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Registration number: 02535265

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

CLdN Ports London Limited

Contents

Company Information | 1
Strategic Report | 2 to 4
Directors' Report | 5
Statement of Directors' Responsibilities | 6
Independent Auditor's Report | 7 to 10
Statement of Income and Retained Earnings | 11
Statement of Financial Position | 12
Notes to the Financial Statements | 13 to 21

CLdN Ports London Limited

Company Information

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

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

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

CLdN Ports London 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 the operation of a shipping port.

Fair review of the business

The company operates a c.100 acre two berth RoRo terminal at Purfleet on the north bank of the River Thames, within the Port of London. The terminal handles unaccompanied EU-UK unitised freight: containers, trailers and automotive units and general cargo. The company’s customers include related shipping lines.
A significant portion of the business is related to automotive business, both in stevedoring handling and storage.

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

The directors report a slight increase in turnover to £31,413,147 from £31,234,894 in 2024 and a decrease in profit before tax to £1,558,953 from £2,254,049 in 2024 as a result of an increase in operating costs and administrative expenses. Net current assets have increased marginally to £9,034,761 from £8,943,728 in 2024. Overall performance of the company is comparable to 2024.
The directors assess global economic and geopolitical factors continue to have impacts on the performance of the company, including impacts on higher operating costs related to wage and energy cost inflation.
Notwithstanding this, the directors consider that the company’s performance in 2025 was positive despite these challenges and freight volumes handled continue to demonstrate the essential role of the UK’s short sea RoRo ferry ports in the UK’s freight capacity needs and supply chain.
The company is supported in the provision of its port operating services by investments in the enhancement of the terminal made by its parent.
Stevedoring services that are provided to related parties are priced based on the Transactional Net Margin Method (TNMM). A new pricing framework was implemented with effect for the year 2024 as a result of the routine benchmark analysis carried out by the CLdN Links group. This was approved by the directors. The results reported in this statement reflect that framework and adjustments made under it.

Financial Key Performance Indicators

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

Financial KPIs | Unit | 2025 | 2024
Turnover | £ | 31,413,147 | 31,234,894
Operating profit/(loss) | £ | 1,242,852 | 1,998,610
Gross profit margin | % | 47 | 48
Profit/(loss) before tax | £ | 1,558,953 | 2,254,049

The impact of TNMM transfer pricing means that the value of measuring the performance of the Company purely on financial performance is limited. The directors therefore also measure the performance of the company on other factors including throughput/freight units handled.

Future developments and prospects

CLdN Ports London Limited

Strategic Report for the Year Ended 31 December 2025

The directors consider that the company’s operations will continue to be influenced by the impacts of global economic and geopolitical factors, particularly relating to economic uncertainty.
Operating costs are expected to remain higher than previous years due to wage costs and higher energy prices.
Notwithstanding these challenges, the directors consider that the prospects for the company remain positive. The UK is reliant on short sea ports to service its freight transport needs with continental Europe, and the directors consider that the company remains well-placed to secure its position in this market as part of an integrated shipping and ports group that provides these essential services in the UK and EU; and that the CLdN Links group’s wider performance during 2025 and its established market position demonstrates that this is a reasonable assessment by the directors.
The company and its parent continue to enhance the facilities at Purfleet and the company is focused on delivering a long-term strategy that enables it to continue to offer efficient and cost-effective services to its customers.
Notwithstanding these challenges, the directors consider that the prospects for the company remain positive. The UK is reliant on short sea ports to service its freight transport needs with continental Europe, and the directors consider that the company remains well-placed to secure its position in this market as part of an integrated shipping and ports group that provides these essential services in the UK and EU; and that the CLdN Links group’s wider performance during 2025 and its established market position demonstrates that this is a reasonable assessment by the directors.

