Caseware UK (AP4) 2023.0.135 2023.0.135 There were no recognised gains and losses for 2025 or 2024 other than those included in the statement of comprehensive income. All amounts relate to continuing operations.The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The Company's functional and presentational currency is Pound Sterling (£). The financial statements are presented for the 12 month period ended 31 December 2025. Comparative figures are for the 9 month period ended 31 December 2024.Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.Trade and other creditors are payable at various dates in the next three months in accordance with the suppliers' usual and customary credit terms. Amounts owed to group undertakings are unsecured, interest free and repayable on demand. Corporation tax and other taxes including social insurance are payable at various dates over the coming months in accordance with the applicable statutory provisions. Accruals mainly include liabilities for unbilled operating expenses with 30 to 60 days' term.17 17 false true true 2025-01-01 false false 06950315 2025-01-01 2025-12-31 06950315 2024-04-01 2024-12-31 06950315 2025-12-31 06950315 2024-12-31 06950315 2024-04-01 06950315 1 2025-01-01 2025-12-31 06950315 d:Director1 2025-01-01 2025-12-31 06950315 d:Director3 2025-01-01 2025-12-31 06950315 d:Director4 2025-01-01 2025-12-31 06950315 d:Director7 2025-01-01 2025-12-31 06950315 d:Director7 2025-12-31 06950315 d:Director8 2025-01-01 2025-12-31 06950315 d:Director8 2025-12-31 06950315 d:RegisteredOffice 2025-01-01 2025-12-31 06950315 d:Agent1 2025-01-01 2025-12-31 06950315 c:FurnitureFittings 2025-01-01 2025-12-31 06950315 c:FurnitureFittings 2025-12-31 06950315 c:FurnitureFittings 2024-12-31 06950315 c:FurnitureFittings c:OwnedOrFreeholdAssets 2025-01-01 2025-12-31 06950315 c:CurrentFinancialInstruments 2025-12-31 06950315 c:CurrentFinancialInstruments 2024-12-31 06950315 c:UKTax 2025-01-01 2025-12-31 06950315 c:UKTax 2024-04-01 2024-12-31 06950315 c:ShareCapital 2025-01-01 2025-12-31 06950315 c:ShareCapital 2025-12-31 06950315 c:ShareCapital 2024-12-31 06950315 c:ShareCapital 2024-04-01 06950315 c:RetainedEarningsAccumulatedLosses 2025-01-01 2025-12-31 06950315 c:RetainedEarningsAccumulatedLosses 2025-12-31 06950315 c:RetainedEarningsAccumulatedLosses 2024-04-01 2024-12-31 06950315 c:RetainedEarningsAccumulatedLosses 2024-12-31 06950315 c:RetainedEarningsAccumulatedLosses 2024-04-01 06950315 c:OtherDeferredTax 2025-12-31 06950315 c:OtherDeferredTax 2024-12-31 06950315 d:OrdinaryShareClass1 2025-01-01 2025-12-31 06950315 d:OrdinaryShareClass1 2024-04-01 2024-12-31 06950315 d:OrdinaryShareClass1 2025-12-31 06950315 d:OrdinaryShareClass1 2024-12-31 06950315 d:OrdinaryShareClass2 2025-01-01 2025-12-31 06950315 d:OrdinaryShareClass2 2024-04-01 2024-12-31 06950315 d:OrdinaryShareClass2 2025-12-31 06950315 d:OrdinaryShareClass2 2024-12-31 06950315 d:OrdinaryShareClass3 2025-01-01 2025-12-31 06950315 d:OrdinaryShareClass3 2024-04-01 2024-12-31 06950315 d:OrdinaryShareClass3 2025-12-31 06950315 d:OrdinaryShareClass3 2024-12-31 06950315 d:OrdinaryShareClass4 2025-01-01 2025-12-31 06950315 d:OrdinaryShareClass4 2024-04-01 2024-12-31 06950315 d:OrdinaryShareClass4 2025-12-31 06950315 d:OrdinaryShareClass4 2024-12-31 06950315 d:FRS102 2025-01-01 2025-12-31 06950315 d:Audited 2025-01-01 2025-12-31 06950315 d:FullAccounts 2025-01-01 2025-12-31 06950315 d:PrivateLimitedCompanyLtd 2025-01-01 2025-12-31 06950315 c:WithinOneYear 2025-12-31 06950315 c:WithinOneYear 2024-12-31 06950315 c:BetweenOneFiveYears 2025-12-31 06950315 c:BetweenOneFiveYears 2024-12-31 06950315 e:PoundSterling 2025-01-01 2025-12-31 iso4217:GBP xbrli:shares xbrli:pure

