Company Registration No. 12229506 (England and Wales)
DR LOGISTICS GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 NOVEMBER 2025
30 November 2025
DR LOGISTICS GROUP LIMITED
COMPANY INFORMATION
Director
DC Reynolds
Company number
12229506
Registered office
Compass House
Eastways
Witham
Essex
CM8 3YQ
Auditor
Rickard Luckin Limited
Suite 8
Phoenix House
Christopher Martin Road
Basildon
Essex
SS14 3EZ
DR LOGISTICS GROUP LIMITED
CONTENTS
Page
Strategic report
1
Director's report
2
Director's responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Company statement of cash flows
14
Notes to the financial statements
15 - 29
DR LOGISTICS GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 1 -

The director presents the strategic report for the year ended 30 November 2025.

Review of the business

The Director is satisfied with the performance of the group for the year, with the group results remaining strong this year with a continuing balanced spread of customers who the Director maintains strong relationships with. The principal activity of the group is freight forwarding and as such changes to international freight rates will directly impact the turnover of the group. The decrease in turnover seen in the year can therefore be explained as a direct result of variations in freight rate costs seen throughout the industry, which have transitioned from the high, volatile peaks of 2024 to a lower, yet still elevated level in 2025.

The group is part of multiple trade networks which provide a valuable resource to the group and have been a contributing factor to maintaining a good profit and positive profit margins. The group has implemented tighter credit control procedures allowing debtors to be recovered more efficiently, and in addition to a controlled increase in administrative expenses, the group has achieved positive cash flows during the year.

Principal risks and uncertainties

Following the year end, freight costs have continued to be volatile and have seen a drop off after some initial early spikes. Although this will have a direct impact on the group's turnover, numerous factors are likely to influence the group's profitability during 2026 including the current unsettled situation in the middle east. The group's activities also expose it to the financial risks of changes in foreign currency and exchange rates. The group operates various foreign currency bank accounts and aims to match currency receipts and payments, which will aid in mitigating the impact of this risk.

Key performance indicators

The group's key financial performance indicators during the year were as follows:

|  | 2025 |  | 2024
Turnover |  | 17,901,918 |  | 19,205,920
Turnover growth |  | -6.8% |  | 20.6%
Gross profit margin |  | 23.8% |  | 21.3%
Profit for the year |  | 214,323 |  | 203,217

On behalf of the board

DC Reynolds
Director
24 April 2026
DR LOGISTICS GROUP LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 2 -

The director presents his annual report and financial statements for the year ended 30 November 2025.

Principal activities

The parent company's principal activity is that of a holding company, and the p rincipal activity of the group is that of freight forwarding and warehousing services.

Results and dividends

The results for the year are set out on page 7.

No ordinary dividends were paid. The director does not recommend payment of a further dividend.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

DC Reynolds
Financial instruments
Price risk, credit risk, liquidity risk and cash flow risk

The business' principal financial instruments comprise bank balances, trade debtors, and trade creditors. The main purpose of these instruments is to finance the business' operations.

In respect of bank balances the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts and borrowings at floating exchange rates of interest. All of the business' cash balances are held in such a way that achieves a competitive rate of interest.

Trade debtors are managed in respect of credit and cash low risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.

Trade creditors' liquidity is managed by ensuring sufficient funds are availalble to meet amounts due.

Auditor

The auditor, Rickard Luckin Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to groups and companies entitled to the exemptions of the small companies regime.

On behalf of the board
DC Reynolds
Director
24 April 2026
DR LOGISTICS GROUP LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 3 -

The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

United Kingdom company law requires the director to prepare financial statements for each financial year. Under that law, the director has elected to prepare the group and parent company financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and parent company, and of the profit or loss of the group for that period.

In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and parent company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent company, and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the group and parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

DR LOGISTICS GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DR LOGISTICS GROUP LIMITED
- 4 -
Opinion

We have audited the financial statements of DR Logistics Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2025 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including 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 the parent company's affairs as at 30 November 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 director's 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 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

- The information given in the strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- The strategic report and the director's report have been prepared in accordance with applicable legal requirements.

DR LOGISTICS GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DR LOGISTICS GROUP LIMITED
- 5 -
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 their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the director's r eport.

We have nothing to report in respect of the following matters in relation to which 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.

Responsibilities of director

As explained more fully in the director's r esponsibilities s tatement, the director is 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 director determines is 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 director is responsible for assessing the group's and 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 director either intends to liquidate the group or parent company or to cease operations, or has no realistic alternative but to do so.

Auditor's 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 an auditor's report 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.

