REGISTERED NUMBER: 02063183 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

N.S.A. U.K. LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

5

Income Statement

8

Other Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

Notes to the Financial Statements

14

DIRECTORS:

K Takikawa

T Ekhaugen

K Nagata

G Wardhaugh

REGISTERED OFFICE:

4th Floor

Charles House

108-110 Finchley Road

London

NW3 5JJ

REGISTERED NUMBER:

02063183 (England and Wales)

AUDITORS:

Norton Lewis & Co.

4th Floor

Charles House

108-110 Finchley Road

London

NW3 5JJ

The directors present their strategic report for the year ended 31 December 2025.

BUSINESS REVIEW

In January 2025 the Company expected a continuation of a subdued European and Global market for EV vehicles. Infrastructure to support EV vehicles whilst being good in some countries was lacking in other countries and this is one of the reasons affecting volumes. The other main reason is the influx of Chinese EV's across Europe which have impacted demand for European built EV models.

The Budget was agreed at 280,000 units compared to 2024's figure of 253,730 units, which reflected the expectation of a slight improvement in European car buying market as EV infrastructure begins to have an impact on the public's perception of purchasing EV vehicles

.

High & Heavy imports and Privately Owned Vehicles (POV) imports were expected to remain steady with a strong contribution to the company's income.

Volume space on RORO vessels eased as more new build vessels entered the RORO market albeit demand is still expected to be high as cargo which had switched from RORO is anticipated to return as more space is offered.

Although forecasted to handle 280,000 car units the actual volume handled was lower at 237,732 units.

Export volume from Nissan Motor Manufacturing (UK) Ltd (NMUK) was 193,736 units against a planned volume of 239,724 units. Transhipment cargoes budgeted at 25,957 units came in under budget with actual units handled being 18,553. Import budget was 15,089 units but actual result was 13,723 units driven mainly by Nissan imports.

The importation via NSA UK of High & Heavy and used POV vehicles from Japan continued its improvement from the previous year as space availability opened on the RORO vessels and new customers used the Port of Tyne as an entry point for their cargoes.

The NSA General Overseas Market (GOM) department, which supports and coordinates Nissan exports to non-EU countries, concluded its switch to a company in India via a managed procedure of knowledge handover which finally completed end of July 2025.

The NSA Labour Resource Control Department continues to develop and is continuing to supply labour not only for vessels but also to Nissan and other companies. This is a growing aspect of our business which we intend to develop further.

PRINCIPAL RISKS AND UNCERTAINTIES

The business continues to be heavily reliant on the volume which NMUK generates, with forecasted EV production still planned to go ahead with the Nissan LEAF in 2025 and JUKE in 2026 and Qashqai in 2027. One Giga battery plant is now online and starting to produce batteries for Nissan. A second factory is now being built to further enhance the supply of batteries for Nissan's EV production going forward.

The Hoegh Northern Terminal handled 12734 units during 2025 which was higher than the previous year.

Non group vessels continue to call at the Port of Tyne to discharge/load Nissan cargoes. We have in place agreements with all of these non-group carriers for funding and settlement of ships expenses.

FINANCIAL KEY PERFORMANCE INDICATORS

The results in 2025 shows an increase in performance compared to 2024, with an increase in non-Nissan Cargo. The net profit before taxation was £157,549, compared to a loss of £96k in 2024. The gross profit margin increased in 2025 to 28.35%, compared to 21.6% in the previous year.

The current ratio has decreased in 2025 to 5.4 from 7.9 in 2024. This is clearly above the minimum level of 4.0 that the company attempts to maintain.

The defined benefit obligation has remained in a surplus position in both 2025 and 2024.

FUTURE TRADING ACTIVITY AND OTHER MATTERS

Automotive volumes to be handled in 2025 are projected to be about 280,000 units in comparison to 2024 volume of 237,724 car units.