Financial Statements Admark Shipping Solutions Limited For the year ended 31 December 2025 Registered number: 06950315
Admark Shipping Solutions Limited
Company Information
Directors | Robertus Haesakers
| Kevin Hancock
| Yohei Maruyama
| Takuro Kawakami (appointed 1 April 2025)
| Nobuhiko Bando (resigned 1 April 2025)
Registered number | 06950315
Registered office | Thermotraffic Northern Way
| Northern Industrial Estate
| Bury St. Edmunds
| Suffolk
| England
| IP32 6NL
Independent auditor | Grant Thornton
| Chartered Accountants & Statutory Auditors
| 13-18 City Quay
| Dublin 2
| Republic of Ireland
Bankers | Natwest
| 1 Tavern Street
| Ipswich
| Suffolk
| IP1 3BD
| England
Solicitors | Birkett Long LLP
| Faviell House
| 1 Coval Wells
| Chelmsford
| Essex
| CM1 1SW
| England
Admark Shipping Solutions Limited
Contents
| Page
Directors' report | 1 - 2
Directors' responsibilities statement | 3
Independent auditor's report | 4 - 7
Statement of comprehensive income | 8
Statement of financial position | 9
Statement of changes in equity | 10
Notes to the financial statements | 11 - 24
Admark Shipping Solutions Limited
Directors' report For the year ended 31 December 2025 The directors present their report and the financial statements for the year ended 31 December 2025. The comparative information covers for a 9 month period ending 31 December 2024.
Principal activity
The principal activity of Admark Shipping Solutions Limited (the “Company”) is to provide freight forwarding services for exports and imports to and from the United Kingdom, Europe, and the rest of the world.
Results and dividends
The profit for the year, after taxation, amounted to £1,379,293 (2024 - 9 month £731,263). During the year, the Company declared dividends of £1,500,000 (2024 - £1,600,000).
Directors
The directors who served during the year were:
Robertus Haesakers
Kevin Hancock
Yohei Maruyama
Takuro Kawakami (appointed 1 April 2025)
Nobuhiko Bando (resigned 1 April 2025)
Future developments
The directors do not envisage any substantial changes to the nature of the business.
Branches outside the United Kingdom
There are no branches of the Company outside the United Kingdom.
Disclosure of information to auditor
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
Post balance sheet events
There have been no significant events since the year end, which require adjustment to or disclosure in these financial statements.
Small companies note
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006. Page 1
Admark Shipping Solutions Limited
Directors' report (continued) For the year ended 31 December 2025
Going concern
The Directors, have a reasonable expectation that the Company will have adequate resources to continue in operation for the foreseeable future. The Company has net assets of £697,161 (2024: £817,868) and profit after taxation of £1,379,293 (2024 - 9 month £731,263). The directors are of the opinion that the Company has sufficient resources to meet any reasonably foreseeable obligation. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus, the directors continue to adopt the going concern basis in preparing the financial statements.
