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

The principal activity of the Company is freight forwarding, providing transport and logistics services across Europe.

The Company operates as part of a wider freight forwarding and logistics group, leveraging group infrastructure, operational capabilities and customer relationships to deliver integrated freight solutions. The Company’s services include coordination of transportation, management of logistics flows, and facilitation of cross-border shipments.

Strategy and business model

The Company’s strategy is focused on building a scalable and efficient freight forwarding platform within the UK market, supported by strong integration with the wider group. Key strategic priorities include:

• Expanding revenue through increased freight volumes and customer acquisition

• Leveraging group synergies to optimise procurement and operational efficiency

• Maintaining a flexible cost base aligned with demand volatility

• Strengthening working capital management given the transactional nature of the business

• Investing in operational processes and systems to support growth

The business model is asset-light, relying on third-party transport providers while generating value through coordination, network access and customer service.

Financial performance

The Company delivered its first full year of trading activity in 2025, reflecting the ramp-up phase of operations with rapid revenue growth, reporting a profit for the year of £487,339 (2024: loss £18,291).

While the business operates in a competitive and cyclical sector with inherent working capital and margin pressures, its integration within a wider logistics group and scalable business model provide a solid foundation for future growth.

Market and economic risk

Demand for freight services is linked to global trade activity and macroeconomic conditions, which may be volatile.

The Company mitigates this risk through maintaining a diversified customer base across industries and geographies, retaining a flexible cost structure through its asset-light operating model, and leveraging the wider group network to respond quickly to changes in market demand and trading conditions.

Credit risk

The Company extends credit to its Customers under the terms of service level agreements which are concluded in writing. Credit control procedures including credit limits, guarantees and advance deposits are in place to minimise the risk of bad and doubtful debts. The Company secures negotiated credit terms with its key suppliers on a contractual basis. Exposure to customer default risk due to high levels of trade receivables are mitigated by applying expected credit loss models under IFRS 9.

Liquidity risk

The business requires significant working capital, with reliance on overdraft financing introducing liquidity risk. The Company continually assesses its cash requirements by undertaking regular and frequent reviews of cash flow forecasts. These are reviewed by the senior management team to monitor any changes to the funding requirements.

Interest rate risk

Borrowings expose the Company to fluctuations in interest rates. Capital expenditure in times of high interest is kept to a minimum where possible. Bank overdraft interest is charged at 2.15% over the base lending rate of NatWest Bank Plc.

Operational risk

Dependence on third-party carriers and logistics partners may affect service delivery quality and timing. The Company mitigates this risk through maintaining relationships with a broad network of approved transport providers, ongoing monitoring of supplier performance and service levels, and implementation of operational controls and communication procedures designed to ensure continuity and reliability of service delivery.

Going concern and outlook

The directors have concluded that it is appropriate that the financial statements have been prepared on a going concern basis. The entity has a net asset position as at 31 December 2025 and the directors believe that based on the resulting budgets and forecast cash flows, there is sufficient resources to meet its liabilities as they fall due.

As a consequence the directors believe that the Company has adequate resources to continue in operational existence for the foreseeable future and the financial statements have therefore been prepared on a going concern basis.

Demand for freight services is expected to remain robust but subject to economic volatility. Future growth is expected to be driven by continued integration within the group, expansion of customer base, increased operational efficiency and strengthening of market position in the UK freight sector.

On behalf of the board

The directors present their annual report and financial statements for the year ended 31 December 2025.

The principal activity of the Company continued to be that of freight forwarding.

No dividends will be distributed for the year ended 31 December 2025 (2024: £nil).

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

The Company uses various financial instruments which includes bank overdrafts. The main purpose of these financial instruments is to provide finance for the Company's operations. In addition, the Company has trade debtors and trade creditors that arise directly from its day to day operations. The risks arising from these financial instruments are interest rate, credit and liquidity risks and these are described more fully in the Company's strategic report.

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

United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and 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;

• state whether applicable UK 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 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.

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 Company’s auditor 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 Company’s auditor is aware of that information.

We have audited the financial statements of Delamode Trucking Limited (the 'company') for the year ended 31 December 2025 which comprise the income statement, the statement of financial position, the statement of changes in equity 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 101 Reduced Disclosure Framework (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 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 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 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.

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 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.

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 and 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.

As explained more fully in the directors' responsibilities statement, 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.

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.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

• The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

• We identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector.

• We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation;

• We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

• Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

• Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

• Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

• Performed analytical procedures to identify any unusual or unexpected relationships;

• Tested journal entries to identify unusual transactions;

• Reviewed the internal controls in place, specifically around payroll and bank transactions; and

• Assessed whether judgements and assumptions made in determining the accounting estimates around depreciation were indicative of potential bias.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

Other matters which we are required to address

In the previous accounting period the directors of the company took advantage of the audit exemption under S477 of the Companies Act. Therefore the comparative 2024 corresponding figures are unaudited.

