Kingscote Rojay Limited Group accounts (Group and Company)

COMPANY REGISTRATION NUMBER: 02787253

KINGSCOTE ROJAY LIMITED

FINANCIAL STATEMENTS

31 March 2025

KINGSCOTE ROJAY LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2025

Contents	Pages

Officers and professional advisers	1

Strategic report	2 to 4

Directors' report	5 to 7

Independent auditor's report to the members	8 to 11

Consolidated statement of comprehensive income	12

Consolidated statement of financial position	13 to 14

Company statement of financial position	15 to 16

Consolidated statement of changes in equity	17

Company statement of changes in equity	18

Consolidated statement of cash flows	19 to 20

Notes to the financial statements	21 to 39

KINGSCOTE ROJAY LIMITED

OFFICERS AND PROFESSIONAL ADVISERS

The board of directors	Mr P D Phythian
	Mr G Allan
	Mr D M Flaherty
	Mr J W Hales

Company secretary	Mrs S Gutteridge

Registered office	Unit A3
	Windsor Place
	Faraday Road
	Crawley
	West Sussex
	England
	RH10 9TF

Auditor	UHY Hacker Young (S.E.) Limited
	Chartered Accountants & Statutory Auditors
	168 Church Road
	Hove
	East Sussex
	BN3 2DL

KINGSCOTE ROJAY LIMITED

STRATEGIC REPORT

YEAR ENDED 31 MARCH 2025

The company has chosen in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out in the company's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008. Principal activity The principal activity of the company and the group during the year continued to be the provision of international freight, warehousing and logistics services to both domestic and international customers. PRINCIPAL RISKS AND UNCERTAINTIES FACING THE GROUP Volume of imports and exports The past few years have seen a lot of global challenges, such as the ongoing conflict in Ukraine, the cost-of-living crisis and more recently, the tariffs introduced by the USA. As a result of these challenges, the UK international freight industry has seen the level of its customers' imports and exports declining, which in turn reduces the level of turnover. However, during this difficult period, we are pleased to confirm that we have grown our invoiced sales as we continue to expand our domestic and international business, principally due to providing a first-class professional focused service for the benefit of our customers at a cost-effective price during a time when the cost-of-living crisis has made businesses and consumers price-sensitive. During this time, we have benefited from our strong position in the market, by being able to negotiate improved discounts with our suppliers, and thereby reduce our direct costs. This has resulted in further benefits to our customers, as we are able to pass on these direct cost savings to them. However, this in turn has the effect of reducing our sales but increases our return on sales. Reduction of credit by suppliers With the downturn in the economy and the reassessment of the many industries, including the freight and logistics industry, the Group has been increasingly affected by Credit Insurance companies withdrawing credit insurance to our suppliers resulting sometimes in lower credit limits, and suppliers reducing credit terms to protect their cash flow. This has put increased pressure on the Group's cash flow. Borrowing facilities have been re-negotiated during the last five years which has eased the pressure on cash flow. The Group has also benefited from the close relationships developed with key suppliers over the years who have continued to provide high credit levels. However, the Group has not sought to rely on these borrowing facilities, as the business growth has been funded out of operational cash flow. Despite these increased pressures, the Group has paid all key creditors in accordance with agreed terms, during the current financial year.

Higher interest costs on company borrowings The Group continues to use Confidential Invoice Discounting as its main source of working capital finance. In addition, we continue to borrow money from Natwest Bank Plc in the form of a long term bank loan which was used to facilitate the running of the business during the COVID-19 pandemic. However, if interest rates rise it will impact our profitability. Risks of defaults on debts from customers Our exposure to bad debts has been historically low due to tight credit control procedures. However the impact of the global economic challenges, has caused an increase in bad and doubtful debts. Bad debts written off or provided against in the year amounted to a net recovery of £33,820 (2024: £67,493) which reflects the Board's decisive actions, policies and procedures on debt recovery. Overall, the relatively low historical bad debt level remains low over the previous 5 years, which is excellent considering the economy, the effects of the cost-of-living crisis and the on-going conflict in Ukraine. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES Our financial risk management objectives are to ensure sufficient working capital for the Group. This is achieved by careful management of our cash balances and borrowings through our invoice discounting facility where the Group currently has a £2.25m prepayment facility. In addition, in order to purchase a freehold property in the year ended 31 March 2017, the Group obtained a £650,000 long term bank loan in that financial year, the balance of which was repaid in the financial year ended March 2024. During the year ended 31 March 2021, the Group successfully applied and received a Coronavirus Business Interruption Loan of £840,000. In November 2021, the Group repaid £540,000 of this loan, which was significantly earlier than originally projected. REVIEW OF THE BUSINESS Overall, despite the ongoing economic uncertainty surrounding the conflict in Ukraine and the effects of the cost-of-living crisis, the Group stands out as a reliable partner in an unpredictable world, continuing to generate strong sales and attract significant new customers, which the Board believes reflects the exceptional standard of service and competitive prices that the Group offers. During the year, the Group acquired Republic Cargo Systems Ltd (RCS UK), enhancing its capabilities in air, rail and ocean freight. This strategic move strengthens both the Group and RCS’s position in the global, ever-growing logistics sector. Republic Cargo Systems Ltd are a leading independent Logistics Services Provider, delivering end-to-end design, implementation and operational capabilities in global sea, air, rail and truck transportation, contract logistics, and customised distribution management. In the current financial year, the Group's gross profit has decreased by £318,263 from £8,166,037 in 2024 to £7,847,774 in 2025.