CLdN Ports London Limited

Strategic Report for the Year Ended 31 December 2025

Risk Management

The board of directors assess that the key risks to the company are related to its operations, as follows:
Customers: The company’s revenue is generated by a limited number of shipping line customers in a very competitive market. The company is therefore exposed to the potential loss of one or more of these clients for commercial reasons, or insolvency. The directors seek to mitigate these risks with long-term contracts and maintaining the competitiveness of the port for customers.
Labour: higher than previous costs and restricted availability of labour are operational risks. The directors have taken steps to respond to the employment market, although labour availability continues to be constrained in the geographical area in which the company operates, particularly in certain skilled roles. The company’s costs for labour increased with the introduction of higher national insurance contributions for employees.
Energy: operational costs have increased further during 2025 and are likely to be impacted by volatile oil markets in 2026.
Development risks and costs: The directors are satisfied that the directors of the terminal owning company will continue to manage the enhancement and optimization of the terminal they now own in a proactive way to support the company’s business.
Health, safety and environment (HSE): the company’s stevedoring and storage operations carry inherent HSE risks, including berthing of vessels and operation of heavy terminal equipment. The company has a dedicated HSE team to manage these risks through risk assessment, policy, training and reporting. Insurance is maintained to cover these risks.
Economic conditions: the directors expect the outlook for 2026 to remain uncertain given continued economic growth challenges in the UK and wider economic conditions, including as a result of geopolitical events.

Going concern

The company made a profit after tax for the year ended 31 December 2025 of £1,167,235 and had net assets at that date of £14,878,735.
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 million was drawn under this facility but not by the company.
The directors consider that although challenges to trading volumes and revenue persist from global, EU-UK, 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 van Malderen
Director

CLdN Ports London 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:

B D Dove-Seymour

S M Hammond

F S Maes

P J van Malderen

N Castle (appointed 29 July 2025)

J M E Rubens

G J Walker

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 financial instruments and future developments.

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.

Director's 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.

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

.........................................
P J van Malderen
Director

CLdN Ports London 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.

CLdN Ports London Limited

Independent Auditor's Report to the Members of CLdN Ports London Limited
for the Year Ended 31 December 2025

Opinion

We have audited the financial statements of CLdN Ports London 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.

CLdN Ports London Limited

Independent Auditor's Report to the Members of CLdN Ports London 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 6), 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.

CLdN Ports London Limited

Independent Auditor's Report to the Members of CLdN Ports London 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 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 and those responsible for legal and compliance procedures. 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.

CLdN Ports London Limited

Independent Auditor's Report to the Members of CLdN Ports London 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

CLdN Ports London Limited

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

| Note | 2025 £ | 2024 £
Turnover | 3 | 31,413,147 | 31,234,894
Cost of sales |  | (16,595,467) | (16,114,084)
Gross profit |  | 14,817,680 | 15,120,810
Administrative expenses |  | (13,799,765) | (13,326,825)
Other operating income | 4 | 224,937 | 204,625
Operating profit | 5 | 1,242,852 | 1,998,610
Other interest receivable and similar income | 6 | 316,101 | 255,459
Interest payable and similar charges |  | - | (20)
|  | 316,101 | 255,439
Profit before tax |  | 1,558,953 | 2,254,049
Taxation | 9 | (391,718) | (559,104)
Profit for the financial year |  | 1,167,235 | 1,694,945
Retained earnings brought forward |  | 5,233,500 | 3,538,555
Retained earnings carried forward |  | 6,400,735 | 5,233,500

CLdN Ports London Limited

Statement of Financial Position as at 31 December 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets | 10 | 7,040,064 | 5,572,145
Current assets |  |  |
Stocks | 11 | 275,945 | 285,228
Debtors | 12 | 12,065,122 | 12,256,738
Cash at bank and in hand |  | 101,755 | 101,799
|  | 12,442,822 | 12,643,765
Creditors: Amounts falling due within one year | 14 | (3,408,061) | (3,700,037)
Net current assets |  | 9,034,761 | 8,943,728
Total assets less current liabilities |  | 16,074,825 | 14,515,873
Provisions for liabilities | 15 | (1,196,090) | (804,373)
Net assets |  | 14,878,735 | 13,711,500
Capital and reserves |  |  |
Called up share capital | 17 | 8,478,000 | 8,478,000
Retained earnings |  | 6,400,735 | 5,233,500
Shareholders' funds |  | 14,878,735 | 13,711,500

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

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

P J van Malderen

Director

Company registration number: 02535265

CLdN Ports London 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 a port operator.

