IRIS Accounts Production v25.4.12.37 02198182 Board of Directors 1.7.24 30.6.25 30.6.25 Medium entities true false true true false false true true false Defined benefit pension plans These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Ordinary shares 1.00000 iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh 02198182 2024-06-30 02198182 2025-06-30 02198182 2024-07-01 2025-06-30 02198182 2023-09-30 02198182 2023-10-01 2024-06-30 02198182 2024-06-30 02198182 ns15:EnglandWales 2024-07-01 2025-06-30 02198182 ns14:PoundSterling 2024-07-01 2025-06-30 02198182 ns10:Director1 2024-07-01 2025-06-30 02198182 ns10:PrivateLimitedCompanyLtd 2024-07-01 2025-06-30 02198182 ns10:MediumEntities 2024-07-01 2025-06-30 02198182 ns10:Audited 2024-07-01 2025-06-30 02198182 ns10:Medium-sizedCompaniesRegimeForDirectorsReport 2024-07-01 2025-06-30 02198182 ns10:Medium-sizedCompaniesRegimeForAccounts 2024-07-01 2025-06-30 02198182 ns10:FullAccounts 2024-07-01 2025-06-30 02198182 ns5:TotalForAllPensionPlansExcludingMedicalOtherPlans 2024-07-01 2025-06-30 02198182 ns10:OrdinaryShareClass1 2024-07-01 2025-06-30 02198182 ns10:Director2 2024-07-01 2025-06-30 02198182 ns10:Director3 2024-07-01 2025-06-30 02198182 ns10:CompanySecretary1 2024-07-01 2025-06-30 02198182 ns10:RegisteredOffice 2024-07-01 2025-06-30 02198182 ns10:Director4 2024-07-01 2025-06-30 02198182 1 2024-07-01 2025-06-30 02198182 1 2023-10-01 2024-06-30 02198182 3 2024-07-01 2025-06-30 02198182 3 2023-10-01 2024-06-30 02198182 5 2024-07-01 2025-06-30 02198182 5 2023-10-01 2024-06-30 02198182 ns5:CurrentFinancialInstruments 2025-06-30 02198182 ns5:CurrentFinancialInstruments 2024-06-30 02198182 ns5:Non-currentFinancialInstruments 2025-06-30 02198182 ns5:Non-currentFinancialInstruments 2024-06-30 02198182 ns5:ShareCapital 2025-06-30 02198182 ns5:ShareCapital 2024-06-30 02198182 ns5:RevaluationReserve 2025-06-30 02198182 ns5:RevaluationReserve 2024-06-30 02198182 ns5:RetainedEarningsAccumulatedLosses 2025-06-30 02198182 ns5:RetainedEarningsAccumulatedLosses 2024-06-30 02198182 ns5:ShareCapital 2023-09-30 02198182 ns5:RetainedEarningsAccumulatedLosses 2023-09-30 02198182 ns5:RevaluationReserve 2023-09-30 02198182 ns5:RetainedEarningsAccumulatedLosses 2023-10-01 2024-06-30 02198182 ns5:RevaluationReserve 2023-10-01 2024-06-30 02198182 ns5:RetainedEarningsAccumulatedLosses 2024-07-01 2025-06-30 02198182 ns5:RevaluationReserve 2024-07-01 2025-06-30 02198182 1 2024-07-01 2025-06-30 02198182 ns5:OwnedAssets 2024-07-01 2025-06-30 02198182 ns5:OwnedAssets 2023-10-01 2024-06-30 02198182 ns5:LandBuildings 2024-06-30 02198182 ns5:PlantMachinery 2024-06-30 02198182 ns5:FurnitureFittings 2024-06-30 02198182 ns5:MotorVehicles 2024-06-30 02198182 ns5:LandBuildings 2024-07-01 2025-06-30 02198182 ns5:PlantMachinery 2024-07-01 2025-06-30 02198182 ns5:FurnitureFittings 2024-07-01 2025-06-30 02198182 ns5:MotorVehicles 2024-07-01 2025-06-30 02198182 ns5:LandBuildings 2025-06-30 02198182 ns5:PlantMachinery 2025-06-30 02198182 ns5:FurnitureFittings 2025-06-30 02198182 ns5:MotorVehicles 2025-06-30 02198182 ns5:LandBuildings 2024-06-30 02198182 ns5:PlantMachinery 2024-06-30 02198182 ns5:FurnitureFittings 2024-06-30 02198182 ns5:MotorVehicles 2024-06-30 02198182 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2025-06-30 02198182 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2024-06-30 02198182 ns5:DeferredTaxation 2024-06-30 02198182 ns5:DeferredTaxation 2025-06-30 02198182 ns10:OrdinaryShareClass1 2025-06-30 02198182 ns5:RetainedEarningsAccumulatedLosses 2024-06-30 02198182 ns5:RevaluationReserve 2024-06-30 02198182 ns5:TotalForAllPensionPlansExcludingMedicalOtherPlans 2025-06-30 02198182 ns5:TotalForAllPensionPlansExcludingMedicalOtherPlans 2024-06-30 02198182 ns5:TotalForAllPensionPlansExcludingMedicalOtherPlans 2023-10-01 2024-06-30 02198182 ns5:TotalForAllPensionPlansExcludingMedicalOtherPlans 2024-06-30 02198182 ns5:TotalForAllPensionPlansExcludingMedicalOtherPlans 2023-09-30

REGISTERED NUMBER: 02198182 (England and Wales)

| PORT OF BOSTON LIMITED |

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 |

| PORT OF BOSTON LIMITED (REGISTERED NUMBER: 02198182) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Report of the Directors | 3 |

| Report of the Independent Auditors | 5 |

| Income Statement | 9 |

| Other Comprehensive Income | 10 |

| Balance Sheet | 11 |

| Statement of Changes in Equity | 12 |

| Notes to the Financial Statements | 13 |

| PORT OF BOSTON LIMITED |

COMPANY INFORMATION

FOR THE YEAR ENDED 30 JUNE 2025

| DIRECTORS: | M A V Gatehouse

| L B Lynch

| A S R Littlejohn

| SECRETARY: | A C Brown

| REGISTERED OFFICE: | Dock Office

| The Dock

| Boston

| Lincolnshire

| PE21 6BN

| REGISTERED NUMBER: | 02198182 (England and Wales)

| AUDITORS: | WP Audit Services LLP

| Chartered Accountant & Statutory Auditor

| Chancery House

| 30 St Johns Road

| Woking

| Surrey

| GU21 7SA

| PORT OF BOSTON LIMITED (REGISTERED NUMBER: 02198182) |

STRATEGIC REPORT

FOR THE YEAR ENDED 30 JUNE 2025

The directors present their strategic report for the year ended 30 June 2025.

