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REGISTERED NUMBER: 09769460 (England and Wales)

| Group Strategic Report, |

| Report of the Directors and |

| Consolidated Financial Statements |

| for the Year Ended 31 December 2025 |

| for |

| Tuscor Lloyds Holdings Limited |

Tuscor Lloyds Holdings Limited (Registered number: 09769460)

Contents of the Consolidated Financial Statements

for the Year Ended 31 December 2025

Page |

Company Information | 1 |

Group Strategic Report | 2 |

Report of the Directors | 3 |

Report of the Independent Auditors | 4 |

Consolidated Statement of Income and Retained Earnings | 7 |

Consolidated Balance Sheet | 8 |

Company Balance Sheet | 9 |

Consolidated Cash Flow Statement | 10 |

Notes to the Consolidated Cash Flow Statement | 11 |

Notes to the Consolidated Financial Statements | 12 |

Tuscor Lloyds Holdings Limited

Company Information

for the Year Ended 31 December 2025

| DIRECTORS: | Ms G Morgan

| Mrs A M C Manrai

| SECRETARY: | Ms G Morgan

| REGISTERED OFFICE: | 16 Blackmore Road

| Trafford Park

| Stretford

| Greater Manchester

| M32 0QY

| REGISTERED NUMBER: | 09769460 (England and Wales)

| AUDITORS: | DKR Audit Services Ltd

| 36 Lichfield Street

| Walsall

| West Midlands

| WS1 1TJ

Tuscor Lloyds Holdings Limited (Registered number: 09769460)

Group Strategic Report

for the Year Ended 31 December 2025

The directors present their strategic report of the company and the group for the year ended 31 December 2025.

REVIEW OF BUSINESS

The results for the financial year and the financial position of the group and company are shown in the annexed financial statements.

Tuscor Lloyds Holdings Limited operated throughout the year as a holding company and received rental income from property. The majority of operating income is derived from a subsidiary company, Tuscor Lloyds (UK) Limited, a specialist in the worldwide movement of freight.

PRINCIPAL RISKS AND UNCERTAINTIES

The key business risks and uncertainties affecting the group relate mainly to the subsidiary company, Tuscor Lloyds

(UK) Limited.

The business relies on global economic stability and secure trade corridors. To address supply chain challenges, strategies have been developed, such as rerouting after the Red Sea/Suez closure. A potential shutdown of the Strait of Hormuz poses significant risks to international trade and economies. Middle East tensions can drive up fuel prices, increasing customer costs and affecting competitiveness.

CONCLUSION

The business continues to be profitable and stable, offering superior profit margins relative to others in the industry. Staff numbers have stayed consistent, with employees remaining actively involved with the company, management, and directors.

ON BEHALF OF THE BOARD:

Ms G Morgan - Director

5 June 2026

Tuscor Lloyds Holdings Limited (Registered number: 09769460)

Report of the Directors

for the Year Ended 31 December 2025

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

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2025.

DIRECTORS

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

Ms G Morgan

Mrs A M C Manrai

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group's auditors are unaware, and each director has taken all the steps that she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, DKR Audit Services Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Ms G Morgan - Director

5 June 2026

Report of the Independent Auditors to the Members of

Tuscor Lloyds Holdings Limited

Opinion

We have audited the financial statements of Tuscor Lloyds Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the Consolidated Statement of Income and Retained Earnings, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 31 December 2025 and of the group's 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 group 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 group's and the parent 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 Group 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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- | the parent company 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.

Report of the Independent Auditors to the Members of

Tuscor Lloyds Holdings Limited

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 group's and the parent 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 group or the parent 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:

We identified areas of laws and regulation that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the directors, and other management, and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations. We communicated identified laws, and regulations through our team and remained alert to any indications of non-compliance throughout the audit. The potential effect of these laws and regulations on the financial statements varies considerably.

The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), pensions legislation, and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Whilst the the procedures undertaken to detect irregularities vary from audit to audit, based on the specific audit risks identified and assessed as material, the procedures may include the following:

* Enquiry of management and key staff

* Reviewing minutes of meetings

* Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

* Performing audit work over the risk of management override including testing of journals and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

In addition, the Company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on the amounts or disclosures in the financial statements, for instance through the imposition of fines. We identified the following areas as those most likely to have such an effect: health and safety, General Data Protection Regulation (GDP), fraud, bribery and corruption and employment law. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. The identified actual or suspected non-compliance was not sufficiently significant to our audit to result in our response being identified as a key audit matter.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance 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.

