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Registration number: 02657863

Purfleet Real Estate Limited Annual Report and Financial Statements for the Year Ended 31 December 2025
Brebners Chartered Accountants & Statutory Auditor 130 Shaftesbury Avenue London W1D 5AR

Purfleet Real Estate Limited

Contents

Company Information | 1
Strategic Report | 2 to 3
Directors' Report | 4
Statement of Directors' Responsibilities | 5
Independent Auditor's Report | 6 to 9
Statement of Income and Retained Earnings | 10
Statement of Financial Position | 11
Notes to the Financial Statements | 12 to 22

Purfleet Real Estate Limited

Company Information

Directors | G J Walker J M E Rubens S M Hammond F S Maes B D Dove-Seymour P J F Van Malderen

Registered office | 130 Shaftesbury Avenue 2nd Floor London W1D 5EU

Auditor | Brebners Chartered Accountants & Statutory Auditor 130 Shaftesbury Avenue London W1D 5AR

Purfleet Real Estate Limited

Strategic Report for the Year Ended 31 December 2025

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

Principal activity

The principal activity of the company is that of property investment in the ports sector.

Fair review of the business

The company owns a c.100 acre two berth RoRo terminal (including storage uses) which is mainly leased to the company’s subsidiary CLdN Ports London Limited as terminal operator. The company also owns the rights for an additional third berth, providing development opportunities for the future.
The Company is a member of the CLdN Links group, which provides transportation services through its network of ports and shipping lines and door-to-door operations. These links remained robust during the year and the CLdN Links group has a significant market share in EU-UK Trade.

Development and performance of the company’s business during the financial year

The directors report a decrease in the carrying value of its fixed assets from £213,247,310 in 2024 to £207,876,730 in 2025. As at 31 December 2025 the company had net current liabilities of £83,216,991. This is made up of amounts due to group undertakings (including loans) and amounts due to construction contractors.
The directors consider that these liabilities are proportionate to the undertaking of the company and reflect its continued activity to maintain the value of its investments.
The company continues to invest in the enhancement of the port facility at Purfleet in order to maintain and enhance the operating capabilities and long-term value of its port investments.

Purfleet Real Estate Limited

Strategic Report for the Year Ended 31 December 2025

Key performance indicators

The company's key financial and other performance indicators during the year were as follows:

| Unit | 2025 | 2024
Fixed assets | £ | 207,876,730 | 213,247,310
Capital and reserves | £ | 118,464,928 | 117,095,062
Equity to fixed asset ratio | % | 57 | 55

Principal risks and uncertainties

The board of directors assess that the key risks to the company are as follows:
The operations of its subsidiaries: the subsidiaries are exposed to risks including the loss of customers; the availability and cost of labour; the impact of energy prices (electricity and diesel for heavy equipment); Health, Safety and Environmental issues. The directors of the company receive reports from the directors of its subsidiaries as to how they manage and mitigate these risks.
Development risks and costs: the Company is responsible for the provision of port land and facilities for the operation of its subsidiaries. Risks include the availability of suitable development land, not obtaining the necessary planning consents, and construction costs and delivery. The directors have sought to mitigate this through securing potential development land and a proactive approach to achieving planning consents for port uses. The directors typically use fixed price construction contracts but inflationary pressures and supply chain issues are increasing costs and delivery times.
Global economic conditions: the directors expect that the impacts of global economic conditions and geopolitical uncertainty will continue to impact trading conditions particularly in the automotive shipping and port sector, in which its subsidiary is active.

