The notes on pages 3 to 12 form part of these financial statements.

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 notes on pages 3 to 12 form part of these financial statements.

Hankyu Hanshin Express (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 670 Spur Road, North Feltham Trading Estate, Feltham, Middlesex, United Kingdom, TW14 0SL.

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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company recorded a profit of £126,957 for the year (2024: loss of £150,748) and, at the balance sheet date, held net assets of £1,654,046 (2024: £1,527,089).true

In assessing the company’s ability to continue as a going concern, the directors have prepared cash flow forecasts for a period of at least twelve months from the date of approval of these financial statements. These forecasts reflect the directors’ expectations of future trading based on current operations and cost structures.

The directors have considered the potential impact of ongoing geopolitical tensions in the Middle East on the group’s operations. The group provides international freight forwarding services across air, ocean and road transportation routes, and disruption to shipping lanes, airspace availability and fuel costs could adversely affect transit times and operating costs. To date, the group has continued to operate without material interruption.

The company does not have any external borrowing facilities. As a subsidiary of a larger Japanese group, it has access to financial support from its parent company should this be required to meet working capital needs. The directors note that the parent has historically demonstrated its willingness and ability to provide such support.

On the basis of the forecasts prepared and the availability of support from the parent undertaking, the directors have a reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements have been prepared on the going concern basis.

Revenue is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

• the amount of revenue can be measured reliably;

• it is probable that the Company will receive the consideration due under the contract;

• the stage of completion of the contract at the end of the reporting period can be measured reliably; and

• the costs incurred and the costs to complete the contract can be measured reliably.

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have finite useful lives. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Amortisation 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:

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives range as follows:

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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

The company applies the recognition and measurement provisions of Section 11 of FRS 102 to its basic financial instruments.

Basic financial assets and liabilities are initially recognised at transaction price and subsequently measured at amortised cost.

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.

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

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

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

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

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.

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

The annual depreciation and amortisation charges in respect of tangible and intangible assets are based on the directors' best estimate of useful economic lives and residual values of each asset class. The useful economic lives and residual assets of each asset class are reassessed annually. Annual impairment reviews are performed on each class of asset to ensure that the carrying values are appropriate as described in Notes 1.4 and 1.5.

In preparing these financial statements, management has exercised judgement in recognising a deferred tax asset arising from tax losses carried forward. This deferred tax asset relates to the company's ability to utilise those losses against future taxable profits, and therefore its recognition depends on management’s assessment that it is probable the company will generate sufficient future taxable profits.

The key source of estimation uncertainty lies in forecasting the company’s future taxable profits, which requires assumptions about future revenue performance, cost trends, and market conditions. Management has reviewed financial projections and considers that sufficient taxable profits will be available in the foreseeable future to support the recognition of the asset.

The carrying amount of the deferred tax asset as at the balance sheet date is £28,319 (2024: £28,319).

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

The company has recognised a provision of £130,016 (2024: £102,512) in respect of dilapidations obligations under its property lease, representing management’s estimate of the costs required to restore the premises to the condition specified in the lease agreement at the end of the lease term.

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

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:

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.

There were contingent liabilities notified by the company's bankers at the balance sheet date which amounted to £300,000 (2024 - £300,000) principally in respect of indemnities given by the bank to enable goods to be released from HM Revenue & Customs before duty has been paid.

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

The Company is wholly owned by Hankyu Express Co. Ltd, a company incorporated in Japan. Hankyu Hanshin Holdings Inc. is the ultimate controlling party.

The Company has taken advantage of the exemption under FRS 102.1AC.34 from disclosing related party transactions with other wholly‑owned members of the group, as its parent undertaking prepares publicly available consolidated financial statements.

The immediate parent undertaking of the smallest group which includes the company and for which consolidated group financial statements are prepared is Hankyu Express Co. Ltd, a company incorporated in Japan. Copies of the group's financial statements are available from 2-5-25, Umeda, Kika-Ku Osaka, 530-0001, Japan.

The ultimate parent undertaking is Hankyu Hanshin Holdings Inc., a company incorporated in Japan. Hankyu Hanshin Holdings Inc is the parent undertaking of the largest group which includes the company and for which group financial statements are prepared. Copies of group financial statements are available from 1-16-1, Shibata, Kita-Ku Osaka, 530-0012, Japan.