Company Registration No. 01598313 (England and Wales)
DHL GBS (UK) Limited
Annual report and financial statements
for the year ended 31 December 2025
DHL GBS (UK) Limited
Company information
Directors
Bridget Baxter
Daniel Cavaciuti
Helen Robertson
Michael Trimm
Blair Parker
John Baird
Nicola Harrington
Alexander Timson
(Appointed 1 April 2025)
Company number
01598313
Registered office
Solstice House
251 Midsummer Boulevard
Milton Keynes
England
MK9 1EA
Auditor
Saffery LLP
St Catherine's Court
Berkeley Place
Clifton
Bristol
BS8 1BQ
DHL GBS (UK) Limited
Contents
Page
Directors' report
2 - 5
Independent auditor's report
6 - 9
Statement of comprehensive income
10
Statement of financial position
12 - 13
Statement of changes in equity
11
Notes to the financial statements
14 - 33
DHL GBS (UK) Limited
Strategic report
For the year ended 31 December 2025
1

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

Fair review of the business

The company's performance in 2025 was in line with expectations and with 2024 achievements, with revenue of £42.7m vs. £43.0m in 2024.

From the perspective of the company, the principal risks and uncertainties are integrated with the principal risks of the group and are not managed separately. The directors of Deutsche Post AG manage the group's operations on a divisional basis. For this reason, the company's directors believe that analysis using key performance indicators for the company is not necessary or appropriate to understand the development, performance or position of the company's business. Accordingly, the principal risks and uncertainties and the development, performance and position of Deutsche Post AG, which include those of the company, are disclosed in the "Opportunities and Risks" section of the group's annual report which does not form part of this report.

For future developments of the group as a whole, see Deutsche Post AG's annual report for the year ended 31 December 2025.

Development and performance
Section 172 statement

The directors have had due regard for their duties under section 172 of the UK Companies Act 2006 and consider the interests of the company's main stakeholders, being employees, suppliers, customers and the wider DPDHL Group, in their decisions. Regular dialogue is held with these parties to understand their needs and all decisions are taken with the view that they will result in long term benefits.

The company is very much part of the wider DPDHL Group and more details of specific actions and decisions taken to benefit the environment, employees, business partners and all other stakeholders can be found in the "Non-Financial Statement" section of Deutsche Post AG's annual report.

On behalf of the board

Alexander Timson
Director
22 May 2026
DHL GBS (UK) Limited
Directors' report
For the year ended 31 December 2025
2

The directors present their annual report and financial statements for the year ended 31 December 2025.

Principal activities

The principal activity of the company continued to be that of the supply of legal, procurement, IT, pension, insurance, tax, real estate, HR, finance and other administrative services to G roup companies.

Results and dividends

The results for the year are set out on page 10. Dividends of £nil (2024: £8,410,400) were paid in the year. As of the date of approval of these financial statements, the directors have not proposed any final dividends.

Directors

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

Bridget Baxter
Daniel Cavaciuti
Helen Robertson
Michael Trimm
Tejinder Pawar
(Resigned 12 March 2025)
Blair Parker
John Baird
Nicola Harrington
Alexander Timson
(Appointed 1 April 2025)
Directors' insurance

The company maintains insurance policies on behalf of all the directors against liability arising from negligence, breach of duty and breach of trust in relation to the company.

Supplier payment policy

The DPDHL Group, and company, recognise the importance of fostering relationships with their suppliers and customers, who are principally other entities within the DPDHL Group. As mentioned in the Strategic Report, regular dialogue is maintained with both these stakeholders, including the conduct of customer satisfaction surveys. Full details of how the Group build long term relationships is available in Deutsche Post AG's annual report.

Financial risk management

The company's operations expose it to a variety of financial risks. None of these risks are considered material to the company. The company has no requirement for debt finance but maintains sufficient cash funds for operations, thus mitigating liquidity risk. The company substantially makes all its revenue from related parties, minimising credit risk. Interest rate risk is reduced by virtue of the fact that its only interest bearing assets are in the form of cash balances, placed primarily with related parties.

The company has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the company by monitoring the cash flow requirements of the company as part of the wider DPDHL Group. The company does not use derivative financial instruments to manage commodity and foreign currency costs and as such, no hedge accounting is applied.

Given the size of the company, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The policies set by the board of directors are implemented by the company's finance department.

DHL GBS (UK) Limited
Directors' report (continued)
For the year ended 31 December 2025
3
Future developments

The company will continue to operate in line with its principal activities.

Auditor

Saffery LLP have expressed their willingness to remain in office as auditors of the company.

DHL GBS (UK) Limited
Directors' report (continued)
For the year ended 31 December 2025
4
Energy and carbon report

The firm is committed to making careful assessments of its levels of energy consumption and to reducing the impact of carbon dioxide emissions on the environment.

Energy usage covered in this disclosure covers all services consumed in the UK, and is primarily the fuel used for business mileage, and the electricity consumption within our office buildings. Energy usage has been calculated by reference to fuel used in either vehicles leased by the company or claimed as business mileage by employees, and electricity supplier energy statements.

