IRIS Accounts Production v25.4.0.155 07606519 Board of Directors 31.3.25 1.4.24 31.3.25 31.3.25 Medium entities These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. true true true false true true false false false true true false iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh 07606519 2024-03-31 07606519 2025-03-31 07606519 2024-04-01 2025-03-31 07606519 2023-03-31 07606519 2023-04-01 2024-03-31 07606519 2024-03-31 07606519 ns15:EnglandWales 2024-04-01 2025-03-31 07606519 ns14:PoundSterling 2024-04-01 2025-03-31 07606519 ns10:Director1 2024-04-01 2025-03-31 07606519 ns10:Consolidated 2025-03-31 07606519 ns10:ConsolidatedGroupCompanyAccounts 2024-04-01 2025-03-31 07606519 ns10:PrivateLimitedCompanyLtd 2024-04-01 2025-03-31 07606519 ns10:Consolidated ns10:MediumEntities 2024-04-01 2025-03-31 07606519 ns10:Consolidated ns10:Audited 2024-04-01 2025-03-31 07606519 ns10:Medium-sizedCompaniesRegimeForDirectorsReport 2024-04-01 2025-03-31 07606519 ns10:Medium-sizedCompaniesRegimeForAccounts 2024-04-01 2025-03-31 07606519 ns10:Consolidated 2024-04-01 2025-03-31 07606519 ns10:Consolidated ns10:Medium-sizedCompaniesRegimeForDirectorsReport 2024-04-01 2025-03-31 07606519 ns10:Consolidated ns10:Medium-sizedCompaniesRegimeForAccounts 2024-04-01 2025-03-31 07606519 ns10:FullAccounts 2024-04-01 2025-03-31 07606519 ns5:Subsidiary1 2024-04-01 2025-03-31 07606519 ns10:Director2 2024-04-01 2025-03-31 07606519 ns10:Director3 2024-04-01 2025-03-31 07606519 ns10:Director4 2024-04-01 2025-03-31 07606519 ns10:CompanySecretary1 2024-04-01 2025-03-31 07606519 ns10:RegisteredOffice 2024-04-01 2025-03-31 07606519 ns10:Consolidated 2023-04-01 2024-03-31 07606519 ns5:CurrentFinancialInstruments 2025-03-31 07606519 ns5:CurrentFinancialInstruments 2024-03-31 07606519 ns5:Non-currentFinancialInstruments 2025-03-31 07606519 ns5:Non-currentFinancialInstruments 2024-03-31 07606519 ns5:ShareCapital 2025-03-31 07606519 ns5:ShareCapital 2024-03-31 07606519 ns5:RetainedEarningsAccumulatedLosses 2025-03-31 07606519 ns5:RetainedEarningsAccumulatedLosses 2024-03-31 07606519 ns5:ShareCapital 2023-03-31 07606519 ns5:RetainedEarningsAccumulatedLosses 2023-03-31 07606519 ns5:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 07606519 ns5:RetainedEarningsAccumulatedLosses 2024-04-01 2025-03-31 07606519 ns5:LandBuildings ns5:ShortLeaseholdAssets 2024-04-01 2025-03-31 07606519 ns5:PlantMachinery 2024-04-01 2025-03-31 07606519 ns5:FurnitureFittings 2024-04-01 2025-03-31 07606519 ns5:MotorVehicles 2024-04-01 2025-03-31 07606519 ns5:ComputerEquipment 2024-04-01 2025-03-31 07606519 ns5:ComputerSoftware 2024-03-31 07606519 ns5:ComputerSoftware 2025-03-31 07606519 ns5:ComputerSoftware 2024-03-31 07606519 ns5:FurnitureFittings 2024-03-31 07606519 ns5:ComputerEquipment 2024-03-31 07606519 ns5:FurnitureFittings 2025-03-31 07606519 ns5:ComputerEquipment 2025-03-31 07606519 ns5:FurnitureFittings 2024-03-31 07606519 ns5:ComputerEquipment 2024-03-31 07606519 ns5:CostValuation 2024-03-31 07606519 1 ns5:Subsidiary1 2024-04-01 2025-03-31 07606519 ns5:Subsidiary1 2025-03-31 07606519 ns5:Subsidiary1 2024-03-31 07606519 ns5:Subsidiary1 2023-04-01 2024-03-31 07606519 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2025-03-31 07606519 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2024-03-31 07606519 ns5:RetainedEarningsAccumulatedLosses 2024-03-31

