ACCOUNTS - Final Accounts

An analysis of turnover by class of business is as follows:

Registered number: 06956776

PRO CARRIER LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

PRO CARRIER LIMITED

COMPANY INFORMATION

Directors	R P Lucas
	I R Liddell
	D Barry
	J M Appleby


Registered number	06956776


Registered office	Thurrock Park Way
	Tilbury
	RM18 7HD


Independent auditor	MHA Chartered Accountants & Statutory Auditor
	The Pinnacle
	150 Midsummer Boulevard
	Milton Keynes
	Buckinghamshire
	MK9 1LZ

PRO CARRIER LIMITED

CONTENTS

	Page
Strategic Report	1 - 2
Directors' Report	3 - 5
Independent Auditor's Report	6 - 8
Statement of Comprehensive Income	9
Balance Sheet	10 - 11
Statement of Changes in Equity	12
Statement of Cash Flows	13 - 14
Analysis of Net Debt	15
Notes to the Financial Statements	16 - 37

PRO CARRIER LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction

The Directors aim is to present a balanced and comprehensive review of the development and performance of the business during the year and its position at year end. The review is consistent with the size and non-complex nature of the business and is written in the context of the risk and uncertainties faced.

Fair review of the company's business

The Company continues to offer freight forwarding services primarily from China to the UK as well as a cross border e-commerce solution first established in FY20 and continuing to experience significant growth year on year.
The Company’s head office moved during 2024 from Billericay, Essex to Tilbury also in Essex to support the continued growth of the business. This new premises is a purpose built combined office and warehouse facility that supports the cross-border e-commerce solution, leased from Uniserve Holdings Limited a 50% shareholder of Pro Carrier. As a result of moving to Tilbury Pro Carrier vacated the warehouse in Laindon in September 2024.
Billericay is currently for sale and at very advanced stages for completion. Throughout 2024 The company has a leased unit in Haydock Park. Additionally, the company has a sales office in the Midlands and a further leased administration office in Heathrow as well as Southampton.
Pro Carrier Ltd reaches customers online via www.weareprocarrier.com.
The company continues its strategy to invest into new software to ensure that we maintain competitive advantage over the services we offer.
Key performance indicators
The key financial performance indicators are those that communicate the financial performance and strength of the company as a whole, these being turnover and gross margin.

		2024	2023	2022
		£	£	£

Turnover	136,121,017	104,215,243	142,093,157
Margin £	22,035,461	19,911,186	17,898,994
Margin %	16.2%	19.1%	12.6%

2024 saw the mix of the business continue to move towards the e-commerce cross-border solution with further movement anticipated during FY25 as large corporate customers are on-boarded. This is due to the active decision of the Board to grow the e-commerce business and market it accordingly whilst retaining a strong presence in sea and air freight movement.
In view of the competitive market the company operates, in the directors are pleased with the overall performance of the company in 2024.

Page 1

PRO CARRIER LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Principal risks and uncertainties

The Directors have considered the principal risks and uncertainties facing the company which continue to be actively monitored.
Foreign currency risk
The company’s principal foreign currency exposures arise from trading with overseas companies. Foreign currency bank accounts are maintained, and forward contracts are taken out in foreign currencies where thought necessary.
Credit risk
All customers who wish to trade on credit terms are subject to credit verification procedures. Receivable balances and credit limits are monitored on an ongoing basis and provision made for doubtful debts at an early stage.

Business development

The strategy of the company is to create long term value for shareholders and employment for all staff for the foreseeable future.
The company is committed to provide high-quality, value for money logistical solutions using only best in class service providers to deliver our customer needs which remains our primary goal and key to future and continued success.
Future growth is assisted by the development of the company’s own market leading technology to support the cross-border operation.

Directors' statement of compliance with duty to promote the success of the Company

The directors consider that they have complied in all matters with respect their c172(1) duties.
The directors acknowledge that the long-term success of the Group is dependent on the way it works with Key stakeholders.

This report was approved by the board on 17 December 2025 and signed on its behalf.

..........................................

R P Lucas

Director

..........................................

I R Liddell

Director

Page 2

PRO CARRIER LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Company's financial statements 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 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 to 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.

