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Company registration number: 05983127
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ANNUAL REPORT AND FINANCIAL STATEMENTS
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FOR THE YEAR ENDED
31 DECEMBER 2025
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HILLEBRAND BULK LOGISTICS LIMITED
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HILLEBRAND BULK LOGISTICS LIMITED
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COMPANY INFORMATION
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R A Davies (resigned 31 December 2025)
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Vanbrugh House First Floor
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Chartered Accountants & Statutory Auditor
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HILLEBRAND BULK LOGISTICS LIMITED
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CONTENTS
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Directors' Responsibilities Statement
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Independent Auditor's Report
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Statement of Comprehensive Income
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Statement of Financial Position
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Statement of Changes in Equity
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Notes to the Financial Statements
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HILLEBRAND BULK LOGISTICS LIMITED
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STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their strategic report, annual report and the audited financial statements of the Company for the year ended 31 December 2025.
The financial statements are presented in US dollars ("$") because this is the functional currency of the company.
Objectives and Strategies
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The company is part of the Hillebrand Gori Group, which is part of the Global Freight Forwarding division of Deutsche Post DHL. This division is responsible for air, ocean and road freight transport. The principal activity of Hillebrand Gori Group and this entity Hillebrand Bulk Logistics Ltd, is our freight forwarding services to the Beer, Wine and Spirits market.
With the Hillebrand Gori Group global product offering in air, ocean and road transport we aim to achieve growth that exceeds the market average. To achieve this goal, we are continually expanding our product and services portfolio and improving our internal processes.
The growth objective is expected to be achieved through a number of activities including developing new customers, and leveraging the comprehensive transport network which has been created by the group.
In 2026 the Directors have agreed to transfer all the business, assets, liabilities and employees (via TUPE) to Hillebrand Gori UK (Limited). Hillebrand Gori Scotland Ltd will transfer at the same time to create one unified business of all the BWS (Beer, Wine and Spirits) business in the UK.
Our business model is asset-light, as it is based on the brokerage of transport services between our customers and freight carriers. This allows us to consolidate shipments and purchase cargo space at better conditions. Our global presence ensures network optimisation and the ability to meet the increasing demand for efficient outing and multimodal transport.
Our logistics solutions span the entire supply chain, from production to retail partners. We collect and deliver goods, handle customs formalities, and insure the loads. In this way we can ensure safety and reliability across national borders. Our customers come from companies of all sizes, and operate primarily in the Beer, Wine and Spirits market.
Hillebrand Gori Group will continue to invest within its core commodity range Wines, Beers & Spirits, along with adjacent products. Developments within supply chain solutions and IT investment will continue to lead the service industry, delivering further value to our partners.
Business Development remains a priority, with the focus on maximising our extensive range of service solutions through our current and future partners.
Trading volumes are down year on year due to the increasing change in consumer behaviour, going into 2026 they are in line with 2025 comparative results. The main factors contributing to the stability of our organisation is that we continue to develop value added services, expand our service range and improve cohesion through corporate, area and local negotiations. A solid return from majority of tenders, both at local and group level, our sales delivery and concentrated brand advertising and awareness has served to reinforce our continued high standing within the market.
Internal and external KPI performance remains a key driver and focus within our business, with a clear comprehension of service excellence within our business unit has also reinforced our strong professional integrity.
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HILLEBRAND BULK LOGISTICS LIMITED
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
For the year under review loss after tax is $3,743,460 (2024: $15,776,865).
Economic changes, political unrest, consolidation within the shipping industry, changes in consumer behaviour and sizeable fluctuations within floating cost components in a backdrop of capacity constraints continue to challenge the financial dynamics within Hillebrand Gori Group.
That said, our inherent understanding of the global market and continued investment within the beverage shipping sector, integrated with our core beliefs of protection and innovation with our customer and service partners has sustained an unrivalled market position in both cost and service.
Revenue declined year on year by 7% due to stabilised Freight rates and change in customer base.
Revenue decreased by 7% to $64,932,648 (from $69,658,151 in 2024).
Gross Profit decreased by 47% to $5,577,439 (from $10,599,004 in 2024).
Operating profit decreased by 70% to $2,651,091 (from $8,904,150 in 2024).
Decrease in gross profit and operating profit is due to cost reduction and the high release of freight accruals in 2024 ($6,470,933) that was due to the change in retention period, therefore not seen in 2025. Gross profit excluding this ls increased by 36% excluding release 2025 $5,577,439 (2024: $4,128,071). Operating Profit decreased by 73%, however excluding the one off release of accruals 2025 $2,651,096 (2024: $2,433,217) a 8.9% increase.
