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REGISTERED NUMBER: 05230331 (England and Wales)

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2025

FOR

INTERNATIONAL CARGO LOGISTICS LIMITED

INTERNATIONAL CARGO LOGISTICS LIMITED (REGISTERED NUMBER: 05230331) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Report of the Directors | 5 |

| Report of the Independent Auditors | 7 |

| Statement of Comprehensive Income | 11 |

| Balance Sheet | 12 |

| Statement of Changes in Equity | 13 |

| Cash Flow Statement | 14 |

| Notes to the Cash Flow Statement | 15 |

| Notes to the Financial Statements | 16 |

| INTERNATIONAL CARGO LOGISTICS LIMITED |

COMPANY INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2025

| DIRECTORS: | Y Izhari

| A Stolero

| M Vlotchek-Lahmany

| Mrs L Wolff-Izhari

| REGISTERED OFFICE: | Mondial House, 2nd Floor

| 5 Mondial Way

| Harlington

| Hayes

| UB3 5AR

| REGISTERED NUMBER: | 05230331 (England and Wales)

| AUDITORS: | Melinek Fine LLP

| Chartered Accountants

| Statutory Auditors

| First Floor, Winston House

| 349 Regents Park Road

| London

| N3 1DH

INTERNATIONAL CARGO LOGISTICS LIMITED (REGISTERED NUMBER: 05230331) |

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

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

The principal activity of the company in the year under review is Freight transport and other transportation support services.

REVIEW OF BUSINESS

RESULTS

The results for the year are set out on page 11.

International Cargo Logistics UK Limited ended the financial year with a profit before tax of £1,472,135. Turnover for 2025 benefited from the expansion and diversification of the company into industries in retail, furniture, electronics and defence. The company continues to be a dominate player within the perishables sector.

International Cargo Logistics Ltd gained membership to the British Retail Consortium, which is a globally recognised accreditation for the retail supermarkets. This further demonstrates our success within the freight forwarding industry, year on year.

International Cargo Logistics Limited continue to deliver goods through multi-modal transportation (sea, air and road), value-added services and effective customs brokerage services to ensure the fastest delivery at destinations. Turnover this year was £53,926,301 gross profit increased from £9,415,339 to £10,103,663.

International Cargo Logistics Limited continues to expand in the UK, opening a satellite office in Manchester and Bristol this has been a strategic move, taking advantage of the northern and the southwest markets, and the opportunities these locations bring in the UK. During 2025 the company recognised the need to bolster the UK sales team, and this momentum will continue through 2026 to maintain a competitive advantage.

Adequate finance has been obtained to take advantage of business opportunities, and the directors consider the state of affairs of company to be satisfactory.

The company has continued to maintain strong control over cost and working capital. The company has continue to be active in the management of its overheads.The directors are pleased with the performance of the company under the current economic conditions.

The Board believe the continued focus on maintaining strong relationships with customers and suppliers will allow the company to take advantage of future opportunities as they arise whilst at the same time maintaining tight control over costs with the continuing economic uncertainty.

The directors are optimistic about 2026, however the business remains mindful about the UK economy and beyond.

PRINCIPAL RISKS AND UNCERTAINTIES

The company faces a number of business risks and uncertainties due to current trading conditions, with continued pricing pressure from customers and suppliers alike. In view of this the directors are looking carefully at both existing and potential new markets, and carefully monitoring political and economic factors effecting business today.

INTERNATIONAL CARGO LOGISTICS LIMITED (REGISTERED NUMBER: 05230331) |

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

FINANCIAL RISK MANAGEMENT

Credit risk

Credit risk is the risk of financial loss to the company if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The company is mainly exposed to credit risk from credit sales and as a result the company has taken out credit risk insurance. It is company policy, implemented locally, to assess the credit risk of new customers before entering into contracts. Credit limits are established for each customer, which represents the maximum open amount without requiring approval.