The Group's operating profit decreased by £1,789 in 2025 from £2,053,173 in 2024 to £2,051,384 in 2025. Overall, the Group's pre-tax profit has increased by £29,565 in 2025 from £2,025,400 in 2024 to £2,054,965 in 2025. This increase reflects the Group recovering from the 2020 impacts of COVID-19 seen in the international freight and logistic industry in 2020. This is a significant improvement on the pre-tax profit of £396,822 in 2012 and £80,216 in 2009; and shows a healthy level of continued annual pre-tax profits year on year. The Group's Consolidated Statement of Financial Position continues to remain strong, as the Group's profits are reinvested to strengthen the Group's financial position, whilst distributing annual dividends to the investors. In the current financial year, there was an increase in the Group Net Assets of £628,593 (from £7,954,369 in 2024 to £8,582,962 in 2025). In addition, the Group's cash liquidity is still in a healthy position during the current financial year. The Group's bank balances (comprising cash at bank) decreased by £766,744 at the year end from a bank/cash in hand figure of £1,586,155 in 2024 to a bank/cash in hand figure of £819,411 in 2025. The Group continues to try to improve our collection days to help our working capital position and it is believed that these continue to be better than the industry average. The Board of Directors would like to thank its customers, staff and suppliers for the contribution they have made in the Group's continuing success. Kingscote Rojay Limited remains committed to being independent and to ensuring we provide the flexibility and quality service that our customers require and deserve.

This report was approved by the board of directors on 23 December 2025 and signed on behalf of the board by:

Mr P D Phythian

Director

Registered office:

Unit A3

Windsor Place

Faraday Road

Crawley

West Sussex

England

RH10 9TF

KINGSCOTE ROJAY LIMITED

DIRECTORS' REPORT

YEAR ENDED 31 MARCH 2025

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

Directors

The directors who served the company during the year were as follows:

Mr P D Phythian
Mr G Allan
Mr D M Flaherty
Mr J W Hales
Mr N A Hill

Dividends

Particulars of recommended dividends are detailed in note 14 to the financial statements.

Future developments

The group is continually looking for opportunities to grow the business.

Overseas branches

The group has an overseas branch in Ireland.

Disclosure of information in the strategic report

The company has chosen in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out in the company's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008.

Directors' responsibilities statement

The directors are responsible for preparing the strategic report, directors' report 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 group and the company and 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 judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.

This report was approved by the board of directors on 23 December 2025 and signed on behalf of the board by:

Mr P D Phythian

Director

Registered office:

Unit A3

Windsor Place

Faraday Road

Crawley

West Sussex

England

RH10 9TF

KINGSCOTE ROJAY LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KINGSCOTE ROJAY LIMITED

YEAR ENDED 31 MARCH 2025

Opinion

We have audited the financial statements of Kingscote Rojay 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 statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated statement of cash flows and the related notes, 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 FRS 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's 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; - 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 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 or 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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' 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 its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. 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 directors

As explained more fully in the directors' responsibilities statement, 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 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 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.

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. 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: Based on our understanding of the company and the industry in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the acts by the company, which were contrary to applicable laws and regulations including fraud, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to inflated revenue and profit. Audit procedures performed included: review of the financial statement disclosures to underlying supporting documentation, enquiries of management and testing of journals and evaluating whether there was evidence of bias by the Directors that represented a risk of material misstatement due to fraud. There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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.

David Guest FCA

(Senior Statutory Auditor)

For and on behalf of

UHY Hacker Young (S.E.) Limited

Chartered Accountants & Statutory Auditors

168 Church Road

Hove

East Sussex

BN3 2DL

23 December 2025

KINGSCOTE ROJAY LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

YEAR ENDED 31 MARCH 2025

		2025	2024
Note		£	£
Turnover	4	35,191,849	31,658,223

Cost of sales	27,344,075	23,492,186
	---------------	---------------
Gross profit	7,847,774	8,166,037

Administrative expenses		5,799,629	6,112,864
Other operating income	5	3,239	–
		-------------	-------------
Operating profit	6	2,051,384	2,053,173

Income from shares in group undertakings	10	( 40,637)	–
Other interest receivable and similar income	11	310,429	173,265
Interest payable and similar expenses	12	266,211	201,038
		-------------	-------------
Profit before taxation		2,054,965	2,025,400

Tax on profit	13	273,292	495,509
		-------------	-------------
Profit for the financial year		1,781,673	1,529,891
		-------------	-------------

Revaluation of tangible assets	( 821,500)	400,000
Tax relating to components of other comprehensive income	198,420	( 100,000)
	----------	----------
Other comprehensive income for the year	( 623,080)	300,000
	-------------	-------------
Total comprehensive income for the year	1,158,593	1,829,891
	-------------	-------------

All the activities of the group are from continuing operations.

