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Registered number: SC131956 STREAMLINE SHIPPING GROUP LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
STREAMLINE SHIPPING GROUP LIMITED
COMPANY INFORMATION
Directors | Mr D Gray
| Mr E Ockendon
| Mr E S T Roberts
Company secretary | Dentons Secretaries Limited
Registered number | SC131956
Registered office | Streamline Terminal
| Blaikies Quay
| Aberdeen
| AB11 5PU
Independent auditors | AAB Audit & Accountancy Limited
| Kingshill View
| Prime Four Business Park
| Kingswells
| Aberdeen
| AB15 8PU
STREAMLINE SHIPPING GROUP LIMITED
CONTENTS
| Page
Group strategic report | 1 - 2
Directors' report | 3
Directors' responsibilities statement | 4
Independent auditors' report | 5 - 8
Consolidated statement of comprehensive income | 9
Consolidated balance sheet | 10
Company balance sheet | 11
Consolidated statement of changes in equity | 12
Company statement of changes in equity | 13
Consolidated statement of cash flows | 14 - 15
Consolidated analysis of net debt | 16
Notes to the financial statements | 17 - 35
STREAMLINE SHIPPING GROUP LIMITED
GROUP STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2025
Introduction
The directors are satisfied with the 2025 results, which present an increase of £889k in Turnover and an increase in the Gross Profit %. An improved Net Asset and Net Current Asset position was generated as at 31 December 2025. The principal activities of the group continue to be the provision of haulage, distribution, forwarding, vessel agency services, stevedoring and chemical manufacturing in urea blending systems. Strong relationships are maintained with our Asset Finance and Banking providers, with facilities renewed in June 2026. This support has allowed us to continue to acquire modern fleet and equipment to facilitate our growing customer base. A prudent approach to investment was maintained throughout 2025, given the current landscape and economic climate. The directors continue to scrutinise performance of all divisions carefully, with a strong focus on cost reduction and efficiency. The business continues to invest in new equipment and technology, taking a long-term view, to stay at the forefront of the industry, driving digitalisation and integrating with our partners. The key financial indicators for the business are set out below;
Future outlook
The directors are confident of a positive result in 2026. The current economic climate continues to cause upward pressure on many costs, but we continue to diligently review all business costs to stay efficient and keep rate increases to a minimum, in line with market conditions. Page 1
STREAMLINE SHIPPING GROUP LIMITED
GROUP STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Principal risks and uncertainties
Credit Risk All customers are credit checked before credit is made available. A strict credit control process is maintained, and the business is notified of any changes affecting the credit worthiness of a customer. Liquidity Risk The company continues to manage its cash position, in order to minimise the risk of unforeseen circumstances, and at the same time, provide options to fund its working capital requirements Interest Rate Risk The company utilises a mixture of generated profits and borrowings to fund its working capital requirements and investment. Although a significant increase in interest rates would have an adverse effect on the business, we’re confident that our long-standing relationship with our finance providers would help minimise these impacts. Foreign Exchange Risk Although only a small percentage of transactions are conducted in a foreign currency, large changes in exchange rates could affect the profitability of this work. We monitor exchange rates daily, and take action where required to reduce the impact of large fluctuations. Inflation Risk Due to the current economic climate, we’ve seen the most volatile period of inflation in a generation. This can result in significant increases to various costs and there is a risk of rapidly diminishing margins. We have implemented a more dynamic rate structure to minimise this risk, through mechanisms such as fuel surcharges and more regular rate reviews. Environment The company recognises its responsibilities in relation to its impact on the environment. An environmental strategy was brought into action in 2020, and we will look to continue our transition to green-energy transport, by replacing diesel vehicles with fully electric options.
Other key performance indicators
The directors continually seek to improve HSEQ awareness, employee engagement and wellbeing, and customer service levels and relationships, through the implementation of management systems that meet the standards set out in ISO 9001, ISO 14001 and OHSAS 18001. This report was approved by the board and signed on its behalf.
Mr E S T Roberts Director
Date: 25 June 2026
Page 2
STREAMLINE SHIPPING GROUP LIMITED
DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The directors present their report and the financial statements for the year ended 31 December 2025.
Principal activity
The principal activity of the group continued to be the provision of freight, shipping, haulage, distribution, forwarding, agency and stevedoring services, as well as chemical manufacturing in urea blending systems. The company does not trade, but acts as a holding company.
