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COMPANY REGISTRATION NUMBER: 01778040

EFL Global UK (PVT) Ltd

Financial Statements

31 March 2026

EFL Global UK (PVT) Ltd

Financial Statements

Year ended 31 March 2026

Contents | Page

Strategic report | 1

Directors' report | 4

Independent auditor's report to the members | 6

Statement of income and retained earnings | 10

Statement of financial position | 11

Statement of cash flows | 12

Notes to the financial statements | 13

EFL Global UK (PVT) Ltd

Strategic Report

Year ended 31 March 2026
The directors present their strategic report for the year ended 31 March 2026 for EFL Global UK (PVT) Ltd (registered number 01778040 ). Principle Activity The principal activity of the company during the year continued to be the provision of freight forwarding and logistics services, including Air Freight, Ocean Freight, warehousing, X Ray screening and Road transport. The company operates primarily in the UK market and provides services to customers both in the UK and overseas. Financial Review Revenue for the year was £14,136,490 (2025 £16,109,400), representing an decrease of 12%. This was mainly due a drop in some key customer volumes. The company's gross profit margin for the year was 20% (2025: 17%), reflecting cost changes, efficiencies. Operating loss was £673,011 (2025: loss £335,981). The performance for the year is considered average given the market conditions and challenges faced. Financial Position At the year-end, the Company had net liabilities of £2,982,414 (2025: liability £1,619,477) and cash of £300,471 (2025: £1,179,611). Key Performance Indicators The company uses the following KPIs to assess performance: Revenue: £14,136,490 (2025: £16,109,400) - shows market demand and business growth. Gross Profit Margin: 20% (2025: 17%) - measures cost control and pricing. Operating Profit/(Loss): (£673,011) (2025: (£335,981)) - shows overall trading performance. Cash Position & Borrowings: Monitored to ensure liquidity. These indicators are used to assess the Company's performance and position.
Principal Risks and Uncertainties The company faces the following key risks: - Market demand volatility: falls in volume reduce utilisation and revenue. Mitigation: diversify customer base, focus on retention and targeted sales campaigns. - Customer concentration: the loss of key clients would materially affect revenue. Mitigation: expand sales pipeline and service offerings to reduce reliance on any single customer. - Operational and supplier risk: fluctuations in carrier capacity, fuel and equipment costs can compress margins. Mitigation: diversified supplier relationships and contract negotiation. - Liquidity and working capital risk: reduced cash reserves increase refinancing risk. Mitigation: active cash management, renegotiation of supplier terms and lender engagement. The directors review these risks regularly and manage them accordingly. Stakeholder Engagement The company’s key stakeholders include employees, customers, suppliers, lenders, and shareholders. - Employees: The company values its employees and maintains regular communication and feedback channels. - Customers: The company focuses on delivering quality service and maintaining strong customer relationships. - Suppliers: The company works with suppliers to ensure timely deliveries and competitive pricing. - Lenders: The company maintains good relationships with its banks and provides financial updates. - Shareholders: The company keeps shareholders informed of performance and strategy. The directors make decisions with these interests in mind, ensuring the long-term success of the Company. Future Developments The company plans to focus on growth and optimising cost over the next year. Key initiatives include: - Prioritise commercial recovery by accelerating sales to targeted sectors, reactivating lost accounts and developing new service propositions. - Improve utilisation and operational efficiency through route optimisation, better load planning and reviewing fixed cost structures. - Invest selectively in digital booking and quoting tools to improve customer experience and reduce operating cost per shipment. - Expand third-party partnerships and develop value-added services (e.g., customs brokerage, contract warehousing) to diversify revenue streams. - Continue active liquidity management and maintain constructive engagement with the parent company and suppliers. The board believes these actions will help stabilise performance and position the Company for recovery. - Continuing to improve operational efficiency. The directors are confident in the Company’s ability to manage any challenges and achieve future goals.
Going Concern The directors have a reasonable expectation that adequate financial support will continue to be provided by Expolanka Holdings Limited for a period of at least 12 months from the date of approval of these financial statements, and accordingly the going concern basis has been adopted in preparing the financial statements
This report was approved by the board of directors on 2 July 2026 and signed on behalf of the board by:

