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REGISTERED NUMBER: 02915724 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 December 2025

for

Law Distribution Limited

| Law Distribution Limited (Registered number: 02915724) |

Contents of the Financial Statements

for the Year Ended 31 December 2025

Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Report of the Directors | 4 |

| Report of the Independent Auditors | 6 |

| Statement of Income and Retained Earnings | 9 |

| Statement of Financial Position | 10 |

| Statement of Cash Flows | 11 |

| Notes to the Statement of Cash Flows | 12 |

| Notes to the Financial Statements | 14 |

| Law Distribution Limited |

Company Information

for the Year Ended 31 December 2025

| DIRECTORS: | J P T Law

| A P Turner

| Miss A Carus

| D A J McGuire

| REGISTERED OFFICE: | Warehouse One

| Kilbuck Lane

| Haydock

| St. Helens

| WA11 9SZ

| REGISTERED NUMBER: | 02915724 (England and Wales)

| AUDITORS: | Hardy & Company (Hyde) Ltd

| Chartered Certified Accountants

| & Statutory Auditors

| Onward Chambers

| 34 Market Street

| Hyde

| Cheshire

| SK14 1AH

| Law Distribution Limited (Registered number: 02915724) |

Strategic Report

for the Year Ended 31 December 2025

The directors present their strategic report for the year ended 31 December 2025.

REVIEW OF BUSINESS

The year ended 31 December 2025 was a period of operational and commercial change for the Company. During the year, management implemented measures aimed at improving operational efficiency, strengthening commercial discipline and enhancing financial performance.

Turnover increased compared with the prior year, reflecting new customer activity and improved utilisation of available warehouse capacity, alongside the managed exit from certain lower-margin or operationally unviable contracts. Gross profit and operating profit improved significantly year on year, reflecting the combined effects of revenue growth, changes in contract mix and tighter cost control.

Operational focus during the year included improvements in warehouse throughput, fleet utilisation, debtor management and cash controls, together with embedding clearer accountability across operational sites. As a result, profitability and cash generation improved and the Company ended the year in a stronger financial position than the prior period.

The key performance indicators for the year are as follows:

Revenue increased by £1.6m, representing growth of 8.8%. This growth reflects both new customer wins and an improved quality of revenue.

As a result, operating profit improved significantly, increasing to £445,562, with this performance carrying through to profit before tax, which grew to £433,071. This was mainly due to to mix of growth and operational efficiencies.

These results reflect the operational and commercial changes implemented during the year, alongside the formal approval of the five-year strategic plan, creating a positive outlook for the business and a greater clarity of direction internally.

STRATEGY AND FUTURE DEVELOPMENT

During 2025, the directors formally approved a five-year strategic plan intended to support sustainable and disciplined growth. The strategy is structured around strengthening core operations, investment in technology and appropriate capacity planning. The Company continues to prioritise operational stability, compliance and service quality, supported by investment in management information and operational systems to enhance planning, forecasting and decision-making. The directors also continue to assess options for supporting future capacity requirements, including potential additional sites or acquisition opportunities, where these align with the Company's strategic and financial objectives.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks and uncertainties facing the Company include market and cost pressures, particularly inflationary impacts on labour, fuel and property costs; capacity constraints should customer demand exceed existing warehousing and fleet capabilities; and labour availability and retention in a competitive sector.

The directors monitor these risks on an ongoing basis and seek to mitigate them through active cost management, contract review processes and workforce engagement. The Company is increasing automation and AI-driven operational efficiencies. The company is considering options for additional sites or acquisition of other Companies to increase capacity further.

| Law Distribution Limited (Registered number: 02915724) |

Strategic Report

for the Year Ended 31 December 2025

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

During the year, the Company reviewed its environmental, social and governance priorities to inform long-term strategic planning. Actions completed during 2025 included the installation of solar panels at warehouse facilities and the introduction of electric vehicle charging infrastructure. The Company continues to explore opportunities to reduce its environmental impact, including the phased introduction of electric vehicles from 2026, subject to operational and commercial considerations.