KINGSCOTE ROJAY LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

31 March 2025

	2025	2024
Note	£	£

Fixed assets

Intangible assets	15	754,965	–
Tangible assets	16	454,711	1,974,242
		-------------	-------------
		1,209,676	1,974,242

Current assets

Stocks	18	18,520	24,150
Debtors	19	19,254,927	19,036,705
Cash at bank and in hand		941,890	1,586,155
		---------------	---------------
		20,215,337	20,647,010

Creditors: amounts falling due within one year	21	9,073,190		10,304,995
		---------------		---------------
Net current assets			11,142,147	10,342,015
			---------------	---------------
Total assets less current liabilities			12,351,823	12,316,257

Creditors: amounts falling due after more than one year	22		3,665,354	4,037,202

Provisions

Taxation including deferred tax	24	103,507	324,686
		---------------	---------------
Net assets		8,582,962	7,954,369
		---------------	---------------

Capital and reserves

Called up share capital	28	10,000	10,000
Revaluation reserve	29	–	623,080
Capital redemption reserve	29	1,765	1,765
Profit and loss account	29	8,571,197	7,319,524
		-------------	-------------
Shareholders funds		8,582,962	7,954,369
		-------------	-------------

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

KINGSCOTE ROJAY LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (continued)

31 March 2025

These financial statements were approved by the board of directors and authorised for issue on 23 December 2025 , and are signed on behalf of the board by:

Mr P D Phythian

Director

Company registration number: 02787253

KINGSCOTE ROJAY LIMITED

COMPANY STATEMENT OF FINANCIAL POSITION

31 March 2025

	2025	2024
Note	£	£

Fixed assets

Tangible assets	16	433,266	1,952,293
Investments	17	1,515,203	7,804
		-------------	-------------
		1,948,469	1,960,097

Current assets

Stocks	18	18,128	22,087
Debtors	19	18,175,703	18,524,160
Cash at bank and in hand		136,183	1,183,985
		---------------	---------------
		18,330,014	19,730,232

Creditors: amounts falling due within one year	21	8,616,161		9,932,280
		---------------		---------------
Net current assets			9,713,853	9,797,952
			---------------	---------------
Total assets less current liabilities			11,662,322	11,758,049

Creditors: amounts falling due after more than one year	22		3,665,354	4,037,202

Provisions

Taxation including deferred tax	24	103,507	324,686
		---------------	---------------
Net assets		7,893,461	7,396,161
		---------------	---------------

Capital and reserves

Called up share capital	28	10,000	10,000
Revaluation reserve	29	–	623,080
Capital redemption reserve	29	1,765	1,765
Profit and loss account	29	7,881,696	6,761,316
		-------------	-------------
Shareholders funds		7,893,461	7,396,161
		-------------	-------------

The profit for the financial year of the parent company was £ 1,650,380 (2024: £ 1,274,025 ).

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

KINGSCOTE ROJAY LIMITED

COMPANY STATEMENT OF FINANCIAL POSITION (continued)

31 March 2025

These financial statements were approved by the board of directors and authorised for issue on 23 December 2025 , and are signed on behalf of the board by:

Mr P D Phythian

Director

Company registration number: 02787253

KINGSCOTE ROJAY LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

YEAR ENDED 31 MARCH 2025

			Called up share capital	Revaluation reserve	Capital redemption reserve	Profit and loss account	Total
Note			£	£	£	£	£
At 1 April 2023			10,000	323,080	1,765	6,380,033	6,714,878

Profit for the year						1,529,891	1,529,891
Other comprehensive income for the year:
	Revaluation of tangible assets	16	–	400,000	–	–	400,000
	Tax relating to components of other comprehensive income	13	–	( 100,000)	–	–	( 100,000)
			---------	----------	-------	-------------	-------------
Total comprehensive income for the year			–	300,000	–	1,529,891	1,829,891

Dividends paid and payable		14	–	–	–	( 590,400)	( 590,400)
			---------	----------	-------	-------------	-------------
Total investments by and distributions to owners			–	–	–	( 590,400)	( 590,400)

At 31 March 2024			10,000	623,080	1,765	7,319,524	7,954,369

Profit for the year						1,781,673	1,781,673
Other comprehensive income for the year:
	Revaluation of tangible assets	16	–	( 821,500)	–	–	( 821,500)
	Tax relating to components of other comprehensive income	13	–	198,420	–	–	198,420
			---------	----------	-------	-------------	-------------
Total comprehensive income for the year			–	( 623,080)	–	1,781,673	1,158,593

