Company registration number 06737668 (England and Wales)
DAYGARD LOGISTICS GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
Affinia
19th Floor
1 Westfield Avenue
London
E20 1HZ
DAYGARD LOGISTICS GROUP LIMITED
COMPANY INFORMATION
Director
Mr R Munday
Company number
06737668
Registered office
19th Floor
1 Westfield Avenue
London
E20 1HZ
Auditor
Affinia (Stratford)
19th Floor
1 Westfield Avenue
London
E20 1HZ
Bankers
HSBC UK Bank plc
59-61 The Mall
Stratford Centre
Stratford
London
E15 1XF
Clydesdale Bank plc
30 St Vincent Street
Glasgow
Scotland
G1 2HL
DAYGARD LOGISTICS GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 2
Director's report
3 - 5
Director's responsibilities statement
6
Independent auditor's report
7 - 10
Profit and loss account
11
Balance sheet
13
Statement of changes in equity
14
Notes to the financial statements
15 - 29
DAYGARD LOGISTICS GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2025
- 1 -

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

Review of the business

The results for the year and the financial position at the yearend were considered strong by the directors within the current climate of the global economy.

The directors consider turnover, net gross profit, net gross profit margin, employees and net profits before tax to be the key measures of financial performance.

31 July 2025 31 July 2024 % Change

Turnover £39.86m £36.15m up 10.26%

Gross Profit £10.34m £9.54m up 8.39%

Gross Profit Margin (%) 25.94% 26.39%

Profit Before Tax £2.89m £2.96m down 2.36%

Net Assets £16.37m £15.27m up 7.20%

Employees 66 64 up 1.56%

Principal risks and uncertainties

The main risks and uncertainties relating to the group are based on the wider economic client and freight rates based on global geopolitics. The company continues to ensure that the business and trade is robust in relation to these uncertainties and continually assesses and reviews its business model accordingly.

Statement by the directors relating to their statutory duties under s172(1) Companies Act 2006

During the year the directors consider, both individually and collectively, that, in the decisions taken during the financial year, they have satisfied the requirements of s1722(1) of the Companies Act 2006 in acting in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its' members as a whole and in doing so having regard to the stakeholders and matters outlined in s172(1).

Long term plan

The Board considers the interest of a range of stakeholders impacted by our business and recognises that valuable stakeholder engagement underpins our ability to achieve our purpose and strategic aim. Key stakeholder relationships are regularly reviewed, including how we engage with them and whether any improvements can be made. The relevance of each stakeholder group will depend on the particular mater requiring Board decision.

The key strategic decisions for the Board during the year relate to long term growth and the development of next generation products, partnerships and offerings.

Employees

The company's strategy is to attract, retain, develop and promote the best people through communication, inclusion, management and leadership, rewards and remuneration, training and development, teamwork, working conditions, values and behaviour.

There are specific and segregated levels of communication that ensures appropriate levels are engaged with the company's employees.

DAYGARD LOGISTICS GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 2 -
Customer care

The company understands that engagement, through listening, understanding and responding to customers and prospective customers, is critical to long term success. The directors regularly engage with customers through user group meetings and customer satisfaction surveys.

Suppliers and other stakeholders

The company's success and reputation is intrinsically linked to its relationship with its partners and suppliers. The directors seek to maintain and develop strong, open collaborative and positive relationship with our advisers, suppliers and subcontractors.

Shareholders and other stakeholders

As a privately owned business with a small group of shareholders but one ultimate controlling shareholder, the board are keen to understand and meet the objectives of the ultimate shareholder and reflecting these where possible when developing the company's long-term plan.

The directors maintain regular and open relationship and group updates with other stakeholders such as banks and funders, insurers, auditors, HMRC and government.