REGISTERED NUMBER: 07606519 (England and Wales)

| Group Strategic Report, |

| Report of the Directors and |

| Consolidated Financial Statements |

| for the Year Ended 31 March 2025 |

| for |

| March (Holdings) Limited |

| March (Holdings) Limited (Registered number: 07606519) |

Contents of the Consolidated Financial Statements

for the year ended 31 March 2025

| Page |

| Company Information | 1 |

| Group Strategic Report | 2 |  | to |  | 3

| Report of the Directors | 4 |  | to |  | 5

| Report of the Independent Auditors | 6 |  | to |  | 9

| 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 |  | to |  | 29

| March (Holdings) Limited |

Company Information

for the year ended 31 March 2025

| DIRECTORS: | Mr M B Chapman

| Mrs L A Chapman

| Mrs L Miller

| Mr D Chapman

| SECRETARY: | Mr G S Allard

| REGISTERED OFFICE: | 8 High View Close

| Vantage Business Park

| Leicester

| Leicestershire

| LE4 9LJ

| REGISTERED NUMBER: | 07606519 (England and Wales)

| AUDITORS: | Clifford Roberts

| Chartered Accountants &

| Statutory Auditors

| Pacioli House

| 9 Brookfield

| Duncan Close

| Northampton

| Northamptonshire

| NN3 6WL

| March (Holdings) Limited (Registered number: 07606519) |

Group Strategic Report

for the year ended 31 March 2025

The directors present their strategic report of the company and the group for the year ended 31 March 2025.

REVIEW OF BUSINESS

The Group's principal activity continues to be that of a palletised freight network throughout the UK. Group turnover for the year under review is £15,943,167 compared to £13,491,754 for the year ended 31 March 2024, an increase of 18.2%. Consolidated profit before taxation for the year is £5,941,619 compared to £4,616,098 for the prior year.

At the year end the group had consolidated shareholders funds of £29,064,123 including distributable reserves of £29,061,671. The directors, therefore, believe the company's position to be satisfactory and are optimistic for the future, especially as the company's current assets exceed its current liabilities by £28,556,578.

PRINCIPAL RISKS AND UNCERTAINTIES

The process of risk acceptance and risk management is addressed through a framework of policies, procedures, and internal controls. All policies are subject to Board approval and ongoing review by the directors and management. Compliance with regulation, legal and ethical standards is a high priority for the company.

The group has developed a framework for identifying the risks it faces and the directors have assessed the main risks to the business as being its dependency on the performance of the UK economy: The group provides services to businesses primarily in the UK and is, therefore, dependent on the performance of the UK economy.

The directors are confident of continued growth and long-term stability of the business, with pallet numbers and membership increasing.

The group finances its business through its shareholder funds and so the impact of any fluctuation in the bank interest rate is irrelevant.

FUTURE DEVELOPMENTS

The group continues to grow in respect of the number of pallets moved on a nightly basis. The group will continue to develop its internal systems and IT infrastructure in the coming year which will maintain United Pallet Network (UK) Limited's, a subsidiary company, position as a market leader within our sector.

Environmental Management

The group continues to evaluate its environmental impact and sustainability commitments. It strives to continually reduce its electricity and water consumption, reduce landfill waste and increase recycling and has increased the number of electric and hybrid fleet vehicles alongside the migration over to electric forklift trucks.

As a sector first, all deliveries through the network will be done on a Carbon Neutral basis, working in partnership with Carbon Neutral Britain to offset the CO2 emissions through accredited offset projects. Fully certified by independent bodies the company will be the first pallet network to offset its CO2 delivery emissions. In the first twelve months of Carbon offset, approximately 28,500 tonnes of Carbon were offset.

| March (Holdings) Limited (Registered number: 07606519) |

Group Strategic Report

for the year ended 31 March 2025

KEY PERFORMANCE INDICATORS

We have made significant progress throughout the year in relation to the key elements of our strategy, the board monitors the progress by reference to the following KPI's:

| 2025 |  | 2024 |  |

Increase/(decrease) in turnover |  | 18.2% |  | (4.4)% |  |

Gross profit percentage |  | 75.3% |  | 73.1% |  |

Operating profit percentage |  | 31.3% |  | 27.8% |  |

Liquidity ratio |  | 6.9 |  | 7.1 |  |

All of the above ratios are defined in UK Generally Accepted Accounting Practice.

ON BEHALF OF THE BOARD:

Mr M B Chapman - Director

4 August 2025

| March (Holdings) Limited (Registered number: 07606519) |

Report of the Directors

for the year ended 31 March 2025

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

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of palletised freight network.

DIVIDENDS

The directors recommend interim dividends per share as follows:

Ordinary A £0.01 shares |  | £- |  |

Ordinary C £0.01 shares |  | £- |  |

Ordinary D £0.01 shares |  | £17.13268 |  |

Ordinary E £0.01 shares |  | £17.13268 |  |

The directors recommend that no final dividends be paid.

The total distribution of dividends for the year ended 31st March, 2025 will be £250,000.

DIRECTORS

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

Mr M B Chapman

Mrs L A Chapman

Mrs L Miller

Mr D Chapman

DISCLOSURE IN THE STRATEGIC REPORT

The disclosures relating to events occurring after the year end, likely future developments and research and development activities are disclosed within the strategic report in accordance with s.414C(11) CA 2006.

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

| March (Holdings) Limited (Registered number: 07606519) |

Report of the Directors

for the year ended 31 March 2025

AUDITORS

The auditors, Clifford Roberts, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr M B Chapman - Director

4 August 2025

Report of the Independent Auditors to the Members of

March (Holdings) Limited

Opinion

We have audited the financial statements of March (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 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 March 2025 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.