At a local level, a monthly review of the trade debtors' ageing analysis is undertaken and customers' credit is reassessed periodically. Existing customers that become "high risk" as a result of the periodic reassessment are placed on a restricted customer list and future credit sales are made only with approval of the local management, otherwise payment in advance is required.

Liquidity risk

Liquidity risk arises from the company management of working capital. It is the risk that the company will encounter difficulty in meeting its financial obligations as they fall due.

The Board receives rolling forward projections on a monthly basis as well as information regarding cash balances. At the end of the financial year, these projections indicated that the company expected to have sufficient liquid resources to meet its obligations under all reasonably expected circumstances.

Foreign exchange risk

Foreign exchange risk arises when the company enters into transactions denominated in a currency other than their functional currency.

The Board reviews the exposure of the company to exchange rate risk frequently, significant changes in the exchange rate, particularly the US Dollar, impact the margin of the business.

The company seeks to operate within its agreed overdraft facility with the bank. The company has not entered into any hedging arrangements in respect of risks relating to trade debtors or trade creditors.

INTERNATIONAL CARGO LOGISTICS LIMITED (REGISTERED NUMBER: 05230331) |

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

KEY PERFORMANCE

Turnover for the year amounted to £53,926,301 (2024: £50,644,374), the increase in turnover is mainly due to the economic climate being favourable due to freight rates, and increase in new business, as a result of the increase in the sales team.

The profit before tax for the year amounted to £1,472,135 (2024: £1,322,415). Cost of sales amounted to £43,822,638 (2024: £41,229,035). General administrative expenses amounted to £8,563,677 (2024: £8,000,607). The company had net assets of £2,413,595 (2024:£1,634,410).

Engaging and building trust with the broad range of stakeholders is key to International Cargo logistics, in delivering our strategy and ensuring our success over the long-term. As a company we consider and evaluate all material issues for each of the stakeholders, financial and non-financial.

A key focus for the company is that we are trusted to deliver a productivity, quality, and compliance benefit to our customers. Understanding our customers specific needs in relation to their shipping requirements, service performed to a high standard and data security of information. How we actively engage with our customers is having regular contact through our account managers, respond to customer complaints to secure long-term business, Corporate website, LinkedIn in video seminars to our customers and through direct marketing and communications. What we are doing regularly is managing on going customer relationships by reviewing customer retention and service level statistics.

We continue to invest in our staff where possible and a number have progressed their training through approved recognised professional bodies, and we are activity involved in British International Freight Association and look forward to bringing on new talent from their training programmes in the future.

During the year our air freight sales activity increased from the volume 9,738,747 to 15,947,252 an increase of 39% signifying growth in sales opportunities.

We involve and listen to our employees to help maintain strong employee engagement and retain talented people. Providing: training; developments and prospects; health and safety compliance, exceptional working conditions; diversity; equal opportunities and finally the tools to do the job. How we engage is via employee engagement survey for employees to provide feedback, workforce communications via various forms of media, (Our HR portal Hi-Bob), having an ethical code of conduct, and monitoring and acting on workplace health and safety matters.

The Board were happy with the performance and remain confident of continued success.

ON BEHALF OF THE BOARD:

Y Izhari - Director

25 June 2026

INTERNATIONAL CARGO LOGISTICS LIMITED (REGISTERED NUMBER: 05230331) |

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 DECEMBER 2025

The directors present their report with the financial statements of the company for the year ended 31 December 2025.

DIVIDENDS

Final dividends for the year ended 31 December 2025 was £300,000 (2024 - £500,000).

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

Y Izhari

A Stolero

M Vlotchek-Lahmany

Mrs L Wolff-Izhari

CHARITABLE DONATIONS AND EXPENDITURE

During the year, the company made total charitable donations of £3,468 (2024:£10,691)

FUTURE DEVELOPMENTS

The company is consolidating its existing business and has recently commenced offering additional facilities to customers. The company remains optimistic of expanding its global footprint, considering all political and economic factors.

