Company registration number 05822614 (England and Wales)
PURO VENTURES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
PURO VENTURES LIMITED
COMPANY INFORMATION
Directors
M R Smith
J P Munnelly
Company number
05822614
Registered office
Unit 2
The Pavillions
Cranford Drive
Knutsford
Cheshire
United Kingdom
WA16 8ZR
Auditor
Azets Audit Services
Ship Canal House
98 King Street
Manchester
M2 4WU
Bankers
The Royal Bank of Scotland
27 Water Lane
Wilmslow
Cheshire
United Kingdom
SK9 5AB
PURO VENTURES LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 8
Profit and loss account
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 24
PURO VENTURES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 1 -

The directors present the strategic report for the year ended 30 November 2025.

The year ended 30 November 2025 saw continued significant investment in the development of new technology and services for the company. This ongoing investment continues to establish a strong foundation for the future growth and scalability of our UK freight activities. Despite challenging UK market conditions, Puro Ventures core UK freight activities delivered another year of double-digit growth, with revenue increasing by 11.4% (excluding hived out Parcels business and discontinued operations in Spain).

During the year, further progress was made in developing the Parcels proposition, supported by material growth in the managed office customer base and the sale of the first Parcels franchises. This activity culminated in the hive-out of the Parcels business into a separate legal entity. In addition, a strategic decision was taken to cease operations in Spain in order to focus fully on the continued success and growth of our core UK freight activities through the franchise and managed office network in the UK.

The company continued to invest in its people and processes, building on the appointment of the Chief People Officer and Chief Financial Officer in 2024. A key area of focus during the year was the enhancement of sales processes, with the introduction of new structures and technologies designed to support both the owned and franchise office network, including improvements to CRM capability.

The technology roadmap for 2026 is now fully defined and reflects a continuation of this investment, while ensuring that infrastructure and information security arrangements remain scalable and resilient to support future growth.

As these new processes embed, the company is unlocking opportunities to drive increased revenue from existing franchise territories. The strategic deployment of managed offices into the franchise network has enhanced territory performance, improved market penetration, and created a scalable platform for the disciplined introduction of new franchisees, increasing the network to 60 franchise offices during the year. This progress was further recognised through the Speedy Freight’s award as Established Franchisor of the Year by the BFA, reflecting the strength of the franchise model and the support provided to franchisees.

Investment in people development also continued, including the implementation of a new HRIS and the successful launch of the Management Development Programme. These initiatives are supported by structured people processes designed to ensure employees are well supported and able to realise their development potential.

The company will continue to build on these foundations, investing in its people and systems to deliver a consistently high quality of service to customers and franchisees, while maintaining mutually beneficial and ethical relationships with suppliers.

Business model and strategy

The company aims to be the first choice for same-day and express delivery services across the UK and to be recognised as a leading provider within this sector.

As a franchise business, ongoing investment is made in the training and development of franchised operations. A comprehensive range of courses is provided, covering areas such as finance and operational management, as well as the Qualified Franchise Professional programme, a formal qualification recognising industry knowledge and experience delivered by the BFA. In addition, technical support is provided in areas including customs compliance and the transportation of hazardous goods.

The company focuses on delivering the best logistics solutions to its customers through the effective utilisation of its resources, capabilities, and technology, together with those of complementary service providers, to deliver a comprehensive supply chain offering.

As customer demand continues to shift towards shorter lead times and same-day logistics solutions, the company believes its industry knowledge and technical expertise will remain key drivers of future growth.

Operating performance is continually reviewed with an emphasis on quality, collaboration, service performance, and cost control. The growth strategy for 2026 centres on continued investment in training and development across the Franchise Network, optimisation through the selective introduction of new franchisees, and enhancement through further development of technology solutions, supported by bespoke local initiatives and consistently high levels of customer service.

Puro Ventures model provides a scalable solution to customer requirements while avoiding the need for customers to maintain underutilised or idle equipment.

PURO VENTURES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 2 -
Principal risks and uncertainties

The business faces a number of risks and uncertainties that could impact performance and cause actual results to differ from expected or historical outcomes.