Results and dividends
The profit for the year, after taxation and minority interests, amounted to £628,495 (2024 - £773,481). Ordinary dividends were paid amounting to £400,000 (2024 - £400,000). The directors do not recommend payment of a final dividend.
Directors
The directors who served during the year were:
Mr D Gray
Mr E Ockendon
Mr E S T Roberts
Disclosure of information to auditors
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 and the Group's auditors are 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 and the Group's auditors are aware of that information.
Auditors
The auditors, AAB Audit & Accountancy Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
Mr E S T Roberts Director
Date: 25 June 2026
Page 3
STREAMLINE SHIPPING GROUP LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2025 The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 the Group and of the profit or loss of the Group for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Group's financial statements and then apply them consistently; ∙make judgements and accounting estimates that are reasonable and prudent; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 4
STREAMLINE SHIPPING GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STREAMLINE SHIPPING GROUP LIMITED
Opinion
We have audited the financial statements of Streamline Shipping Group Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2025, which comprise the Consolidated statement of comprehensive income, the Consolidated analysis of net debt, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, 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 Group's and of the Parent Company's affairs as at 31 December 2025 and of the Group's 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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 Group's or the Parent 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. Page 5
STREAMLINE SHIPPING GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STREAMLINE SHIPPING GROUP LIMITED (CONTINUED)
Other information
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.
Opinion 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 Group 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 Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept by the Parent Company, or returns adequate for our audit have not been received from branches not visited by us; or ∙the Parent Company 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 Directors' responsibilities statement set out on page 4, 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 Group's and the Parent 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 Group or the Parent Company or to cease operations, or have no realistic alternative but to do so. Page 6
STREAMLINE SHIPPING GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STREAMLINE SHIPPING GROUP LIMITED (CONTINUED)
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 an Auditors' 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 Group financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 and UK Taxation legislation. We identified the greatest risk of material impact on the financial statements from irregularities including fraud to be: ∙Management override of controls to manipulate the company’s key performance indicators to meet targets; ∙Timing and completeness of revenue recognition ∙Management judgement applied in calculating provisions; and ∙Compliance with relevant laws and regulations which directly impact the financial statements and those that the company needs to comply with for the purpose of trading. Our audit procedures to respond to these risks included: ∙Testing of journal entries and other adjustments for appropriateness; ∙Evaluating the business rationale of significant transactions outside the normal course of business; ∙Reviewing judgements made by management in their calculation of accounting estimates for potential management bias; ∙Enquiries of management about litigation and claims and inspection of relevant correspondence; and ∙Reviewing legal and professional fees to identify indications of actual or potential litigation, claims and any non-compliance with laws and regulations Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 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 Auditors' report. Page 7
STREAMLINE SHIPPING GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STREAMLINE SHIPPING GROUP LIMITED (CONTINUED)
Use of our report
This report is made solely to the Company's directors, 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 directors 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 directors, as a body, for our audit work, for this report, or for the opinions we have formed. Derek Mair (Senior statutory auditor) for and on behalf of AAB Audit & Accountancy Limited Statutory Auditor Kingshill View Prime Four Business Park Kingswells Aberdeen AB15 8PU 25 June 2026 Page 8
STREAMLINE SHIPPING GROUP LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024
Note | £ | £
Turnover | 3 | 45,223,064 | 44,334,364
Cost of sales |  | (32,673,449) | (32,409,200)
Gross profit |  | 12,549,615 | 11,925,164
Administrative expenses |  | (11,594,929) | (10,742,502)
Operating profit | 4 | 954,686 | 1,182,662
Interest payable and similar expenses | 8 | (141,846) | (154,843)
Profit before taxation |  | 812,840 | 1,027,819
Tax on profit | 9 | (218,389) | (301,417)
Profit for the financial year |  | 594,451 | 726,402
Profit for the year attributable to: |  |  |
Non-controlling interests |  | (34,044) | (47,079)
Owners of the parent Company |  | 628,495 | 773,481
|  | 594,451 | 726,402
There was no other comprehensive income for 2025 (2024:£NIL).
The notes on pages 17 to 35 form part of these financial statements.