Report of the Independent Auditors to the Members of

Tuscor Lloyds Holdings 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.

Stephen Gray, BSc, FCA (Senior Statutory Auditor)

for and on behalf of DKR Audit Services Ltd

36 Lichfield Street

Walsall

West Midlands

WS1 1TJ

5 June 2026

Tuscor Lloyds Holdings Limited (Registered number: 09769460)

Consolidated Statement of Income and Retained Earnings

for the Year Ended 31 December 2025

| 2025 |  | 2024

| Notes | £ | £ |

TURNOVER | 3 | 21,902,053 |  | 25,645,056 |  |

Cost of sales | (17,296,993 | ) | (19,920,440 | ) |

GROSS PROFIT | 4,605,060 |  | 5,724,616 |  |

Administrative expenses | (4,190,160 | ) | (4,728,052 | ) |

414,900 |  | 996,564 |  |

Other operating income | - |  | 14,621 |  |

OPERATING PROFIT | 5 | 414,900 |  | 1,011,185 |  |

Interest receivable and similar income | 125,543 |  | 111,636 |  |

540,443 |  | 1,122,821 |  |

Interest payable and similar expenses | 6 | (368 | ) | - |  |

PROFIT BEFORE TAXATION | 540,075 |  | 1,122,821 |  |

Tax on profit | 7 | (159,690 | ) | (284,526 | ) |

PROFIT FOR THE FINANCIAL YEAR | 380,385 |  | 838,295 |  |

Retained earnings at beginning of year | 7,487,611 |  | 6,649,316 |  |

RETAINED EARNINGS FOR THE GROUP AT END OF YEAR | 7,867,996 |  | 7,487,611 |  |

Profit attributable to:

Owners of the parent | 380,385 |  | 838,295 |  |

Tuscor Lloyds Holdings Limited (Registered number: 09769460)

Consolidated Balance Sheet

31 December 2025

| 2025 |  | 2024

| Notes | £ | £ |

FIXED ASSETS

Tangible assets | 9 | 1,194,163 |  | 1,249,120 |  |

Investments | 10 | - |  | - |  |

1,194,163 |  | 1,249,120 |  |

CURRENT ASSETS

Debtors | 11 | 3,357,622 |  | 3,108,430 |  |

Cash at bank and in hand | 5,389,041 |  | 6,050,132 |  |

8,746,663 |  | 9,158,562 |  |

CREDITORS

Amounts falling due within one year | 12 | (2,061,098 | ) | (2,901,037 | ) |

NET CURRENT ASSETS | 6,685,565 |  | 6,257,525 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 7,879,728 |  | 7,506,645 |  |

PROVISIONS FOR LIABILITIES | 14 | (11,727 | ) | (19,029 | ) |

NET ASSETS | 7,868,001 |  | 7,487,616 |  |

CAPITAL AND RESERVES

Called up share capital | 15 | 4 |  | 4 |  |

Capital redemption reserve | 16 | 1 |  | 1 |  |

Retained earnings | 16 | 7,867,996 |  | 7,487,611 |  |

SHAREHOLDERS' FUNDS | 7,868,001 |  | 7,487,616 |  |

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 5 June 2026 and were signed on its behalf by:

Ms G Morgan - Director

Tuscor Lloyds Holdings Limited (Registered number: 09769460)

Company Balance Sheet

31 December 2025

| 2025 |  | 2024

| Notes | £ | £ |

FIXED ASSETS

Tangible assets | 9 | 775,613 |  | 786,190 |  |

Investments | 10 | 4 |  | 4 |  |

775,617 |  | 786,194 |  |

CURRENT ASSETS

Debtors | 11 | 68,256 |  | 50,029 |  |

Cash at bank | 3,596,952 |  | 3,415,598 |  |

3,665,208 |  | 3,465,627 |  |

CREDITORS

Amounts falling due within one year | 12 | (12,114 | ) | (49,137 | ) |

NET CURRENT ASSETS | 3,653,094 |  | 3,416,490 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 4,428,711 |  | 4,202,684 |  |