REVIEW OF BUSINESS

The company operates as a general cargo port at Boston. It runs shipping agencies and has rail transport and logistic services at the dock. The transport services are managed by fellow subsidiary Victoria Wharves Limited, and thus the results are recorded within the accounts of Victoria Wharves Limited.

It should be noted that the prior period to 30 June 2024 is a shortened period spanning 9 months compared to the current year accounts to 30 September 2025. The below comparisons have not been pro-rated but have been analysed with the knowledge that a increase of 33% is equivalent to a nil movement.

This year, turnover generated has increased by 48% (2024: decreased by 16%), which is a increase of £2.8m (2024: decrease of £1.1m). Despite the shortened prior period in the prior year, the current year increase shows a growth in sales above levels that would have been achieved if the prior period was pro-rated to 12 months. This improvement is mainly attributable to an increase in activity at the port following a higher level of disruption in the prior period linked to ongoing disruption from the Environment Agency. The gross profit margin has increased to 58% (2024: 52%).

Profit before tax, after adjusting for management charges has increased to £2.83m from £1.71m.

The market value of the company's property interest has decreased to £16.7m (2024: £17.5m), of which £1.6m is recorded in the parent company accounts, and £15.1m is recorded in these accounts.

The defined benefit pension scheme remains in a surplus position, and as such no liability has been recorded.

The Board consider both net profit before tax and EBITDA (excluding management charges) to be key KPI's. Net profit before tax and management charges has been discussed above, and EBITDA (excluding management charges) has increased to £3.58m (2024: £2.15m). This is a increase of 66%, which is still an increase after accounting for the shortened prior period. This is a strong result for the port given the current economic environment and ongoing disruption arising from the works being undertaken by the Environment Agency.

Strategy

The Board will continue to keep costs under control and develop existing income streams.

New opportunities will be sought where these will make a return for the company.

PRINCIPAL RISKS AND UNCERTAINTIES

The Board consider the potential reduction in global economic activity levels to be a key risk due to a potential worldwide economic downturn and the various ongoing worldwide crises. This could lead to a reduction in volumes handled by UK ports. In order to mitigate this risk the Board continue to diversify cargoes, strictly manage the company's cost base, including capital expenditure, and monitor cashflow.

The impact of the defined benefit pension scheme obligations is somewhat uncertain, the ability to control this scheme is limited and subject to fluctuating market conditions. As a result there is a risk to future cash flow. However at present the scheme is in a surplus position.

Health and safety risks are inherent in the company's business, hence the Board ensure strict policies and procedures are enforced amongst the team.

ON BEHALF OF THE BOARD:

M A V Gatehouse - Director

4 March 2026

| PORT OF BOSTON LIMITED (REGISTERED NUMBER: 02198182) |

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 30 JUNE 2025

The directors present their report with the financial statements of the company for the year ended 30 June 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the operation of a commercial dock.

DIVIDENDS

The total distribution of dividends from Port of Boston Limited for the year ending 30 June 2025 was £Nil (2024: £Nil)

DIRECTORS

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

M A V Gatehouse

L B Lynch

Other changes in directors holding office are as follows:

A S R Littlejohn - appointed 22 July 2024

S W Marshall - appointed 22 July 2024

S W Marshall ceased to be a director after 30 June 2025 but prior to the date of this report.

FINANCIAL INSTRUMENTS

The company's principal financial instruments comprise bank balances and trade creditors. The main purpose of each of these instruments is to raise funds for the company's ongoing operations.

Due to the nature of the financial instruments used by the company there is not considered to be significant exposure to price risk, foreign exchange risk or interest rate risk.

The company's approach to managing other risks applicable to the financial instruments concerned is explained below:

Bank Balances

The liquidity risk is managed by maintaining a balance between the various elements of working capital. At present, neither interest rate risk, nor foreign exchange risk are considered significant in relation to these instruments.

Trade Creditors

Liquidity risk is managed by ensuring there are sufficient funds available from working capital to meet amounts as they fall due.

DISCLOSURE IN THE STRATEGIC REPORT

Certain disclosures related to performance, KPIs and business risks and uncertainties have been disclosed in the Strategic Report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and 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 and then apply them consistently;

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

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

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

| PORT OF BOSTON LIMITED (REGISTERED NUMBER: 02198182) |

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 30 JUNE 2025

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director 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.

ON BEHALF OF THE BOARD:

M A V Gatehouse - Director

4 March 2026

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

PORT OF BOSTON LIMITED

Opinion

We have audited the financial statements of Port of Boston Limited (the 'company') for the year ended 30 June 2025 which comprise the Income Statement, Other 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 30 June 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 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.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

- | the Strategic Report and the Report of the Directors 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 Report of the Directors.

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

- | adequate accounting records have not been kept, 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

PORT OF BOSTON LIMITED

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

PORT OF BOSTON LIMITED

Auditors' responsibilities for the audit of the financial statements

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

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Objectives

The objectives of our audit in respect of fraud, are;

- to identify and assess the risks of material misstatement of the financial statements due to fraud;

- to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and

- to respond appropriately to instances of fraud or suspected fraud identified during the audit.