2025
2024
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
Renewable sources
Non-renewable sources
Renewable Sources
Non-renewable sources
- Fuel consumed for transport
-
1,053,903
-
1,180,096
- Electricity purchased
65,166
16,712
57,533
23,721
65,166
1,070,615
57,533
1,203,817
Emissions of CO2e equivalent
Metric tonnes
Metric tonnes
Renewable sources
Non-renewable sources
Renewable sources
Non-renewable sources
Scope 1 - direct emissions
- Fuel consumed for owned transport
-
240.78
-
267.36
-
240.78
-
267.36
Scope 2 - indirect emissions
- Electricity purchased
-
2.96
-
4.91
Total gross emissions
-
243.74
-
272.27
Intensity ratio
Tonnes of CO2e per £1,000 of revenue
-
0.00571
-
0.00632
Quantification and reporting methodology

The Directors have followed the 2019 HM Government Environmental Reporting Guidelines. The Directors have also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Greenhouse Gas Conversion Factors for Company Reporting.

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per £1,000 of revenue, the recommended ratio for the sector.

Measures taken to improve energy efficiency

The Company is part of the DPDHL Group. Full details of energy saving measures are included in Deutsche Post AG's annual report.

DHL GBS (UK) Limited
Directors' report (continued)
For the year ended 31 December 2025
5
Statement of directors' responsibilities

The directors are responsible for preparing the annual 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

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

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor
So far as the directors are aware, there is no relevant audit information of which the company's auditor are unaware. Additionally, the directors have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company's auditors are aware of that information.
On behalf of the board
Alexander Timson
Director
22 May 2026
DHL GBS (UK) Limited
Independent auditor's report
To the members of DHL GBS (UK) Limited
6
Opinion

We have audited the financial statements of DHL GBS (UK) Limited (the 'company') for the year ended 31 December 2025 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 Reduced Disclosure Framework (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice including FRS 101; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's r esponsibilities for the A udit 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 United Kingdom, 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.

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.

DHL GBS (UK) Limited
Independent auditor's report (continued)
To the members of DHL GBS (UK) Limited
7

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' r eport 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 identifie d material misstatements in the strategic report or the directors' r eport.

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 s tatement of directors' r esponsibilities, 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.

DHL GBS (UK) Limited
Independent auditor's report (continued)
To the members of DHL GBS (UK) Limited
8

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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the company by discussions with directors and by updating our understanding of the sector in which the company operates.

Laws and regulations of direct significance in the context of the company include The Companies Act 2006 and UK Tax legislation.

Audit response to risks identified:

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council's website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

DHL GBS (UK) Limited
Independent auditor's report (continued)
To the members of DHL GBS (UK) Limited
9

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.

Michael Strong (Senior Statutory Auditor)
For and on behalf of Saffery LLP
1 June 2026
Accountants
Statutory Auditors
St Catherine's Court
Berkeley Place
Clifton
Bristol
BS8 1BQ
DHL GBS (UK) Limited
Statement of comprehensive income
For the year ended 31 December 2025
10
2025
2024
as restated
Notes
£
£
Revenue
3
42,671,684
42,964,246
Administrative expenses
(41,570,660)
(42,291,259)
Operating profit
4
1,101,024
672,987
Investment income
8
719,507
1,141,872
Finance costs
9
(112,274)
(63,441)
Profit before taxation
1,708,257
1,751,418
Taxation
10
(110,771)
32,885
Profit and total comprehensive income for the financial year
1,597,486
1,784,303

This statement of comprehensive income has been prepared on the basis that all operations are continuing operations.

DHL GBS (UK) Limited
Statement of changes in equity
For the year ended 31 December 2025
11
Share capital
Retained earnings
Total
Notes
£
£
£
As restated for the period ended 31 December 2024:
Balance at 1 January 2024
100
15,371,462
15,371,562
Effect of change in accounting policy
-
738,319
738,319
As restated
100
16,109,781
16,109,881
Year ended 31 December 2024:
Profit and total comprehensive income
-
1,784,303
1,784,303
Transactions with owners:
Dividends
11
-
(8,410,400)
(8,410,400)
Balance at 31 December 2024
100
9,483,684
9,483,784
Year ended 31 December 2025:
Profit and total comprehensive income
-
1,597,486
1,597,486
Balance at 31 December 2025
100
11,081,170
11,081,270
DHL GBS (UK) Limited
Statement of financial position
As at 31 December 2025
12
2025
2024
as restated
Notes
£
£
Non-current assets
Property, plant and equipment
12
1,931,922
1,782,251
Investments
13
74
74
1,931,996
1,782,325
Current assets
Deferred tax asset
662,760
772,961
Other receivables
15
21,283,611
20,696,415
21,946,371
21,469,376
Current liabilities
Trade and other payables
16
(8,127,357)
(9,291,222)
Taxation and social security
(793,605)
(780,846)
Lease liabilities
19
(729,084)
(462,499)
(9,650,046)
(10,534,567)
Net current assets
12,296,325
10,934,809
Total assets less current liabilities
14,228,321
12,717,134
Non-current liabilities
Trade and other payables
16
(1,597,758)
(1,544,646)
Lease liabilities
19
(1,140,828)
(1,057,633)
(2,738,586)
2,602,279
Provisions for liabilities
Other provisions
20
(408,465)
(631,071)
Net assets
11,081,270
9,483,784
Equity
Called up share capital
22
100
100
Retained earnings
11,081,170
9,483,684
Total equity
11,081,270
9,483,784
DHL GBS (UK) Limited
Statement of financial position (continued)
As at 31 December 2025
13
The financial statements were approved by the board of directors and authorised for issue on 22 May 2026 and are signed on its behalf by:
Alexander Timson
Director
Company Registration No. 01598313
DHL GBS (UK) Limited
Notes to the financial statements
For the year ended 31 December 2025
14
1
Accounting policies
Company information