Auditor
The auditor, Grant Thornton, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
Robertus Haesakers Director | Kevin Hancock Director
Date: 25 March 2026 |
Page 2
Admark Shipping Solutions Limited
Directors' responsibilities statement For the year ended 31 December 2025 The directors are responsible for preparing the Directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgments 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; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. This report was approved by the board: Robertus Haesakkers Kevin Hancock Director Director Date: 25 March 2026 Page 3
Independent Auditor's Report to the Members of Admark Shipping Solutions Limited
Opinion
We have audited the financial statements of Admark Shipping Solutions Limited, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity for the year ended 31 December 2025, and the related notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion, Admark Shipping Solutions Limited's financial statements: ∙give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice of the assets, liabilities and financial position of the Company as at 31 December 2025 and of its financial performance for the year then ended; 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 'Responsibilities of the auditor 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 United Kingdom, namely the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances of the entity. We have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from the date when the financial statements are authorised for issue. Our responsibilities, and the responsibilities of the directors, with respect to going concern are described in the relevant sections of this report. Page 4
Independent Auditor's Report to the Members of Admark Shipping Solutions Limited (continued)
Other information
Other information comprises the information included in the Annual Report, other than the financial statements and our Auditor's report thereon, including the Directors' report. The directors are responsible for the other information. Our opinion on the financial statements does not cover the information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies in the financial statements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Directors' report for the year for which the financial statements are prepared is consistent with the financial statements, and ∙the Directors' report has 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 we have obtained in the course of the audit, we have not identified material misstatements in the Directors' report. 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 directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit. Page 5
Independent Auditor's Report to the Members of Admark Shipping Solutions Limited (continued)
Responsibilities of management and those charged with governance for the financial statements
Management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS102 and for such internal control as the directors determine 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, management 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 management either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Company's financial reporting process.
Responsibilities of the auditor for the audit of the financial statements
The objectives of an auditor 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 their 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. A further description of an auditor's responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud 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. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK). The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below: Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to compliance with data protection requirements in the jurisdictions in which the Company operates and holds data, non-compliance related to employment regulation in the UK and other environment regulations and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and local tax legislation. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial performance and management bias through judgements and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions. We apply professional scepticism through the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statements. Page 6
Independent Auditor's Report to the Members of Admark Shipping Solutions Limited (continued) Responsibilities of the auditor for the audit of the financial statements (continued) Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud (continued) ∙enquiries of management on the policies and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected instances of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud; ∙inspection of the Company’s regulatory and legal correspondence and review of minutes of board meetings during the year to corroborate enquiries made; ∙gaining an understanding of the internal controls established to mitigate risk related to fraud; discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent manipulation of financial statements throughout the audit; ∙identifying and testing journal entries to address the risk of inappropriate journals and management override of controls; ∙designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing ∙challenging assumptions and judgements made by management in their significant accounting estimates, including cost to completion, trade debtors and provisions; and ∙review of the financial statement disclosures to underlying supporting documentation and enquiries of management. The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.
The purpose of our audit work and to whom we owe our responsibilities
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. Jason Crawford (Senior statutory auditor) for and on behalf of Grant Thornton Chartered Accountants & Statutory Auditors 13-18 City Quay Dublin 2 Date: 25 March 2026 Page 7
Admark Shipping Solutions Limited
Statement of comprehensive income For the year ended 31 December 2025
| 31 December | 9 month period ended 31 December
| 2025 | 2024
Note | £ | £
Turnover | 4 | 15,261,281 | 11,112,740
Cost of sales |  | (12,605,298) | (9,555,178)
Gross profit |  | 2,655,983 | 1,557,562
Administrative expenses |  | (1,149,329) | (789,172)
Operating profit | 5 | 1,506,654 | 768,390
Interest receivable and similar income | 8 | 3,233 | 6,247
Profit before tax |  | 1,509,887 | 774,637
Tax on profit | 9 | (130,594) | (43,374)
Profit for the year/period |  | 1,379,293 | 731,263
There were no recognised gains and losses for 2025 or 2024 other than those included in the statement of comprehensive income.
All amounts relate to continuing operations.
The notes on pages 11 to 24 form part of these financial statements.