However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

Audit Approach

Our approach was as follows:

- We obtained an understanding of the legal and regulatory requirements applicable to the Company and considered that the most significant are the Health & Safety at Work (and associated HSE regulations), Companies Act 2006, FRS 102, and UK taxation legislation

- We obtained an understanding of how the Company complies with these requirements by discussions with management and those charged with governance, as well a review of relevant correspondence and certifications.

- We assessed the risk of material misstatement of the financial statements and how it might occur (including the risk of material misstatement due to fraud), by holding discussions with management and those charged with governance. We used our knowledge of the Company and the industry in which it operates to determine if management's explanations were consistent with our own conclusions.

- Based on our understanding developed from the above, we designed specific appropriate audit procedures to identify instances of non-compliance with the key laws and regulations which may result in potential fraud. This included making enquiries of management and those charged with governance, investigating unusual or unexpected relationships or movements in figures disclosed in the accounts and remaining alert for any transactions that appeared to be outside the normal course of business. Furthermore, as required by auditing standards, and taking into account our overall knowledge of the control environment, we have performed procedures to address the risks of management override of controls and the risk of fraudulent revenue recognition. Procedures such as a review of journal entries and assessing estimates for management bias have enabled us to conclude in this area.

No instances of fraud, non-compliance or suspected non-compliance with laws and regulations were identified from the above procedures.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

- Obtain an understanding of internal control environment relevant to the audit, in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the Company's internal control.

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

- Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.

- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

PORT OF BOSTON LIMITED

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Context of the ability of the audit to detect fraud or breaches of law or regulation

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.

In addition, as with any audit, there remains a risk of non-detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect noncompliance with all laws and regulations.

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

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.

Stephanie Williams (Senior Statutory Auditor)

for and on behalf of WP Audit Services LLP

Chartered Accountant & Statutory Auditor

Chancery House

30 St Johns Road

Woking

Surrey

GU21 7SA

5 March 2026

| PORT OF BOSTON LIMITED (REGISTERED NUMBER: 02198182) |

INCOME STATEMENT

FOR THE YEAR ENDED 30 JUNE 2025

| Period

| 1.10.23

| Year Ended |  | to

| 30.6.25 |  | 30.6.24

| Notes | £'000 | £'000 |

REVENUE | 4 | 8,675 |  | 5,856 |  |

Cost of sales | (3,678 | ) | (2,794 | ) |

GROSS PROFIT | 4,997 |  | 3,062 |  |

Administrative expenses | (2,762 | ) | (1,853 | ) |

OPERATING PROFIT | 6 | 2,235 |  | 1,209 |  |

Interest receivable and similar income | 10 |  | 16 |  |

Other finance income | 18 | 104 |  | 66 |  |

2,349 |  | 1,291 |  |

Interest payable and similar expenses | 8 | (183 | ) | (61 | ) |

PROFIT BEFORE TAXATION | 2,166 |  | 1,230 |  |

Tax on profit | 9 | (382 | ) | (275 | ) |

PROFIT FOR THE FINANCIAL YEAR | 1,784 |  | 955 |  |

| PORT OF BOSTON LIMITED (REGISTERED NUMBER: 02198182) |

OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 30 JUNE 2025

| Period

| 1.10.23

| Year Ended |  | to

| 30.6.25 |  | 30.6.24

| Notes | £'000 | £'000 |

PROFIT FOR THE YEAR | 1,784 |  | 955 |  |

OTHER COMPREHENSIVE INCOME |

Actuarial gain / (loss) | (67 | ) | 313 |  |

Revaluation surplus / (deficit) on

revaluation of fixed assets | (512 | ) | 2,455 |  |

Deferred tax on pension movement

Effect of asset ceiling on pension | (37 | ) | (379 | ) |

Income tax relating to components of other comprehensive income | - |  | - |  |

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX | (616 | ) | 2,389 |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 1,168 |  | 3,344 |  |

| PORT OF BOSTON LIMITED (REGISTERED NUMBER: 02198182) |

BALANCE SHEET

30 JUNE 2025

| 2025 | 2024 |

| Notes | £'000 | £'000 | £'000 | £'000 |

FIXED ASSETS

Property, plant and equipment | 10 | 21,486 |  | 21,461 |  |

CURRENT ASSETS

Debtors | 11 | 12,287 |  | 11,419 |  |

Cash at bank and in hand | 87 |  | 35 |  |

12,374 |  | 11,454 |  |

CREDITORS

Amounts falling due within one year | 12 | 2,055 |  | 2,280 |  |

NET CURRENT ASSETS | 10,319 |  | 9,174 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 31,805 |  | 30,635 |  |

CREDITORS

Amounts falling due after more than one year | 13 | (2,693 | ) | (2,959 | ) |

PROVISIONS FOR LIABILITIES | 15 | (1,007 | ) | (739 | ) |

NET ASSETS | 28,105 |  | 26,937 |  |

CAPITAL AND RESERVES

Called up share capital | 16 | - |  | - |  |

Revaluation reserve | 17 | 4,959 |  | 5,471 |  |

Retained earnings | 17 | 23,146 |  | 21,466 |  |

SHAREHOLDERS' FUNDS | 28,105 |  | 26,937 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 4 March 2026 and were signed on its behalf by:

M A V Gatehouse - Director

| PORT OF BOSTON LIMITED (REGISTERED NUMBER: 02198182) |

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 JUNE 2025

| Called up |

| share |  | Retained |  | Revaluation |  | Total

| capital |  | earnings |  | reserve |  | equity

£'000 | £'000 | £'000 | £'000 |

Balance at 1 October 2023 | - |  | 20,577 |  | 3,016 |  | 23,593 |  |

Changes in equity

Total comprehensive income | - |  | 889 |  | 2,455 |  | 3,344 |  |

Balance at 30 June 2024 | - |  | 21,466 |  | 5,471 |  | 26,937 |  |

Changes in equity

Total comprehensive income | - |  | 1,680 |  | (512 | ) | 1,168 |  |

Balance at 30 June 2025 | - |  | 23,146 |  | 4,959 |  | 28,105 |  |

| PORT OF BOSTON LIMITED (REGISTERED NUMBER: 02198182) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

1. | STATUTORY INFORMATION

| Port of Boston 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.

| The presentation currency of the financial statements is the Pound Sterling (£).

| The figures in the financial statements are rounded to pounds thousands.

