Company registration number 05276654 (England and Wales)
NMS Logistics Limited
Group annual report and consolidated financial statements
For the year ended 31 May 2025
NMS Logistics Limited
Company information
Director
N Sabanovic
Secretary
M Sabanovic
Company number
05276654
Registered office
The Exchange
5 Bank Street
Bury
United Kingdom
BL9 0DN
Auditor
DJH Audit Limited
The Exchange
5 Bank Street
Bury
Lancashire
BL9 0DN
NMS Logistics Limited
Contents
Page
Strategic report
1
Director's report
2
Director's responsibilities statement
3
Independent auditor's report
4 - 6
Group statement of comprehensive income
7
Group balance sheet
8
Company balance sheet
9
Group statement of changes in equity
10
Company statement of changes in equity
11
Group statement of cash flows
12
Notes to the financial statements
13 - 24
NMS Logistics Limited
Strategic report
For the year ended 31 May 2025
- 1 -

The director presents the strategic report for the year ended 31 May 2025.

Review of the business

During the year the group generated profits after tax of £243 k (202 4: £2 26 k) and at the year end had net assets of £4.2 m (202 4: £4.0 m).

As a freight forwarding agent the group continues to organise transport cargo movements to and from the UK and Eastern European countries on behalf of their customers. The group continues to focus on five main geographical areas as follows:

- Balkan Countries

- CIS Countries

- Czech Republic / Slovakia

- Hungary

- Poland

The director has maintained business performance in the year, achieving revenue figures of £15.6 m (202 4: £1 6.2 m). The director is pleased with the results as the economic environment remains challenging. Despite these tough trading conditions sales have been strong and positive.

UK freight forwarding is a competitive industry and margins achieved are quite low. It remains a challenge to maintain high levels of service at competitive prices. The director continue s to monitor the effect of currency movements in the Eurozone, given that a proportion of the group's costs are in Euros.

Despite the above challenges, the year end results are very positive.

Development and performance

The group does not have written risk management policies and guidelines, however the director analyse s and formulate s measures to manage the group's exposure to market risk, including changes in interest rates and foreign currency exchange rates.

The principal risks facing the group relate primarily to the financial risks of changes in foreign currency exchange rates and the impact of Brexit on these, and on European trade. The director aims to present a balanced review of the development and performance of the business during the year and its position at the year end. The review is consistent with the size and complexity of the business.

Brexit continues to impact the logistics industry. There will be additional administrative tasks for every export and import coming to the UK. The group is continuing to train all staff on new formalities and procedures.

Key performance indicators

The key performance indicators utilised in the business include turnover growth, gross profit margin, debtors collections.

On behalf of the board

N Sabanovic
Director
2 December 2025
NMS Logistics Limited
Director's report
For the year ended 31 May 2025
- 2 -

The director presents her annual report and financial statements for the year ended 31 May 2025.

Principal activities

The principal activity of the company and group continued to be that of a holding company.

Results and dividends

The results for the year are set out on page 7.

No ordinary dividends were paid. The director does not recommend payment of a further dividend.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

N Sabanovic
Auditor

DJH Audit Limited has indicated its willingness to be reappointed for another term and appropriate arrangements are being made for it to be deemed reappointed as auditor in the absence of an Annual General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
N Sabanovic
Director
2 December 2025
NMS Logistics Limited
Director's responsibilities statement
For the year ended 31 May 2025
- 3 -

The director is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless she is satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;

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

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. She is also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

NMS Logistics Limited
Independent auditor's report
To the members of NMS Logistics Limited
- 4 -
Opinion

We have audited the financial statements of NMS Logistics Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 May 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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 the parent company's affairs as at 31 May 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 director's 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 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. 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. 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 course of 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.

NMS Logistics Limited
Independent auditor's report (continued)
To the members of NMS Logistics Limited
- 5 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- T he information given in the strategic report and the director's r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- The strategic report and the director's report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the director's r eport.

We have nothing to report in respect of the following matters in relation to which 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 director

As explained more fully in the director's r esponsibilities s tatement, the director is 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 director determines is 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 director is responsible for assessing 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 director either intends to liquidate the parent company or to cease operations, or has no realistic alternative but to do so.

Auditor's 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 an auditor's report 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.

As part of our planning process:

- We enquired of management the systems and controls the group has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. The company did not inform us of any known, suspected or alleged fraud.

