Company registration number 01034009 (England and Wales)
JP LOGISTICS SOLUTIONS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
PAGES FOR FILING WITH REGISTRAR
JP LOGISTICS SOLUTIONS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 1 -
2025
2024
Notes
£000
£000
£000
£000
Fixed assets
Intangible assets
4
20
40
Tangible assets
5
394
392
Investment property
6
178
178
Investments
7
109
109
701
719
Current assets
Stocks
20
14
Debtors
9
2,060
2,160
Cash at bank and in hand
359
251
2,439
2,425
Creditors: amounts falling due within one year
10
(1,732)
(1,722)
Net current assets
707
703
Total assets less current liabilities
1,408
1,422
Creditors: amounts falling due after more than one year
11
(210)
(234)
Provisions for liabilities
(9)
(5)
Net assets
1,189
1,183
Capital and reserves
Called up share capital
13
-
0
-
0
Profit and loss reserves
1,189
1,183
Total equity
1,189
1,183

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 11 May 2026 and are signed on its behalf by:
Gary Phillips
Director
Company registration number 01034009 (England and Wales)
JP LOGISTICS SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
1
Judgements and key sources of estimation uncertainty

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

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

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

(i) Impairment of debtors

The company makes an estimate of the recoverable value of trade and other debtors. At each reporting date debtors are assessed to determine whether there is objective evidence of impairment. Debtors are impaired if there is objective evidence that indicates that a loss event has occurred after the initial recognition of the debtor, and that the loss event had a negative effect on the estimated future cash flows of that asset that can be estimated reliably.

When a subsequent event causes the amount of impairment loss to decrease, the decrease in impairment loss is reversed through the profit and loss.

Key estimates

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

Accrued income and accruals

Due to the nature of the timing of shipping dates at the reporting date there is a need for management to accrue income/costs associated with goods that are being exported/imported. This can require management to make an estimate of the income/costs of such transactions.

JP LOGISTICS SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -
2
Accounting policies
Company information

JP Logistics Solutions Limited (company number: 01034009) is a private company limited by shares incorporated in England and Wales. The registered office is 5 Cedar Court, Hazell Drive, Newport, Wales, NP10 8FY.

2.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £1,000.

The financial statements have been prepared under the historical cost convention other than for the investment property. The principal accounting policies adopted are set out below and have been applied consistency to all periods presented in these financial statements.

The company has taken advantage of the exemption under section 40 1 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

JP Logistics Solutions Limited is a wholly owned subsidiary of the company's ultimate parent undertaking, Pan Jamaica Group Limited which includes the company in its consolidated financial statements. The consolidated financial statements of Pan Jamaica Group Limited are prepared in accordance with International Financial Reporting Standards and are available to the public and may be obtained from 60 Knutsford Boulevard, Kingston 5, Jamaica. In these financial statements, the company is considered to be a qualifying entity (for the purpose of this FRS) and has applied the exemptions available under FRS 102 in respect of the following disclosures:

- Reconciliation of the number of shares outstanding from the beginning to end of the period;

- Cash Flow Statement and related notes; and

- Key Management Personnel compensation.

As the consolidated financial statements of Pan Jamaica Group Limited include the equivalent disclosures, the Company has also taken exemptions under FRS 102 available in respect of the following disclosures:

- The disclosures required by FRS 102.11 Basic Financial Instruments and FRS 102.12 Other Financial Instrument Issues in respect of financial instruments not falling within the fair value accounting rules of Paragraph 36(4) of Schedule 1.

The company has taken advantage of the exemption under FRS 102.3.21 from the requirement to disclose transactions with Pan Jamaica Group Limited and its wholly owned subsidiary undertakings on the basis that the company is a wholly owned subsidiary and the accounts of Pan Jamaica Group Limited are publicly available.

JP LOGISTICS SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
2
Accounting policies
(Continued)
- 4 -
2.2
Going concern

The company has a strong net current asset position together with contracts with a number of customers and suppliers across different geographical areas and industries. As a consequence, the directors believe that the company is well placed to manage its business risks successfully.true

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future which is at least 12 months from the approval of these financial statements. Thus they continue to adopt the going concern basis in preparing the annual financial statements.

2.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided during the year, and is shown net of VAT and other sales related taxes.

Revenue on shipping services is recognised once the vessel has sailed.

2.4
Intangible fixed assets - goodwill

Goodwill is stated at cost less any accumulated amortisation and accumulated impairment losses. In accordance with FRS 102.35, Section 19 of FRS 102 has not been applied in these financial statements in respect of business combinations effected prior to the date of transition.

Goodwill continues to be amortised to nil by equal annual instalments over its estimated useful life of 2 0 years. Provision is made for any impairment.

The company reviews the amortisation period and method when events and circumstances indicate that the useful life may have changed since the last reporting date.

Goodwill is tested for impairment in accordance with Section 27 Impairment of assets when there is an indication that goodwill may be impaired.

2.5
Tangible fixed assets

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

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

Freehold land and buildings
- 4% straight line
Plant and equipment
- 10 - 20% straight line
Fixtures and fittings
- 20 - 33% straight line
Motor vehicles
- 20 - 25% straight line

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

Land included in freehold land and buildings is not depreciated.

2.6
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

JP LOGISTICS SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
2
Accounting policies
(Continued)
- 5 -
2.7
Fixed asset investments

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

2.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

2.9
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks. Bank overdrafts are shown within borrowings in current liabilities.

2.10
Financial instruments

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

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

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

Basic financial assets

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

Classification of financial liabilities

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

JP LOGISTICS SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
2
Accounting policies
(Continued)
- 6 -
Basic financial liabilities

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

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

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

Contained within trade creditors is an amount for trading accruals, some of which have been held for greater than one year. These accruals are payable on demand. Trade accruals which are held for in excess of six years are released to the profit and loss account.