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.

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

Delamode Trucking Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Anglia Centre, Blackwater Close, Fairview Industrial Park, Rainham, Essex, RM13 8UA. The Company's principal activities and nature of its operations are disclosed in the directors' report.

The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards.

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.

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 101 "Reduced Disclosure Framework":

• the requirements of IFRS 7 Financial Instruments: Disclosures;

• the requirements of paragraphs 91 to 99 of IFRS 13 Fair Value Measurement;

• the requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of IFRS 16 Leases; the requirements of paragraph 58 of IFRS 16;

• the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers;

• the requirement in paragraph 38 of IAS 1 Presentation of Financial Statements to present comparative information in respect of:

- paragraphs 53(a), (h) and (j) of IFRS 16;

- paragraph 79(a)(iv) of IAS 1; and

- paragraph 73(e) of IAS 16 Property, Plant and Equipment;

- paragraph 118(e) of IAS 38 Intangible Assets;

- paragraphs 76 and 79(d) of IAS 40 Investment Property; and

- paragraph 50 of IAS 41 Agriculture;

• the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134 to 136 of IAS 1;

• the requirements of

- paragraphs 1 to 44E, 44H(b)(ii) and 45 to 63 of IAS 7 Statement of Cash Flows; and

- paragraphs 44F, 44G, 44H(a), 44H(b)(i), 44H(b)(iii) and 44H(c) of IAS 7;

• the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors;

• the requirements of paragraphs 88C and 88D of IAS 12 Income Taxes;

• the requirements of paragraph 74(b) of IAS 16;

• the requirements of paragraphs 17 and 18A of IAS 24 Related Party Disclosures;

• the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group;

• the requirements of paragraphs 134(d) to 134(f) and 135(c) to 135(e) of IAS 36 Impairments of Assets.

The prior period ending 31 December 2024 was an extended period and therefore the amounts presented are not entirely comparable.

The Company meets its working capital requirements through the receipt of revenues from the provision of its services across Europe and the use of bank facilities available to it.true

Based on recent trends, the directors believe that demand for the Company's freight management services will remain robust overall even considering the volatile outlook of the global economy, and that the Company has the systems and protocols in place to meet this demand by having flexible resources to provide the services.

Having regard to the above, and based on their latest assessment of the budgets and forecasts for the business of the Company, the directors consider that there are sufficient funds available to the Company to enable it to meet its liabilities as they fall due for a period of not less than twelve months from the date of approval of the financial statements. The directors therefore consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements.

The Company generates revenue in the UK.

The revenue and profits recognised in any reporting period are based on the delivery of performance obligations and an assessment of when control is transferred to the customer. In determining the amount of revenue and profits to record, and associated balance sheet items (such as trade receivables, accrued income and deferred income), management is required to review performance obligations within individual contracts. This may involve some judgemental areas where revenue is recorded in advance of invoicing the customer.

Revenue is recognised when the performance obligation in the contract has been performed (so 'over time' recognition). For all contracts, the Company determines if the arrangement with a customer creates enforceable rights and obligations, which is in line with our contractual commitments and industry standard best practice (for example Convention Relative au Contrat de Transport International de Marchandises par la

Route or CMR).

For each performance obligation to be recognised over time, the Company applies a revenue recognition method that faithfully depicts the Company's performance in transferring control of the goods or services to the customer. This decision requires assessment of the real nature of the goods or services that the Company has promised to transfer to the customer. The Company has assessed the period of time principles as follows:

• Customers receive the benefits of the goods being moved from the origin to the destination, as another supplier would not need to re-perform the service performed to date (ie the goods have been moved partway).

• The customer becomes committed to pay the Company the moment that the goods are despatched and collected.

• The customer accepts that they are liable to pay for the transaction in full although it is the Company's responsibility to ensure that the shipment is in transit before invoicing.

• The customer can usually be invoiced on despatch/export and has an obligation to pay for services despite any problems that may arise in transit.

• The Company would hold any third party liable for any issues that happen in transit that is beyond its reasonable control.

All revenue is recognised over a period in time.

Freight forwarding

Under IFRS 15, freight forwarding revenue is recognised over the period of time based on the principles identified above. Therefore, revenue will consist of freight delivered during the period as well as a proportion of revenue for service delivered that are in process as at the end of the reporting period, which is calculated on a time proportioned basis.

Cash at bank in the balance sheet comprises cash at bank and in hand and short-term deposits with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.

Classification

The Company classifies its financial assets in the following measurement categories:

- those to be measured subsequently at fair value (either through OCI or through profit or loss); and

- those to be measured at amortised cost.

The classification depends on the contractual terms of the cash flows.

Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Company has transferred substantially all the risks and rewards of ownership.

Measurement

At initial recognition, the Company measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (FVPL), transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVPL are expensed in profit or loss.

Debt instruments

Subsequent measurement of debt instruments depends on the cash flow characteristics of the asset.

