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Registered number: 02569484 SPEDITION SERVICES LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
SPEDITION SERVICES LIMITED COMPANY INFORMATION
Directors | Y. Fazal
| Z. Fazal
| E. Fazal
Company secretary | J. H. Garner
Registered number | 02569484
Registered office | Spedition House
| 1-3 Blenheim Court, Brook Way
| Leatherhead
| Surrey
| KT22 7NA
Independent auditors | Calders (1883) LLP
| Chartered Accountants & Statutory Auditors
| 30 Orange Street
| London
| WC2H 7HF
SPEDITION SERVICES LIMITED CONTENTS
| Page
Strategic report | 1 - 2
Directors' report | 3 - 4
Independent auditors' report | 5 - 9
Statement of comprehensive income including profit and loss account | 10
Statement of financial position | 11
Statement of changes in equity | 12
Statement of cash flows | 13
Notes to the financial statements | 14 - 26
SPEDITION SERVICES LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 MARCH 2026
Introduction
The directors present their strategic report for the year ended 31 March 2025.
Business review
The year saw a 10.16% increase in turnover to £16.9million following the significant reduction in 2025. The company's margins remained consistent year on year. Whilst happy with the progress, the directors remain cautious about the future of the business over the next few years. Although administration expenses remained fairly consistent between the years, there was a very large foreign exchange gain of £725k compared to a loss of £469k in 2025 giving rise to a £1.2m exceptional reduction in costs. The company also benefited by the closure of the Belgium office. After tax and dividends to the holding company, the company's net assets improved to £24.3m (from £22.3m in 2025) and means the company continues to be in a strong position to take advantage of any opportunities that arise in existing or new markets should they arise.
Principal risks and uncertainties
The principal risks and uncertainties facing the Company are from competition and economic uncertainties in some of their main markets and liquidity and cash flow. Competitive Risks The Company operates in a highly competitive marketplace. The Company is well positioned and funded to finance its business going forwards and able to adjust staffing levels and to an extent overhead costs if activity further reduces.. Exposure to liquidity and cash flow risk Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. We aim to mitigate liquidity risk by managing cash generation by our operations, applying cash collection targets and maintaining a meaningful cash position to fund working capital requirements. Cash flow risk is the risk that inflows and outflows of cash equivalents will not be sufficient to finance the day-to-day operations. We manage cash flow risk by careful negotiation of terms with customers and suppliers.
Financial key performance indicators
The board does not consider that the company faces any unduly significant financial risks as it has good debtors control, significant and adequate cash and bank balances to finance the level of its trade. The company manages its cash flow well and believes that it is in a position to react to any downturn in economic activity without resorting to bank borrowings as it can rely on its existing working capital and healthy bank and cash balances to finance both existing levels of trade and to any short term reduction in those levels. Page 1
SPEDITION SERVICES LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2026
Other key performance indicators
The directors believe that analysis using key performance indicators for the company in isolation is not necessary or appropriate for an understanding of its development or market position. This report was approved by the board on 13 July 2026 and signed on its behalf.
Y. Fazal Director
Page 2
SPEDITION SERVICES LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 MARCH 2026 The directors present their report and the financial statements for the year ended 31 March 2026.
Directors' responsibilities statement
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Principal activity
The Company’s principal activity is specialising in freight forwarding, transport, logistics, project management and 3PL consultancy.
Results and dividends
The profit for the year, after taxation, amounted to £1,996,973 (2025 - £1,129,285). Dividends of £1,000,000 (2025 - £Nil) were paid during the year.
Directors
The directors who served during the year were:
Y. Fazal
Z. Fazal
E. Fazal
Page 3
SPEDITION SERVICES LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2026
Holding company
The company's holding company is PSC Logistics SPRL, a company incorporated and resident in Belgium. Consolidated accounts are not required in Belgium for an entity of this size.
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Auditors
The auditors, Calders (1883) LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board on 13 July 2026 and signed on its behalf.