2.11
Equity instruments

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

2.12
Taxation

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

Current tax

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

Deferred tax

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

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

JP LOGISTICS SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
2
Accounting policies
(Continued)
- 7 -
2.13
Employee benefits

The company operates a defined contribution pension plan. A defined contribution plan is a post-employment benefit plan under which the company pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognised as an expense in the profit and loss account in the periods during which services are rendered by employees.

2.14
Leases

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

2.15
Foreign exchange

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

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was 24 (2024 - 25).

4
Intangible fixed assets
Goodwill
£000
Cost
At 1 January 2025 and 31 December 2025
400
Amortisation and impairment
At 1 January 2025
360
Amortisation charged for the year
20
At 31 December 2025
380
Carrying amount
At 31 December 2025
20
At 31 December 2024
40
JP LOGISTICS SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -
5
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£000
£000
£000
£000
£000
Cost
At 1 January 2025
231
16
338
73
659
Additions
-
0
-
0
50
21
71
Disposals
-
0
-
0
-
0
(10)
(10)
At 31 December 2025
231
17
387
85
720
Depreciation and impairment
At 1 January 2025
17
6
232
11
266
Depreciation charged in the year
16
2
31
18
67
Eliminated in respect of disposals
-
0
-
0
-
0
(7)
(7)
At 31 December 2025
33
8
262
23
326
Carrying amount
At 31 December 2025
198
9
125
62
394
At 31 December 2024
214
10
106
62
392
6
Investment property
2025
£000
Fair value
At 1 January 2025 and 31 December 2025
178

Investment property comprises the upper floor of the office building that is owned by JP Logistics Solutions Ltd and is let on a medium term basis to a third party. The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors at the 31 December 2025. The valuation was made by comparing the price of the property to the average increase in office property prices from the date of purchase to 31 December 2025. The valuation obtained using this method was not materially different to the apportioned cost of the building.

7
Fixed asset investments
2025
2024
£000
£000
Shares in group undertakings and participating interests
109
109

On 3 rd January 2022 JP Shipping Services Limited, acquired 100% of the equity of Miami Freight and Shipping Company for an initially determined consideration of £444,000. In prior years the value of the deferred consideration payable was reassessed, the value of the investment held was reduced and a total impairment has been made of the investment to date of £335,000.

JP LOGISTICS SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 9 -
8
Subsidiaries

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

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Miami Freight & Shipping Company
Florida,USA
Ordinary Shares
100
9
Debtors
2025
2024
Amounts falling due within one year:
£000
£000
Trade debtors
1,134
1,339
Corporation tax recoverable
-
0
2
Amounts owed by group undertakings
164
217
Other debtors
192
181
Prepayments and accrued income
570
421
2,060
2,160

Trade debtors are stated after a provision for impairment amounting to £179,238 (2024: £155,529).

Amounts owed by group undertakings are stated after a provision for impairment amounting to £484,000 (2024: £398,000).

10
Creditors: amounts falling due within one year
2025
2024
£000
£000
Bank loans
12
22
21
Other borrowings
12
254
123
Trade creditors
966
1,192
Amounts owed to group undertakings
25
10
Corporation tax
65
-
0
Other taxation and social security
38
29
Deferred income
49
-
0
Other creditors
90
124
Accruals and deferred income
223
223
1,732
1,722
11
Creditors: amounts falling due after more than one year
2025
2024
Notes
£000
£000
Bank loans and overdrafts
12
210
234
JP LOGISTICS SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 10 -
12
Loans and overdrafts
2025
2024
£000
£000
Bank loans
232
255
Loans from group undertakings and related parties
254
123
486
378
Payable within one year
276
144
Payable after one year
210
234

In August 2023 the company entered into a bank loan for £275,500 which is secured against the company property purchased in the year. The loan is repayable in 120 equal monthly instalments of £3,430. Interest is charged at a rate of 2.95% above the floating base rate

Included in amounts due in less than one year is a loan from Pan Jamaica Group Limited. The principal amount of the loan included in the comparative period was £122,666 with an interest rate applied of 6% per annum. The overall loan amount is subject to three seperate loan agreements. The new agreements were entered into on 14th March 2025, 25th April 2025 and 22nd May 2025 with maturity dates of 12th March 2026, 16th March 2026 and 2nd May 2026. The interest rate applied to all agreements is 6% per annum with interest payable in arrears on the maturity date.

13
Called up share capital
2025
2024
Ordinary share capital
Issued and fully paid
100 ordinary shares of £1 each
100
100
100
100

The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the company.

14
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

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.

JP LOGISTICS SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
14
Audit report information
(Continued)
- 11 -
Senior Statutory Auditor:
Andrew Howells
Statutory Auditor:
Azets Audit Services
Date of audit report:
12 May 2026
15
Financial commitments, guarantees and contingent liabilities

a) Barclays Bank PLC hold a fixed charge and negative pledge over the property and other assets of the company.

b) Barclays Bank PLC hold a charge over the company for all monies due or to become due to the company with all bank accounts held by the company with Barclays Bank PLC.

JP LOGISTICS SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 12 -
16
Operating lease commitments

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

2025
2024
£000
£000
Total commitments
845
1,088
17
Pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the Company to the scheme and amounted to £65,284 (2024: £59,963).

18
Ultimate parent undertaking

The ultimate parent company is Pan Jamaica Group Limited, a company incorporated in Jamaica, listed on the Jamaica Stock Exchange, and registered at 60 Knutsford Boulevard, Kingston, Jamaica. The consolidated financial statements of Pan Jamaica Group Limited can be obtained from JP Logistics Solutions Limited , 5 Cedar Court, Hazell Drive, Newport, NP10 8FY.

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