Company registration number NI610820 (Northern Ireland)
SFG FORWARDING LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
SFG FORWARDING LIMITED
COMPANY INFORMATION
Director
Mr S Nelson
Company number
NI610820
Registered office
Third Floor
Causeway Tower
James Street South
Belfast
BT2 8DN
Auditor
GMcG LISBURN
Century House
40 Crescent Business Park
Lisburn
BT28 2GN
Business address
Third Floor
Causeway Tower
James Street South
Belfast
BT2 8DN
Bankers
Bank of Ireland
Corporate & Business Banking
1 Donegall Square South
Belfast
BT1 5LR
Solicitors
Carson McDowell LLP
Murray House
4 Murray Street
Belfast
BT1 6DN
SFG FORWARDING LIMITED
CONTENTS
Page
Strategic report
1
Director's report
2 - 3
Independent auditor's report
4 - 9
Income statement
10
Statement of comprehensive income
11
Statement of financial position
12
Statement of changes in equity
13
Statement of cash flows
14
Notes to the financial statements
15 - 28
SFG FORWARDING LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
- 1 -

The director presents the strategic report for the period ended 30 September 2025.

Review of the business

The director aim to present a balanced and comprehensive review of the development and performance during the period and its position as at 30 September 2025. The director's review is consistent with the size and nature of the business and is written in the context of the risks and uncertainties the company faces.

The principal activities of the business continue to be freight forwarding, warehousing, transportation and customs. Our business involves the movement of goods from China and elsewhere, primarily for businesses based in UK. We currently operate warehouses in Antrim, Belfast, Guildford and Tamworth. During the period we closed a warehouse in Bradford.

The director considers the key performance indicators are those that communicate the financial performance and overall strength of the company notably turnover, gross profit margin, operating profit and net assets.

The director is satisfied with the results for the period which has seen an increase in turnover from £10.8m in 2024 to £25.5m, generating a gross profit of £5.3m (2024 - £2.8m) at a gross profit margin of 21% (2024 - 26%). Operating profit for the period has increased from £0.83m in 2024 to £1.01m. It should be noted that the current period represents 18 months trading whereas the comparative period represents 12 months trading.

The company continues to have a strong cash flow and a continued strong net asset position of £3.54m (2024 - £3.45m).

Principal risks and uncertainties

The director considers that the principal risks and uncertainties facing the company are:

Economic Risk

The impact of:

- Rises in interest rates and inflation increases;

- Wage inflation and sub-contractor costs;

- Fuel and road user costs and legislation; and

The director works closely with suppliers, customers and advisors to carefully manage these risks.

Competition Risk

Competition risk is managed through close attention to customer service, continued investment in equipment and the provision of quality services.

Foreign Exchange risk

As the company operates within the European Union and further afield it is susceptible to movements in foreign currency rates primarily regarding the Euro and the US Dollar. The company manages foreign exchange risk by continuing to work closely with the company's foreign exchange advisers.

Future developments

The director plans to continue to develop their core freight forwarding business. The director is committed to continued capital investment and customer focus, to ensure they remain at the forefront of freight forwarding in the UK and Ireland.

On behalf of the board

Mr S Nelson
Director
24 March 2026
SFG FORWARDING LIMITED
DIRECTOR'S REPORT
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
- 2 -

The director presents his annual report and financial statements for the period ended 30 September 2025.

Principal activities

The principal activity of the company continued to be that of freight forwarding and warehousing.

Results and dividends

The results for the period are set out on page 10.

Ordinary dividends were paid amounting to £230,000. The director does not recommend payment of a final dividend.

Director

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

Mr S Nelson
Auditor

GMcG LISBURN were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006.

Statement of director's responsibilities

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; 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.

SFG FORWARDING LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
- 3 -
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 S Nelson
Director
24 March 2026
SFG FORWARDING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SFG FORWARDING LIMITED
- 4 -
Opinion

We have audited the financial statements of SFG Forwarding Limited (the 'company') for the period ended 30 September 2025 which comprise the income statement, the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows 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 30 September 2025 and of its profit for the period 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.

