Ft Logistics Ltd.

	Page
Balance Sheet	1
Notes to the Financial Statements	2—4

1. General Information

Ft Logistics Ltd. is a private company, limited by shares, incorporated in England & Wales, registered number 09273004. The registered office is Suite A, 82 James Carter Road, Milden Hall, Suffolk IP28 7DE.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

These financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 Section 1A Small Entities (“FRS 102 s.1A”) and the Companies Act 2006. The company is entitled to, and has taken advantage of, the small companies regime exemptions.

These financial statements include prior period adjustments as described in Notes 4 and 5 below. The adjustments arise from the correction of errors in the recognition and classification of liabilities in prior periods. In accordance with FRS 102 paragraph 10.22, prior period errors have been corrected by restating the comparative information and adjusting the opening balance of retained earnings.

2.2. Going Concern Disclosure

The financial statements have been prepared on the going concern basis. The director is satisfied that the company has adequate resources to continue in operational existence for the foreseeable future.

Although the balance sheet shows net liabilities of £16,408.29 after taking account of the prior period adjustments described in Note 6, the director draws attention to the following:

• The net liability position arises entirely from prior period adjustments — specifically the recognition of a £20,000 directors’ loan (Note 5) and the correction of Bounce Back Loan posting errors (Note 4) — and does not reflect a deterioration in the company’s trading performance.

• Net current assets at 31 March 2026 are £3,591.71 (bank £4,758.53 less Bounce Back Loan £1,166.82), confirming that the company can meet all short-term obligations as they fall due.

• The £20,000 directors’ loan is owed to Mr Fred Mchaki as sole director and shareholder. Mr Mchaki has confirmed in writing that he does not require repayment within the next twelve months. This liability is accordingly classified as a creditor falling due after more than one year.

• The Bounce Back Loan will be fully repaid by 21 July 2026, eliminating that remaining liability entirely.

• The company has continued to generate profitable trading results and positive cash flows from its chauffeur and logistics operations.

• There are no external bank overdrafts, working capital facilities or other financial obligations outstanding beyond those disclosed in these notes.

On this basis the director considers it appropriate to prepare these financial statements on the going concern basis.

2.3. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

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Ft Logistics Ltd.

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

2.4. Taxation

Income 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 profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.5. Government Grant

Government grants are recognised in the Profit And Loss Account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.

Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit And Loss Account. Grants towards general activities of the entity over a specific period are recognised in the profit And Loss Account over that period.

Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit And Loss Account over the useful life of the asset concerned.

All grants in the profit And Loss Account are recognised when all conditions for receipt have been complied with.

3. Average Number of Employees

Average number of employees, including directors, during the year] was:

	2026	2025
Office and administration	1	1

	1	1

5. Creditors: Amounts Falling Due Within One Year

	2026	2025
	£	£
Corporation tax	699	-

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Ft Logistics Ltd.

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

6. Creditors: Amounts Falling Due After More Than One Year

	2026	2025
	£	£
Bank loans	1,167	5,014
Other loans	20,000	-

	21,167	5,014

Creditors: amounts falling due within one year

2026 £ 2025 £ (restated)

Bounce Back Loan (Note 4) 1,166.82 3,733.48

Total creditors due within one year 1,166.82 3,733.48

Creditors: amounts falling due after more than one year

2026 £ 2025 £ (restated)

Directors’ loan — vehicle deposit (Note 5) 20,000.00 20,000.00

Total creditors due after more than one year 20,000.00 20,000.00

The Bounce Back Loan is due to be fully repaid by 21 July 2026 and is accordingly classified as falling due within one year. The directors’ loan represents an amount owed to Mr Fred Mchaki in respect of a vehicle deposit paid on behalf of the company in April 2022 (see Note 5). Mr Mchaki has confirmed that he does not require repayment within the next twelve months and the balance is therefore classified as a creditor falling due after more than one year.

7. Share Capital

	2026	2025
	£	£
Allotted, Called up and fully paid	1	1

8. Reserves

	Profit and Loss Account
	£
As at 1 April 2025	(20,246 )
Profit for the year and total comprehensive income	3,138

As at 31 March 2026	(17,108 )

Profit and loss reserve

2026 £2025 £Opening balance as previously reported1,833(601)Prior period adjustments (see Note below)(22,079)—Opening balance restated(20,246)(601)Profit for the year3,8372,434Closing balance(16,409)1,833

The prior period adjustments of £22,079 comprise: recognition of a directors' loan creditor of £20,000 in respect of a vehicle deposit paid by the director in April 2022 which had not previously been recognised as a liability of the company; and a net correction of £2,079 arising from the reclassification of Bounce Back Loan capital repayments which had been incorrectly posted to the interest expense account in prior periods. Both adjustments are made in accordance with FRS 102 section 10.22.

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		2026		2025
	Notes	£	£	£	£
CURRENT ASSETS
Cash at bank and in hand		4,759		6,848

		4,759		6,848
Creditors: Amounts Falling Due Within One Year	5	(699 )		-

NET CURRENT ASSETS (LIABILITIES)			4,060		6,848

TOTAL ASSETS LESS CURRENT LIABILITIES			4,060		6,848

Creditors: Amounts Falling Due After More Than One Year	6		(21,167 )		(5,014 )

NET (LIABILITIES)/ASSETS			(17,107 )		1,834

CAPITAL AND RESERVES
Called up share capital	7		1		1
Profit and Loss Account			(17,108 )		1,833

SHAREHOLDERS' FUNDS			(17,107)		1,834