The Hoegh Northern Terminal transhipment and import/export volumes are predicted to be higher than 2025 due to more space being available on the RORO vessels for non-OEM cargoes. We were expecting new business to boost volumes beyond the budget of approximately 10,000 units during 2025 and the final figure for 2025 was 12,734 units.

The Terminal size remains at 6 acres, and we will be continually assessing our needs for space against the expected volumes to be handled.

The contract with Nissan for General Overseas Market activities which started on 1st April 2022, ended on 31st July 2025.

NSA restructured its Shipping Department into two groups in April 2025, with Ship Agency & Planning responsible for ship's Agency & planning operations and Global Documentation Services responsible for all Import and Export documentation.

The re-structure has been implemented and is successful bringing greater functionality as a business through being more customer focussed to not only retain current business but to attract new customers to diversify our business.

A new website has been established and launched on 31st October 2025 and this has led to many enquiries to use our facilities at Tyne.

2026 volumes are anticipated to be higher than 2025 and this expected recovery in volume combined with our restructuring of the business allows the Directors to expect cash flow to be in positive territory and to remain confident that the company has sufficient liquidity to cover all its operations during 2026.

The workforce levels have increased with the introduction additional demand from Nissan to supply drivers for their compounds plus new business with companies in other areas of the Automotive business. Within the office the level of staff was reduced by two due to the loss of the General Overseas Market (GOM) Dept.

We anticipate current workforce levels are sufficient to meet the current business requirements.

Provision for disaster recovery and IT operating activities are in place and NSA continues to be ISO certified.

The administration and operation activities of the company are all fully covered by insurance for 2026.

The next Generation Electric SUV's are being prepared for manufacture, in the first instance, the Nissan Leaf will be launched during May 2026 and the Nissan Juke will be launched in the same month.

Adjacent to the Nissan factory, One Giga battery plant is now operating and a second Giga battery plant is under construction.

The directors remain confident that we can improve on the Company's position through a range of activities including restructuring and diversification and enjoy a successful future.

ON BEHALF OF THE BOARD:

K Takikawa - Director

21 May 2026

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of providing stevedore services.

DIVIDENDS

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

FUTURE DEVELOPMENTS

Future developments are reported in the future trading activity and other matters section of the Strategic Report.

DIRECTORS

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

K Takikawa

T Ekhaugen

K Nagata

G Wardhaugh

POLITICAL DONATIONS AND EXPENDITURE

During the year, the company made charitable donations totalling £3,310 (2024: £1,638).

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), 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 and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Norton Lewis & Co., will be proposed for re-appointment in accordance with section 485 of the Companies Act 2006.

ON BEHALF OF THE BOARD:

K Takikawa - Director

21 May 2026

Opinion

We have audited the financial statements of N.S.A. U.K. Limited (the 'company') for the year ended 31 December 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, 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 Statement of Directors' Responsibilities, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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.

- We enquired of management the systems and controls the company has in place, the areas of the financial statement that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud.

- We obtained an understanding of the legal and regulatory framework applicable to the company. We determined that the following were most relevant: FRS 102 and Companies Act 2006 and employment law.

- We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.

- Using our knowledge of the company, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

- Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual.

- Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.

- Reviewing and challenging the assumptions and judgements used by management in their significant accounting systems.

- Assessing the extent of compliance, or lack of, with relevant laws and regulations.

- Enquiry of management, those charged with governance and the entity's solicitors around actual and potential litigation and claims.

- Testing key revenue lines, in particular cut-off, for evidence of management bias.

- Obtaining third-party confirmation of material bank and loan balances.

- Documenting and verifying all significant related party balances and transactions.

- Reviewing documentation such as the company board minutes, correspondence with the solicitors, for discussions of irregularities including fraud.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the Financial Statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Giles Cohen (Senior Statutory Auditor)

for and on behalf of Norton Lewis & Co.