Assets that are held for collection of contractual cash flows, where those cash flows represent solely payments of principal and interest, are measured at amortised cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognised directly in profit or loss and presented in other gains/(losses) together with foreign exchange gains and losses. Impairment losses are presented as a separate line item in the statement of profit or loss.

Impairment

The Company assesses on a forward-looking basis the expected credit losses associated with its receivables carried at amortised cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. For trade receivables, the Company applies the simplified approach permitted by IFRS 9, resulting in trade receivables recognised and carried at original invoice amount less an allowance for any uncollectible amounts based on expected credit losses.

The Company classifies its financial liabilities into two categories:

Other financial liabilities

The Company's other financial liabilities include trade and other payables and accruals. Bank borrowings are initially recognised at fair value net of any transaction costs directly attributable to the issue of the instrument. Such interest bearing liabilities are subsequently measured at amortised cost using the effective interest rate method, which ensures that any interest expense over the period to repayment is at a constant rate on the balance of the liability carried in the statement of financial position. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Trade payables and other short-term monetary liabilities, are initially recognised at fair value and subsequently carried at amortised cost using the effective interest method.

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

The charge for current tax is based on the taxable income for the period. The taxable result for the period differs from the result as reported in the statement of comprehensive income because it excludes items which are not assessable or disallowed and it further excludes items that are taxable and deductible in other years. It is calculated using tax rates that have been enacted or substantially enacted by the statement of financial position date.

Deferred income tax is provided using the liability method, for all temporary differences arising between the

tax bases of assets and liabilities and their carrying values for financial reporting purposes.

The recognition of deferred tax assets is based upon whether it is more likely than not that sufficient and suitable taxable profits will be available in the future against which the reversal of temporary differences can be deducted. To determine the future taxable profits, reference is made to the latest available profit forecasts. Where the temporary differences are related to losses, relevant tax law is considered to determine the availability of the losses to offset against the future taxable profits. The Company could recognise deferred tax assets in respect of losses and these amounts would be derived from the Company's best estimation and judgement as described above.

Recognition therefore involves judgement regarding the future financial performance of the entity in which the deferred tax asset has been recognised. Historical differences between forecast and actual taxable profits have not in the past resulted in material adjustments to the recognition of deferred tax assets.

Short-term employee benefits include wages, salaries and social security contributions. Short-term employee benefits are recognised as expenses as services are rendered.

The Company operates a defined contribution pension scheme. Contributions payable to the Company's pension scheme are charged to the income statement in the period to which they relate.

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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.

Short-term liabilities

Short-term liabilities are due within one year.

Financial interest paid and received

Interest paid and received is recognised on a time-weighted basis, taking account of the effective interest rate of the assets and liabilities concerned. When recognising interest paid, allowance is made for transaction costs on loans received as part of the calculation of effective interest.

The Company makes certain estimates and assumptions regarding the future. Estimates and judgements are continually evaluated based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the future, actual experience may differ from these estimates and assumptions.

In the opinion of the directors, the accounting estimates and judgements made in the course of preparing these financial statements are not difficult, subjective or complex to a degree which would warrant their description as critical in terms of the requirements of IAS 1 (revised) with the exception of the items listed below:

Trade and other receivables are amounts due from customers for services performed in the ordinary course of business.

The Company applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and contract assets.

To measure the expected credit losses, trade receivables and contract assets have been grouped based on shared credit risk characteristics and the days past due. The contract assets relate to unbilled work in progress and have substantially the same risk characteristics as the trade receivables for the same types of contracts. The Company has therefore concluded that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for the contract assets.

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

Their aggregate remuneration comprised:

Included above within wages and salaries are total recharge amounts of staff costs from group companies of £1,653,966.

The charge for the year can be reconciled to the profit/(loss) per the income statement as follows:

Security has been given against all freehold and leasehold land and buildings of certain group companies party to the facility.

Each share has full rights in the Company with respect to voting, dividends and distributions.

There are no restrictions on the amount of authorised share capital.

The total sales to group companies in the year is £2,715,093 (2024: £nil).

The total purchases from group companies in the year is £5,862,896 (2024: £nil).

The total amount owed from group companies at the year end is £376,473 (2024: £nil).

The Company's immediate parent undertaking at the year end is Delamode Holdings UK Freight Forwarding Limited, a company incorporated in the United Kingdom, owning 76% of the share capital of the Company.

The ultimate parent company is DLM Holdings JV UAB, a company registered in the Republic of Lithuania. Copies of the consolidated financial statements of DLM Holdings JV UAB will be publicly available from the Register of Legal Entities of the Republic of Lithuania.

The most senior UK parent company to produce consolidated accounts is DLM Midco I Limited, a company registered in England and Wales. Copies of the consolidated financial statements of DLM Midco I Limited will be publicly available from Companies House, Crown Way, Cardiff CF14 3UZ.