Dividends paid and payable		14	–	–	–	( 530,000)	( 530,000)
			----	----	----	----------	----------
Total investments by and distributions to owners			–	–	–	( 530,000)	( 530,000)

			---------	----	-------	-------------	-------------
At 31 March 2025			10,000	–	1,765	8,571,197	8,582,962
			---------	----	-------	-------------	-------------

KINGSCOTE ROJAY LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

YEAR ENDED 31 MARCH 2025

			Called up share capital	Revaluation reserve	Capital redemption reserve	Profit and loss account	Total
Note			£	£	£	£	£
At 1 April 2023			10,000	323,080	1,765	6,077,691	6,412,536

Profit for the year						1,274,025	1,274,025
Other comprehensive income for the year:
	Revaluation of tangible assets	16	–	400,000	–	–	400,000
	Tax relating to components of other comprehensive income	13	–	( 100,000)	–	–	( 100,000)
			---------	----------	-------	-------------	-------------
Total comprehensive income for the year			–	300,000	–	1,274,025	1,574,025

Dividends paid and payable		14	–	–	–	( 590,400)	( 590,400)
			---------	----------	-------	-------------	-------------
Total investments by and distributions to owners			–	–	–	( 590,400)	( 590,400)

At 31 March 2024			10,000	623,080	1,765	6,761,316	7,396,161

Profit for the year						1,650,380	1,650,380
Other comprehensive income for the year:
	Revaluation of tangible assets	16	–	( 821,500)	–	–	( 821,500)
	Tax relating to components of other comprehensive income	13	–	198,420	–	–	198,420
			---------	----------	-------	-------------	-------------
Total comprehensive income for the year			–	( 623,080)	–	1,650,380	1,027,300

Dividends paid and payable		14	–	–	–	( 530,000)	( 530,000)
			----	----	----	----------	----------
Total investments by and distributions to owners			–	–	–	( 530,000)	( 530,000)

			---------	----	-------	-------------	-------------
At 31 March 2025			10,000	–	1,765	7,881,696	7,893,461
			---------	----	-------	-------------	-------------

KINGSCOTE ROJAY LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

YEAR ENDED 31 MARCH 2025

	2025	2024
Note	£	£

Cash flows from operating activities

Profit for the financial year	1,781,673	1,529,891

Adjustments for:
Depreciation of tangible assets	193,338	192,311
Government grant income	( 3,239)	–
Income from shares in group undertakings	40,637	–
Other interest receivable and similar income	( 310,429)	( 173,265)
Interest payable and similar expenses	266,211	201,038
Gains on disposal of tangible assets	( 911,689)	( 22,337)
Tax on profit	273,292	495,509
Accrued income	( 366,135)	( 1,467,616)

Changes in:
Stocks	5,630	( 6,229)
Trade and other debtors	58,142	( 8,079,376)
Trade and other creditors	( 1,277,137)	8,009,373
	-------------	-------------
Cash generated from operations	( 249,706)	679,299

Interest paid	( 266,211)	( 201,038)
Interest received	310,429	173,265
Tax paid	( 340,990)	( 645,850)
	----------	----------
Net cash (used in)/from operating activities	( 546,478)	5,676
	----------	----------

Cash flows from investing activities

Purchase of tangible assets	( 99,345)	( 225,353)
Proceeds from sale of tangible assets	20,200	29,842
Purchase of intangible assets	( 507,500)	–
Proceeds from sale of subsidiaries	( 40,637)	–
Cash acquired on acquisition of subsidiaries	634,335	–
	----------	----------
Net cash from/(used in) investing activities	7,053	( 195,511)
	----------	----------

Cash flows from financing activities

Proceeds from borrowings	( 65,000)	( 445,847)
Proceeds from loans from group undertakings	–	( 750,000)
Government grant income	3,239	–
Payments of finance lease liabilities	( 35,558)	( 28,046)
Dividends paid	( 130,000)	( 287,450)
	----------	-------------
Net cash used in financing activities	( 227,319)	( 1,511,343)
	----------	-------------

KINGSCOTE ROJAY LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS (continued)

YEAR ENDED 31 MARCH 2025

		2025	2024
Note		£	£
Net decrease in cash and cash equivalents		( 766,744)	( 1,701,178)
Cash and cash equivalents at beginning of year		1,586,155	3,287,333
		-------------	-------------
Cash and cash equivalents at end of year	20	819,411	1,586,155
		-------------	-------------

KINGSCOTE ROJAY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit A3, Windsor Place, Faraday Road, Crawley, West Sussex, RH10 9TF, England.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The financial statements have been prepared under the going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The validity of this assumption depends upon the continuing support of the creditors and on funding from other external sources. If the company were unable to continue in operational existence for the foreseeable future, adjustment would have to be made to reduce the balance sheet values of the assets to their recoverable amounts, and to provide for further liabilities that might arise. The director believes that it is appropriate for the financial statements to be prepared on the going concern basis.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of financial instruments have not been presented. (b) No disclosure has been given for the aggregate remuneration of key management personnel.