Competitive Environment

The company operates in competitive markets and faces the risk that increased competition could impact profitability or market share. This risk is managed through a strong focus on customer service and long-term relationship building across the network. Trustpilot and Net Promoter Score (NPS) metrics are used as key indicators of customer satisfaction.

Market Conditions

Economic conditions, customer demand, and cost inflation present ongoing uncertainty. In particular, increases in fuel costs, whether market-driven or arising from changes in fiscal policy, may adversely impact operating margins where such increases cannot be fully recovered.

Liquidity Risk

The company manages cash and borrowing requirements to maximise returns while ensuring sufficient liquidity to meet the operational needs of the business in a high-growth environment.

Credit Risk

The company trades with a large number of customers and is therefore exposed to the risk of non-payment. This risk is mitigated through customer credit approval processes and the use of trade credit insurance.

Systems and Technology

The business relies on technology to support operational and customer-facing processes. The risk of system failure or cyber-related incidents is mitigated through recognised information security accreditations, including ISO 27001 and Cyber Essentials, supported by ongoing oversight and continuous improvement.

Financial key comparative indicators

The financial key performance indicators for the current and comparative year are set out below. These reflect Puro Ventures core UK freight activities following the hive-out of the Parcels business and the discontinuation of operations in Spain.

EBIT includes the add back of bank factoring charges amounting to £355,789.

| 2025 | 2024 | 2023 |
Turnover (£'000) | 65,292 | 58,599 | 56,068 |
Net profit (£'000) | 2,062 | 1,070 | 1,573 |
Net profit % | 3.2% | 1.8% | 2.6% |
EBIT (£'000) | 2,501 | 1,357 | 1,715 |
Number of franchise offices | 60 | 51 | 51 |

Section 172 statement

The Directors of Puro Ventures Limited have acted during the year in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole. In doing so, the Directors have had regard, amongst other matters, to the likely long-term consequences of decisions, the interests of employees, the need to foster relationships with franchisees, customers, suppliers and others, the impact of operations on the community and environment, and the importance of maintaining high standards of business conduct.

The Board recognises that the long-term success of the Company depends on balancing the interests of its key stakeholders while continuing to invest in the development of the business. During the year, this included continued investment in technology, systems, people and operational capability across UK Freight, alongside a focus on customer service, franchise support, governance and sustainable growth.

PURO VENTURES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 3 -

In considering the interests of shareholders, the Directors remained focused on the long-term development of the Company and the disciplined allocation of capital. This included investment in scalable infrastructure and support functions, together with decisions to focus resources on core growth activities. The strategic review of non-core operations, including the cessation of Spain during the year, reflected this approach.

The Directors recognise that the Company’s employees are central to the delivery of its strategy. During the year, the Company continued to invest in organisational capability, leadership and people development, including the implementation of a new HRIS platform and the launch of the Management Development Programme. These initiatives were intended to strengthen support for employees, improve consistency of people processes and ensure the business is equipped to scale effectively.

The Board places significant importance on maintaining strong relationships with customers. High levels of service, operational reliability and compliance remain central to the Company’s approach. During the year, the continued strength of the franchise and managed office network supported market share growth while maintaining customer service standards. Investment in sales processes, organisational structure and CRM capability was also made to strengthen customer engagement and support future growth. Customer satisfaction continues to be monitored through key performance indicators including Trustpilot ratings and our Net Promoter Score; being 4.9 and +84 in the year, respectively. In addition, the Company employs a full-time Health, Safety, Quality and Environmental Manager to oversee quality assurance accreditations and systems as our focus remains on raising standards even further and continuing to deliver a logistics service our customers can rely on with confidence. This is evidenced by our ISO9001 accreditation.

The Directors also recognise the importance of fostering effective relationships with franchisees, suppliers and carrier partners. The strength of these relationships is important to service delivery, operational resilience and the long-term development of the network. During the year, the Company continued to support franchise growth in UK Freight through investment in training, operating standards and support structures. The Board also remained focused on maintaining ethical and mutually beneficial supplier relationships that support continuity of service and high standards across the network.