Report of the Independent Auditors to the Members of

March (Holdings) Limited

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.

Report of the Independent Auditors to the Members of

March (Holdings) 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:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. 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 and the sector in which they operate. We determined that the following laws and regulations were most significant: the Companies Act 2006, UK Generally Accepted Accounting Practice and UK corporate taxation laws. |

- |  | We obtained an understanding of how the group is complying with those legal and regulatory frameworks by making inquiries to the management and by observing the oversight of management, the culture of honesty and ethical behaviour and whether strong emphasis is placed on fraud prevention, which may reduce the opportunities for fraud to take place, and fraud deterrence, which could persuade individuals not to commit fraud in the first instance . We corroborated our inquiries through our review of all relevant available audit information. |

- |  | We assessed and understood the susceptibility of the group's financial statements to material misstatement, including how fraud might occur. Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. The audit procedures performed by the engagement team included: |

| > |  | Identifying and assessing the design and effectiveness of controls management has in place to prevent and detect fraud; |

| > |  | Understanding of how senior management considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; |

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

| > |  | Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias; and, |

| > |  | Assessing the extent of compliance with relevant 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.

Report of the Independent Auditors to the Members of

March (Holdings) Limited

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.

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

for and on behalf of Clifford Roberts

Chartered Accountants &

Statutory Auditors

Pacioli House

9 Brookfield

Duncan Close

Northampton

Northamptonshire

NN3 6WL

4 August 2025

| March (Holdings) Limited (Registered number: 07606519) |

Consolidated

Statement of Comprehensive

Income

for the year ended 31 March 2025

| 2025 |  | 2024

| Notes | £ | £ |

TURNOVER | 4 | 15,943,167 |  | 13,491,754 |  |

Cost of sales | 3,942,332 |  | 3,635,859 |  |

GROSS PROFIT | 12,000,835 |  | 9,855,895 |  |

Administrative expenses | 7,014,326 |  | 6,108,803 |  |

OPERATING PROFIT | 6 | 4,986,509 |  | 3,747,092 |  |

Interest receivable and similar income | 966,100 |  | 879,006 |  |

5,952,609 |  | 4,626,098 |  |

Interest payable and similar expenses | 7 | 10,990 |  | 10,000 |  |

PROFIT BEFORE TAXATION | 5,941,619 |  | 4,616,098 |  |

Tax on profit | 8 | 1,539,055 |  | 1,181,242 |  |

PROFIT FOR THE FINANCIAL YEAR | 4,402,564 |  | 3,434,856 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 4,402,564 |  | 3,434,856 |  |

Profit attributable to:

Owners of the parent | 4,402,564 |  | 3,434,856 |  |

Total comprehensive income attributable to:

Owners of the parent | 4,402,564 |  | 3,434,856 |  |

| March (Holdings) Limited (Registered number: 07606519) |

Consolidated Balance Sheet

31 March 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 11 | - |  | - |  |

Tangible assets | 12 | 527,086 |  | 441,888 |  |

Investments | 13 | - |  | - |  |

527,086 |  | 441,888 |  |

CURRENT ASSETS

Stocks | 14 | 76,737 |  | 48,092 |  |

Debtors | 15 | 5,052,935 |  | 4,507,600 |  |

Cash at bank and in hand | 28,308,215 |  | 23,986,868 |  |

33,437,887 |  | 28,542,560 |  |

CREDITORS

Amounts falling due within one year | 16 | 4,881,309 |  | 4,046,007 |  |

NET CURRENT ASSETS | 28,556,578 |  | 24,496,553 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 29,083,664 |  | 24,938,441 |  |

CREDITORS

Amounts falling due after more than one year | 17 | (5 | ) | (7 | ) |

PROVISIONS FOR LIABILITIES | 20 | (19,536 | ) | (26,875 | ) |

NET ASSETS | 29,064,123 |  | 24,911,559 |  |

CAPITAL AND RESERVES

Called up share capital | 21 | 2,432 |  | 2,432 |  |

Other reserves | 22 | 20 |  | 20 |  |

Retained earnings | 22 | 29,061,671 |  | 24,909,107 |  |

SHAREHOLDERS' FUNDS | 29,064,123 |  | 24,911,559 |  |

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

| March (Holdings) Limited (Registered number: 07606519) |

Company Balance Sheet

31 March 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 11 | - |  | - |  |

Tangible assets | 12 | - |  | 2,281 |  |

Investments | 13 | 3,180 |  | 3,180 |  |

3,180 |  | 5,461 |  |

CURRENT ASSETS

Debtors | 15 | 124,167 |  | 103,535 |  |

Cash at bank | 24,159,354 |  | 21,116,124 |  |

24,283,521 |  | 21,219,659 |  |

CREDITORS

Amounts falling due within one year | 16 | 290,851 |  | 289,367 |  |

NET CURRENT ASSETS | 23,992,670 |  | 20,930,292 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 23,995,850 |  | 20,935,753 |  |