In 2025 this marked a cultural shift in the business with investments in safety, leadership training, and communication.

The Company completed a review of the organisation, supported by Liverpool University and assessed industry trends alongside competitor and customer expectations, enabling the Company to embed clear environmental, social and governance initiatives into the long-term strategy.

OUTLOOK

The directors consider that the Company is well positioned for continued operational improvement and measured growth. During 2026, the focus will remain on strengthening core operations, further embedding technology-enabled planning and reporting, and preparing for future capacity requirements in line with the Company's strategic plan.

ON BEHALF OF THE BOARD:

Miss A Carus - Director

11 May 2026

| Law Distribution Limited (Registered number: 02915724) |

Report of the Directors

for the Year Ended 31 December 2025

The directors present their report with the financial statements of the company for the year ended 31 December 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of haulage and warehousing.

DIVIDENDS

An interim dividend of £23.33 per share was paid during the year. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 December 2025 will be £175,000.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

J P T Law

A P Turner

Other changes in directors holding office are as follows:

Mrs D J Law - resigned 6 October 2025

S Moyser - resigned 5 September 2025

Miss A Carus - appointed 28 April 2025

D A J McGuire - appointed 1 October 2025

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- | select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

| Law Distribution Limited (Registered number: 02915724) |

Report of the Directors

for the Year Ended 31 December 2025

AUDITORS

The auditors, Hardy & Company (Hyde) Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Miss A Carus - Director

11 May 2026

Report of the Independent Auditors to the Members of

Law Distribution Limited

Opinion

We have audited the financial statements of Law Distribution Limited (the 'company') for the year ended 31 December 2025 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- | give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit for the year then ended;

- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of

Law Distribution Limited

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

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

- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- | the financial statements are not in agreement with the accounting records and returns; or

- | certain disclosures of directors' remuneration specified by law are not made; or

- | we have not received all the information and explanations we require for our audit.

Responsibilities of directors

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

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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

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

Based on our understanding of the Company we considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or reduce expenditures, and management bias in accounting estimates and judgemental areas of the financial statements such as revenue recognition.

Audit procedures performed by the engagement team included: - discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud.

- understanding of management's internal controls designed to prevent and detect irregularities.

- reviewing the litigation records in so far as it related to non-compliance with laws and regulations and fraud.

- reviewing relevant meeting minutes.

- designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing.

- testing transactions entered into outside of the normal course of the Company's business: and

- identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.

There are inherent limitations in the audit procedures described above and further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment, for example, forgery or intentional misrepresentations, or through collusion.

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

Report of the Independent Auditors to the Members of

Law Distribution Limited

Use of our report

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

Paul Campbell (Senior Statutory Auditor)

for and on behalf of Hardy & Company (Hyde) Ltd

Chartered Certified Accountants

& Statutory Auditors

Onward Chambers

34 Market Street

Hyde

Cheshire

SK14 1AH

11 May 2026

| Law Distribution Limited (Registered number: 02915724) |

Statement of Income and

Retained Earnings

for the Year Ended 31 December 2025

| 31.12.25 |  | 31.12.24

| Notes | £ | £ |

TURNOVER | 19,615,920 |  | 18,029,631 |  |

Cost of sales | 12,196,310 |  | 12,141,470 |  |

GROSS PROFIT | 7,419,610 |  | 5,888,161 |  |

Administrative expenses | 7,023,048 |  | 5,879,827 |  |

396,562 |  | 8,334 |  |

Other operating income | 49,000 |  | 37,806 |  |

OPERATING PROFIT | 4 | 445,562 |  | 46,140 |  |

Interest receivable and similar income | 2,235 |  | 12,166 |  |

447,797 |  | 58,306 |  |

Interest payable and similar expenses | 5 | 14,726 |  | 25,116 |  |

PROFIT BEFORE TAXATION | 433,071 |  | 33,190 |  |

Tax on profit | 6 | 111,089 |  | 2,875 |  |

PROFIT FOR THE FINANCIAL YEAR | 321,982 |  | 30,315 |  |

Retained earnings at beginning of year | 2,421,990 |  | 2,561,675 |  |

Dividends | 7 | (175,000 | ) | (170,000 | ) |

RETAINED EARNINGS AT END OF YEAR | 2,568,972 |  | 2,421,990 |  |

| Law Distribution Limited (Registered number: 02915724) |

Statement of Financial Position

31 December 2025

| 31.12.25 | 31.12.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 8 | 671,414 |  | 879,753 |  |