Streamline energy and carbon reporting

The company are becoming greener and are measuring their Co2 emissions through Searoutes by;

- Creating a sustainable business

- Aiming to achieve a net-zero emissions target

- Establishing a realistic decarbonisation roadmap

- Cultivating a corporate sustainability reputation

- Optimising cost efficiency

The above five steps empower the company with carbon-conscious logistics, helping optimise operations, reduce emissions and achieve sustainable goals.

Searoutes is GLEC-certified and ISO 14083 compliant. It is an innovative platform combining advanced algorithms and real-world maritime data.

The company's plans, strategy and policies have been considered by the directors to ensure the company maintains the highest standards of business conduct.

On behalf of the board

Mr R Munday
Director
12 March 2026
DAYGARD LOGISTICS GROUP LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 JULY 2025
- 3 -

The director presents his annual report and financial statements for the year ended 31 July 2025.

Principal activities

The principal activity of the company continued to be that of providing Logistics solutions by sea, air & land together with Hotel Hospitality Logistics.

Results and dividends

The results for the year are set out on page 11.

Ordinary dividends were paid amounting to £941,000. The director does not recommend payment of a final dividend.

Director

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

Mr R Munday
Directors' indemnities

As permitted by the Companies Act 2006, the Company has indemnified the directors in respect of proceedings brought by third parties and qualifying third party indemnity insurance was in place throughout the year and up to date of approval of the financial statements.

Financial instruments

The company's financial instruments at the balance sheet comprise invoice discounting facilities, cash and liquid resources. The main purpose of these financial instruments are to provide finance for the company's operations.

The company has various other financial instruments such as trade debtors and trade creditors, that arise directly from its operations.

The main risks arising from the company's financial instruments are interest rate risk and liquidity risk.

Liquidity risk

The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.

Interest rate risk

The company is exposed to fair value interest rate risk on its fixed rate borrowings and cash flow interest rate risk on floating rate deposits, bank overdrafts and loans. The company uses interest rate derivatives to manage the mix of fixed and variable rate debt so as to reduce its exposure to changes in interest rates.

Auditor

The auditor, Affinia (Stratford), is deemed to be reappointed under section 487(2) of the Companies Act 2006.

DAYGARD LOGISTICS GROUP LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 4 -

Energy and carbon report

Daygard Logistics Group Limited is committed to monitoring and reducing its energy use and associated greenhouse gas emissions in line with regulatory requirements. The following disclosures cover the financial year ended 31 July 2025.

1. Energy Consumption

The company’s energy consumption arises from the operation of its vehicle fleet and premises. Total estimated energy use for the year was as follows:

Energy source Consumption

Diesel (vehicles) 225,474 litres

Petrol (vehicles) 10,201 litres

Electricity (vehicles and premises) 100,972 kWh

The vehicle fleet comprised:

6 electric cars

4 hybrid cars

4 petrol cars

6 diesel cars

10 HGVs, including 6 electric HGVs

Total estimated mileage for all vehicles was approximately 663,618 miles.

2. Fleet Fuel and Electricity Use

Diesel consumption includes HGVs, vans, and diesel company cars.

Petrol consumption includes petrol cars and the fuel element of hybrid cars.

Electricity use includes charging of electric cars and HGVs, based on an average of 3 miles per kWh and a typical annual mileage of 12,000 miles per electric vehicle. Charging occurred primarily at company facilities, with some home and public charging.

3. Transport Activity

The HGV fleet transported an estimated 17,744 tonnes of goods during the year. This estimate assumes 60% of HGV miles were loaded, with an average payload of 8 tonnes per loaded trip.

4. Carbon Emissions

Estimated greenhouse gas emissions for the year were:

Energy source CO₂e (tonnes)

Diesel 592 tCO₂e

Petrol 23 tCO₂e

Electricity 12 tCO₂e

Emission factors used are standard UK government conversion factors: diesel 2.63 kg CO₂e/litre, petrol 2.31 kg CO₂e/litre, electricity 0.5 kg CO₂e/kWh.