SFG FORWARDING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SFG FORWARDING LIMITED (CONTINUED)
- 5 -

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 period 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.

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.

SFG FORWARDING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SFG FORWARDING LIMITED (CONTINUED)
- 6 -
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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

SFG FORWARDING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SFG FORWARDING LIMITED (CONTINUED)
- 7 -
Extent to which the audit was considered capable of detecting irregularities, including fraud

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and assessing potential risks of material misstatement in respect of irregularities, including fraud and non-compliances with laws and regulations, we considered the following:

- The nature of the industry and sector, control environment and business performance, including the company’s remuneration policies for directors, bonus levels and performance targets, if any;

- Results of our enquiries of management about their own identification and assessment of the risks of irregularities;

- Any matters we identified having obtained and reviewed the company’s documentation of their policies and procedures relating to:

  - Identifying, evaluating and complying with laws and regulations and whether they were aware of any instance of non-compliance;

  - Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and

  - The internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

- The matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the company for fraud and identified the greatest potential for fraud in revenue recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.

SFG FORWARDING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SFG FORWARDING LIMITED (CONTINUED)
- 8 -
Audit response to risks identified

Our procedures to respond to the risks identified included the following:

- Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

- Enquiring of management concerning actual and potential litigation and claims;

- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- Reading minutes of meetings of those charged with governance and reviewing correspondence with tax authorities; and

- In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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

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.

Other matters - Scope of audit

The comparative financial statements for the year ended 31 March 2024 were unaudited.

SFG FORWARDING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SFG FORWARDING LIMITED (CONTINUED)
- 9 -

Use of our audit 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.

Mr Stephen Houston FCA (Senior Statutory Auditor)
For and on behalf of GMcG LISBURN, Statutory Auditor
Chartered Accountants
Century House
40 Crescent Business Park
Lisburn
BT28 2GN
24 March 2026
SFG FORWARDING LIMITED
INCOME STATEMENT
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
- 10 -
Period
Year
ended
ended
30 September
31 March
2025
2024
Notes
£
£
Turnover
3
25,488,476
10,805,447
Cost of sales
(20,220,942)
(8,003,265)
Gross profit
5,267,534
2,802,182
Administrative expenses
(4,254,147)
(1,973,454)
Operating profit
4
1,013,387
828,728
Interest receivable and similar income
7
5,619
1,150
Interest payable and similar expenses
8
(176,647)
(66,725)
Profit before taxation
842,359
763,153
Tax on profit
9
(109,208)
(226,918)
Profit for the financial period
733,151
536,235

The income statement has been prepared on the basis that all operations are continuing operations.

SFG FORWARDING LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
- 11 -
Period
Year
ended
ended
30 September
31 March
2025
2024
£
£
Profit for the period
733,151
536,235
Other comprehensive income
Tax relating to other comprehensive income
(408,447)
-
0
Total comprehensive income for the period
324,704
536,235
SFG FORWARDING LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 SEPTEMBER 2025
30 September 2025
- 12 -
30 September 2025
31 March 2024
Notes
£
£
£
£
Fixed assets
Tangible assets
11
4,309,723
3,771,517
Current assets
Debtors
12
4,093,151
2,501,105
Cash at bank and in hand
320,228
429,620
4,413,379
2,930,725
Creditors: amounts falling due within one year
13
(3,730,444)
(2,297,952)
Net current assets
682,935
632,773
Total assets less current liabilities
4,992,658
4,404,290
Creditors: amounts falling due after more than one year
14
(935,804)
(764,531)
Provisions for liabilities
Deferred tax liability
17
512,904
190,513
(512,904)
(190,513)
Net assets
3,543,950
3,449,246
Capital and reserves
Called up share capital
19
3
3
Revaluation reserve
1,274,237
1,682,684
Profit and loss reserves
2,269,710
1,766,559
Total equity
3,543,950
3,449,246

