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REGISTERED NUMBER: 02765680 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

CROWN COURIERS LIMITED

| CROWN COURIERS LIMITED (REGISTERED NUMBER: 02765680) |

CONTENTS OF THE FINANCIAL STATEMENTS

For The Year Ended 31 March 2025

Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Report of the Director | 4 |

| Report of the Independent Auditors | 6 |

| Statement of Comprehensive Income | 9 |

| Balance Sheet | 10 |

| Statement of Changes in Equity | 11 |

| Notes to the Financial Statements | 12 |

| CROWN COURIERS LIMITED |

COMPANY INFORMATION

For The Year Ended 31 March 2025

| DIRECTOR: | T F Seagers

| SECRETARY: | H M Farren

| REGISTERED OFFICE: | International Logistics Centre

| Bonehill Road

| Tamworth

| Staffordshire

| B78 3HH

| REGISTERED NUMBER: | 02765680 (England and Wales)

| AUDITORS: | TC Group

| 31 High View Close

| Hamilton Office Park

| Leicester

| Leicestershire

| LE4 9LJ

| CROWN COURIERS LIMITED (REGISTERED NUMBER: 02765680) |

STRATEGIC REPORT

For The Year Ended 31 March 2025

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

REVIEW OF BUSINESS

Crown Couriers Limited is a medium sized provider of logistics and courier services within the United Kingdom. The company specialises in fast, reliable, and efficient parcel delivery services for businesses and consumers, with a focus on same-day and next-day delivery.

Established in 1990, Crown Couriers has grown significantly, now employing over 65 staff. The company serves a variety of sectors, including parcel, motor trade, healthcare, retail, and engineering. With a strong emphasis on customer satisfaction and technology-driven solutions, Crown Couriers offers tailored delivery options to meet the unique needs of its diverse customer base.

PRINCIPAL RISKS AND UNCERTAINTIES

Crown Couriers is exposed to a range of risks that could impact its business. These include:

| Economic and Market Conditions: Economic uncertainty and inflationary cost pressures all could impact profitability. However, the company has adopted flexible pricing strategies, utilising new in house IT software to increa se efficiency and mitigate these risks. |  |

| Competition: The logistics and courier industry remains highly competitive, with pressure from both establ ished players and potential new entrants. Crown Couriers differentiates itself through superior cu stomer service and tailored solutions such as dynamic routing, real time tracking and full job vi sibility. |  |

| Regulatory and Environmental Compliance: The company faces increasing regulation surrounding environmental standards, pa rticularly in relation to fleet emissions. Crown Couriers is committed to reducing its carbon footpr int by planning transition to increased level of electric vehicles (EVs), meeting stricter emissi ons regulations. In addition we are reviewing options around alternative energy in line with the companies values. |  |

| Operational Risks: The company faces risks related to vehicle breakdowns, delivery delays due to adverse weathe r conditions. Crown Couriers mitigates these risks by maintaining a live tracking of all d elivery vehicles, being able to supply additional subcontractors on demand from a large pool. |  |

FINANCIAL HIGHLIGHTS & KPIS

For the financial year ending 31 March 2025, Crown Couriers Limited has delivered a strong performance:

| Revenue: £29.1 million (a decrease of 13.1% compared to £33.5 million in 2024) |  |

| Profit For The Year Tax: £498K (a decrease of 10.2% from £554K in 2024) |  |

| Total Assets: £6.5 million (a decrease of 8.5% from £7.1 million in 2024) |  |

| Net Assets/Equity: £3.1 million (up 6.9% from £2.9 million in 2024) |  |

This reduction in trade was mainly attributable to changing trends within the delivery market, however the company has shown good resilience with profit of just over half a million pounds for the year. Year on year loss of a couple existing customers who changed their logistics solution in house during a standard re-tender process contributed to a year on year decline, as they reset their base and focus on more profitable work for future growth. Overheads remain tightly controlled with savings offset by strategic spend & investment on improvement areas to be fit for the future.