2. | STATEMENT OF COMPLIANCE

| 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.

3. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated

| These statements are prepared under the historical cost convention, as modified by the recognition of certain assets measured at fair value and liabilities at discounted net present value.

| The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in a separate accounting policy within these financial statements.

| The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

| The current year results are prepared for a full 12 months, whereas the comparative period reported was 9 months.

| 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 requirement of paragraph 33.7.

| Related party exemption

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

| PORT OF BOSTON LIMITED (REGISTERED NUMBER: 02198182) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

3. | ACCOUNTING POLICIES - continued

| Critical accounting judgements and key sources of estimation uncertainty

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

| (i) Useful economic lives of tangible assets:

| The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

| (ii) Impairment of debtors:

| The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors, and historical experience.

| (iii) Defined benefit pension scheme:

| The company has an obligation to pay pension benefits to certain former employees. The cost of these benefits and the present value of the obligation depends on a number of factors, including life expectancy, asset valuations and the discount rate on corporate bonds. Management estimates these factors, with the assistance of a qualified actuary, in determining the net pension obligation in the balance sheet. The assumptions reflect historical experience and current trends.

| (iv) Pension liability and discount factors

| The company has an obligation to pay pension benefits to certain former employees via a multi employer scheme. This liability has been treated as a defined contribution liability as the contributions required are set.

| These long term liabilities are fair valued to net present value, for which a discount factor is calculated. The discount factor is based on current and predicted inflation and interest rates applicable to the company. The factor is reviewed annually based on inflation and interest rates and adjusted where there are material changes. Subsequent changes to the applicable discount factor are applied prospectively and recognised directly in profit and loss, as a change to the estimate.

| (v) Revaluation of property

| In accordance with FRS 102, freehold properties are included at their fair value in the financial statements. This valuation is prepared by an external expert on an annual basis, based on value in use, and movements in the value are recognised in the revaluation reserve. Where a property is valued at lower than the original cost this is considered to be a permanent diminution and is charged to the profit and loss account.

| Turnover

| Turnover represents amounts receivable in respect of port services provided to third parties and income from freehold properties, excluding value added tax where applicable. Turnover is recognised in line with the provision of the service.

| Port of Boston Limited has also received an amount in relation to the maintenance of buoys. The company is expected to maintain the buoys for the foreseeable future, therefore turnover is recognised over a period of 50 - 120 years, based on the terms of the agreements in place. As the future expenditure over this period is uncertain, the income is being released to the profit and loss account evenly over the life of the agreement.

| Post of Boston limited has also received other income in relation to services to be provided over several years. Each of these amounts is being recognised in profit or loss over the period of the services to be provided. As the future expenditure over this period is uncertain, the income is being released to the profit and loss account evenly over the life of the agreement.

| The company recognises revenue when the following conditions are satisfied:

| - the company has transferred to the buyer the significant risks and and rewards of ownership of the goods;

| - the company retains neither continuing managerial involvement to the degree associated with ownership nor effective control over the goods sold;

| - the amount of revenue can be measured reliably;

| - it is probably that the economic benefits associated with the transaction can be measured reliably.

| PORT OF BOSTON LIMITED (REGISTERED NUMBER: 02198182) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

3. | ACCOUNTING POLICIES - continued

| Tangible fixed assets

| In accordance with FRS 102, freehold properties are included in the financial statements at their fair values, provided by an external expert on an annual basis. When the value of a property is revalued above cost the aggregate surplus or deficit on revaluation is transferred to the revaluation reserve. When the value of a property is revalued below cost, and this is considered to be a permanent diminution in value, the difference is charged to the profit and loss account.

| All other tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

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

| Plant and machinery - Straight line over 2 - 25 years

| Fixtures and fittings - Straight line over 3 - 5 years

| Motor vehicles - Straight line over 4 - 5 years

| No depreciation is provided on the company's land and buildings interest because they are currently held at value.

| Impairment of assets

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

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

| Debtors

| Short term debtors are measured at transaction price, less any impairment.

| 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.

| Operating leases

| At inception the Company assesses agreements that transfer the right to use assets. The assessment considers whether the arrangement is a finance lease or an operating lease based on the substances of the arrangement.

| Leases that do no transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.

| Taxation

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

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

| Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated. Deferred tax is calculated using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

| 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 period end and that are expected to apply to the reversal of the timing difference.

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

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

| PORT OF BOSTON LIMITED (REGISTERED NUMBER: 02198182) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

3. | ACCOUNTING POLICIES - continued

| Foreign currencies

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

| At each period-end foreign currency monetary items are translated using the closing rate. Non-monetary items 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 of

| period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the profit and loss account.

| Foreign exchange gains and losses that relate to derivatives, borrowings, cash and cash equivalents are presented in the profit and loss account within other income and finance costs. All other foreign exchange gains and losses are presented in the profit and loss account within administrative expenses.

| Pension costs and other post-retirement benefits

| (i) Defined benefit pension plan

| The company operates a defined benefit pension scheme. This scheme is however closed to new members, and standard ongoing contributions to the scheme have been frozen. The scheme is dealt with in accordance with FRS 102 Post-Employment Benefits.

| The cost of providing benefits is determined using the projected unit method, with an FRS 102: Employee Benefits report being carried out at each balance sheet date.

| Current service cost is recognised in operating costs in the period in which the defined benefit obligation increases as a result of employee services.

| Actuarial gains and losses are recognised in full in the period in which they occur in the statement of recognised income and expense.

| The retirement benefit obligations recognised in the balance sheet represent the present value of the defined benefit obligations, as reduced by the fair value of scheme assets and any unrecognised past service cost.