4th Floor

Charles House

108-110 Finchley Road

London

NW3 5JJ

21 May 2026

Note:

Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

TURNOVER

3

4,690,599

4,382,578

Cost of sales

3,360,542

3,437,455

GROSS PROFIT

1,330,057

945,123

Administrative expenses

1,374,693

1,228,305

(44,636

)

(283,182

)

Other operating income

1,226

1,200

OPERATING LOSS

5

(43,410

)

(281,982

)

Interest receivable and similar income

197,959

237,414

Other finance income

15

3,000

-

200,959

237,414

157,549

(44,568

)

Other finance costs

15

-

51,450

PROFIT/(LOSS) BEFORE TAXATION

157,549

(96,018

)

Tax on profit/(loss)

7

-

18,740

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

157,549

(114,758

)

PROFIT/(LOSS) FOR THE YEAR

157,549

(114,758

)

OTHER COMPREHENSIVE INCOME

Remeasurement defined benefit pension

(128,000

)

(129,000

)

Income tax relating to other comprehensive income

-

32,250

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

(128,000

)

(96,750

)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

29,549

(211,508

)

FIXED ASSETS

Tangible assets

8

131,133

93,336

Investments

9

32,175

32,175

163,308

125,511

CURRENT ASSETS

Debtors

10

1,335,296

1,039,191

Cash at bank

6,531,435

6,314,157

7,866,731

7,353,348

CREDITORS

Amounts falling due within one year

11

1,455,628

933,997

NET CURRENT ASSETS

6,411,103

6,419,351

TOTAL ASSETS LESS CURRENT LIABILITIES

6,574,411

6,544,862

CAPITAL AND RESERVES

Called up share capital

13

60,000

60,000

Retained earnings

14

6,514,411

6,484,862

SHAREHOLDERS' FUNDS

6,574,411

6,544,862

The financial statements were approved by the Board of Directors and authorised for issue on 21 May 2026 and were signed on its behalf by:

K Takikawa - Director

T Ekhaugen - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2024

60,000

6,696,370

6,756,370

Changes in equity

Deficit for the year

-

(114,758

)

(114,758

)

Other comprehensive income

-

(96,750

)

(96,750

)

Total comprehensive income

-

(211,508

)

(211,508

)

Balance at 31 December 2024

60,000

6,484,862

6,544,862

Changes in equity

Profit for the year

-

157,549

157,549

Other comprehensive income

-

(128,000

)

(128,000

)

Total comprehensive income

-

29,549

29,549

Balance at 31 December 2025

60,000

6,514,411

6,574,411

Cash flows from operating activities

Cash generated from operations

1

222,680

436,464

Taxation refund

-

83,394

Net cash from operating activities

222,680

519,858

Cash flows from investing activities

Purchase of tangible fixed assets

(78,361

)

(44,815

)

Interest received

197,959

237,414

Net cash from investing activities

119,598

192,599

Cash flows from financing activities

Pension contributions

(125,000

)

(125,000

)

Net cash from financing activities

(125,000

)

(125,000

)

Increase in cash and cash equivalents

217,278

587,457

Cash and cash equivalents at beginning of year

2

6,314,157

5,726,700

Cash and cash equivalents at end of year

2

6,531,435

6,314,157

1.	RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.12.25

31.12.24

£

£

Profit/(loss) before taxation

157,549

(96,018

)

Depreciation charges

40,564

40,831

Increase in amounts from group companies

299,868

952,034

Increase in amounts to group associates

(280,851

)

(113,069

)

Finance costs

-

51,450

Finance income

(200,959

)

(237,414

)

16,171

597,814

(Increase)/decrease in trade and other debtors

(595,973

)

304,130

Increase/(decrease) in trade and other creditors

802,482

(465,480

)

Cash generated from operations

222,680

436,464

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2025

31.12.25

1.1.25

£

£

Cash and cash equivalents

6,531,435

6,314,157

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

6,314,157

5,726,700

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.25

Cash flow

At 31.12.25

£

£

£

Net cash

Cash at bank

6,314,157

217,278

6,531,435

6,314,157

217,278

6,531,435

Total

6,314,157

217,278

6,531,435

1.	STATUTORY INFORMATION

N.S.A. U.K. Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£) and rounded to the nearest £.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revisions affects both current and future periods.