Capability of the audit in detecting irregularity, including fraud

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our: general commercial and sector experience; through verbal and written communications with those charged with governance and other management and via inspection of the group’s regulatory and legal correspondence.

We discussed with those charged with governance and other management the policies and procedures regarding compliance with laws and regulations.

We communicated identified laws and regulations to our team and where relevant at a group level with the component audit teams and remained alert to any indicators of non-compliance throughout the audit, we also specifically considered where and how fraud may occur within the group.

The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the group is subject to laws and regulations that directly affect the financial statements, including: the company’s constitution; relevant financial reporting standards; company law; tax legislation and distributable profits legislation and we assess the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Secondly the group 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 and penalties, or through losses arising from litigations. We identified the following areas as those most likely to have such an affect: employment legislation; health and safety legislation; trade and export legislation; data protection regulations; anti-bribery and anti-corruption legislation.

DR LOGISTICS GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DR LOGISTICS GROUP LIMITED
- 6 -

ISAs (UK) limit the required procedures to identify non-compliance with these laws and regulations to the procedures, and no procedures over and above those already noted are required. These limited procedures did not identify any actual or suspected non-compliance with laws and regulations that could have a material impact on the financial statements.

In relation to fraud, we performed the following specific procedures in addition to those already noted:

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

- Identifying and testing journal entries, in particular any entries posted with unusual nominal ledger account combinations, journal entries crediting cash or any revenue account, journal entries posted by senior management, consolidation journals;

- Performing analytical procedures to identify unexpected movements in account balances which may be indicative of fraud;

- Ensuring that testing undertaken on both the performance statement, and the Balance Sheet includes a number of items selected on a random basis;

- Discussions with management.

These procedures did not identify any actual or suspected fraudulent irregularity that could have a material impact on the financial statements.

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 ISAs (UK). For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the procedures that we are required to undertake would identify it. In addition, as with any audit, there remains a high risk of non-detection of irregularities, as these might involve collusion, forgery, intentional omissions, misrepresentation, or the override of internal controls. We are not responsible for preventing non-compliance with laws and regulations or fraud, and cannot be expected to detect non-compliance with all laws and regulations or every incidence of fraud.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the parent 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 parent company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Neil Brewer (Senior Statutory Auditor)
For and on behalf of Rickard Luckin Limited, Statutory Auditor
Chartered Accountants
Suite 8
Phoenix House
Christopher Martin Road
Basildon
Essex
SS14 3EZ
27 April 2026
DR LOGISTICS GROUP LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 7 -
2025
2024
Notes
£
£
Turnover
3
17,901,918
19,205,920
Cost of sales
(13,634,605)
(15,122,444)
Gross profit
4,267,313
4,083,476
Administrative expenses
(3,958,327)
(3,758,910)
Operating profit
6
308,986
324,566
Interest receivable and similar income
7
-
0
2,356
Interest payable and similar expenses
8
(3,484)
(4,445)
Profit before taxation
305,502
322,477
Tax on profit
9
(91,179)
(119,260)
Profit for the financial year
214,323
203,217
Profit for the financial year is all attributable to the owner of the parent company.
DR LOGISTICS GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 8 -
2025
2024
£
£
Profit for the year
214,323
203,217
Other comprehensive income
-
-
Total comprehensive income for the year
214,323
203,217
Total comprehensive income for the year is all attributable to the owner of the parent company.
DR LOGISTICS GROUP LIMITED
GROUP BALANCE SHEET
AS AT 30 NOVEMBER 2025
30 November 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Goodwill
10
378,691
457,544
Total intangible assets
378,691
457,544
Tangible assets
11
34,763
33,775
Investments
12
27,360
27,360
440,814
518,679
Current assets
Stocks
14
28,064
28,064
Debtors
15
5,476,698
4,603,551
Cash at bank and in hand
560,187
710,778
6,064,949
5,342,393
Creditors: amounts falling due within one year
16
(4,143,198)
(3,688,814)
Net current assets
1,921,751
1,653,579
Total assets less current liabilities
2,362,565
2,172,258
Creditors: amounts falling due after more than one year
17
(120,219)
(144,235)
Net assets
2,242,346
2,028,023
Capital and reserves
Called up share capital
21
1,100
1,100
Share premium account
364,334
364,334
Other reserves
62,987
62,987
Profit and loss reserves
1,813,925
1,599,602
Total equity
2,242,346
2,028,023