Results and dividends

The profit for the year, after taxation, amounted to £181,894 (2023 - £1,369,492).

Directors

The directors who served during the year were:

R P Lucas

I R Liddell

D Barry

J M Appleby

Streamlined Energy and Carbon Reporting

In line with the Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 our energy use and greenhouse gas (GHG) emissions are set out below.
The data relates to UK emissions for the 12-month period from 1 January 2024 to 31 December 2024.

Page 3

PRO CARRIER LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024


	2024	2023
	£	£

Total Energy consumption (kWh)	3,457,849.2	2,519,839.3
Emissions from combustion of gas (Scope 1) (tCO2e)	270.0	275.5
Emissions from transport (Scope 1) (tCO2e)	168.2	128.7
Emissions from purchased electricity (Scope 2) (tCO2e)	227.3	77.1
Emissions from electricity for Evs (Scope 2) (tCO2e)	43.2	30.9
Total gross emissions (tCO2e)	708.7	506.2
tCO2e per £m turnover	5.1	4.9

Quantification and Reporting Methodology:
The boundaries of this report are based on operational control. We report our emissions with reference to the latest Greenhouse Gas Protocol Corporate Accounting and Reporting Standard (GHG Protocol). In accordance with the 2018 Regulations, the energy use and associated greenhouse gas emissions are for those within the UK only that come under the operational control boundary. Therefore, energy use and emissions are aligned with financial reporting for the UK subsidiaries and exclude the non-UK based subsidiaries that would not qualify under the 2018 Regulations in their own right.

The 2024 UK Government GHG Conversion Factors for Company Reporting published by the Department for Energy Security and Net Zero are used to convert energy use in our operations to emissions of CO2e. Carbon emission factors for purchased electricity calculated according to the ‘location-based grid average’ method. This reflects the average emission of the grid where the energy consumption occurs. Data sources include billing, invoices and internal systems. For electricity consumption was unavailable at Heathrow, Southampton, Crewe, Tilbury & Lutterworth and has been benchmarked using floor area against average CIBSE 2021 factors. Gas consumption was also unavailable at Lutterworth & Laindon and has also been benchmarked using floor area against average CIBSE 2021 factors. For company vans, litres data was available and has been used. However, for grey fleet vehicles actual usage data (e.g. litres) was unavailable so conversions were made using average fuel consumption factors to estimate the usage.
Intensity Ratio
We have chosen to report our gross emissions against £m turnover. This figure is as follows:
5.1 tCO2e per £m turnover
Energy Efficiency Action:
No specific energy efficiency actions have been taken during the 2024 reporting period.

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Page 4

PRO CARRIER LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditor

The auditor, MHA, previously traded through the legal entity MacIntyre Hudson LLP. In response to regulatory changes MacIntyre Hudson LLP ceased to hold an audit registration with the engagement transitioning to MHA Audit Services LLP.
MHA will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 17 December 2025 and signed on its behalf.

................................................

R P Lucas

Director

................................................

I R Liddell

Director

Page 5

PRO CARRIER LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PRO CARRIER LIMITED

Opinion

We have audited the financial statements of Pro Carrier Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity 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 Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its profit for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Page 6

PRO CARRIER LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PRO CARRIER LIMITED (CONTINUED)

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 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.

Opinion 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 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, or returns adequate for our audit have not been received from branches not visited by us; or

∙the financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of directors' remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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 Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Page 7

PRO CARRIER LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PRO CARRIER LIMITED (CONTINUED)

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:

• Enquiry of management and those charged with governance around actual and potential litigation and claims;
• Enquiry of staff to identify any instances of non-compliance with laws and regulations;
• Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness and reviewing accounting estimates for bias;
• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

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

Simon Knibbs MA FCA (Senior Statutory Auditor)

for and on behalf of MHA, Statutory Auditor

Milton Keynes, United Kingdom

Date:

MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542).19 December 2025

Page 8

PRO CARRIER LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2024


	2024	2023
Note	£	£


Turnover	4	136,121,017	104,215,243
Cost of sales		(114,085,556)	(84,304,057)
Gross profit		22,035,461	19,911,186
Administrative expenses		(21,180,612)	(17,799,156)
Exceptional administrative expenses	12	(155,233)	-
Operating profit	5	699,616	2,112,030
Interest payable and similar expenses	9	(578,667)	(214,413)
Profit before tax		120,949	1,897,617
Tax on profit	10	60,945	(528,125)
Profit for the financial year		181,894	1,369,492

The notes on pages 16 to 37 form part of these financial statements.