The Board recognises that the Company’s activities have an impact on the community and environment. As a logistics business, the Company seeks to mitigate this impact where practical through operational efficiencies, including combining collections and deliveries where possible and maximising utilisation within the process chain. During the year, the Company completed an ESG assessment through an independent third party and achieved scores of 74 for Environmental, 70 for Social and 89 for Governance. The Board views this as a useful benchmark in monitoring and developing the Company’s approach to environmental, social and governance matters. This is further evidenced through the Company’s ISO14001 accreditation.

The Directors understand the importance of maintaining a reputation for high standards of business conduct. Throughout the year, the Board continued to support strong governance, compliance and control frameworks across the business. This included ongoing oversight of systems, information security and operational processes. The Company continues to hold recognised information security accreditations, including ISO 27001 and Cyber Essentials, which support the resilience of the business and the confidence of stakeholders.

In making principal decisions during the year, the Directors have sought to act fairly between members and to promote the long-term success of the Company while having regard to the interests of its wider stakeholder group.

On behalf of the board

M R Smith
Director
29 April 2026
PURO VENTURES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 4 -

The directors present their annual report and financial statements for the year ended 30 November 2025.

Results and dividends

The results for the year are set out on page 9.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

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

M R Smith
J P Munnelly
Auditor

The auditor, Azets Audit Services, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Energy and carbon report

This is the fourth year that the company has consumed more than 40,000 kWh of energy in the reporting year.

2025
2024
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
198,262
153,538
2025
2024
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
14.94
12.35
- Fuel consumed for owned transport
392.90
428.99
407.84
441.34
Scope 2 - indirect emissions
- Electricity purchased
20.14
31.79
Total gross emissions
427.98
473.13
Intensity ratio
Tonnes CO2e per £m turnover
6.35
7.9
Quantification and reporting methodology

We have followed the UK Government’s 2025 Greenhouse Gas Conversion Factors for Company Reporting, published by the Department for Energy Security and Net Zero.

Total gross emissions decreased by 9.5% year-on-year, driven by reductions in fuel and electricity-related emissions, partially offset by increased gas consumption.

PURO VENTURES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 5 -
Intensity measurement

For consistency purposes, we continue to report an intensity ratio of metric tonnes CO₂e per £1m turnover. Due to the complexity of franchise business employment structures, turnover remains the most appropriate normalisation metric.

Emissions intensity decreased to 6.35 tCO₂e per £m turnover (2024: 7.9), demonstrating improved operational efficiency despite business growth.

Measures taken to improve energy efficiency

Speedy Freight continues to participate in an independent ESG performance assessment by BGF, with third-party verification from Apex Group. Our environmental rating remains ‘Excellent’, placing us in the top 10% of businesses assessed.

Since 2020, we have monitored our carbon emissions and continue to focus on reducing our environmental impact across all operations. Our partnership with Carbon Neutral Britain supports our Net Zero 2050 commitment, with residual emissions offset through internationally certified projects verified by Verra, Gold Standard, and UN CERs.

Environmental objectives for 2025

During 2025, the company focused on:

- Promoting environmental awareness, objectives, and reporting across all owned and franchise sites

- Preserving carbon-neutral status with Carbon Neutral Britain

- Empowering local environmental champions to implement initiatives that reduce environmental impact

- Reducing waste to landfill through recycling of obsolete IT hardware, furniture, and uniforms

- Installing electric vehicle charging spaces at warehouse sites

- Establishing an emissions intensity metric to track performance and support reduction strategies

Closing ESG statement

The reduction in both total emissions and intensity in 2025 highlights continued progress toward the company’s environmental objectives and Net Zero commitments. Speedy Freight remains committed to embedding ESG principles across all operations, improving efficiency, and reducing its environmental impact.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
M R Smith
Director
29 April 2026
PURO VENTURES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF PURO VENTURES LIMITED
- 6 -
Opinion

We have audited the financial statements of Puro Ventures Limited (the 'company') for the year ended 30 November 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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 30 November 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 Auditor's 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information 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.

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' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

PURO VENTURES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF PURO VENTURES LIMITED (CONTINUED)
- 7 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the Strategic Report and the Directors' Report.

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 in preparing the Directors' Report.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

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.