Going concern

The company made a profit after tax for the year ended 31 December 2025 of £1,369,866 and had net assets at that date with a carrying value of £118,464,928.
The company finances its operations on a group basis from a combined treasury function.
The company is a co-borrower and co-obligor under a €200 million revolving credit facility together with a term loan of €20 million with other members of its group. As at the date these financial statements were approved by the directors, a combined amount of €208 was drawn under this facility but not by the company itself.
The directors consider that although challenges to trading volumes and revenue persist for its subsidiaries and impacts on the costs of maintaining and developing its assets persist as a result of global economic and other geopolitical factors, this should not result in issues for the company as a going concern.
Having made sufficient enquiries, and based upon the above, the directors have a reasonable expectation that the company has adequate resources to continue operating in the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

Approved by the Board on 18 June 2026 and signed on its behalf by:

.........................................
P J F Van Malderen
Director

Purfleet Real Estate 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 of the company

The directors who held office during the year were as follows:

G J Walker

J M E Rubens

S M Hammond (appointed 21 July 2025)

F S Maes

B D Dove-Seymour

P J F Van Malderen (appointed 29 July 2025)

Dividends

No interim dividends were paid during the year (2024: £Nil). No final dividend is proposed.

Disclosure of information in the Strategic Report

The company has chosen in accordance with s.414C(11) Companies Act 2006 to set out in the company's strategic report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the directors' report. It has done so in respect of future developments and financial instruments.

Directors' liabilities

As permitted by the Articles of Association, the Directors have the benefit of an indemnity which is a qualifying third party indemnity provision as defined by Section 234 of the Companies Act 2006. The indemnity was in force throughout the last financial year and is currently in force.

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved by the director on 18 June 2026 and signed by:

.........................................
P J F Van Malderen
Director

Purfleet Real Estate Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual 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 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 apply them consistently;

• | make judgements and accounting estimates that are reasonable and prudent;

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

• | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the 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.

Purfleet Real Estate Limited

Independent Auditor's Report to the Members of Purfleet Real Estate Limited
for the Year Ended 31 December 2025

Opinion

We have audited the financial statements of Purfleet Real Estate Limited (the 'company') for the year ended 31 December 2025, which comprise the Statement of Income and Retained Earnings, Statement of Financial Position, and 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 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 original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Purfleet Real Estate Limited

Independent Auditor's Report to the Members of Purfleet Real Estate Limited
for the Year Ended 31 December 2025

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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• | the Strategic Report and 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 our 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 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 (set out on page 5), 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.

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.

Purfleet Real Estate Limited

Independent Auditor's Report to the Members of Purfleet Real Estate Limited
for the Year Ended 31 December 2025

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:
Based on our understanding of the company and the industry in which it operates, we determined that the principal risks of non-compliance with laws and regulations related to the reporting framework (FRS 102 and the Companies Act 2006) and UK corporate taxation laws, environmental legislation and health and safety legislation. These risks were communicated to our audit team and we remained alert to any indications of non-compliance throughout our audit.
We understood how the company is complying with relevant legislation by making enquiries of management. We also considered the results of our audit procedures and to what extent these corroborate this understanding and assessed the susceptibility of the company’s financial statements to material misstatement. This included consideration of how fraud might occur and evaluation of management’s incentives and opportunities for fraudulent manipulation of the financial statements.
We designed our audit procedures to identify any non-compliance with laws and regulations. Such procedures included, but were not limited to, inspection of any regulatory or legal correspondence; challenging assumptions and judgements made by management; identifying and testing journal entries with a focus on large or unusual transactions as determined based on our understanding of the business; and identifying and assessing the effectiveness of controls in place to prevent and detect fraud.
Owing to the inherent limitations of an audit, there remains a risk that a material misstatement may not have been detected, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance with laws and regulations and cannot be expected to detect all instances of non-compliance.

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

The primary responsibility for the detection and prevention of fraud rests with those responsible for governance and management. The further removed non-compliance with laws and regulations is from the events reflected in the financial statements, the less likely the auditor will become aware of it.
The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, collusion, omission, misrepresentation or forgery.

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.

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.

