REGISTERED NUMBER: 04845404 (England and Wales)

Delivery Solutions (Delsol) Limited

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 30 November 2025

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

5

Statement of Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Cash Flow Statement

11

Notes to the Cash Flow Statement

12

Notes to the Financial Statements

13

DIRECTORS:

Mr S Walker

Mr K Jones

Ms K A Jones

SECRETARY:

Mr S Walker

REGISTERED OFFICE:

Bryn Warehouse

Griffiths Crossing

Caernarfon

Gwynedd

LL55 1TU

REGISTERED NUMBER:

04845404 (England and Wales)

AUDITORS:

Salisbury & Company Business Solutions Limited

Statutory Auditors

Chartered Accountants

Irish Square

Upper Denbigh Road

St Asaph

Denbighshire

LL17 0RN

The directors present their strategic report for the year ended 30 November 2025.

The primary aims for Delivery Solutions (Delsol) Ltd in 2026 are prosperity for the company, controlled growth in all departments and improved customer and staff retention. We hope to exceed our forecasts, to enable cash generation sufficient to self fund the growth over the year.

Goals will be achieved by measuring KPI’s of the various departments and taking action to control or encourage individuals to achieve the best performance in their roles.

2025 was undoubtedly a year of significant change and restructuring with considerable expense associated with site relocation, dilapidation cost and rent overlaps as well as planned headcount reductions which were all completed by November 2025. This allows for a leaner business in 2026 focused on our core elements of overnight parcels and pallets and world class customer service.

Our APC parcels network of which Delsol is an agent was bought by the WS group in the Autumn and this has brought positive changes to our Hub and Spoke network with improved quality and IT.

The heavy side of the Delsol business is proving to be robust in the face of the challenging economic backdrop with our TPN and Hazchem networks as well as our growing direct haulage business. Investment in many new articulated vehicles in early 2026 demonstrates our growing confidence and commitment in this area.

2025 ended on a high when Delivery Solutions (Delsol) Limited won Business of the Year at the West Cheshire and North Wales Chamber of Commerce annual awards ceremony in Chester. A real team effort!

REVIEW OF BUSINESS

The Company saw a 6% decrease in turnover during the year, with gross margin at 20.6% compared to 23.4% in 2024.

The Company generated a loss after tax of £296,149 in 2025 compared to a profit after tax of £83,976 in 2024.

The reasons for the decrease in performance are discussed above, with 2026 expected to show significant improvements in performance.

The overall net assets position remains strong at £2,490,491.

PRINCIPAL RISKS AND UNCERTAINTIES

Looking forward into 2026, the volatility in fuel prices related to the conflict in the Middle East will have a profound effect on customer pricing. The business is protected by a fuel escalator, however wider inflation in supplies will be challenging.

Further government pressure on wage policy is a continuing issue and we have had to react with tough but necessary decisions on headcount.

The overall position remains strong and we have confidence that forecasts will be met and exceeded in 2026.

SUSTAINABILITY

We invest in the most modern fleet which is ULEZ compliant, we have introduced EV vans for parcel delivery and our FLTs/Pallet trucks are electric. In the new Deeside facility this is aided by solar power generation.

The Delsol Eco Plan enables local customers to have their local parcels delivered at reduced rates as this is a lower carbon option cutting out miles of unnecessary carriage.

We have also signed up to the King Charles III Circularity in Practice pledge - a commitment to building a more resilient, resource-efficient and environmentally responsible built environment through proactive collaboration and implementation of circular enconomy principles.

RESPONSIBILITY

Delivery Solutions (Delsol) Limited is a large regional employer and service industry and we play a meaningful role in supporting many businesses in North Wales and the North West, providing quality collection and delivery services across the UK and worldwide. We appreciate the significance of this role.

We are an equal opportunities employer and have defined career paths within the business allowing dynamic people to grow and prosper. This is evidenced by having many long term staff members who have progressed their careers within Delsol.

We have also signed up for the Armed Forces Covenant to encourage employment of ex military personnel.

ON BEHALF OF THE BOARD:

Mr S Walker - Director

24 April 2026

The directors present their report with the financial statements of the company for the year ended 30 November 2025.

DIVIDENDS

The total distribution of dividends for the year ended 30 November 2025 will be £ 48,000 .

DIRECTORS

The directors shown below have held office during the whole of the period from 1 December 2024 to the date of this report.

Mr S Walker

Mr K Jones

Ms K A Jones

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.

AUDITORS

The auditors, Salisbury & Company Business Solutions Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr S Walker - Director

24 April 2026

Opinion

We have audited the financial statements of Delivery Solutions (Delsol) Limited (the 'company') for the year ended 30 November 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 30 November 2025 and of its loss 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.