Investments | 9 | 150,410 |  | 150,410 |  |

Investment property | 10 | 409,000 |  | 299,909 |  |

1,230,824 |  | 1,330,072 |  |

CURRENT ASSETS

Stocks | 11 | 4,963 |  | 5,667 |  |

Debtors | 12 | 4,470,910 |  | 4,086,501 |  |

Cash at bank and in hand | 699,354 |  | 560,150 |  |

5,175,227 |  | 4,652,318 |  |

CREDITORS

Amounts falling due within one year | 13 | 3,243,008 |  | 2,969,966 |  |

NET CURRENT ASSETS | 1,932,219 |  | 1,682,352 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 3,163,043 |  | 3,012,424 |  |

CREDITORS

Amounts falling due after more than one year | 14 | - |  | (70,396 | ) |

PROVISIONS FOR LIABILITIES | 17 | (593,971 | ) | (519,938 | ) |

NET ASSETS | 2,569,072 |  | 2,422,090 |  |

CAPITAL AND RESERVES

Called up share capital | 18 | 75 |  | 75 |  |

Capital redemption reserve | 19 | 25 |  | 25 |  |

Retained earnings | 19 | 2,568,972 |  | 2,421,990 |  |

SHAREHOLDERS' FUNDS | 2,569,072 |  | 2,422,090 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 11 May 2026 and were signed on its behalf by:

Miss A Carus - Director

| Law Distribution Limited (Registered number: 02915724) |

Statement of Cash Flows

for the Year Ended 31 December 2025

| 31.12.25 |  | 31.12.24

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 441,591 |  | 441,115 |  |

Interest paid | (1,332 | ) | (183 | ) |

Interest element of hire purchase payments paid | (13,394 | ) | (24,933 | ) |

Tax paid | (57,569 | ) | 32,911 |  |

Net cash from operating activities | 369,296 |  | 448,910 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (142,646 | ) | (121,488 | ) |

Sale of tangible fixed assets | 99 |  | 21,000 |  |

Sale of fixed asset investments | - |  | 75 |  |

Interest received | 2,235 |  | 12,166 |  |

Net cash from investing activities | (140,312 | ) | (88,247 | ) |

Cash flows from financing activities

Capital repayments in year | (84,475 | ) | (209,049 | ) |

Amount introduced by directors | 246,402 |  | 45,604 |  |

Amount withdrawn by directors | (231,897 | ) | (71,403 | ) |

Equity dividends paid | (175,000 | ) | (170,000 | ) |

Net cash from financing activities | (244,970 | ) | (404,848 | ) |

Decrease in cash and cash equivalents | (15,986 | ) | (44,185 | ) |

Cash and cash equivalents at beginning of year | 2 | 560,150 |  | 604,335 |  |

Cash and cash equivalents at end of year | 2 | 544,164 |  | 560,150 |  |

| Law Distribution Limited (Registered number: 02915724) |

Notes to the Statement of Cash Flows

for the Year Ended 31 December 2025

1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 31.12.25 |  | 31.12.24

£ | £ |

| Profit before taxation | 433,071 |  | 33,190 |  |

| Depreciation charges | 350,863 |  | 331,744 |  |

| Loss/(profit) on disposal of fixed assets | 23 |  | (7,253 | ) |

| Gain on revaluation of fixed assets | (109,091 | ) | - |  |

| Finance costs | 14,726 |  | 25,116 |  |

| Finance income | (2,235 | ) | (12,166 | ) |

687,357 |  | 370,631 |  |

| Decrease in stocks | 704 |  | 1,447 |  |

| Increase in trade and other debtors | (298,914 | ) | (182,130 | ) |

| Increase in trade and other creditors | 52,444 |  | 251,167 |  |

| Cash generated from operations | 441,591 |  | 441,115 |  |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