Page 8
Admark Shipping Solutions Limited Registered number:06950315
Statement of financial position As at 31 December 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible fixed assets | 11 |  | 6,682 |  | 4,034
|  |  | 6,682 |  | 4,034
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 12 | 1,946,279 |  | 2,085,771 |
Cash at bank and in hand | 13 | 808,141 |  | 890,191 |
|  | 2,754,420 |  | 2,975,962 |
Current liabilities |  |  |  |  |
Creditors: amounts falling due within one year | 14 | (2,063,059) |  | (2,161,246) |
Net current assets |  |  | 691,361 |  | 814,716
Provisions for liabilities |  |  |  |  |
Deferred tax | 15 | (882) |  | (882) |
|  |  | (882) |  | (882)
Net assets |  |  | 697,161 |  | 817,868
Capital and reserves |  |  |  |  |
Called up share capital | 16 |  | 100 |  | 100
Profit and loss account | 17 |  | 697,061 |  | 817,768
Shareholders' funds |  |  | 697,161 |  | 817,868
The financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS102 Section 1A – Small Entities. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
Robertus Haesakers | Kevin Hancock
Director | Director
Date: 25 March 2026 |
The notes on pages 11 to 24 form part of these financial statements. Page 9
Admark Shipping Solutions Limited
Statement of changes in equity For the year ended 31 December 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 January 2025 | 100 | 817,768 | 817,868
Comprehensive income for the year |  |  |
Profit for the year | - | 1,379,293 | 1,379,293
Distributions to owners |  |  |
Dividends | - | (1,500,000) | (1,500,000)
At 31 December 2025 | 100 | 697,061 | 697,161
Statement of changes in equity For the 9 month period ended 31 December 2024
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 April 2024 | 100 | 1,686,505 | 1,686,605
Comprehensive income for the 9 month period |  |  |
Profit for the 9 month period | - | 731,263 | 731,263
Distributions to owners |  |  |
Dividends | - | (1,600,000) | (1,600,000)
At 31 December 2024 | 100 | 817,768 | 817,868
| The notes on pages 11 to 24 form part of these financial statements.
Page 10
Admark Shipping Solutions Limited
Notes to the financial statements For the year ended 31 December 2025
1. | General information
Admark Shipping Solutions Limited is a private company limited by shares which is domiciled and incorporated in the United Kingdom. The Company's registered office is Thermotraffic, Northern Way, Northern Industrial Estate, Bury St. Edmunds, Suffolk, IP32 6NL, England. The principal activity of Admark Shipping Solutions Limited (the “Company”) is to provide freight forwarding services for exports and imports to and from the United Kingdom, Europe, and the rest of the world. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). The Company qualifies as a small company as defined by the Companies Act 2006 in respect of the financial period and has applied the rules of the 'Small Companies Regime' in accordance with section 415A of the Act. The Company's functional and presentational currency is Pound Sterling (£). The financial statements are presented for the 12 month period ended 31 December 2025. Comparative figures are for the 9 month period ended 31 December 2024. The following principal accounting policies have been applied:
| 2.2 | Going concern
The Directors, have a reasonable expectation that the Company will have adequate resources to continue in operation for the foreseeable future. The Company has net assets of £697,161 (2024: £817,868) and profit after taxation of £1,379,293 (2024 - 9 month £731,263). The directors are of the opinion that the Company has sufficient resources to meet any reasonably foreseeable obligation. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus, the directors continue to adopt the going concern basis in preparing the financial statements. Page 11
Admark Shipping Solutions Limited
Notes to the financial statements For the year ended 31 December 2025 2.Accounting policies (continued)
| 2.3 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP (£). Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
| 2.4 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably. Page 12
Admark Shipping Solutions Limited
Notes to the financial statements For the year ended 31 December 2025 2.Accounting policies (continued)
| 2.5 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.6 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.7 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.
| 2.8 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date. Page 13
Admark Shipping Solutions Limited
Notes to the financial statements For the year ended 31 December 2025 2.Accounting policies (continued)
| 2.9 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Fixtures and fittings | - | 33% |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.10 | Impairment of tangible fixed assets
Assets that are subject to depreciation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs).
| 2.11 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Debtors are amounts due from customers for services performed in the ordinary course of business.
| 2.12 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. Page 14
Admark Shipping Solutions Limited
Notes to the financial statements For the year ended 31 December 2025 2.Accounting policies (continued)
| 2.13 | Creditors
Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Short term creditors are measured at the transaction price. Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.