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.

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

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 in accordance with ISA (UK).

We obtained an understanding of the legal and regulatory frameworks applicable to the company and the industry in which it operates through our general commercial and sector experience and discussions with management. We determined that the following laws and regulations were most significant: The Companies Act 2006, FRS 102 the 'Financial Reporting Standards applicable in the UK and Republic of Ireland' and relevant UK tax legislation. In addition, we concluded that there are certain laws and regulations that may have an effect on the determination of the amounts and disclosures within the financial statements such as Health and Safety laws and regulations.

We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur. 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 or fraud;

- Obtaining an understanding of the internal controls that management have in place to prevent and detect fraud;

- Challenging assumptions and judgements made by management in its significant accounting estimates;

- Reviewing the financial statement disclosures and assessing the appropriateness of the accounting policies used;

- Identifying and testing journal entries, in particular manual or unusual entries;

- Obtaining third party confirmations of all the companies banking arrangements;

- Performing analytical procedures to identify any unusual or unexpected relationships;

- Conclude on the appropriateness of the directors' use of the going concern basis of accounting.

The assessment of the appropriateness of the collective competence and capabilities of the engagement team included consideration of the engagement team's knowledge of the industry in which the client operates in and understanding of, and practical experience with, audit engagements of a similar nature and complexity through appropriate training and participation.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment.

Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

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.

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.

Mr Jeremy Salisbury (Senior Statutory Auditor)

for and on behalf of Salisbury & Company Business Solutions Limited

Statutory Auditors

Chartered Accountants

Irish Square

Upper Denbigh Road

St Asaph

Denbighshire

LL17 0RN

29 April 2026

TURNOVER

3

12,769,793

13,529,542

Cost of sales

(10,134,367

)

(10,358,237

)

GROSS PROFIT

2,635,426

3,171,305

Distribution costs

(1,789

)

(3,189

)

Administrative expenses

(2,930,685

)

(2,906,920

)

(297,048

)

261,196

Other operating income

208,384

524

OPERATING (LOSS)/PROFIT

5

(88,664

)

261,720

Exceptional costs

6

(99,493

)

-

(188,157

)

261,720

Interest payable and similar expenses

7

(153,589

)

(149,608

)

(LOSS)/PROFIT BEFORE TAXATION

(341,746

)

112,112

Tax on (loss)/profit

8

45,597

(28,136

)

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(296,149

)

83,976

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(296,149

)

83,976

FIXED ASSETS

Tangible assets

10

2,995,399

3,274,495

Investments

11

-

76,633

2,995,399

3,351,128

CURRENT ASSETS

Debtors

12

2,256,948

2,278,214

Cash at bank and in hand

157,310

135,816

2,414,258

2,414,030

CREDITORS

Amounts falling due within one year

13

2,612,801

2,403,424

NET CURRENT (LIABILITIES)/ASSETS

(198,543

)

10,606

TOTAL ASSETS LESS CURRENT LIABILITIES

2,796,856

3,361,734

CREDITORS

Amounts falling due after more than one year

14

(245,325

)

(420,457

)

PROVISIONS FOR LIABILITIES

18

(61,040

)

(106,637

)

NET ASSETS

2,490,491

2,834,640

CAPITAL AND RESERVES

Called up share capital

19

800

800

Fair value reserve

20

698,593

698,593

Retained earnings

20

1,791,098

2,135,247

SHAREHOLDERS' FUNDS

2,490,491

2,834,640

The financial statements were approved by the Board of Directors and authorised for issue on 24 April 2026 and were signed on its behalf by:

Mr S Walker - Director

Called up

Fair

share

Retained

value

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 December 2023

800

2,071,271

698,593

2,770,664

Changes in equity

Dividends

-

(20,000

)

-

(20,000

)

Total comprehensive income

-

83,976

-

83,976

Balance at 30 November 2024

800

2,135,247

698,593

2,834,640

Changes in equity

Dividends

-

(48,000

)

-

(48,000

)

Total comprehensive income

-

(296,149

)

-

(296,149

)

Balance at 30 November 2025

800

1,791,098

698,593

2,490,491

Cash flows from operating activities

Cash generated from operations

1

574,582

521,690

Interest paid

(68,099

)

(63,198

)

Interest element of hire purchase payments paid

(85,490

)

(86,410

)

Tax paid

-

(70,695

)

Net cash from operating activities

420,993

301,387

Cash flows from investing activities

Purchase of tangible fixed assets

(99,576

)

(521,224

)

Purchase of fixed asset investments

-

(76

)

Sale of tangible fixed assets

34,591

21,508

Sale of fixed asset investments

235,000

21

Net cash from investing activities

170,015

(499,771

)