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved and signed by the director and authorised for issue on 24 March 2026
Mr S Nelson
Director
Company registration number NI610820 (Northern Ireland)
SFG FORWARDING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
- 13 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2023
3
460,213
1,464,324
1,924,540
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
536,235
536,235
Dividends
10
-
-
(234,000)
(234,000)
Other movements
-
1,222,471
-
1,222,471
Balance at 31 March 2024
3
1,682,684
1,766,559
3,449,246
Period ended 30 September 2025:
Profit
-
-
733,151
733,151
Other comprehensive income:
Tax relating to other comprehensive income
-
(408,447)
-
0
(408,447)
Total comprehensive income
-
(408,447)
733,151
324,704
Dividends
10
-
-
(230,000)
(230,000)
Balance at 30 September 2025
3
1,274,237
2,269,710
3,543,950
SFG FORWARDING LIMITED
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
- 14 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
24
1,057,353
504,428
Interest paid
(176,647)
(66,725)
Income taxes paid
(185,898)
(251,509)
Net cash inflow from operating activities
694,808
186,194
Investing activities
Purchase of tangible fixed assets
(597,239)
(134,708)
Income received from investments
5,619
1,150
Net cash used in investing activities
(591,620)
(133,558)
Financing activities
Repayment of borrowings
(47,210)
395,389
Proceeds from new bank loans
250,000
-
0
Repayment of bank loans
(100,501)
(43,654)
Payment of finance leases obligations
(84,869)
(36,784)
Dividends paid
(230,000)
(234,000)
Net cash (used in)/generated from financing activities
(212,580)
80,951
Net (decrease)/increase in cash and cash equivalents
(109,392)
133,587
Cash and cash equivalents at beginning of period
429,620
296,033
Cash and cash equivalents at end of period
320,228
429,620
SFG FORWARDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
- 15 -
1
Accounting policies
Company information

SFG Forwarding Limited is a private company limited by shares incorporated in Northern Ireland. The registered office is Third Floor, Causeway Tower, James Street South, Belfast, BT2 8DN.

1.1
Reporting period

The company lengthened its financial year end from 31 March to 30 September for commercial reasons and presents financial statements for the 1 8 months ended 30 September 2025. Comparative figures are presented for the 12 months ended 31 March 2024 and are, therefore, not entirely comparable.

1.2
Basis of preparation

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 £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.3
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.

1.4
Revenue

Revenue comprises sales of services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

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.

1.5
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.

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:

Freehold land and buildings
Not depreciated
Plant and equipment
25% reducing balance
Fixtures and fittings
25% reducing balance
Computers
25% reducing balance
Motor vehicles
25% reducing balance
SFG FORWARDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
1
Accounting policies (Continued)
- 16 -

No provision for depreciation is made on the company's freehold property as the estimated residual value of the property is not materially different from the carrying value and hence any depreciation to be charged would be immaterial. The company has a policy of regular maintenance and repair such that the property is retained at its previously assessed standard of performance.

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.

Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and loss es are recognised in profit or loss.

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.

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.

SFG FORWARDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
1
Accounting policies (Continued)
- 17 -
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 statement of financial position 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.

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.

SFG FORWARDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
1
Accounting policies (Continued)
- 18 -
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
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.

SFG FORWARDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
1
Accounting policies (Continued)
- 19 -

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
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.

1.12
Retirement benefits

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

1.13
Leases
As lessee

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 statement of financial position 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.

1.14
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.

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.

SFG FORWARDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
2
Judgements and key sources of estimation uncertainty (Continued)
- 20 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Fixed assets

The annual depreciation charge on fixed assets depends primarily on the estimated lives of each type of asset and estimates of residual values. The directors regularly review these asset lives and change them as necessary to reflect current thinking on remaining lives in light of prospective economic utilisation and physical condition of the assets concerned. Changes in asset lives can have a significant impact on depreciation charges for the period. Detail of the useful lives is included in the accounting policies.

Freehold land and buildings

Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value. Valuation involves some estimation uncertainty but is based on periodic advice from expert valuers.

