REGISTERED NUMBER: 03107457 (England and Wales)

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

MAIL BOXES ETC. (UK) LIMITED

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

4

Statement of Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Cash Flow Statement

11

Notes to the Cash Flow Statement

12

Notes to the Financial Statements

13

DIRECTORS:

S M Butler

J A Edwards

G Rudi

S Spaccia

R Farris

REGISTERED OFFICE:

3a Tournament Court

Tournament Fields

Warwick

Warwickshire

CV34 6LG

REGISTERED NUMBER:

03107457 (England and Wales)

SENIOR STATUTORY AUDITOR:

Richard Barnes FCCA

AUDITORS:

Studholme-Bell Limited

Chartered Certified Accountants

Vantage House

3 East Terrace Business Park

Euxton Lane, Euxton

Chorley

Lancashire

PR7 6TB

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of provision of delivery and marketing services.

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2024 will be £400,000.

DIRECTORS

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

S M Butler

J A Edwards

G Rudi

S Spaccia

Other changes in directors holding office are as follows:

P Cominone - resigned 10 July 2025

R Farris - appointed 10 July 2025

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), 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 and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

ON BEHALF OF THE BOARD:

S Spaccia - Director

23 June 2026

Opinion

We have audited the financial statements of Mail Boxes Etc. (UK) Limited (the 'company') for the year ended 31 December 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

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

-	the Report of the Directors has 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 Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit; or

-	the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic Report.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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

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

As Auditors of the above named entity, we have undertaken audit testing, discussions and examination of the company, that are capable of detecting irregularities, including fraud are detailed below:

i) We obtained an understanding of the legal and regulatory frameworks applicable to the Company and the industry in which it operates. We determined the Companies Act 2006 to be the most significant laws and regulations to the entity. We enquired of management whether there were any instances of non-compliance with laws and regulations or whether they had any knowledge of actual or suspected fraud. We discussed and compared the result of our enquiries to supporting documentation. From the procedures performed we did not identify any matters relating to non-compliance with laws and regulation or matters in relation to fraud.

ii) We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:

Evaluation of the processes and controls established to address the risks related to irregularities and fraud;

Testing manual journal entries, in particular journal entries relating to accounting estimates and entries that were deemed material and those that related to unusual transactions;

Identifying and testing related party transactions.

iii) The assessment of the appropriateness of the competence and capabilities of the engagement team included consideration of the engagement team's knowledge of the industry in which the client operates in and understanding of, together with the practical experience through training and participation with audit engagements of a similar nature.

iv) When assessing the potential risks of material misstatement to the financial statements, we obtained an understanding of:

The Company's operations, including the nature of its revenue sources, expected financial statement disclosures and business risks, that may result in a risk of material misstatement;

We undertake and document an analytical review at the planning and completion stage of our audit, to ensure that all material items have been identified and can be explained.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Richard Barnes FCCA (Senior Statutory Auditor)

for and on behalf of Studholme-Bell Limited

Chartered Certified Accountants

Vantage House

3 East Terrace Business Park

Euxton Lane, Euxton

Chorley

Lancashire

PR7 6TB

23 June 2026

TURNOVER

7,909,282

6,727,525

Cost of sales

4,079,168

3,565,542

GROSS PROFIT

3,830,114

3,161,983

Administrative expenses

2,919,253

2,645,398

OPERATING PROFIT and

PROFIT BEFORE TAXATION

910,861

516,585

Tax on profit

6

243,038

138,213

PROFIT FOR THE FINANCIAL YEAR

667,823

378,372

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

667,823

378,372

FIXED ASSETS

Intangible assets

8

117,704

152,493

Tangible assets

9

73,308

50,299

191,012

202,792

CURRENT ASSETS

Stocks

10

32,085

19,895

Debtors

11

2,286,831

1,241,148

Cash at bank and in hand

646,630

539,645

2,965,546

1,800,688

CREDITORS

Amounts falling due within one year

12

1,985,187

1,501,936

NET CURRENT ASSETS

980,359

298,752

TOTAL ASSETS LESS CURRENT LIABILITIES

1,171,371

501,544

PROVISIONS FOR LIABILITIES

13

18,327

16,323

NET ASSETS

1,153,044

485,221

CAPITAL AND RESERVES

Called up share capital

14

250,000

250,000

Retained earnings

15

903,044

235,221

SHAREHOLDERS' FUNDS

1,153,044

485,221

The financial statements were approved by the Board of Directors and authorised for issue on 23 June 2026 and were signed on its behalf by:

S Spaccia - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2024

250,000

256,849

506,849

Changes in equity

Dividends

-

(400,000

)

(400,000

)

Total comprehensive income

-

378,372

378,372

Balance at 31 December 2024

250,000

235,221

485,221

Changes in equity

Total comprehensive income

-

667,823

667,823

Balance at 31 December 2025

250,000

903,044

1,153,044

Cash flows from operating activities

Cash generated from operations

1

287,443

835,137

Tax paid

(4,563

)

-

Net cash from operating activities

282,880

835,137

Cash flows from investing activities

Purchase of intangible fixed assets

(19,134

)

(41,459

)

Purchase of tangible fixed assets

(25,112

)

(40,437

)

Sale of tangible fixed assets

-

(15,944

)

Net cash from investing activities

(44,246

)

(97,840

)

Cash flows from financing activities

Movement on intercompany loans

(131,649

)

(432,013

)

Equity dividends paid

-

(400,000

)

Net cash from financing activities

(131,649

)

(832,013

)

Increase/(decrease) in cash and cash equivalents

106,985

(94,716

)