CREDITORS

Amounts falling due after more than one year | 17 | 5 |  | 7 |  |

NET ASSETS | 23,995,845 |  | 20,935,746 |  |

CAPITAL AND RESERVES

Called up share capital | 21 | 2,432 |  | 2,432 |  |

Retained earnings | 22 | 23,993,413 |  | 20,933,314 |  |

SHAREHOLDERS' FUNDS | 23,995,845 |  | 20,935,746 |  |

Company's profit for the financial year | 3,310,099 |  | 3,872,450 |  |

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

| March (Holdings) Limited (Registered number: 07606519) |

Consolidated Statement of Changes in Equity

for the year ended 31 March 2025

| Called up |

| share |  | Retained |  | Other |  | Total

| capital |  | earnings |  | reserves |  | equity

£ | £ | £ | £ |

Balance at 1 April 2023 | 2,432 |  | 21,724,251 |  | 20 |  | 21,726,703 |  |

Changes in equity

Dividends | - |  | (250,000 | ) | - |  | (250,000 | ) |

Total comprehensive income | - |  | 3,434,856 |  | - |  | 3,434,856 |  |

Balance at 31 March 2024 | 2,432 |  | 24,909,107 |  | 20 |  | 24,911,559 |  |

Changes in equity

Dividends | - |  | (250,000 | ) | - |  | (250,000 | ) |

Total comprehensive income | - |  | 4,402,564 |  | - |  | 4,402,564 |  |

Balance at 31 March 2025 | 2,432 |  | 29,061,671 |  | 20 |  | 29,064,123 |  |

| March (Holdings) Limited (Registered number: 07606519) |

Company Statement of Changes in Equity

for the year ended 31 March 2025

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1 April 2023 | 2,432 |  | 17,310,864 |  | 17,313,296 |  |

Changes in equity

Dividends | - |  | (250,000 | ) | (250,000 | ) |

Total comprehensive income | - |  | 3,872,450 |  | 3,872,450 |  |

Balance at 31 March 2024 | 2,432 |  | 20,933,314 |  | 20,935,746 |  |

Changes in equity

Dividends | - |  | (250,000 | ) | (250,000 | ) |

Total comprehensive income | - |  | 3,310,099 |  | 3,310,099 |  |

Balance at 31 March 2025 | 2,432 |  | 23,993,413 |  | 23,995,845 |  |

| March (Holdings) Limited (Registered number: 07606519) |

Consolidated Cash Flow Statement

for the year ended 31 March 2025

| 2025 |  | 2024

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 5,405,760 |  | 5,123,454 |  |

Interest paid | (10,990 | ) | (10,000 | ) |

Tax paid | (1,346,441 | ) | (1,880,760 | ) |

Net cash from operating activities | 4,048,329 |  | 3,232,694 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (448,984 | ) | (87,924 | ) |

Sale of tangible fixed assets | 6,960 |  | - |  |

Interest received | 966,100 |  | 879,006 |  |

Net cash from investing activities | 524,076 |  | 791,082 |  |

Cash flows from financing activities

Amount introduced by directors | - |  | 14,002 |  |

Amount withdrawn by directors | (1,058 | ) | (347,948 | ) |

Equity dividends paid | (250,000 | ) | (250,000 | ) |

Net cash from financing activities | (251,058 | ) | (583,946 | ) |

Increase in cash and cash equivalents | 4,321,347 |  | 3,439,830 |  |

Cash and cash equivalents at beginning of year | 2 | 23,986,868 |  | 20,547,038 |  |

Cash and cash equivalents at end of year | 2 | 28,308,215 |  | 23,986,868 |  |

| March (Holdings) Limited (Registered number: 07606519) |

Notes to the Consolidated Cash Flow Statement

for the year ended 31 March 2025

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

| 2025 |  | 2024

£ | £ |

| Profit before taxation | 5,941,619 |  | 4,616,098 |  |

| Depreciation charges | 337,996 |  | 288,564 |  |

| Loss on disposal of fixed assets | 18,830 |  | 4,108 |  |

| Finance costs | 10,990 |  | 10,000 |  |

| Finance income | (966,100 | ) | (879,006 | ) |

5,343,335 |  | 4,039,764 |  |

| (Increase)/decrease in stocks | (28,645 | ) | 42,838 |  |

| (Increase)/decrease in trade and other debtors | (715,142 | ) | 208,446 |  |

| Increase in trade and other creditors | 806,212 |  | 832,406 |  |

| Cash generated from operations | 5,405,760 |  | 5,123,454 |  |

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 March 2025

| 31.3.25 |  | 1.4.24

£ | £ |

| Cash and cash equivalents | 28,308,215 |  | 23,986,868 |  |

| Year ended 31 March 2024

| 31.3.24 |  | 1.4.23

£ | £ |

| Cash and cash equivalents | 23,986,868 |  | 20,547,038 |  |

3. | ANALYSIS OF CHANGES IN NET FUNDS

| At 1.4.24 | Cash flow | At 31.3.25

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 23,986,868 |  | 4,321,347 |  | 28,308,215 |  |