5. Carbon Management

Daygard Logistics Group monitors energy use to identify opportunities for efficiency improvements and reduction in emissions. The company is committed to continued transition to low-emission vehicles and optimisation of fleet operations to reduce fuel consumption and carbon output.

DAYGARD LOGISTICS GROUP LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 5 -
Statement of disclosure to auditor

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

On behalf of the board
Mr R Munday
Director
12 March 2026
DAYGARD LOGISTICS GROUP LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 JULY 2025
- 6 -

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

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

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

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

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 them 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.

DAYGARD LOGISTICS GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DAYGARD LOGISTICS GROUP LIMITED
- 7 -
Opinion

We have audited the financial statements of Daygard Logistics Group Limited (the 'company') for the year ended 31 July 2025 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 July 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

DAYGARD LOGISTICS GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DAYGARD LOGISTICS GROUP LIMITED (CONTINUED)
- 8 -
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 identifie d material misstatements in the strategic report or the director's r eport.

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

- adequate accounting records have not been kept, 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 director's r esponsibilities s tatement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is responsible for assessing the 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.

DAYGARD LOGISTICS GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DAYGARD LOGISTICS GROUP LIMITED (CONTINUED)
- 9 -
Auditor's responsibilities for the audit of the financial statements

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

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The extent to which the audit was considered capable of detecting irregularities including fraud Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the logistics sector; we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including Companies Act 2006, taxation legislation, data protection, anti-bribery, environmental and health and safety legislation; we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud. considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: performed analytical procedures to identify any unusual or unexpected relationships; tested journal entries to identify unusual transactions; assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: agreeing financial statement disclosures to underlying supporting documentation; enquiring of management as to actual and potential litigation and claims; and

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.

DAYGARD LOGISTICS GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DAYGARD LOGISTICS GROUP LIMITED (CONTINUED)
- 10 -

There are inherent limitations in our audit procedures described above. The more removed that laws and

regulations are from financial transactions, the less likely it is that we would become aware of non-compliance.

Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations

to enquiry of directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they

may involve deliberate concealment or collusion.

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

Use of our report

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

Richard Lane (Senior Statutory Auditor)
For and on behalf of Affinia (Stratford), Statutory Auditor
Chartered Accountants
19th Floor
1 Westfield Avenue
London
E20 1HZ
12 March 2026
DAYGARD LOGISTICS GROUP LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 JULY 2025
- 11 -
2025
2024
Notes
£'000
£'000
Turnover
3
39,855
36,149
Cost of sales
(29,514)
(26,606)
Gross profit
10,341
9,543
Administrative expenses
(7,606)
(6,825)
Operating profit
4
2,735
2,718
Interest receivable and similar income
8
158
245
Profit before taxation
2,893
2,963
Tax on profit
9
(847)
(836)
Profit for the financial year
2,046
2,127

The profit and loss account has been prepared on the basis that all operations are continuing operations.

DAYGARD LOGISTICS GROUP LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2025
- 12 -
2025
2024
£'000
£'000
Profit for the year
2,046
2,127
Other comprehensive income
-
-
Total comprehensive income for the year
2,046
2,127
DAYGARD LOGISTICS GROUP LIMITED
BALANCE SHEET
AS AT 31 JULY 2025
31 July 2025
- 13 -
2025
2024
Notes
£'000
£'000
£'000
£'000
Fixed assets
Tangible assets
11
1,159
856
Investments
12
1,765
15
2,924
871
Current assets
Debtors
14
12,940
14,589
Cash at bank and in hand
5,881
6,483
18,821
21,072
Creditors: amounts falling due within one year
15
(4,801)
(6,298)
Net current assets
14,020
14,774
Total assets less current liabilities
16,944
15,645
Creditors: amounts falling due after more than one year
16
(363)
(249)
Provisions for liabilities
Deferred tax liability
18
208
128
(208)
(128)
Net assets
16,373
15,268
Capital and reserves
Called up share capital
22
11
11
Other reserves
152
152
Profit and loss reserves
16,210
15,105
Total equity
16,373
15,268
The financial statements were approved and signed by the director and authorised for issue on 12 March 2026
Mr R Munday
Director
Company registration number 06737668 (England and Wales)
DAYGARD LOGISTICS GROUP LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2025
- 14 -
Share capital
Share based Payments
Profit and loss reserves
Total
Notes
£'000
£'000
£'000
£'000
Balance at 1 August 2023
11
152
13,018
13,181
Year ended 31 July 2024:
Profit and total comprehensive income
-
-
2,127
2,127
Dividends
10
-
-
(40)
(40)
Balance at 31 July 2024
11
152
15,105
15,268
Year ended 31 July 2025:
Profit and total comprehensive income
-
-
2,046
2,046
Dividends
10
-
-
(941)
(941)
Balance at 31 July 2025
11
152
16,210
16,373
DAYGARD LOGISTICS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
- 15 -
1
Accounting policies
Company information

