The directors present the strategic report for the year ended 31 December 2025.
Despite the post-Brexit regulatory ardour, from a financial perspective, Brexit has provided more jobs within the industry and has enabled a reintroduction of the income stream derived from customs documentation. There remain ongoing legislative and procedural changes to be implemented, but the initial furore has now passed.
Categorised during the pandemic as ‘essential services’, and with the re-introduction of customs formalities post-Brexit, a good freight forwarder has since become invaluable to industry.
Risk is inherent to all industries, and many of these come ‘out of the blue’ – global conflicts becoming more serious by the day. To manage these risks requires focus, upholding procedures, especially surrounding credit control, and ensuring quality and reliable services are maintained.
Credit control
Loss of business
Loss of key personnel
Cash flow
Borrowings
Global conflicts
Driver shortages
The greater the turnover, the greater the importance on credit control. The directors are satisfied that this area is well handled, being supported by a very low level of bad debts. Furthermore, Ital Logistics Limited’s sales ledger is reinforced with credit insurance by Allianz (formerly Euler Hermes), and in the last few years has benefitted from its no-claims rebate.
Loss of business is always a risk, and there are many ways that business can be lost. Apart from losing it of your own errors, in an aggressive market, competitors providing similar services may undercut on price. Other reasons could be that the company itself loses its business, or a new person is employed in that company who brings their own favourite supplier in. Or they (or their customer) could cease trading.
One cannot do anything about many of the above but can continue to be active in terms of sales and market presence. Its active customer base continues to grow. Brexit introduced many non-freight paying entities who simply required customs clearance, which resulted in a sharp increase in ‘active’ customers. Many of these have been since become freight paying customers also.
Ital Logistics Limited has always had a good employee retention level and has always ensured that all employees are treated well. Identifying key personnel and ensuring their aspirations can be fulfilled is key to retaining dedicated and incentivised high-quality people.
The companies are funded through profits and certain borrowings to ensure that the company remains liquid and pays its suppliers on time or even early. Foreign companies who usually expect 60 days end of month as good terms are more often paid shortly after 30 days end of month enhancing our reputation.
Global conflicts
Russia/Ukraine, Israel/Palestine, and now the situation with Iran, have all contributed to higher energy costs, higher fuel costs and a substantial increase in the cost of living. The world appears to be entering a period of self-destruction, and who knows where it will end.
‘Transport costs’ have often been considered as ‘the hidden costs which no-one wants to pay’, but with no option other than to pass on the increased cost of providing transport services, such increases have been widely accepted as a fait accompli by customers. The financial burden unfortunately rests with consumers and end customers, whilst companies do their best to maintain financial equilibrium.
Something which hit the spotlight in 2021 was that of driver shortages. Ital Logistics did not encounter any major difficulties with its subcontractors at this time, mainly because it assisted its foreign suppliers with the transition surrounding Brexit. However, it is an important factor that needs to be considered.
In a recent report commissioned by the IRU (International Road Transport Union), they stated:
In almost every market surveyed, the 2025 shortage rate was higher than the 2021 baseline. The findings continue to show that the shortage is no longer closely linked to short-term economic cycles. Instead, ageing workforces, barriers to entry, a lack of adequate infrastructure, and changing expectations about work are becoming the dominant factors.
The report cited that in Europe alone, it is expected that the industry could lose around 20% (660,000) of its drivers within the next five years as these drivers retire, as such representing concern in some 65% of operators within Europe.
One of the purposes of the management restructure, apart from facilitating the gradual exit process of its initial shareholders, was to enable growth.
The number of shipments moved has progressively increased, largely due to the commencement of services to and from Germany which has grown from 1,269 in 2022 (499 export/770 import) to 2,268 in 2025 (1,040 export/1,228 import).
Additionally, in 2024, a partnership agreement was reached officially commencing a service to Gibraltar. From a standing start, this service contributed 1,750 shipments in 2024 and 1,789 in 2025.
The founding service with Italy remains the highest contributor, accounting for 33.7% of shipments, creating 34.8% gross operational profit.
The lease on the current building was due for renewal in June 2024, and a further ten-year tenure with a five-year break clause was agreed, thus creating stability.