Consolidation

The financial statements consolidate the financial statements of Kingscote Rojay Limited and all of its subsidiary undertakings.

The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.

The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: - valuation of freehold property

Revenue recognition

The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax. Income is recognised upon the delivery of goods to the customer, or to delivery to the customer's end location choice. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange prevailing at the accounting date. Transactions in foreign currencies are recorded at the date of the transactions. All differences are taken to the Profit and Loss account.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	5-20 years straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold property	-	2% straight line
Leasehold improvements	-	6 to 8 years straight line
Short leasehold property	-	5 years straight line
Plant & machinery	-	3 years straight line
Fixtures and fittings	-	3 years straight line/over 5 to 10 years
Motor vehicles	-	3-6 years straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

Business combinations

Business combinations are accounted for using the purchase method. The cost of a business combination is measured as the aggregate of the fair values, at the acquisition date, of assets given, liabilities incurred or assumed, and equity instruments issued plus any costs directly attributable to the business combination. Where control is achieved in stages, the cost of the business combination is the aggregate of the fair values of the assets given, liabilities incurred or assumed, and equity instruments issued at the date of each transaction in the series. Where the business combination requires an adjustment to the cost contingent on future events, the estimated amount of that adjustment is included in the cost of the combination at the acquisition date providing it is probable and can be measured reliably. Where it is not recognised at the acquisition date but subsequently becomes probable and can be measured reliably, the additional consideration is treated as an adjustment to the cost of the combination. If such expected future events do not occur, or the estimate needs to be revised, the cost of the business combination is adjusted accordingly. The unwinding of any discounting is recognised as a finance cost in profit or loss in the period it arises.

4. Turnover

Turnover arises from:

	2025	2024
	£	£
Rendering of services	35,191,849	31,658,223
	---------------	---------------

The turnover is attributable to the one principal activity of the group. An analysis of turnover by the geographical markets that substantially differ from each other is given below:

	2025	2024
	£	£
United Kingdom	32,172,955	28,313,710
Overseas	3,018,894	3,344,513
	---------------	---------------
	35,191,849	31,658,223
	---------------	---------------

5. Other operating income

	2025	2024
	£	£
Government grant income	3,239	–
	-------	----

6. Operating profit

Operating profit or loss is stated after charging/crediting:

	2025	2024
	£	£
Depreciation of tangible assets	193,338	192,311
Gains on disposal of tangible assets	( 911,689)	( 22,337)
Impairment of trade debtors	(33,850)	(67,493)
Foreign exchange differences	13,700	13,222
	----------	----------

7. Auditor's remuneration

	2025	2024
	£	£

Fees payable to UHY Hacker Young (S.E.) Ltd

Fees payable for the audit of the financial statements	72,150	75,750
	---------	---------

Fees payable to the company's auditor and its associates for other services:

Other non-audit services	1,918	2,221
	---------	---------

	2025	2024
	£	£

Fees payable to Broderick Kelly Ring & Co

Fees payable for the audit of the financial statements	5,067	10,603
	-------	---------

8. Staff costs

The average number of persons employed by the group during the year, including the directors, amounted to:

	2025	2024
	No.	No.
Administrative staff	14	13
Management staff	5	4
Operations staff	113	114
	----	----
	132	131
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2025	2024
	£	£
Wages and salaries	3,936,927	3,723,827
Social security costs	365,428	336,833
Other pension costs	61,907	60,226
	-------------	-------------
	4,364,262	4,120,886
	-------------	-------------

9. Directors' remuneration

The directors' aggregate remuneration in respect of qualifying services was:

	2025	2024
	£	£
Remuneration	84,175	80,035
	---------	---------

10. Income from shares in group undertakings

	2025	2024
	£	£
(Gain)/loss on disposal of shares in group	(40,637)	–
	---------	----

11. Other interest receivable and similar income

	2025	2024
	£	£
Interest on loans and receivables	307,921	166,857
Interest on cash and cash equivalents	2,508	6,408
	----------	----------
	310,429	173,265
	----------	----------

12. Interest payable and similar expenses

	2025	2024
	£	£
Interest on banks loans and overdrafts	9,259	51,355
Interest on obligations under finance leases and hire purchase contracts	7,747	14,470
Interest due to group undertakings	–	30,320
Other interest	240,000	84,800
Other interest payable and similar charges	9,205	20,093
	----------	----------
	266,211	201,038
	----------	----------

13. Tax on profit

Major components of tax expense

	2025	2024
	£	£

Current tax:

UK current tax expense	268,645	452,663
Foreign current tax income	27,447	24,871
Adjustments in respect of prior periods	( 41)	–
	----------	----------
Total foreign tax	296,051	477,534
	----------	----------

Deferred tax:

Origination and reversal of timing differences	( 22,759)	17,975
	----------	----------
Tax on profit	273,292	495,509
	----------	----------

Tax recognised as other comprehensive income or equity

The aggregate current and deferred tax relating to items recognised as other comprehensive income or equity for the year was £( 198,420 ) (2024: £ 100,000 ).