CAPITAL AND RESERVES

Called up share capital | 15 | 4 |  | 4 |  |

Retained earnings | 16 | 4,428,707 |  | 4,202,680 |  |

SHAREHOLDERS' FUNDS | 4,428,711 |  | 4,202,684 |  |

Company's profit for the financial year | 226,027 |  | 794,341 |  |

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 5 June 2026 and were signed on its behalf by:

Ms G Morgan - Director

Tuscor Lloyds Holdings Limited (Registered number: 09769460)

Consolidated Cash Flow Statement

for the Year Ended 31 December 2025

| 2025 |  | 2024

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | (630,932 | ) | 1,093,408 |  |

Interest paid | (368 | ) | - |  |

Tax paid | (61,483 | ) | (716,512 | ) |

Net cash from operating activities | (692,783 | ) | 376,896 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (124,394 | ) | (265,392 | ) |

Sale of tangible fixed assets | 30,050 |  | 68,886 |  |

Interest received | 125,543 |  | 111,636 |  |

Net cash from investing activities | 31,199 |  | (84,870 | ) |

Cash flows from financing activities

Increase in related party balances | 493 |  | (23,256 | ) |

Net cash from financing activities | 493 |  | (23,256 | ) |

(Decrease)/increase in cash and cash equivalents | (661,091 | ) | 268,770 |  |

Cash and cash equivalents at beginning of year | 2 | 6,050,132 |  | 5,781,362 |  |

Cash and cash equivalents at end of year | 2 | 5,389,041 |  | 6,050,132 |  |

Tuscor Lloyds Holdings Limited (Registered number: 09769460)

Notes to the Consolidated Cash Flow Statement

for the Year Ended 31 December 2025

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

| 2025 |  | 2024

£ | £ |

| Profit before taxation | 540,075 |  | 1,122,821 |  |

| Depreciation charges | 150,094 |  | 164,887 |  |

| Profit on disposal of fixed assets | (794 | ) | (2,983 | ) |

| Finance costs | 368 |  | - |  |

| Finance income | (125,543 | ) | (111,636 | ) |

564,200 |  | 1,173,089 |  |

| (Increase)/decrease in trade and other debtors | (388,741 | ) | 427,365 |  |

| Decrease in trade and other creditors | (806,391 | ) | (507,046 | ) |

| Cash generated from operations | (630,932 | ) | 1,093,408 |  |

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 31 December 2025

| 31.12.25 |  | 1.1.25

£ | £ |

| Cash and cash equivalents | 5,389,041 |  | 6,050,132 |  |

| Year ended 31 December 2024

| 31.12.24 |  | 1.1.24

£ | £ |

| Cash and cash equivalents | 6,050,132 |  | 5,781,362 |  |

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 | 6,050,132 |  | (661,091 | ) | 5,389,041 |  |

6,050,132 |  | (661,091 | ) | 5,389,041 |  |

| Total | 6,050,132 |  | (661,091 | ) | 5,389,041 |  |

Tuscor Lloyds Holdings Limited (Registered number: 09769460)

Notes to the Consolidated Financial Statements

for the Year Ended 31 December 2025

1. | STATUTORY INFORMATION

| Tuscor Lloyds Holdings 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 General 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.

| The financial statements have been prepared on a going concern basis.

| Basis of consolidation

| The consolidated financial statements of the group have been prepared in accordance with the merger accounting method.

| 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.

| Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

| 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.

| Freehold property | - | 2% on cost

| Fixtures and fittings | - | 25% on reducing balance

| Motor vehicles | - | 25% on reducing balance

| Computer equipment | - | 33% on reducing balance

| Financial instruments

| The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ 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 instruments

| 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.

Tuscor Lloyds Holdings Limited (Registered number: 09769460)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| Impairment of financial assets

| Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

| Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

| If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

| Derecognition of financial assets

| Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

| 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.

| 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 payments 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. Amounts 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.

| Other financial liabilities

| Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

| Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

| Derecognition of financial liabilities

| Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

| 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.

Tuscor Lloyds Holdings Limited (Registered number: 09769460)

Notes to the Consolidated 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 Consolidated 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.

| Foreign currencies

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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

| Provision for liabilities

| Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable, and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, considering the related risks

| and uncertainties, and the related increases are generally charged as an expense to profit or loss.