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved and signed by the director and authorised for issue on 24 April 2026
24 April 2026
DC Reynolds
Director
Company registration number 12229506 (England and Wales)
DR LOGISTICS GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 30 NOVEMBER 2025
30 November 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
12
730,666
730,666
Current assets
Debtors
15
25,001
25,001
Creditors: amounts falling due within one year
16
(306,116)
(267,416)
Net current liabilities
(281,115)
(242,415)
Total assets less current liabilities
449,551
488,251
Creditors: amounts falling due after more than one year
17
(112,859)
(136,875)
Net assets
336,692
351,376
Capital and reserves
Called up share capital
21
1,100
1,100
Share premium account
364,334
364,334
Profit and loss reserves
(28,742)
(14,058)
Total equity
336,692
351,376

As permitted by section 408 of the Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £14,684 (2024 - £15,056 loss).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved and signed by the director and authorised for issue on 24 April 2026
24 April 2026
DC Reynolds
Director
Company registration number 12229506 (England and Wales)
DR LOGISTICS GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 11 -
Share capital
Share premium account
Other reserves
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 December 2023
1,100
364,334
62,987
1,396,385
1,824,806
Year ended 30 November 2024:
Profit and total comprehensive income
-
-
-
203,217
203,217
Balance at 30 November 2024
1,100
364,334
62,987
1,599,602
2,028,023
Year ended 30 November 2025:
Profit and total comprehensive income
-
-
-
214,323
214,323
Balance at 30 November 2025
1,100
364,334
62,987
1,813,925
2,242,346
DR LOGISTICS GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 12 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 December 2023
1,100
364,334
998
366,432
Year ended 30 November 2024:
Loss and total comprehensive income for the year
-
-
(15,056)
(15,056)
Balance at 30 November 2024
1,100
364,334
(14,058)
351,376
Year ended 30 November 2025:
Profit and total comprehensive income
-
-
(14,684)
(14,684)
Balance at 30 November 2025
1,100
364,334
(28,742)
336,692
DR LOGISTICS GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 13 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
25
477,268
(278,717)
Interest paid
(3,484)
(4,445)
Income taxes paid
(146,924)
(52,973)
Net cash inflow/(outflow) from operating activities
326,860
(336,135)
Investing activities
Purchase of tangible fixed assets
(13,660)
(18,450)
Repayment of loans
(457,894)
(59,289)
Interest received
-
2,356
Net cash used in investing activities
(471,554)
(75,383)
Net decrease in cash and cash equivalents
(144,694)
(411,518)
Cash and cash equivalents at beginning of year
704,881
1,116,399
Cash and cash equivalents at end of year
560,187
704,881
Relating to:
Cash at bank and in hand
560,187
710,778
Bank overdrafts included in creditors payable within one year
-
(5,897)
DR LOGISTICS GROUP LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 14 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
3,484
4,131
Interest paid
(3,484)
(4,131)
Net cash inflow from operating activities
-
-
Net increase in cash and cash equivalents
-
-
Cash and cash equivalents at beginning of year
-
0
-
0
Cash and cash equivalents at end of year
-
0
-
0
DR LOGISTICS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 15 -
1
Accounting policies
Company information

DR Logistics Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is .

The group consists of DR Logistics Group Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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.

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company DR Logistics Group Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 30 November 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.3
Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the group and parent company have adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. Turnover is recognised on contracts at the date on which the company enters the contractual relationship and is obliged under its terms of trade to fulfil its duties. Any claims that arise as a result of inadequate performance are dealt with separately and included as provisions for liabilities where necessary. All relevant costs associated with the contracts are matched in the period where the revenue is included.

DR LOGISTICS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 16 -
1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 or 10 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.6
Tangible fixed assets

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

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

Leasehold land and buildings
20% straight line basis
Plant and equipment
25% straight line basis
Fixtures and fittings
25% reducing balance basis
Computers
25% reducing balance basis

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

1.7
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

DR LOGISTICS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 17 -
1.9
Stocks

Stock represents pallets and packaging materials that are used in storage and distribution.

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

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

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

1.10
Cash and cash equivalents

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.

1.11
Financial instruments

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

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

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

Basic financial assets

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

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

DR LOGISTICS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 18 -
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 group 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 group 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.12
Equity instruments

Equity instruments issued by the group 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 group.

DR LOGISTICS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 19 -
1.13
Taxation

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

Current tax

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

Deferred tax

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

1.14
Employee benefits

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.

1.15
Retirement benefits

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

1.16
Leases

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

1.17
Foreign exchange

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

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the director is 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.

DR LOGISTICS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
2
Judgements and key sources of estimation uncertainty
(Continued)
- 20 -

There are no judgements or key estimation uncertainties of any significance used in the application of the accounting policies and preparation of the financial statements.