Page 9
STREAMLINE SHIPPING GROUP LIMITED REGISTERED NUMBER:SC131956
CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 13 |  | 5,572,542 |  | 6,723,797
|  |  | 5,572,542 |  | 6,723,797
Current assets |  |  |  |  |
Stocks | 15 | 743,436 |  | 588,041 |
Debtors: amounts falling due within one year | 16 | 7,719,744 |  | 7,948,690 |
Cash at bank and in hand | 17 | 279,790 |  | 1,750,073 |
|  | 8,742,970 |  | 10,286,804 |
Creditors: amounts falling due within one year | 18 | (5,485,721) |  | (7,723,730) |
Net current assets |  |  | 3,257,249 |  | 2,563,074
Total assets less current liabilities |  |  | 8,829,791 |  | 9,286,871
Creditors: amounts falling due after more than one year | 19 |  | (236,928) |  | (893,090)
Provisions for liabilities |  |  |  |  |
Deferred tax | 22 | (919,690) |  | (1,103,526) |
Provisions | 23 | (471,467) |  | (283,000) |
|  |  | (1,391,157) |  | (1,386,526)
Net assets |  |  | 7,201,706 |  | 7,007,255
Capital and reserves |  |  |  |  |
Called up share capital | 24 |  | 500,000 |  | 500,000
Non-controlling interests |  |  | (20,872) |  | 13,172
Profit and loss account |  |  | 6,722,578 |  | 6,494,083
|  |  | 7,201,706 |  | 7,007,255
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
Mr E S T Roberts | Mr E Ockendon
Director | Director
Date: 25 June 2026 | Date:25 June 2026
The notes on pages 17 to 35 form part of these financial statements. Page 10
STREAMLINE SHIPPING GROUP LIMITED REGISTERED NUMBER:SC131956
COMPANY BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Investments | 14 |  | 360,946 |  | 360,946
|  |  | 360,946 |  | 360,946
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 16 | 2,696,350 |  | 3,096,350 |
|  | 2,696,350 |  | 3,096,350 |
Total assets less current liabilities |  |  | 3,057,296 |  | 3,457,296
Net assets |  |  | 3,057,296 |  | 3,457,296
Capital and reserves |  |  |  |  |
Called up share capital | 24 |  | 500,000 |  | 500,000
Profit and loss account brought forward |  | 2,957,296 |  | 7,018 |
Profit for the year |  | - |  | 3,350,278 |
Other changes in the profit and loss account |  | (400,000) |  | (400,000) |
Profit and loss account carried forward |  |  | 2,557,296 |  | 2,957,296
|  |  | 3,057,296 |  | 3,457,296
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
Mr E S T Roberts | Mr E Ockendon
Director | Director
Date: 25 June 2026 | Date:25 June 2026
The notes on pages 17 to 35 form part of these financial statements. Page 11
STREAMLINE SHIPPING GROUP LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
| Called up share capital | Profit and loss account | Equity attributable to owners of Parent Company | Non-controlling interests | Total equity
| £ | £ | £ | £ | £
At 1 January 2024 | 500,000 | 6,120,602 | 6,620,602 | 60,251 | 6,680,853
Profit for the year | - | 773,481 | 773,481 | (47,079) | 726,402
Dividends: Equity capital | - | (400,000) | (400,000) | - | (400,000)
At 1 January 2025 | 500,000 | 6,494,083 | 6,994,083 | 13,172 | 7,007,255
Profit for the year | - | 628,495 | 628,495 | (34,044) | 594,451
Dividends: Equity capital | - | (400,000) | (400,000) | - | (400,000)
At 31 December 2025 | 500,000 | 6,722,578 | 7,222,578 | (20,872) | 7,201,706
| The notes on pages 17 to 35 form part of these financial statements.
Page 12
STREAMLINE SHIPPING GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 January 2024 | 500,000 | 7,018 | 507,018
Profit for the year | - | 3,350,278 | 3,350,278
Contributions by and distributions to owners |  |  |
Dividends: Equity capital | - | (400,000) | (400,000)
At 1 January 2025 | 500,000 | 2,957,296 | 3,457,296
Contributions by and distributions to owners |  |  |
Dividends: Equity capital | - | (400,000) | (400,000)
At 31 December 2025 | 500,000 | 2,557,296 | 3,057,296
| The notes on pages 17 to 35 form part of these financial statements.