| CROWN COURIERS LIMITED (REGISTERED NUMBER: 02765680) |

STRATEGIC REPORT

For The Year Ended 31 March 2025

BUSINESS STRATEGY

The strategy for Crown Couriers is built around four key pillars:

| Expansion & development of Services: They plan to continue to develop their same-day delivery service offering, working with diff erent sectors. This expansion is aligned with the increasing demand for fast and efficient deliv eries from consumers. |  |

| Technology Integration: Crown Couriers is investing in developing a bespoke in-house software solution, incorporatin g artificial intelligence (AI) for route optimisation and predictive delivery times. The adoption of machine learning technologies is expected to improve operational efficiency and reduce delivery costs. |  |

| Sustainability Initiatives: As part of our commitment to sustainability, they are investing in & driving the use of electri c vehicle (EVs) to reduce emissions and decrease reliance on fossil fuels. This will reduce their car bon footprint while positioning them as a leader in eco-friendly logistics solutions. |  |

| Customer-Centric Approach: We will continue to focus on delivering exceptional customer service by providing pers onalised delivery solutions and improving their online tracking and communication systems. |  |

FUTURE PROSPECTS

The outlook for Crown Couriers is positive, with expected growth driven by the continued rise in demand for quick and reliable deliveries. They expect to capture a larger market share in both existing and new sectors, alongside driving new revenue streams.

Continued development and improvement in their bespoke IT system is key to growth both within existing revenue streams but also developing new ones for the future.

ON BEHALF OF THE BOARD:

T F Seagers - Director

17 December 2025

| CROWN COURIERS LIMITED (REGISTERED NUMBER: 02765680) |

REPORT OF THE DIRECTOR

For The Year Ended 31 March 2025

The director presents his report with the financial statements of the company for the year ended 31 March 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of freight transport by road.

DIVIDENDS

The full dividend declared for the year is £302,768 (2024 - £333,955).

DIRECTORS

T F Seagers has held office during the whole of the period from 1 April 2024 to the date of this report.

Other changes in directors holding office are as follows:

N J Brett - resigned 30 September 2024

J A McLaren - resigned 30 September 2024

FINANCIAL INSTRUMENTS

The company has various financial instruments such as trade debtors and trade creditors which arise directly from operations. The company also has an overdraft facility and in the past has utilised finance to acquire motor vehicles. The company does not enter into derivative transactions.The Company uses invoice financing as part of its working capital management. Under these arrangements, the Company receives an advance from the finance provider against amounts due from customers. The finance provider typically advances a proportion of the receivables balance, with the remainder (less financing fees and charges) received when customers settle their invoices.

The main financial risk arising from the company's activities is credit risk, being the recovery of amounts owed but also reducing the time between the amounts owed and amounts payable to subcontractors. The associated risk is monitored by the board of directors and is mitigated to an acceptable level and having appropriate debt recovery strategies. Interest rate risk is mitigated through working capital and cash management. The company enters into few contracts with overseas parties so foreign currency risk is considered to present limited risk to the business.

DISCLOSURE IN THE STRATEGIC REPORT

As permitted by Paragraph 1A of schedule 7 to the Large and Medium-sized Companies and Groups (Accounts and reports) Regulations 2008 certain matters which are required to be disclosed in the directors' report have been omitted as they are included in the strategic report instead. These matters are considered of strategic importance.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is 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 director is required to:

- | select suitable accounting policies and then apply them consistently;

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

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

| CROWN COURIERS LIMITED (REGISTERED NUMBER: 02765680) |

REPORT OF THE DIRECTOR

For The Year Ended 31 March 2025

STATEMENT OF DIRECTOR'S RESPONSIBILITIES - continued

The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

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

ON BEHALF OF THE BOARD:

T F Seagers - Director

17 December 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

CROWN COURIERS LIMITED

Opinion

We have audited the financial statements of Crown Couriers Limited (the 'company') for the year ended 31 March 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- | give a true and fair view of the state of the company's affairs as at 31 March 2025 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 Auditors' 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 UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- | the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

CROWN COURIERS LIMITED

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 Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

- | adequate accounting records have not been kept, 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 director's remuneration specified by law are not made; or

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

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on pages four and five, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant frameworks which are directly relevant to specific assertions in the financial statements are those that relate to the reporting framework (UK GAAP and the Companies Act 2006) and the relevant tax compliance regulations in the UK.

We understood how the company is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures. We corroborated our enquiries through discussions with those charged with governance

We assess the susceptibility of the company's financial statements to material misstatement, including how fraud might occur, by discussion with management from various parts of the business to understand where they considered there was a susceptibility to fraud. We considered the procedures and controls that the company has established to prevent and detect fraud, and how these are monitored by management, and also any enhanced risk factors such as performance targets.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

CROWN COURIERS LIMITED

Based on our understanding, we designed our audit procedures to identify any non-compliance with laws and regulations identified in the paragraphs above.

We also performed audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transaction outside the normal course of business and reviewing accounting estimates for bias.