The overall decrease in loss after tax was 124% to -$3,743,460 (from $15,776,865 in 2024).
In 2025 there was a write off of investment due to the subsidiary ceasing trade ($4,958,504).
Dividends recieved in 2025: Nil (2024: $6,803,146).
It is the view of the Directors that the accounts presented here represent a true and fair view of the state of affairs of the company and the results for the twelve months to 31 December 2025.
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HILLEBRAND BULK LOGISTICS LIMITED
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The board of directors of Hillebrand Bulk Logistics Limited consider, both individually and together, they have acted in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole (while having regard to the stakeholders and matters set out in s172(a)(a-f) of the act) in the decisions taken int he year ended 31 December 2025.
In doing so have regard for (amongst other matters)
• The likely consequences of any decision in the long-term
• The interests of the company’s employees
• The need to foster the company’s business relationships with suppliers, customers and others.
• The impact of the company’s operations on the community and the environment
• The desirability of the company maintaining a reputation for high standard of business conduct
• The desire to act fairly with members of the company.
Interests of the company
The directors of the company act in good faith in ensuring long term profitability and continued growth.
The directors give careful consideration to the factors set out above in discharging their duties under section 172(1). The stakeholders the Board has identified with regard to this are:
• Our Customers
• Our Suppliers
• Our Employees
• Our Investors
The board of directors had been changed in line with current management structure.
This is covered by our 4 bottom lines, Provider of choice, Employer of choice, Investor of choice and Green Logistics of choice.
Relationships with customers and suppliers
The directors are keen to maintain, despite the transfer of business to Hillebrand Gori UK Limited, the company’s current market share in the expanding bulk logistic market through continuing to improve its full service offering enhanced by a focus on customer service and flexitank equipment development. Being part of the Hillebrand Group we are able to offer a truly global operation and technical support service throughout the world to all our customers.
The company continues to be involved in the independent body issuing guidelines for the use and applications of flexitanks under the guise of the Container Owners Association(COA). It is hope that this multifaceted organisation populated by shipping lines, flexitank manufacturers and operators will drive the quality requirement of the industry to even higher levels and reduce the threat of poor quality products and services affecting the industry as a whole. In addition we are working with other specific targeted trade bodies to promote our unique quality assurance across the whole operating lifecycle of the flexitank. This involvement will continue following the transfer of business to Hillebrand Gori UK Limited.
Hillebrand Gori Group are the leading service provider in the forwarding, transport and logistics of wine, beer, spirits. The directors remain confident in the stability of our business which will be driven through continued development of value added services, the expansion of our service range and improved cohesion through corporate, area and local negotiations.
As a provider of choice, we aim to have long lasting customer relationships which are all based upon responsible business practice that complies with applicable laws and ethical standards. We have an established Code of conduct, we require our supplier to act in the same way and ask them to sign our Supplier code of conduct.
Environment
Hillebrand Bulk Logistics Limited is committed to reducing the environmental impact of its operations, we have obtain ISO 14001 certification and are working in collaboration with partners to both reduce our reliance on road transport and fully recycling our flexitanks in the UK demonstrating our commitment & responsibility towards the E2E Product life cycle management of our equipment. Such an approach has been externally recognised with the industry sector with the company attaining several environmental awards.
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HILLEBRAND BULK LOGISTICS LIMITED
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
With regards to the environmental strategy, as well as enhancing customer experience, we continue to promote and develop our web-based order management platform called myHillebrand, which documents and records the carbon emissions for every movement of beverages entrusted to us. This calculator replaces the original UK drinks industry standard for calculating emissions which Hillebrand Gori Group created alongside the WSTA. With this platform, customers are now able to instantly quantify the emissions associated to their shipments, better analyse their global footprint and make steps to reduce the impact of their operations. This data and these calculations are presented for each leg of the journey from collection to delivery.
The Hillebrand Gori Group also invested in dedicated resource and training in relation to our Go Green / Sustainability Strategy. As part of the DHL Group, and the Go-Green program, we are striving for net zero emission logistics for the group by 2050. We aim to do this by finding lower emission transport solutions for our customer, including the increased use of rail over road. Hillebrand Bulk Logistics Limited also recycles flexi bags, bulkheads and CRS Kits (Container reinforcement system).