Page 9

PRO CARRIER LIMITED

REGISTERED NUMBER: 06956776

BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Intangible assets	13		4,889,414		4,140,433
Tangible assets	14		3,713,790		3,691,428
Investments	15		104		155,337
			8,603,308		7,987,198
Current assets
Debtors: amounts falling due within one year	16	29,662,671		19,365,266
Cash at bank and in hand	17	97,813		280,219
		29,760,484		19,645,485
Creditors: amounts falling due within one year	18	(32,117,084)		(21,712,455)
Net current liabilities			(2,356,600)		(2,066,970)
Total assets less current liabilities			6,246,708		5,920,228
Creditors: amounts falling due after more than one year	19		(843,391)		(843,391)
Provisions for liabilities
Deferred tax	21	(1,489,730)		(1,345,144)
Net assets			3,913,587		3,731,693

Capital and reserves
Called up share capital	22	6	6
Revaluation reserve	23	948,400	948,400
Profit and loss account	23	2,965,181	2,783,287
		3,913,587	3,731,693

Page 10

PRO CARRIER LIMITED

REGISTERED NUMBER: 06956776

BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

................................................ R P Lucas	................................................ I R Liddell
Director	Director

Date: 17 December 2025	Date: 17 December 2025

The notes on pages 16 to 37 form part of these financial statements.

Page 11

PRO CARRIER LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Revaluation reserve	Profit and loss account	Total equity
	£	£	£	£
At 1 January 2023	6	948,400	4,781,636	5,730,042

Profit for the year	-	-	1,369,492	1,369,492
Dividends: Equity capital	-	-	(3,367,841)	(3,367,841)

At 1 January 2024	6	948,400	2,783,287	3,731,693

Profit for the year	-	-	181,894	181,894
Total transactions with owners	-	-	-	-
At 31 December 2024	6	948,400	2,965,181	3,913,587

The notes on pages 16 to 37 form part of these financial statements.

Page 12

PRO CARRIER LIMITED

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2024

			2024	2023
			£	£

Cash flows from operating activities
Profit for the financial year	181,894	1,369,492
Adjustments for:
Amortisation of intangible assets	650,808	492,927
Depreciation of tangible assets	547,659	536,316
Impairments of fixed asset investments	155,233	-
Revaluation of property	(2,399)	-
Interest paid	578,667	214,413
Taxation charge	(60,945)	528,125
(Increase)/decrease in debtors	(10,296,885)	1,438,027
Decrease in amounts owed by groups	-	84,638
Increase in creditors	10,750,926	6,644,980
Increase/(decrease)) in amounts owed to groups	480,834	(7,844,149)
Corporation tax (paid)/received	(577,173)	-
Net cash generated from operating activities	2,408,619	3,464,769

Cash flows from investing activities
Purchase of intangible fixed assets	(1,399,789)	(1,170,686)
Purchase of tangible fixed assets	(567,622)	(33,694)
Purchase of share in joint ventures	-	(155,233)
Net cash from investing activities	(1,967,411)	(1,359,613)

Page 13

PRO CARRIER LIMITED

STATEMENT OF CASH FLOWS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

		2024	2023
		£	£


Cash flows from financing activities
Repayment of finance leases	(44,947)	(133,976)
Dividends paid	-	(3,367,841)
Interest paid	(477,669)	(212,242)
HP interest paid	(100,998)	(2,171)
Net cash used in financing activities	(623,614)	(3,716,230)
Net (decrease) in cash and cash equivalents	(182,406)	(1,611,074)
Cash and cash equivalents at beginning of year	280,219	1,891,293
Cash and cash equivalents at the end of year	97,813	280,219

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	97,813	280,219
	97,813	280,219

The notes on pages 16 to 37 form part of these financial statements.