DHL GBS (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Solstice House, 251 Midsummer Boulevard, Milton Keynes, England, MK9 1EA. The Company's principal activities and nature of its operations are disclosed in the directors' report.

1.1
Accounting convention

The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards.

The financial statements are prepared in sterling, which is the functional currency of the C ompany. Monetary amounts in these financial statements are rounded to the nearest pound sterling.

The financial statements have been prepared under the historical cost convention. Accounting policies are consistent with the prior year except that for deferred tax as explained in note 1.12 and 21. The principal accounting policies adopted are set out below.

The C ompany has taken advantage of the following disclosure exemptions under FRS 101:

- the requirements of paragraph 91 to 99 of IFRS 13 Fair Value Measurement;

- the requirements of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers;

- the requirements of paragraph 52, 58 and 89 of IFRS 16 Leases;

- the requirements of paragraphs 45(b) and 46 to 52 of IFRS 2 Share B ased Payment;

- the requirements of IFRS 7 Financial Instruments: Disclosures;

- the requirement in paragraph 38 of IAS 1 Presentation of Financial Statements to present comparative information in respect of paragraph 79(a) (iv) of IAS 1 and paragraph 73(e) of IAS 16 Property Plant and Equipmen t;

- the requirements of paragraphs 10(d), 10(f), 16, 38A to 38D, 40A to 40D, 111 and 134 to 136 of IAS 1 Presentation of Financial Statements;

- the requirements of IAS 7 Statement of Cash Flows;

- the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors;

- the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures;

- the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.

As permitted by FRS 101, the C ompany has taken advantage of the disclosure exemptions available under that standard in relation to share based payments, financial instruments, capital management, presentation of a cash flow statement, presentation of comparative information in respect of certain assets, standards not yet effective, impairment of assets, business combinations, discontinued operations and related party transactions. The Company falls within the scope of Pillar Two legislation and disclosures are included within the consolidated financial statements of Deutsche Post AG.

The Company is a wholly owned subsidiary of Deutsche Post AG, Bonn, and its results are included in the consolidated financial statements of Deutsche Post AG which are available from the Deutsche Post AG website; as well as its registered office in Bonn, Germany.

DHL GBS (UK) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
1
Accounting policies (continued)
15

Where required, equivalent disclosures are given in the consolidated financial statements o f Deutsche Post AG.

The C ompany has taken advantage of the exemption under section 40 1 of the Companies Act 2006 not to prepare consolidated financial statements. The financial statements present information about the C ompany as an individual entity and not about its group.

1.2
Going concern

The directors have at the time of approving the financial statements, a reasonable expectation that the true Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Revenue

Revenue is measured based on the consideration specified in contracts with customers in return for services supplied. The services supplied encompass legal, procurement, IT, pension, insurance, tax, real estate, HR, finance and administration.

Revenue is recognised on the basis of meeting performance obligations, which occurs as and when the customer receives and consumes the benefit of such services. Revenue with group affiliated customers and third party customers are recognised on the same basis.

Revenue is presented net of value added tax (VAT), rebates and discounts.

1.4
Property, plant and equipment

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

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

Land and buildings (usage rights)
2 - 10 years
Leasehold improvements
2 - 10 years
Office equipment, fixtures, furniture and fittings
5 - 10 years
Computer equipment
4 years
Computer software
3 years
Motor vehicles (usage rights)
3 - 4 years

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

1.5
Non-current investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in the statement of comprehensive income.

DHL GBS (UK) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
1
Accounting policies (continued)
16
1.6
Impairment of tangible and intangible assets

At each reporting end date, the Company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in the statement of comprehensive income, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.7
Fair value measurement

IFRS 13 establishes a single source of guidance for all fair value measurements. IFRS 13 does not change when an entity is required to use fair value, but rather provides guidance on how to measure fair value under IFRS when fair value is required or permitted. The Company is exempt under FRS 101 from the disclosure requirements of IFRS 13. There was no impact on the Company from the adoption of IFRS 13.