Our People
Our key asset is considered to be our staff and we continue to invest in training programmes to ensure all team members are operating at the correct level. Productivity of staff remain stable, as we continue with hybrid working. During 2025 we continued to engage with our employees via regular town hall presentations / discussions. We also conduct our annual Employee Opinion Survey with the Management Team continuing to be committed to taking action to address opportunities identified through feedback from a group and local level to ensure we remain the Employer of Choice.
Internal KPI performance, including Data Quality, Invoicing accurately and on time and workload remains a key driver and focus within our business, with a clear comprehension of service excellence within our business unit has also reinforced our strong professional integrity.
Investor
Our cash management remains strong and will continue up until the transfer of business in 2026, where it will remain a focus within Hillebrand Gori UK Limited.
As a leading beverage specialist, Hillebrand Bulk Logisitcs is extremely proud to invest in the UK beverage sector and we believe that by transferring the business to Hillebrand Gori UK Limited we can continue to lead with innovative solutions, brand awareness and shipping intelligence programs to our growing customer base in 2026.
No Dividends were declared and paid in 2025 ($21,402,064 in 2024).
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HILLEBRAND BULK LOGISTICS LIMITED
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Principal risks and uncertainties
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The key operational risk is the threat of competition within the market, equipment constraints, increased cost of sales and the driving down of margins in the sector. To address these, Hillebrand Bulk Logistics Limited ensures that the service provided acts as a differentiator and as such, we position ourselves in the marketplace appropriately.
Our finances remain strong and having taken that into consideration along with the expected performance between now and transfer of business to Hillebrand Gori UK Limited, the Directors consider that the company has sufficient resources to continue its operational existence for that time.
The company trades in multiple currencies and therefore has a risk of forex exposure.
At the end of 2025 and heading into 2026, inflation was expected to decrease in the United Kingdom by Q2, supported by lower energy process, moderating pay growth, stabilisation of regulated prices and restrictive monetary policy, however with the Middle East conflict that started in March of 2026, the United Kingdom saw an increase in inflation recently with expectation of further increase in 2026. Interest rates in the United Kingdom were forecast to be on downward trend, however again due to the impact of the Middle East conflict the revised expectation is for rates tin increase during 2026. As any short term debt would be managed via group treasury, the interest fluctuation is deemed an insignificant risk.
The Company has no investing, factoring or reverse factoring arrangements in place.
The Company has no covenants.
There are also continuous cost saving initiatives looked at within the company.
Customer insolvencies are considered to be at a normal low level, with good collection results. All new customers are assessed through our credit management programme and existing customers are reviewed periodically.
Retaining talent is a key focus, as this ensures we provide expert customer service. Our employees are able to enrol in many in house training courses to ensure continuous learning.
Information Technology risks are mitigated by DHL on IT security. We use firewall systems, virus scanners and access controls to ensure data security.
In the current economic climate, the company always is aware of the risks posed by the non-payment of receivable amounts. Average debtor payment days are kept below 66 days and procedures are in place to monitor / improve this.
However, the company has sufficient reserves to cover substantial risk in this regard.
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HILLEBRAND BULK LOGISTICS LIMITED
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Key Performance Indicators
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Hillebrand Bulk Logistics Limited continues to monitor volumes and gross profit margin as it considers this to be a key performance indicator. The directors are happy with the level of gross profit margin as this reflects the efforts the company has put in to managing cost of sales in a challenging economic environment.
As well as financial KPI's there are other key performance indicators that are measured on a monthly basis. The measures focus on productivity, data quality, internal cost control and net working capital. The directors of the company manage these key performance indicators at a group level and these are discussed in Deutsche Post AG's 2025 annual report which does not form part of this report.
The entity has performed well on a Gross Profit level, after excluding the one-off release of $6,470,933 in 2024. Gross Profit is 2025 $5,5777,439 (2024: $10,599,004), which is indicated in the KPI's below, and is in line with expectations and market rate performance. While there have been challenges in the business with rates, customer volume and changes in consumer behaviour.
Debtors days show a decrease.
The organisation also considers the operational efficiency of its key asset, its employees, to be a key performance indicator.
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Turnover by staff numbers
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This report was approved by the board and signed on its behalf.
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C L Baker
Secretary
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HILLEBRAND BULK LOGISTICS LIMITED
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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.
The loss for the year, after taxation, amounted to $3,743,460 (2024 :$15,776,865).