Mr M Fernando
Director

Registered office:
9 Blackthorne Road
Poyle
Slough
United Kingdom
SL3 0DQ

EFL Global UK (PVT) Ltd

Directors' Report

Year ended 31 March 2026
The directors present their report and the financial statements of the company for the year ended 31 March 2026 .
Directors
The directors who served the company during the year were as follows:

Mr M Fernando |
Mr E Rosen |
Mr W Wilkening |

Dividends
The directors do not recommend the payment of a dividend.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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 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 judgments 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 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. The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on 2 July 2026 and signed on behalf of the board by:

Mr M Fernando
Director

Registered office:
9 Blackthorne Road
Poyle
Slough
United Kingdom
SL3 0DQ

EFL Global UK (PVT) Ltd

Independent Auditor's Report to the Members of EFL Global UK (PVT) Ltd

Year ended 31 March 2026
Opinion
We have audited the financial statements of EFL Global UK (PVT) Ltd (the 'company') for the year ended 31 March 2026 which comprise the statement of income and retained earnings, statement of financial position, statement of cash flows 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 FRS 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 March 2026 and of its loss for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
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 directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 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: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows; - The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations. - We identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the financial services sector. - We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations for the company, including the Companies Act 2006, tax legislation and data protection, anti-bribery, employment, environmental and health and safety legislation. - Identified laws and regulations were communicated with the audit team regularly and the team remained alert of instances of non-compliance throughout the audit. We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur by; - Considering the internal controls in place to mitigate the risks of fraud and non-compliance with laws and regulations - Understanding the design of the company's remuneration policies To address the risk of fraud through management bias and override of controls, we; - Performed analytical procedures to identify any unusual or unexpected relationships - Tested journal entries to identify unusual transactions - Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: - Agreeing financial statement disclosures to underlying supporting documentation - Inquiring of management as to actual and potential litigation and claims 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. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Edmund Carr LLP
(Senior Statutory Auditor)

For and on behalf of
Edmund Carr LLP
Chartered accountants & statutory auditor
146 New London Road
Chelmsford
Essex
CM2 0AW

2 July 2026

EFL Global UK (PVT) Ltd

Statement of Income and Retained Earnings

Year ended 31 March 2026

| 2026 | 2025
Note | £ | £
Turnover | 4 | 14,136,490 | 16,109,400

Cost of sales | 11,305,508 | 13,362,881
| ------------- | -------------
Gross profit | 2,830,982 | 2,746,519

Administrative expenses | 3,550,363 | 3,243,911
Other operating income | 5 | 189,728 | 155,639
|  | ------------ | ------------
Operating loss | 6 | ( 529,653) | ( 341,753)

Other interest receivable and similar income | 9 | 17,468 | 6,316
Interest payable and similar expenses | 10 | 160,826 | 544
| ------------ | ------------
Loss before taxation | ( 673,011) | ( 335,981)

Tax on loss | – | –
| --------- | ---------
Loss for the financial year and total comprehensive income | ( 673,011) | ( 335,981)
| --------- | ---------

Retained losses at the start of the year (as previously reported) | ( 1,623,477) | ( 1,287,496)
Effects of changes in accounting policies | (689,926) | –
| ------------ | ------------
Retained losses at the start of the year (restated) | ( 2,313,403) | ( 1,287,496)
| ------------ | ------------
Retained losses at the end of the year | ( 2,986,414) | (1,623,477)
| ------------ | ------------

All the activities of the company are from continuing operations.