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is lower than (2024: lower than) the standard rate of corporation tax in the UK of 25 % (2024: 25 %).

	2025	2024
	£	£
Profit on ordinary activities before taxation	2,054,965	2,025,400
	-------------	-------------
Profit on ordinary activities by rate of tax	513,741	506,349
Adjustment to tax charge in respect of prior periods	41	( 93)
Effect of expenses not deductible for tax purposes	744,260	19,407
Effect of capital allowances and depreciation	–	2,277
Effect of revenue exempt from tax	( 970,053)	–
Consolidation adjustments	13,548	3,198
Profits charged at different rate of tax	(28,245)	(24,963)
Income not taxable	–	(10,666)
	-------------	-------------
Tax on profit	273,292	495,509
	-------------	-------------

14. Dividends

Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):

	2025	2024
	£	£
Equity dividends on ordinary A shares	100,000	257,450
Equity dividends on ordinary C shares	210,000	154,600
Equity dividends on ordinary D shares	110,000	92,300
Equity dividends on ordinary E shares	110,000	86,050
	----------	----------
	530,000	590,400
	----------	----------

15. Intangible assets

Group	Goodwill
	£
Cost
At 1 April 2024	2,361,829
Disposals	( 1,767,952)
Acquisitions through business combinations	754,966
	-------------
At 31 March 2025	1,348,843
	-------------
Amortisation
At 1 April 2024	2,361,829
Disposals	( 1,767,951)
	-------------
At 31 March 2025	593,878
	-------------
Carrying amount
At 31 March 2025	754,965
	-------------
At 31 March 2024	–
	-------------

Company	Goodwill
	£
Cost
At 1 April 2024 and 31 March 2025	112,459
	----------
Amortisation
At 1 April 2024 and 31 March 2025	112,459
	----------
Carrying amount
At 1 April 2024 and 31 March 2025	–
	----------
At 31 March 2024	–
	----------

16. Tangible assets

Group	Land and buildings	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£	£
Cost
At 1 April 2024	1,558,732	271,310	127,909	2,442,777	4,400,728
Additions	–	–	1,086	98,259	99,345
Disposals	( 1,500,000)	–	–	( 121,888)	( 1,621,888)
Acquisitions through business combinations	–	–	4,473	–	4,473
	-------------	----------	----------	-------------	-------------
At 31 March 2025	58,732	271,310	133,468	2,419,148	2,882,658
	-------------	----------	----------	-------------	-------------
Depreciation
At 1 April 2024	153,710	271,258	119,249	1,882,269	2,426,486
Charge for the year	–	–	5,548	187,790	193,338
Disposals	( 94,990)	–	–	( 96,887)	( 191,877)
	-------------	----------	----------	-------------	-------------
At 31 March 2025	58,720	271,258	124,797	1,973,172	2,427,947
	-------------	----------	----------	-------------	-------------
Carrying amount
At 31 March 2025	12	52	8,671	445,976	454,711
	-------------	----------	----------	-------------	-------------
At 31 March 2024	1,405,022	52	8,660	560,508	1,974,242
	-------------	----------	----------	-------------	-------------

Company	Land and buildings	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£	£
Cost
At 1 April 2024	1,500,012	80,494	102,815	1,606,425	3,289,746
Additions	–	–	–	98,259	98,259
Disposals	( 1,500,000)	–	–	( 121,888)	( 1,621,888)
	-------------	---------	----------	-------------	-------------
At 31 March 2025	12	80,494	102,815	1,582,796	1,766,117
	-------------	---------	----------	-------------	-------------
Depreciation
At 1 April 2024	94,990	80,442	98,261	1,063,760	1,337,453
Charge for the year	–	–	4,399	182,876	187,275
Disposals	( 94,990)	–	–	( 96,887)	( 191,877)
	-------------	---------	----------	-------------	-------------
At 31 March 2025	–	80,442	102,660	1,149,749	1,332,851
	-------------	---------	----------	-------------	-------------
Carrying amount
At 31 March 2025	12	52	155	433,047	433,266
	-------------	---------	----------	-------------	-------------
At 31 March 2024	1,405,022	52	4,554	542,665	1,952,293
	-------------	---------	----------	-------------	-------------

Tangible assets held at valuation

In respect of tangible assets held at valuation, aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:

Group and company	Freehold property
	£
At 31 March 2025
Aggregate cost	–
Aggregate depreciation	–
	----
Carrying value	–
	----

At 31 March 2024
Aggregate cost	678,500
Aggregate depreciation	(94,990)
	----------
Carrying value	583,510
	----------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

Group and company	Motor vehicles
	£
At 31 March 2025	195,354
	----------
At 31 March 2024	310,317
	----------

17. Investments

The group has no investments.