- We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: FRS 102, Companies Act 2006, Health & Safety at Work 1974, Employment Act 2008 and General Data Protection Regulations (GDPR).

- We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.

- Using our knowledge of the company, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.

NMS Logistics Limited
Independent auditor's report (continued)
To the members of NMS Logistics Limited
- 6 -

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

- Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual.

- Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.

- Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates, in particular in relation to assessing of accruals level at the year end, estimated useful life of the assets.

- Assessing the extent of compliance, or lack of, with the relevant laws and regulations in particular those that are central to the entities ability to continue in operation.

- Testing key revenue lines, in particular cut-off and walk-through, for evidence of management bias.

- Reviewing and testing control procedures.

- Performing a physical verification of key assets.

- Obtaining third-party confirmation of material bank and loan balances.

- Documenting and verifying all significant related party and consolidated balances and transactions.

- Testing all material consolidation adjustments.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 an auditor's report 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.

Mr Richard Bell (Senior Statutory Auditor)
For and on behalf of DJH Audit Limited, Statutory Auditor
Accountants
The Exchange
5 Bank Street
Bury
Lancashire
BL9 0DN
2 December 2025
NMS Logistics Limited
Group statement of comprehensive income
For the year ended 31 May 2025
- 7 -
2025
2024
Notes
£
£
Turnover
3
15,561,442
16,216,874
Cost of sales
(12,510,149)
(13,017,029)
Gross profit
3,051,293
3,199,845
Administrative expenses
(2,879,624)
(3,042,462)
Other operating income
1,079
7,964
Operating profit
4
172,748
165,347
Interest receivable and similar income
259,076
271,604
Interest payable and similar expenses
8
(131,209)
(135,850)
Profit before taxation
300,615
301,101
Tax on profit
9
(57,327)
(74,538)
Profit for the financial year
243,288
226,563
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
NMS Logistics Limited
Group balance sheet
As at 31 May 2025
31 May 2025
- 8 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
11
88,773
117,880
88,773
117,880
Current assets
Debtors
14
2,236,043
2,299,331
Cash at bank and in hand
6,865,029
6,852,210
9,101,072
9,151,541
Creditors: amounts falling due within one year
15
(4,972,944)
(5,295,808)
Net current assets
4,128,128
3,855,733
Net assets
4,216,901
3,973,613
Capital and reserves
Called up share capital
17
1
1
Profit and loss reserves
4,216,900
3,973,612
Total equity
4,216,901
3,973,613

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved and signed by the director and authorised for issue on 2 December 2025
02 December 2025
N Sabanovic
Director
Company registration number 05276654 (England and Wales)
NMS Logistics Limited
Company balance sheet
As at 31 May 2025
31 May 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
12
533,000
533,000
533,000
533,000
Current assets
Cash at bank and in hand
1
1
Creditors: amounts falling due within one year
15
(285,677)
(285,677)
Net current liabilities
(285,676)
(285,676)
Net assets
247,324
247,324
Capital and reserves
Called up share capital
17
1
1
Profit and loss reserves
247,323
247,323
Total equity
247,324
247,324

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £0 (2024 - £0 profit).

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

The financial statements were approved and signed by the director and authorised for issue on 2 December 2025
02 December 2025
N Sabanovic
Director
Company registration number 05276654 (England and Wales)
NMS Logistics Limited
Group statement of changes in equity
For the year ended 31 May 2025
- 10 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 June 2023
1
3,747,049
3,747,050
Year ended 31 May 2024:
Profit and total comprehensive income
-
226,563
226,563
Balance at 31 May 2024
1
3,973,612
3,973,613
Year ended 31 May 2025:
Profit and total comprehensive income
-
243,288
243,288
Balance at 31 May 2025
1
4,216,900
4,216,901
NMS Logistics Limited
Company statement of changes in equity
For the year ended 31 May 2025
- 11 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 June 2023
1
247,323
247,324
Year ended 31 May 2024:
Profit and total comprehensive income for the year
-
-
-
0
Balance at 31 May 2024
1
247,323
247,324
Year ended 31 May 2025:
Profit and total comprehensive income
-
-
-
0
Balance at 31 May 2025
1
247,323
247,324
NMS Logistics Limited
Group statement of cash flows
For the year ended 31 May 2025
- 12 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
21
(111,777)
502,814
Interest paid
(131,209)
(135,850)
Net cash (outflow)/inflow from operating activities
(242,986)
366,964
Investing activities
Purchase of tangible fixed assets
(3,271)
(107,222)
Interest received
259,076
271,604
Net cash generated from investing activities
255,805
164,382
Net increase in cash and cash equivalents
12,819
531,346
Cash and cash equivalents at beginning of year
6,852,210
6,320,864
Cash and cash equivalents at end of year
6,865,029
6,852,210
NMS Logistics Limited
Notes to the group financial statements
For the year ended 31 May 2025
- 13 -
1
Accounting policies
Company information