Purfleet Real Estate Limited

Independent Auditor's Report to the Members of Purfleet Real Estate Limited
for the Year Ended 31 December 2025

......................................
Martin Widdowson (Senior Statutory Auditor)
For and on behalf of
Brebners, Statutory Auditor
130 Shaftesbury Avenue
London
W1D 5AR

22 June 2026

Purfleet Real Estate Limited

Statement of Income and Retained Earnings for the Year Ended 31 December 2025

| Note | 2025 £ | 2024 £
Turnover | 3 | 6,145,955 | 5,567,857
Administrative expenses |  | (9,478,531) | (4,903,275)
Other operating income |  | 450,001 | 809,291
Operating (loss)/profit | 5 | (2,882,575) | 1,473,873
Dividends received |  | 8,600,000 | -
Other interest receivable and similar income |  | 11,807 | 12,235
Interest payable and similar charges | 6 | (3,866,079) | (7,446,559)
|  | 4,745,728 | (7,434,324)
Profit/(loss) before tax |  | 1,863,153 | (5,960,451)
Taxation | 9 | (493,287) | 680,964
Profit/(loss) for the financial year |  | 1,369,866 | (5,279,487)
Retained earnings brought forward |  | (905,038) | 4,374,449
Retained earnings carried forward |  | 464,828 | (905,038)

Purfleet Real Estate Limited

Statement of Financial Position as at 31 December 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Intangible assets | 10 | 3,700,000 | 3,700,000
Tangible assets | 11 | 195,522,828 | 200,893,408
Investments | 12 | 8,653,902 | 8,653,902
|  | 207,876,730 | 213,247,310
Current assets |  |  |
Debtors | 13 | 1,483,907 | 3,825,534
Cash at bank and in hand |  | 6,234 | 2,359
|  | 1,490,141 | 3,827,893
Creditors: Amounts falling due within one year | 15 | (84,707,132) | (93,335,329)
Net current liabilities |  | (83,216,991) | (89,507,436)
Total assets less current liabilities |  | 124,659,739 | 123,739,874
Creditors: Amounts falling due after more than one year | 15 | (6,194,811) | (6,644,812)
Net assets |  | 118,464,928 | 117,095,062
Capital and reserves |  |  |
Called up share capital | 16 | 118,000,100 | 118,000,100
Retained earnings |  | 464,828 | (905,038)
Shareholders' funds |  | 118,464,928 | 117,095,062

Approved and authorised by the Board on 18 June 2026 and signed on its behalf by:

......................................................................

P J F Van Malderen

Director

Company registration number: 02657863

Purfleet Real Estate Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

The principal activity of the company is that of property investment in the ports sector.

The principal place of business is:
Long Reach House
London Road
Purfleet
Essex
RM19 1PD

2 | Accounting policies

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Summary of disclosure exemptions

Advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102:
(a) No cash flow statement has been presented for the company
(b) Disclosures in respect of financial instruments have not been presented
(c) No disclosure has been given for the aggregate remuneration of key management personnel.

Group accounts not prepared

The company is exempt under section 401 of Companies Act 2006 from the requirement to prepare consolidated financial statements as the results of the company and its subsidiary undertakings are included in the financial statements of CLdN Links SA. Therefore the financial statements disclose information about the individual company and not its group.

Purfleet Real Estate Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Going concern

The company had net assets at 31 December 2025 amounting to £118,464,928, but with net current liabilities of £83,216,991. The company finances its operations with loans from group undertakings to whom an amount of £81,165,028 was due at 31 December 2025. The group have confirmed they will continue to support the company and not call for repayment of the amounts due until such time as the company has sufficient working capital.
The company's cashflow forecasts show that the company has sufficient working capital for a period of at least 12 months from the date of approval of these financial statements.
Having made sufficient enquiries, and based upon the above, the directors have a reasonable expectation that the company has adequate resources to continue operating in the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