Daygard Logistics Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is 19th Floor, 1 Westfield Avenue, London, E20 1HZ.

1.1
Accounting convention

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

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £'000.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of Dayship Logistics Limited. These consolidated financial statements are available from Companies House.

1.2
Going concern

A true t the time of approving the financial statements, t he director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

The turnover is recognised when the risks and rewards of transit are transferred to the Company. In this respects it is considered either the day of departure or the day of arrival of the relevant freight according to the nature of the import or export transaction. Income is received outside of this are treated and recognised as accrued or deferred income, as identified according to timings of that particular shipment.

1.4
Tangible fixed assets

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

DAYGARD LOGISTICS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
1
Accounting policies
(Continued)
- 16 -

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

Land and buildings Leasehold
10 years Straight Line
Plant and machinery
5 years Straight Line
Fixtures, fittings & equipment
5 years Straight Line
Computer equipment
3 years Straight Line
Motor vehicles
5 years Straight Line

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

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

DAYGARD LOGISTICS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
1
Accounting policies
(Continued)
- 17 -
1.7
Cash and cash equivalents

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

1.8
Financial instruments

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

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

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

Basic financial assets

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

Other financial assets

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

Impairment of financial assets

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

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

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

Derecognition of financial assets

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

DAYGARD LOGISTICS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
1
Accounting policies
(Continued)
- 18 -
Classification of financial liabilities

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

Basic financial liabilities

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

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

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

Other financial liabilities

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

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

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

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

1.10
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

1.11
Taxation

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

DAYGARD LOGISTICS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
1
Accounting policies
(Continued)
- 19 -
Current tax

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

Deferred tax

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

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

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

1.14
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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

1.15
Foreign exchange

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

DAYGARD LOGISTICS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 20 -
2
Judgements and key sources of estimation uncertainty

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

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

Key sources of estimation uncertainty:

- Bad debt provisions are made where the assessment of full recoverability of a debt is deemed to be uncertain. This is based on an assessment of each debtor, including the age of the debt, the contractual status of the customer, the length of the trading relation and the trading status of the debtor.

- Trading accruals and prepayments linked to trading performance are assessed with respect to the company performance on an ongoing basis. This is reviewed against wider economic positions and business competitors in relation to the company sector and assessed against individual job analysis that arises during the company operations. The balances in relation to trading accruals and prepayments are then reviewed and considered against the company’s previous and current trading performance and future expectations to ensure that they are in line with expectations of the trade.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2025
2024
£'000
£'000
Turnover analysed by class of business
Freight and Cargo Handling
35,637
31,509
Hotel and Hospitality Logistics
4,218
4,640
39,855
36,149
2025
2024
£'000
£'000
Other revenue
Interest income
158
245
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£'000
£'000
Exchange gains
(34)
(66)
Depreciation of owned tangible fixed assets
212
143
Operating lease charges
1,273
1,216
DAYGARD LOGISTICS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 21 -
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£'000
£'000
For audit services
Audit of the financial statements of the company
32
30
For other services
Services relating to corporate finance transactions
31
80
All other non-audit services
17
10
48
90
6
Employees