Cash and cash equivalents at beginning of year

2

539,645

634,361

Cash and cash equivalents at end of year

2

646,630

539,645

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

31.12.25

31.12.24

£

£

Profit before taxation

910,861

516,585

Depreciation charges

61,082

60,025

Loss on disposal of fixed assets

-

15,943

971,943

592,553

Increase in stocks

(12,190

)

(2,996

)

(Increase)/decrease in trade and other debtors

(1,045,683

)

121,727

Increase in trade and other creditors

373,373

123,853

Cash generated from operations

287,443

835,137

2.	CASH AND CASH EQUIVALENTS

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

Year ended 31 December 2025

31.12.25

1.1.25

£

£

Cash and cash equivalents

646,630

539,645

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

539,645

634,361

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.25

Cash flow

At 31.12.25

£

£

£

Net cash

Cash at bank and in hand

539,645

106,985

646,630

539,645

106,985

646,630

Total

539,645

106,985

646,630

1.	STATUTORY INFORMATION

Mail Boxes Etc. (UK) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared in accordance with FRS 102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Monetary amounts in the financial statements are rounded to the nearest £.

The company is a wholly owned subsidiary of World Options Holdings Limited (company number: 10111725). The financial statements of Mail Boxes Etc. (UK) Limited are consolidated into the group consolidated accounts of World Options Holdings Limited (registered office address as per page 1).

Significant judgements and estimates

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.

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period of the revision and future periods where the revision affects both current and future periods.

Significant judgements and estimates made by management in preparing these financial statements include:

- Depreciation.

- Amortisation

- Financial Instruments.

Income recognition

Turnover represents the invoiced value of the supply of courier services, net of value added tax and trade discounts.

The services provided to customers are invoiced on completion of the service and recognised on a daily basis.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of five years.

Development costs are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets

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

Improvements to property

-

10% on cost

Fixtures and fittings

-

20% on cost

Computer equipment

-

20% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit and loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits

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

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans to related parties.

Debt instruments such as other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method; debt instruments that are payable or receivable with one year, typically trade payables and receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, 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.

Trade and other debtors

Trade and other debtors are initially recognised at the transaction price and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the debtors are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

4.	EMPLOYEES AND DIRECTORS

31.12.25

31.12.24

£

£

Wages and salaries

1,425,731

870,099

Social security costs

107,038

70,140

Other pension costs

40,674

9,353

1,573,443

949,592

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

31.12.25

31.12.24

Staff

27

18

31.12.25

31.12.24

£

£

Directors' remuneration

-

-

5.	OPERATING PROFIT

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

31.12.25

31.12.24

£

£

Hire of plant and machinery

12,801

2,188

Other operating leases

41,764

51,651

Depreciation - owned assets

2,103

13,134

Loss on disposal of fixed assets

-

15,943

Patents and licences amortisation

7,546

7,567

Development costs amortisation

46,377

39,662

Auditors' remuneration

11,000

9,800

Foreign exchange differences

6,779

(19,409

)

Preparation of financial statements and corporation tax returns

2,878

2,260

6.

TAXATION

Analysis of the tax charge

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

31.12.25

31.12.24

£

£

Current tax:

UK corporation tax

241,034

127,639

Deferred tax

2,004

10,574

Tax on profit

243,038

138,213

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

Reconciliation of total tax charge included in profit and loss

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

31.12.25

31.12.24

£

£

Profit before tax

910,861

516,585

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

227,715

129,146

Effects of:

Depreciation in excess of capital allowances

18,103

8,857

Revenue expenditure capitalised

(4,784

)

(10,364

)

Deferred tax

2,004

10,574

Total tax charge

243,038

138,213

7.

DIVIDENDS

31.12.25

31.12.24

£

£

Ordinary shares of £1 each

Interim

-

400,000

8.	INTANGIBLE FIXED ASSETS

Patents

and

Development

licences

costs

Totals

£

£

£

COST

At 1 January 2025

75,463

218,470

293,933

Additions

-

19,134

19,134

At 31 December 2025

75,463

237,604

313,067

AMORTISATION

At 1 January 2025

16,602

124,838

141,440

Amortisation for year

7,546

46,377

53,923

At 31 December 2025

24,148

171,215

195,363

NET BOOK VALUE

At 31 December 2025

51,315

66,389

117,704

At 31 December 2024

58,861

93,632

152,493

9.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

and

Computer

property

fittings

equipment

Totals

£

£

£

£

COST

At 1 January 2025

69,092

5,932

76,840

151,864

Additions

-

16,593

8,519

25,112

At 31 December 2025

69,092

22,525

85,359

176,976

DEPRECIATION

At 1 January 2025

35,184

1,702

64,679

101,565

Charge for year

(4,086

)

3,010

3,179

2,103

At 31 December 2025

31,098

4,712

67,858

103,668

NET BOOK VALUE

At 31 December 2025

37,994

17,813

17,501

73,308

At 31 December 2024

33,908

4,230

12,161

50,299

10.

STOCKS

31.12.25

31.12.24

£

£

Finished goods

32,085

19,895

11.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Trade debtors

978,131

206,502

Amounts owed by group undertakings

664,000

664,000

Other debtors

112,601

79,305

Prepayments and accrued income

532,099

291,341

2,286,831

1,241,148

12.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Trade creditors

893,978

585,617

Amounts owed to group undertakings

-

131,649

Tax

369,166

127,639

Social security and other taxes

29,223

19,900

VAT

88,944

83,359

Other creditors

111,951

162,139

Accruals and deferred income

491,925

391,633

1,985,187

1,501,936