Y. Fazal Director
Page 4
SPEDITION SERVICES LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SPEDITION SERVICES LIMITED
Opinion
We have audited the financial statements of Spedition Services Limited (the 'Company') for the year ended 31 March 2026, which comprise the Statement of comprehensive income including profit and loss account, the Statement of financial position, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 31 March 2026 and of its profit for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. Page 5
SPEDITION SERVICES LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SPEDITION SERVICES LIMITED (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the 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 set out on page 3, 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. Page 6
SPEDITION SERVICES LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SPEDITION SERVICES LIMITED (CONTINUED)
Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these 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: In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered and undertook the following audit procedures in response: • We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are those that relate to the reporting frameworks (United Kingdom accounting standards and Companies Act 2006); • We obtained an understanding of the nature of the industry and sector, control environment and business performance; • The outcome of discussions with management and those charged with governance and any matters we identified having obtained and reviewed the company’s documentation of their policies and procedures related to: - Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance or any actual or potential litigation or claims; - Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; - The internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; • The matters discussed during the audit engagement team briefing regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. All engagement team members were advised to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit; • Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; • Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; • Reviewing correspondence with HMRC and inspection of relevant legal correspondence; • In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments by testing manual journal entries, in particular journal entries relating to management estimates and entries determined to be large or relating to unusual transactions; • Assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business; Page 7
SPEDITION SERVICES LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SPEDITION SERVICES LIMITED (CONTINUED) • Assessment of the appropriateness of the collective competence and capabilities of the engagement team included consideration of the engagement team’s: - understanding of, and practical experience with audit engagements of a similar nature and complexity through appropriate training and participation; - knowledge of the industry in which the client operates; - understanding of the legal and regulatory requirements specific to the company including: • the provisions of the applicable legislation • the applicable statutory provisions; • When accessing fraud in revenue recognition, reviewing job files to confirm the job exists and revenue is recognised in the correct period. As a result of these procedures, we considered the opportunities and incentives that may exist within the company for fraud and identified the greatest potential for fraud in the areas in which management is required to exercise significant judgement. We are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of the material amounts and disclosures in the financial statements. Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation, and distributable profits legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate and avoid a material penalty. These included data protection, employment and health and safety regulations, competition and anti-bribery laws, environment regulations. With regards to laws and regulations relating to the operating aspects of the company, these were discussed with management and were not considered fundamental to the operating of the business therefore should not have a material impact on the financial statements. No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK). A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report. Page 8
SPEDITION SERVICES LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SPEDITION SERVICES LIMITED (CONTINUED)
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 Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed. David Gallagher (Senior statutory auditor) for and on behalf of Calders (1883) LLP Chartered Accountants & Statutory Auditors 30 Orange Street London WC2H 7HF 13 July 2026 Page 9
SPEDITION SERVICES LIMITED STATEMENT OF COMPREHENSIVE INCOME INCLUDING PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 MARCH 2026
| 2026 | 2025
Note | £ | £
Turnover | 4 | 16,860,111 | 15,305,039
Cost of sales |  | (13,847,821) | (12,558,299)
Gross profit |  | 3,012,290 | 2,746,740
Administrative expenses |  | (696,813) | (1,842,158)
Other operating income | 5 | 17,138 | 33,786
Operating profit | 6 | 2,332,615 | 938,368
Income from investments |  | 25,883 | -
Unrealised gain on investments |  | 19,691 | 54,732
Loss on disposal of investments |  | (94) | -
Interest receivable and similar income | 11 | 275,589 | 531,911
Interest payable and similar expenses | 12 | (5,639) | -
Profit before tax |  | 2,648,045 | 1,525,011
Tax on profit | 13 | (651,072) | (395,726)
Profit for the financial year |  | 1,996,973 | 1,129,285
There were no recognised gains and losses for 2026 or 2025 other than those included in the statement of comprehensive income including profit and loss account.
There was no other comprehensive income for 2026 (2025:£NIL).
The notes on pages 14 to 26 form part of these financial statements.
