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Registered number: 03892692
| ANNUAL REPORT AND FINANCIAL STATEMENTS
| FOR THE YEAR ENDED 31 DECEMBER 2025
| JERSEY POST GLOBAL LOGISTICS UK LIMITED
JERSEY POST GLOBAL LOGISTICS UK LIMITED |  |
COMPANY INFORMATION
Directors | C E Gallichan (resigned 31 July 2025)
| M A Siviter
Registered number | 03892692
Registered office | Unit 1, Quadra Point
| Sharps Close
| Anchorage Park
| Portsmouth
| Hampshire
| PO3 5PL
Independent auditor | Menzies LLP
| Chartered Accountants & Statutory Auditor
| 3000a Parkway
| Whiteley
| Hampshire
| PO15 7FX
JERSEY POST GLOBAL LOGISTICS UK LIMITED |  |
CONTENTS
| Page
Strategic Report | 1
Directors' Report | 2 - 3
Independent Auditor's Report | 4 - 7
Profit and Loss Account | 8
Statement of Financial Position | 9 - 10
Statement of Changes in Equity | 11
Notes to the Financial Statements | 12 - 26
JERSEY POST GLOBAL LOGISTICS UK LIMITED |  |
STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2025
Introduction
The Directors present their Strategic Report for the year ended 31 December 2025.
Business Overview
The issues facing the logistics sector continue; margins are tight and there is a need to maintain an asset heavy structure including vehicles and moving equipment along with the physical facility to operate. Loss after tax and depreciation was recorded at £312k. The rightsizing of the business is now complete, and a new structure is in place moving into 2026. In 2026, the business is now smaller because of the exit of fulfilment but will now focus on key sectors where we have expertise with new opportunities aligned to this - customs, transport, shipping, storage and ship2me to serve long standing customers, including Jersey Post. Other areas of the business such as Sea & Air freight remain a value added service which will complement the key sectors of growth. A new revenue stream Ship2me is transitioning to JPGL in 2026 (Jersey Post Shipping Product) from a now divested member of the Jersey Post Group with additional UK domestic freight. We have designed an area within the warehouse and will be operationally live early in Quarter one. We are reviewing processes and enhancing the customer portal and experience. Building Improvements internally and externally are underway enhancing the JPGL image whilst improving security and professionalism at the same time. A new reporting structure is in place for 2026 with weekly senior leadership meetings to improve visibility, responsibility, and accountability. To complement this new structure a new balance scorecard (Operations) is underway to drive performance, actions are aligned to divisional sector targets.
Principal risks and uncertainties
Inflationary pressures of vehicle maintenance, staff costs, shipping costs, fuel etc. all create a squeeze on margins. To offset this, tariffs are reviewed regularly. However, there is a need to remain competitive in a crowded market. A forensic approach is taken in managing the P&L for each product line across the JPGL UK business and decisions taken to reduce costs are made daily.
Key performance indicators
Debtor days has always been key to cashflow for JPGL UK Ltd. Average days held steady in 2025 at 43.33, compared to 43.50 in 2024. Excluding the impact of intercompany, debtor days were 41.1. The current Ratio for JPGL in December 2024 was 1.62, and 1.70 at the end of 2025 and remained consistent throughout so while revenue and profits are declining, there is still strength in JPGL UK’s balance sheet and assets held. This report was approved by the board and signed on its behalf.
................................................ M A Siviter Director
Date: 9 June 2026
Page 1
JERSEY POST GLOBAL LOGISTICS UK LIMITED |  |
DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The directors present their report and the financial statements for the year ended 31 December 2025.
Directors' responsibilities statement
The directors are responsible for preparing the Strategic Report, the Directors' Report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Results and dividends
The loss for the year, after taxation, amounted to £301,652 (2024 - loss £1,209,808). There were no dividends declared during the period.
Director
The director who served during the year was:
C E Gallichan (resigned 31 July 2025)
M A Siviter
Disclosure of information to auditor
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information. Page 2
JERSEY POST GLOBAL LOGISTICS UK LIMITED |  |
DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Auditor
Under section 487(2) of the Companies Act 2006, Menzies LLP will be deemed to have been reappointed as auditor 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier. This report was approved by the board and signed on its behalf.
