor Road

| Chatham

| Kent

| ME4 6AE

| Swain Container Solutions Limited (Registered number: 01445943) |

Strategic Report

for the Year Ended 31st March 2025

The directors present their strategic report for the year ended 31st March 2025.

REVIEW OF BUSINESS

The Company's principal activity during the year was that of road haulage and logistics.

Significant progress was made during the year in two key areas which have been a priority of the Directors. Firstly, to create a more sustainable road haulage supply chain in a country leading the transition to decarbonisation of the supply chain. The company invested more in fuel-efficient trucks and will continue with this investment in the following years.

Secondly the company continued to promote its Health & Safety ethos which provides guidance, education and practical advice on physical and mental wellbeing.

The follow-on effects of the pandemic continued to put pressure on availability of components resulting in delays to new vehicles coming on fleet along with energy and inflation increasing the cost base significantly which forced higher rate increase to our customers. The vehicle supply issues created significant demand on our second-hand vehicle sales operation which contributed to our annual results.

In collaboration with our customers we engineered a more efficient operation which resulted in a maintenance of gross margin. Imported volumes stayed strong throughout the year despite the pressures created by the shortage of drivers.The lack of availability of drivers has been caused by several factors, including the after-effects of the UK leaving the European Union, pay rates due to currency movements and pressure from competition for drivers in the UK affecting employees work outlook. This resulted in a continuous review of pay rates which increased our operating costs.

PRINCIPAL RISKS AND UNCERTAINTIES

Pricing:

The principal risks and uncertainties to the company are exposure to predatory pricing risks which it mitigates by providing a quality service to its customers, and changes in the pattern of trade by its major customers which has been mitigated by providing an expanding suite of services.

Resourcing:

A shortage of drivers represents a risk to all operators in our sector. The directors have managed this risk by providing several pay increases and ensuring a high standard of facilities and support for our valued drivers.

Shortage of vehicles:

The worldwide shortage of trucks has been managed by carefully planning the management of our fleet.

KEY PERFORMANCE INDICATORS

The directors use a number of indicators to measure performance, none of which on their own are key measurements of success. The main intangible measurements are the retention of operational management who are heavily incentivised to provide an efficient service, and the positive response from the key customers who have the ability to prioritise suppliers when volumes are lower which has been particularly relevant in the year. The directors confirm that the performance measures have been achieved in the year.

| Swain Container Solutions Limited (Registered number: 01445943) |

Strategic Report

for the Year Ended 31st March 2025

MAIN TRENDS AND FACTORS AFFECTING THE ENTITY

The directors are also looking to secure other facilities in their strategy to retain and expand their presence in key geographical areas dictated by the expansion plans of existing and prospective customers. The directors have secured further operating facilities at London Gateway as the trade at this location expands and have provided operational management on-site to support growth.

ON BEHALF OF THE BOARD:

M. Deer - Director

10th September 2025

| Swain Container Solutions Limited (Registered number: 01445943) |

Report of the Directors

for the Year Ended 31st March 2025

The directors present their report with the financial statements of the company for the year ended 31st March 2025.

CHANGE OF NAME

The company passed a special resolution on 29th August 2024 changing its name from Express Freight Services (U.K.) Limited to Swain Container Solutions Limited.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of road haulage and logistics.

DIVIDENDS

No dividends will be distributed for the year ended 31st March 2025.

DIRECTORS

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

A. J. Baxter

M. Deer

S. J. Rigby

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS

The directors recognise that the future of the business depends on the trust and confidence of its stakeholders to operate sustainably in the long term. The directors seek to put its customers’ best interests first, invests in its employees, supports the communities in which it operates and strives to generate sustainable profits.

The directors have acted in accordance with their duties codified in law, which include their duty to act in the way in which they consider, in good faith, would be most likely to promote the success of the company, having regard to the stakeholders and matters set out in section 172(1) of the Companies Act 2006.

ENGAGEMENT WITH EMPLOYEES

The company is aware of it's responsibilities to its employees and the key part that they play in the company's progress. The benefits of low staff turnover in continuity and quality of services to customers cannot be over estimated and all employees are encouraged to undertake further training both in house and via external providers to allow them to achieve their personal and professional aspirations.

The company has regular meetings with its employees at all levels to provide them with information on areas that concern them as employees, and to ensure that there is a common awareness throughout the company of the financial and economic factors that affect the performance of the company.

