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REGISTERED NUMBER: 02140843 (England and Wales)

| Unaudited Financial Statements |

| for the Year Ended 30 September 2025 |

| for |

| Sabre Rail Services Limited |

| Sabre Rail Services Limited (Registered number: 02140843) |

Contents of the Financial Statements

for the Year Ended 30 September 2025

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 4 |

| Sabre Rail Services Limited |

Company Information

for the Year Ended 30 September 2025

| DIRECTOR: | S M Thompson

| REGISTERED OFFICE: | Grindon Way

| Heighington Lane Business Park

| Newton Aycliffe

| Co Durham

| DL5 6SH

| REGISTERED NUMBER: | 02140843 (England and Wales)

| ACCOUNTANT: | Clive Owen LLP

| Chartered Accountants

| 140 Coniscliffe Road

| Darlington

| County Durham

| DL3 7RT

| Sabre Rail Services Limited (Registered number: 02140843) |

Balance Sheet

30 September 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 1,261,246 |  | 1,238,595 |  |

CURRENT ASSETS

Stocks | 5 | 1,348,648 |  | 1,135,652 |  |

Debtors | 6 | 1,944,525 |  | 1,474,408 |  |

Cash at bank and in hand | 159,868 |  | 44,762 |  |

3,453,041 |  | 2,654,822 |  |

CREDITORS

Amounts falling due within one year | 7 | 1,969,341 |  | 1,346,899 |  |

NET CURRENT ASSETS | 1,483,700 |  | 1,307,923 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 2,744,946 |  | 2,546,518 |  |

CREDITORS

Amounts falling due after more than one year | 8 | (158,865 | ) | (176,388 | ) |

PROVISIONS FOR LIABILITIES | 11 | (115,970 | ) | (91,966 | ) |

NET ASSETS | 2,470,111 |  | 2,278,164 |  |

CAPITAL AND RESERVES

Called up share capital | 12 | 20,000 |  | 20,000 |  |

Retained earnings | 2,450,111 |  | 2,258,164 |  |

SHAREHOLDERS' FUNDS | 2,470,111 |  | 2,278,164 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2025 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

| Sabre Rail Services Limited (Registered number: 02140843) |

Balance Sheet - continued

30 September 2025

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 3 March 2026 and were signed by:

S M Thompson - Director

| Sabre Rail Services Limited (Registered number: 02140843) |

Notes to the Financial Statements

for the Year Ended 30 September 2025

1. | STATUTORY INFORMATION

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

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| There were no material departures from this standard.

| The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.

| 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 subsidiaries within the group, nor transactions conducted at a market rate.

| Turnover

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

| Income recognition

| Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

| Tangible fixed assets

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

| Freehold property | - | 2% on cost

| Plant and machinery | - | 10% on cost

| Fixtures and fittings | - | 10% on cost

| Motor vehicles | - | 25% on cost

| Tangible fixed assets are measured at cost less accumulated depreciation and impairment.

| Stocks

| Stocks are valued at the lower of cost and selling price less estimated costs to sell.

| Financial instruments

| Basic financial instruments are recognised at amortised cost with changes recognised in profit or loss.

| Taxation

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

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

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

| Sabre Rail Services Limited (Registered number: 02140843) |

Notes to the Financial Statements - continued

for the Year Ended 30 September 2025

2. | ACCOUNTING POLICIES - continued

| Deferred tax

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

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

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

| Foreign currencies

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

| Hire purchase and leasing commitments

| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

| Pension costs and other post-retirement benefits

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

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 98 (2024 - 91 ) .