PURO VENTURES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF PURO VENTURES LIMITED (CONTINUED)
- 8 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;

- Reviewing minutes of meetings of those charged with governance;

- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

This report is made solely to the company's member 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 member those matters we are required to state to the member in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's member, for our audit work, for this report, or for the opinions we have formed.

Graham Rigby (Senior Statutory Auditor)
For and on behalf of Azets Audit Services, Statutory Auditor
Chartered Accountants
Ship Canal House
98 King Street
Manchester
M2 4WU
29 April 2026
PURO VENTURES LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 9 -
2025
2024
Notes
£
£
Turnover
2
67,453,447
60,040,445
Cost of sales
(57,517,702)
(52,024,823)
Gross profit
9,935,745
8,015,622
Administrative expenses
(8,400,132)
(7,857,660)
Operating profit
4
1,535,613
157,962
Interest receivable and similar income
-
0
10,152
Interest payable and similar expenses
(84,365)
(104,686)
Profit before taxation
1,451,248
63,428
Tax on profit
6
166,640
280,003
Profit for the financial year
1,617,888
343,431

The profit and loss account has been prepared on the basis that all operations are continuing operations.

PURO VENTURES LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2025
30 November 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
7
1,660,309
1,767,661
Tangible assets
8
1,220,047
1,748,072
Investments
9
1
1
2,880,357
3,515,734
Current assets
Debtors
11
21,072,370
16,411,183
Cash at bank and in hand
3,764,184
610,013
24,836,554
17,021,196
Creditors: amounts falling due within one year
12
(18,960,342)
(13,155,539)
Net current assets
5,876,212
3,865,657
Total assets less current liabilities
8,756,569
7,381,391
Creditors: amounts falling due after more than one year
13
(456,792)
(532,862)
Provisions for liabilities
Deferred tax liability
14
271,741
438,381
(271,741)
(438,381)
Net assets
8,028,036
6,410,148
Capital and reserves
Called up share capital
16
709
709
Share premium account
19,119
19,119
Capital redemption reserve
372
372
Profit and loss reserves
8,007,836
6,389,948
Total equity
8,028,036
6,410,148
The financial statements were approved by the board of directors and authorised for issue on 29 April 2026 and are signed on its behalf by:
M R Smith
Director
Company registration number 05822614 (England and Wales)
PURO VENTURES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 11 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 December 2023
709
19,119
372
6,046,517
6,066,717
Year ended 30 November 2024:
Profit and total comprehensive income
-
-
-
343,431
343,431
Balance at 30 November 2024
709
19,119
372
6,389,948
6,410,148
Year ended 30 November 2025:
Profit and total comprehensive income
-
-
-
1,617,888
1,617,888
Balance at 30 November 2025
709
19,119
372
8,007,836
8,028,036
PURO VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 12 -
1
Accounting policies
Company information

Puro Ventures Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 2, The Pavillions, Cranford Drive, Knutsford, Cheshire, United Kingdom, WA16 8ZR.

1.1
Accounting convention

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 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This 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. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- 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 financial statements of the company are consolidated in the financial statements of Speedy Freight Holdings Limited. These consolidated financial statements are available from Companies House.

1.2
Going concern

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

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for 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.

Turnover in respect of collection and delivery services is recognised in the profit and loss account, with amounts attributable to franchisees recognised within cost of sales as 'transport costs'. Turnover is recognised at the point the service is fulfilled.

Turnover in respect of franchise sales is recognised at the point of entering into an unconditional contract with the franchisee, as a result of which a non-refundable franchise payment is due to the company.

PURO VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 13 -
1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business, representing the purchase of customer lists, order books and associated franchise data, are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Intangible assets also include capitalised internal development costs, such as internally developed software, when the criteria for recognition are met.

Software
3 years straight line
Other intangible assets
10% reducing balance
1.5
Tangible fixed assets

Tangible fixed assets are measured at cost , net of depreciation and any impairment losses.

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

Plant and machinery
15% reducing balance
Motor vehicles
25% reducing balance
Fixtures, fittings and equipment
15% reducing balance
Motor vehicles
3 years straight line
Computer equipment systems
25% reducing balance

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 credited or charged to profit or loss.

1.6
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and represent cash in hand and deposits held at call with banks.