The company consults employees or their representatives regularly so that their views can be taken into account when making decisions that are expected to affect their interests, and makes efforts to encourage involvement in these forums in order that they are aware of and can positively gain from that involvement.

| Swain Container Solutions Limited (Registered number: 01445943) |

Report of the Directors

for the Year Ended 31st March 2025

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, Beak Kemmenoe, are deemed to be reappointed.

ON BEHALF OF THE BOARD:

M. Deer - Director

10th September 2025

Report of the Independent Auditors to the Members of

Swain Container Solutions Limited

Opinion

We have audited the financial statements of Swain Container Solutions Limited (the 'company') for the year ended 31st March 2025 which comprise the Income Statement, Other 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 31st March 2025 and of its loss 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.

Report of the Independent Auditors to the Members of

Swain Container Solutions Limited

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 five, 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.

Report of the Independent Auditors to the Members of

Swain Container Solutions Limited

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, was as follows:

- The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- We identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of haulage sector;

- We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment and health and safety legislation;

- We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and

- Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- Performed analytical procedures to identify any unusual or unexpected relationships;

-Tested journal entries to identify unusual transactions;

- Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

- Investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- Agreeing financial statement disclosures to underlying supporting documentation;

- Enquiring of management as to actual and potential litigation and claims; and

- Reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors.

Report of the Independent Auditors to the Members of

Swain Container Solutions Limited

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.

Ronald Dennis Price (Senior Statutory Auditor)

for and on behalf of Beak Kemmenoe

Chartered Accountants

& Statutory Auditors

1-3 Manor Road

Chatham

Kent

ME4 6AE

10th September 2025

| Swain Container Solutions Limited (Registered number: 01445943) |

Income Statement

for the Year Ended 31st March 2025

| 2025 |  | 2024

| Notes | £ | £ |

TURNOVER | 14,318,840 |  | 16,230,429 |  |

Cost of sales | 12,505,674 |  | 13,851,709 |  |

GROSS PROFIT | 1,813,166 |  | 2,378,720 |  |

Administrative expenses | 2,400,663 |  | 2,143,991 |  |

OPERATING (LOSS)/PROFIT | 4 | (587,497 | ) | 234,729 |  |

Interest payable and similar expenses | 5 | 278,114 |  | 225,131 |  |

(LOSS)/PROFIT BEFORE TAXATION | (865,611 | ) | 9,598 |  |

Tax on (loss)/profit | 6 | (216,402 | ) | (31,630 | ) |

(LOSS)/PROFIT FOR THE FINANCIAL YEAR | (649,209 | ) | 41,228 |  |

| Swain Container Solutions Limited (Registered number: 01445943) |

Other Comprehensive Income

for the Year Ended 31st March 2025

| 2025 |  | 2024

| Notes | £ | £ |

(LOSS)/PROFIT FOR THE YEAR | (649,209 | ) | 41,228 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | (649,209 | ) | 41,228 |  |

| Swain Container Solutions Limited (Registered number: 01445943) |

Balance Sheet

31st March 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 7 | 5,065,396 |  | 4,343,680 |  |

CURRENT ASSETS

Debtors | 8 | 16,133,185 |  | 15,662,478 |  |

Cash at bank and in hand | 48,347 |  | 1,018,892 |  |

16,181,532 |  | 16,681,370 |  |

CREDITORS

Amounts falling due within one year | 9 | 4,229,142 |  | 3,113,976 |  |

NET CURRENT ASSETS | 11,952,390 |  | 13,567,394 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 17,017,786 |  | 17,911,074 |  |

CREDITORS

Amounts falling due after more than one year | 10 | (2,315,349 | ) | (2,463,332 | ) |

PROVISIONS FOR LIABILITIES | 13 | - |  | (96,096 | ) |

NET ASSETS | 14,702,437 |  | 15,351,646 |  |

CAPITAL AND RESERVES

Called up share capital | 14 | 100 |  | 100 |  |

Share premium | 15 | 63,717 |  | 63,717 |  |

Retained earnings | 15 | 14,638,620 |  | 15,287,829 |  |

SHAREHOLDERS' FUNDS | 14,702,437 |  | 15,351,646 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 10th September 2025 and were signed on its behalf by:

M. Deer - Director

| Swain Container Solutions Limited (Registered number: 01445943) |

Statement of Changes in Equity

for the Year Ended 31st March 2025

| Called up |

| share |  | Retained |  | Share |  | Total

| capital |  | earnings |  | premium |  | equity

£ | £ | £ | £ |

Balance at 1st April 2023 | 100 |  | 15,246,601 |  | 63,717 |  | 15,310,418 |  |

Changes in equity

Total comprehensive income | - |  | 41,228 |  | - |  | 41,228 |  |

Balance at 31st March 2024 | 100 |  | 15,287,829 |  | 63,717 |  | 15,351,646 |  |

Changes in equity

Total comprehensive income | - |  | (649,209 | ) | - |  | (649,209 | ) |

Balance at 31st March 2025 | 100 |  | 14,638,620 |  | 63,717 |  | 14,702,437 |  |

| Swain Container Solutions Limited (Registered number: 01445943) |

Cash Flow Statement

for the Year Ended 31st March 2025

| 2025 |  | 2024

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 96,922 |  | 441,237 |  |

Interest element of hire purchase payments paid | (278,114 | ) | (225,131 | ) |

Net cash from operating activities | (181,192 | ) | 216,106 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (2,257,746 | ) | (1,906,217 | ) |

Sale of tangible fixed assets | 836,499 |  | 1,434,178 |  |

Net cash from investing activities | (1,421,247 | ) | (472,039 | ) |

Cash flows from financing activities

Capital repayments in year | 631,894 |  | 329,700 |  |

Net cash from financing activities | 631,894 |  | 329,700 |  |

(Decrease)/increase in cash and cash equivalents | (970,545 | ) | 73,767 |  |

Cash and cash equivalents at beginning of year | 2 | 1,018,892 |  | 945,125 |  |

Cash and cash equivalents at end of year | 2 | 48,347 |  | 1,018,892 |  |

| Swain Container Solutions Limited (Registered number: 01445943) |

Notes to the Cash Flow Statement

for the Year Ended 31st March 2025

1. | RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 2025 |  | 2024

£ | £ |

| (Loss)/profit before taxation | (865,611 | ) | 9,598 |  |

| Depreciation charges | 964,681 |  | 1,098,286 |  |

| Profit on disposal of fixed assets | (265,150 | ) | (687,255 | ) |

| Finance costs | 278,114 |  | 225,131 |  |

112,034 |  | 645,760 |  |

| Increase in trade and other debtors | (350,401 | ) | (378,871 | ) |

| Increase in trade and other creditors | 335,289 |  | 174,348 |  |

| Cash generated from operations | 96,922 |  | 441,237 |  |

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 31st March 2025

| 31.3.25 |  | 1.4.24

£ | £ |

| Cash and cash equivalents | 48,347 |  | 1,018,892 |  |

| Year ended 31st March 2024

| 31.3.24 |  | 1.4.23

£ | £ |

| Cash and cash equivalents | 1,018,892 |  | 945,125 |  |

3. | ANALYSIS OF CHANGES IN NET DEBT

| At 1.4.24 | Cash flow | At 31.3.25

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 1,018,892 |  | (970,545 | ) | 48,347 |  |

1,018,892 |  | (970,545 | ) | 48,347 |  |

| Debt

| Finance leases | (3,810,373 | ) | (631,894 | ) | (4,442,267 | ) |

(3,810,373 | ) | (631,894 | ) | (4,442,267 | ) |

| Total | (2,791,481 | ) | (1,602,439 | ) | (4,393,920 | ) |

| Swain Container Solutions Limited (Registered number: 01445943) |

Notes to the Financial Statements

for the Year Ended 31st March 2025

1. | STATUTORY INFORMATION

| Swain Container Solutions 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 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.

| Critical accounting judgements and key sources of estimation uncertainty

| In the application of the Company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

| In preparing the financial statements the directors have made the following judgements:

| Determining whether there are indicators of impairment of the company's fixed asset investments. Factors taken into consideration in reaching a decision include the economic viability and expected future financial performance of each investment and as well as any significant changes to the market, economic or legal environments in which each investment operates in.

| 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 or, if held under a finance lease, over the lease term, whichever is the shorter.

| Plant and machinery | - | 15% on reducing balance, 4 to 5 years straight line and Straight line over 3 years

| Motor vehicles | - | 25% on reducing balance and Straight line over 3 years

| Swain Container Solutions Limited (Registered number: 01445943) |

Notes to the Financial Statements - continued

for the Year Ended 31st March 2025

2. | ACCOUNTING POLICIES - continued

| Financial instruments

| Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument. 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.