DISCLOSURE IN THE STRATEGIC REPORT

The company has chosen, in accordance with the Companies Act 2006, to set out in the strategic report, information regarding the review of business and a description of the principal risks and uncertainties facing the company.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 then apply them consistently;

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

- | state whether applicable 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 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

INTERNATIONAL CARGO LOGISTICS LIMITED (REGISTERED NUMBER: 05230331) |

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 DECEMBER 2025

AUDITORS

The auditors, Melinek Fine LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Y Izhari - Director

25 June 2026

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

INTERNATIONAL CARGO LOGISTICS LIMITED

Opinion

We have audited the financial statements of International Cargo Logistics Limited (the 'company') for the year ended 31 December 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 Auditors' 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 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 the audit:

- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

INTERNATIONAL CARGO LOGISTICS LIMITED

Matters on which we are required to report by exception

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 Report of the Directors.

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 five, 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

INTERNATIONAL CARGO LOGISTICS LIMITED

Auditors' 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 a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our: general commercial and sector experience; through verbal and written communications with those charged with governance and other management; and via inspection of the company's regulatory and legal correspondence.

We discussed with those charged with governance and other management the policies and procedures regarding compliance with laws and regulations.

We communicated identified laws and regulations to our team and remained alert to any indicators of non-compliance throughout the audit, we also specifically considered where and how fraud may occur within the company.

The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the company is subject to laws and regulations that directly affect the financial statements, including: the company's constitution, relevant financial reporting standards; company law; tax legislation and distributable profits legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Secondly, the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on the amounts or disclosures in the financial statements, for instance through the imposition of fines and penalties, or through losses arising from litigation. We identified the following areas as those most likely to have such an affect: employment legislation; health and safety legislation; trade legislation; data protection legislation; anti-bribery and corruption legislation.

International Standards on Auditing (UK) limit the required procedures to identify non-compliance with these laws and regulations to the procedures, and no procedures over and above those already noted are required. These limited procedures did not identify any actual or suspected non-compliance with laws and regulations that could have a material impact on the financial statements.

In relation to fraud, we performed the following specific procedures in addition to those already noted:

-Challenging assumptions made by management in its significant accounting estimates.

-Identifying and testing journal entries during the period and post balance sheet date, in particular any entries posted with unusual nominal ledger account combinations, journal entries crediting cash or any revenue account, journal entries posted by senior management.

-Performing analytical procedures to identify unexpected movements in account balances which may be indicative of fraud;

-Ensuring that testing undertaken on both the performance statements and the Balance Sheet includes a number of items selected on a random basis.

These procedures did not identify any actual or suspected fraudulent irregularity that could have a material impact on the financial statements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

INTERNATIONAL CARGO LOGISTICS LIMITED

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with International Auditing Standards (UK). For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the procedures that we are required to undertake would identify it. In addition, as with any audit, there remains a high risk of non-detection of irregularities, as these might involve collusion, forgery, intentional omissions, misrepresentation, or the override of internal controls. We are not responsible for preventing non-compliance with laws and regulations or fraud, and cannot be expected to detect non-compliance with all laws and regulations or every incidence of fraud.

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 Report of the Auditors.

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 a Report of the Auditors 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.

Aryeh Melinek (Senior Statutory Auditor)