Page 10
SPEDITION SERVICES LIMITED REGISTERED NUMBER: 02569484 STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2026
|  | 2026 |  | 2025
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 15 |  | 1,587,918 |  | 1,142,422
Investment property | 16 |  | - |  | 475,000
|  |  | 1,587,918 |  | 1,617,422
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 17 | 2,400,024 |  | 2,695,264 |
Current asset investments | 18 | 5,408,949 |  | 1,908,214 |
Cash at bank and in hand | 19 | 18,004,983 |  | 20,267,820 |
|  | 25,813,956 |  | 24,871,298 |
Creditors: amounts falling due within one year | 20 | (3,100,515) |  | (3,190,398) |
Net current assets |  |  | 22,713,441 |  | 21,680,900
Total assets less current liabilities |  |  | 24,301,359 |  | 23,298,322
Provisions for liabilities |  |  |  |  |
Deferred tax | 22 | (31,556) |  | (25,492) |
|  |  | (31,556) |  | (25,492)
Net assets |  |  | 24,269,803 |  | 23,272,830
Capital and reserves |  |  |  |  |
Called up share capital | 23 |  | 90,000 |  | 90,000
Other reserve | 24 |  | 161,639 |  | 160,554
Profit and loss account | 24 |  | 24,018,164 |  | 23,022,276
|  |  | 24,269,803 |  | 23,272,830
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 13 July 2026.
Y. Fazal
Director
The notes on pages 14 to 26 form part of these financial statements. Page 11
SPEDITION SERVICES LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2026
| Called up share capital | Other reserve | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 April 2024 | 90,000 | 105,822 | 21,947,723 | 22,143,545
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 1,129,285 | 1,129,285
Transfer to/from profit and loss account | - | 54,732 | (54,732) | -
At 1 April 2025 | 90,000 | 160,554 | 23,022,276 | 23,272,830
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 1,996,973 | 1,996,973
Dividends: Equity capital | - | - | (1,000,000) | (1,000,000)
Transfer to/from profit and loss account | - | 19,691 | (1,085) | 18,606
Fair value movements | - | (18,606) | - | (18,606)
At 31 March 2026 | 90,000 | 161,639 | 24,018,164 | 24,269,803
| The notes on pages 14 to 26 form part of these financial statements.
Page 12
SPEDITION SERVICES LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2026
|  |  | 2026 | 2025
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 1,996,973 | 1,129,285
Adjustments for: |  |
Depreciation of tangible assets | 51,520 | 40,901
Loss on disposal of tangible assets | 6 | 41
Interest paid | 5,639 | -
Interest received | (275,589) | (531,911)
Taxation charge | 651,072 | 395,726
Decrease in debtors | 49,217 | 908,329
Decrease/(increase) in amounts owed by associated company | 137,253 | (174,401)
(Decrease)/increase in creditors | (1,145,002) | 450,163
Increase/(decrease)) in amounts owed to holding company | 1,000,000 | (5,676,556)
Unrealised gain on investment | (19,691) | (54,732)
Corporation tax (paid) | (506,909) | (962,216)
Net cash generated from operating activities | 1,944,489 | (4,475,371)
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (22,022) | (9,402)
Purchase of short-term listed investments | (3,502,022) | (569,895)
Sale of short-term listed investments | 20,885 | -
Interest received | 275,589 | 531,911
Income received from listed investments | 25,883 | -
Net cash from investing activities | (3,201,687) | (47,386)
Cash flows from financing activities |  |
Dividends paid | (1,000,000) | -
Interest paid | (5,639) | -
Net cash used in financing activities | (1,005,639) | -
Net (decrease) in cash and cash equivalents | (2,262,837) | (4,522,757)
Cash and cash equivalents at beginning of year | 20,267,820 | 24,790,577
Cash and cash equivalents at the end of year | 18,004,983 | 20,267,820
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 18,004,983 | 20,267,820
| 18,004,983 | 20,267,820
Page 13
SPEDITION SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
1. | General information
Spedition Services Limited is a private company limited by share capital, incorporated in England and Wales, registration number 02569484. The address of the registered office is Spedition House, 1-3 Blenheim Court, Brook Way, Leatherhead, Surrey, KT22 7NA. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland and the Companies Act 2006. Under Section 454 Companies Act 2006 the directors of the company may revise these financial statements if they subsequently prove to be defective. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). The company operates a number of branches and offices in various other jurisdictions to assist in the smooth and efficient running of operations. Whilst some of these branches operate through local Limited Companies; paying local corporate taxes, as they are effectively cost centres and all sales and costs are recorded as those of Spedition Services Limited and all assets and liabilities show on Spedition Services Limited's balance sheet, they are not treated as subsidiaries. The directors believe this properly reflects the substance of the company's method of operation. The following principal accounting policies have been applied:
| 2.2 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding value added tax and where applicable other sales taxes. The following criteria must also be met before revenue is recognised: Rendering of services: Revenue from a contract to provide services is recognised at the point of loading of goods when all of the following conditions are satisfied: - the amount of revenue can be measured reliably; - it is probable that the Company will receive the consideration due under the contract; - the costs incurred and the costs to complete the contract can be measured reliably. Page 14
SPEDITION SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 2.Accounting policies (continued)
| 2.3 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Land and buildings | - | 2% on freehold buildings
|  |  |  | Motor vehicles | - | 20% straight line
|  |  |  | Fixtures and fittings | - | 33% straight line
|  |  |  | Computer equipment | - | 33% straight line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.4 | Valuation of investments
The company holds a yield fund growth bond and an investment portfolio which are recognised in these financial statements at market value. The investments were initially disclosed at original cost translated at the rate of exchange prevailing at the time of the investment and are now disclosed at market value. Any unrealised gains or losses are recognised in the Statement of Comprehensive Income including Profit and Loss Account.
| 2.5 | Debtors
Short term debtors are measured at transaction price, less any impairment.
| 2.6 | Cash
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
| 2.7 | Creditors
Short term creditors are measured at the transaction price.
| 2.8 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.9 | Finance costs
Finance costs are charged to profit or loss. Page 15
SPEDITION SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 2.Accounting policies (continued)
| 2.10 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.
| 2.11 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income including profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'. Page 16
SPEDITION SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 2.Accounting policies (continued)
| 2.12 | Current and deferred taxation
Tax is recognised in the Income statement, except that a change attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income. Material deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of financial position date, except that: - The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and - Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations and investment property revaluations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
| 2.13 | Investment property
Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income including profit and loss account.
| 2.14 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.15 | Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from or to third or related parties. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date. Page 17
SPEDITION SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 2.Accounting policies (continued)
| 2.15 | Financial instruments (continued)
Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
| 2.16 | Dividends
All dividends are recognised once the company agrees that they are committed to be paid rather than the date when paid.
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily ascertainable from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual outcomes may differ from these estimates. The estimates and underlying assumptions are reviewed on an continuing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised. The directors consider the calculation of trade accruals and accrued income for individual jobs, the valuation of the investment property and the provision for bad debts to be accounting policies for which significant judgments, estimates and assumptions are made. Actual results may differ from these estimates under different assumptions and conditions and may materially affect financial results or the financial position reported in future periods.
4. | Turnover
The whole of the turnover is attributable to the one principal activity of the company being international freight forwarders.
| All turnover arose within the United Kingdom.
5. | Other operating income
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Net rents receivable | 17,138 | 33,786
|  | 17,138 | 33,786
Page 18
SPEDITION SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
6. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Exchange differences | (725,431) | 469,282
7. | Auditors' remuneration
| During the year, the Company obtained the following services from the Company's auditors:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 29,000 | 28,250
8. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Wages and salaries | 658,563 | 648,874
| Social security costs | 86,792 | 64,685
| Cost of defined contribution scheme | 10,309 | 10,881
|  | 755,664 | 724,440
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2026 | 2025
|  |  | No. | No.