Cash flows from financing activities

Capital repayments in year

(273,929

)

20,167

Amount introduced by directors

48,000

20,000

Amount withdrawn by directors

(295,585

)

(94,811

)

Equity dividends paid

(48,000

)

(20,000

)

Net cash from financing activities

(569,514

)

(74,644

)

Increase/(decrease) in cash and cash equivalents

21,494

(273,028

)

Cash and cash equivalents at beginning of year

2

135,816

408,844

Cash and cash equivalents at end of year

2

157,310

135,816

1.	RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

(Loss)/profit before taxation

(341,746

)

112,112

Depreciation charges

345,515

370,571

Profit on disposal of fixed assets

(159,801

)

(11,985

)

Finance costs

153,589

149,608

(2,443

)

620,306

Decrease/(increase) in trade and other debtors

21,266

(128,917

)

Increase in trade and other creditors

555,759

30,301

Cash generated from operations

574,582

521,690

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 November 2025

30/11/25

1/12/24

£

£

Cash and cash equivalents

157,310

135,816

Year ended 30 November 2024

30/11/24

1/12/23

£

£

Cash and cash equivalents

135,816

408,844

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1/12/24

Cash flow

At 30/11/25

£

£

£

Net cash

Cash at bank and in hand

135,816

21,494

157,310

135,816

21,494

157,310

Debt

Finance leases

(537,579

)

273,929

(263,650

)

Debts falling due within 1 year

(130,489

)

(221,968

)

(352,457

)

Debts falling due after 1 year

(250,601

)

75,259

(175,342

)

(918,669

)

127,220

(791,449

)

Total

(782,853

)

148,714

(634,139

)

1.	STATUTORY INFORMATION

Delivery Solutions (Delsol) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with 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.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

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

Tangible fixed assets

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

Land and Buildings - 2% Straightline

Plant and Machinery - 10% Straightline

Fixtures and Fittings - 10% Straightline

Motor Vehicles - 25% Straightline

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Hire purchase and leasing commitments

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

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

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

Pension costs and other post-retirement benefits

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

Debtors

Short term debtors are measured at transaction price, less any impairment.

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost.

Employee benefits

Short term employee benefits and contributions to defined contribution plans are recognised as an expense in the period in which they are incurred.

3.

TURNOVER

The turnover and loss (2024 - profit) before taxation are attributable to the one principal activity of the company.

The turnover represents the provision of parcel delivery and storage services during the period.

All turnover arose within the United Kingdom.

4.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

3,994,865

4,048,128

Social security costs

449,768

385,513

4,444,633

4,433,641

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

2025

2024

Directors

3

3

Management and Administrative Staff

42

33

Drivers and Warehouse Staff

80

101

125

137

2025

2024

£

£

Directors' remuneration

114,830

126,132

5.	OPERATING (LOSS)/PROFIT

The operating loss (2024 - operating profit) is stated after charging/(crediting):

2025

2024

£

£

Other operating leases

250,938

299,687

Depreciation - owned assets

45,921

73,556

Depreciation - assets on hire purchase contracts

299,594

297,015

Profit on disposal of fixed assets

(159,801

)

(11,985

)

Auditors' remuneration

12,000

11,000

Auditors' remuneration for non audit work

3,570

2,475

6.	EXCEPTIONAL ITEMS

2025

2024

£

£

Exceptional costs

(99,493

)

-

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Bank loan interest

20,911

51,986

Factoring interest

47,188

11,212

Hire Purchase Interest

85,490

86,410

153,589

149,608

8.

TAXATION

Analysis of the tax (credit)/charge

The tax (credit)/charge on the loss for the year was as follows:

2025

2024

£

£

Deferred tax

(45,597

)

28,136

Tax on (loss)/profit

(45,597

)

28,136

9.

DIVIDENDS

2025

2024

£

£

Final

48,000

20,000

10.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 December 2024

2,550,959

331,021

174,498

2,126,180

5,182,658

Additions

-

13,045

4,618

81,913

99,576

Disposals

-

(60,887

)

(9,803

)

(425,979

)

(496,669

)

At 30 November 2025

2,550,959

283,179

169,313

1,782,114

4,785,565

DEPRECIATION

At 1 December 2024

151,284

211,863

100,924

1,444,092

1,908,163

Charge for year

18,973

22,661

10,310

293,571

345,515

Eliminated on disposal

-

(41,157

)

(4,060

)

(418,295

)

(463,512

)

At 30 November 2025

170,257

193,367

107,174

1,319,368

1,790,166

NET BOOK VALUE

At 30 November 2025

2,380,702

89,812

62,139

462,746

2,995,399

At 30 November 2024

2,399,675

119,158

73,574

682,088

3,274,495