for and on behalf of Melinek Fine LLP

Chartered Accountants

Statutory Auditors

First Floor, Winston House

349 Regents Park Road

London

N3 1DH

26 June 2026

INTERNATIONAL CARGO LOGISTICS LIMITED (REGISTERED NUMBER: 05230331) |

STATEMENT OF COMPREHENSIVE

INCOME

FOR THE YEAR ENDED 31 DECEMBER 2025

| 2025 |  | 2024

| Notes | £ | £ |

TURNOVER | 4 | 53,926,301 |  | 50,644,374 |  |

Cost of sales | 43,822,638 |  | 41,229,035 |  |

GROSS PROFIT | 10,103,663 |  | 9,415,339 |  |

Administrative expenses | 8,563,677 |  | 8,000,607 |  |

OPERATING PROFIT | 6 | 1,539,986 |  | 1,414,732 |  |

Interest receivable and similar income | 15,100 |  | 59,917 |  |

1,555,086 |  | 1,474,649 |  |

Interest payable and similar expenses | 7 | 82,951 |  | 152,234 |  |

PROFIT BEFORE TAXATION | 1,472,135 |  | 1,322,415 |  |

Tax on profit | 8 | 392,950 |  | 361,118 |  |

PROFIT FOR THE FINANCIAL YEAR | 1,079,185 |  | 961,297 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 1,079,185 |  | 961,297 |  |

INTERNATIONAL CARGO LOGISTICS LIMITED (REGISTERED NUMBER: 05230331) |

BALANCE SHEET

31 DECEMBER 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 10 | 482,700 |  | 633,679 |  |

CURRENT ASSETS

Debtors | 11 | 8,781,406 |  | 7,858,103 |  |

Cash at bank | 12 | 1,195,118 |  | 1,297,264 |  |

9,976,524 |  | 9,155,367 |  |

CREDITORS

Amounts falling due within one year | 13 | 7,821,938 |  | 7,895,197 |  |

NET CURRENT ASSETS | 2,154,586 |  | 1,260,170 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 2,637,286 |  | 1,893,849 |  |

CREDITORS

Amounts falling due after more than one year | 14 | - |  | (33,352 | ) |

PROVISIONS FOR LIABILITIES | 17 | (223,691 | ) | (226,087 | ) |

NET ASSETS | 2,413,595 |  | 1,634,410 |  |

CAPITAL AND RESERVES

Called up share capital | 18 | 200 |  | 200 |  |

Profit and loss account | 2,413,395 |  | 1,634,210 |  |

SHAREHOLDERS' FUNDS | 2,413,595 |  | 1,634,410 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 25 June 2026 and were signed on its behalf by:

Y Izhari - Director

INTERNATIONAL CARGO LOGISTICS LIMITED (REGISTERED NUMBER: 05230331) |

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025

| Called up |  | Profit |

| share |  | and loss |  | Total

| capital |  | account |  | equity

£ | £ | £ |

Balance at 1 January 2024 | 200 |  | 1,172,913 |  | 1,173,113 |  |

Changes in equity

Dividends | - |  | (500,000 | ) | (500,000 | ) |

Total comprehensive income | - |  | 961,297 |  | 961,297 |  |

Balance at 31 December 2024 | 200 |  | 1,634,210 |  | 1,634,410 |  |

Changes in equity

Dividends | - |  | (300,000 | ) | (300,000 | ) |

Total comprehensive income | - |  | 1,079,185 |  | 1,079,185 |  |

Balance at 31 December 2025 | 200 |  | 2,413,395 |  | 2,413,595 |  |

INTERNATIONAL CARGO LOGISTICS LIMITED (REGISTERED NUMBER: 05230331) |

CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2025

| 2025 |  | 2024

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 1,079,215 |  | 1,375,486 |  |

Interest paid | (16,408 | ) | (15,759 | ) |

Finance costs paid | (66,543 | ) | (136,475 | ) |

Tax paid | (503,537 | ) | (204,750 | ) |

Net cash from operating activities | 492,727 |  | 1,018,502 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (9,977 | ) | (73,610 | ) |

Interest received | 15,100 |  | 59,917 |  |

Net cash from investing activities | 5,123 |  | (13,693 | ) |

Cash flows from financing activities

Repayment of bank loans | (99,996 | ) | (99,996 | ) |

Repayment of other loans | - |  | (1,425,230 | ) |

Equity dividends paid | (500,000 | ) | (550,000 | ) |

Net cash from financing activities | (599,996 | ) | (2,075,226 | ) |

Decrease in cash and cash equivalents | (102,146 | ) | (1,070,417 | ) |

Cash and cash equivalents at beginning of year | 2 | 1,297,264 |  | 2,367,681 |  |