3. | TURNOVER

| The turnover and profit before taxation are attributable to the one principal activity of the group.

| An analysis of turnover by geographical market is given below:

| 2025 |  | 2024

£ | £ |

| United Kingdom | 13,616,587 |  | 14,333,945 |  |

| Europe | 1,704,062 |  | 1,674,920 |  |

| Rest of World | 6,581,404 |  | 9,636,191 |  |

21,902,053 |  | 25,645,056 |  |

4. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 2,400,336 |  | 3,200,691 |  |

| Social security costs | 344,396 |  | 431,875 |  |

| Other pension costs | 206,090 |  | 163,628 |  |

2,950,822 |  | 3,796,194 |  |

Tuscor Lloyds Holdings Limited (Registered number: 09769460)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2025

4. | EMPLOYEES AND DIRECTORS - continued

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

| 2025 |  | 2024

| Management | 4 |  | 4 |  |

| Administration | 12 |  | 12 |  |

| Sales | 12 |  | 12 |  |

28 |  | 28 |  |

| 2025 |  | 2024

£ | £ |

| Directors' remuneration | 290,259 |  | 286,061 |  |

| Directors' pension contributions to money purchase schemes | 41,652 |  | 31,763 |  |

| Information regarding the highest paid director is as follows:

| 2025 |  | 2024

£ | £ |

| Emoluments etc | 181,259 |  | 165,561 |  |

| Pension contributions to money purchase schemes | 36,252 |  | 28,163 |  |

5. | OPERATING PROFIT

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

| 2025 |  | 2024

£ | £ |

| Hire of plant and machinery | - |  | 1,572 |  |

| Depreciation - owned assets | 150,095 |  | 164,887 |  |

| Profit on disposal of fixed assets | (794 | ) | (2,983 | ) |

| Auditors' remuneration | 18,150 |  | 17,953 |  |

| Foreign exchange differences | - |  | (14,621 | ) |

6. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£ | £ |

| HMRC - interest & penalties | 368 |  | - |  |

7. | TAXATION

| Analysis of the tax charge

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

| 2025 |  | 2024

£ | £ |

| Current tax:

| UK corporation tax | 166,992 |  | 306,264 |  |

| Deferred tax | (7,302 | ) | (21,738 | ) |

| Tax on profit | 159,690 |  | 284,526 |  |

Tuscor Lloyds Holdings Limited (Registered number: 09769460)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2025

7. | TAXATION - continued

| 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:

| 2025 |  | 2024

£ | £ |

| Profit before tax | 540,075 |  | 1,122,821 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2024 - 25 %) | 135,019 |  | 280,705 |  |

| Effects of:

| Expenses not deductible for tax purposes | 22,451 |  | 12,315 |  |

| Depreciation in excess of capital allowances | 9,522 |  | 13,244 |  |

| Deferred Tax | (7,302 | ) | (21,738 | ) |

| Total tax charge | 159,690 |  | 284,526 |  |

8. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

| As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.

9. | TANGIBLE FIXED ASSETS

| Group

| Fixtures |

| Freehold |  | and |  | Motor |  | Computer |

| property |  | fittings |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 1 January 2025 | 881,383 |  | 253,825 |  | 713,631 |  | 269,432 |  | 2,118,271 |  |

| Additions | - |  | 6,481 |  | 117,913 |  | - |  | 124,394 |  |

| Disposals | - |  | - |  | (52,010 | ) | - |  | (52,010 | ) |

| At 31 December 2025 | 881,383 |  | 260,306 |  | 779,534 |  | 269,432 |  | 2,190,655 |  |

| DEPRECIATION

| At 1 January 2025 | 95,193 |  | 226,783 |  | 294,777 |  | 252,398 |  | 869,151 |  |

| Charge for year | 10,577 |  | 8,381 |  | 126,878 |  | 4,259 |  | 150,095 |  |

| Eliminated on disposal | - |  | - |  | (22,754 | ) | - |  | (22,754 | ) |

| At 31 December 2025 | 105,770 |  | 235,164 |  | 398,901 |  | 256,657 |  | 996,492 |  |

| NET BOOK VALUE

| At 31 December 2025 | 775,613 |  | 25,142 |  | 380,633 |  | 12,775 |  | 1,194,163 |  |

| At 31 December 2024 | 786,190 |  | 27,042 |  | 418,854 |  | 17,034 |  | 1,249,120 |  |

Tuscor Lloyds Holdings Limited (Registered number: 09769460)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2025