| The expected return on scheme assets and the unwinding of the discount on defined benefit obligations are recognised within interest income and expense respectively.

| (ii) Multi-employer defined benefit pension plan

| The company participates in a multi-employer defined benefit pension scheme. Where the company is unable to determine its share of the assets and liabilities on a consistent and reliable basis it accounts for the scheme as a defined contribution scheme.

| (iii) Defined contribution pension plan

| The company also operates a defined contribution pension scheme for employees. A defined contribution plan is a 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. Pension costs are charged to the profit and loss account as they fall due. The amount charged to the profit and loss account in respect of pension costs is the contributions payable in the year.

| PORT OF BOSTON LIMITED (REGISTERED NUMBER: 02198182) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

3. | ACCOUNTING POLICIES - continued

| Provisions for liabilities

| Provisions are recognised when the Company has a present (legal or constructive) obligation as a result of a past event; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

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

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

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

| Impairment of financial assets

| Financial assets are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.

| For all other financial assets, objective evidence of impairment could include:

| - significant financial difficulty of the issuer or counterparty; or

| - breach of contract, such as a default or delinquency in interest or principal payments; or

| - it becoming probably that the borrower will enter bankruptcy or financial re-organisation; or

| - the disappearance of an active market for that financial asset because of financial difficulties.

| For certain categories of financial asset, such as trade receivables, assets that are assessed not to be impaired individually are, in addition, assessed for impairment on a collective basis. Objective evidence of impairment for a portfolio of receivables could include the company's past experience of collecting payments, an increase in the number of delayed payments in the portfolio past the average credit period of 30 days, as well as observable changes in national or local economic conditions that correlate with default on receivables.

| For financial assets carried at amortised cost, the amount of the impairment loss recognised is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original effective interest rate.

| For financial assets carried at cost, the amount of the impairment loss is measured as the difference between the asset's carrying amount and the present value of the estimated future cash flows discounted at the current market rate of return for a similar financial asset. Such impairment loss will not be reversed in subsequent periods.

| The carrying amount of the financial asset is reduced by the impairment loss directly for all financial assets with the exception of trade receivables, where the carrying amount is reduced through the use of an allowance account. When a trade receivable is considered uncollectible, it is written off against the allowance account. Subsequent recoveries of amounts previously written off re credited against the allowance account. Changes in the carrying amount of the allowance account are recognised in profit or loss.

| For financial assets measured at amortised cost, if, in a subsequent period, the amount of the impairment loss decreased and the decrease can be related objectively to an event occurring after the impairment was recognised, the previously recognised impairment loss is reversed through profit or loss to the extent that the carrying amount of the investment at the date of the impairment is reversed does not exceed what the amortised cost would have been had the impairment not been recognised.

| PORT OF BOSTON LIMITED (REGISTERED NUMBER: 02198182) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

4. | REVENUE

| An analysis of turnover by class of business is given below:

|  | 2025 |  |  | 2024 |

|  | £'000 |  |  | £'000 |

| Property rental |  | 417 |  |  | 248 |

| Port services |  | 8,258 |  |  | 5,608 |

|  | 8,675 |  |  | 5,856 |

5. | EMPLOYEES AND DIRECTORS

| Period

| 1.10.23

| Year Ended |  | to

| 30.6.25 |  | 30.6.24

£'000 | £'000 |

| Wages and salaries | 2,526 |  | 1,834 |  |

| Social security costs | 252 |  | 169 |  |

| Other pension costs | 78 |  | 65 |  |

2,856 |  | 2,068 |  |

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

| Period

| 1.10.23

| Year Ended |  | to

| 30.6.25 |  | 30.6.24

| Operations | 57 |  | 68 |  |

| Administration | 11 |  | 5 |  |

68 |  | 73 |  |

| In addition to those employees disclosed above, there are a further 9 employees carrying out transport work on the payroll.

| Although these individuals are included within the payroll reporting of this company, the activities and associated income and expense for this function are all recorded within the Income Statement of a fellow subsidiary. As a result, the employee numbers have also been recorded within the accounts of that fellow subsidiary.

| Included within the wages costs shown above is £155,545 (2024: £145,363) with respect to agency staff costs.

| Period

| 1.10.23

| Year Ended |  | to

| 30.6.25 |  | 30.6.24

£ | £ |

| Directors' remuneration | - |  | - |  |

| The directors are remunerated by the holding company Victoria Group Holdings Limited.

| PORT OF BOSTON LIMITED (REGISTERED NUMBER: 02198182) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

6. | OPERATING PROFIT

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

| Period

| 1.10.23

| Year Ended |  | to

| 30.6.25 |  | 30.6.24

£'000 | £'000 |

| Depreciation - owned assets | 681 |  | 487 |  |

| Profit on disposal of fixed assets | (1 | ) | (25 | ) |

| Auditors' remuneration for audit services | 6 |  | 4 |  |

| Other non- audit services | 4 |  | 2 |  |

7. | EXCEPTIONAL ITEMS

| Period

| 1.10.23

| Year Ended |  | to

| 30.6.25 |  | 30.6.24

£'000 | £'000 |

| Exceptional items | - |  | 26 |  |

| There was a change to the company's discount factor in the prior year, resulting from the weighting of recent years' inflation levels. As a result, the discounted net present value of future payments due under the PNPF obligations was reassessed, and an amount of £Nil (2024: £26k) has been credited to the Profit and Loss Account.

8. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| Period

| 1.10.23

| Year Ended |  | to

| 30.6.25 |  | 30.6.24

£'000 | £'000 |

| Bank interest | 1 |  | 3 |  |

| Other interest | 182 |  | 58 |  |

183 |  | 61 |  |

9. | TAXATION

| Analysis of the tax charge

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

| Period

| 1.10.23

| Year Ended |  | to

| 30.6.25 |  | 30.6.24

£'000 | £'000 |

| Current tax:

| UK corporation tax | 114 |  | 181 |  |

| Deferred tax | 268 |  | 94 |  |

| Tax on profit | 382 |  | 275 |  |

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

| PORT OF BOSTON LIMITED (REGISTERED NUMBER: 02198182) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

9. | TAXATION - continued

| Reconciliation of total tax charge included in profit and loss

| The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

| Period

| 1.10.23

| Year Ended |  | to

| 30.6.25 |  | 30.6.24

£'000 | £'000 |

| Profit before tax | 2,166 |  | 1,230 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 542 |  | 308 |  |

| Effects of:

| Expenses not deductible for tax purposes | 3 |  | (1 | ) |

| Capital allowances in excess of depreciation | (267 | ) | (108 | ) |

| Pension scheme adjustment | (26 | ) | (17 | ) |

| Deferred tax movement | 268 |  | 94 |  |

| Loss relief from group | (138 | ) | (1 | ) |

| Total tax charge | 382 |  | 275 |  |

| Tax effects relating to effects of other comprehensive income |

| 2025 |

| Gross |  | Tax |  | Net |

£'000 | £'000 | £'000 |

| Actuarial gain / (loss) | (67 | ) | - |  | (67 | ) |

| Revaluation surplus / (deficit) on

| revaluation of fixed assets | (512 | ) | - |  | (512 | ) |

| Deferred tax on pension movement

| Effect of asset ceiling on pension | (37 | ) | - |  | (37 | ) |

(616 | ) | - |  | (616 | ) |

| 1.10.23 to 30.6.24 |

| Gross |  | Tax |  | Net |

£'000 | £'000 | £'000 |

| Actuarial gain / (loss) | 313 |  | - |  | 313 |  |

| Revaluation surplus / (deficit) on

| revaluation of fixed assets | 2,455 |  | - |  | 2,455 |  |

| Deferred tax on pension movement

| Effect of asset ceiling on pension | (379 | ) | - |  | (379 | ) |

2,389 |  | - |  | 2,389 |  |

| The items shown within other comprehensive income above have no impact on the tax charge in the Profit and Loss Account. The deferred tax on the pension liability is included within the value of the pension scheme obligation.

| It has been agreed that companies in the Victoria Group will not compensate each other for tax losses. The Victoria Group consists of Victoria Ports Limited, Victoria Group Investments Ltd, Victoria Group Holdings Limited, Victoria Wharves Limited, Port of Boston Limited, Sharpness Dock Limited and Seaham Harbour Dock Company.

| PORT OF BOSTON LIMITED (REGISTERED NUMBER: 02198182) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

10. | PROPERTY, PLANT AND EQUIPMENT

| Fixtures |

| Freehold |  | Plant and |  | and |  | Motor |

| property |  | machinery |  | fittings |  | vehicles |  | Totals

£'000 | £'000 | £'000 | £'000 | £'000 |

| COST OR VALUATION

| At 1 July 2024 | 15,629 |  | 9,953 |  | 107 |  | 149 |  | 25,838 |  |

| Additions | - |  | 1,192 |  | 4 |  | 34 |  | 1,230 |  |

| Disposals | - |  | (196 | ) | - |  | - |  | (196 | ) |

| Revaluations | (512 | ) | - |  | - |  | - |  | (512 | ) |

| Reclassification/transfer | - |  | 4 |  | - |  | (4 | ) | - |  |

| At 30 June 2025 | 15,117 |  | 10,953 |  | 111 |  | 179 |  | 26,360 |  |

| DEPRECIATION

| At 1 July 2024 | - |  | 4,287 |  | 67 |  | 23 |  | 4,377 |  |

| Charge for year | - |  | 632 |  | 18 |  | 31 |  | 681 |  |

| Eliminated on disposal | - |  | (184 | ) | - |  | - |  | (184 | ) |

| Reclassification/transfer | - |  | 4 |  | - |  | (4 | ) | - |  |

| At 30 June 2025 | - |  | 4,739 |  | 85 |  | 50 |  | 4,874 |  |

| NET BOOK VALUE

| At 30 June 2025 | 15,117 |  | 6,214 |  | 26 |  | 129 |  | 21,486 |  |

| At 30 June 2024 | 15,629 |  | 5,666 |  | 40 |  | 126 |  | 21,461 |  |

| Land and buildings are included at a revalued amount, in accordance with FRS 102.

| On 30 June 2025, the company's freehold interest was subject to an independent professional valuation (undertaken by Stratton Creber, a firm of surveyors), which was derived on the basis of market value, in accordance with FRS 102.

| Revaluations have taken place to date, totalling £4,729,000 (2024: £5,471,000). The valuation for the entire dock site is £16,725,000 with £1,608,000 shown within the parent company's Balance Sheet.

| The historic cost of this interest is £11,996,000 (2024: £11,996,000), £10,158,000 reflected in these accounts and £1,838,000 in the parent company accounts for Victoria Group Holdings Ltd..

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

2025 | 2024 |

£'000 | £'000 |

| Trade debtors | 2,238 |  | 2,611 |  |

| Provision for bad debts | (413 | ) | (48 | ) |

| Amounts owed by group undertakings | 9,717 |  | 8,410 |  |

| Other debtors | 12 |  | 1 |  |

| Tax | - |  | 305 |  |

| Prepayments and accrued income | 733 |  | 140 |  |

12,287 |  | 11,419 |  |

| Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

| PORT OF BOSTON LIMITED (REGISTERED NUMBER: 02198182) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

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

2025 | 2024 |

£'000 | £'000 |

| Trade creditors | 1,149 |  | 1,030 |  |

| Tax | 38 |  | - |  |

| Social security and other taxes | 74 |  | 63 |  |

| Other creditors | 276 |  | 421 |  |

| Accruals and deferred income | 518 |  | 766 |  |

2,055 |  | 2,280 |  |

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

2025 | 2024 |

£'000 | £'000 |

| Other creditors - 1 to 5 years | 670 |  | 878 |  |

| Accruals and deferred income - 1 to 5 years | 231 |  | 231 |  |

| Accruals and deferred income - more than 5 years | 1,792 |  | 1,850 |  |

2,693 |  | 2,959 |  |

14. | SECURED DEBTS

| An unlimited guarantee and set off agreement is in place between group companies, which includes Sharpness Dock Limited, Port of Boston Limited, Victoria Wharves Limited and Victoria Group Holdings Limited. A separate guarantee is in place between Seaham Harbour Dock Company & the Victoria group, amounting to a maximum limitation of £900,000.

| In addition, there is an unlimited mortgage deed in place over the freehold, together with all buildings and fixtures (including trade fixtures) and fixed plant and machinery. There is also a fixed charge over all present and future book and other debts and a floating charge over all moveable plant and machinery, furniture and equipment by way of assignment. There is also a floating charge over the goodwill of the business (if any) and the full benefit of all licences and all guarantees.

15. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

£'000 | £'000 |

| Deferred tax | 1,007 |  | 739 |  |

| Deferred |

| tax |

£'000 |

| Balance at 1 July 2024 | 739 |  |

| Accelerated capital allowances | 268 |  |

| Balance at 30 June 2025 | 1,007 |  |

16. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

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

| value: | £ | £ |

| 2 | Ordinary shares | £1 | 2 |  | 2 |  |

| The Ordinary shares have attached to them voting rights, dividend rights and capital distribution (including on winding up) rights, they do not confer any right of redemption.

| PORT OF BOSTON LIMITED (REGISTERED NUMBER: 02198182) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

17. | RESERVES

| Retained |  | Revaluation |

| earnings |  | reserve |  | Totals

£'000 | £'000 | £'000 |

| At 1 July 2024 | 21,466 |  | 5,471 |  | 26,937 |  |

| Profit for the year | 1,784 |  | 1,784 |  |

| Revaluation of fixed assets | - |  | (512 | ) | (512 | ) |

| Effect of asset ceiling on pension | (37 | ) | - |  | (37 | ) |

| Actuarial gain/(loss) | (67 | ) | - |  | (67 | ) |

| At 30 June 2025 | 23,146 |  | 4,959 |  | 28,105 |  |

18. | EMPLOYEE BENEFIT OBLIGATIONS

| The company operates a defined benefit scheme in the UK. Contributions are determined by the scheme actuary on the basis of triennial valuations. The scheme was closed to new members on 8 March 2001.

| As of 31 March 2005 standard ongoing contributions to the scheme were frozen. In spite of the cessation of standard contributions to the scheme, contributions have been made in accordance with the actuary's recommendations.

| An actuarial triennial valuation was carried out for the defined benefit scheme as at 30 September 2022 using the projected unit method.

| As at the date of the triennial valuation, and as at 30 June 2025, the value of the assets of the scheme is in excess of the value of the obligations. As a result of this surplus being irrecoverable by Port of Boston Limited, the value of scheme assets has been limited to an amount that results in obligations equating to the assets of the scheme. This has been reported as an effect of the asset ceiling.

| The amounts recognised in the balance sheet are as follows:

| Defined benefit |

| pension plans |

2025 | 2024 |

£'000 | £'000 |

| Present value of funded obligations | (3,261 | ) | (3,578 | ) |

| Fair value of plan assets | 3,261 |  | 3,578 |  |

- |  | - |  |

| Present value of unfunded obligations | - |  | - |  |

| Deficit | - |  | - |  |

| Net liability | - |  | - |  |

| The amounts recognised in profit or loss are as follows:

| Defined benefit |

| pension plans |

2025 | 2024 |

£'000 | £'000 |

| Current service cost | - |  | - |  |

| Net interest from net defined benefit asset/liability | (104 | ) | (66 | ) |

| Past service cost | - |  | - |  |

(104 | ) | (66 | ) |

| Actual return on plan assets | (32 | ) | 635 |  |

| PORT OF BOSTON LIMITED (REGISTERED NUMBER: 02198182) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

18. | EMPLOYEE BENEFIT OBLIGATIONS - continued

| Changes in the present value of the defined benefit obligation are as follows:

| Defined benefit |

| pension plans |

2025 | 2024 |

£'000 | £'000 |

| Opening defined benefit obligation | 3,578 |  | 3,499 |  |

| Interest cost | 180 |  | 138 |  |

| Actuarial losses/(gains) | (249 | ) | 118 |  |

| Benefits paid | (248 | ) | (177 | ) |

3,261 |  | 3,578 |  |

| Changes in the fair value of scheme assets are as follows:

| Defined benefit |

| pension plans |

2025 | 2024 |

£'000 | £'000 |

| Opening fair value of scheme assets | 5,592 |  | 5,134 |  |

| Expected return | 284 |  | 204 |  |

| Actuarial gains/(losses) | (316 | ) | 431 |  |

| Benefits paid | (248 | ) | (177 | ) |

| Effect of asset ceiling | (2,051 | ) | (2,014 | ) |

3,261 |  | 3,578 |  |

| The amounts recognised in other comprehensive income are as follows:

| Defined benefit |

| pension plans |

2025 | 2024 |

£'000 | £'000 |

| Actuarial gains/(losses) | (67 | ) | 313 |  |

| Effect of asset ceiling | (37 | ) | (379 | ) |

(104 | ) | (66 | ) |

| The major categories of scheme assets as a percentage of total scheme assets are as follows:

| Defined benefit |

| pension plans |

2025 | 2024 |

| Equities | - | 25.50% |

| Cash | 1.60% | 2.70% |

| Fixed interest gilts | 30.90% | 17.10% |

| Alternative assets | - | 10.50% |

| Property | 16.30% | 44.20% |

| Self-sufficiency credit | 51.20% | - |

100.00% | 100.00% |

| PORT OF BOSTON LIMITED (REGISTERED NUMBER: 02198182) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

18. | EMPLOYEE BENEFIT OBLIGATIONS - continued

| The long-term expected rate of return on cash is determined by reference to the expected future returns on the scheme's cash deposits at the balance sheet date.