EFL Global UK (PVT) Ltd

Statement of Financial Position

31 March 2026

| 2026 | 2025
Note | £ | £ | £ | £

Fixed assets

Tangible assets | 12 |  | 4,254,461 |  | 993,306
Investments | 13 |  | 1 |  | 1
|  | ------------ |  | ---------
|  | 4,254,462 |  | 993,307

Current assets

Debtors | 14 | 4,289,063 |  | 6,485,872 |
Cash at bank and in hand | 300,471 |  | 1,179,611 |
| ------------ |  | ------------ |
| 4,589,534 |  | 7,665,483 |

Creditors: amounts falling due within one year | 15 | 8,468,002 |  | 10,278,267 |
| ------------ |  | ------------- |
Net current liabilities |  | 3,878,468 |  | 2,612,784
|  | ------------ |  | ------------
Total assets less current liabilities |  | 375,994 |  | ( 1,619,477)

Creditors: amounts falling due after more than one year | 16 |  | 3,358,408 |  | –
|  | ------------ |  | ------------
Net liabilities |  | ( 2,982,414) |  | ( 1,619,477)
|  | ------------ |  | ------------

Capital and reserves

Called up share capital | 19 |  | 4,000 |  | 4,000
Profit and loss account |  | ( 2,986,414) |  | (1,623,477)
|  | ------------ |  | ------------
Shareholders deficit |  | ( 2,982,414) |  | ( 1,619,477)
|  | ------------ |  | ------------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 2 July 2026 , and are signed on behalf of the board by:

Mr M Fernando
Director

Company registration number: 01778040

EFL Global UK (PVT) Ltd

Statement of Cash Flows

Year ended 31 March 2026

| 2026 | 2025
| £ | £

Cash flows from operating activities

Loss for the financial year | ( 673,011) | ( 335,981)

Adjustments for: |  |
Depreciation of tangible assets | 591,916 | 115,493
Other interest receivable and similar income | ( 17,468) | ( 6,316)
Interest payable and similar expenses | 160,826 | 544
Gains on disposal of tangible assets | – | ( 803)
Accrued (income)/expenses | ( 155,444) | 222,148

Changes in: |  |
Trade and other debtors | 2,196,809 | ( 4,612,468)
Trade and other creditors | 201,920 | 747,418
| ------------ | ------------
Cash generated from operations | 2,305,548 | ( 3,869,965)

Interest paid | ( 160,826) | ( 544)
Interest received | 17,468 | 6,316
| ------------ | ------------
Net cash from/(used in) operating activities | 2,162,190 | ( 3,864,193)
| ------------ | ------------

Cash flows from investing activities

Purchase of tangible assets | ( 30,019) | ( 61,632)
Proceeds from sale of tangible assets | – | 11,793
| ------------ | ------------
Net cash used in investing activities | ( 30,019) | ( 49,839)
| ------------ | ------------

Cash flows from financing activities

Proceeds from loans from group undertakings | ( 2,365,673) | 4,748,105
Payments of finance lease liabilities | ( 645,638) | ( 16,137)
| ------------ | ------------
Net cash (used in)/from financing activities | ( 3,011,311) | 4,731,968
| ------------ | ------------

Net (decrease)/increase in cash and cash equivalents | ( 879,140) | 817,936
Cash and cash equivalents at beginning of year | 1,179,611 | 361,675
| ------------ | ------------
Cash and cash equivalents at end of year | 300,471 | 1,179,611
| ------------ | ------------

EFL Global UK (PVT) Ltd

Notes to the Financial Statements

Year ended 31 March 2026
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 9 Blackthorne Road, Poyle, Slough, SL3 0DQ, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors acknowledge a net deficit in shareholders funds and have a reasonable expectation that the company has adequate resources and support from its parent company to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
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. Key sources of estimation uncertainty The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows. Trade debtors impairment Trade debtors are stated at transaction price less provisions for any debts that are not deemed to be recoverable. Calculation of the provisions is based on an assessment of the situation and likelihood of receiving the monies owed and any other external factors which may affect the ability to pay.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

| Freehold property | - | 2% straight line
| Long leasehold property | - | 93 Months
| Plant and machinery | - | 25% reducing balance
| Fixtures, fittings and equipment | - | 20% - 25%
| Right of use assets | - | Over the term of the lease

Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash and other consideration, expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms of financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Turnover
Turnover arises from:

| 2026 | 2025
| £ | £
Rendering of services | 14,136,490 | 16,109,400
| ------------- | -------------

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Other operating income

| 2026 | 2025
| £ | £
Rental income | 189,716 | 145,716
Commission receivable | 12 | 9,923
| --------- | ---------
| 189,728 | 155,639
| --------- | ---------

6. Operating loss
Operating profit or loss is stated after charging/crediting:

| 2026 | 2025
| £ | £
Depreciation of tangible assets | 591,916 | 115,493
Gains on disposal of tangible assets | – | ( 803)
Impairment of trade debtors | 45,841 | –
Foreign exchange differences | ( 53,071) | ( 72,329)
| --------- | ---------

7. Auditor's remuneration

| 2026 | 2025
| £ | £
Fees payable for the audit of the financial statements | 15,000 | 15,647
| -------- | --------

8. Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:

| 2026 | 2025
| No. | No.
Number of staff | 34 | 33
| ---- | ----

The aggregate payroll costs incurred during the year, relating to the above, were:

| 2026 | 2025
| £ | £
Wages and salaries | 1,857,280 | 1,858,990
Social security costs | 217,773 | 220,951
Other pension costs | 36,225 | 31,898
| ------------ | ------------
| 2,111,278 | 2,111,839
| ------------ | ------------

9. Other interest receivable and similar income

| 2026 | 2025
| £ | £
Interest on cash and cash equivalents | 17,468 | 6,316
| -------- | -------

10. Interest payable and similar expenses

| 2026 | 2025
| £ | £
Interest on obligations under finance leases and hire purchase contracts | 160,826 | 544
| --------- | ----

11. Early adoption of amendments to FRS 102
The company elected to adopt amendments to FRS 102 for the financial period ended 31 March 2026. The company applied the modified retrospective approach on transition and in accordance, comparative information has not been restated.
The company has elected to measure lease liabilities and right-of-use assets at the carrying values that would have been recognised had the leases been accounted for in accordance with IFRS 16, based on information available at the date of transition.
This represents the recognition of a right of use asset with a net book value of £3,823,052, the recognition of a lease liability of £4,380,219, and the derecognition of a rent prepayment of £132,758 in relation to one of the leased assets.
This has resulted in a debit adjustment to retained earnings of £689,927.
12. Tangible assets

| Freehold property | Long leasehold property | Plant and machinery | Fixtures, fittings and equipment | Right of use asset | Total
| £ | £ | £ | £ | £ | £
Cost |  |  |  |  |  |
At 1 Apr 2025 | 787,477 | – | 408,105 | 279,131 | – | 1,474,713
Additions | – | 27,263 | – | 2,756 | – | 30,019
Other movements | – | – | – | – | 4,724,412 | 4,724,412
| --------- | -------- | --------- | --------- | ------------ | ------------
At 31 Mar 2026 | 787,477 | 27,263 | 408,105 | 281,887 | 4,724,412 | 6,229,144
| --------- | -------- | --------- | --------- | ------------ | ------------
Depreciation |  |  |  |  |  |
At 1 Apr 2025 | 133,418 | – | 129,430 | 218,559 | – | 481,407
Charge for the year | 9,456 | 1,683 | 67,779 | 15,779 | 497,219 | 591,916
Other movements | – | – | – | – | 901,360 | 901,360
| --------- | -------- | --------- | --------- | ------------ | ------------
At 31 Mar 2026 | 142,874 | 1,683 | 197,209 | 234,338 | 1,398,579 | 1,974,683
| --------- | -------- | --------- | --------- | ------------ | ------------
Carrying amount |  |  |  |  |  |
At 31 Mar 2026 | 644,603 | 25,580 | 210,896 | 47,549 | 3,325,833 | 4,254,461
| --------- | -------- | --------- | --------- | ------------ | ------------
At 31 Mar 2025 | 654,059 | – | 278,675 | 60,572 | – | 993,306
| --------- | -------- | --------- | --------- | ------------ | ------------