|  | Management and administration | 16 | 16
|  | Overseas employees | 4 | 5
|  |  | 20 | 21
Page 19
SPEDITION SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
9. | Directors' remuneration
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Directors' emoluments | - | 12,160
| Company contributions to defined contribution pension schemes | - | 178
|  | - | 12,338
| Yasmin Fazal is director and sole owner of PSC Logistics SPRL (the ultimate parent). Yasmin received her remuneration for duties as director of Spedition Services Limited through the parent company. During the year PSC Logistics SPRL received £Nil (2025 - £85,572) in fees from Spedition Services Limited. Key management personnel compensation is considered to be the same as the directors remuneration as shown above.
10. | Income from investments
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Foreign interest received | (1,594) | -
|  | (1,594) | -
| Dividends received - listed investments | (24,289) | -
|  | (24,289) | -
11. | Interest receivable
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Other interest receivable | 275,589 | 531,911
|  | 275,589 | 531,911
12. | Interest payable
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Other interest payable | 5,639 | -
|  | 5,639 | -
Page 20
SPEDITION SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
13. | Taxation
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 637,250 | 383,725
|  | 637,250 | 383,725
| Foreign tax |  |
| Foreign tax on income for the year | 7,758 | -
|  | 7,758 | -
| Total current tax | 645,008 | 383,725
| Deferred tax |  |
| Origination and reversal of timing differences | 6,064 | 12,001
| Total deferred tax | 6,064 | 12,001
| Tax on profit | 651,072 | 395,726
| Factors affecting tax charge for the year
| The tax assessed for the year is the same as (2025 - the same as) the standard rate of corporation tax in the UK of 25% (2025 - 25%) as set out below:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 2,648,045 | 1,525,011
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2025 - 25%) | 662,011 | 381,253
| Effects of: |  |
| Expenses not deductible for tax purposes | (20,411) | 8,727
| Capital allowances for year in excess of depreciation | 6,733 | 7,424
| Adjustments to tax charge in respect of prior periods | - | (4,682)
| Other timing differences leading to an increase (decrease) in taxation | 2,736 | 3,000
| Adjustment for rounding | 3 | 4
| Total tax charge for the year | 651,072 | 395,726
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SPEDITION SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 13.Taxation (continued)
| Factors that may affect future tax charges
There were no factors that may affect future tax charges.
14. | Dividends
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Dividends paid | 1,000,000 | -
|  | 1,000,000 | -
15. | Tangible fixed assets
|  | Land and buildings | Motor vehicles | Fixtures and fittings | Computer equipment | Total
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 1 April 2025 | 1,425,247 | 69,314 | 161,899 | 64,643 | 1,721,103
| Additions | - | - | 16,573 | 5,949 | 22,522
| Disposals | - | (20,079) | (97,185) | - | (117,264)
| Transfers between classes | 475,000 | - | - | - | 475,000
| At 31 March 2026 | 1,900,247 | 49,235 | 81,287 | 70,592 | 2,101,361
| Depreciation |  |  |  |  |
| At 1 April 2025 | 332,347 | 33,528 | 159,923 | 52,883 | 578,681
| Charge for the year on owned assets | 32,005 | 9,846 | 2,648 | 7,021 | 51,520
| Disposals | - | (19,578) | (97,180) | - | (116,758)
| At 31 March 2026 | 364,352 | 23,796 | 65,391 | 59,904 | 513,443
| Net book value |  |  |  |  |
| At 31 March 2026 | 1,535,895 | 25,439 | 15,896 | 10,688 | 1,587,918
| At 31 March 2025 | 1,092,900 | 35,786 | 1,976 | 11,760 | 1,142,422
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SPEDITION SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 15.Tangible fixed assets (continued)
| The net book value of land and buildings may be further analysed as follows:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Freehold | 1,535,895 | 1,092,900
|  | 1,535,895 | 1,092,900
16. | Investment property
|  | Freehold investment property
|  | £
| At 1 April 2025 | 475,000
| Transfers between classes | (475,000)
| At 31 March 2026 | -
| The company ceased to let the investment property which is now, once again, used by the company in its business as an alternative to overseas based staff using hotel accommodation and accordingly has been reclassified to tangible fixed assets at the market value on change of use.