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

2025
2024
Number
Number
66
64

Their aggregate remuneration comprised:

2025
2024
£'000
£'000
Wages and salaries
2,796
2,398
Social security costs
304
255
Pension costs
58
54
3,158
2,707
7
Director's remuneration
2025
2024
£'000
£'000
Remuneration for qualifying services
9
9
Company pension contributions to defined contribution schemes
4
4
13
13
DAYGARD LOGISTICS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 22 -
8
Interest receivable and similar income
2025
2024
£'000
£'000
Interest income
Interest on bank deposits
158
238
Other interest income
-
0
7
Total income
158
245
2025
2024
Investment income includes the following:
£'000
£'000
Interest on financial assets not measured at fair value through profit or loss
158
238
9
Taxation
2025
2024
£'000
£'000
Current tax
UK corporation tax on profits for the current period
767
808
Deferred tax
Origination and reversal of timing differences
80
28
Total tax charge
847
836

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

2025
2024
£'000
£'000
Profit before taxation
2,893
2,963
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
723
741
Tax effect of expenses that are not deductible in determining taxable profit
159
135
Permanent capital allowances in excess of depreciation
(115)
(67)
Deferred tax timing
80
27
Taxation charge for the year
847
836
DAYGARD LOGISTICS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 23 -
10
Dividends
2025
2024
£'000
£'000
Final paid
-
0
40
Interim paid
941
-
0
941
40
11
Tangible fixed assets
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£'000
£'000
£'000
£'000
£'000
£'000
Cost
At 1 August 2024
361
235
22
111
552
1,281
Additions
18
48
-
0
5
444
515
At 31 July 2025
379
283
22
116
996
1,796
Depreciation and impairment
At 1 August 2024
31
153
21
101
119
425
Depreciation charged in the year
34
34
-
0
8
136
212
At 31 July 2025
65
187
21
109
255
637
Carrying amount
At 31 July 2025
314
96
1
7
741
1,159
At 31 July 2024
330
82
1
10
433
856

Hire purchase

Included within the netbook value of £1,159k is £678k (2024: £653k) relating to assets held under hire purchase. The depreciation charged to the financial statements in the year in respect of such assets amounted to £132k (2024: £87k).

12
Fixed asset investments
2025
2024
Notes
£'000
£'000
Investments in subsidiaries
13
1,765
15
DAYGARD LOGISTICS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
12
Fixed asset investments
(Continued)
- 24 -
Movements in fixed asset investments
Shares in subsidiaries
£'000
Cost or valuation
At 1 August 2024
15
Additions
1,750
At 31 July 2025
1,765
Carrying amount
At 31 July 2025
1,765
At 31 July 2024
15

On 4 October 2024, the Company purchased 100% of the shares in Enterprise Liner Agencies Limited.

DAYGARD LOGISTICS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 25 -
13
Subsidiaries

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

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Daygard Clearances Limited
UK
Dormant
Ordinary
100.00
Freight Movers International Limited
UK
Dormant
Ordinary
100.00
Hotel & Hospitality Logistics Limted
UK
Dormant
Ordinary
100.00
World Freight Movements Limited
UK
Dormant
Ordinary
100.00
Gateway Freight Terminal Limited
UK
Dormant
Ordinary
100.00
Cargo Movers International Limited
UK
Dormant
Ordinary
100.00
Daygard Group Limited
UK
Dormant
Ordinary
100.00
Enterprise Liner Agencies Limited
UK
Shipping Agents
Ordinary
100.00
14
Debtors
2025
2024
Amounts falling due within one year:
£'000
£'000
Trade debtors
3,035
3,933
Amounts owed by group undertakings
4,985
4,520
Other debtors
627
1,245
Prepayments and accrued income
3,948
4,546
12,595
14,244
2025
2024
Amounts falling due after more than one year:
£'000
£'000
Other debtors
345
345
Total debtors
12,940
14,589

The amounts due from group undertakings are interest free and repayable on demand.