................................................ M A Siviter Director
Date: 9 June 2026
Page 3
JERSEY POST GLOBAL LOGISTICS UK LIMITED |  |
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF JERSEY POST GLOBAL LOGISTICS UK LIMITED
Opinion
We have audited the financial statements of Jersey Post Global Logistics UK Limited (the 'Company') for the year ended 31 December 2025, which comprise the Profit and Loss Account, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 31 December 2025 and of its loss for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are 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. Page 4
JERSEY POST GLOBAL LOGISTICS UK LIMITED |  |
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF JERSEY POST GLOBAL LOGISTICS UK LIMITED (CONTINUED)
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report. 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, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 2, 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 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 directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Page 5
JERSEY POST GLOBAL LOGISTICS UK LIMITED |  |
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF JERSEY POST GLOBAL LOGISTICS UK LIMITED (CONTINUED)
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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: ∙The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation, and general regulations such as health and safety, general data protection regulation and copyright law. There are no industry specific laws and regulations which would be deemed to have a significant impacton thefinancial statements. We assessed the extent of compliance with the appropriate laws and regulations as part of our procedures on the related financial statement items. ∙We understood how the Company is complying with those legal and regulatory frameworks by making inquiries to management, and those responsible for legal and compliance procedures. We corroborated our inquiries through our review of board minutes. ∙The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area. ∙We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included: °Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud; °Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; °Challenging assumptions and judgments made by management in its significant accounting estimates; °Review of legal and professional expenditure and supporting documentation; and °Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations. ∙As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: °Posting of unusual journals and complex transactions; °Misappropriation of funds through fraudulent supplier ledger and payroll activity; and °Manipulation of amounts subject to significant judgement or estimate Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 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 Auditor's Report. Page 6
JERSEY POST GLOBAL LOGISTICS UK LIMITED |  |
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF JERSEY POST GLOBAL LOGISTICS UK LIMITED (CONTINUED)
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 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 Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed. James Hadfield FCA (Senior Statutory Auditor) for and on behalf of Menzies LLP Chartered Accountants Statutory Auditor 3000a Parkway Whiteley Hampshire PO15 7FX 10 June 2026 Page 7
JERSEY POST GLOBAL LOGISTICS UK LIMITED |  |
PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2025
| Continuing operations | Discontinued operations | Total | Continuing operations | Discontinued operations | Total
| 2025 | 2025 | 2025 | 2024 | 2024 | 2024
Note | £ | £ | £ | £ | £ | £
Turnover | 4 | 7,229,787 | 2,264,599 | 9,494,386 | 7,955,774 | 2,125,561 | 10,081,335
Cost of sales |  | (4,636,143) | (360,534) | (4,996,677) | (5,121,411) | (461,293) | (5,582,704)
Gross profit |  | 2,593,644 | 1,904,065 | 4,497,709 | 2,834,363 | 1,664,268 | 4,498,631
Administrative expenses |  | (3,135,254) | (1,724,594) | (4,859,848) | (3,771,236) | (1,783,029) | (5,554,265)
Exceptional administrative expenses |  | - | - | - | (146,116) | - | (146,116)
Other operating income |  | 50,000 | - | 50,000 | - | - | -
Operating loss | 5 | (491,610) | 179,471 | (312,139) | (1,082,989) | (118,761) | (1,201,750)
Interest receivable and similar income | 9 | 174 | - | 174 | 608 | - | 608
Loss before tax |  | (491,436) | 179,471 | (311,965) | (1,082,381) | (118,761) | (1,201,142)
Tax on loss | 10 | 10,313 | - | 10,313 | (8,666) | - | (8,666)
Loss for the financial year |  | (481,123) | 179,471 | (301,652) | (1,091,047) | (118,761) | (1,209,808)
The notes on pages 12 to 26 form part of these financial statements.