Page 14

PRO CARRIER LIMITED

ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 31 DECEMBER 2024


At 1 January 2024	Cash flows	At 31 December 2024
£	£	£

Cash at bank and in hand	280,219	(182,406)	97,813
Finance leases	(1,042,782)	44,947	(997,835)
	(762,563)	(137,459)	(900,022)

The notes on pages 16 to 37 form part of these financial statements.

Page 15

PRO CARRIER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

Pro Carrier Limited is a private company, limited by shares, registered in England and Wales. The registered office address and registration number can be found on the company information page and the nature of the Company's operation and its principal activity are set out in the Strategic Report.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

Going concern

The Directors have performed a robust analysis of future cashflows, based on these assessments and having a regard to the Group and financial resources available to the company, the Directors still believe it’s appropriate to adopt the going concern basis in the preparation and disclosures made within these financial statements.

Page 16

PRO CARRIER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of turnover can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

The company generates freight forwarding revenue by purchasing transportation capacity from independent ocean transportation providers and reselling that capacity to customers. Revenues are recognised in the period services are rendered by reference to the stage of completion of the services and the satisfaction of various milestones, as the performance obligation is fulfilment times. To account for this in a consistent manner, revenue is recognised for 3 months following the period end for all freight contracts commenced within the period.
Consideration for ancillary services such as logistics revenue is measured at the fair value of consideration received or receivables and is recognised upon completion of the services.

Page 17

PRO CARRIER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

2.5

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.6

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Page 18

PRO CARRIER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.7

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.9

Pensions

Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in other creditors as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 19

PRO CARRIER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and

∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Company can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.11

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

Page 20

PRO CARRIER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.12

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

The estimated useful lives range as follows:

Software

7 - 10 years

2.13

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives range as follows:

Freehold property	-	Over 50 years
Long-term leasehold property	-	Over 50 years
Plant and machinery	-	20%
Fixtures and fittings	-	20%
Computer equipment	-	10% - 20%
Motor vehicles	-	33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 21

PRO CARRIER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.14

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

2.15

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

2.16

Associates and joint ventures

Associates and Joint Ventures are held at cost less impairment.

2.17

Debtors

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

2.18

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

2.19

Creditors

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

Page 22

PRO CARRIER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.20

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation.

Increases in provisions are generally charged as an expense to profit or loss.

2.21

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The

Page 23

PRO CARRIER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.21

Financial instruments (continued)

impairment reversal is recognised in the profit or loss.

Basic 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 Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

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

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

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

2.22

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 24

PRO CARRIER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgments, 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 activities.
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.
The directors do not believe that there have been judgements (apart from those involving estimates) made in the process of applying the above accounting policies that have had a significant effect on amounts recognised in the financial statements.

Air	12,653,738	5,464,536
Parcels	50,726,096	49,099,362
Road	1,800,697	1,643,681
Sea	51,689,225	26,226,348
VAT/Duty	19,225,058	21,751,756
Other income	26,203	29,560
	136,121,017	104,215,243

During the year, revenues of £8,337,220 (2022: £11,367,453) related to sales outside of the UK.

Difference on foreign exchange	172,132	(82,297)
Other operating lease rentals	(1,377,989)	1,007,627
Impairment of trade receivables	421,249	120,847

Page 25

PRO CARRIER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Fees payable to the Company's auditors for the audit of the Company's financial statements

50,000

39,167

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Wages and salaries	10,391,555	8,640,519
Social security costs	1,174,387	1,018,156
Cost of defined contribution scheme	382,178	295,304
	11,948,120	9,953,979

The average monthly number of employees, including the directors, during the year was as follows:

	2024	2023
	No.	No.

Directors	4	4
Employees	179	150

	183	154

Page 26

PRO CARRIER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

8.	Directors' remuneration
		2024	2023
		£	£

Directors' remuneration	398,050	523,305
Company contributions to defined contribution pension schemes	19,340	17,800
	417,390	541,105

	During the year retirement benefits were accruing to 2 directors (2023 - 2) in respect of defined contribution pension schemes.
	The highest paid director received remuneration of £255,705 (2023 - £300,123).
	The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £12,320 (2023 - £6,500).

