REGISTERED NUMBER: 05348126 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

EFRET LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Income Statement

9

Balance Sheet

10

Statement of Changes in Equity

11

Cash Flow Statement

12

Notes to the Financial Statements

13

DIRECTORS:

J L Duval

J F Duval

C Duval

A Jestin

I R Liddell

SECRETARY:

J L Duval

REGISTERED OFFICE:

7 Lynwood Court

Priestlands Place

Lymington

Hampshire

SO41 9GA

REGISTERED NUMBER:

05348126 (England and Wales)

SENIOR STATUTORY AUDITOR:

Andrew Green LLB FCA

AUDITORS:

THP Limited

Chartered Accountants

and Statutory Auditors

34-40 High Street

Wanstead

London

E11 2RJ

The directors present their strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS

The company's operations continue to be the provision of Just-in-Time pan-European transportation and value added logistics services to blue chip corporations in the e-commerce and automotive sectors.

2024 was a difficult trading year as freight volumes fell due to global economic uncertainty and historically high rates of inflation. Although the results benefited from one off factors by £183,750 2023 : (£367,499), revenue fell by 14.5% and gross profit margins decreased by 1.13%.

Despite this, due to good cost control measures in place, the Company was able to deliver an operating profit of £459,642 (2023: £974,378).

The Directors are hopeful that the transition of the business into the "Uniserve Group" and a focus on the growth sectors, the business can continue to grow and prosper in the future.

FINANCIAL KEY PERFORMANCE INDICATORS

The Company's key performance indicators are as follows:

2024

2023

£

£

Revenue

16,298,289

19,074,992

Gross profit

1,957,129

2,506,580

Gross profit %

12.01%

13.14

Operating profit

459,642

947,378

The balance sheet net assets at the year end were £317,442 (2023: £598,042) reflecting a solid financial foundation for the business in terms of liquidity and solvency.

PRINCIPAL RISKS AND UNCERTAINTIES

The management of the business and the nature of the Company's strategy are subject to a number of risks.

The Directors have set out below the principal risks facing the business.

The Directors are of the opinion that a thorough risk management process is adopted which involves a formal review of all risks identified below. Where possible, processes are in place to mitigate such risks.

Foreign exchange risk

As the company conducts a big part of its trade in Euros, it is exposed to unforeseen changes in rates of

exchange. These risks are mitigated by operating foreign currency bank accounts and by forward purchasing currency when rates are favourable. The balance of the trade has shifted more towards GBP in recent years and this has also helped reduce this risk.

Credit Risk

As with most businesses the Company is exposed to the credit risk of customers and their ability to pay debts on a timely basis. The Directors have continued to be prudent in status checks for new and existing customers and keeping debtor days as low as possible.

Liquidity risk

Liquidity risk is managed by regular review of the business working capital requirements ensuring sufficient cash balances are maintained to fund working capital needs and be able to take advantage of business opportunities as they arise.

Wage Cost Inflation

The Company is continually affected by wage cost inflation and pressures within the labour market. The Company monitors the market to ensure complete compliance with labour market regulations, and maintains employment policies, remuneration and benefits packages that are designed to be competitive with other companies and recognise the value and contribution provided by employees, as well as providing colleagues with fulfilling career opportunities which offer progression. The Company regularly reviews pay and benefits. As with most UK based employers there remain ongoing challenges in terms of recruiting and retaining sufficiently capable staff.

Commercial Risk

The Company has exposed to commercial risks associated with its customers and suppliers. Recently these have included above inflationary cost increases in a number of areas including utility bills, fuel prices, wages and increased volatility in foreign exchange rates. These are managed and monitored on an ongoing basis and are passed on to clients where necessary.

ON BEHALF OF THE BOARD:

A Jestin - Director

25 September 2025

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the provision of freight services.

DIVIDENDS

The Company did not pay an interim dividend in the year (2023 :£4,442,000).

During the year the company paid the 2023 final dividend of £647,625. The Directors have recommended that a final dividend of £300,000 be paid in relation to the year ended 31/12/24.