Other developments are surrounding carbon emissions and sustainability, and these are referred to in the sustainability / carbon emissions section below.
KPIs
All markets, in terms of turnover and profitability are continually monitored to pick up on any market that may be seeing a dip. Furthermore, data on down-traders is also being shared with the Company’s commercial partners so that they too may place emphasis on greater retention.
During the latter part of 2023 and the first quarter of 2024, extensive work was undertaken to identify net/net results of each geographical department, by taking into consideration all associated overheads split across each department by a fair and managed calculation.
This provides a ‘true’ evaluation of the ‘actual’ contribution which each department makes to the overall financial result. The adage – ‘turnover is vanity, profit is sanity’ speaks volumes when viewed at the raw net figure, incentivising each department.
By sharing this information with each department, it has provided employees with a better insight into ‘true’ profitability and costs, something which they have not experienced before. Whilst on occasion it has been met with a negative feeling, overall, it has been motivational, whilst also creating a sense of inclusion.
Ital Logistics was assessed by EcoVadis in 2022 and achieved bronze status. On reassessment mid-2023, this was increased to silver, scoring 61/100, placing Ital Logistics in the top 25% of all companies assessed globally.
The reassessment in 2024 increased the score to 66/100 reaching 84th percentile, one percentile short of retaining silver. As mentioned earlier, Reassessment at the turn of the year 2025/26 increased by one point to 67/100.
During 2024, a carbon emissions module (named the CO₂ulator) was developed into the bespoke software which calculates CO₂e emissions derived from all vehicle activities. During 2025 it was added to the subsidiary company Ital Transport (UK) system to parse precise domestic data to Ital Logistics’ system which further enhanced precision.
Ital Logistics has produced two annual sustainability reports, although not in any prescribed format, they represent the company’s activities with regards to environmental matters, ethics and its employee development and human rights in general.
The installation of solar panels during Q1 2024 has seen the anticipated reduction in emissions, reducing usage of approx. 40%, saving in the region of 12 tons of carbon emissions during 2025.
Without doubt, our goals are always to improve, grow and expand, but without losing sight of core values. Any growth needs to be handled in a measured way, otherwise resources can become stretched which can be counterproductive.
Nonetheless, our short-medium terms goals include:
Maintain stability, ensuring client retention
Continue growth of Ital Logistics and Ital Transport
Increase the EcoVadis sustainability rating aiming to achieve silver (2027)
Continue investing in our bespoke freight software for continuous improvements and efficiency
Continue investing in employee development, training and retention
Expand our core European services where possible
Continue reducing the Group's environmental impact through sustainable initiatives and operational improvements
Digital refresh in two phases over the next 12 months
The parent company reenforces its wishes to settle its obligations of the deferred considerations in connection with the MBO as soon as possible, without placing any strain on liquidity.
Summary
Cumulatively, the reported EBITDA for the group dropped from £885,055 to £626,252. However, during 2025 there were several exceptional costs which, when considered, provide for an adjusted EBITDA of £695,719.
Turnover increased from £18,085,654 to £18,953,476.
Overall, the director/shareholders are pleased with the results, especially when one considers that there has been continued significant investment in software development, as well as exceptional costs during the year, long-term sickness and periods of insufficient human resource.
On behalf of the board
The directors present their annual report and financial statements for the year ended 31 December 2025.
The results for the year are set out on page 11.
No ordinary dividends were paid. The directors do not recommend payment of a further dividend.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
The auditor, Sumer Auditco Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
We have audited the financial statements of Ital Holdings Management Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows 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 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
Basis for opinion
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our 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.
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussions with the directors (as required by auditing standards) and discussed with the directors the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. The potential effect of these laws and regulations on the financial statements varies considerably.
Firstly, the company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation and taxation legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
Secondly, the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation or the loss of the company's license to operate. We identified the following areas as those most likely to have such an effect: laws related to health and safety, road haulage, dangerous good delivery via road and maritime and the regulated nature of the company's activities.
Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and inspection of regulatory and legal correspondence, if any. Through these procedures we did not become aware of any actual or suspected non-compliance.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
We design procedures in line with our responsibilities, outlined below to detect material misstatement due to fraud:
Matters are discussed amongst the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud
Identifying and assessing the design and effectiveness of controls that management have in place to prevent and detect fraud
Detecting and responding to the risks of fraud following discussions with management and enquiring as to whether management have knowledge of any actual, suspected or alleged fraud
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.