17. | Debtors
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Trade debtors | 2,214,749 | 2,279,772
| Amounts owed by associated company | 37,148 | 174,401
| Corporation tax repayable | - | 108,770
| Other debtors | 53,768 | 33,844
| Prepayments and accrued income | 94,359 | 98,477
|  | 2,400,024 | 2,695,264
| The amounts owed by associated undertakings comprises a loan of £37,148 (2025 - £174,401) which bears no interest and is due to be repaid within one year.
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SPEDITION SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
18. | Current asset investments
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Listed investments | 5,408,949 | 1,908,214
|  | 5,408,949 | 1,908,214
| The listed investments comprises a yield fund growth bond which was purchased in November 2023 and an ING portfolio of investments which were purchased during the year.
19. | Cash and cash equivalents
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Cash at bank and in hand | 18,004,983 | 20,267,820
|  | 18,004,983 | 20,267,820
20. | Creditors: Amounts falling due within one year
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Trade creditors | 1,889,715 | 1,985,402
| Amounts owed to group undertakings | 1,000,000 | -
| Corporation tax | 55,119 | -
| Other taxation and social security | 4,350 | 16,992
| Other creditors | 4,975 | 839,463
| Accruals and deferred income | 146,356 | 348,541
|  | 3,100,515 | 3,190,398
| The amounts owed to group undertakings totals £1,000,000 (2025 - £Nil), bears no interest and will be repaid in full within one year.
Page 24
SPEDITION SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
21. | Financial instruments
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Financial assets |  |
| Financial assets that are debt instruments measured at cost | 2,333,360 | 2,515,988
| Financial liabilities |  |
| Financial liabilities measured at cost | (3,041,046) | (3,173,406)
| Financial assets measured at cost comprise trade debtors, loans, accrued income, staff loans and VAT repayable.
| Financial liabilities measured at cost comprise trade creditors, other creditors, directors current accounts, accruals and deferred income.
22. | Deferred taxation
|  | 2026
|  | £
| At beginning of year | (25,492)
| Charged to profit or loss | (6,064)
| At end of year | (31,556)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Accelerated capital allowances | (6,802) | (5,660)
| Deferred tax on unrealised gain on investment | (18,606) | (13,684)
| Deferred tax on the revaluation of property | (6,148) | (6,148)
|  | (31,556) | (25,492)
Page 25
SPEDITION SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
23. | Share capital
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 90,000 (2025 - 90,000) Ordinary shares of £1.00 each | 90,000 | 90,000
24. | Reserves
Other reserve The other reserve represents unrealised gains on the revaluation of property of £105,822 and on investments of £55,817 which are not distributable. Profit & loss account The profit and loss reserve of £24,018,164 (2025 - £23,022,276) are all distributable.
25. | Pension commitments
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £10,309 (2025 - £10,881). Contributions totalling £Nil (2025 - £Nil) were payable to the fund at the balance sheet date.
26. | Related party transactions
| A dividend of £1,000,000 (2025 - £Nil) was declared to PSC Logistics SPRL. PSC Logistics SPRL is a personal services company based in Belgium of which Yasmin Fazal is a director and owner. During the year PSC Logistics SPRL charged fees of £Nil (2025 - £85,572) to the company. In 2025, a loan was made to Spedition Services Kazakhstan which is considered a related party due to common ownership for £174,401. The loan balance at the year end is £37,148 (2025 - £174,401) and is disclosed in note 17. The loan bears no interest.
27. | Ultimate Holding Company and Controlling party
PSC Logistics SPRL, a company incorporated in Belgium is the immediate and ultimate parent company owning 100% of the share capital. The company accounts can be obtained from the registered office at Rue Edith Cavell 14, Uccle 1180, Belgium. The ultimate controlling party is Yasmin Fazal.
Page 26