| Year ended 31 December 2025

| 31.12.25 |  | 1.1.25

£ | £ |

| Cash and cash equivalents | 699,354 |  | 560,150 |  |

| Bank overdrafts | (155,190 | ) | - |  |

544,164 |  | 560,150 |  |

| Year ended 31 December 2024

| 31.12.24 |  | 1.1.24

£ | £ |

| Cash and cash equivalents | 560,150 |  | 604,335 |  |

| Law Distribution Limited (Registered number: 02915724) |

Notes to the Statement of Cash Flows

for the Year Ended 31 December 2025

3. | ANALYSIS OF CHANGES IN NET FUNDS

| At 1.1.25 | Cash flow | At 31.12.25

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 560,150 |  | 139,204 |  | 699,354 |  |

| Bank overdrafts | - |  | (155,190 | ) | (155,190 | ) |

560,150 |  | (15,986 | ) | 544,164 |  |

| Debt

| Finance leases | (154,871 | ) | 84,475 |  | (70,396 | ) |

(154,871 | ) | 84,475 |  | (70,396 | ) |

| Total | 405,279 |  | 68,489 |  | 473,768 |  |

| Law Distribution Limited (Registered number: 02915724) |

Notes to the Financial Statements

for the Year Ended 31 December 2025

1. | STATUTORY INFORMATION

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

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

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

| Significant judgements and estimates

| The preparation of the financial statements requires management to make estimates, judgements and assumptions that affect the amounts reported. These judgements and estimates are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

| There are no significant judgements or estimates.

| Turnover

| Revenue is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

| Tangible fixed assets

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

| Long leasehold | - | 10% on cost

| Plant and machinery | - | at varying rates on cost

| Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.

| Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

| An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

| Grants

| Grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

| .

| Law Distribution Limited (Registered number: 02915724) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| Investments in subsidiaries

| Investments in subsidiary undertakings are recognised at cost.

| Investment property

| Investment properties are revalued at the accounting date and the aggregate surplus or temporary deficit is recognised in the profit and loss account. A reserve transfer to the non distributable reserve account is then made.

| Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

| No depreciation or amortisation is provided. Any permanent diminutions in value below cost are charged in the profit and loss account.

| This treatment is a departure from the requirements of the Companies Act concerning the depreciation of fixed assets.

| The Directors consider that as these properties are not held for consumption but for investment, to depreciate them would not give a true and fair view, and that it is necessary to adopt FRS 102 for the accounts to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

| Each property has been valued individually and not as part of a portfolio. No account has been taken of any inter-company leases or arrangements, nor any mortgages, debentures or other charges, and no allowance has been made for any expenses of realisation nor for any taxation which might arise in the event of a disposal. The figures also do not reflect any element of special purchaser value following a merger of interests or sale to an owner or occupier of an adjoining property.

| Where properties have not been included in the valuation review, they are included at cost or at the Directors' assessment of open market value.

| Stocks

| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

| Financial instruments

| A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

| Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

| Debt instruments are subsequently measured at amortised cost.

| Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

| For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.

| Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

| Law Distribution Limited (Registered number: 02915724) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| Taxation

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

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

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

| Deferred tax

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

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

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

| Hire purchase and leasing commitments

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

| Pension costs and other post-retirement benefits

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

| Impairment

| A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

| When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

| Provisions

| Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the Balance sheet and the amount of the provision as an expense.

| Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

| Law Distribution Limited (Registered number: 02915724) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