Cash and cash equivalents at end of year | 2 | 1,195,118 |  | 1,297,264 |  |

INTERNATIONAL CARGO LOGISTICS LIMITED (REGISTERED NUMBER: 05230331) |

NOTES TO THE CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2025

1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 2025 |  | 2024

£ | £ |

| Profit before taxation | 1,472,135 |  | 1,322,415 |  |

| Depreciation charges | 160,956 |  | 178,218 |  |

| Increase in provision | 15,000 |  | 36,000 |  |

| Finance costs | 82,951 |  | 152,234 |  |

| Finance income | (15,100 | ) | (59,917 | ) |

1,715,942 |  | 1,628,950 |  |

| Increase in trade and other debtors | (929,483 | ) | (1,989,377 | ) |

| Increase in trade and other creditors | 292,756 |  | 1,735,913 |  |

| Cash generated from operations | 1,079,215 |  | 1,375,486 |  |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

| Year ended 31 December 2025

| 31.12.25 |  | 1.1.25

£ | £ |

| Cash and cash equivalents | 1,195,118 |  | 1,297,264 |  |

| Year ended 31 December 2024

| 31.12.24 |  | 1.1.24

£ | £ |

| Cash and cash equivalents | 1,297,264 |  | 2,367,681 |  |

3. | ANALYSIS OF CHANGES IN NET FUNDS

| At 1.1.25 | Cash flow | At 31.12.25

£ | £ | £ |

| Net cash |

| Cash at bank | 1,297,264 |  | (102,146 | ) | 1,195,118 |  |

1,297,264 |  | (102,146 | ) | 1,195,118 |  |

| Debt

| Debts falling due within 1 year | (99,996 | ) | 66,644 |  | (33,352 | ) |

| Debts falling due after 1 year | (33,352 | ) | 33,352 |  | - |  |

(133,348 | ) | 99,996 |  | (33,352 | ) |

| Total | 1,163,916 |  | (2,150 | ) | 1,161,766 |  |

INTERNATIONAL CARGO LOGISTICS LIMITED (REGISTERED NUMBER: 05230331) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1. | STATUTORY INFORMATION

| International Cargo Logistics Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

| The presentation currency of the financial statements is the Pound Sterling (£).

| The principal place of business is Mondial House, 2nd Floor, 5 Mondial Way, Harlington, Hayes, UB3 5AR

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been 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. The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

| Going concern

| The financial statements have been prepared on a going concern basis. The company continues to maintain positive cash reserves subsequent to the year end and with the availability of the trade debtors factoring facilities, the Directors are satisfied that it will continue to operate as a going concern in the foreseeable future. Therefore it is appropriate to prepare the financial statements on a going concern basis.

| Turnover

| Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

| The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

| The Company recognises revenue when:

| - The amount of revenue can be reliably measured;

| - it is probable that future economic benefits will flow to the entity, and;

| - specific criteria have been met for each of the Company's activities.

| The revenue recognition point is normally at the expected time of arrival of imports and the expected time of departure of exports.

| Other operating income

| The company recharges the cost of providing services to other group undertakings. The income is recognised on accruals basis.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Improvements to property | - | over the term of the lease

| Plant and machinery | - | 20% on reducing balance

| Fixtures and fittings | - | 33% on reducing balance

| Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

INTERNATIONAL CARGO LOGISTICS LIMITED (REGISTERED NUMBER: 05230331) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

2. | ACCOUNTING POLICIES - continued

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Foreign currencies

| Items included in the financial statements for the company are measured using the currency of the primary economic environment in which the entity operates ("the functional currency"). The financial statements are presented in 'sterling', which is the company's functional and presentation currency.

| Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date, other assets are translated at historic rates. 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.

| Hire purchase and leasing commitments

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

| Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

| Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

| Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

| Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease.

| Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

| Pension costs and other post-retirement benefits

| The company contributes a defined contribution pension scheme. Contributions payable to the pension scheme are charged to profit or loss in the period to which they relate.