No dividends were declared and paid in 2025 (2024: $21,402,064).
The directors who served during the year were:
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R A Davies (resigned 31 December 2025)
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Qualifying third party indemnity provisions
The Deutsche Post AG group maintains liability insurance for directors and officers of all subsidiary companies. The company provided an indemnity for its directors, which is a qualifying third-party indemnity provision for the purpose of theCompanies Act 2006. The indemnity was in force throughout the financial year and is currently in force.
Due to the planned transfer of assets, liabilities and operations to Hillebrand Gori UK Limited in Q3 2026, the directors have assessed the entity to no longer be a going concern. Therefore the financial statements are prepared on a basis other than going concern.
The Company participates in the DHL Group’s centralised treasury arrangements and so shares banking arrangements with its parent and other group undertakings. The Company can draw on these arrangements for funds should the need to access a short term working capital facility arise. The forecasts described above demonstrated that the company can continue to operate within the limit of the facilities available throughout the forecast period. A letter of support from Deutsche Post AG has been issued. The company has a net current liability of $7,217,745 (2024: $9,538,521), however has net assets of $78,845,866 (2024: $81,521,759).
The company remains profitable, has no external borrowings, and has a positive cash balance , however as
outlined in the strategic report, it has been decided by the Group to transfer the assets, liabilities and employees of this
business and Hillebrand Bulk Logistics to Hillebrand Gori UK Limited. This aligns with the DHL strategy to reduce the
amount of legal entities, and to create a unified Hillebrand Gori Groups UK Operation. The transfer is expected to take
place in Q3 of 2026. It is the intention of the directors following the transfer that this entity becomes dormant and will
subsequently be struck off. No adjustments arose as a result of ceasing to apply the going concern basis.
The directors present the future developments of the Company in the Strategic report.
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HILLEBRAND BULK LOGISTICS LIMITED
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The Company, as a whole, places considerable value on the involvement of its employees, who are considered our greatest asset. The Company continues to hold formal and informal meetings, either in person or over Teams, to update Employees on key factors affecting the company. An annual Employee Opinion survey is held, and all management ensure that there is continuous follow up to achieve strong Employee Engagement.
The company strongly encourages development and training of employees through the many DHL Programs
The number of employees of 22 remained consistent year on year from 2024 to 2025. All employees will TUPE to Hillebrand Gori UK Limited as part of the merger. Employee costs for 2025 amount to $6,622,820 (2024: $1,430,959).
Political Contributions
No political donations were made in the year (2024: Nil)
Financial risk management
The company has trade receivables and trade payables in a number of foreign currencies, the most significant being the Pound Sterling and the Euro. The company has access to its parent company’s in house banking system and cash pooling, and therefore able to meet any short term deficit in liquidity. The company continues to maintain sufficient cash balances to finance its operations.
Credit Risk
The Company has a policy that requires credit checks on all new customers and where applicable on existing customers.
The company does not hold any complex financial instruments that are material for the assessment of the financial
statements.
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HILLEBRAND BULK LOGISTICS LIMITED
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Greenhouse gas emissions, energy consumption and energy efficiency action
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In accordance with the requirements of The Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 the Directors would like to disclose the following information for the year ended 31 December 2025.
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Emissions resulting from activities for which the Company is responsible involving the combustion of gas or consumption of fuel for the purposes of transport (in tonnes of CO2 equivalent)
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Emissions resulting from the purchase of the electricity by the Company for its own use, including the purposes of transport (in tonnes of CO2 equivalent)
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Energy consumed from activities for which the Company is responsible involving the combustion of gas, or the consumption of fuel for the purposes of transport, and the annual quantity of energy consumed resulting from the purchase of electricity by the Company for its own use, including for the purposes of transport, in KWH
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The Company has used the actual KwH data from the monthly invoices received for the Electricity and Gas supplied to the United Kingdom offices, The method to calculate the GHG is based on the 2024 and 2025 UK Government Greenhouse gas reporting conversions factors.
Due to the office relocation in mid 2024 there has been a reduction in Emissions. No other energy saving measures have been possible in FY2025.
Intensity ratio
Average tonnes CO2e per employee calculated at 985 (2024: 1,414)
This calculation uses Gas and Electricity consumption / Average employees
Matters covered in the Strategic Report
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The company has chosen in accordance with Section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out within the company's Strategic Report the Company's Strategic Report Information Required by Schedule 7 of the Large and Medium Sized Companies and Groups (Accounts and Reports) Regulation 2008.