Turnover

Turnover 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. Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover is recognised when the performance obligations have been satisfied, which is when vehicles or machinery have been loaded onto the vessel or discharged from the vessel. This represents the point at which control of the service has passed to the customer.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and Machinery - 10% straight line

Fixtures and fittings - 20% straight line

Motor Vehicles - 25% straight line

Computer Equipment - 20% straight line

Taxi (Operating Vehicles) - 100% straight line

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.

A operational vehicle, internally referred to as a taxi, is utilised for the transportation of personnel engaged in the delivery and collection of vehicles between a single shipping port and single delivery parking facility. This vehicle is not a licensed taxi and is used exclusively for internal business operations. Due to the intensive nature of its use and the resulting increased wear and tear relative to standard motor vehicles, this asset is depreciated over a shorter useful economic life.

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

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

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

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

Hire purchase and leasing commitments

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

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 economic life.

Rentals payable under operating leases, including any lease incentives received, are charged to income 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 lease asset are consumed.

Investments

Investments held as fixed assets are shown at cost less provision for impairment.

Pension costs and other post retirement benefits

The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the period to maturity.

The company operates a defined benefit plan which is closed to new members. A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including age, length of service and remuneration. A defined benefit plan is a pension plan that is not a defined contribution plan. The liability recognised in the balance sheet in respect of the defined benefit plan is the present value of the defined benefit obligation at the reporting date less the fair value of the plan assets at the reporting date.

The defined benefit obligation is calculated using the projected unit credit method. Annually the company engages independent actuaries to calculate the obligation. The present value is determined by discounting the estimated future payments using market yields on high quality corporate bonds that are denominated in sterling and that have terms approximating the estimated period of the future payments ('discount rate').

The fair value of plan assets is measured in accordance with the FRS 102 fair value hierarchy. This includes the use of appropriate valuation techniques. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income. These amounts are disclosed as 'Remeasurement defined benefit pension'.

Financial instruments

The company 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 company's balance sheet when the company becomes party to contractual provisions of the instruments.

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

Basic financial assets

Basic financial instruments, 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.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest method.

Trade creditors are obligations to pay for goods and 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.

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.

Going concern

The director has considered the company's performance as well as forecasts and projections for the next 12 months from the date of this report and has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to prepare its financial statements on a going concern basis.

3.

TURNOVER

The whole of the turnover is attributable to the principal business activities and arises in the UK from the rendering of services.

4.	EMPLOYEES AND DIRECTORS

31.12.25

31.12.24

£

£

Wages and salaries

2,961,813

2,954,265

Social security costs

330,911

275,251

Other pension costs

348,984

340,171

3,641,708

3,569,687

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

31.12.25

31.12.24

Administration/Shipping/Cargo Handling

32

34

Labour Resource Control

73

77

105

111

31.12.25

31.12.24

£

£

Directors' remuneration

117,799

59,311

Directors' pension contributions to money purchase schemes

24,080

7,555

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

1

1

5.	OPERATING LOSS

The operating loss is stated after charging:

31.12.25

31.12.24

£

£

Hire of plant and machinery

41,367

41,918

Other operating leases

223,625

232,730

Depreciation - owned assets

40,564

40,832

Foreign exchange differences

2,389

580

6.	AUDITORS' REMUNERATION

31.12.25

31.12.24

£

£

Fees payable to the company's auditors for the audit of the company's financial statements

20,500

20,500

Auditors' remuneration for non audit work

27,844

14,527

Included within Auditors' remuneration for non audit work is an amount of £5,000 (2024: £5,000) in respect of services supplied to an associated pension scheme and £10,000 (2024: £Nil) for valuation advice fees for an associate company.

7.

TAXATION

Analysis of the tax charge

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

31.12.25

31.12.24

£

£

Deferred tax

-

18,740

Tax on profit/(loss)

-

18,740