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

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Richard Gillespie FCCA (Senior Statutory Auditor)

for and on behalf of TC Group

31 High View Close

Hamilton Office Park

Leicester

Leicestershire

LE4 9LJ

17 December 2025

| CROWN COURIERS LIMITED (REGISTERED NUMBER: 02765680) |

STATEMENT OF COMPREHENSIVE

INCOME

For The Year Ended 31 March 2025

| 2025 |  | 2024

| Notes | £ | £ |

TURNOVER | 4 | 29,130,341 |  | 33,458,710 |  |

Cost of sales | 24,771,383 |  | 28,411,349 |  |

GROSS PROFIT | 4,358,958 |  | 5,047,361 |  |

Administrative expenses | 3,698,554 |  | 4,385,840 |  |

660,404 |  | 661,521 |  |

Other operating income | 18,932 |  | - |  |

OPERATING PROFIT | 7 | 679,336 |  | 661,521 |  |

Interest receivable and similar income | 7,196 |  | - |  |

Interest payable and similar expenses | 8 | (23,190 | ) | (9,371 | ) |

PROFIT BEFORE TAXATION | 663,342 |  | 652,150 |  |

Tax on profit | 9 | 165,836 |  | 98,231 |  |

PROFIT FOR THE FINANCIAL YEAR | 497,506 |  | 553,919 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 497,506 |  | 553,919 |  |

| CROWN COURIERS LIMITED (REGISTERED NUMBER: 02765680) |

BALANCE SHEET

31 March 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 11 | 186,646 |  | 54,771 |  |

CURRENT ASSETS

Debtors | 12 | 6,266,035 |  | 7,058,170 |  |

Cash at bank | 20,793 |  | 14,099 |  |

6,286,828 |  | 7,072,269 |  |

CREDITORS

Amounts falling due within one year | 13 | 3,311,853 |  | 4,264,571 |  |

NET CURRENT ASSETS | 2,974,975 |  | 2,807,698 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 3,161,621 |  | 2,862,469 |  |

CREDITORS

Amounts falling due after more than one year | 14 | 104,414 |  | - |  |

NET ASSETS | 3,057,207 |  | 2,862,469 |  |

CAPITAL AND RESERVES

Called up share capital | 16 | 2 |  | 2 |  |

Retained earnings | 3,057,205 |  | 2,862,467 |  |

SHAREHOLDERS' FUNDS | 3,057,207 |  | 2,862,469 |  |

The financial statements were approved by the director and authorised for issue on 17 December 2025 and were signed by:

T F Seagers - Director

| CROWN COURIERS LIMITED (REGISTERED NUMBER: 02765680) |

STATEMENT OF CHANGES IN EQUITY

For The Year Ended 31 March 2025

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1 April 2023 | 2 |  | 2,642,503 |  | 2,642,505 |  |

Changes in equity

Dividends | - |  | (333,955 | ) | (333,955 | ) |

Total comprehensive income | - |  | 553,919 |  | 553,919 |  |

Balance at 31 March 2024 | 2 |  | 2,862,467 |  | 2,862,469 |  |

Changes in equity

Dividends | - |  | (302,768 | ) | (302,768 | ) |

Total comprehensive income | - |  | 497,506 |  | 497,506 |  |

Balance at 31 March 2025 | 2 |  | 3,057,205 |  | 3,057,207 |  |

| CROWN COURIERS LIMITED (REGISTERED NUMBER: 02765680) |

NOTES TO THE FINANCIAL STATEMENTS

For The Year Ended 31 March 2025

1. | STATUTORY INFORMATION

| Crown Couriers Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| The financial statements are prepared in sterling, which is the functional currency of the entity and rounded to the nearest pound.

| Going concern

| As at the point of authorising the accounts, and for the foreseeable future, the directors consider the going concern assumption to still be appropriate. The directors acknowledge that given the rapidly changing business and social environment, there are likely to be significant unknown factors which may present themselves. Such factors are considered by the directors to represent a general inherent level of risk in relation to the going concern assumption albeit not quantifiable at this time.

| Financial Reporting Standard 102 - reduced disclosure exemptions

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

| • | the requirements of Section 7 Statement of Cash Flows;

| • | the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

| • | the requirement of paragraph 33.7.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| Revenue arising on a contract to provide delivery services is recognised at the point the goods have been delivered as that is considered the point the company have fulfilled their contractual obligation. On delivery the following will be satisfied:

| - the amount of revenue can be measured reliably;

| - it is probable that the company will receive the consideration due under the transactions; and

| - the costs incurred or to be incurred in respect of the transaction can be measured reliably.