3
Turnover
2025
2024
£
£
Turnover analysed by class of business
Freight and Haulage
16,068,638
16,952,506
Handling
773,412
1,054,854
Storage
855,263
824,576
Sundry
204,605
373,984
17,901,918
19,205,920
4
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
11,200
10,825
Audit of the financial statements of the company's subsidiaries
40,640
32,450
51,840
43,275
5
Employees

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

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Employees
36
36
-
-
10
13
-
-
Total
46
49
0
0
DR LOGISTICS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
5
Employees
(Continued)
- 21 -

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
1,973,096
1,904,318
-
0
-
0
Social security costs
227,579
179,757
-
-
Pension costs
84,575
48,459
-
0
-
0
2,285,250
2,132,534
-
0
-
0
6
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
(20,672)
(92,882)
Depreciation of owned tangible fixed assets
12,672
10,143
Amortisation of intangible assets
78,853
87,853
Operating lease charges
529,255
531,207

The amortisation of intangible assets is included within administration expenses.

7
Interest receivable and similar income
2025
2024
£
£
Interest income
Other interest income
-
2,356
8
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Other interest on financial liabilities
3,484
4,131
Other finance costs:
Other interest
-
314
Total finance costs
3,484
4,445
DR LOGISTICS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 22 -
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
105,883
118,885
Adjustments in respect of prior periods
(70)
(759)
Total current tax
105,813
118,126
Deferred tax
Origination and reversal of timing differences
(14,634)
1,134
Total tax charge
91,179
119,260

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
305,502
322,477
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
76,376
80,619
Tax effect of expenses that are not deductible in determining taxable profit
10,884
35,205
Change in unrecognised deferred tax assets
3,919
3,671
Depreciation on assets not qualifying for tax allowances
-
0
797
Under/(over) provided in prior years
-
0
(759)
Tax at marginal rate
-
0
(273)
Taxation charge
91,179
119,260
10
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 December 2024 and 30 November 2025
779,528
Amortisation and impairment
At 1 December 2024
321,984
Amortisation charged for the year
78,853
At 30 November 2025
400,837
DR LOGISTICS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
10
Intangible fixed assets
(Continued)
- 23 -
Carrying amount
At 30 November 2025
378,691
At 30 November 2024
457,544
The company had no intangible fixed assets at 30 November 2025 or 30 November 2024.
11
Tangible fixed assets
Group
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost
At 1 December 2024
63,042
602
29,255
41,850
134,749
Additions
-
0
-
0
-
0
13,660
13,660
At 30 November 2025
63,042
602
29,255
55,510
148,409
Depreciation and impairment
At 1 December 2024
41,637
602
26,405
32,330
100,974
Depreciation charged in the year
4,254
-
0
941
7,477
12,672
At 30 November 2025
45,891
602
27,346
39,807
113,646
Carrying amount
At 30 November 2025
17,151
-
0
1,909
15,703
34,763
At 30 November 2024
21,405
-
0
2,850
9,520
33,775
The company had no tangible fixed assets at 30 November 2025 or 30 November 2024.
12
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
13
-
-
730,666
730,666
Unlisted investments
27,360
27,360
-
0
-
0
27,360
27,360
730,666
730,666
Fixed asset investments not carried at market value

Unlisted investments totalling £27,360 (2024 - £27,360) represent interests in various limited liability partnerships and are carried at their historic cost less accumulated provisions for impairment.

DR LOGISTICS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
12
Fixed asset investments
(Continued)
- 24 -
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 December 2024 and 30 November 2025
27,360
Carrying amount
At 30 November 2025
27,360
At 30 November 2024
27,360
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 December 2024 and 30 November 2025
730,666
Carrying amount
At 30 November 2025
730,666
At 30 November 2024
730,666
DR LOGISTICS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 25 -
13
Subsidiaries

Details of the company's subsidiaries at 30 November 2025 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Velta Investments Ltd
First Floor, 19 Clifftown Road, Southend-on-Sea, Essex SS1 1AB
Internediate investment holding company
Ordinary
100.00
-
Velta International Ltd
First Floor, 19 Clifftown Road, Southend-on-Sea, Essex SS1 1AB
Freight forwarding
Ordinary
0
100.00
Velta Logistics Ltd
First Floor, 19 Clifftown Road, Southend-on-Sea, Essex SS1 1AB
Warehousing services
Ordinary
0
100.00
Velta Air Ltd
First Floor, 19 Clifftown Road, Southend-on-Sea, Essex SS1 1AB
Dormant
Ordinary
0
80.00

Velta Air Limited was dissolved on 17 December 2024.