| 2.14 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.15 | Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date. Page 15
Admark Shipping Solutions Limited
Notes to the financial statements For the year ended 31 December 2025 2.Accounting policies (continued)
| 2.15 | Financial instruments (continued)
Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
| 2.16 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
Preparation of the financial statements requires management to make significant judgments and estimates. Judgments and estimates are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may ultimately differ from these estimates. In the process of applying the Company's accounting policies, management has made the following judgments and estimates, which have the most significant effect on the amounts recognised in the financial statements: Useful lives of depreciable assets Management reviews its estimate of the useful lives of depreciable assets at each reporting date, based on the expected utility of the assets. Uncertainties in these estimates relate to technical and physical obsolescence that may change the utility of certain tangible fixed assets. Impairment of trade debtors The Company provides for potential bad debts in respect of trade debtors which arise in the normal course of business. The bad debt provision is based on management’s assessment of recoverability which is driven by the ageing of balances and customers’ financial positions and history of credit worthiness. Deferred tax Deferred tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled. Deferred tax assets are recognised only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses.
4. | Turnover
Turnover derives solely from the Company's principal activity, in the United Kingdom, Europe, and the rest of the world in the current year and prior period. In accordance with Section 411(3) of the Companies Act 2006, the director have chosen not to disclose segmental information of turnover by a business class of geographical market as to do so would be prejudicial to the interest of the Company. Page 16
Admark Shipping Solutions Limited
Notes to the financial statements For the year ended 31 December 2025
5. | Operating profit
| The operating profit is stated after charging/(crediting):
|  |  |  |  | 31 December | 9 month period ended 31 December
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Foreign exchange (gains) / loss | (23,709) | 13,274
| Operating lease charges | 38,916 | 28,662
| Auditors' remuneration | 19,897 | 18,902
| Management charges | 122,179 | 26,000
| Depreciation - fixtures and fittings | 3,119 | 3,253
| Defined contribution pension costs | 17,000 | 10,598
6. | Employees
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 31 December | 9 month period ended 31 December
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Administration | 15 | 15
|  | Management | 2 | 2
|  |  | 17 | 17
| Capitalised employee costs during the year amounted to £Nil (2024: £Nil).
7. | Directors' remuneration
|  |  |  |  | 31 December | 9 month period ended 31 December
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | - | 4,190
|  | - | 4,190
| The directors did not receive any remuneration in the current year.
Page 17
Admark Shipping Solutions Limited
Notes to the financial statements For the year ended 31 December 2025
8. | Interest receivable
|  |  |  |  | 31 December | 9 month period ended 31 December
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Interest receivable | 3,233 | 6,247
9. | Taxation
|  |  |  |  | 31 December | 9 month period ended 31 December
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year/period | - | 43,374
| Adjustment to tax charge in respect of prior periods | 130,594 | -
| Tax on profit | 130,594 | 43,374
| Factors affecting tax charge for the year
| The tax assessed for the year/period is lower than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 -25%). The differences are explained below:
|  |  |  |  | 31 December | 9 month period ended 31 December
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 1,509,887 | 774,637
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 -25%) | 377,472 | 193,659
| Effects of: |  |
| Expenses not deductible for tax purposes | 31 | 205
| Provisions tax adjustment | 223 | 862
| Accelerated capital allowances and other timing differences | (662) | 813
| Group relief utilised | (377,064) | (152,165)
| Adjustment to tax charge in respect of prior periods | 130,594 | -
| Total tax charge for the year/period | 130,594 | 43,374
Page 18
Admark Shipping Solutions Limited
Notes to the financial statements For the year ended 31 December 2025 9.Taxation (continued)
| Factors that may affect future tax charges
Deferred tax at the reporting date has been measured using the enacted tax rates. the Company has tax losses carried forward that can be utilised against future profits. The Company recognised deferred tax liability pertaining to fixed asset timing difference of £882 (2024: £882). The Nichirei Group exceeds the €750m Pillar 2 revenue threshold and is therefore within scope of the OECD Pillar 2 global minimum tax rules. The Company has applied the temporary exception from recognising deferred tax arising from these rules and any top?up tax will be recognised as a current tax charge when incurred.
10. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Dividends | 1,500,000 | 1,600,000
| During the year, the Company declared and paid a dividend of £15,000 (2024: £16,000) per ordinary share totalling £1,500,000 (2024: £1,600,000).