13. Investments

| Shares in group undertakings
| £
Cost |
At 1 April 2025 and 31 March 2026 | 1
| ----
Impairment |
At 1 April 2025 and 31 March 2026 | –
| ----

Carrying amount |
At 31 March 2026 | 1
| ----
At 31 March 2025 | 1
| ----

14. Debtors

| 2026 | 2025
| £ | £
Trade debtors | 3,199,923 | 4,701,830
Amounts owed by group undertakings | 88,210 | 693,015
Prepayments and accrued income | 44,016 | 164,963
Corporation tax repayable | – | 57,906
Other debtors | 956,914 | 868,158
| ------------ | ------------
| 4,289,063 | 6,485,872
| ------------ | ------------

The debtors above include the following amounts falling due after more than one year:

| 2026 | 2025
| £ | £
Other debtors | 855,169 | 855,169
| --------- | ---------

15. Creditors: amounts falling due within one year

| 2026 | 2025
| £ | £
Trade creditors | 1,738,744 | 1,399,444
Amounts owed to group undertakings | 5,913,097 | 8,278,770
Accruals and deferred income | 243,820 | 399,264
Social security and other taxes | 63,409 | 200,789
Obligations under finance leases and hire purchase contracts | 508,932 | –
| ------------ | -------------
| 8,468,002 | 10,278,267
| ------------ | -------------

16. Creditors: amounts falling due after more than one year

| 2026 | 2025
| £ | £
Obligations under finance leases and hire purchase contracts | 3,358,408 | –
| ------------ | ----

17. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:

| 2026 | 2025
| £ | £
Not later than 1 year | 508,932 | –
Later than 1 year and not later than 5 years | 2,160,626 | –
Later than 5 years | 1,197,782 | –
| ------------ | ----
| 3,867,340 | –
| ------------ | ----

In the prior year, lease arrangements of £2,080,230 were disclosed as operating lease commitments and were not capitalised. Following a change in accounting policy in the current year, these balances have been recognised as right-of-use assets and corresponding lease liabilities.
18. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 36,225 (2025: £ 31,898 ).
19. Called up share capital
Issued, called up and fully paid

| 2026 | 2025
| No. | £ | No. | £
Ordinary shares of £ 1 each | 4,000 | 4,000 | 4,000 | 4,000
| ------- | ------- | ------- | -------

20. Analysis of changes in net debt

| At 1 Apr 2025 | Cash flows | At 31 Mar 2026
| £ | £ | £
Cash at bank and in hand | 1,179,611 | (879,140) | 300,471
Debt due within one year | (8,278,770) | 1,856,741 | (6,422,029)
Debt due after one year | – | (3,358,408) | (3,358,408)
| ------------ | ------------ | ------------
| ( 7,099,159) | ( 2,380,807) | ( 9,479,966)
| ------------ | ------------ | ------------

EFL Global UK (PVT) Ltd

Notes to the Financial Statements (continued)

Year ended 31 March 2026
21. Related party transactions
During the year the company entered into the following transactions with related parties:

| Transaction value | Balance owed by/(owed to)
| 2026 | 2025 | 2026 | 2025
| £ | £ | £ | £
Fellow subsidiaries | ( 907,195) | 2,901,040 | 88,210 | 286,647
| --------- | ------------ | -------- | ---------
Fellow subsidiaries | (2,493,450) | 5,772,082 | (5,913,097) | (3,530,665)
| ------------ | ------------ | ------------ | ------------

22. Controlling party
The company is a wholly owned subsidiary of EFL Global Logistics (PTE.) Ltd , a company incorporated in Singapore