The directors present the strategic report for the year ended 28 February 2026.

The overriding issue facing the company, the whole sector, and indeed the world economy during the year to 28 February 2026 continued to be the ongoing war in the Ukraine, the Red Sea crisis and global supply chain problems more generally.

Tradeway Shipping, along with the rest of the logistics industry continue to be affected by the ongoing situations in the Middle East and Ukraine, which will likely continue to affect the wider global economy for a significant amount of time.

As discussed in note 1.2 to the financial statements, the directors consider the company is in a strong position to come through this period and fully expect the company to be able to meet any risks and uncertainties that arise.

The company mitigates its specific financial risks through the policies covered in detail in the Director’s Report.

The Directors consider the following to be Key Performance indicators:

1) Turnover

Year end 2026 £31.5m

Year end 2025 £30.2m

During FY25 we saw the full impact of the Red Sea Crisis which increased freight rates substantially from October 2023 compounded by the the major lines stopping transiting through the Suez Canal in December 2023. Turnover in FY25 increased on the back of the increase in the freight rates, as the volumes had remained broadly consistent with FY24. During FY26 we started to see the risks in relation to the Red Sea Crisis rescind and falling freight rates due to overcapacity in the market. Competition within the market remains fierce given the economic climate, but we have been able to achieve an increase in volume of shipments on the back of relationships with the lines being strong and more favourable rates being obtainable.

2) Gross profit margin

Year end 2026 14%

Year end 2025 12%

Gross profit margin has increased to 14% from 12% in FY25, based on gross profits of £4,381,945 and £3,746,424 respectively. The ability of the company to secure long term favourable rates with shipping lines, whilst remaining competitive from a market perspective continues to remain the case. This has allowed the company to increase margin from FY25, reducing direct cost, but maintaining prices on our main shipping lanes.

The company does, however, note increase competition in the market generally, driven by the decline in the economy, which puts pressure on prices, and which has meant the company has not achieved the higher margins that it was able to in previous years.

Future developments

Uncertainty around Brexit has faded given the agreements reached by the last Government with the European Union, and if anything, the current Government is aligning more with the European Union on standards. The company remains well positioned to deal with any future issues which may arise due to the majority of its business involving destinations outside of the European Union.

On 28 February 2026, the day after the last trading day of the company, The United States of America and Israel launched strikes on Iran. The conflict has led to the blocking of the Straits of Hormuz and significant disruption to the shipping lanes which has led the ships to be diverted and containers not being able to reach their final destinations.

The disruption is leading to a drain on the company's working capital, however, the company is confident that it has the working capital available in its financial reserves, and as discussed in note 1.2 to the financial statements, the directors consider that the company is in a strong position to come through this period, partly due to available working capital and fully expect the company to be able to meet any risks and uncertainties that arise.

On behalf of the board

The directors present their annual report and financial statements for the year ended 28 February 2026.

The principal activity of the company continued to be that of freight forwarders.

The total distribution for the year ended 28th February 2026 was £2,800,000 being £280 per ordinary share held. (2025 - £530,000 being £53 per ordinary share held).

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

The company's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).

The company's current policy concerning the payment of trade creditors is to:

• settle the terms of payment with suppliers when agreeing the terms of each transaction;

• ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in contracts; and

• pay in accordance with the company's contractual and other legal obligations.

Trade creditors of the company at the year end were equivalent to 28 day's purchases, based on the average daily amount invoiced by suppliers during the year.

The company’s operations expose it to a number of financial risks, which include credit risk and foreign exchange risk.

Foreign exchange risk

The company has potential exposure to foreign exchange risk, due to the global nature of its business. To mitigate the risk, the company operates a number of foreign currency bank accounts.

Credit risk

The company has implemented policies that require appropriate credit checks on customers before sales are made.

The company has not undertaken any research and development activities in the year.

The directors are of the opinion that there are no significant post balance sheet events other than those disclosed at note 17.

Future developments are considered in detail within the Strategic Report.

Sedulo Audit Limited have expressed their willingness to continue in office as auditors and appropriate arrangements have been put in place for them to be deemed reappointed as auditors in the absence of an Annual General Meeting.

As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

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.

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.

We have audited the financial statements of Tradeway (Shipping) Limited (the 'company') for the year ended 28 February 2026 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 28 February 2026 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 or the directors' report.

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

• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of directors' remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

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.

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.

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:

• 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 manufacturing and supply 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 and taxation 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 selected on a risk criteria basis to identify unusual transactions; and

• investigated the rationale behind significant or unusual transactions; and

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

• agreeing financial statement disclosures to underlying supporting documentation;

• reading the minutes of meetings of those charged with governance;

• enquiring of management as to any actual and potential litigation and claims.

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.

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.

Tradeway (Shipping) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Town End Place, 146 Lowtown, Pudsey, Leeds, West Yorkshire, United Kingdom, LS28 9AY. The company's principal activities and nature of its operations are disclosed in the directors' report.

These financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 pound.

The financial statements show the results and financial position of the company only. The company has taken advantage of the exemption from preparing consolidated financial statements incorporating its subsidiary undertaking, SAI Logistics Limited as the results are included within consolidated financial statements prepared by the company's ultimate parent undertaking, Santova Limited, a company registered in South Africa.

Disclosure exemptions

The company has taken advantage of certain disclosure exemptions available under FRS 101 in relation to:

• financial instruments where disclosure requirements appear in the group accounts;  

• fair value measurement;

• share based payments;

• the presentation of a cash flow statement and associated notes;  

• the presentation of comparative information in respect of tangible fixed assets;

• capital management;  

• related party disclosures and transactions

Where required, equivalent disclosures are given in the group accounts of the ultimate parent company.

The company has prepared forecasts for the next twelve months, considering possible fluctuations in market conditions arising from the ongoing situation in the Middle East, which indicate that the company is expected to continue to make profits. true

Moreover, the directors note that the company had significant cash reserves as at the year end and based on their forecasts they expect the company to be able to meet all its cash flow requirements, with no recourse required for additional third-party funding.  

Accordingly, at the time of signing these accounts the Directors are of the opinion that the Company will remain viable for the foreseeable future and therefore these Financial Statements have been prepared on the going concern basis.

Turnover comprises amounts invoiced for services provided, exclusive of value added tax, and covers fees, mark-ups, and the costs of shipping including custom duties, cartage and freight charges.

Turnover is recognised on the date when the company has fulfilled its performance obligation in relation to their contract with the customer i.e. the date on which good are shipped by the relevant shipping line.

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.  

The company only enters into transactions in 'basic' financial instruments which result in the recognition of assets and liabilities; these include trade and other debtors and creditors, bank balances, loans from banks and other third parties, and loans to related parties.  

Basic financial assets (other than those classified as payable within one year) are initially measured at cost, and are subsequently carried at cost or amortised cost using the effective interest method, less any impairment losses. Basic financial assets classified as receivable within one year are not amortised.  

Basic financial liabilities (other than those classified as payable within one year) are initially recognised at present value of future cash flows and subsequently at amortised costs using the effective interest method. Basic financial liabilities classified as payable within one year are not amortised.

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

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

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.

At inception, the company assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the company recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within property, plant and equipment, apart from those that meet the definition of investment property.

The company has no formal contract in place with its fellow subsidiary undertaking in relation to the leasing of the company's operating premises. An informal agreement is reached for a period of less than 12 months therefore the company does not recognise a right-of-use asset or a lease liability at the lease commencement date.

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. Foreign exchange gains and losses resulting from the settlement of such transactions, and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies, are recognised in the income statement.

Investment in subsidiaries

Investments in subsidiaries are held at cost less accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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

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

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below:

Accounting estimates

Impairment of debtors

The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

Accounting judgements

Impairment of the company's fixed asset investment

The directors have had to determine whether there are indications of impairment of the company's fixed asset Investment. The Directors, together with its parent undertaking, have considered the value of this investment in light of expected future returns and judge there are no indications of impairment.

Apart from the above, the company was not required to make any additional critical estimates or judgements when applying its accounting policies.

The turnover and profit before taxation are attributable to the one principal activity of the company. An analysis of turnover by geographical is given below:

Turnover comprises amounts invoiced for services provided, exclusive of value added tax, and covers fees, mark-ups, and the costs of shipping including custom duties, cartage and freight charges'.

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

Their aggregate remuneration comprised:

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2025 - 1).

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

The company's investments at the Balance Sheet date in the share capital of companies include the following:

SAI Logistics Limited

Registered office: Unit D Libra Maidstone Kingston, Milton Keynes, MK10 0BD

Nature of business: Freight Forwarders

%

Class of shares: holding

Ordinary 100.00

Transactions with group companies are conducted at arms length with standard credit terms.

Transactions with group companies are conducted at arms length with standard credit terms.

Full voting and dividend rights are attached to the Ordinary shares.

Other reserves relate to a share option reserve awarded to a Director.

No events materially affecting the assessment of these financial statements have occurred after the balance sheet date.

The company, along with the rest of the logistics industry, continues to be affected by the ongoing situations in the Middle East and Ukraine, which will likely continue to affect the wider global economy for a significant amount of time.

The directors consider the company is in a strong position to come through this period and fully expect the company to be able to meet any risks and uncertainties that arise.

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £109,210 (2025: £108,252). Contributions totaling £9,330(2025: £8,933) were accrued at the year end.

The immediate parent undertaking is Santova International Holdings (PTY) Limited, registered in South Africa.

The ultimate parent undertaking and the smallest and largest group to consolidate these financial statements is Santova Limited, registered in South Africa. Consolidated financial statements, prepared in accordance with IFRS, are available from www.santova.com.

The company is under the control of the shareholders of Santova Limited, the company's ultimate parent undertaking.