1.8
Cash and cash equivalents

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

1.9
Financial assets

Financial assets are recognised in the Company's statement of financial position when the Company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

Financial assets at fair value

At initial recognition, financial assets classified as 'fair value through profit and loss' (FVTPL) are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

Financial assets at amortised cost

The C ompany classifies its financial assets as at amortised cost only if both of the following criteria are met (and are not designated as FVTPL):

- The asset is held within a business model whose objective is to collect the contractual cash flows, and

- T he contractual terms of the financial asset give rise to cash flows that are solely payments of principal and interest.

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

DHL GBS (UK) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
1
Accounting policies (continued)
17
Impairment of financial assets

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

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

1.10
Financial liabilities

The C ompany recogni s es financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

Financial liabilities at fair value

At initial recognition, financial liabilities classified as 'fair value through profit or loss' (FVTPL) are measured at fair value and any transaction costs are recognised in profit or loss.

Other financial liabilities

Other financial liabilities, including borrowings, t rade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. The se are subsequently measured at amortised cost using the effective interest method. The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated cash payments through the expected life of the financial liability to the net carrying amount on initial recognition. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the Company’s obligations are discharged, cancelled, or they expire.

1.11
Equity instruments

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

1.12
Taxation

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

DHL GBS (UK) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
1
Accounting policies (continued)
18
Current tax

Current tax is the amount of income tax payable in respect of the taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the year end.

Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.

Deferred tax

Deferred tax is the tax expected to be payable or recoverable on temporary differences between the carrying amount of an asset or liability in the financial statements and the corresponding tax bases used in the computation of taxable profits.

Deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which the temporary differences can be utilised in the future. Deferred tax assets and liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable nor the accounting profit.

Deferred tax is measured at the tax rates that are expected to apply in the years in which the temporary differences are expected to reverse based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis.

The company has entered into an agreement regarding UK corporation tax payments and refunds with Exel Limited, a fellow group undertaking. Under the terms of this agreement Exel Limited has undertaken to discharge the current and future UK corporation tax liabilities on behalf of and benefit from any tax recoverable due to, the company.

The indemnity provided by Exel Limited is accounted for as a capital contribution within reserves.

1.13
Provisions

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

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows.

1.14
Employee benefits

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

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

A termination benefit liability is recognised at the earlier of when the Company can no longer withdraw the offer of the termination benefit and when the Company recognises any related restructuring costs.

DHL GBS (UK) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
1
Accounting policies (continued)
19
1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense when employees have rendered the service entitling them to the contributions.

1.16
Leases

All leases, unless these run for a period of under 12 months or hold a low value, are capitalised as usage rights assets in the statement of financial position and depreciated over the tenure of the individual leases.

The usage rights assets are initially valued at cost. Usage rights assets recognised after the date of adoption comprises the lease liability and lease payments made at or prior to delivery less lease incentives received, initial direct costs and restoration obligations. For usage rights assets recognised on the date of adoption, this comprises the value of the liability adjusted for any payments, either prepaid or accrued, in the statement of financial position.

The corresponding lease commitment is shown as a liability. Lease payments are analysed between capital and interest. The interest element of leasing payments represents a constant proportion of the capital balance outstanding and is charged to the statement of comprehensive income over the period of the lease. The capital element reduces the balance owed to the lessor.

1.17
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the statement of comprehensive income for the period.

1.18

Deferred income

Income received in respect of future accounting periods is deferred and released to the statement of comprehensive income in the year to which it relates.

2
Critical accounting judgements and key sources of estimation uncertainty

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

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

2.1
Critical accounting judgements
Provisions

Potential liabilities which the C ompany has provided for are detailed in note 20. Management r egularly analyses the information currently available about these provisions and recognises provisions for any probable obligations. Where deemed appropriate, internal or external experts are also consulted in making such assessments. In deciding on the necessity for a provision, management takes into account the probability of an unfavourable outcome and whether the amount of the obligation can be estimated with sufficient reliability.

DHL GBS (UK) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
2
Critical accounting judgements and key sources of estimation uncertainty (continued)
20
Recoverability of trade receivables

Trade receivable balances are stated after providing for amounts not expected to be recovered. The provision is estimated based on historic data, trend analysis, and future payment forecasting, as well as in consideration of the ageing of debts.

Tangible fixed assets

The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of assets. The useful economic lives and residual values are assessed annually. The se are amended when necessary to reflect current estimates, based on technological advancements, future investments, economic utilisation and the physical condition of the assets. See note 12 for the carrying amount of tangible fixed assets and note 1.4 for the useful economic lives for each class of asset.

Bonus accrual

The bonus accrual is estimated based on the realistic potential bonus that may be due. Management have taken a prudent position based on their experience.

2.2
Key sources of estimation uncertainty
Economic uncertainty

All assumptions and estimates are based on the circumstances prevailing and assessments made at the reporting date. For the purpose of estimating the future development of the business, a realistic assessment was also made at that date of the economic environment likely to apply in the future to the different sectors and regions in which the C ompany operates. In the event of developments in this general environment that diverge from the assumptions made, the actual amounts may differ from the estimated amounts. In such cases, the assumptions made and, where necessary, the carrying amounts of the relevant assets and liabilities are adjusted accordingly.