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' and the Companies Act 2006.

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..

Going concern

The company made a profit for the year ended 31 December 2025 and had net assets amounting to £14,878,735 at that date.
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.

CLdN Ports London Limited

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

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable in respect of services supplied in the normal course of the company's activities. Turnover is stated net of value added tax and discounts.
The company recognises turnover from Ro-Ro stevedoring and other terminal operations on the date the services are provided. Turnover in respect of storage and warehousing and commission is recognised over the period to which they relate.

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.

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 assets under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Portable Buildings | 15 years straight line
Plant and machinery | 5-33% straight line
Motor vehicles | 4-6 years straight line

CLdN Ports London Limited

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

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3 | Revenue

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

| 2025 £ | 2024 £
Rendering of services - UK | 31,413,147 | 31,234,894

CLdN Ports London Limited

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

4 | Other operating income

The analysis of the company's other operating income for the year is as follows:

| 2025 £ | 2024 £
Rent receivable | 224,937 | 204,625
| 224,937 | 204,625

5 | Operating profit

Arrived at after charging/(crediting)

| 2025 £ | 2024 £
Depreciation expense | 1,497,223 | 1,348,786
Bad debts | (313) | (791)
Foreign exchange losses/(gains) | 85,115 | (22,453)
Loss/(profit) on disposal of fixed assets | 3,101 | (135,186)

6 | Other interest receivable and similar income

| 2025 £ | 2024 £
Other finance income | 316,101 | 255,459

7 | Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

| 2025 £ | 2024 £
Wages and salaries | 7,567,873 | 7,420,425
Social security costs | 930,829 | 768,668
Pension costs, defined contribution scheme | 419,496 | 400,420
Other employee expense | 528,217 | 279,266
| 9,446,415 | 8,868,779

The average number of persons employed by the company during the year, analysed by category was as follows:

| 2025 No. | 2024 No.
Administration and support | 53 | 49
Operations | 130 | 134
| 183 | 183

CLdN Ports London Limited

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

8 | Auditor's remuneration

| 2025 £ | 2024 £
Audit of the financial statements | 31,000 | 29,500
Other fees to auditors |  |
Corporation tax compliance services | 4,145 | 4,850

9 | Taxation

Tax charged/(credited) in the income statement

| 2025 £ | 2024 £
Current taxation |  |
UK corporation tax | - | 353,827
UK corporation tax adjustment to prior periods | - | 17,940
| - | 371,767
Deferred taxation |  |
Arising from origination and reversal of timing differences | 391,718 | 187,337
Tax expense in the income statement | 391,718 | 559,104

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

| 2025 £ | 2024 £
Profit before tax | 1,558,953 | 2,254,049
Corporation tax at standard rate | 389,738 | 563,512
Effect of expense not deductible in determining taxable profit (tax loss) | 9,359 | 46,959
Increase in UK and foreign current tax from adjustment for prior periods | - | 17,940
Tax decrease from effect of capital allowances and depreciation | (457,248) | (256,644)
Tax increase from other short-term timing differences | 391,718 | 187,337
Tax increase from effect of unrelieved tax losses carried forward | 58,151 | -
Total tax charge | 391,718 | 559,104

CLdN Ports London 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 | 1,262,409
Other timing differences | (8,513)
Trading losses | (57,805)
| 1,196,091

2024 | Liability £
Accelerated capital allowances | 812,816
Other timing differences | (8,443)
| 804,373

Pillar Two legislation

The company is within the scope of PILLAR Two legislation. The PILLAR Two legislation 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 trading losses of £231,220 to carry forward which has been reflected as a deferred tax asset in the statement of financial position.