Page 13
STREAMLINE SHIPPING GROUP LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 594,451 | 726,402
Adjustments for: |  |
Depreciation of tangible assets | 1,259,836 | 1,332,575
Loss on disposal of tangible assets | 1,039 | (55,426)
Interest paid | 141,846 | 154,843
Taxation charge | 218,389 | 301,417
(Increase)/decrease in stocks | (155,395) | 190,163
Decrease in debtors | 228,946 | 346,381
(Decrease)/increase in creditors | (2,479,812) | 693,817
Increase/(decrease) in provisions | 188,467 | (6,467)
Net cash generated from operating activities | (2,233) | 3,683,705
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (252,558) | (2,415,246)
Sale of tangible fixed assets | 142,938 | 183,282
HP interest paid | (101,178) | (84,500)
Net cash from investing activities | (210,798) | (2,316,464)
Cash flows from financing activities |  |
New loans | 33,309 | 453,336
Repayment of other loans | - | (13,608)
Dividends paid | (400,000) | (400,000)
Interest paid | (40,668) | (70,343)
New finance leases | - | 1,361,146
Finance leases repaid | (845,818) | (1,024,824)
Net cash used in financing activities | (1,253,177) | 305,707
Page 14
STREAMLINE SHIPPING GROUP LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
|  | 2025 | 2024
|  | £ | £
Net (decrease)/increase in cash and cash equivalents | (1,466,208) | 1,672,948
Cash and cash equivalents at beginning of year | 1,735,021 | 62,073
Cash and cash equivalents at the end of year | 268,813 | 1,735,021
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 279,790 | 1,750,073
Bank overdrafts | (10,977) | (15,052)
| 268,813 | 1,735,021
The notes on pages 17 to 35 form part of these financial statements.
Page 15
STREAMLINE SHIPPING GROUP LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT FOR THE YEAR ENDED 31 DECEMBER 2025
| At 1 January 2025 | Cash flows | At 31 December 2025
| £ | £ | £
Cash at bank and in hand | 1,750,073 | (1,470,283) | 279,790
Bank overdrafts | (15,052) | 4,075 | (10,977)
Borrowings excluding overdrafts | (453,336) | (33,309) | (486,645)
Finance leases | (1,642,097) | 845,818 | (796,279)
| (360,412) | (653,699) | (1,014,111)
The notes on pages 17 to 35 form part of these financial statements.
Page 16
STREAMLINE SHIPPING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
Streamline Shipping Group Limited (“the company”) is a private limited company limited by shares, domiciled and incorporated in Scotland. The registered office and principal place of business is Streamline Terminal, Blaikies Quay, Aberdeen AB11 5PU. The group consists of Streamline Shipping Group Limited and all of its subsidiaries. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies. The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The following principal accounting policies have been applied:
| 2.2 | Basis of consolidation
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102. Page 17
STREAMLINE SHIPPING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.3 | Going concern
The group continues to be profitable and cash-generative throughout 2026 to the date of signing the financial statements. Financial forecasts for 12 months from the date of sign-off, despite factoring in increasing upward pressure on various costs such as fuel, wages and subcontract haulage, continue to show profitable and cash positive results. At the balance sheet date, the group has reported net assets of £7.2m (2024: £7m) and net current assets of £3.3m (2024: £2.5m). The company has reported net assets of £3.1m (2024: £3.5m). Full banking facilities were renewed in June 2026. Working capital continues to be increasingly funded from profits, with a decreasing reliance on external finance. Therefore, at the time of approving the financial statements, the directors have a reasonable expectation that the group and company have adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
| 2.4 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'. On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income. Page 18
STREAMLINE SHIPPING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.5 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Group has transferred the significant risks and rewards of ownership to the buyer; ∙the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Group will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Group will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.6 | Operating leases: the Group as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.7 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.8 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred. Page 19
STREAMLINE SHIPPING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.9 | Pensions
Defined contribution pension plan The Group contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.
| 2.10 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and ∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.11 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. Page 20
STREAMLINE SHIPPING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.12 | Tangible fixed assets
Tangible fixed assets under the cost model 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. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis. Depreciation is provided on the following basis:
|  |  |  | Freehold property | - | Not depreciated
|  |  |  | Plant and machinery | - | 15-25% reducing balance and 20% straight line
|  |  |  | Tenants improvements | - | 10-25% straight line
|  |  |  | Office equipment | - | 25% reducing balance
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.13 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment. Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment. Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.