At the date of preparation of these financial statements, there is no indication that any significant change in the assumptions and estimates made will be required, so that on the basis of the information currently available it is not expected that there will be significant adjustments in the current financial year to the carrying amounts of the assets and liabilities recognised in the financial statements.

3
Revenue
2025
2024
£
£
Revenue analysed by class of business
Service revenue
42,671,684
42,964,246
2025
2024
£
£
Revenue analysed by geographical destination market
United Kingdom
16,629,252
18,425,218
Europe
25,544,483
24,240,308
Rest of the world
497,949
298,720
42,671,684
42,964,246
DHL GBS (UK) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
21
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses
9,480
492
Depreciation of property, plant and equipment
751,635
676,144
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
56,290
54,210
For other services
Tax services
1,820
1,735
Other services
5,260
5,015
Total non-audit fees
7,080
6,750
6
Employees

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

2025
2024
Number
Number
Management and administration support services
244
282

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
24,548,547
26,093,541
Social security costs
3,347,281
3,241,480
Pension costs
1,631,460
1,687,271
Redundancy costs
551,037
83,000
30,078,325
31,105,292
DHL GBS (UK) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
22
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
1,659,764
1,493,292
Company pension contributions to defined contribution schemes
142,480
115,722
Compensation for loss of office
-
188,421
1,802,244
1,797,435
Remuneration disclosed above include the following amounts paid to the highest paid director:
Remuneration for qualifying services
309,521
296,876
Company pension contributions to defined contribution schemes
13,567
23,780
The number of directors who received the following benefits in respect of qualifying services was:
2025
2024
Number
Number
Defined contribution schemes
8
7
Parent entity shares awarded under executive bonus schemes (SMS) - cash settled
2
1
Parent entity shares awarded under executive long term incentive scheme (PSP) - cash settled
-
1
SMS, PSP and ESP above are all awarded at the end of the lock-in vesting periods. Further details are in note 17.

The highest paid director has been entitled to receive shares under a long term incentive scheme during the year.

8
Investment income
2025
2024
£
£
Interest income
Other interest income
719,507
1,141,872
9
Finance costs
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
226
-
Interest expense on lease liabilities
112,048
63,441
112,274
63,441
DHL GBS (UK) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
23
10
Taxation
2025
2024
as restated
£
£
Current tax
Foreign taxes and reliefs
570
1,757
570
1,757
Deferred tax
Origination and reversal of temporary differences
151,827
(34,642)
Adjustment in respect of prior periods
(41,626)
-
0
110,201
(34,642)
Total tax charge/(credit)
110,771
(32,885)

The tax assessed for the year differs from the standard rate of corporation tax in the UK of 25% (2024: 25%). The differences are explained below:

2025
2024
£
£
Profit before taxation
1,708,257
1,751,418
Expected tax charge based on a corporation tax rate of 25.00% (2024: 25.00%)
427,064
437,855
Effect of expenses not deductible in determining taxable profit
5,833
9,190
Adjustment in respect of prior years
(41,626)
-
0
Group relief
(281,070)
(481,687)
Excess of foreign tax over double tax relief
570
1,757
Taxation charge/(credit) for the year
110,771
(32,885)

Pillar Two legislation has been enacted in the UK and is effective from 1 January 2024. The company is within the scope of Pillar Two legislation, however, no additional tax liability is currently expected to arise. Accordingly, no accrual has been recorded in the 2025 financial statements.

Comparative figures for taxation have been restated to s how the effect of an amendment to the accounting treatment of the centralised tax accounting arrangements as described within note 1.12 of the financial statements, with further detail on the restatement within note 24.

DHL GBS (UK) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
24
11
Dividends
2025
2024
2025
2024
Amounts recognised as distributions:
per share
per share
Total
Total
£
£
£
£
Ordinary shares
Final dividend paid
-
84,104
-
8,410,400
DHL GBS (UK) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
25
12
Property, plant and equipment
Leasehold improvements
Office equipment, fixtures, furniture and fittings
Computer equipment and computer software
Land and buildings (usage rights)
Motor vehicles (usage rights)
Total
£
£
£
£
£
£
Cost
At 1 January 2025
291,860
483,623
287,586
1,573,007
1,086,900
3,722,976
Additions
-
0
5,661
52,798
437,486
439,111
935,056
Disposals
-
0
-
-
0
-
0
(329,085)
(329,085)
At 31 December 2025
291,860
489,284
340,384
2,010,493
1,196,926
4,328,947
Accumulated depreciation and impairment
At 1 January 2025
57,618
457,694
171,514
673,993
579,906
1,940,725
Charge for the year
61,693
7,084
55,843
298,175
328,840
751,635
Eliminated on disposal
-
0
-
0
-
0
-
0
(295,335)
(295,335)
At 31 December 2025
119,311
464,778
227,357
972,168
613,411
2,397,025
Carrying amount
At 31 December 2025
172,549
24,506
113,027
1,038,325
583,515
1,931,922
At 1 January 2025
234,242
25,929
116,072
899,014
506,994
1,782,251
DHL GBS (UK) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
26
13
Investments
Current
Non-current
2025
2024
2025
2024
£
£
£
£
Investments in subsidiaries
-
0
-
0
74
74
Fair value of financial assets carried at amortised cost

The directors consider that the carrying amounts of financial assets carried at amortised cost in the financial statements approximate to their fair values.