Remuneration paid to Key Management Personnel in the year was £1,119,399 (2023: £390,454)
Company contributions to defined contribution pension schemes in respect of Key Management
Personnel was £35,540 (2023: £18,938).

9.	Interest payable and similar expenses
		2024	2023
		£	£

Bank interest payable	453,337	36,155
Other loan interest payable	24,332	145,883
Hire purchase interest payable	1,632	2,171
Interest on lease liabilities	99,366	30,204
	578,667	214,413

Page 27

PRO CARRIER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Corporation tax
Current tax on profits for the year	-	423,223
Adjustments in respect of previous periods	(205,531)	-
	(205,531)	423,223

Total current tax	(205,531)	423,223

Deferred tax
Origination and reversal of timing differences	144,586	104,126
Adjustment in respect of prior periods	-	776
Total deferred tax	144,586	104,902


	Tax on profit	(60,945)	528,125

Profit on ordinary activities before tax

120,949

1,897,617

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)	30,237	474,404
Effects of:
Tax effect of expenses that are not deductible in determining taxable profit	65,486	72,679
Capital allowances in advance of depreciation	(140,518)	(100,989)
Deferred tax adjustment in respect of prior years	-	776
Deferred tax movement	144,586	104,126
Adjustments to tax charge in respect of prior periods	(205,531)	-
Other timing differences leading to an increase in taxation	44,795	(22,871)
Total tax charge for the year	(60,945)	528,125

Page 28

PRO CARRIER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

10.Taxation (continued)

Factors that may affect future tax charges

In the Spring Budget 2021, the UK Government announced that from 1 April 2023 the corporation tax rate would increase to 25% (rather than remaining at 19%, as previously enacted). This new law was substantively enacted on 24 May 2021. For the financial year ended 31 December 2023, the current weighted averaged tax rate was 23.52%.
Deferred taxes at the balance sheet date have been measured using these enacted tax rates and reflected in these financial statements.

11.	Dividends
		2024	2023
		£	£

Dividend paid

3,367,841

12.	Exceptional items
		2024	2023
		£	£

	Impairment of investment in joint venture	155,233	-
		155,233	-

Page 29

PRO CARRIER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

13.	Intangible assets

		Computer software
		£
	Cost
	At 1 January 2024	5,344,347
	Additions - internal	1,399,789
	At 31 December 2024	6,744,136
	Amortisation
	At 1 January 2024	1,203,914
	Charge for the year	650,808
	At 31 December 2024	1,854,722
	Net book value
	At 31 December 2024	4,889,414
	At 31 December 2023	4,140,433

Page 30

PRO CARRIER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

14.	Tangible fixed assets

	Freehold property*	Long-term leasehold property	Plant and machinery	Motor vehicles	Fixtures and fittings	Computer equipment	Total
	£	£	£	£	£	£	£
Cost or valuation
At 1 January 2024	2,159,712	37,444	1,532,758	430,190	307,216	1,378,349	5,845,669
Additions	-	25,440	96,778	151,989	192,239	101,176	567,622
Revaluation	2,399	-	-	-	-	-	2,399
At 31 December 2024	2,162,111	62,884	1,629,536	582,179	499,455	1,479,525	6,415,690
Depreciation
At 1 January 2024	116,256	2,726	569,691	198,180	178,728	1,088,660	2,154,241
Charge for the year	38,895	737	182,294	147,619	50,449	127,665	547,659
At 31 December 2024	155,151	3,463	751,985	345,799	229,177	1,216,325	2,701,900
Net book value
At 31 December 2024	2,006,960	59,421	877,551	236,380	270,278	263,200	3,713,790
At 31 December 2023	2,043,456	34,718	963,067	232,010	128,488	289,689	3,691,428

* Freehold property is being held for sale at the year end and has subsequently been sold.