INTERNATIONAL CARGO LOGISTICS LIMITED (REGISTERED NUMBER: 05230331) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

2. | ACCOUNTING POLICIES - continued

| Provisions

| Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

| The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation.

| Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

| Employee benefits

| The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

| The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

| Basic financial assets

| The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 "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.

| Financial assets and liabilities are offset, with the net amounts presented 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.

| The company only has basic financial instruments. Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

| Impairment of financial assets

| Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

| Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

| If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

| Investments

| Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

| Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

INTERNATIONAL CARGO LOGISTICS LIMITED (REGISTERED NUMBER: 05230331) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

2. | ACCOUNTING POLICIES - continued

| Derecognition of financial assets

| Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

| Basic financial liabilities

| Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

| Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

| Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

| Derecognition of financial liabilities

| Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

| Dividends

| Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual meeting.

INTERNATIONAL CARGO LOGISTICS LIMITED (REGISTERED NUMBER: 05230331) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

3. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

| 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

| Critical judgements

| The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

| 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 debtors, the ageing profile of debtors and historical experience. See note 12 for the net carrying amount of the debtors.

| Depreciation and residual values

| The Directors have reviewed the asset lives and associated residual values of all fixed asset classes, and in particular, the useful economic life and residual values of fixtures and fittings, and plant and machinery and have concluded that asset lives and residual values are appropriate.

| Dilapidation provisions.

| The Directors makes an estimate of the future expected repair and removal costs required to restore the company's leased buildings to their fair and original condition at the end of the lease term. The estimate considers settlements made for similar leased buildings.

| Provision for claims for damage to goods in transit.

| The company makes provision for customers claims for damage to goods in transit on the basis of claims received in excess of the value insured..

4. | TURNOVER

| The turnover and profit before taxation are attributable to the one principal activity of the company.

| An analysis of turnover by geographical market is given below:

| 2025 |  | 2024

£ | £ |

| United Kingdom | 39,504,584 |  | 35,506,722 |  |

| Europe | 6,051,581 |  | 7,118,022 |  |

| Asia | 544,729 |  | 712,289 |  |

| Africa | 7,569,641 |  | 7,062,140 |  |

| Rest of the world | 255,766 |  | 245,201 |  |

53,926,301 |  | 50,644,374 |  |

5. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 4,888,835 |  | 4,668,382 |  |

| Social security costs | 571,597 |  | 489,258 |  |

| Other pension costs | 111,526 |  | 105,290 |  |

5,571,958 |  | 5,262,930 |  |

INTERNATIONAL CARGO LOGISTICS LIMITED (REGISTERED NUMBER: 05230331) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

5. | EMPLOYEES AND DIRECTORS - continued

| The average number of employees during the year was as follows:

| 2025 |  | 2024

| Administration and support | 80 |  | 83 |  |

| Sales | 10 |  | 10 |  |

90 |  | 93 |  |

| Key management personnel compensation.

| Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Company. The Company regards the directors as its key management personnel.

| 2025 |  | 2024

£ | £ |

| Directors' remuneration | 352,200 |  | 267,200 |  |

| Information regarding the highest paid director is as follows:

| 2025 |  | 2024

£ | £ |

| Emoluments etc | 209,700 |  | 137,200 |  |

| Included in Other pension costs is £10,400 (2024:£10,400) of employer pension contribution for the directors.

| During the year retirement benefits were accruing to 2 directors (2024:2) in respect of defined contribution pension schemes.

| The value of the company's contribution paid to a defined contribution pension scheme in respect of the highest paid director amounted to £5,200 (2024:£5,200).