Judgements and key sources of estimation uncertainty
Preparation of the financial statements requires management to make judgements and estimates. Estimates will, by definition, seldom equal the related actual results. The judgements and estimates that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:
Tangible fixed assets
The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of those assets. The useful economic lives and residual values are re-assessed annually and adjusted where necessary to reflect economic utilisation and the physical condition of the assets among other factors.
An assessment is made at each reporting date for any indication that tangible fixed assets may be impaired, taking into account external and internal sources of information and with consideration given to the economic viability of completion of certain infrastructure projects. If any such indication is identified, an adjustment is made based on the estimated recoverable amount of the asset.
The remaining useful economic life of tangible fixed assets and the future economic benefit expected to be derived from assets under construction are considered key sources of significant estimation uncertainty. See note 11 for the carrying values of tangible fixed assets.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable in respect of rental income in the ordinary course of the company's activities. Turnover is shown net of value added tax, rebates and discounts.
The company recognises turnover over the period of the leases or licences.

Government grants

Government grants are recognised when it is reasonable to expect that the grants will be received and that all related conditions will be met, usually on submission of a valid claim for payment.
Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.
Grants of a capital nature are credited to income over the useful economic lives of the assets to which they relate.

Purfleet Real Estate Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Intangible assets

Intangible assets comprise licence rights in connection with the long-term development project at the terminal. Intangible assets have a considerable useful economic life such that the annual amortisation cost after taking account of estimated residual value is trivial and has not been provided. An impairment review is carried out annually to ensure the project remains economically viable.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Freehold buildings and infrastructure | 5-30 years straight line
Freehold improvements | 3-20 years straight line
Plant and machinery | 3-30 years straight line

Purfleet Real Estate Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Investment property

FRS 102 requires that all investment property, except that let to group undertakings, is measured at fair value at each reporting date with any changes in fair value recognised in profit and loss.
The majority of the company's investment property is let to group undertakings and is therefore recognised in the financial statements at depreciated cost and not fair value.
Investment property let to third party tenants is measured at fair value at each reporting date.

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Finance leases

Assets held under hire purchase contracts are capitalised at the lesser of fair value or present value of minimum lease payments in the statement of financial position. The present value of the minimum lease payments is calculated using the interest rate implicit in the lease. A corresponding liability is recognised at the same value in the statement of financial position. The asset is then depreciated over its useful life.
The minimum lease payments are apportioned between the finance charge recognised in the income statement and the reduction of the outstanding liability using the effective interest method. The finance charge in each period is allocated so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Purfleet Real Estate Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

3 | Turnover

The analysis of the company's revenue for the year from continuing operations is as follows:

| 2025 £ | 2024 £
Rental income - UK | 6,145,955 | 5,567,857

4 | Other gains and losses

The analysis of the company's other gains and losses for the year is as follows:

| 2025 £ | 2024 £
Gain/loss on disposal of property, plant and equipment | (2,220,600) | 2

5 | Operating (loss)/profit

Arrived at after charging/(crediting)

| 2025 £ | 2024 £
Depreciation expense | 6,304,664 | 4,073,054
Foreign exchange losses | 26,220 | 710
Release of government capital grants received | (450,001) | (477,372)

6 | Interest payable and similar expenses

| 2025 £ | 2024 £
Intra-group interest | 3,866,079 | 7,446,559

7 | Staff numbers

The average number of persons employed by the company during the year, was 0 (2024 - 0).

8 | Auditor's remuneration

| 2025 £ | 2024 £
Audit of the financial statements | 20,000 | 19,650
Other fees to auditors |  |
Corporation tax compliance | 7,542 | 9,204

9 | Taxation

Tax charged/(credited) in the income statement

Purfleet Real Estate Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

| 2025 £ | 2024 £
Current taxation |  |
UK corporation tax | - | (1,729,722)
UK corporation tax adjustment to prior periods | 1,174,182 | 813,713
| 1,174,182 | (916,009)
Deferred taxation |  |
Arising from origination and reversal of timing differences | (680,895) | 235,045
Tax expense/(receipt) in the income statement | 493,287 | (680,964)