Page 19
Admark Shipping Solutions Limited
Notes to the financial statements For the year ended 31 December 2025
11. | Tangible fixed assets
|  | Fixtures and fittings
|  | £
| Cost |
| At 1 January 2025 | 35,077
| Additions | 5,767
| At 31 December 2025 | 40,844
| Depreciation |
| At 1 January 2025 | 31,043
| Charge for the year on owned assets | 3,119
| At 31 December 2025 | 34,162
| Net book value |
| At 31 December 2025 | 6,682
| At 31 December 2024 | 4,034
Page 20
Admark Shipping Solutions Limited
Notes to the financial statements For the year ended 31 December 2025
12. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 1,658,599 | 1,470,640
| VAT repayable | 206,386 | 161,360
| Prepayments and accrued income | 81,294 | 453,771
|  | 1,946,279 | 2,085,771
| Trade debtors is net of provision for doubtful debts of £Nil (2024: £Nil). Prepayments and other accrued income pertain to deferred costs that are not yet recharged at year end.
13. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 808,141 | 890,191
14. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 1,765,848 | 1,676,231
| Amounts owed to group undertakings | 1,472 | -
| Corporation tax | - | 43,298
| Other taxation and social security | 26,224 | 21,747
| Other creditors | 4,339 | 6,791
| Accruals | 265,176 | 413,179
|  | 2,063,059 | 2,161,246
Page 21
Admark Shipping Solutions Limited
Notes to the financial statements For the year ended 31 December 2025 14.Creditors: Amounts falling due within one year (continued)
| Trade and other creditors are payable at various dates in the next three months in accordance with the suppliers' usual and customary credit terms. Amounts owed to group undertakings are unsecured, interest free and repayable on demand. Corporation tax and other taxes including social insurance are payable at various dates over the coming months in accordance with the applicable statutory provisions. Accruals mainly include liabilities for unbilled operating expenses with 30 to 60 days' term.
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other taxation and social security |  |
| PAYE/NI control | 26,224 | 21,747
15. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | (882)
| At end of year | (882)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fixed asset timing difference | (882) | (882)
Page 22
Admark Shipping Solutions Limited
Notes to the financial statements For the year ended 31 December 2025
16. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 45 (2024 - 45) Ordinary A shares of £1.00 each | 45 | 45
|  | 45 (2024 - 45) Ordinary B shares of £1.00 each | 45 | 45
|  | 5 (2024 - 5) Ordinary C shares of £1.00 each | 5 | 5
|  | 5 (2024 - 5) Ordinary D shares of £1.00 each | 5 | 5
|  |  | 100 | 100
17. | Reserves
Profit and loss account Includes all current and prior period retained profits and losses. Called up share capital Issued share capital represents the nominal value of shares issued.
18. | Pension commitments
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension charge represents contributions payable by the Company to the fund and amounted to £10,598 (2024: £10,398). Contributions totalling £4,339 (2024: £3,448) were payable to the fund at the reporting date.
19. | Commitments under operating leases
| At 31 December 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Within one year | 23,438 | 31,250
| Between one and five years | - | 23,438
|  | 23,438 | 54,688
20. | Related party transactions
| The Company has availed of the exemption provided in FRS 102 section 33, "Related Party Disclosures" not to disclose transactions entered into with the fellow group companies that are wholly owned within the group of companies of which the Company is wholly owned under.
Page 23
Admark Shipping Solutions Limited
Notes to the financial statements For the year ended 31 December 2025
21. | Post balance sheet events
There have not been significant events affecting the Company since the year end, which require adjustment to or disclosure in these financial statements.
22. | Controlling party
The Company is a wholly owned subsidiary of Thermotraffic Ltd., a company incorporated in England and Wales, which itself is a subsidiary of Nichirei Holding Holland B.V., a company incorporated in the Netherlands. The Group financial statements can be obtained from the Company secretary at Nichirei Holding Holland B.V., 1 Willem Barentszstraat, Rotterdam-Albrandswaard, Netherlands, 3165 AA. The parent undertaking Nichirei Holding Holland B.V. is the smallest group in which the Company's financial statements are included and the Group financial statements can be obtained from the Company secretary at Nichirei Corporation, Nichirei Higashi-Ginza Building 6-19-20 Tsukiji, Chuo-ku, Tokyo 104-8402 Japan.
Page 24