6. | OPERATING PROFIT

| The operating profit is stated after charging/(crediting):

| 2025 |  | 2024

£ | £ |

| Other operating leases | 435,682 |  | 382,518 |  |

| Depreciation - owned assets | 160,956 |  | 178,218 |  |

| Foreign exchange differences | (46,623 | ) | 28,512 |  |

| Auditor's remuneration - audit of the financial statements | 23,625 |  | 22,500 |  |

7. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£ | £ |

| Bank loan interest | 7,002 |  | 15,759 |  |

| Other interest payable | 9,406 |  | - |  |

| Discounting facility charges | 66,543 |  | 136,475 |  |

82,951 |  | 152,234 |  |

INTERNATIONAL CARGO LOGISTICS LIMITED (REGISTERED NUMBER: 05230331) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

8. | TAXATION

| Analysis of the tax charge

| The tax charge on the profit for the year was as follows:

| 2025 |  | 2024

£ | £ |

| Current tax:

| UK corporation tax | 410,346 |  | 371,036 |  |

| Deferred tax | (17,396 | ) | (9,918 | ) |

| Tax on profit | 392,950 |  | 361,118 |  |

| UK corporation tax has been charged at 25% (2024 - 25%).

| Reconciliation of total tax charge included in profit and loss

| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

| 2025 |  | 2024

£ | £ |

| Profit before tax | 1,472,135 |  | 1,322,415 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 368,034 |  | 330,604 |  |

| Effects of:

| Expenses not deductible for tax purposes | 7,607 |  | 18,613 |  |

| Depreciation in excess of capital allowances | 34,705 |  | 21,819 |  |

| Deferred tax movement | (17,396 | ) | (9,918 | ) |

| Total tax charge | 392,950 |  | 361,118 |  |

9. | DIVIDENDS

| 2025 |  | 2024

£ | £ |

| Ordinary Class A shares of £1 each

| Final | 300,000 |  | 500,000 |  |

INTERNATIONAL CARGO LOGISTICS LIMITED (REGISTERED NUMBER: 05230331) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

10. | TANGIBLE FIXED ASSETS

| Improvements |  | Fixtures |

| to |  | Plant and |  | and |

| property |  | machinery |  | fittings |  | Totals

£ | £ | £ | £ |

| COST

| At 1 January 2025 | 416,059 |  | 1,107,327 |  | 248,916 |  | 1,772,302 |  |

| Additions | - |  | 7,749 |  | 2,228 |  | 9,977 |  |

| At 31 December 2025 | 416,059 |  | 1,115,076 |  | 251,144 |  | 1,782,279 |  |

| DEPRECIATION

| At 1 January 2025 | 247,246 |  | 656,884 |  | 234,493 |  | 1,138,623 |  |

| Charge for year | 69,236 |  | 88,252 |  | 3,468 |  | 160,956 |  |

| At 31 December 2025 | 316,482 |  | 745,136 |  | 237,961 |  | 1,299,579 |  |

| NET BOOK VALUE

| At 31 December 2025 | 99,577 |  | 369,940 |  | 13,183 |  | 482,700 |  |

| At 31 December 2024 | 168,813 |  | 450,443 |  | 14,423 |  | 633,679 |  |

11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade debtors | 6,195,983 |  | 4,472,171 |  |

| Other debtors | 598,528 |  | 1,012,815 |  |

| Prepayments and accrued income | 1,986,895 |  | 2,373,117 |  |

8,781,406 |  | 7,858,103 |  |

| The trade debtors as noted above are subject to factoring with RBS Invoice Finance Limited with a facility limit of £7,150,000 (2024: £7,150,000), the company usage of the facility has substantially reduced over the years. The receivable due from the factoring company in respect of the trade debtors is included within "other debtors: amounts falling due within one year" and amounted to £69,297 (2024 :£298,401).