Company	Shares in group undertakings
	£
Cost
At 1 April 2024	3,934,037
Additions	1,507,500
Disposals	( 2,926,334)
	-------------
At 31 March 2025	2,515,203
	-------------
Impairment
At 1 April 2024	3,926,233
Reversal of impairment losses	( 2,926,233)
	-------------
At 31 March 2025	1,000,000
	-------------

Carrying amount
At 31 March 2025	1,515,203
	-------------
At 31 March 2024	7,804
	-------------

Subsidiaries, associates and other investments

Details of the investments in which the parent company has an interest of 20% or more are as follows:

	Registered office	Class of share	Percentage of shares held
Subsidiary undertakings
Republic Cargo Systems Limited	Unit A3, Windsor Place	Ordinary A and Ordinary B	100
	Faraday Road
	Crawley
	West Sussex
	RH10 9TF
	England
World Transhipment Services Limited	Unit A3, Windsor Place	Ordinary	100
	Faraday Road
	Crawley
	West Sussex
	RH10 9TF
	England
V N Cargo Connect Limited	Unit A3, Windsor Place	Ordinary	100
	Faraday Road
	Crawley
	West Sussex
	RH10 9TF
	England
KRL Forwarding Ireland Limited	Unit 1	Ordinary	100
	Distribution Centre
	Shannon Industrial Estate
	Shannon
	Co. Clare
	Ireland

Strategic Global Partnerhip Ltd	Unit A3, Windsor Place	Ordinary	100
	Faraday Road
	Crawley
	West Sussex
	RH10 9TF

During the year the following subsidiary companies were disposed of, Rojay World Freight Limited, Just Vans (South West) Ltd and Holmbush Limited. These companies have all been dissolved. No consideration was received by the company for the disposal of these investments. During the year, on 27 March 2025, the company acquired 100% of the issued share capital of Republic Cargo Systems Limited, a company incorporated in England & Wales, for cash consideration and costs of £1,507,500. The principal activity for all active subsidiary undertakings during the year was that of the provision of international freight, warehousing and logistic services.

18. Stocks

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Raw materials and consumables	18,128	22,087	18,128	22,087
Work in progress	392	2,063	–	–
	---------	---------	---------	---------
	18,520	24,150	18,128	22,087
	---------	---------	---------	---------

19. Debtors

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Trade debtors	4,839,279	4,300,570	3,998,247	3,893,606
Prepayments and accrued income	350,194	397,144	324,959	381,387
Other debtors	14,065,454	14,338,991	13,852,497	14,249,167
	---------------	---------------	---------------	---------------
	19,254,927	19,036,705	18,175,703	18,524,160
	---------------	---------------	---------------	---------------

The debtors above include the following amounts falling due after more than one year:

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Other debtors	13,574,506	13,675,156	13,574,506	13,675,156
	---------------	---------------	---------------	---------------

20. Cash and cash equivalents

Cash and cash equivalents comprise the following:

	2025	2024
	£	£
Cash at bank and in hand	941,890	1,586,155
Bank overdrafts	( 122,479)	–
	----------	-------------
	819,411	1,586,155
	----------	-------------

21. Creditors: amounts falling due within one year

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Bank loans and overdrafts	182,479	60,000	182,378	60,000
Trade creditors	4,588,389	4,246,359	3,899,012	3,990,887
Amounts owed to group undertakings	–	–	551,222	48,323
Accruals and deferred income	1,101,420	1,467,555	963,369	1,327,836
Corporation tax	201,213	246,152	68,645	233,047
Social security and other taxes	104,900	9,959	105,174	–
Obligations under finance leases and hire purchase contracts	72,654	94,697	72,654	94,697
Other creditors	2,822,135	4,180,273	2,773,707	4,177,490
	-------------	---------------	-------------	-------------
	9,073,190	10,304,995	8,616,161	9,932,280
	-------------	---------------	-------------	-------------

National Westminster Bank Plc holds a debenture by way of a fixed and floating charge over all assets of the company.

22. Creditors: amounts falling due after more than one year

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Bank loans and overdrafts	35,000	100,000	35,000	100,000
Obligations under finance leases and hire purchase contracts	83,687	97,202	83,687	97,202
Other creditors	3,546,667	3,840,000	3,546,667	3,840,000
	-------------	-------------	-------------	-------------
	3,665,354	4,037,202	3,665,354	4,037,202
	-------------	-------------	-------------	-------------

The Coronavirus Business Interruption Loan of £95,000 (2024: £160,000) is secured by way of a debenture containing containing a fixed and floating charge over the whole of Kingscote Rojay Limited assets and secured with a guarantee over subsidiary company World Transhipment Services Limited.