The 2023 dividend included a payment of £3.5 million to B shareholder Uniserve Holdings. This amount was part of the agreement when Uniserve Holdings acquired a 50% stake in Efret Ltd's equity in November 2021 and agreed to purchase £3.5 million of surplus cash that was deemed unnecessary for the company's ongoing operations.

FUTURE DEVELOPMENTS

The Directors are confident that continued focus on the key management policies will strengthen the financial position of the Company during the ensuing period.

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.

J L Duval

J F Duval

C Duval

A Jestin

I R Liddell

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, THP Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

A Jestin - Director

25 September 2025

Opinion

We have audited the financial statements of Efret Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2024 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 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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, 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 the sector in which the Company operates;

- 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, GDPR and data protection, anti-money laundering and anti-bribery, contract and employment law.

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

management and inspecting legal correspondence; 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 and any other relevant regulators as required.

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

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

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Andrew Green LLB FCA (Senior Statutory Auditor)

for and on behalf of THP Limited

Chartered Accountants

and Statutory Auditors

34-40 High Street

Wanstead

London

E11 2RJ

25 September 2025

TURNOVER

4

16,298,289

19,074,992

Cost of sales

14,341,160

16,568,412

GROSS PROFIT

1,957,129

2,506,580

Administrative expenses

1,614,726

1,667,380

342,403

839,200

Other operating income

117,239

108,178

OPERATING PROFIT

6

459,642

947,378

Interest receivable and similar income

14,884

15,154

474,526

962,532

Interest payable and similar expenses

7

-

6,050

PROFIT BEFORE TAXATION

474,526

956,482

Tax on profit

8

107,501

235,198

PROFIT FOR THE FINANCIAL YEAR

367,025

721,284

FIXED ASSETS

Intangible assets

10

2,270

3,404

Tangible assets

11

30,283

38,544

32,553

41,948

CURRENT ASSETS

Debtors

12

1,781,915

2,214,970

Cash at bank

1,075,980

2,025,559

2,857,895

4,240,529

CREDITORS

Amounts falling due within one year

13

2,568,018

3,677,933

NET CURRENT ASSETS

289,877

562,596

TOTAL ASSETS LESS CURRENT LIABILITIES

322,430

604,544

PROVISIONS FOR LIABILITIES

15

4,988

6,502

NET ASSETS

317,442

598,042

CAPITAL AND RESERVES

Called up share capital

16

235,500

235,500

Capital redemption reserve

17

46,500

46,500

Retained earnings

17

35,442

316,042

SHAREHOLDERS' FUNDS

317,442

598,042

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2025 and were signed on its behalf by:

A Jestin - Director

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 January 2023

235,500

4,036,758

46,500

4,318,758

Changes in equity

Dividends

-

(4,442,000

)

-

(4,442,000

)

Total comprehensive income

-

721,284

-

721,284

Balance at 31 December 2023

235,500

316,042

46,500

598,042

Changes in equity

Dividends

-

(647,625

)

-

(647,625

)

Total comprehensive income

-

367,025

-

367,025

Balance at 31 December 2024

235,500

35,442

46,500

317,442

Cash flows from operating activities

Cash generated from operations

21

192,707

832,181

Interest paid

-

(6,050

)

Tax paid

(502,438

)

15,072

Net cash from operating activities

(309,731

)

841,203

Cash flows from investing activities

Purchase of tangible fixed assets

(7,292

)

(5,315

)

Sale of tangible fixed assets

185

275

Interest received

14,884

15,154

Net cash from investing activities

7,777

10,114

Cash flows from financing activities

Amount introduced by directors

-

20,000

Equity dividends paid

(647,625

)

(4,442,000

)

Net cash from financing activities

(647,625

)

(4,422,000

)

Decrease in cash and cash equivalents

(949,579

)

(3,570,683

)

Cash and cash equivalents at beginning of year

22

2,025,559

5,596,242

Cash and cash equivalents at end of year

22

1,075,980

2,025,559

1.	STATUTORY INFORMATION

Efret 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.