DAYGARD LOGISTICS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 26 -
15
Creditors: amounts falling due within one year
2025
2024
Notes
£'000
£'000
Obligations under finance leases
17
212
126
Trade creditors
2,738
3,445
Corporation tax
157
413
Other taxation and social security
45
70
Deferred income
19
986
1,026
Other creditors
179
135
Accruals and deferred income
484
1,083
4,801
6,298

16
Creditors: amounts falling due after more than one year
2025
2024
Notes
£'000
£'000
Obligations under finance leases
17
363
249

The business secures its finance leases against the assets in which they relate to.

17
Finance lease obligations
2025
2024
Future minimum lease payments due under finance leases:
£'000
£'000
Within one year
212
126
In two to five years
363
249
575
375

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

DAYGARD LOGISTICS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 27 -
18
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
£'000
£'000
Accelerated capital allowances
208
128
2025
Movements in the year:
£'000
Liability at 1 August 2024
128
Charge to profit or loss
80
Liability at 31 July 2025
208

The deferred tax liability set out above relates to accelerated capital allowances that are expected to mature in future financial years.

19
Deferred income
2025
2024
£'000
£'000
Deferred income
986
1,026
20
Retirement benefit schemes
2025
2024
Defined contribution schemes
£'000
£'000
Charge to profit or loss in respect of defined contribution schemes
58
54

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

DAYGARD LOGISTICS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 28 -
21
Share-based payment transactions

During the year the company operated an approved EMI Share Option Scheme. The granting and exercising of Share Options took place throughout the year.

Number of share options
Weighted average exercise price
2025
2024
2025
2024
Number
Number
£'000
£'000
Outstanding at 1 August 2024 and 31 July 2025
558
558
546.00
546.00
Exercisable at 31 July 2025
279
-
0
-
0
-
0

The weighted average share price at the date of exercise for share options exercised during the year was £0 (2024 - £0).

At 31 July 2025 279 options were exercisable with an exercise price of £153k.

The options outstanding at 31 July 2025 had an exercise price of £153k, and a remaining contractual life of 2 years.

The share based payment transaction relates to shares in the ultimate parent company of the group. The r ecognition of the transaction is included in Daygard Logistics Group Limited as this entity includes the employee contractual obligation.

Inputs were as follows:
2025
2024
Weighted average exercise price
546.00
546.00
22
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£'000
£'000
Issued and fully paid
Ordinary shares of £1 each
11,100
11,100
11
11

DAYGARD LOGISTICS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 29 -
23
Operating lease commitments
As lessee

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

2025
2024
£'000
£'000
Within 1 year
961
961
Years 2-5
3,208
3,493
After 5 years
575
1,252
4,744
5,706
24
Charges

Clydesdale Bank plc has a fixed and floating charge created on 21 July 2020 on all property and undertakings of the company,

25
Related party transactions

Transactions with subsidiaries

As permitted by FRS102 the company is exempt from disclosing transactions with wholly owned group members.

Transactions with related parties

During the financial year, the Company engaged in various transactions with related parties that are not wholly owned group members. As at 31 July 2025, the following balances within other debtors were outstanding with related parties:

Other debtors

- Related parties in which the director has an interest owed £725k (2024: £584k) to the Company

All transactions with related parties are on an arm's length basis. Outstanding balances at the year end are unsecured, interest free, and repayable on demand.

Transactions with directors

As at the balance sheet date the director owed £223k to the company (2024: owed to the Company £940k). This was the maximum amount overdrawn and was repaid within 9 months of the balance sheet date.

26
Ultimate controlling party

At the end of the year the Company was under the control of Mr R Munday. Dayship Logistics Limited is the immediate parent company and Mr R Munday is the ultimate controlling party by virtue of his shareholding.

Dayship Logistics Limited prepares consolidated financial statements, available at Companies House.

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