23. Finance leases and hire purchase contracts

The total future minimum lease payments under finance leases and hire purchase contracts are as follows:

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Not later than 1 year	72,654	94,697	72,654	94,697
Later than 1 year and not later than 5 years	83,687	97,202	83,687	97,202
	----------	----------	----------	----------
	156,341	191,899	156,341	191,899
	----------	----------	----------	----------

24. Provisions

Group and company	Deferred tax (note 25)
	£
At 1 April 2024	324,686
Charge against provision	( 221,179)
	----------
At 31 March 2025	103,507
	----------

25. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Included in provisions (note 24)	103,507	324,686	103,507	324,686
	----------	----------	----------	----------

The deferred tax account consists of the tax effect of timing differences in respect of:

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Accelerated capital allowances	103,507	126,265	103,507	126,265
Revaluation of tangible assets	–	198,421	–	198,421
	----------	----------	----------	----------
	103,507	324,686	103,507	324,686
	----------	----------	----------	----------

26. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 61,907 (2024: £ 60,226 ).

27. Government grants

The amounts recognised in the financial statements for government grants are as follows:

Group		Company
2025	2024	2025	2024
£	£	£	£

Recognised in other operating income:

Government grants recognised directly in income	3,239	–	–	–
	-------	----	----	----

28. Called up share capital

Authorised share capital

	2025		2024
	No.	£	No.	£
Ordinary A shares of £ 1 each	2,000	2,000	2,000	2,000
Ordinary C shares of £ 1 each	4,000	4,000	4,000	4,000
Ordinary D shares of £ 1 each	2,000	2,000	2,000	2,000
Ordinary E shares of £ 1 each	2,000	2,000	2,000	2,000
	---------	---------	---------	---------
	10,000	10,000	10,000	10,000
	---------	---------	---------	---------

Issued, called up and fully paid

	2025		2024
	No.	£	No.	£
Ordinary A shares of £ 1 each	2,000	2,000	2,000	2,000
Ordinary C shares of £ 1 each	4,000	4,000	4,000	4,000
Ordinary D shares of £ 1 each	2,000	2,000	2,000	2,000
Ordinary E shares of £ 1 each	2,000	2,000	2,000	2,000
	---------	---------	---------	---------
	10,000	10,000	10,000	10,000
	---------	---------	---------	---------

29. Reserves

Revaluation reserve - This reserve is used to record changes in the fair value of operational properties, net of deferred tax. Capital redemption reserve - This reserve records the nominal value of shares repurchased by the company. Profit and loss account - This reserve records retained earnings and accumulated losses.

30. Business combinations

Acquisition of Republic Cargo Systems Limited

On 27 March 2025 the group acquired 100% of the ordinary share capital of Republic Cargo Systems Limited, a company incorporated in England and Wales which provides international freight and logistics services. The useful economic life of goodwill has been estimated to be 5 years. Goodwill amortisation will commence next year.

The fair value of consideration paid in relation to the acquisition of Republic Cargo Systems Limited is as follows:

	£
Cash	500,000
Deferred consideration	1,000,000
Acquisition costs	7,500
	-------------
	1,507,500
	-------------

The fair value of amounts recognised at the acquisition date in relation to Republic Cargo Systems Limited are as follows:

	Fair value
	£
Tangible assets acquired	4,472
Trade debtors acquired	553,741
Other debtors acquired	122,624
Cash and cash equivalents acquired	634,335
Trade creditors assumed	( 342,489)
Other creditors assumed	( 220,148)
	----------
	752,535

Goodwill on acquisition	754,965
	-------------
	1,507,500
	-------------

31. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Not later than 1 year	380,965	273,665	349,145	273,665
Later than 1 year and not later than 5 years	810,830	162,008	810,830	162,008
	-------------	----------	-------------	----------
	1,191,795	435,673	1,159,975	435,673
	-------------	----------	-------------	----------

32. Related party transactions

Company

The company is exempt from disclosing related party transactions with other companies that are wholly owned within the group. As at 31 March 2025, companies owning a participating interest in the Company owed the Company £13,669,148 (2024: £13,779,282). These loans are secured by fixed and floating charges over the companies concerned. Interest receivable on these loans in the year amounted to £307,921 (2024: £166,857). As at 31 March 2025, companies owning a participating interest in the Company were owed £5,300,000 (2024: £8,000,000) from the Company, these loans were unsecured. Interest payable on these loans in the year amounted to £240,000 (2024: £84,800). Companies holding a participating interest in the Company, were paid dividends totalling £530,000 (2024: £357,950) and paid management charges of £255,179 (2024: £212,225) during the year. During the year, the freehold property known as T S International Freight, Halesfield 19, Telford, TF7 4QT, was sold to Border Oak Consultancy Ltd for £1,500,000. Border Oak Consultancy Ltd is a company in which director Mr J W Hales is a director and shareholder. Subsidiary company World Transhipment Services Limited has an inter company guarantee against the company's bank facilities. The total cost to the company for companies providing key management personnel services amounted to £281,179 (2024: £291,435).