| 2.14 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.15 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. Page 21
STREAMLINE SHIPPING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.16 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.
| 2.17 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.18 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.19 | Financial instruments
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Group's Balance sheet when the Group 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. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 Page 22
STREAMLINE SHIPPING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.19 | Financial instruments (continued)
asset’s original effective interest rate. The impairment loss is recognised in profit or loss. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Basic financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.
| 2.20 | 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 general meeting. Page 23
STREAMLINE SHIPPING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
3. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Freight consolidation and cargo handling services | 45,086,299 | 44,178,644
| Haulage, distribution and forwarding agency | 136,765 | 155,720
|  | 45,223,064 | 44,334,364
Analysis of turnover by country of destination:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| United Kingdom | 40,805,282 | 39,365,411
| Rest of the world | 4,417,782 | 4,968,953
|  | 45,223,064 | 44,334,364
4. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Depreciation of tangible fixed assets | 1,259,836 | 1,332,575
| (Profit)/loss on disposal of tangible fixed assets | 1,039 | (55,426)
| Exchange differences | 15,629 | (9,772)
| Other operating lease rentals | 1,448,002 | 1,415,405
5. | Auditors' remuneration
| During the year, the Group obtained the following services from the Company's auditors:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the consolidated and Parent Company's financial statements | 56,500 | 55,420
| Fees payable to the Company's auditors in respect of: |  |
| Taxation compliance services | 8,175 | 8,164
Page 24
STREAMLINE SHIPPING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
6. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Wages and salaries | 10,538,393 | 10,384,958
| Social security costs | 1,302,271 | 1,043,585
| Cost of defined contribution scheme | 555,558 | 474,147
|  | 12,396,222 | 11,902,690
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Operations | 147 | 146
|  | Administration | 89 | 99
|  |  | 236 | 245
| The Company has no employees other than the directors, who did not receive any remuneration (2024 - £NIL)
7. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 406,868 | 393,335
| Group contributions to defined contribution pension schemes | 32,000 | 54,000
|  | 438,868 | 447,335
| During the year retirement benefits were accruing to 2 directors (2024 - 2) in respect of defined contribution pension schemes.
| The highest paid director received remuneration of £245,774 (2024 - £240,493).
8. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | 40,668 | 70,343
| Finance leases and hire purchase contracts | 101,178 | 84,500
|  | 141,846 | 154,843
Page 25
STREAMLINE SHIPPING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
9. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 402,225 | -
| Total current tax | 402,225 | -
| Deferred tax |  |
| Origination and reversal of timing differences | (183,836) | 301,417
| Total deferred tax | (183,836) | 301,417
|  | 218,389 | 301,417
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 812,840 | 1,027,819
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 203,210 | 256,955
| Effects of: |  |
| Tax effect of expenses that are not deductible in determining taxable profit | (4,697) | 20,354
| Adjustments in respect of prior years | - | 17,478
| Capital allowances for year in excess of depreciation | 19,876 | 23,876
| Remeasure deferred tax due to change in rate | - | (17,246)
| Total tax charge for the year | 218,389 | 301,417
| Factors that may affect future tax charges
There were no factors that may affect future tax charges.
10. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Dividends Paid | 400,000 | 400,000
Page 26
STREAMLINE SHIPPING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
11. | Parent company profit for the year
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The profit after tax of the parent Company for the year was £Nil (2024 - £3,350,278).
12. | Intangible assets
| Group and Company
|  | Goodwill | Negative goodwill | Total
|  | £ | £ | £
| Cost |  |  |
| At 1 January 2025 | 123,414 | (50,415) | 72,999
| At 31 December 2025 | 123,414 | (50,415) | 72,999
| Amortisation |  |  |
| At 1 January 2025 | 123,414 | (50,415) | 72,999
| At 31 December 2025 | 123,414 | (50,415) | 72,999
| Net book value |  |  |
| At 31 December 2025 | - | - | -
| At 31 December 2024 | - | - | -
| The company had no intangible fixed assets at 31 December 2025 or 31 December 2024.