Page 8
JERSEY POST GLOBAL LOGISTICS UK LIMITED REGISTERED NUMBER:03892692 |  |
STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 13 |  | 234,272 |  | 347,376
Investments | 14 |  | 1 |  | 1
|  |  | 234,273 |  | 347,377
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 15 | 1,957,201 |  | 2,484,304 |
Cash at bank and in hand |  | 243,892 |  | 562,437 |
|  | 2,201,093 |  | 3,046,741 |
Creditors: amounts falling due within one year | 16 | (1,279,068) |  | (1,859,123) |
Net current assets |  |  | 922,025 |  | 1,187,618
Total assets less current liabilities |  |  | 1,156,298 |  | 1,534,995
Creditors: amounts falling due after more than one year | 17 |  | (14,737) |  | (42,573)
Provisions for liabilities |  |  |  |  |
Deferred tax | 19 | - |  | (10,313) |
Other provisions | 20 | (502,908) |  | (541,804) |
|  |  | (502,908) |  | (552,117)
Net assets |  |  | 638,653 |  | 940,305
Page 9
JERSEY POST GLOBAL LOGISTICS UK LIMITED REGISTERED NUMBER:03892692 |  |
STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Capital and reserves |  |  |  |  |
Called up share capital | 21 |  | 100 |  | 100
Capital contribution reserve | 22 |  | 347,765 |  | 347,765
Profit and loss account | 22 |  | 290,788 |  | 592,440
|  |  | 638,653 |  | 940,305
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................ M A Siviter
Director
Date: 9 June 2026
The notes on pages 12 to 26 form part of these financial statements. Page 10
JERSEY POST GLOBAL LOGISTICS UK LIMITED |  |
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
| Called up share capital | Capital contribution reserve | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 January 2024 | 100 | - | 1,802,248 | 1,802,348
Comprehensive income for the year |  |  |  |
Loss for the year | - | - | (1,209,808) | (1,209,808)
Contributions by and distributions to owners |  |  |  |
Write off of intercompany loan | - | 347,765 | - | 347,765
At 1 January 2025 | 100 | 347,765 | 592,440 | 940,305
Comprehensive income for the year |  |  |  |
Loss for the year | - | - | (301,652) | (301,652)
At 31 December 2025 | 100 | 347,765 | 290,788 | 638,653
| The notes on pages 12 to 26 form part of these financial statements.
Page 11
JERSEY POST GLOBAL LOGISTICS UK LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | Statement of compliance
Jersey Post Global Logistics UK Limited is a private company limited by shares, incorporated in England and Wales. The address of its registered office is disclosed on the company information page. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The following principal accounting policies have been applied:
| 2.2 | Financial Reporting Standard 102 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 7 Statement of Cash Flows; ∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); ∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); ∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; ∙the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of Jersey Post International Limited as at 31 December 2025 and these financial statements may be obtained from : Postal Headquarters La Rue Grellier La Rue des Pres Trading Estate St. Saviour Jersey JE1 1AA.
| 2.3 | Exemption from preparing consolidated financial statements
The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of a state other than the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 401 of the Companies Act 2006. Page 12
JERSEY POST GLOBAL LOGISTICS UK LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.4 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
| 2.5 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.6 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.7 | Leased assets: the Company as lessee
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period. Page 13
JERSEY POST GLOBAL LOGISTICS UK LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.8 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.9 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
| 2.10 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
| 2.11 | Exceptional items
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence. Page 14
JERSEY POST GLOBAL LOGISTICS UK LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.12 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. Intangible assets are amortised over the length of the contract to which they relate.
| 2.13 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, either using the straight line or reducing balance methods. Depreciation is provided on the following basis:
|  |  |  | Long-term leasehold property | - | 10% | Straight line
|  |  |  | Motor vehicles | - | 20% | Straight line
|  |  |  | Other plant and equipment | - | 15% | - 33% Straight line
|  |  |  | Other fixed assets | - | 15% | Reducing balance
| 2.14 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.15 | 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. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Page 15
JERSEY POST GLOBAL LOGISTICS UK LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
Dilapidations provision There is an obligation occurring upon the termination of the lease of a building which constitutes returning the building to original state as detailed in the contract. The amount of the resulting payment is not yet known, and therefore there is estimation required in order to calculate an expected provision.
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Rendering of services | 9,494,386 | 10,081,335
|  | 9,494,386 | 10,081,335
Analysis of turnover by country of destination:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| United Kingdom | 9,156,817 | 9,679,127
| Rest of Europe | 265,412 | 352,328
| Rest of the world | 72,157 | 49,880
|  | 9,494,386 | 10,081,335
5. | Operating loss
| The operating loss is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Exchange differences | 29,161 | 8,154
| Operating lease rentals | 1,096,147 | 1,598,355
Page 16
JERSEY POST GLOBAL LOGISTICS UK LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
6. | Auditor's remuneration
| During the year, the Company obtained the following services from the Company's auditor:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditor for the audit of the Company's financial statements | 19,400 | 18,875
| The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.
7. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024 as restated
|  |  |  |  | £ | £
| Wages and salaries | 2,503,757 | 2,870,508
| Social security costs | 232,550 | 206,959
| Cost of defined contribution scheme | 45,003 | 39,661
|  | 2,781,310 | 3,117,128
| Certain wages costs were classified elsewhere in the prior year and this classification has been updated. This has resulted in an increase in disclosed employee costs of £994,091. There is no impact on previously reported gross profit, net profit or net assets.
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Employees | 65 | 76
|  | Directors | 2 | 2
|  |  | 67 | 78
8. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 54,771 | 106,833
|  | 54,771 | 106,833
Page 17
JERSEY POST GLOBAL LOGISTICS UK LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
9. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 174 | 608
|  | 174 | 608
10. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Adjustments in respect of previous periods | - | (1,647)
|  | - | (1,647)
| Total current tax | - | (1,647)
| Deferred tax |  |
| Origination and reversal of timing differences | (10,313) | 10,313
| Total deferred tax | (10,313) | 10,313
| Tax on loss | (10,313) | 8,666
Page 18
JERSEY POST GLOBAL LOGISTICS UK LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 10.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Loss on ordinary activities before tax | (311,965) | (1,201,142)
| Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | (77,991) | (300,286)
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 1,481 | 945
| Other timing differences leading to an increase (decrease) in taxation | - | 1,093
| Other differences leading to an increase (decrease) in the tax charge | - | (17,972)
| Group relief | - | 2,817
| Deferred tax loss not recognised | 66,197 | 322,069
| Total tax charge for the year | (10,313) | 8,666
| Factors that may affect future tax charges
There were no factors that may affect future tax charges.
11. | Exceptional items
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Restructure costs | - | 146,116
|  | - | 146,116
| During the financial year ended 31 December 2024, the Company recognised exceptional expenses amounting to £146k in the income statement. These items are non-recurring in nature and arise from events/transactions outside the ordinary course of business.
Page 19
JERSEY POST GLOBAL LOGISTICS UK LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
12. | Intangible assets
|  | Computer software
|  | £
| Cost |
| At 1 January 2025 | 250,000
| At 31 December 2025 | 250,000
| Amortisation |
| At 1 January 2025 | 250,000
| At 31 December 2025 | 250,000
| Net book value |
| At 31 December 2025 | -
| At 31 December 2024 | -
Page 20
JERSEY POST GLOBAL LOGISTICS UK LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
13. | Tangible fixed assets
|  | Long-term leasehold property | Motor vehicles | Other plant and equipment | Other fixed assets | Total
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 1 January 2025 | 78,008 | 987,288 | 481,985 | 194,857 | 1,742,138
| Additions | - | 47,200 | 5,999 | 13,896 | 67,095
| Disposals | (41,874) | (166,933) | (279,174) | - | (487,981)
| At 31 December 2025 | 36,134 | 867,555 | 208,810 | 208,753 | 1,321,252
| Depreciation |  |  |  |  |
| At 1 January 2025 | 59,468 | 805,340 | 430,210 | 99,744 | 1,394,762
| Charge for the year on owned assets | 3,771 | 81,160 | 43,786 | 20,801 | 149,518
| Disposals | (27,105) | (155,933) | (274,262) | - | (457,300)
| At 31 December 2025 | 36,134 | 730,567 | 199,734 | 120,545 | 1,086,980
| Net book value |  |  |  |  |
| At 31 December 2025 | - | 136,988 | 9,076 | 88,208 | 234,272
| At 31 December 2024 | 18,540 | 181,948 | 51,775 | 95,113 | 347,376
| The net book value of land and buildings may be further analysed as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Long leasehold | - | 18,540
|  | - | 18,540
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Motor vehicles | 57,500 | 146,500
|  | 57,500 | 146,500
Page 21
JERSEY POST GLOBAL LOGISTICS UK LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
14. | Fixed asset investments
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 January 2025 | 1
| At 31 December 2025 | 1
| Net book value |
| At 31 December 2025 | 1
| At 31 December 2024 | 1
| Subsidiary undertaking
| The following was a subsidiary undertaking of the Company:
| Name | Registered office | Class of shares | Holding
| Jersey Post Global Logistics Inc | 160 Greentree Drive, Suite 101, Dover, Kent, zip code 19904, Delaware, The United States of America | Ordinary | 100%
15. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 982,089 | 1,017,611