Taxation

Judgements are made in relation to the calculation of certain aspects of the year end tax provisions and the respective tax charge. The management used external professional advice to support the year end provisions.

3
Turnover
2025
2024
£
£
Turnover analysed by class of business
Freight
23,931,914
9,822,858
Storage
1,556,562
982,589
25,488,476
10,805,447
2025
2024
£
£
Turnover analysed by geographical market
UK
20,160,804
8,555,981
Global
5,327,672
2,249,466
25,488,476
10,805,447
4
Operating profit
2025
2024
Operating profit for the period is stated after charging:
£
£
Exchange losses
60,445
104,626
Fees payable to the company's auditor for the audit of the company's financial statements
7,500
-
0
Depreciation of tangible fixed assets
198,510
108,732
(Profit)/loss on disposal of tangible fixed assets
-
986
Operating lease charges
381,328
144,473
SFG FORWARDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
- 21 -
5
Employees

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

2025
2024
Number
Number
40
32

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
1,600,436
836,727
Social security costs
145,358
70,918
Pension costs
34,756
18,743
1,780,550
926,388
6
Director's remuneration
2025
2024
£
£
Remuneration for qualifying services
43,721
30,068
Company pension contributions to defined contribution schemes
932
616
44,653
30,684

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2024 - 1).

SFG FORWARDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
- 22 -
7
Interest receivable and similar income
2025
2024
£
£
Other income from investments
Gains on financial instruments measured at fair value through profit or loss
5,619
1,150
2025
2024
Investment income includes the following:
£
£
Interest on financial assets measured at fair value through profit or loss
5,619
1,150
8
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost
Interest on bank overdrafts and loans
159,872
58,435
Other finance costs
Interest on finance leases and hire purchase contracts
13,969
8,738
Other interest
2,806
(448)
176,647
66,725
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
195,264
185,898
Deferred tax
Origination and reversal of timing differences
(86,056)
41,020
Total tax charge
109,208
226,918
SFG FORWARDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
9
Taxation (Continued)
- 23 -

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

2025
2024
£
£
Profit before taxation
842,359
763,153
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
210,590
190,788
Tax effect of expenses that are not deductible in determining taxable profit
8,735
36,130
Permanent capital allowances in excess of depreciation
(24,061)
-
0
Deferred tax movement
(86,056)
-
0
Taxation charge for the period
109,208
226,918

In addition to the amount charged to the income statement, the following amounts relating to tax have been recognised directly in other comprehensive income:

2025
2024
£
£
Deferred tax arising on:
Revaluation of property
408,447
-
10
Dividends
2025
2024
£
£
Interim paid
230,000
234,000
SFG FORWARDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
- 24 -
11
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 1 April 2024
3,400,000
87,331
194,352
157,497
234,861
4,074,041
Additions
401,655
141,707
22,897
24,426
146,031
736,716
At 30 September 2025
3,801,655
229,038
217,249
181,923
380,892
4,810,757
Depreciation and impairment
At 1 April 2024
-
0
40,432
121,892
62,811
77,389
302,524
Depreciation charged in the period
-
0
46,895
28,942
35,951
86,722
198,510
At 30 September 2025
-
0
87,327
150,834
98,762
164,111
501,034
Carrying amount
At 30 September 2025
3,801,655
141,711
66,415
83,161
216,781
4,309,723
At 31 March 2024
3,400,000
46,899
72,460
94,686
157,472
3,771,517

Included within tangible fixed assets are assets held under finance leases or hire purchase contracts, as follows:

2025
2024
£
£
Plant and equipment
11,197
17,063
Motor vehicles
200,328
132,402
211,525
149,465

Land and buildings were revalued at 31 March 2024 on an open market basis by the director. The valuation takes into consideration valuations carried out by external chartered surveyors and property consultants in February 2024, which the director considers to represent the valuation at 30 September 2025.

