REGISTERED NUMBER: 11750591 (England and Wales)

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE PERIOD 1 FEBRUARY 2025 TO 31 DECEMBER 2025

FOR

DHM LOGISTICS LIMITED

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

4

Income Statement

8

Balance Sheet

9

Notes to the Financial Statements

10

DIRECTORS:

N Daley

R Farris

M Gratton

F Ottini

M Sherlock

REGISTERED OFFICE:

C/o 3a Tournament Court

Tournament Fields

Warwick

CV34 6LG

REGISTERED NUMBER:

11750591 (England and Wales)

AUDITORS:

Studholme-Bell Limited

Chartered Certified Accountants

Vantage House

3 East Terrace Business Park

Euxton Lane, Euxton

Chorley

Lancashire

PR7 6TB

ACCOUNTANTS:

Harts Limited

Westminster House

10 Westminster Road

Macclesfield

Cheshire

SK10 1BX

The directors present their report with the financial statements of the company for the period 1 February 2025 to 31 December 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the period under review was that of freight air transport.

DIRECTORS

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

N Daley

M Sherlock

Other changes in directors holding office are as follows:

R Farris - appointed 25 March 2025

M Gratton - appointed 25 March 2025

F Ottini - appointed 25 March 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). 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.

AUDITORS

The auditors, Studholme-Bell Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

H A S Altalli - Director

23 June 2026

Opinion

We have audited the financial statements of Dhm Logistics Limited (the 'company') for the period ended 31 December 2025 which comprise the Income Statement, Balance Sheet and 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 period 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 prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

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 John Barnes ACCA (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

3,557,191

2,554,583

Cost of sales

2,786,076

1,984,178

GROSS PROFIT

771,115

570,405

Administrative expenses

542,847

413,323

OPERATING PROFIT

4

228,268

157,082

Interest receivable and similar income

19

2

228,287

157,084

Interest payable and similar expenses

7,003

12,807

PROFIT BEFORE TAXATION

221,284

144,277

Tax on profit

5

69,104

81,102

PROFIT FOR THE FINANCIAL PERIOD

152,180

63,175

FIXED ASSETS

Intangible assets

6

252,353

-

Tangible assets

7

107,637

140,785

359,990

140,785

CURRENT ASSETS

Debtors

8

104,039

46,731

Cash at bank

160,069

46,314

264,108

93,045

CREDITORS

Amounts falling due within one year

9

473,342

76,076

NET CURRENT (LIABILITIES)/ASSETS

(209,234

)

16,969

TOTAL ASSETS LESS CURRENT LIABILITIES

150,756

157,754

CREDITORS

Amounts falling due after more than one year

10

-

(121,648

)

PROVISIONS FOR LIABILITIES

(26,909

)

(34,535

)

NET ASSETS

123,847

1,571

CAPITAL AND RESERVES

Called up share capital

100

4

Retained earnings

123,747

1,567

123,847

1,571

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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:

H A S Altalli - Director

1.	STATUTORY INFORMATION

DHM Logistics 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2025, is being amortised evenly over its estimated useful life of three years.

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.

Franchise fee are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets

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

Plant and machinery etc

-

33% on cost and 25% on reducing balance

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, 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 period 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 4 (2025 - 6 ) .

4.	OPERATING PROFIT

The operating profit is stated after charging:

Period

1.2.25

to

Year Ended

31.12.25

31.1.25

£

£

Depreciation - owned assets

33,148

46,989

Goodwill amortisation

51,694

76

5.

TAXATION

Analysis of the tax charge

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

Period

1.2.25

to

Year Ended

31.12.25

31.1.25

£

£

Current tax:

UK corporation tax

76,730

46,567

Deferred tax

(7,626

)

34,535

Tax on profit

69,104

81,102

6.	INTANGIBLE FIXED ASSETS

Other

intangible

Goodwill

assets

Totals

£

£

£

COST

At 1 February 2025

-

29,360

29,360

Additions

304,047

-

304,047

At 31 December 2025

304,047

29,360

333,407

AMORTISATION

At 1 February 2025

-

29,360

29,360

Charge for period

51,694

-

51,694

At 31 December 2025

51,694

29,360

81,054

NET BOOK VALUE

At 31 December 2025

252,353

-

252,353

At 31 January 2025

-

-

-

7.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 February 2025

and 31 December 2025

207,839

DEPRECIATION

At 1 February 2025

67,054

Charge for period

33,148

At 31 December 2025

100,202

NET BOOK VALUE

At 31 December 2025

107,637

At 31 January 2025

140,785

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.1.25

£

£

Trade debtors

88,446

26,342

Other debtors

15,593

20,389

104,039

46,731

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.1.25

£

£

Hire purchase contracts

124,108

27,045

Amounts owed to group undertakings

126,057

-

Taxation and social security

78,863

47,723

Other creditors

144,314

1,308

473,342

76,076

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.25

31.1.25

£

£

Hire purchase contracts

-

121,648

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the period ended 31 December 2025 and the year ended 31 January 2025:

31.12.25

31.1.25

£

£

M Sherlock

Balance outstanding at start of period

9,252

-

Amounts advanced

-

9,252

Amounts repaid

(9,252

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of period

-

9,252

N Daley

Balance outstanding at start of period

9,252

-

Amounts advanced

-

9,252

Amounts repaid

(9,252

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of period

-

9,252