NMS Logistics Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is The Exchange, 5 Bank Street, Bury, BL9 0DN.

The group consists of NMS Logistics Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland";

- Section 7 'Statement of Cashflows': Presentation of a statement of cashflow and related noted and disclosures;

- the requirement of Section 33 Related Party Disclosures paragraph 33.7.

1.2
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The group financial statements consolidate those of NMS Logistics Limited and its subsidiary undertaking made up to 31 May 202 5. All acquisitions have been included in the group accounts using the acquisition method of accounting.

1.4
Going concern

The group has reported a net profit before tax of £300,615 (202 4: £301,101) and has net assets at the year end of £4,216,901 (202 4: £3,973,613). The group holds cash reserves of £6,865,029 at the year end and is well placed to continue to its position as a market leader in the shipping and distribution sector. Post year end the group continues to grow and increased profits have been reported. As such the going concern basis is considered appropriate by the director.

NMS Logistics Limited
Notes to the group financial statements (continued)
For the year ended 31 May 2025
1
Accounting policies
(Continued)
- 14 -
1.5
Turnover

Turnover comprises the aggregate of the fair value of the sale of services provided, net of value-added tax, rebates and discounts. Turnover is recognised when a service has been provided to the customer.

1.6
Intangible fixed assets - goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2005, has been amortised evenly over its estimated useful life of eighteen years.

1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
10% on cost
Fixtures and fittings
20% on cost
Computers
25% on cost
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.8
Fixed asset investments

Investment in subsidiary is stated at cost less any permanent diminution in value.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest m ethod unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

NMS Logistics Limited
Notes to the group financial statements (continued)
For the year ended 31 May 2025
1
Accounting policies
(Continued)
- 15 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

NMS Logistics Limited
Notes to the group financial statements (continued)
For the year ended 31 May 2025
1
Accounting policies
(Continued)
- 16 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.11
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases
NMS Logistics Limited
Notes to the group financial statements (continued)
For the year ended 31 May 2025
1
Accounting policies
(Continued)
- 17 -

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue

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

2025
2024
£
£
Other revenue
Interest income
259,076
271,604
Sundry receipts
1,079
7,964
4
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange gains
(32,034)
(30,208)
Depreciation of owned tangible fixed assets
32,378
28,340
Operating lease charges
80,369
86,333
NMS Logistics Limited
Notes to the group financial statements (continued)
For the year ended 31 May 2025
- 18 -
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
-
-
Audit of the financial statements of the company's subsidiaries
9,975
9,500
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
2025
2024
Number
Number
Administration
9
8
Sales
29
30
Total
38
38

Their aggregate remuneration comprised:

Group
2025
2024
£
£
Wages and salaries
2,416,779
2,613,807
Pension costs
99,008
91,505
2,515,787
2,705,312
7
Director's remuneration
2025
2024
£
£
Remuneration for qualifying services
624,619
765,355
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
624,619
765,355
NMS Logistics Limited
Notes to the group financial statements (continued)
For the year ended 31 May 2025
7
Director's remuneration
(Continued)
- 19 -

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2024 - 1).

8
Interest payable and similar expenses
2025
2024
£
£
Interest on director's current account
75,418
78,315
Other interest
55,791
57,535
Total finance costs
131,209
135,850
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
57,327
-
0
Tax relating to prior year adjustments recognised in profit or loss
-
0
(4,311)
Total current tax
57,327
(4,311)
Deferred tax
Origination and reversal of timing differences
-
0
78,849
Total tax charge
57,327
74,538