| CROWN COURIERS LIMITED (REGISTERED NUMBER: 02765680) |

NOTES TO THE FINANCIAL STATEMENTS - continued

For The Year Ended 31 March 2025

2. | ACCOUNTING POLICIES - continued

| 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.

| 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.

| Depreciation is provided on the following basis:

| Motor vehicles - 25% on cost

| Office equipment - 20% on cost

| 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.

| At each reporting date the group 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.

| Financial instruments

| The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

| Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Income statement.

| Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

| Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligations, rather than the financial instrument's legal form.

| Taxation

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

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

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

| CROWN COURIERS LIMITED (REGISTERED NUMBER: 02765680) |

NOTES TO THE FINANCIAL STATEMENTS - continued

For The Year Ended 31 March 2025

2. | ACCOUNTING POLICIES - continued

| Deferred tax

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

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

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

| Hire purchase and leasing commitments

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

| Pension costs and other post-retirement benefits

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

3. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

| Preparation of the financial statements requires management to make significant judgements and the items in the financial statements where these judgements and estimates have been made include:

| Debtor recoverability

| The company has a policy in place to assess the need for impairment of trade debtors. The company considers the trade debtors on an individual basis and uses its knowledge of the customer, ageing of the debt and historic rate of defaults. Based on this analysis the company then applies a specific provision against the trade debtor balances.

4. | TURNOVER

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

| All turnover has been generated in the UK.

5. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 2,387,857 |  | 2,916,830 |  |

| Social security costs | 248,226 |  | 295,820 |  |

| Other pension costs | 58,452 |  | 62,315 |  |

2,694,535 |  | 3,274,965 |  |

| CROWN COURIERS LIMITED (REGISTERED NUMBER: 02765680) |

NOTES TO THE FINANCIAL STATEMENTS - continued

For The Year Ended 31 March 2025

5. | EMPLOYEES AND DIRECTORS - continued

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

| 2025 |  | 2024

| Operations | 51 |  | 58 |  |

| Admin | 8 |  | 11 |  |

| IT | 5 |  | 7 |  |

| Sales | 2 |  | 3 |  |

| Marketing | 1 |  | 2 |  |

67 |  | 81 |  |

6. | DIRECTORS' EMOLUMENTS

| 2025 |  | 2024

£ | £ |

| Directors' remuneration | 181,458 |  | 520,825 |  |

| Directors' pension contributions to money purchase schemes | 2,566 |  | 5,131 |  |

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

| Money purchase schemes | 1 |  | 1 |  |

7. | OPERATING PROFIT

| The operating profit is stated after charging/(crediting):

|  | 2025 |  | 2024 |  |

|  | £ |  | £ |  |

| Hire of plant and machinery |  | 27,270 |  | 133,375 |  |

| Other operating leases |  | 145,000 |  | 116,150 |  |

| Depreciation - owned assets |  | 27,296 |  | 27,740 |  |

| Depreciation - assets under HP |  | 10,523 |  | - |  |

| Profit on disposal of fixed assets |  | (43,166 | ) | - |  |

| Auditors' remuneration |  | 20,000 |  | 14,252 |  |

8. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£ | £ |

| Invoice discounting interest | 20,526 |  | 9,013 |  |

| Hire purchase interest | 2,664 |  | 358 |  |

23,190 |  | 9,371 |  |

| CROWN COURIERS LIMITED (REGISTERED NUMBER: 02765680) |

NOTES TO THE FINANCIAL STATEMENTS - continued

For The Year Ended 31 March 2025

9. | TAXATION

| Analysis of the tax charge

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

| 2025 |  | 2024

£ | £ |

| Current tax:

| UK corporation tax | 147,316 |  | 156,858 |  |

| (Over)/under provision | - |  | (18,951 | ) |

| Total current tax | 147,316 |  | 137,907 |  |

| Deferred tax | 18,520 |  | (39,676 | ) |

| Tax on profit | 165,836 |  | 98,231 |  |

| UK corporation tax has been charged at 25% (2024 - 25%).

| Reconciliation of total tax charge included in profit and loss

| The tax assessed for the year is the same as the standard rate of corporation tax in the UK.