23,986,868 |  | 4,321,347 |  | 28,308,215 |  |

| Total | 23,986,868 |  | 4,321,347 |  | 28,308,215 |  |

| March (Holdings) Limited (Registered number: 07606519) |

Notes to the Consolidated Financial Statements

for the year ended 31 March 2025

1. | COMPANY INFORMATION

| The entity is a limited company incorporated within the UK. Its registered office is:

| 8 High View Close

| Vantage Business Park

| Leicester

| Leicestershire

| LE4 9LJ

| The principal place of business is:

| Common Lane

| Fradley Park

| Lichfield

| Staffordshire

| WS13 8NQ

| The group carries out the principal activity of a palletised freight network within the UK.

2. | STATUTORY INFORMATION

| March (Holdings) 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.

3. | 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.

| The financial statements have been prepared under the historic cost convention expect for the modification to fair value basis for certain financial instruments as specified in the accounting policies below.

| The financial statements are presented in Sterling (£).

| The group financial statements consolidate the financial statements of March (Holdings) Limited and all its subsidiary undertakings drawn up to 31 March each year.

| March (Holdings) Limited (Registered number: 07606519) |

Notes to the Consolidated Financial Statements - continued

for the year ended 31 March 2025

3. | ACCOUNTING POLICIES - continued

| Basis of consolidation

| The company has accounted for the group reconstruction as a merger on the basis that the group was created via a share for share exchange not via a purchase. In normal acquisitions of subsidiaries and businesses, the acquisition would be accounted for under the purchase method, whereby the cost of the business combination is measured at the aggregate of the fair value of assets given, liabilities incurred or assumed and equity instruments issued by the group in exchange for control of the acquiree plus costs directly attributable to the business combination.

| Any excess of the cost of the business combination over the acquirer's interests in the net fair value of identifiable assets and liabilities is recognised as goodwill. If the net fair value of the identifiable assets and liabilities exceeds the cost of the business combination the excess is recognised separately on the face of the consolidated balance sheet.

| The consolidated financial statements incorporate the financial statements of the company and entities controlled by the group. Control is achieved where the group has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

| The results of the subsidiaries acquired or disposed of during the year are included in total comprehensive income from the effective date of acquisition and up to the effective date of disposal, as appropriate using accounting policies consistent with those of the parent. All intra-group transactions, balances, income and expenses are eliminated in full on consolidation.

| Investments in subsidiaries are accounted for at cost less impairment in the individual financial statements.

| Related party exemption

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

| Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

| Significant judgements and estimates

| In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis.

| There are no sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover represents the invoiced amount of goods sold, stated net of value added tax. The turnover and pre-tax profit is attributable to the Hub charges which are recognised at the point the service is provided and membership fees which have been deferred over the period of the membership.

| March (Holdings) Limited (Registered number: 07606519) |

Notes to the Consolidated Financial Statements - continued

for the year ended 31 March 2025

3. | ACCOUNTING POLICIES - continued

| Tangible fixed assets

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

| Short leasehold | - | 25% on cost

| Plant and machinery | - | 25% on reducing balance

| Fixtures and fittings | - | 25% on cost and 25% on reducing balance

| Motor vehicles | - | 25% on reducing balance

| Computer software | - | 25% on cost and 25% on reducing balance

| At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affect asset is estimated and compared with the carrying amount. If estimated recoverable amount is lower, the carry amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

| If an impairment subsequently reverses, the carrying amount of the asset is increased to revised the estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

| Stocks

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

| Taxation

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

| Current or deferred taxation assets and liabilities are not discounted.

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

| Deferred taxation

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

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

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

| 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.

| Hire purchase and leasing commitments

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

| March (Holdings) Limited (Registered number: 07606519) |

Notes to the Consolidated Financial Statements - continued

for the year ended 31 March 2025

3. | ACCOUNTING POLICIES - continued

| Pension costs and other post-retirement benefits

| The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

| Trade debtors

| Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

| Trade creditors

| Short term creditors are measured at transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised costs using the effective interest method.

| Provisions for liabilities

| Provisions are recognised when the group has a present legal or constructive obligation as a result of a past event, it is probable that the group will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

| The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking in to account the risks and uncertainties surrounding the obligation.

| Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance cost int he profit or loss in the period it arises.

| The group recognises a provision for annual leave accrued by employees as a result of services rendered in the current period, and which employees are entitled to carry forward and use within the next 12 months. The provision is measured at the salary cost payable for the period of absence.

4. | TURNOVER

| The group classifies its revenue as all generated from within the UK and all funds generated by one class of business.

5. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 5,787,944 |  | 4,973,914 |  |

| Social security costs | 689,015 |  | 560,528 |  |

| Other pension costs | 93,155 |  | 99,005 |  |

6,570,114 |  | 5,633,447 |  |

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

| 2025 |  | 2024

| Directors | 4 |  | 4 |  |

| Key Management | 5 |  | 5 |  |

| Administration | 32 |  | 28 |  |

| Warehouse | 71 |  | 70 |  |

112 |  | 107 |  |

| March (Holdings) Limited (Registered number: 07606519) |

Notes to the Consolidated Financial Statements - continued

for the year ended 31 March 2025

5. | EMPLOYEES AND DIRECTORS - continued

| 2025 |  | 2024

£ | £ |

| Directors' remuneration | 1,230,117 |  | 1,087,376 |  |

| Directors' pension contributions to money purchase schemes | 2,464 |  | 2,413 |  |

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

| Money purchase schemes | 2 |  | 2 |  |

| Information regarding the highest paid director is as follows:

| 2025 |  | 2024

£ | £ |

| Emoluments etc | 529,995 |  | 459,319 |  |

6. | OPERATING PROFIT

| The operating profit is stated after charging:

| 2025 |  | 2024

£ | £ |

| Hire of plant and machinery | 351,231 |  | 339,093 |  |

| Depreciation - owned assets | 337,996 |  | 288,564 |  |

| Loss on disposal of fixed assets | 18,830 |  | 4,108 |  |

| Key management personnel compensation in total | 677,564 |  | 626,852 |  |

| Auditors Remuneration | 4,200 |  | 4,000 |  |

| Auditors Remuneration - Other Services | 7,650 |  | 7,450 |  |

7. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£ | £ |

| Bank interest | 990 |  | - |  |

| Other finance cost payable | 10,000 |  | 10,000 |  |

10,990 |  | 10,000 |  |

8. | TAXATION

| Analysis of the tax charge

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

| 2025 |  | 2024

£ | £ |

| Current tax:

| UK corporation tax | 1,546,393 |  | 1,231,110 |  |

| Overprovision prior year | - |  | (42,589 | ) |

| Total current tax | 1,546,393 |  | 1,188,521 |  |

| Deferred tax | (7,338 | ) | (7,279 | ) |

| Tax on profit | 1,539,055 |  | 1,181,242 |  |

| March (Holdings) Limited (Registered number: 07606519) |

Notes to the Consolidated Financial Statements - continued

for the year ended 31 March 2025

8. | TAXATION - continued

| Reconciliation of total tax charge 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

£ | £ |

| Profit before tax | 5,941,619 |  | 4,616,098 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2024 - 25 %) | 1,485,405 |  | 1,154,025 |  |

| Effects of:

| Expenses not deductible for tax purposes | 23,895 |  | 20,890 |  |

| Depreciation in excess of capital allowances | 32,710 |  | 55,170 |  |

| Adjustments to tax charge in respect of previous periods | - |  | (42,590 | ) |

| Profit & Loss on disposal | 4,383 |  | 1,026 |  |

| Deferred tax movement tax rate change | (7,338 | ) | (7,279 | ) |

| Total tax charge | 1,539,055 |  | 1,181,242 |  |

9. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

| As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.