| Sabre Rail Services Limited (Registered number: 02140843) |

Notes to the Financial Statements - continued

for the Year Ended 30 September 2025

4. | TANGIBLE FIXED ASSETS

| Fixtures

| Freehold |  | Plant and |  | and

| property |  | machinery |  | fittings

£ | £ | £ |

| COST

| At 1 October 2024 | 916,833 |  | 1,716,296 |  | 136,037 |  |

| Additions | - |  | 56,795 |  | 2,804 |  |

| Disposals | - |  | (829,464 | ) | (108,122 | ) |

| At 30 September 2025 | 916,833 |  | 943,627 |  | 30,719 |  |

| DEPRECIATION

| At 1 October 2024 | 305,823 |  | 1,309,384 |  | 128,481 |  |

| Charge for year | 18,336 |  | 81,268 |  | 3,884 |  |

| Eliminated on disposal | - |  | (829,736 | ) | (109,657 | ) |

| At 30 September 2025 | 324,159 |  | 560,916 |  | 22,708 |  |

| NET BOOK VALUE

| At 30 September 2025 | 592,674 |  | 382,711 |  | 8,011 |  |

| At 30 September 2024 | 611,010 |  | 406,912 |  | 7,556 |  |

| Motor |  | Computer |

| vehicles |  | equipment |  | Totals

£ | £ | £ |

| COST

| At 1 October 2024 | 510,857 |  | 228,586 |  | 3,508,609 |  |

| Additions | 186,238 |  | 20,306 |  | 266,143 |  |

| Disposals | (197,119 | ) | (103,161 | ) | (1,237,866 | ) |

| At 30 September 2025 | 499,976 |  | 145,731 |  | 2,536,886 |  |

| DEPRECIATION

| At 1 October 2024 | 367,164 |  | 159,162 |  | 2,270,014 |  |

| Charge for year | 86,278 |  | 26,410 |  | 216,176 |  |

| Eliminated on disposal | (167,946 | ) | (103,211 | ) | (1,210,550 | ) |

| At 30 September 2025 | 285,496 |  | 82,361 |  | 1,275,640 |  |

| NET BOOK VALUE

| At 30 September 2025 | 214,480 |  | 63,370 |  | 1,261,246 |  |

| At 30 September 2024 | 143,693 |  | 69,424 |  | 1,238,595 |  |

5. | STOCKS

2025 | 2024 |

£ | £ |

| Stocks | 1,348,648 |  | 1,135,652 |  |

| Sabre Rail Services Limited (Registered number: 02140843) |

Notes to the Financial Statements - continued

for the Year Ended 30 September 2025

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

2025 | 2024 |

£ | £ |

| Trade debtors | 1,875,436 |  | 1,409,526 |  |

| Prepayments and accrued income | 69,089 |  | 64,882 |  |

1,944,525 |  | 1,474,408 |  |

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

2025 | 2024 |

£ | £ |

| Bank loans and overdrafts | 90,019 |  | 94,894 |  |

| Invoice discounting | 376,033 |  | 199,269 |  |

| Hire purchase contracts (see note 9) | 75,694 |  | 99,713 |  |

| Trade creditors | 862,302 |  | 436,914 |  |

| Taxation and social security | 439,066 |  | 427,829 |  |

| Other creditors | 10,642 |  | (8,189 | ) |

| Directors' current accounts | 89,105 |  | 60,805 |  |

| Accruals and deferred income | 26,480 |  | 35,664 |  |

1,969,341 |  | 1,346,899 |  |

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

2025 | 2024 |

£ | £ |

| Bank loans | 66,908 |  | 102,786 |  |

| Hire purchase contracts (see note 9) | 91,957 |  | 73,602 |  |

158,865 |  | 176,388 |  |

9. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Hire purchase |

| contracts |

2025 | 2024 |

£ | £ |

| Net obligations repayable:

| Within one year | 75,694 |  | 99,713 |  |

| Between one and five years | 91,957 |  | 73,602 |  |

167,651 |  | 173,315 |  |

| Non-cancellable |

| operating leases |

2025 | 2024 |

£ | £ |

| Within one year | 36,438 |  | - |  |

| Between one and five years | 15,440 |  | - |  |

51,878 |  | - |  |

| Sabre Rail Services Limited (Registered number: 02140843) |

Notes to the Financial Statements - continued

for the Year Ended 30 September 2025

10. | SECURED DEBTS

| The following secured debts are included within creditors:

2025 | 2024 |

£ | £ |

| Bank loans | 156,927 |  | 197,680 |  |

| Invoice discounting | 376,033 |  | 199,269 |  |

| Hire purchase contracts | 167,651 |  | 173,315 |  |

700,611 |  | 570,264 |  |

| Bank loans and overdrafts are subject to a fixed and floating charge over the assets and undertakings of the company.

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

| Invoice discounting debts are secured by a fixed and floating charge over the assets and undertakings of the company.

11. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

£ | £ |

| Deferred tax | 115,970 |  | 91,966 |  |

| Deferred |

| tax |

£ |

| Balance at 1 October 2024 | 91,966 |  |

| Charge to Statement of Income and Retained Earnings during year | 24,004 |  |

| Balance at 30 September 2025 | 115,970 |  |

12. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

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

| value: | £ | £ |

| 20,000 | Ordinary | £1 | 20,000 |  | 20,000 |  |

13. | RELATED PARTY DISCLOSURES

| Included in other creditors is loan from the director, no interest has been charged and there are no set repayment terms.

14. | PARENT COMPANY

| On 20 November 2025 the company became a wholly owned subsidiary of Sabre Rail Holdings Limited, registered office Grindon Way, Heighington Lane Business Park, Newton Aycliffe, Co. Durham DL5 6SH.