The investments in subsidiaries are all stated at cost.

14
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Raw materials and consumables
28,064
28,064
-
-
15
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
4,303,755
4,047,047
-
0
-
0
Amounts owed by group undertakings
-
-
25,000
25,000
Other debtors
923,395
276,175
1
1
Prepayments and accrued income
228,400
273,815
-
0
-
0
5,455,550
4,597,037
25,001
25,001
Deferred tax asset (note 19)
21,148
6,514
-
0
-
0
5,476,698
4,603,551
25,001
25,001
DR LOGISTICS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 26 -
16
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
18
-
5,897
-
0
-
0
Trade creditors
3,379,298
3,038,191
-
0
-
0
Amounts owed to group undertakings
-
-
268,416
227,666
Corporation tax payable
275,610
146,994
-
0
-
0
Other taxation and social security
116,075
93,260
-
0
-
0
Other creditors
38,446
41,101
27,500
30,000
Accruals and deferred income
333,769
363,371
10,200
9,750
4,143,198
3,688,814
306,116
267,416
17
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Other borrowings
18
7,360
7,360
-
0
-
0
Other creditors
112,859
136,875
112,859
136,875
120,219
144,235
112,859
136,875
18
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank overdrafts
-
5,897
-
0
-
0
Other loans
7,360
7,360
-
0
-
0
7,360
13,257
-
-
Payable within one year
-
5,897
-
0
-
0
Payable after one year
7,360
7,360
-
0
-
0

Bank overdrafts totalling £Nil (2024 - £5,897) relate to a confidential invoice financing facility with Barclays Bank PLC and are repayable on demand. The discount margin is 2% over reference rate.

DR LOGISTICS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 27 -
19
Deferred taxation

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

Assets
Assets
2025
2024
Group
£
£
Accelerated capital allowances
21,148
6,514
The company has no deferred tax assets or liabilities.
Group
Company
2025
2025
Movements in the year:
£
£
Asset at 1 December 2024
(6,514)
-
Credit to profit or loss
(14,634)
-
Asset at 30 November 2025
(21,148)
-
20
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
84,575
48,459

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

Group contributions totalling £7,912 (2024 - £7,278) were payable to the fund at the balance sheet date.

21
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,100
1,100
1,100
1,100
DR LOGISTICS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 28 -
22
Related party transactions

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2025
2024
£
£
Company
Entities over which the company has control, joint control or significant influence
268,416
227,666

Interest in not charged on amounts due to related parties.

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2025
2024
Balance
Balance
£
£
Company
Entities over which the company has control, joint control or significant influence
25,000
25,000

Interest in not charged on amounts due from related parties.

Other information

The Company has taken advantage of the exemption in Section 33.1A in FRS 102 from the requirement to disclose transactions entered into between wholly owned members of the group.

23
Controlling party

The company is controlled by the director, who owns 100% of the issued share capital.

24
Directors' transactions

Advances or credits have been granted by the group to its directors as follows:

Advances
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Director
-
83,289
505,000
(47,106)
541,183
83,289
505,000
(47,106)
541,183
DR LOGISTICS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 29 -
25
Cash generated from/(absorbed by) group operations
2025
2024
£
£
Profit after taxation
214,323
203,217
Adjustments for:
Taxation charged
91,179
119,260
Finance costs
3,484
4,445
Investment income
-
0
(2,356)
Amortisation and impairment of intangible assets
78,853
87,853
Depreciation and impairment of tangible fixed assets
12,672
10,143
Movements in working capital:
Decrease in stocks
-
2,939
Increase in debtors
(230,892)
(837,854)
Increase in creditors
307,649
133,636
Cash generated from/(absorbed by) operations
477,268
(278,717)
26
Cash generated from operations - company
2025
2024
£
£
Loss after taxation
(14,684)
(15,056)
Adjustments for:
Finance costs
3,484
4,131
Other gains and losses
-
100
Movements in working capital:
Increase in creditors
14,684
14,956
Cash generated from operations
3,484
4,131
27
Analysis of changes in net funds - group
1 December 2024
Cash flows
30 November 2025
£
£
£
Cash at bank and in hand
710,778
(150,591)
560,187
Bank overdrafts
(5,897)
5,897
-
0
704,881
(144,694)
560,187
Borrowings excluding overdrafts
(7,360)
-
(7,360)
697,521
(144,694)
552,827
The company had no cash or cash equivalents at 30 November 2025 or 30 November 2024.
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