As the majority of customers and suppliers operate in Europe, the functional currency of the Company is the Euro. The presentation currency is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

a) Critical judgements in applying the entity's accounting policies

There are no specific judgements, apart from those involving estimates as detailed below, that management

has made in the process of applying the entity's accounting policies that have a significant effect on the

amounts recognised in the financial statements.

b) Critical accounting estimates and assumptions

(i) Direct cost accruals

Due to the nature of the operations, management will often recognise costs before an invoice is received from a supplier. In these cases, the expected costs are accrued based on pre-agreed prices or recent similar

transaction with the relevant supplier.

(ii) Impairment of debtors

The company makes an estimate of the recoverable value of trade and other debtors. When assessing their

impairment, the management considers factors including the current credit rating of the debtor, the ageing

profile of debtors and historical experience.

Revenue recognition

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

Revenue is recognised at the point that goods are delivered.

Other service revenue is recognised when the service is delivered, for example on customs clearance.

Patents and licences

Patents and licences are amortised on a straight line basis over a period of 10 years.

Tangible fixed assets

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

life.

Fixtures and fittings - 20% on cost

Computer equipment - 20% on cost

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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 commitments

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

4.

TURNOVER

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

An analysis of turnover by geographical market is given below:

2024

2023

£

£

United Kingdom

8,400,607

1,227,635

Europe

7,897,682

17,823,943

Rest of the World

-

23,414

16,298,289

19,074,992

5.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

1,027,784

1,062,340

Social security costs

115,711

115,680

Other pension costs

32,672

41,215

1,176,167

1,219,235

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

2024

2023

Administration and support

26

28

2024

2023

£

£

Directors' remuneration

287,356

211,915

Directors' pension contributions to money purchase schemes

15,213

15,213

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

Money purchase schemes

3

3

Information regarding the highest paid director is as follows:

2024

2023

£

£

Emoluments etc

105,142

87,191

Pension contributions to money purchase schemes

5,071

5,071

6.	OPERATING PROFIT

The operating profit is stated after charging:

2024

2023

£

£

Depreciation - owned assets

14,410

14,629

Loss on disposal of fixed assets

958

1,158

Patents and licences amortisation

1,134

1,197

Auditors' remuneration

14,000

14,620

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

£

£

Inland Revenue interest

-

6,050

8.

TAXATION

Analysis of the tax charge

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

2024

2023

£

£

Current tax:

UK corporation tax

121,262

238,111

Under/(over) provision in

prior year

(12,247

)

-

Total current tax

109,015

238,111

Deferred tax

(1,514

)

(2,913

)

Tax on profit

107,501

235,198

UK corporation tax has been charged at 25% (2023 - 25%).

Reconciliation of total tax charge included in profit and loss

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

2024

2023

£

£

Profit before tax

474,526

956,482

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 25%)

118,632

239,121

Effects of:

Expenses not deductible for tax purposes

731

(4,380

)

Adjustments to tax charge in respect of previous periods

(12,247

)

8,761

Deferred tax

(1,514

)

(2,913

)

Tax rates

1,899

(5,391

)

Total tax charge

107,501

235,198

9.

DIVIDENDS

2024

2023

£

£

A Ordinary shares of £1 each

Interim

323,812

471,000

B Ordinary shares of £1 each

Interim

323,813

3,971,000

647,625

4,442,000

10.	INTANGIBLE FIXED ASSETS

Patents

and

licences

£

COST

At 1 January 2024

and 31 December 2024

12,137

AMORTISATION

At 1 January 2024

8,733

Amortisation for year

1,134

At 31 December 2024

9,867

NET BOOK VALUE

At 31 December 2024

2,270

At 31 December 2023

3,404

11.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2024

38,500

47,708

86,208

Additions

-

7,292

7,292

Disposals

-

(3,494

)

(3,494

)

At 31 December 2024

38,500

51,506

90,006

DEPRECIATION

At 1 January 2024

18,836

28,828

47,664

Charge for year

7,523

6,887

14,410

Eliminated on disposal

-

(2,351

)

(2,351

)

At 31 December 2024

26,359

33,364

59,723

NET BOOK VALUE

At 31 December 2024

12,141

18,142

30,283

At 31 December 2023

19,664

18,880

38,544

12.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

1,758,161

2,190,109

Other debtors

7,590

5,999

Prepayments and accrued income

16,164

18,862

1,781,915

2,214,970