Page 31

PRO CARRIER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

14.Tangible fixed assets (continued)

The net book value of land and buildings may be further analysed as follows:
	2024	2023
	£	£

Freehold	2,006,960	2,043,456
Long leasehold	59,421	34,718
	2,066,381	2,078,174

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
	2024	2023
	£	£


Software	-	166,257
Plant and machinery	632,872	880,717
Motor vehicles	210,533	242,314
Furniture, fittings and equipment	-	2,500
	843,405	1,291,788

Page 32

PRO CARRIER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

15.	Investments

	Investments in subsidiary companies	Investment in joint ventures	Total
	£	£	£
Cost or valuation
At 1 January 2024	104	155,233	155,337
At 31 December 2024	104	155,233	155,337
Impairment
Charge for the period	-	155,233	155,233
At 31 December 2024	-	155,233	155,233
Net book value
At 31 December 2024	104	-	104
At 31 December 2023	104	155,233	155,337

Subsidiary undertaking
The following was a subsidiary undertaking of the Company:
Name	Registered office	Class of shares	Holding

Pro Carrier Europe Limited

Prestige House, Radford Business Centre, Radford Way, Billericay, Essex, CM12 0BZ

Ordinary

100%

Page 33

PRO CARRIER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

16.

Debtors

					2024	2023
					£	£


Trade debtors	16,898,154	12,630,782
Other debtors	1,333,916	1,522,443
Prepayments and accrued income	11,234,811	4,656,770
Tax recoverable	195,790	555,271
	29,662,671	19,365,266

Trade debtors are stated after provisions for impairment of £336,586 (2023: £107,205).
Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

17.	Cash and cash equivalents
		2024	2023
		£	£

	Cash at bank and in hand	97,813	280,219

Page 34

PRO CARRIER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

18.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Trade creditors	13,292,166	9,211,207
Amounts owed to group undertakings	614,093	133,259
Corporation tax	-	782,704
Other taxation and social security	732,548	353,212
Obligations under finance lease and hire purchase contracts	154,444	199,391
Other creditors	5,827,644	3,982,423
Accruals and deferred income	11,496,189	7,050,259
	32,117,084	21,712,455

Amounts owed to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.
Net obligations under finance lease and hire purchase contracts totalling £154,444 (2023: £199,391) are secured against the assets to which they relate.
Amounts included within other creditors are secured against a debenture granted over the trade debtors included within the invoice discounting facility. This has created a fixed and floating charge over the debtors subject to the invoice discounting facility.

19.	Creditors: Amounts falling due after more than one year
		2024	2023
		£	£

	Net obligations under finance leases and hire purchase contracts	843,391	843,391

Net obligations under finance lease and hire purchase contracts totalling £843,391 (2023: £843,391) are secured against the assets to which they relate.

Within one year	154,444	199,391
In two to five years	843,391	843,391
	997,835	1,042,782

Page 35

PRO CARRIER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

21.	Deferred taxation

	2024	2023
	£	£

At beginning of year	(1,345,144)	(1,240,242)
Charged to profit or loss	(144,586)	(104,902)
At end of year	(1,489,730)	(1,345,144)

The provision for deferred taxation is made up as follows:
	2024	2023
	£	£

Accelerated capital allowances	1,272,660	1,041,864
Revaluations	238,949	316,217
Short term timing differences	(21,879)	(12,937)
	1,489,730	1,345,144

22.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

6 (2023 - 6) Ordinary shares of £1.00 each	6	6

There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital

23.

Reserves

Revaluation reserve

Revaluation reserve relates to the upward revaluation of tangible fixed assets included in freehold property.

Profit and loss account

Profit and loss account includes all current and previous period retained profits and losses net of dividends.

Page 36

PRO CARRIER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

24.	Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund amounted to £382,178 (2023 - £295,304). Contributions totalling £58,342 (2023 - £51,750) were payable to the fund at the balance sheet date and are included in creditors.

Not later than 1 year	47,260	194,600
Later than 1 year and not later than 5 years	98,174	15,167
	145,434	209,767

26.

Related party transactions

During the year, sales to entities with joint control or significant influence totalled £- (2023 - £134,722). As at the year end, the Company was owed £34,211 (2023 - £33,718). The balance is included within other debtors.
During the year, purchases from the entities with joint control or significant influence totalled £2,599,272 (2023 - £2,711,023). As at the year end, the Company owed £614,093 (2023 - £NIL).

27.	Controlling party

There is no ultimate controlling party.

Page 37