| The long-term expected return on bonds is determined by reference to UK long dated government and corporate bond yields at the balance sheet date.

| The long-term expected rate of return on equities is based on the rate of return on bonds with an allowance for out-performance.

| Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):

2025 | 2024 |

| Discount rate | 5.70% | 5.20% |

| Increases to pensions in payment | 3.60% | 3.70% |

| Retail Price Inflation | 2.90% | 3.20% |

| Consumer Prices Index | 2.50% | 2.80% |

| Revaluation of deferred pensions | 2.50% | 2.80% |

| The assumed rates of pre-retirement and post-retirement mortality adopted in the 2025 disclosure valuations are from the S4 tables, with allowance for future improvements in line with the CMI 2024 projection basis (2024: S4PA tables and CMI 2023 projection basis).

| No allowance has been made for members either to retire early or to take cash at retirement.

| It has been assumed that no constructive obligation exists - an expectation from the members that a practice of granting additional benefits not promised in the benefit structure will continue.

| The best estimate of the employer's contributions to be paid to the scheme during the accounting period 2025/26 is £Nil, as the requirement for contributions has now ceased.

| PORT OF BOSTON LIMITED (REGISTERED NUMBER: 02198182) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

18. | EMPLOYEE BENEFIT OBLIGATIONS - continued

| Defined contribution scheme

| Industry Wide Scheme - Pilots National Pension Fund

| The Pilots National Pension Fund (PNPF) is an industry-wide defined benefits scheme. The most recent triennial actuarial valuation was carried out as at 31 December 2022, and this was approved in December 2023. This new valuation revealed a deficit falling short of that anticipated by the recovery plan put in place following the completion of the 2019 valuation. Despite the changes arising, no additional payments have been requested from the company, and the payments allocated per the initial recovery plan continue as planned. The next triennial valuation will take place in 2025, and will be approved in 2026.

| As at 30 June 2025 the scheme's quarterly report records assets with a market value of £234m (2022 triennial review: £247m), representing 75% (2022: 67%) of the liabilities of the scheme, which amounted to £313m (2022: £371m). The scheme actuary has estimated the deficit as at 30 June 2025 as being £79m (2022: £124m).

| The pension assets have been invested in a combination of portfolios to provide similar returns to equities over the longer term but with less volatility and hedging liabilities exposure to interest rate and inflation.

| The valuation assumptions adopted by the actuary per the last triennial valuation in 2022 are as follows:

| 2022 |  |

| Inflation (RPI) |  | 3.20% |  |

| Rate of increase in pensionable salaries |  | 2.30% |  |

| Rate of increase for pensions in payment |  | 3.00% |  |

| Rate of increase for deferred pensions |  | 2.30% |  |

| Discount rate |  | 4.90% |  |

| The assumptions used by the actuary are the best estimates chosen from a range of possible actuarial assumptions, which may not necessarily be borne out, based on the timescales covered.

| Life expectancies for members have been updated to reflect the latest standard actuarial mortality tables.

| Extensive analysis of the mortality experience and socio-economic status of the PNPF membership has been carried out to determine an appropriate assumption for how long PNPF members are expected to live, relative to the whole of the UK. An allowance for future improvements has been made in line with the latest CMI core projections, assuming a long term annual rate of improvement in mortality rates of 1.25% p.a. per the quarterly report to 30 June 2025.

| The trustees assessed the company's share of the deficit as at 31 December 2010 to be 1.408%, totalling £2.796m. Under the deficit recovery plan, the company has made payments towards the funding of the deficit over a 16 year period, starting in January 2013. Subsequently, as part of the 2019 review, an additional amount of £206k (discounted) was allocated to Port of Boston Limited.

| Port of Boston Limited has recognised the liability that arises from the company's obligations to make contributions towards the funding of the deficit, adjusted for the time value of money, assuming a discount factor of 3.41% (2024: 3.43%). As at 30 June 2025, £0.946m (2024: £1.166m) is outstanding.

| Under the terms of the PNPF scheme rules and the trustee powers, the company is exposed to actuarial risks associated with the current and former employees of other participating entities. As such, the company's share of the liabilities of the scheme is sensitive to changes in the overall membership composition of the scheme and the experience in rates of retirement, mortality, cash commutations, augmentations and increase in salaries.

| Other risks associated with the company's share of the net liabilities of the scheme include potential challenges from participating bodies to the allocation of liabilities in relation to self employed members to sponsoring employers and the impact of participating bodies leaving the scheme (e.g. under Section 75 of the Pensions Act).

| PORT OF BOSTON LIMITED (REGISTERED NUMBER: 02198182) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

19. | ULTIMATE PARENT COMPANY

| There has been no change in the ultimate parent company during the period, with Victoria Group Investments Limited, a company incorporated in England, continuing to hold that position since the group restructure on 26 June 2024.

| Port of Boston Limited is a wholly owned subsidiary of Victoria Group Holdings Limited, who in turn is a wholly owned subsidiary of Victoria Group Investments Limited.

| On 30th June 2025, the group structure was amended, and the previous intermediate parent company of Victoria Group Holdings Limited (Victoria Ports Ltd) disposed of its shares in the company via a dividend in specie. At the year end, Victoria Ports Ltd was still 100% owned by Victoria Group Investments Limited, and Victoria Group Investments Limited remains the ultimate parent company.

| Copies of the consolidated financial statements for Victoria Group Investments Limited to the 30 June 2025 are available from Companies House, Crown Way, Cardiff.

20. | ULTIMATE CONTROLLING PARTY

| The Gatehouse Family Trust is considered to be the ultimate controlling party by virtue of its majority shareholding.

21. | CONTINGENT ASSET

| The company is in the process of negotiating a claim for lost revenue as a result of disruption at the dock site. As at the year end date, the outcome of these negotiations is unknown, both in timing and value. As a result, no income or debtor has been recorded with respect to this potential future inflow, despite the fact that it has arisen as a result of past events.