Use of our report
This report is made solely to the parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
The profit and loss account has been prepared on the basis that all operations are continuing operations.
As permitted by section 408 of the Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £141,682 (2024 - £193,020 profit).
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
Ital Holdings Management Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Unit 1, Birch Business Park, Whittle Lane, Heywood, OL10 2SX.
The group consists of Ital Holdings Management Limited and all of its subsidiaries.
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The consolidated group financial statements consist of the financial statements of the parent company Ital Holdings Management Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 December 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
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 profit and loss account.
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible 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.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
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 profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Financial assets, other than those held at fair value through profit and 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 have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax is recognised in respect of all timing differences which have originated but not reversed at the balance sheet date. Timing differences are differences between taxable profits and the results as stated in the financial statements which arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.
A net deferred tax asset is regarded as recoverable and therefore recognised only when it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of underlying timing differences can be deducted.
Deferred tax is measured at the average tax rates which are expected to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws which have been enacted or substantively enacted by the balance sheet date. Deferred tax is measured on a non - discounted basis.
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 stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
The useful economic life of goodwill has to be estimated by the directors of the Group to ensure an appropriate amortisation charge is recognised each year. The directors estimate this to be 10 years on the basis that it relates to the recent acquisition of a trading company which is expected to continue trading profitably for at least the next 10 years.
At the year-end, the carrying amount of Goodwill amounted to £1,745,004 (2024: £2,003,785) and amortisation charged was £258,781 (2024: £258,781) as included in note 10.
The useful economic life of other intangible fixed assets other than goodwill, namely software development costs, has to be estimated by the directors of the Group to ensure an appropriate amortisation charge is recognised each year. The directors estimate this to be 10 years on the basis that the software is fundamental to generating economic benefit which is expected to continue for the next 10 years.
At the year-end, the carrying amount of software development costs amounted to £624,252 (2024 : £585,300) and amortisation charged was £130,123 (2024: £122,057) as included in note 10.
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
Details of the company's subsidiaries at 31 December 2025 are as follows:
Registered office addresses (all UK unless otherwise indicated):
Other borrowings includes £659,791 (2024: £291,543) in respect of an invoice discounting facility, which is secured by a fixed and floating charge over the assets of Ital Logistics Limited.
Other creditors includes £Nil (2024: £1,000,000) in respect of a debenture which is secured by a fixed and floating charge over all of the company's assets. This charge is also registered against Ital Transport (UK) Limited and Ital Logistics Limited.
Obligations under finance leases are secured over the assets they are in relation to, there are no restrictions placed on the use of the assets.
Other creditors includes £1,000,000 (2024: £1,000,000) in respect of a debenture which is secured by a fixed and floating charge over all of the company's assets. This charge is also registered against Ital Transport (UK) Limited and Ital Logistics Limited.
Obligations under finance leases are secured over the assets they are in relation to, there are no restrictions placed on the use of the assets.
Bank loans owed at 31 December 2024 related to a £600,000 bank loan received in September 2022. This loan was secured by an unlimited inter company composite guarantee with the company's subsidiaries and was repayable over a period of 42 months. Interest was charged on this loan at a rate of 3.5% above the Bank of England base rate. This loan was fully repaid during the year.
Bank loans owed at 31 December 2025 relate to a £900,000 bank loan received in April 2025. This loan is secured by an unlimited inter company composite guarantee with the company's subsidiaries and is repayable over a period of 48 months. Interest is charged on this loan at a rate of 3.45% above the Bank of England base rate.
Other loans balances relate to an invoice discounting facility which is secured by a fixed and floating charge over the assets of Ital Logistics Limited.
Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
The deferred tax liability set out above is expected to reverse within future periods and relates to accelerated capital allowances which are expected to mature within the same period.
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
As at the year-end, contributions due to the schemes in respect of the current reporting year were £14,339 (2024: £14,897).
All shares rank pari passu.
At the year end, other creditors included amounts owed to directors of £119,870 (2024: £119,870). These amounts are non-interest bearing and repayable on demand.