10. | DIVIDENDS

|  | 2025 |  |  | 2024 |

|  | £ |  |  | £ |

| Ordinary A shares of £0.01 each - Interim |  | - |  |  | - |

| Ordinary C shares of £0.01 each - Interim |  | - |  |  | - |

| Ordinary D shares of £0.01 each - Interim |  | 125,000 |  | 125,000 |

| Ordinary E shares of £0.01 each - Interim |  | 125,000 |  | 125,000 |

|  | 250,000 |  |  | 250,000 |

| March (Holdings) Limited (Registered number: 07606519) |

Notes to the Consolidated Financial Statements - continued

for the year ended 31 March 2025

11. | INTANGIBLE FIXED ASSETS

| Company

| Computer

| software

£ |

| COST

| At 1 April 2024

| and 31 March 2025 | 200,000 |  |

| AMORTISATION

| At 1 April 2024

| and 31 March 2025 | 200,000 |  |

| NET BOOK VALUE

| At 31 March 2025 | - |  |

| At 31 March 2024 | - |  |

12. | TANGIBLE FIXED ASSETS

| Group

| Fixtures

| Short |  | Plant and |  | and

| leasehold |  | machinery |  | fittings

£ | £ | £ |

| COST

| At 1 April 2024 | 1,079,539 |  | 245,397 |  | 161,264 |  |

| Additions | - |  | 8,177 |  | 92,157 |  |

| Disposals | - |  | - |  | (54,347 | ) |

| At 31 March 2025 | 1,079,539 |  | 253,574 |  | 199,074 |  |

| DEPRECIATION

| At 1 April 2024 | 928,709 |  | 114,292 |  | 82,861 |  |

| Charge for year | 150,830 |  | 58,874 |  | 40,058 |  |

| Eliminated on disposal | - |  | - |  | (40,306 | ) |

| At 31 March 2025 | 1,079,539 |  | 173,166 |  | 82,613 |  |

| NET BOOK VALUE

| At 31 March 2025 | - |  | 80,408 |  | 116,461 |  |

| At 31 March 2024 | 150,830 |  | 131,105 |  | 78,403 |  |

| March (Holdings) Limited (Registered number: 07606519) |

Notes to the Consolidated Financial Statements - continued

for the year ended 31 March 2025

12. | TANGIBLE FIXED ASSETS - continued

| Group

| Motor |  | Computer |

| vehicles |  | software |  | Totals

£ | £ | £ |

| COST

| At 1 April 2024 | 114,950 |  | 33,225 |  | 1,634,375 |  |

| Additions | 348,650 |  | - |  | 448,984 |  |

| Disposals | (41,000 | ) | (2,100 | ) | (97,447 | ) |

| At 31 March 2025 | 422,600 |  | 31,125 |  | 1,985,912 |  |

| DEPRECIATION

| At 1 April 2024 | 34,848 |  | 31,777 |  | 1,192,487 |  |

| Charge for year | 87,885 |  | 349 |  | 337,996 |  |

| Eliminated on disposal | (30,072 | ) | (1,279 | ) | (71,657 | ) |

| At 31 March 2025 | 92,661 |  | 30,847 |  | 1,458,826 |  |

| NET BOOK VALUE

| At 31 March 2025 | 329,939 |  | 278 |  | 527,086 |  |

| At 31 March 2024 | 80,102 |  | 1,448 |  | 441,888 |  |

| Company

| Fixtures |

| and |  | Computer |

| fittings |  | software |  | Totals

£ | £ | £ |

| COST

| At 1 April 2024 | 3,136 |  | 2,100 |  | 5,236 |  |

| Disposals | (3,136 | ) | (2,100 | ) | (5,236 | ) |

| At 31 March 2025 | - |  | - |  | - |  |

| DEPRECIATION

| At 1 April 2024 | 1,924 |  | 1,031 |  | 2,955 |  |

| Charge for year | 281 |  | 248 |  | 529 |  |

| Eliminated on disposal | (2,205 | ) | (1,279 | ) | (3,484 | ) |

| At 31 March 2025 | - |  | - |  | - |  |

| NET BOOK VALUE

| At 31 March 2025 | - |  | - |  | - |  |

| At 31 March 2024 | 1,212 |  | 1,069 |  | 2,281 |  |

| March (Holdings) Limited (Registered number: 07606519) |

Notes to the Consolidated Financial Statements - continued

for the year ended 31 March 2025

13. | FIXED ASSET INVESTMENTS

| Company

| Shares in

| group

| undertakings

£ |

| COST

| At 1 April 2024

| and 31 March 2025 | 3,180 |  |

| NET BOOK VALUE

| At 31 March 2025 | 3,180 |  |

| At 31 March 2024 | 3,180 |  |

| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

| Subsidiary

| United Pallet Network (UK) Limited

| Registered office: 8 High View Close, Vantage Park, Leicester, LE4 9LJ

| Nature of business: Transport Hub

| %

| Class of shares: | holding |

| Ordinary A/B/C | 100.00 |

2025 | 2024 |

£ | £ |

| Aggregate capital and reserves | 5,071,335 |  | 3,978,822 |  |

| Profit for the year | 3,002,513 |  | 2,071,829 |  |

| During the reporting period, two subsidiary entities were dissolved on 5th December 2023 with the cost of investment being disposed of in full.

14. | STOCKS

| Group |

2025 | 2024 |

£ | £ |

| Stocks | 76,737 |  | 48,092 |  |

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

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Trade debtors | 4,162,057 |  | 3,115,680 |  | - |  | 2,725 |  |

| Amounts owed by group undertakings | - |  | - |  | 9,782 |  | 1,352 |  |

| Other debtors | 32,683 |  | 140,657 |  | - |  | - |  |

| Tax | - |  | 169,806 |  | - |  | - |  |

| Prepayments and accrued income | 858,195 |  | 1,081,457 |  | 114,385 |  | 99,458 |  |

5,052,935 |  | 4,507,600 |  | 124,167 |  | 103,535 |  |

| March (Holdings) Limited (Registered number: 07606519) |

Notes to the Consolidated Financial Statements - continued

for the year ended 31 March 2025

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

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Trade creditors | 1,043,151 |  | 1,397,294 |  | - |  | - |  |

| Tax | 248,664 |  | 218,518 |  | 221,783 |  | 218,518 |  |

| Social security and other taxes | 639,503 |  | 572,706 |  | - |  | - |  |

| Net wages | 10,453 |  | 11,133 |  | - |  | - |  |

| VAT | 776,237 |  | 576,291 |  | 51,978 |  | 52,902 |  |

| Other creditors | 828,719 |  | 302,085 |  | - |  | - |  |

| Directors' current accounts | 12,891 |  | 13,949 |  | 12,891 |  | 13,949 |  |

| Accruals and deferred income | 1,321,691 |  | 954,031 |  | 4,199 |  | 3,998 |  |

4,881,309 |  | 4,046,007 |  | 290,851 |  | 289,367 |  |

| There is a fixed charge over all assets present assets and a first floating charge over all assets or undertakings of a subsidiary company, both present and future, in favour of HSBC UK Bank PLC. The subsidiary is included within the consolidated financial statements.