3. | EMPLOYEES AND DIRECTORS

| 31.12.25 |  | 31.12.24

£ | £ |

| Wages and salaries | 6,696,945 |  | 5,811,392 |  |

| Other pension costs | 111,683 |  | 106,886 |  |

6,808,628 |  | 5,918,278 |  |

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

| 31.12.25 |  | 31.12.24

| Director | 5 |  | 3 |  |

| Office | 35 |  | 20 |  |

| Drivers | 48 |  | 54 |  |

| Warehouse | 83 |  | 86 |  |

171 |  | 163 |  |

| 31.12.25 |  | 31.12.24

£ | £ |

| Directors' remuneration | 381,916 |  | 148,603 |  |

| Information regarding the highest paid director for the year ended 31 December 2025 is as follows:

| 31.12.25 |

£ |  |

| Emoluments etc | 136,499 |  |

4. | OPERATING PROFIT

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Hire of plant and machinery | 418,905 |  | 400,376 |  |

| Depreciation - owned assets | 350,863 |  | 331,743 |  |

| Loss/(profit) on disposal of fixed assets | 23 |  | (7,253 | ) |

| Auditors' remuneration | 7,600 |  | 7,550 |  |

| Foreign exchange differences | 4,204 |  | 9,253 |  |

5. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 31.12.25 |  | 31.12.24

£ | £ |

| Interest on overdue tax | 1,332 |  | 183 |  |

| Hire purchase | 13,394 |  | 24,933 |  |

14,726 |  | 25,116 |  |

| Law Distribution Limited (Registered number: 02915724) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

6. | TAXATION

| Analysis of the tax charge

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Current tax:

| UK corporation tax | 137,056 |  | 57,569 |  |

| Deferred tax | (25,967 | ) | (54,694 | ) |

| Tax on profit | 111,089 |  | 2,875 |  |

| Reconciliation of total tax charge included in profit and loss

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Profit before tax | 433,071 |  | 33,190 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 108,268 |  | 8,298 |  |

| Effects of:

| Expenses not deductible for tax purposes | 8,742 |  | 6,089 |  |

| Income not taxable for tax purposes | (4,910 | ) | (3,617 | ) |

| Depreciation in excess of capital allowances | 52,010 |  | 55,922 |  |

| Deferred taxation | (53,239 | ) | (54,693 | ) |

| Brought forward Losses | - |  | (9,054 | ) |

| Pension accrual | 218 |  | - |  |

| Marginal relief | - |  | (70 | ) |

| Total tax charge | 111,089 |  | 2,875 |  |

7. | DIVIDENDS

| 31.12.25 |  | 31.12.24

£ | £ |

| Ordinary shares of 1p each

| Interim | 175,000 |  | 170,000 |  |

| Law Distribution Limited (Registered number: 02915724) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

8. | TANGIBLE FIXED ASSETS

| Long |  | Plant and |

| leasehold |  | machinery |  | Totals

£ | £ | £ |

| COST

| At 1 January 2025 | 266,895 |  | 1,882,371 |  | 2,149,266 |  |

| Additions | 3,695 |  | 138,951 |  | 142,646 |  |

| Disposals | - |  | (590 | ) | (590 | ) |

| At 31 December 2025 | 270,590 |  | 2,020,732 |  | 2,291,322 |  |

| DEPRECIATION

| At 1 January 2025 | 182,180 |  | 1,087,333 |  | 1,269,513 |  |

| Charge for year | 12,351 |  | 338,512 |  | 350,863 |  |

| Eliminated on disposal | - |  | (468 | ) | (468 | ) |

| At 31 December 2025 | 194,531 |  | 1,425,377 |  | 1,619,908 |  |

| NET BOOK VALUE

| At 31 December 2025 | 76,059 |  | 595,355 |  | 671,414 |  |

| At 31 December 2024 | 84,715 |  | 795,038 |  | 879,753 |  |

9. | FIXED ASSET INVESTMENTS

| Unlisted

| investments

£ |

| COST

| At 1 January 2025

| and 31 December 2025 | 150,410 |  |

| NET BOOK VALUE

| At 31 December 2025 | 150,410 |  |

| At 31 December 2024 | 150,410 |  |

10. | INVESTMENT PROPERTY

| Total

£ |

| FAIR VALUE

| At 1 January 2025 | 299,909 |  |

| Revaluations | 109,091 |  |

| At 31 December 2025 | 409,000 |  |

| NET BOOK VALUE

| At 31 December 2025 | 409,000 |  |

| At 31 December 2024 | 299,909 |  |

| Law Distribution Limited (Registered number: 02915724) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