Page 27
STREAMLINE SHIPPING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
13. | Tangible fixed assets
| Group
|  | Land and buildings freehold | Tenants improvements | Plant and machinery | Motor vehicles | Office equipment | Total
|  | £ | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |  |
| At 1 January 2025 | 190,000 | 2,142,511 | 6,331,763 | 3,550,213 | 404,850 | 12,619,337
| Additions | - | 103,231 | 77,708 | 27,698 | 43,921 | 252,558
| Disposals | - | - | (81,512) | (248,185) | - | (329,697)
| At 31 December 2025 | 190,000 | 2,245,742 | 6,327,959 | 3,329,726 | 448,771 | 12,542,198
| Depreciation |  |  |  |  |  |
| At 1 January 2025 | - | 854,779 | 3,573,709 | 1,209,781 | 257,271 | 5,895,540
| Charge for the year | - | 144,284 | 491,109 | 579,527 | 44,916 | 1,259,836
| Disposals | - | - | (66,718) | (119,002) | - | (185,720)
| At 31 December 2025 | - | 999,063 | 3,998,100 | 1,670,306 | 302,187 | 6,969,656
| Net book value |  |  |  |  |  |
| At 31 December 2025 | 190,000 | 1,246,679 | 2,329,859 | 1,659,420 | 146,584 | 5,572,542
| At 31 December 2024 | 190,000 | 1,287,732 | 2,758,054 | 2,340,432 | 147,579 | 6,723,797
| The net book value of land and buildings may be further analysed as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Freehold | 190,000 | 190,000
| Short leasehold | 1,246,679 | 1,287,732
|  | 1,436,679 | 1,477,732
Page 28
STREAMLINE SHIPPING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
14. | Fixed asset investments
| Company
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 January 2025 | 360,946
| At 31 December 2025 | 360,946
| Subsidiary undertakings
| The following were subsidiary undertakings of the Company:
| Name | Registered office | Class of shares | Holding
| North East Stevedoring Company Limited | Streamline Terminal, Blaikies Quay,Aberdeen AB11 5PU | Ordinary | 100%
| Northern Isles Freightways Limited | Streamline Terminal, Blaikies Quay,Aberdeen AB11 5PU | Ordinary | 100%
| Orkney Line Limited | Streamline Terminal, Blaikies Quay,Aberdeen AB11 5PU | Ordinary | 100%
| Prasinus Holdings Limited | Streamline Terminal, Blaikies Quay,Aberdeen AB11 5PU | Ordinary | 75%
| Shetland Line 1984 Limited | Streamline Terminal, Blaikies Quay,Aberdeen AB11 5PU | Ordinary | 100%
| Streamline Freight Limited | Streamline Terminal, Blaikies Quay,Aberdeen AB11 5PU | Ordinary | 100%
| Streamline Shipping Agencies Limited | Streamline Terminal, Blaikies Quay,Aberdeen AB11 5PU | Ordinary | 100%
Page 29
STREAMLINE SHIPPING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 Subsidiary undertakings (continued)
| The aggregate of the share capital and reserves as at 31 December 2025 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:
| Name | Aggregate of share capital and reserves | Profit/(Loss)
|  | £ | £
| North East Stevedoring Company Limited | 2 | -
| Northern Isles Freightways Limited | 1 | -
| Orkney Line Limited | 100 | -
| Prasinus Holdings Limited | (29,081) | (136,175)
| Shetland Line 1984 Limited | 1,000 | -
| Streamline Freight Limited | 2 | -
| Streamline Shipping Agencies Limited | 4,544,333 | 730,626
15. | Stocks
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Raw materials and consumables | 326,417 | 177,168
| Work in progress | 351,215 | 355,682
| Finished goods and goods for resale | 65,804 | 55,191
|  | 743,436 | 588,041
16. | Debtors
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Trade debtors | 5,753,658 | 6,642,417 | - | -
| Amounts owed by group undertakings | - | - | 2,696,350 | 3,096,350
| Other debtors | 109,126 | 176,467 | - | -
| Prepayments and accrued income | 1,856,960 | 1,129,806 | - | -
|  | 7,719,744 | 7,948,690 | 2,696,350 | 3,096,350
Page 30
STREAMLINE SHIPPING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
17. | Cash and cash equivalents
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Cash at bank and in hand | 279,790 | 1,750,073
| Less: bank overdrafts | (10,977) | (15,052)
|  | 268,813 | 1,735,021
18. | Creditors: Amounts falling due within one year
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Bank overdrafts | 10,977 | 15,052
| Other loans | 486,645 | 453,336
| Trade creditors | 2,521,716 | 3,907,216
| Corporation tax | 402,225 | -
| Other taxation and social security | 875,300 | 1,113,048
| Obligations under finance lease and hire purchase contracts | 559,351 | 749,007
| Other creditors | 520,298 | 596,297
| Accruals and deferred income | 109,209 | 889,774
|  | 5,485,721 | 7,723,730
19. | Creditors: Amounts falling due after more than one year
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Net obligations under finance leases and hire purchase contracts | 236,928 | 893,090
|  | 236,928 | 893,090
Page 31
STREAMLINE SHIPPING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
20. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Within one year | 559,351 | 749,007
| Between 1-5 years | 236,928 | 893,090
|  | 796,279 | 1,642,097
21. | Financial instruments
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Financial assets |  |
| Financial assets measured at fair value through profit or loss | 279,790 | 1,735,021
| Financial assets measured at amortised cost | 7,719,744 | 7,948,690
|  | 7,999,534 | 9,683,711
| Financial liabilities |  |
| Financial liabilities measured at amortised cost | (3,317,995) | (5,549,313)
| Financial assets measured at fair value through profit or loss comprise of cash held at bank.