This includes information that would have been included in the business review and details of the principal risks and uncertainties.
Disclosure of information to auditor
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Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
∙so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and
∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
This confirmation is given and should be interpreted with the provisions of s418 of the Companies Act 2006.
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HILLEBRAND BULK LOGISTICS LIMITED
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Post balance sheet events
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In Q3 2026 the operating business, assets and liabilities will be transfered to Hillebrand Gori UK Limited. All staff will TUPE to Hillebrand Gori UK. This entity will subsequently be struck-off.
The auditor, Deloitte LLP, will be proposed for appointment in accordance with section 487 (2) of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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C L Baker
Secretary
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HILLEBRAND BULK LOGISTICS LIMITED
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DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements 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;
∙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 to 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.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' Reports may differ from legislation in other jurisdictions.
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HILLEBRAND BULK LOGISTICS LIMITED
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HILLEBRAND BULK LOGISTICS LIMITED
In our opinion, the financial statements of Hillebrand Bulk Logistics Limited (the ‘company’):
∙give a true and fair view of the state of the company’s affairs as at 31st December 2025 and of its profit for the year then ended;
∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”; and
∙have been prepared in accordance with the requirements of the Companies Act 2006.
We have audited the financial statements which comprise:
∙the statement of comprehensive Income;
∙the statement of financial position;
∙the statement of changes in equity; and
∙the related notes 1 to 26.
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’’.
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 Financial Reporting Council’s (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.
Emphasis of matter - Financial statements prepared other than on a going concern basis
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We draw attention to note 2.3 in the financial statements, which indicates that the financial statements have been prepared on a basis other than that of a going concern. Our opinion is not modified in respect of this matter.
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HILLEBRAND BULK LOGISTICS LIMITED
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HILLEBRAND BULK LOGISTICS LIMITED (CONTINUED)
The other information comprises the information included in the annual report other than the financial statements and our auditors' 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.
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HILLEBRAND BULK LOGISTICS LIMITED
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HILLEBRAND BULK LOGISTICS LIMITED (CONTINUED)
Responsibilities of directors
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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.
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.
A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
We considered the nature of the company’s industry and its control environment, and reviewed the company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management and the directors about their own identification and assessment of the risks of irregularities, including those that are specific to the company’s business sector.
We obtained an understanding of the legal and regulatory framework that the company operates in, and identified the key laws and regulations that:
∙had a direct effect on the determination of material amounts and disclosures in the financial statements. This included the UK Companies Act, pensions legislation and tax legislation; and
∙do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty. These included employment law and GDPR.
We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.
In addition to the above, our procedures to respond to the risks identified included the following:
∙reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
∙performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
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HILLEBRAND BULK LOGISTICS LIMITED
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HILLEBRAND BULK LOGISTICS LIMITED (CONTINUED)
∙enquiring of management concerning actual and potential litigation and claims, and instances of non-compliance with laws and regulations; and
∙reading minutes of meetings of those charged with governance, and reviewing internal audit reports.
Report on other legal and regulatory requirements
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the strategic report and the 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 any material misstatements in the strategic report or the directors’ report.
Matters on which we are required to report by exception
Under the Companies Act 2006 we are required to report in respect of the following matters 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.
We have nothing to report in respect of these matters.
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HILLEBRAND BULK LOGISTICS LIMITED
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HILLEBRAND BULK LOGISTICS LIMITED (CONTINUED)
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 auditors' 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.
Lauren Hunter CA (Senior Statutory Auditor)
for and on behalf of
Deloitte LLP
Chartered Accountants
Statutory Auditor
9 Haymarket Square
Edinburgh
EH3 8RY
29 May 2026
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HILLEBRAND BULK LOGISTICS LIMITED
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STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
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Income from fixed assets investments
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Impairment of investments
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Interest receivable and similar income
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Interest payable and similar expenses
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(Loss)/profit for the financial year
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All results shown in the Statement of Comprehensive Income are from continuing operations.
All (loss) / profit and total comprehensive (expense) / income is attributable to the equity holders of the
Company
There is no other comprehensive income for 2025 (2024:Nil).
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The notes on pages 20 to 37 form part of these financial statements.
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HILLEBRAND BULK LOGISTICS LIMITED
REGISTERED NUMBER:05983127
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STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Capital contribution reserve
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The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................
S W Ansell
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The notes on pages 20 to 37 form part of these financial statements.
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