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REGISTERED NUMBER: 04421621 (England and Wales)

| UPN (Safeguard) Limited |

| Financial Statements |

| for the Year Ended 31 March 2025 |

| UPN (Safeguard) Limited (Registered number: 04421621) |

Contents of the Financial Statements

for the year ended 31 March 2025

| Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 3 |  | to |  | 5

| UPN (Safeguard) Limited |

Company Information

for the year ended 31 March 2025

| DIRECTORS: | Mr D J Brown

| Mr M B Chapman

| Mr N Chappelow

| Mr G S Allard

| Mr S J Fuller

| Mr A J Lowe

| Mr R M Arnold

| Mr J Houghton

| SECRETARY: | Mr G S Allard

| REGISTERED OFFICE: | 8 High View Close

| Vantage Business Park

| Leicester

| Leicestershire

| LE4 9LJ

| REGISTERED NUMBER: | 04421621 (England and Wales)

| AUDITORS: | Clifford Roberts

| Chartered Accountants &

| Statutory Auditors

| Pacioli House

| 9 Brookfield

| Duncan Close

| Northampton

| Northamptonshire

| NN3 6WL

| UPN (Safeguard) Limited (Registered number: 04421621) |

Balance Sheet

31 March 2025

| 2025 |  | 2024

| Notes | £ | £ |

CURRENT ASSETS

Debtors | 4 | 16,077,983 |  | 12,998,587 |  |

Cash at bank | 1,673,131 |  | 1,032,874 |  |

17,751,114 |  | 14,031,461 |  |

CREDITORS

Amounts falling due within one year | 5 | 17,751,108 |  | 14,031,455 |  |

NET CURRENT ASSETS | 6 |  | 6 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 6 |  | 6 |  |

CAPITAL AND RESERVES

Called up share capital | 7 | 6 |  | 6 |  |

SHAREHOLDERS' FUNDS | 6 |  | 6 |  |

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 August 2025 and were signed on its behalf by:

Mr M B Chapman - Director

| UPN (Safeguard) Limited (Registered number: 04421621) |

Notes to the Financial Statements

for the year ended 31 March 2025

1. | STATUTORY INFORMATION

| UPN (Safeguard) 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 applicable United Kingdom accounting standards, including Financial Reporting Standard 102 section 1A - "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102 section 1A") and with the Companies Act 2006. The financial statements have been prepared on the historical cost basis.

| The financial statements are presented in Sterling (£) and cover the period to the 31st March each year.

| In the eyes of the users of these financial statements they may appear dormant, however the company acts as a billing vehicle for United Pallet Network (UK) Limited and a collection vehicle for the UPN (Safeguard) Trust.

| Going concern

| The financial statements have been prepared on the going concern basis as the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, particularly in light of the performance of the network and its members.

| Taxation

| No liability to UK corporation tax arose on ordinary activities for the year ended 31st March 2025, nor for the year ended 31st March 2024.

| Trade and other debtors

| Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

| Trade and other creditors

| Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method unless the effect of discounting would be immaterial, in which case they are stated at cost.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 8 (2024 - 7 ) .

4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade debtors | 16,077,714 |  | 12,994,297 |  |

| Other debtors | 269 |  | 4,290 |  |

16,077,983 |  | 12,998,587 |  |

| UPN (Safeguard) Limited (Registered number: 04421621) |

Notes to the Financial Statements - continued

for the year ended 31 March 2025

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

2025 | 2024 |

£ | £ |

| Trade creditors | 16,186,911 |  | 13,159,564 |  |

| Taxation and social security | 6,587 |  | 21,718 |  |

| Other creditors | 1,557,610 |  | 850,173 |  |

17,751,108 |  | 14,031,455 |  |

6. | FINANCIAL RISK MANAGEMENT

| The company has exposure to credit, liquidity and cash flow interest rate risks, These risks are limited by the company's financial management policies and practices described below.

| Foreign currency risk

| The company has no exposure to foreign currency risks as all of the company's sales and purchases are denominated in sterling.

| Credit risk

| The company's exposure and it's customers credit worthiness is continually monitored so that any potential problems are detected at an early stage.

| Liquidity risk

| The directors have ultimate responsibility for liquidity risk management in maintaining adequate reserves and banking facilities. There are no significant non-derivative financial liability remaining at the reporting date.

| The company holds no derivative financial instruments at the year end.

7. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

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

| value: | £ | £ |

| 6 | Ordinary | £1 | 6 |  | 6 |  |

8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

| The Report of the Auditors was unqualified.

| Adam Billingham BA (Hons) BFP FCA (Senior Statutory Auditor)

| for and on behalf of Clifford Roberts

| UPN (Safeguard) Limited (Registered number: 04421621) |

Notes to the Financial Statements - continued

for the year ended 31 March 2025

9. | RELATED PARTY DISCLOSURES

| Other related parties

|  | 2025 |  | 2024 |  |

|  | £ |  | £ |  |

| Amounts due from related parties |  | 918,252 |  | 829,148 |  |

| Amounts due to related parties |  | 4,654,178 |  | 3,516,027 |  |

| UPN (Safeguard) Limited is the billing vehicle for United Pallet Network (UK) Limited and all other companies that are within the network. The amounts due to/from United Pallet Network (UK) Limited are included within the above.

| UPN (Safeguard) Limited collected net of cost contributions of £733,563 (2024: £316,630) during the year on behalf of the UPN (Safeguard) Ltd Settlement 2021, a trust in which the directors of UPN (Safeguard) Limited, Mr M Chapman, Mr D Brown, Mr N Chappelow and Mr S Fuller, are also trustees. As at 31st March 2025, included within other creditors was a balance of £1,483,323 (2024: £843,697) due to the UPN (Safeguard) Trust and the UPN (Safeguard) Ltd Settlement 2021.