| 2025 |  | 2024

£ | £ |

| Profit before tax | 663,342 |  | 652,150 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 165,836 |  | 163,038 |  |

| Effects of:

| Expenses not deductible for tax purposes | 176 |  | 4,937 |  |

| Capital allowances in excess of depreciation | (18,696 | ) | (1,673 | ) |

| Adjustments to tax charge in respect of previous periods | - |  | (18,951 | ) |

| R&D claim | - |  | (9,269 | ) |

| Other timing differences | 18,520 |  | (39,851 | ) |

| Total tax charge | 165,836 |  | 98,231 |  |

10. | DIVIDENDS

| 2025 |  | 2024

£ | £ |

| Final | 302,768 |  | 333,955 |  |

| CROWN COURIERS LIMITED (REGISTERED NUMBER: 02765680) |

NOTES TO THE FINANCIAL STATEMENTS - continued

For The Year Ended 31 March 2025

11. | TANGIBLE FIXED ASSETS

| Motor |  | Office |

| vehicles |  | equipment |  | Totals

£ | £ | £ |

| COST

| At 1 April 2024 | 202,687 |  | 251,350 |  | 454,037 |  |

| Additions | 160,450 |  | 9,244 |  | 169,694 |  |

| Disposals | (202,687 | ) | - |  | (202,687 | ) |

| At 31 March 2025 | 160,450 |  | 260,594 |  | 421,044 |  |

| DEPRECIATION

| At 1 April 2024 | 202,687 |  | 196,579 |  | 399,266 |  |

| Charge for year | 10,523 |  | 27,296 |  | 37,819 |  |

| Eliminated on disposal | (202,687 | ) | - |  | (202,687 | ) |

| At 31 March 2025 | 10,523 |  | 223,875 |  | 234,398 |  |

| NET BOOK VALUE

| At 31 March 2025 | 149,927 |  | 36,719 |  | 186,646 |  |

| At 31 March 2024 | - |  | 54,771 |  | 54,771 |  |

| As at 31 March 2025, Tangible Fixed Assets included assets under HP was £149,927 (2024 - nil)

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

2025 | 2024 |

£ | £ |

| Trade debtors | 5,485,406 |  | 6,714,954 |  |

| Amounts owed by group undertakings | 376,552 |  | - |  |

| Other debtors | 193,186 |  | 101,427 |  |

| Deferred tax asset | 21,156 |  | 39,676 |  |

| Prepayments | 189,735 |  | 202,113 |  |

6,266,035 |  | 7,058,170 |  |

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

2025 | 2024 |

£ | £ |

| Hire purchase contracts (see note 15) | 22,989 |  | - |  |

| Trade creditors | 2,065,616 |  | 3,374,311 |  |

| Corporation tax | 36,975 |  | 32,410 |  |

| Social security and other taxes | 62,830 |  | 72,072 |  |

| Pension creditor | 12,067 |  | 10,968 |  |

| VAT | 240,234 |  | 324,933 |  |

| Other creditors | 582,188 |  | 95,236 |  |

| Accruals and deferred income | 288,954 |  | 354,641 |  |

3,311,853 |  | 4,264,571 |  |

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

2025 | 2024 |

£ | £ |

| Hire purchase contracts (see note 15) | 104,414 |  | - |  |

| CROWN COURIERS LIMITED (REGISTERED NUMBER: 02765680) |

NOTES TO THE FINANCIAL STATEMENTS - continued

For The Year Ended 31 March 2025

15. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Hire purchase |

| contracts |

2025 | 2024 |

£ | £ |

| Net obligations repayable:

| Within one year | 22,989 |  | - |  |

| Between one and five years | 104,414 |  | - |  |

127,403 |  | - |  |

| Non-cancellable |

| operating leases |

2025 | 2024 |

£ | £ |

| Within one year | 148,501 |  | 158,926 |  |

| Between one and five years | 327,786 |  | 464,204 |  |

476,287 |  | 623,130 |  |

| Hire purchase contracts are secured against the assets to which they relate.

16. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

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

| value: | £ | £ |

| 2 | Ordinary | £1 | 2 |  | 2 |  |

17. | PENSION COMMITMENTS

| The pension costs charge represents contributions payable by the company to the scheme and amounted to £58,452 (2024 - £62,315). At the end of the year the outstanding balance was £12,067 (2024 - £10,968).

18. | ULTIMATE PARENT COMPANY

| Logistics Solutions Limited is the company's ultimate parent company.

| The smallest and largest group in which the results of the company are consolidated is that headed by Logistic Solutions Limited, incorporated in the United Kingdom. The consolidated accounts are

| available to the public and may be obtained from Companies House.

19. | RELATED PARTY DISCLOSURES

| In accordance with FRS 102 Section 33.1A, transactions with wholly owned group companies that are included within the parent undertakings financial statement are not disclosed.