10. | INVESTMENT PROPERTY - continued

| Fair value at 31 December 2025 is represented by:

£ |

| Valuation in 2025 | 109,091 |  |

| Cost | 299,909 |  |

409,000 |  |

11. | STOCKS

| 31.12.25 |  | 31.12.24

£ | £ |

| Finished goods | 4,963 |  | 5,667 |  |

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Trade debtors | 3,038,071 |  | 2,774,857 |  |

| Other debtors | 331,778 |  | 345,217 |  |

| Directors' current accounts | 56,897 |  | 71,402 |  |

| Prepayments and accrued income | 1,044,164 |  | 895,025 |  |

4,470,910 |  | 4,086,501 |  |

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Bank loans and overdrafts (see note 15) | 155,190 |  | - |  |

| Hire purchase contracts (see note 16) | 70,396 |  | 84,475 |  |

| Trade creditors | 1,418,185 |  | 1,350,054 |  |

| Tax | 137,056 |  | 57,569 |  |

| Social security and other taxes | 143,595 |  | 140,295 |  |

| VAT | 345,626 |  | 334,869 |  |

| Other creditors | 144,240 |  | 147,141 |  |

| Accruals | 770,110 |  | 855,563 |  |

| Deferred income | 58,610 |  | - |  |

3,243,008 |  | 2,969,966 |  |

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Hire purchase contracts (see note 16) | - |  | 70,396 |  |

| Law Distribution Limited (Registered number: 02915724) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

15. | LOANS

| An analysis of the maturity of loans is given below:

| 31.12.25 |  | 31.12.24

£ | £ |

| Amounts falling due within one year or on demand:

| Bank overdrafts | 155,190 |  | - |  |

16. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Hire purchase |

| contracts |

| 31.12.25 |  | 31.12.24 |

£ | £ |

| Net obligations repayable:

| Within one year | 70,396 |  | 84,475 |  |

| Between one and five years | - |  | 70,396 |  |

70,396 |  | 154,871 |  |

| Non-cancellable |

| operating leases |

| 31.12.25 |  | 31.12.24

£ | £ |

| Within one year | 2,158,707 |  | 1,975,855 |  |

| Between one and five years | 9,517,530 |  | 10,456,458 |  |

| In more than five years | 4,096,214 |  | 5,315,993 |  |

15,772,451 |  | 17,748,306 |  |

17. | PROVISIONS FOR LIABILITIES

| 31.12.25 |  | 31.12.24

£ | £ |

| Deferred tax | 193,971 |  | 219,938 |  |

| Other provisions | 400,000 |  | 300,000 |  |

593,971 |  | 519,938 |  |

| Deferred |

| tax |

£ |

| Balance at 1 January 2025 | 219,938 |  |

| Provided during year | (25,967 | ) |

| Balance at 31 December 2025 | 193,971 |  |

| Law Distribution Limited (Registered number: 02915724) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

18. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 31.12.25 |  | 31.12.24

| value: | £ | £ |

| 75 | Ordinary | 1p | 75 |  | 75 |  |

19. | RESERVES

| Capital |

| Retained |  | redemption |

| earnings |  | reserve |  | Totals

£ | £ | £ |

| At 1 January 2025 | 2,421,990 |  | 25 |  | 2,422,015 |  |

| Profit for the year | 321,982 |  | 321,982 |  |

| Dividends | (175,000 | ) | (175,000 | ) |

| At 31 December 2025 | 2,568,972 |  | 25 |  | 2,568,997 |  |

20. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

| The following advances and credits to a director subsisted during the years ended 31 December 2025 and 31 December 2024:

| 31.12.25 |  | 31.12.24

£ | £ |

| J P T Law

| Balance outstanding at start of year | 71,402 |  | 45,603 |  |

| Amounts advanced | 186,294 |  | 25,799 |  |

| Amounts repaid | (200,799 | ) | - |  |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | 56,897 |  | 71,402 |  |

| Advances during the year were interest free, unsecured and repayable on demand.