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

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Other creditors | 5 |  | 7 |  | 5 |  | 7 |  |

18. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Group

| Non-cancellable |

| operating leases |

2025 | 2024 |

£ | £ |

| Within one year | 1,301,329 |  | 1,389,036 |  |

| Between one and five years | 2,326,754 |  | 640,380 |  |

| In more than five years | 9,100 |  | - |  |

3,637,183 |  | 2,029,416 |  |

| March (Holdings) Limited (Registered number: 07606519) |

Notes to the Consolidated Financial Statements - continued

for the year ended 31 March 2025

19. | FINANCIAL RISK MANAGEMENT

| The company has some exposure to credit, network, liquidity and market risks. These risks are limited by the company's financial management policies and practices described below.

| Credit risk

| The company offer credit terms to its customers which allows payment of the debt at a future specified time. The company mitigates this risk by maintaining strong customer relationships and regular analysis its sales ledger for troubled customers, but as an ultimate failsafe the group and its members are able to take advantage of the safeguard fund.

| Liquidity risk

| The directors have ultimate responsibility for liquidity risk management in maintaining adequate reserves and banking facilities. Currently based on the cash reserves this is not deemed a significant risk.

| Market risk

| There is a market risk associated with the fluctuation in demand for the products and services provided. Most of this is mitigated by monitoring the markets and implementing strategies to deal with the identified risks.

| Network coverage risk

| The company is exposed to the risk of member either leaving the network or going into liquidation which impacts on network coverage. This is mitigated by continually reviewing the members area coverage and if required consolidation of that area, a continual drive to recruit new members, particularly in specific regions and the network support charge which helps fund areas in need of coverage.

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

20. | PROVISIONS FOR LIABILITIES

| Group |

2025 | 2024 |

£ | £ |

| Deferred tax | 19,536 |  | 26,875 |  |

| Group

| Deferred |

| tax |

£ |

| Balance at 1 April 2024 | 26,875 |  |

| Credit to Statement of Comprehensive Income during year | (7,339 | ) |

| Balance at 31 March 2025 | 19,536 |  |

| March (Holdings) Limited (Registered number: 07606519) |

Notes to the Consolidated Financial Statements - continued

for the year ended 31 March 2025

21. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid

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

|  | Value: |  | £ |  |  | £ |

| 175,104 |  | A Ordinary |  | £0.01 |  | 1,751 |  |  | 1,751 |

| 53,504 |  | C Ordinary |  | £0.01 |  | 535 |  |  | 535 |

| 7,296 |  | D Ordinary |  | £0.01 |  | 73 |  |  | 73 |

| 7,296 |  | E Ordinary |  | £0.01 |  | 73 |  |  | 73 |

|  | 2,432 |  |  | 2,432 |

| Called Up Share Capital - represents the nominal value of shares that have been issued. Each issued share capital ranks equally in respect of voting, dividends and repayment of capital.

22. | RESERVES

| Group

| Retained |  | Other |

| earnings |  | reserves |  | Totals

£ | £ | £ |

| At 1 April 2024 | 24,909,107 |  | 20 |  | 24,909,127 |  |

| Profit for the year | 4,402,564 |  | - |  | 4,402,564 |  |

| Dividends | (250,000 | ) | - |  | (250,000 | ) |

| At 31 March 2025 | 29,061,671 |  | 20 |  | 29,061,691 |  |

| Company

| Retained

| earnings

£ |

| At 1 April 2024 | 20,933,314 |  |

| Profit for the year | 3,310,099 |  |

| Dividends | (250,000 | ) |

| At 31 March 2025 | 23,993,413 |  |

| Retained Earnings - includes all current and prior period retained profits and losses.

| Other Reserve - this includes the share capital not eliminated on consolidation, which is not deemed to be minority interest.

| March (Holdings) Limited (Registered number: 07606519) |

Notes to the Consolidated Financial Statements - continued

for the year ended 31 March 2025

23. | RELATED PARTY DISCLOSURES

| During the year the company traded with related parties, all balance outstanding at the year end were trading balances and the payment of these outstanding items to fall within the normal terms of business.

|  | Sales/Rech arges |  | Purchases |  | Sales Ledger |  | Purchase Ledger | Other Credit Balances |  | Dividends paid |

|  | £ |  | £ |  | £ |  | £ | £ |  | £ |

| Control/significant influence over entity |  | - |  | - |  | - |  | - | 12,891 |  | 250,000 |

| The entity has significant influence over |  | 18,158,762 |  | 484,577 |  | 4,143,608 |  | 86,391 | - |  | - |

| Other related parties |  | - |  | - |  | - |  | - | - |  | - |

|  | 18,158,762 |  | 484,577 |  | 4,143,608 |  | 86,391 | 12,891 |  | 250,000 |

| .