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2024 - higher than the standard rate of corporation tax in the UK) of 25% (2024 - 25%).
The differences are reconciled below:

| 2025 £ | 2024 £
Profit/(loss) before tax | 1,863,153 | (5,960,451)
Corporation tax at standard rate | 465,788 | (1,490,113)
Increase in UK and foreign current tax from adjustment for prior periods | 1,174,182 | 813,713
Tax increase/(decrease) from effect of capital allowances and depreciation | 323,191 | (75,963)
Tax (decrease)/increase from other short-term timing differences | (680,895) | 235,045
Effect of revenues exempt from taxation | (112,500) | (119,343)
Effect of expense not deductible in determining taxable profit (tax loss) | 555,150 | 31,830
Tax increase from effect of unrelieved tax losses carried forward | 918,371 | -
Tax decrease from effect of dividends from UK companies | (2,150,000) | -
Tax decrease from other tax effects | - | (76,133)
Total tax charge/(credit) | 493,287 | (680,964)

Purfleet Real Estate Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Deferred tax

Deferred tax assets and liabilities

2025 | Liability £
Accelerated capital allowances | 278,912
Trading losses | 918,371
| 1,197,283

2024 | Asset £
Accelerated capital allowances | 516,388
| 516,388

Pillar Two legislation

The company is within the scope of Pillar Two legislation, which has been enacted in the UK. Since the profit before tax for the company is liable to corporation tax at the prevailing rate of 25%, the directors do not expect that the legislation will have any material impact on the company.
At 31 December 2025 the company had capital losses of £254,691 (2024:£254,691) to carry forward which have not been reflected as a deferred tax asset in the statement of financial position.
The company also has trading losses of £3,805,354 (2024: £131,870) to carry forward which has been reflected as a deferred tax asset in the statement of financial position.
At 31 December 2025 the company had land remediation costs carried forward of £4,351,116 (2024: £4,351,116) which have not been reflected as a deferred tax asset whilst the position is being investigated with a view to making an appropriate claim.

Purfleet Real Estate Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

10 | Intangible assets

| Licence Rights £ | Total £
Cost or valuation
At 1 January 2025 | 3,700,000 | 3,700,000
At 31 December 2025 | 3,700,000 | 3,700,000
Carrying amount
At 31 December 2025 | 3,700,000 | 3,700,000
At 31 December 2024 | 3,700,000 | 3,700,000

11 | Tangible assets

| Freehold land and buildings and infrastructure £ | Freehold improvements £ | Assets under construction £ | Plant and machinery £ | Total £
Cost or valuation
At 1 January 2025 | 165,110,464 | 19,534,397 | 29,657,125 | 18,752,282 | 233,054,268
Additions | 129,616 | 2,699,923 | 426,622 | 220,075 | 3,476,236
Disposal | - | - | (2,542,152) | - | (2,542,152)
Transfers | 10,912,212 | 10,672,876 | (21,696,938) | 111,850 | -
At 31 December 2025 | 176,152,292 | 32,907,196 | 5,844,657 | 19,084,207 | 233,988,352
Depreciation
At 1 January 2025 | 12,276,601 | 10,375,896 | - | 9,508,363 | 32,160,860
Charge for the year | 4,410,602 | 1,072,527 | - | 821,535 | 6,304,664
At 31 December 2025 | 16,687,203 | 11,448,423 | - | 10,329,898 | 38,465,524
Carrying amount
At 31 December 2025 | 159,465,089 | 21,458,773 | 5,844,657 | 8,754,309 | 195,522,828
At 31 December 2024 | 152,833,863 | 9,158,501 | 29,657,125 | 9,243,919 | 200,893,408

Purfleet Real Estate Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Contractual commitments for the acquisition of tangible assets