9. | TANGIBLE FIXED ASSETS - continued

| Company

| Freehold

| property

£ |

| COST

| At 1 January 2025

| and 31 December 2025 | 881,383 |  |

| DEPRECIATION

| At 1 January 2025 | 95,193 |  |

| Charge for year | 10,577 |  |

| At 31 December 2025 | 105,770 |  |

| NET BOOK VALUE

| At 31 December 2025 | 775,613 |  |

| At 31 December 2024 | 786,190 |  |

10. | FIXED ASSET INVESTMENTS

| Company

| Unlisted

| investments

£ |

| COST

| At 1 January 2025

| and 31 December 2025 | 4 |  |

| NET BOOK VALUE

| At 31 December 2025 | 4 |  |

| At 31 December 2024 | 4 |  |

| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

| Subsidiaries

| Tuscor Lloyds (UK) Limited

| Registered office: 16 Blackmore Road, Stretford, Manchester. M32 0QY

| Nature of business: Freight

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

2025 | 2024 |

£ | £ |

| Aggregate capital and reserves | 3,415,419 |  | 3,284,934 |  |

| Profit for the year | 341,043 |  | 724,296 |  |

| Tuscor Lloyds Limited

| Registered office: 16 Blackmore Road, Stretford, Manchester. M32 0QY

| Nature of business: Non Trading

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

Tuscor Lloyds Holdings Limited (Registered number: 09769460)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2025

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

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Trade debtors | 3,103,674 |  | 2,728,490 |  | - |  | - |  |

| Amounts owed by group undertakings | - |  | - |  | 27,339 |  | 27,339 |  |

| Amounts owed by participating interests | 10,287 |  | 10,954 |  | - |  | - |  |

| Other debtors | 20,650 |  | 31,312 |  | - |  | - |  |

| Tax | 101,292 |  | 240,174 |  | - |  | - |  |

| VAT | 77,292 |  | 70,260 |  | 1,040 |  | - |  |

| Prepayments and accrued income | 39,877 |  | 22,594 |  | 39,877 |  | 22,594 |  |

| Prepayments | 4,550 |  | 4,646 |  | - |  | 96 |  |

3,357,622 |  | 3,108,430 |  | 68,256 |  | 50,029 |  |

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

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Trade creditors | 1,362,164 |  | 2,223,526 |  | - |  | - |  |

| Amounts owed to participating interests | - |  | 175 |  | - |  | - |  |

| Tax | 8,111 |  | 41,484 |  | 8,114 |  | 41,483 |  |

| VAT | - |  | - |  | - |  | 3,654 |  |

| Other creditors | 19,412 |  | 33,478 |  | - |  | - |  |

| Accrued expenses | 671,411 |  | 602,374 |  | 4,000 |  | 4,000 |  |

2,061,098 |  | 2,901,037 |  | 12,114 |  | 49,137 |  |

13. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Group

| Non-cancellable |

| operating leases |

2025 | 2024 |

£ | £ |

| Between one and five years | 10,774 |  | 10,774 |  |

14. | PROVISIONS FOR LIABILITIES

| Group |

2025 | 2024 |

£ | £ |

| Deferred tax

| Accelerated capital allowances | 11,727 |  | 19,029 |  |

| Group

| Deferred |

| tax |

£ |

| Balance at 1 January 2025 | 19,029 |  |

| Credit to Statement of Comprehensive Income during year | (7,302 | ) |

| Balance at 31 December 2025 | 11,727 |  |

Tuscor Lloyds Holdings Limited (Registered number: 09769460)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2025

15. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 4 | Ordinary | £1 | 4 |  | 4 |  |

16. | RESERVES

| Group

| Capital |

| Retained |  | redemption |

| earnings |  | reserve |  | Totals

£ | £ | £ |

| At 1 January 2025 | 7,487,611 |  | 1 |  | 7,487,612 |  |

| Profit for the year | 380,385 |  | 380,385 |  |

| At 31 December 2025 | 7,867,996 |  | 1 |  | 7,867,997 |  |

| Company

| Retained

| earnings

£ |

| At 1 January 2025 | 4,202,680 |  |

| Profit for the year | 226,027 |  |

| At 31 December 2025 | 4,428,707 |  |

17. | RELATED PARTY DISCLOSURES

| Entities over which the entity has control, joint control or significant influence

2025 | 2024 |

£ | £ |

| Sales | 62,300 |  | 114,146 |  |

| Purchases | 290,472 |  | 664,106 |  |

| Amounts due from related parties | - |  | 21,417 |  |