Movements in non-current investments
Shares in group undertakings
£
Cost or valuation
At 1 January 2025 & 31 December 2025
74
Carrying amount
At 31 December 2025
74
At 31 December 2024
74
14
Subsidiaries

Details of the Company's subsidiaries at 31 December 2025 are as follows:

Name of undertaking
Registered office
Ownership interest (%)
Voting power held (%)
Nature of business
DHL Trustees Limited
Howard House, 40 - 64 St Johns Street, Bedford, MK42 0DJ
74
74
Pension schemes' trustees
DHL GBS (UK) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
27
15
Trade and other receivables
2025
2024
£
£
Trade receivables
-
58,487
Other receivables
393,278
463,205
VAT recoverable
74,925
170,980
Amounts owed by fellow group undertakings
20,020,289
19,314,622
Prepayments and accrued income
795,119
689,121
21,283,611
20,696,415

Trade receivables, other receivables, amounts owed by fellow group undertakings and prepayments disclosed above are measured at amortised cost.

Included within amounts owed by fellow group undertakings is £17,075,332 (2024: £11,738,390), in relation to the bank account which is swept in entirety to a group undertaking overnight and attracts interest at variable rates.

An amount of £nil (2024: £5,000,000), is included in respect of a current intercompany loan to a group undertaking which expired on 6 February 2025. The loan facility attracted interest at a rate of 5.4945% per annum (2024: 5.412%). The full loan amount was repaid.

All other amounts owed by fellow group undertakings are unsecured, interest free and have no fixed date of repayment, and so are repayable on demand.

16
Trade and other payables
Current
Non-current
2025
2024 as restated
2025
2024 as restated
£
£
£
£
Trade payables
572,972
549,466
-
0
-
0
Amounts owed to fellow group undertakings
582,179
1,014,639
-
-
Accruals and deferred income
5,905,720
6,491,864
-
0
-
0
Share based payment liabilities
976,111
1,178,410
1,597,758
1,544,646
Other payables
90,375
56,843
-
-
8,127,357
9,291,222
1,597,758
1,544,646

Trade payables, amounts owed to fellow group undertakings and accruals principally comprise amounts outstanding for trade purchases and ongoing costs. The Company has financial risk management policies in place to ensure that all payables are paid within the pre-agreed credit terms.

All amounts are unsecured.

The comparative figures have been restated to correct an allocation issue for share based payments. They have been moved from provisions to creditors as appropriate. The adjustment has no impact on profit and loss, balance sheet or cash flows for the year. See note 17 for further information on share based payments

DHL GBS (UK) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
28
17
Share-based payments

Provision for Share Matching Scheme (SMS)

The provision for the Share Matching Scheme (SMS) has arisen as a result of the share based payments accounted for as cash settled. The utilisation in the year reflects the settlement of outstanding share options that have vested in the period. The provision has been valued by reference to market share price of the ultimate parent company and is inclusive of Employers National Insurance.

The provision is expected to reverse in line with the SMS incentive scheme rules, albeit the scheme remains open and therefore further additions are expected to reflect shares granted in the period.

The provision is not discounted since the passing of time at the implicit rate of borrowing is deemed highly immaterial.

This scheme is open to executives with a 4 year lock-in vesting period.

Provision for Performance Share Plan (PSP) Scheme

The provision for the Performance Share Plan (PSP) scheme has arisen as a result of the share based payments accounted for as cash settled. The utilisation in the year reflects the settlement of outstanding share options that have vested in the period. The provision has been valued by reference to the Black-Scholes model and is stated inclusive of Employers National Insurance.

The provision is expected to reverse in line with the PSP incentive scheme rules, albeit the scheme remains open and therefore further additions are expected to reflect shares granted in the period.

The provision is not discounted since the passing of time at the implicit rate of borrowing is deemed highly immaterial.

This scheme is open to executives with a 4 year lock-in vesting period.

Provision for Employee Share Plan (ESP) Scheme

The provision for the Employee Share Plan (ESP) scheme has arisen as a result of the share based payments accounted for as cash settled. The utilisation in the year reflects the settlement of outstanding share options that have vested in the period. The provision has been valued by reference to the Black-Scholes model and is stated inclusive of Employers National Insurance.

The provision is expected to reverse in line with the ESP incentive scheme rules, albeit the scheme remains open and therefore further additions are expected to reflect shares granted in the period.

The provision is not discounted since the passing of time at the implicit rate of borrowing is deemed highly immaterial.

This scheme is not open to executives, but to certain employee grades with a 1-to-3 month lock-in vesting period.