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

Property
2025
2024
£
£
Cost
2,147,066
1,741,611
SFG FORWARDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
- 25 -
12
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
3,720,953
2,079,129
Other debtors
207,835
380,435
Prepayments and accrued income
164,363
41,541
4,093,151
2,501,105
13
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans
15
67,683
55,888
Obligations under finance leases
16
59,516
38,477
Invoice discounting
15
348,179
395,389
Trade creditors
2,759,134
1,570,757
Corporation tax
195,264
185,898
Other taxation and social security
28,441
18,326
Other creditors
10,751
16,612
Accruals and deferred income
261,476
16,605
3,730,444
2,297,952
14
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans and overdrafts
15
810,465
672,761
Obligations under finance leases
16
125,339
91,770
935,804
764,531
Creditors which fall due after five years are payable as follows:
Payable by instalments
442,653
548,663
SFG FORWARDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
- 26 -
15
Loans and overdrafts
2025
2024
£
£
Bank loans
878,148
728,649
Invoice discounting
348,179
395,389
1,226,327
1,124,038
Payable within one year
415,862
451,277
Payable after one year
810,465
672,761

The company's bank facilities are secured on the assets and property of the company.

The company's bank loans are repayable monthly between 5 and 7 years, at interest rates at the Bank of Ireland base rate plus 2.5% to 3.25% per annum.

16
Finance lease obligations
2025
2024
Amounts due:
£
£
Within one year
59,516
38,477
After more than one year
125,339
91,770
184,855
130,247

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 3-5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

Included in finance leases are aggregate amounts of £1 84,855 (202 4 - £130,247) which are secured upon the assets of the company.

17
Deferred taxation

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

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
104,457
190,513
Revaluations
408,447
-
512,904
190,513
SFG FORWARDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
17
Deferred taxation (Continued)
- 27 -
2025
Movements in the period:
£
Liability at 1 April 2024
190,513
Credit to profit or loss
(86,056)
Charge to other comprehensive income
408,447
Liability at 30 September 2025
512,904
18
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
34,756
18,743

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.

At the year end the company had an outstanding liability of £5,279 (202 4 - £3,978) in relation to the defined contribution scheme.

19
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
3
3
3
3
20
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
£
£
Within 1 year
161,300
35,165
Years 2-5
35,353
-
0
196,653
35,165
21
Related party transactions

Remuneration of key management personnel

Key management includes the Board of Directors of the company. The compensation paid or payable to key management for employee services is shown in note 6.

SFG FORWARDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
- 28 -
22
Directors' transactions

Dividends totalling £230,000 (2024 - £234,000) were paid in the period in respect of shares held by the company's directors.

23
Ultimate controlling party

During the period the company was controlled by Mr S Nelson, a director of the company, who owned 100% of the issued share capital. On 20 November 2025 the share capital of the company was transferred to SFG Property Holdings Limited, it then becoming the immediate parent company.