| Financial assets measured at amortised cost comprise of trade debtors, other debtors and prepayments and accrued income.
| Financial liabilities measured at amortised cost comprise of trade creditors and hire purchase liabilities.
Page 32
STREAMLINE SHIPPING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
22. | Deferred taxation
| Group
|  | 2025
|  | £
| At beginning of year | 1,103,526
| Charged to profit or loss | (183,836)
| At end of year | 919,690
| The provision for deferred taxation is made up as follows:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Accelerated capital allowances | 1,006,291 | 1,240,228
| Short term timing differences | (86,601) | (136,702)
|  | 919,690 | 1,103,526
Page 33
STREAMLINE SHIPPING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
23. | Provisions
| Group
|  | Dilapidation Provisions | Other Provisions | Total
|  | £ | £ | £
| At 1 January 2025 | 233,000 | 50,000 | 283,000
| Charged to profit or loss | 72,000 | 116,467 | 188,467
| At 31 December 2025 | 305,000 | 166,467 | 471,467
24. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 500,000 (2024 - 500,000) Ordinary shares of £1.00 each | 500,000 | 500,000
25. | Financial commitments, guarantees and contingent liabilities
The company's bankers hold cross corporate guarantees between Streamline Shipping Group Limited, Streamline Shipping Agencies Limited, Northern Isles Freightways Limited, and Prasinus Holdings Limited, together with a bond and floating charge over all of the assets of the group. The bankers also hold a letter of offset on account of the aforementioned companies for all sums. The letter is secured against all sums which are now or which may at any time hereafter be at the credit of the group. The bank also holds security over the group's property. At the year end, a total of £190,000 (2024: £190,000) was secured across the group.
26. | Pension commitments
The Group pays contributions to employees' personal pension plans. The pension costs charge represents contributions payable by the Group and amounted to £555,558 (2024 - £474,147). Page 34
STREAMLINE SHIPPING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
27. | Commitments under operating leases
| At 31 December 2025 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Not later than 1 year | 2,409,999 | 1,283,605
| Later than 1 year and not later than 5 years | 1,854,886 | 2,106,683
| Later than 5 years | 1,343,923 | 1,724,762
|  | 5,608,808 | 5,115,050
28. | Related party transactions
| During the year, directors advanced £439,000 (2024 - £499,280) and were repaid £418,000 (2024 - £500,000). At 31 December 2025, the balance due to directors was £21,000 (2024 - £Nil). During the year, the company rented properties for £275,000 (2024 - £191,656) from a pension fund in which some of the directors are trustees. There was no balance due to the pension fund at the year end (2024 - £Nil). During the year, the company made sales of £nil (2024 - £16,863) and purchases of £Nil (2024 - £20,802) to a company with a common director. At the balance sheet date that balance due to the company was £NIL (2024 - £NIL) and the balance due from the company was £NIL (2024 - £Nil). The company has taken advantage of the exemption available in accordance with section 33 of FRS 102 'Related party disclosures' not to disclose transactions entered into between two or more members of the group, provided that any subsidiary which is party to the transaction is wholly owned by such a member.
29. | Controlling party
Mr E S T Roberts controls Streamline Shipping Group Limited.
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