10 | Tangible assets

| Portable Buildings £ | Motor vehicles £ | Plant and equipment £ | Total £
Cost or valuation
At 1 January 2025 | 155,979 | 586,816 | 14,791,170 | 15,533,965
Additions | 17,706 | 108,815 | 3,192,131 | 3,318,652
Disposals | - | (192,093) | (403,290) | (595,383)
At 31 December 2025 | 173,685 | 503,538 | 17,580,011 | 18,257,234
Depreciation
At 1 January 2025 | 69,109 | 359,807 | 9,532,904 | 9,961,820
Charge for the year | 9,636 | 67,802 | 1,419,785 | 1,497,223
Eliminated on disposal | - | (90,065) | (151,808) | (241,873)
At 31 December 2025 | 78,745 | 337,544 | 10,800,881 | 11,217,170
Carrying amount
At 31 December 2025 | 94,940 | 165,994 | 6,779,130 | 7,040,064
At 31 December 2024 | 86,870 | 227,009 | 5,258,266 | 5,572,145

CLdN Ports London Limited

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

11 | Stocks

| 2025 £ | 2024 £
Other inventories | 275,945 | 285,228

12 | Debtors

| 2025 £ | 2024 £
Trade debtors | 429,790 | 849,926
Amounts owed by group undertakings | 6,590,078 | 7,307,884
Other debtors | 332,319 | 361,143
Prepayments | 875,356 | 860,045
Accrued income | 3,837,579 | 2,877,740
Total current trade and other debtors | 12,065,122 | 12,256,738

13 | Cash and cash equivalents

| 2025 £ | 2024 £
Cash at bank | 101,755 | 101,799

14 | Creditors

| 2025 £ | 2024 £
Due within one year |  |
Trade creditors | 1,557,004 | 1,753,461
Amounts due to group undertakings | 291,090 | 445,733
Social security and other taxes | 181,175 | 176,968
Other payables | 310,887 | 318,963
Accrued expenses | 1,067,905 | 1,004,912
| 3,408,061 | 3,700,037

15 | Provisions for liabilities

| Deferred tax £ | Total £
At 1 January 2025 | 804,373 | 804,373
Increase (decrease) in existing provisions | 391,717 | 391,717
At 31 December 2025 | 1,196,090 | 1,196,090

CLdN Ports London Limited

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

16 | Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £419,496 (2024 - £400,420).

17 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary shares of £1 each | 8,478,000 | 8,478,000 | 8,478,000 | 8,478,000

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

18 | Commitments and Guarantees

The total of future minimum lease payments not reflected in the statement of financial position is as follows:

| 2025 £ | 2024 £
Not later than one year | 392,775 | 379,372
Later than one year and not later than five years | 1,223,160 | 1,591,414
Later than five years | 854,220 | 842,069
| 2,470,155 | 2,812,855

The amount of non-cancellable operating lease payments recognised as an expense during the year was £385,532 (2024 - £354,058).

19 | Contingencies

The company has given a 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.

CLdN Ports London Limited

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

20 | Related party transactions

In accordance with FRS 102 paragraph 33.1A, exemption is taken not to disclose transactions in the year or amounts falling due between wholly owned undertakings.
During the year an amount of £33,708 (2024: £58,387) was paid in respect of legal and professional fees to a company under common control.

21 | Parent and ultimate parent undertaking

The company's immediate parent is Purfleet Real Estate Limited.
The ultimate parent is CLdN Links SA, incorporated in Luxembourg.
The parent of the smallest and largest group preparing group accounts incorporating the results of the company is CLdN Links SA, whose financial statements are available online from the Luxembourg Business Registers. The registered address of CLdN Links SA is 3-7 rue Schiller L-2519, Luxembourg