DHL GBS (UK) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
29
18
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
1,631,460
1,687,271

The C ompany operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

19
Lease liabilities
2025
2024
Maturity analysis
£
£
Within one year
692,211
503,365
In two to five years
1,364,831
1,215,948
Total undiscounted liabilities
2,057,042
1,719,313
Future finance charges and other adjustments
(187,130)
(199,180)
Lease liabilities in the financial statements
1,869,912
1,520,133

Lease obligations are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:

2025
2024
£
£
Current liabilities
729,084
462,499
Non-current liabilities
1,140,828
1,057,633
1,869,912
1,520,132
2025
2024
Amounts recognised in profit or loss include the following:
£
£
Interest on lease liabilities
112,048
63,441

The Company leases several assets under lease arrangements including buildings and vehicles to enable the Company to perform its principal objectives. All amounts outstanding relating to such leases are discounted at the incremental cost of borrowing, being between 2.50% and 8.00% (2024: between 2.00% and 4.00%) per annum.

The Company does account for certain lease arrangements as short-term leases. The expenses related to these totalled £447,272 (2024: £626,517) during the year.

The total cash outflow for leases, including short leases, totalled £1,085,351 (2024: £1,074,556).

DHL GBS (UK) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
30
20
Provisions for liabilities
2025
2024 as restated
£
£
Other provisions
408,465
631,071
Movements on provisions:
Other provisions
£
Provision
At 1 January 2025
631,071
Addition
134,000
Utilisation
(356,606)
At 31 December 2025
408,465
Total provision
At 31 December 2025
408,465
At 31 December 2024 (as restated)
631,071

Provision for property dilapidations

The provision for property dilapidations represents the estimated costs of the renovation work required under the terms of the property leases to return the properties to their original condition at the end of the leases.

The provision is expected to reverse in line with the ending of related lease contracts. At present no decision has been taken as to the potential renewal of said leases and therefore the exact timing of the reversal of property dilapidation provisions cannot be estimated reliably.

The provision is not discounted since the passing of time at the implicit rate of borrowing is deemed highly immaterial.

DHL GBS (UK) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
31
21
Deferred tax
A summary of the Company's deferred tax asset is as follows:
Recognised
Unrecognised
Recognised
Unrecognised
2025
2025
2024
2024
Balances:
£
£
£
£
Decelerated capital allowances
82,715
-
90,695
-
Other timing differences
-
-
65,402
-
Share schemes
580,045
-
616,864
-
Net deferred tax asset
662,760
-
772,961
-

Deferred tax is calculated at 25% (2024: 25%)

The company had a net deferred tax asset at 31 December 2025 of £662,760 (2024: £772,961) which has been recognised in the financial statements.

Deferred tax movements are reflected in the profit and loss account. For the year ended 31 December 2025, a deferred tax charge of £110,201 was recognised (2024 as restated: £34,642 credit).

Finance Act 2021 increased the main rate of corporation tax from 19% to 25% with effect from 1 April 2023. No subsequent rate changes have been enacted or substantively enacted.

Comparative figures for taxation have been restated to s how the effect of an amendment to the accounting treatment of the centralised tax accounting arrangements as described within note 1.12 of the financial statements, with further detail on the restatement within note 25.

22
Share capital
2025
2024
£
£
Ordinary share capital
Authorised, issued and fully paid
100 Ordinary shares of £1 each
100
100

The Company only has one class of share being Ordinary shares. Each Ordinary share is entitled to the same rights being one voting right per share and equal entitlement to dividends declared and amounts distributed on winding up.

DHL GBS (UK) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
32
23
Controlling party

The immediate parent undertaking is Exel Investments Limited, Solstice House, 251 Midsummer Boulevard, Milton Keynes, England, MK9 1EA, a company registered in England and Wales.

The ultimate parent undertaking and controlling party is Deutsche Post AG, a company incorporated in Germany, which is the parent undertaking of the smallest group to consolidate these financial statements. Copies of the consolidated financial statements within the annual report of Deutsche Post AG may be obtained from the Deutsche Post AG website or at its registered office in Bonn, Germany.

24
Related party transactions

The Company has taken advantage of the exemption available under FRS 101 paragraph 8 (j) (k) and has not disclosed transactions with other wholly owned group members under common control as required under IAS 24.

Amounts owed at the year end by members of the Group are disclosed in Note 15. Amounts owed at the year end to members of the group are disclosed in Note 16.

During the year, the Company received income totalling £2,623,302 (2024: £7,199,861) from DHL Trustees Limited, a subsidiary which is not wholly owed. No amounts were owed to, or due from, DHL Trustees Limited at either of the reporting dates.

During the year, a payment of £224,793 (2024: £163,761) was made into the DHL Group Retirement Plan, a defined benefit scheme in which the risks are held by another Group entity.

During the year, a payment of £233,054 was made to DHL eCommerce UK Limited, an associate of DHL GBS (UK) Limited, This was previously a wholly owned subsidiary qualifying under the IAS 24 disclosure exemption, under the common control of Deutsche Post AG, the ultimate parent.