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
300,615
301,101
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
75,154
75,275
Tax effect of expenses that are not deductible in determining taxable profit
653
2,421
Tax effect of utilisation of tax losses not previously recognised
(25,464)
-
0
Adjustments in respect of prior years
-
0
(1,078)
Permanent capital allowances in excess of depreciation
7,277
(2,080)
Marginal relief
(293)
-
0
Taxation charge
57,327
74,538
NMS Logistics Limited
Notes to the group financial statements (continued)
For the year ended 31 May 2025
- 20 -
10
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 June 2024 and 31 May 2025
306,514
Amortisation and impairment
At 1 June 2024 and 31 May 2025
306,514
Carrying amount
At 31 May 2025
-
0
At 31 May 2024
-
0
11
Tangible fixed assets
Group
Leasehold improvements
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 June 2024
116,467
26,118
58,064
76,648
277,297
Additions
-
0
3,271
-
0
-
0
3,271
Disposals
-
0
-
0
(691)
-
0
(691)
At 31 May 2025
116,467
29,389
57,373
76,648
279,877
Depreciation and impairment
At 1 June 2024
116,467
18,012
16,172
8,766
159,417
Depreciation charged in the year
-
0
2,736
12,672
16,970
32,378
Eliminated in respect of disposals
-
0
-
0
(691)
-
0
(691)
At 31 May 2025
116,467
20,748
28,153
25,736
191,104
Carrying amount
At 31 May 2025
-
0
8,641
29,220
50,912
88,773
At 31 May 2024
-
0
8,106
41,892
67,882
117,880
The company had no tangible fixed assets at 31 May 2025 or 31 May 2024.
NMS Logistics Limited
Notes to the group financial statements (continued)
For the year ended 31 May 2025
- 21 -
12
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
533,000
533,000
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 June 2024 and 31 May 2025
533,000
Carrying amount
At 31 May 2025
533,000
At 31 May 2024
533,000
NMS Logistics Limited
Notes to the group financial statements (continued)
For the year ended 31 May 2025
- 22 -
13
Subsidiaries

Details of the company's subsidiaries at 31 May 2025 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Whittle Eastern Europe Logistics Ltd
Suites 1 & 7, The Printworks, Hey Road, Barrow, Lancashire, BB7 9WA
International freight forwarding
Ordinary
100.00
14
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,134,667
2,211,793
-
0
-
0
Corporation tax recoverable
-
0
14
-
0
-
0
Other debtors
101,376
87,524
-
0
-
0
2,236,043
2,299,331
-
-
15
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
£
£
£
£
Trade creditors
1,876,167
1,881,409
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
282,900
282,900
Corporation tax payable
57,313
-
0
-
0
-
0
Other taxation and social security
42,346
31,264
-
-
Other creditors
2,997,118
3,383,135
2,777
2,777
4,972,944
5,295,808
285,677
285,677
16
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
99,008
91,505

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

NMS Logistics Limited
Notes to the group financial statements (continued)
For the year ended 31 May 2025
- 23 -
17
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
18
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2025
2024
2025
2024
£
£
£
£
Within one year
59,000
33,367
-
-
Between two and five years
270,417
-
-
-
329,417
33,367
-
-
19
Related party disclosures

Included within creditors due within one year is a director's current account balance of £803,086 (202 4 - £803,086). This balance is unsecured and repayable upon demand.

Interest is charged on the current account annually at a rate of 8.25-9.25%. Interest of £7 5,418 (202 4 - £78,315) has been charged during the year.

During the year the group was charged £57,939 (202 4 - £57,250) in relation to the rental of office space. The building in which the group are tenants is partially owned by the Director and a related pension scheme.

20
Ultimate controlling party

Control of the group is held by N Sabanovic, the director and sole shareholder of the company.

NMS Logistics Limited
Notes to the group financial statements (continued)
For the year ended 31 May 2025
- 24 -
21
Cash (absorbed by)/generated from group operations
2025
2024
£
£
Profit after taxation
243,288
226,563
Adjustments for:
Taxation charged
57,327
74,538
Finance costs
131,209
135,850
Investment income
(259,076)
(271,604)
Depreciation and impairment of tangible fixed assets
32,378
28,340
Movements in working capital:
Decrease/(increase) in debtors
63,274
(42,306)
(Decrease)/increase in creditors
(380,177)
351,433
Cash (absorbed by)/generated from operations
(111,777)
502,814
22
Analysis of changes in net funds - group
1 June 2024
Cash flows
31 May 2025
£
£
£
Cash at bank and in hand
6,852,210
12,819
6,865,029
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