24
Cash generated from operations
2025
2024
£
£
Profit after taxation
733,151
536,235
Adjustments for:
Taxation charged
109,208
226,918
Finance costs
176,647
66,725
Investment income
(5,619)
(1,150)
(Gain)/loss on disposal of tangible fixed assets
-
986
Depreciation and impairment of tangible fixed assets
198,510
108,732
Movements in working capital:
Increase in debtors
(1,592,046)
(460,634)
Increase in creditors
1,437,502
26,616
Cash generated from operations
1,057,353
504,428
25
Analysis of changes in net debt
1 April 2024
Cash flows
New leases
30 September 2025
£
£
£
£
Cash at bank and in hand
429,620
(109,392)
-
320,228
Borrowings excluding overdrafts
(1,124,038)
(102,289)
-
(1,226,327)
Lease liabilities
(130,247)
84,869
(139,477)
(184,855)
(824,665)
(126,812)
(139,477)
(1,090,954)
SFG FORWARDING LIMITED
MANAGEMENT INFORMATION
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
2025-09-30 2024-04-01 false false false CCH Software CCH Accounts Production 2025.300 Mr S Nelson NI610820 2024-04-01 2025-09-30 NI610820 bus:Director1 2024-04-01 2025-09-30 NI610820 bus:RegisteredOffice 2024-04-01 2025-09-30 NI610820 bus:Agent1 2024-04-01 2025-09-30 NI610820 2025-09-30 NI610820 2023-04-01 2024-03-31 NI610820 core:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 NI610820 core:RetainedEarningsAccumulatedLosses 2024-04-01 2025-09-30 NI610820 core:RevaluationReserve 2024-04-01 2025-09-30 NI610820 2024-03-31 NI610820 core:LandBuildings core:OwnedOrFreeholdAssets 2025-09-30 NI610820 core:PlantMachinery 2025-09-30 NI610820 core:FurnitureFittings 2025-09-30 NI610820 core:ComputerEquipment 2025-09-30 NI610820 core:MotorVehicles 2025-09-30 NI610820 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 NI610820 core:PlantMachinery 2024-03-31 NI610820 core:FurnitureFittings 2024-03-31 NI610820 core:ComputerEquipment 2024-03-31 NI610820 core:MotorVehicles 2024-03-31 NI610820 core:CurrentFinancialInstruments 2025-09-30 NI610820 core:CurrentFinancialInstruments 2024-03-31 NI610820 core:Non-currentFinancialInstruments 2025-09-30 NI610820 core:Non-currentFinancialInstruments 2024-03-31 NI610820 core:ShareCapital 2025-09-30 NI610820 core:ShareCapital 2024-03-31 NI610820 core:RevaluationReserve 2025-09-30 NI610820 core:RevaluationReserve 2024-03-31 NI610820 core:RetainedEarningsAccumulatedLosses 2025-09-30 NI610820 core:RetainedEarningsAccumulatedLosses 2024-03-31 NI610820 core:ShareCapital 2023-03-31 NI610820 core:RevaluationReserve 2023-03-31 NI610820 core:RetainedEarningsAccumulatedLosses 2023-03-31 NI610820 core:ShareCapitalOrdinaryShareClass1 2025-09-30 NI610820 core:ShareCapitalOrdinaryShareClass1 2024-03-31 NI610820 1 2024-04-01 2025-09-30 NI610820 1 2023-04-01 2024-03-31 NI610820 2 2024-04-01 2025-09-30 NI610820 2 2023-04-01 2024-03-31 NI610820 2024-03-31 NI610820 2023-03-31 NI610820 core:LandBuildings core:OwnedOrFreeholdAssets 2024-04-01 2025-09-30 NI610820 core:PlantMachinery 2024-04-01 2025-09-30 NI610820 core:FurnitureFittings 2024-04-01 2025-09-30 NI610820 core:ComputerEquipment 2024-04-01 2025-09-30 NI610820 core:MotorVehicles 2024-04-01 2025-09-30 NI610820 core:UKTax 2024-04-01 2025-09-30 NI610820 core:UKTax 2023-04-01 2024-03-31 NI610820 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 NI610820 core:PlantMachinery 2024-03-31 NI610820 core:FurnitureFittings 2024-03-31 NI610820 core:ComputerEquipment 2024-03-31 NI610820 core:MotorVehicles 2024-03-31 NI610820 bus:OrdinaryShareClass1 2024-04-01 2025-09-30 NI610820 bus:OrdinaryShareClass1 2025-09-30 NI610820 bus:OrdinaryShareClass1 2024-03-31 NI610820 core:WithinOneYear 2025-09-30 NI610820 core:WithinOneYear 2024-03-31 NI610820 core:BetweenTwoFiveYears 2025-09-30 NI610820 core:BetweenTwoFiveYears 2024-03-31 NI610820 bus:PrivateLimitedCompanyLtd 2024-04-01 2025-09-30 NI610820 bus:FRS102 2024-04-01 2025-09-30 NI610820 bus:Audited 2024-04-01 2025-09-30 NI610820 bus:FullAccounts 2024-04-01 2025-09-30 xbrli:pure xbrli:shares iso4217:GBP