DHL GBS (UK) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
33
25
Prior period adjustment
Reconciliation of changes in equity
1 January
31 December
2024
2024
Notes
£
£
Equity as previously reported
15,371,562
8,710,823
Adjustments to prior year
Deferred tax assets
20
738,319
772,961
Equity as adjusted
16,109,881
9,483,784
Analysis of the effect upon equity
Retained earnings
738,319
772,961
Reconciliation of changes in profit for the previous financial period
2024
Notes
£
Profit as previously reported
1,749,661
Adjustments to prior year
Credit to deferred tax charge
10
34,642
Profit as adjusted
1,784,303
Notes to reconciliation

The opening reserves as of 1 January 2024, alongside the profit or loss and balance sheet as of 31 December 2024 have been restated to show the effect of an amendment to the accounting treatment of the centralised tax accounting arrangements as described within note 1.12 of the financial statements.

Under the terms of the centralised tax accounting arrangements, Exel Limited undertakes to discharge the current and future UK corporation tax liabilities on behalf of and benefit from any tax recoverable due to, the Company. Previously, if a company had a net deferred tax asset, this was not recognised in the balance sheet on the basis that the company would not benefit from the reversal of deferred tax assets. However, while Exel Limited will settle any current tax liabilities of the Company, deferred tax assets should still be recognised to the extent that it is probable that taxable profits will be available against which the temporary differences can be utilised in the future. Hence the prior year financial statements and the opening reserves as at 1 January 2024 have been restated to reflect this change.

2025-12-31 2025-01-01 Bridget Baxter Daniel Cavaciuti Helen Robertson Michael Trimm Tejinder Pawar Blair Parker John Baird Nicola Harrington Alexander Timson false false CCH Software iXBRL Review & Tag 2025.2 01598313 2025-01-01 2025-12-31 01598313 bus:Director1 2025-01-01 2025-12-31 01598313 bus:Director2 2025-01-01 2025-12-31 01598313 bus:Director3 2025-01-01 2025-12-31 01598313 bus:Director4 2025-01-01 2025-12-31 01598313 bus:Director6 2025-01-01 2025-12-31 01598313 bus:Director7 2025-01-01 2025-12-31 01598313 bus:Director8 2025-01-01 2025-12-31 01598313 bus:Director9 2025-01-01 2025-12-31 01598313 bus:Director5 2025-01-01 2025-12-31 01598313 bus:RegisteredOffice 2025-01-01 2025-12-31 01598313 2025-12-31 01598313 2024-01-01 2024-12-31 01598313 core:ContinuingOperations 2025-01-01 2025-12-31 01598313 core:RetainedEarningsAccumulatedLosses 2025-01-01 2025-12-31 01598313 core:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 01598313 2023-12-31 01598313 core:ShareCapital 2024-12-31 01598313 core:RetainedEarningsAccumulatedLosses 2024-12-31 01598313 2024-12-31 01598313 core:ShareCapital 2025-12-31 01598313 core:RetainedEarningsAccumulatedLosses 2025-12-31 01598313 core:ContinuingOperations 2025-12-31 01598313 core:FurnitureFittings 2025-12-31 01598313 core:PlantMachinery 2025-12-31 01598313 core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment 2025-12-31 01598313 core:Non-standardPPEClass2ComponentTotalPropertyPlantEquipment 2025-12-31 01598313 core:PlantMachinery 2024-12-31 01598313 core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment 2024-12-31 01598313 core:Non-standardPPEClass2ComponentTotalPropertyPlantEquipment 2024-12-31 01598313 core:CurrentFinancialInstruments 2025-12-31 01598313 core:CurrentFinancialInstruments 2024-12-31 01598313 core:Non-currentFinancialInstruments 2025-12-31 01598313 core:Non-currentFinancialInstruments 2024-12-31 01598313 core:ForeignTax 1 2025-01-01 2025-12-31 01598313 core:ForeignTax 1 2024-01-01 2024-12-31 01598313 core:PlantMachinery 2024-12-31 01598313 core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment 2024-12-31 01598313 core:Non-standardPPEClass2ComponentTotalPropertyPlantEquipment 2024-12-31 01598313 2024-12-31 01598313 core:LandBuildings core:LeasedAssetsHeldAsLessee 2025-01-01 2025-12-31 01598313 core:FurnitureFittings 2025-01-01 2025-12-31 01598313 core:PlantMachinery 2025-01-01 2025-12-31 01598313 core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment 2025-01-01 2025-12-31 01598313 core:Non-standardPPEClass2ComponentTotalPropertyPlantEquipment 2025-01-01 2025-12-31 01598313 core:LeaseholdImprovements core:LeasedAssetsHeldAsLessee 2025-01-01 2025-12-31 01598313 core:LeaseholdImprovements core:LeasedAssetsHeldAsLessee 2025-12-31 01598313 core:Subsidiary1 2025-01-01 2025-12-31 01598313 core:Subsidiary1 1 2025-01-01 2025-12-31 01598313 bus:OrdinaryShareClass1 2025-01-01 2025-12-31 01598313 bus:PrivateLimitedCompanyLtd 2025-01-01 2025-12-31 01598313 bus:FRS101 2025-01-01 2025-12-31 01598313 bus:Audited 2025-01-01 2025-12-31 01598313 bus:FullAccounts 2025-01-01 2025-12-31 xbrli:pure xbrli:shares iso4217:GBP