| Amounts owed by group undertakings | 816,523 | 898,537
| Other debtors | - | 102,273
| Prepayments and accrued income | 158,589 | 465,883
|  | 1,957,201 | 2,484,304
Page 22
JERSEY POST GLOBAL LOGISTICS UK LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
16. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 748,199 | 1,366,589
| Amounts owed to group undertakings | 140,752 | -
| Other taxation and social security | 63,624 | 78,487
| Obligations under finance lease and hire purchase contracts | 27,834 | 29,588
| Other creditors | 20,491 | 14,752
| Accruals and deferred income | 278,168 | 369,707
|  | 1,279,068 | 1,859,123
17. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Net obligations under finance leases and hire purchase contracts | 14,737 | 42,573
|  | 14,737 | 42,573
18. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Within one year | 27,834 | 29,588
| Between 1-5 years | 14,737 | 42,573
|  | 42,571 | 72,161
19. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | (10,313)
| Charged to profit or loss | 10,313
| At end of year | -
Page 23
JERSEY POST GLOBAL LOGISTICS UK LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 19.Deferred taxation (continued)
| The deferred taxation balance is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | - | (10,313)
|  | - | (10,313)
20. | Provisions
|  | Dilapidations
|  | £
| At 1 January 2025 | 541,804
| Charged to profit or loss | (38,896)
| At 31 December 2025 | 502,908
| Dilapidations There is an obligation occurring upon the termination of the lease of a building which constitutes returning the building to original state as detailed in the contract. The amount of the resulting payment is not yet known.
Page 24
JERSEY POST GLOBAL LOGISTICS UK LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
21. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 90 (2024 - 90) Ordinary shares of £1.00 each | 90 | 90
|  | 10 (2024 - 10) Ordinary A shares of £1.00 each | 10 | 10
|  |  | 100 | 100
| Ordinary and Ordinary A shares both hold full voting and capital distribution (including winding up) rights, and are entitled to dividends.
22. | Reserves
Capital contribution reserve The capital contribution reserve represents amounts relating to intercompany loans which have been written off. Profit and loss account This reserve records retained earnings and accumulated losses.
23. | Discontinued operations
| During 2025 the company divested it's fulfillment service activities at the end of existing contracts with customers. This has resulted in the one-off loss on disposal noted below.
|  | £
| Cash proceeds |  | -
|  |  | -
| Net assets disposed of: |  |
| Tangible fixed assets | 46,508 |
|  |  | (46,508)
| Loss on disposal before tax |  | (46,508)
Page 25
JERSEY POST GLOBAL LOGISTICS UK LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
24. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. As at the year end date, pension commitments held on the Statement of Financial Position, owed by the Company amounted to £13,264 (2024 - £7,550).
25. | Commitments under operating leases
| At 31 December 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 615,228 | 1,336,991
| Later than 1 year and not later than 5 years | 2,036,707 | 1,160,683
| Later than 5 years | - | 9,713
|  | 2,651,935 | 2,507,387
26. | Related party transactions
| The Company has applied the exemption available under section 33 of FRS 102 from the requirement to disclose related party transactions with wholly owned subsidiaries of a mutual group. Woodside Logistics UK Limited is no longer a related party as at the year end following its sale on 1 September 2025. The balance included in amounts due from group undertakings in 2024 in relation to this company was £95,531. During the period 1 January to 31 August 2025, sales were made to Woodside Logistics UK Limited of £1,216,470 (2024 - £1,171,482). Woodside Logistics Limited (Jersey) is no longer a related party as at the year end following its sale on 1 September 2025. The balance included in amounts due to group undertakings in 2024 in relation to this company was £44,808. During the period 1 January to 31 August 2025 purchases were made from Woodside Logistics Limited (Jersey) of £616,742 (2024 - £408,068).
27. | Controlling party
The ultimate controlling party is the States of Jersey Investments Limited which is incorporated in Jersey. The largest and smallest group in which the results of this company are consolidated is that which is headed by Jersey Post International Limited, whose registered office is Jersey Post, La Rue Grellier, Rue des Pres Trading Estate, St. Saviour, Jersey, JE1 1AA.
Page 26