12. | CASH AT BANK

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

13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Bank loans and overdrafts (see note 15) | 33,352 |  | 99,996 |  |

| Trade creditors | 3,847,164 |  | 2,861,679 |  |

| Amounts owed to group undertakings | 171,024 |  | 494,850 |  |

| Tax | 147,845 |  | 241,036 |  |

| Social security and other taxes | 155,899 |  | 146,886 |  |

| Other creditors | 1,043,645 |  | 1,088,433 |  |

| Accruals and deferred income | 2,423,009 |  | 2,962,317 |  |

7,821,938 |  | 7,895,197 |  |

INTERNATIONAL CARGO LOGISTICS LIMITED (REGISTERED NUMBER: 05230331) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2025 | 2024 |

£ | £ |

| Bank loans (see note 15) | - |  | 33,352 |  |

15. | LOANS

| An analysis of the maturity of loans is given below:

2025 | 2024 |

£ | £ |

| Amounts falling due within one year or on demand:

| Bank loans | 33,352 |  | 99,996 |  |

| Amounts falling due between one and two years:

| Bank loans - 1-2 years | - |  | 33,352 |  |

| Bank borrowings

| Bank loans represent loans under the UK Government CBILS loan scheme. It has a fixed annual interest rate of 2.95% over the base interest rate and both principal and interest accruing are repayable on a monthly basis with the final instalment due to be repaid by 29 April 2026. The loan is secured against cash held.

16. | LEASING AGREEMENTS

| Minimum lease payments under non-cancellable operating leases fall due as follows:

2025 | 2024 |

£ | £ |

| Within one year | 377,555 |  | 365,492 |  |

| Between one and five years | - |  | 377,555 |  |

377,555 |  | 743,047 |  |

| As at 31 December 2025, the company was engaged in negotiations for a new lease agreement, relocating from its current premises. These negotiations were in an advanced stage at the date of approval of the financial statements.

17. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

£ | £ |

| Deferred tax | 79,691 |  | 97,087 |  |

| Other provisions | 144,000 |  | 129,000 |  |

223,691 |  | 226,087 |  |

| Deferred |  | Other |

| tax |  | provisions |

£ | £ |

| Balance at 1 January 2025 | 97,087 |  | 129,000 |  |

| (Credit)/charge to Statement of Comprehensive Income during year | (17,396 | ) | 36,000 |  |

| Utilised during year | - |  | (21,000 | ) |

| Balance at 31 December 2025 | 79,691 |  | 144,000 |  |

INTERNATIONAL CARGO LOGISTICS LIMITED (REGISTERED NUMBER: 05230331) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

17. | PROVISIONS FOR LIABILITIES - continued

| Deferred tax balances relate to accelerated capital allowances.

| Other provisions represent the dilapidations provision on the future expected repair and removal costs required to restore the company´s leased buildings to their fair and original condition at the end of the lease term, provision is made annually over the lease term.

18. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 200 | Ordinary Class A | £1 | 200 |  | 200 |  |

19. | PENSION COMMITMENTS

| Defined contribution pension plan

| 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 £111,526 (2024: £105,290). Contributions totalling £24,180 (2024:£26,773) were payable to the fund at the reporting date and are included in creditors.

20. | ULTIMATE PARENT COMPANY

| The immediate and ultimate parent company is IDEYL Limited, a company incorporated and domiciled in England and Wales. IDEYL Limited is the parent of the smallest and the largest group of undertakings to consolidate these financial statements copies can be obtained from the registered office of IDEYL Limited.

21. | RELATED PARTY DISCLOSURES

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

| Sales made by the reporting entity during the accounting period include £1,168,399 (2024: £1,281,170) invoiced to a company controlled by the directors. Purchases include charges of £45,380 (2024:£46,072) invoiced by the same company to the reporting entity.These transactions occurred on normal commercial terms. Amount owing as at 31 December 2025 by the company to the reporting entity was £209,367(2024:£220,732) and is disclosed within 'Trade debtors'. As at 31 December 2025 the reporting entity owe £1,321 (2024:£8,322) to the company and is disclosed within 'Trade creditors'.

22. | ULTIMATE CONTROLLING PARTY

| The Directors reasonably believe that there was no ultimate controlling party, during the current or preceding year.