Contractual commitments for the acquisition of tangible assets were as follows:

| 2025 £ | 2024 £
Freehold property and improvements | - | 2,685,980

Included within freehold land and buildings is an amount of £3,805,807 relating to property let to a third party and included at historic cost. FRS102 requires investment property to be stated annually at fair value. However, the directors have assessed that the fair value at 31 December 2025 is materially the same as the carrying value and that no fair value adjustment arises.
In the prior year, the company completed the construction of a new roundabout for an amount of £6,728,686 which was formally adopted by the Highways Agency during that year. The directors have considered the requirements of paragraph 11.33(b) of FRS 102 to derecognise an asset when the risks and rewards of ownership are transferred and do not believe such treatment is appropriate as the roundabout remains an integral part of the terminal which significantly enhances both the operational efficiencies and also the overall valuation.
The directors believe that if the costs of the roundabout were derecognised the financial statements would no longer show a true and fair view.

12 | Investments

| 2025 £ | 2024 £
Investments in subsidiaries | 8,653,902 | 8,653,902

| £
Cost or valuation
At 1 January 2025 and 31 December 2025 | 8,653,902
Carrying amount
At 31 December 2025 | 8,653,902
At 31 December 2024 | 8,653,902

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking |  | Holding | Proportion of voting rights and shares held
|  |  | 2025 | 2024
CLdN Ports London Limited |  | Ordinary shares | 100% | 100%
CLdN Automotive Limited |  | Ordinary shares | 100% | 100%

The registered offices of both entities are situated at 130 Shaftesbury Avenue, 2nd Floor, London W1D 5EU.

Purfleet Real Estate Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Subsidiary undertakings
CLdN Ports London Limited The principal activity of CLdN Ports London Limited is that of port operators and associated trades..
CLdN Automotive Limited The principal activity of CLdN Automotive Limited is that of enhancement and pre-delivery inspection of motor vehicles.

13 | Debtors

| 2025 £ | 2024 £
Amounts owed by group undertakings | - | 1,197,713
Other debtors | 181 | 1,836,370
Prepayments | 271,487 | 258,036
Accrued income | 14,956 | 17,027
Deferred tax assets | 1,197,283 | 516,388
| 1,483,907 | 3,825,534

14 | Cash and cash equivalents

| 2025 £ | 2024 £
Cash at bank | 6,234 | 2,359

Purfleet Real Estate Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

15 | Creditors

|  | 2025 £ | 2024 £
Due within one year |  |  |
Amounts due to group undertakings |  | 82,466,114 | 87,744,682
Social security and other taxes |  | 216,567 | -
Other payables |  | 401,710 | 2,001,431
Accrued expenses |  | 1,145,551 | 3,112,026
Deferred income |  | 477,190 | 477,190
|  | 84,707,132 | 93,335,329
Due after one year |  |  |
Deferred income |  | 6,194,811 | 6,644,812

16 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary shares of £1 each | 118,000,100 | 118,000,100 | 118,000,100 | 118,000,100

There are no restrictions on the repayment of capital or the distribution of dividends.

17 | Contingencies

The company has given guarantee in respect a group revolving credit facility of €200,000,000 together with a term loan of €20,000,000. At 31 December 2025 a combined amount of €208,400,000 (2024: €210,720,000) was outstanding, however no liability is expected to arise. This guarantee is secured by fixed and floating charges over the assets and undertakings of the company.

18 | Related party transactions

In accordance with FRS 102 paragraph 33.1A exemption is taken not to disclose transactions or amounts falling due between undertakings where 100% of voting rights are controlled within the group.

19 | Parent and ultimate parent undertaking

The company's immediate parent undertaking is CLdN Ports Limited.
The ultimate parent undertaking is CLdN Links SA, incorporated in Luxembourg.
The smallest and largest group preparing group accounts including the results of the company is headed by CLdN Links SA, whose financial statements are available online from the Luxembourg Business Registers. The registered office of CLdN Links SA is 3-7 rue Schiller, L-2419 Luxembourg.