| All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

| Financial assets and liabilities are only offset in the balance sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

| Debt instruments that comply with all of the condition of paragraph 11.9 of FRS 102 are classified as 'basic'. For debt instruments that do not meet the conditions of FRS 102.11.9, the company considers whether the debt instrument is consistent with the principle in paragraph 11.9A of FRS 102 in order to determine whether it can be classified as basic. Instruments classified as 'basic' financial instruments are measured subsequently at amortised cost using the effective interest method. Debt instruments that have no stated interest rate (and do not constitute financing transaction) and are classified as payable or receivable within one year are initially measured at an undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.

| With the exception of some hedging instruments, other debt instruments not meeting conditions of being 'basic' financial instruments are measured at fair value through profit or loss.

| Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairment.

| Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

| Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

| 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.

| Swain Container Solutions Limited (Registered number: 01445943) |

Notes to the Financial Statements - continued

for the Year Ended 31st March 2025

2. | ACCOUNTING POLICIES - continued

| 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 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.

| 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.

| Operating lease agreements

| Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against on a straight line basis over the period of the lease.

3. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 2,527,788 |  | 2,408,098 |  |

| Social security costs | 263,256 |  | 240,153 |  |

| Other pension costs | 49,227 |  | 46,870 |  |

2,840,271 |  | 2,695,121 |  |

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

| 2025 |  | 2024

| Administration | 16 |  | 17 |  |

| Management | 2 |  | 2 |  |

| Operatives | 38 |  | 36 |  |

56 |  | 55 |  |

| 2025 |  | 2024

£ | £ |

| Directors' remuneration | 100,000 |  | 100,000 |  |

| Swain Container Solutions Limited (Registered number: 01445943) |

Notes to the Financial Statements - continued

for the Year Ended 31st March 2025

4. | OPERATING (LOSS)/PROFIT

| The operating loss (2024 - operating profit) is stated after charging/(crediting):

| 2025 |  | 2024

£ | £ |

| Depreciation - owned assets | 26,049 |  | 26,109 |  |

| Depreciation - assets on hire purchase contracts | 938,632 |  | 1,072,177 |  |

| Profit on disposal of fixed assets | (265,150 | ) | (687,255 | ) |

| Auditors' remuneration | 18,852 |  | 19,105 |  |

5. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£ | £ |

| Hire purchase interest | 278,114 |  | 225,131 |  |

6. | TAXATION

| Analysis of the tax credit

| The tax credit on the loss for the year was as follows:

| 2025 |  | 2024

£ | £ |

| Deferred tax | (216,402 | ) | (31,630 | ) |

| Tax on (loss)/profit | (216,402 | ) | (31,630 | ) |

| Reconciliation of total tax credit 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:

| 2025 |  | 2024

£ | £ |

| (Loss)/profit before tax | (865,611 | ) | 9,598 |  |

| (Loss)/profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | (216,403 | ) | 2,400 |  |

| Effects of:

| Capital allowances in excess of depreciation | (114,903 | ) | (201,292 | ) |

| Utilisation of tax losses | 397,594 |  | 370,706 |  |

| Profit on sale of tangible fixed assets | (66,288 | ) | (171,814 | ) |

| Deferred tax | (216,402 | ) | (31,630 | ) |

| Total tax credit | (216,402 | ) | (31,630 | ) |

| Swain Container Solutions Limited (Registered number: 01445943) |

Notes to the Financial Statements - continued

for the Year Ended 31st March 2025

7. | TANGIBLE FIXED ASSETS

| Plant and |  | Motor |

| machinery |  | vehicles |  | Totals

£ | £ | £ |

| COST

| At 1st April 2024 | 136,213 |  | 6,705,550 |  | 6,841,763 |  |

| Additions | - |  | 2,257,746 |  | 2,257,746 |  |

| Disposals | - |  | (1,309,675 | ) | (1,309,675 | ) |

| At 31st March 2025 | 136,213 |  | 7,653,621 |  | 7,789,834 |  |

| DEPRECIATION

| At 1st April 2024 | 62,536 |  | 2,435,547 |  | 2,498,083 |  |

| Charge for year | 16,777 |  | 947,904 |  | 964,681 |  |

| Eliminated on disposal | - |  | (738,326 | ) | (738,326 | ) |

| At 31st March 2025 | 79,313 |  | 2,645,125 |  | 2,724,438 |  |

| NET BOOK VALUE

| At 31st March 2025 | 56,900 |  | 5,008,496 |  | 5,065,396 |  |

| At 31st March 2024 | 73,677 |  | 4,270,003 |  | 4,343,680 |  |

| Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

| Motor

| vehicles

£ |

| COST

| At 1st April 2024 | 6,592,523 |  |

| Additions | 2,257,746 |  |

| Disposals | (1,309,675 | ) |

| At 31st March 2025 | 7,540,594 |  |

| DEPRECIATION

| At 1st April 2024 | 2,336,963 |  |

| Charge for year | 938,632 |  |

| Eliminated on disposal | (738,326 | ) |

| At 31st March 2025 | 2,537,269 |  |

| NET BOOK VALUE

| At 31st March 2025 | 5,003,325 |  |

| At 31st March 2024 | 4,255,560 |  |

| Swain Container Solutions Limited (Registered number: 01445943) |

Notes to the Financial Statements - continued

for the Year Ended 31st March 2025

8. | DEBTORS

2025 | 2024 |

£ | £ |

| Amounts falling due within one year:

| Trade debtors | 2,750,147 |  | 2,357,988 |  |

| Other debtors | 442,197 |  | 432,712 |  |

| Deferred tax asset | 120,306 |  | - |  |

| Prepayments and accrued income | 351,056 |  | 447,543 |  |

3,663,706 |  | 3,238,243 |  |

| Amounts falling due after more than one year:

| Other debtors | 12,469,479 |  | 12,424,235 |  |

| Aggregate amounts | 16,133,185 |  | 15,662,478 |  |

9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Hire purchase contracts (see note 11) | 2,126,918 |  | 1,347,041 |  |

| Trade creditors | 1,858,693 |  | 1,467,026 |  |

| Social security and other taxes | 66,611 |  | 68,637 |  |

| Other creditors | 39,255 |  | 56,524 |  |

| Accruals and deferred income | 137,665 |  | 174,748 |  |

4,229,142 |  | 3,113,976 |  |

10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2025 | 2024 |

£ | £ |

| Hire purchase contracts (see note 11) | 2,315,349 |  | 2,463,332 |  |

| Swain Container Solutions Limited (Registered number: 01445943) |

Notes to the Financial Statements - continued

for the Year Ended 31st March 2025

11. | LEASING AGREEMENTS

| Minimum lease payments under hire purchase fall due as follows:

2025 | 2024 |

£ | £ |

| Gross obligations repayable:

| Within one year | 2,327,002 |  | 1,568,411 |  |

| Between one and five years | 2,532,688 |  | 2,683,996 |  |

4,859,690 |  | 4,252,407 |  |

| Finance charges repayable:

| Within one year | 200,084 |  | 221,370 |  |

| Between one and five years | 217,339 |  | 220,664 |  |

417,423 |  | 442,034 |  |

| Net obligations repayable:

| Within one year | 2,126,918 |  | 1,347,041 |  |

| Between one and five years | 2,315,349 |  | 2,463,332 |  |

4,442,267 |  | 3,810,373 |  |

| The hire purchase agreements are fixed against specific commercial vehicles included in tangible fixed assets.

12. | SECURED DEBTS

| The following secured debts are included within creditors:

2025 | 2024 |

£ | £ |

| Hire purchase contracts | 4,442,267 |  | 3,810,373 |  |

| The hire purchase agreements are fixed against specific items included in tangible fixed assets.

13. | PROVISIONS FOR LIABILITIES

2024 |

£ |

| Deferred tax | 96,096 |  |

| Deferred |

| tax |

£ |

| Balance at 1st April 2024 | 96,096 |  |

| Credit to Income Statement during year | (216,402 | ) |

| Balance at 31st March 2025 | (120,306 | ) |

| Swain Container Solutions Limited (Registered number: 01445943) |

Notes to the Financial Statements - continued

for the Year Ended 31st March 2025

14. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 100 | Ordinary | £1 | 100 |  | 100 |  |

15. | RESERVES

| Retained |  | Share |

| earnings |  | premium |  | Totals

£ | £ | £ |

| At 1st April 2024 | 15,287,829 |  | 63,717 |  | 15,351,546 |  |

| Deficit for the year | (649,209 | ) | (649,209 | ) |

| At 31st March 2025 | 14,638,620 |  | 63,717 |  | 14,702,337 |  |

16. | ULTIMATE CONTROLLING PARTY

| The ultimate controlling party is considered to be R J Swain.

17. | HOLDING COMPANY

| The company is wholly owned subsidiary of R Swain & Sons Limited ( Co number 00371501).