1.7
Financial instruments

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

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. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

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.

PURO VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 14 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company 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.

Classification of financial liabilities

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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price. 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. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.8
Equity instruments

Equity instruments issued by the company 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 company.

1.9
Taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the statement of income and retained earnings, except that a charge 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.

Current tax

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

PURO VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 15 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

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.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

PURO VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 16 -
1.12
Leases

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 and hire purchase contracts 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 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 lease s asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.13
Foreign exchange

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

1.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2
Turnover and other revenue

An analysis of the company's turnover is as follows:

2025
2024
£
£
Turnover analysed by class of business
Collection and delivery services
64,679,079
58,223,598
Warehouse income
1,836,231
1,693,208
Franchise sales
938,137
123,639
67,453,447
60,040,445
2025
2024
£
£
Turnover analysed by geographical market
UK
67,322,137
59,413,106
Europe
131,310
627,339
67,453,447
60,040,445
PURO VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 17 -
3
Employees

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

2025
2024
Number
Number
Management
6
3
Operational
81
79
Administrative
65
77
Total
152
159

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
5,669,958
5,474,655
Social security costs
635,972
526,002
Pension costs
73,608
95,553
6,379,538
6,096,210
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Depreciation of owned tangible fixed assets
83,382
48,637
Depreciation of tangible fixed assets held under finance leases
565,441
560,978
Profit on disposal of tangible fixed assets
-
(590)
Amortisation of intangible assets
1,116,562
921,745
Auditor's remuneration
40,500
38,500
Operating lease charges
242,661
267,212
5
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
471,150
294,800
Company pension contributions to defined contribution schemes
8,180
562
479,330
295,362

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2024 - 2).

PURO VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
5
Directors' remuneration
(Continued)
- 18 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
267,414
161,164
6
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
-
0
(129,960)
Deferred tax
Origination and reversal of timing differences
(84,858)
(141,931)
Adjustment in respect of prior periods
(81,782)
(8,112)
Total deferred tax
(166,640)
(150,043)
Total tax credit
(166,640)
(280,003)

The actual credit 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:

2025
2024
£
£
Profit before taxation
1,451,248
63,428
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
362,812
15,857
Tax effect of expenses that are not deductible in determining taxable profit
21,257
2,655
Group relief
(487,729)
(267,780)
Research and development tax credit
-
0
(129,960)
Deferred tax adjustments in respect of prior years
(81,783)
(8,112)
Fixed asset differences
18,803
48,045
Movement in deferred tax not recognised
-
0
59,292
Taxation credit for the year
(166,640)
(280,003)
PURO VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 19 -
7
Intangible fixed assets
Software
Other intangible assets
Total
£
£
£
Cost
At 1 December 2024
3,386,138
1,041,782
4,427,920
Additions
679,377
615,552
1,294,929
Disposals
-
0
(665,053)
(665,053)
At 30 November 2025
4,065,515
992,281
5,057,796
Amortisation and impairment
At 1 December 2024
2,368,224
292,035
2,660,259
Amortisation charged for the year
825,895
290,667
1,116,562
Disposals
-
0
(379,334)
(379,334)
At 30 November 2025
3,194,119
203,368
3,397,487
Carrying amount
At 30 November 2025
871,396
788,913
1,660,309
At 30 November 2024
1,017,914
749,747
1,767,661
PURO VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 20 -
8
Tangible fixed assets
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 December 2024
481,205
2,513,237
2,994,442
Additions
59,646
404,152
463,798
Disposals
(51,604)
(750,812)
(802,416)
At 30 November 2025
489,247
2,166,577
2,655,824
Depreciation and impairment
At 1 December 2024
258,944
987,426
1,246,370
Depreciation charged in the year
48,936
599,887
648,823
Eliminated in respect of disposals
(5,021)
(454,395)
(459,416)
At 30 November 2025
302,859
1,132,918
1,435,777
Carrying amount
At 30 November 2025
186,388
1,033,659
1,220,047
At 30 November 2024
222,261
1,525,811
1,748,072

Tangible fixed assets includes assets held under finance leases or hire purchase contracts, as follows:

2025
2024
£
£
Motor vehicles
1,031,483
1,522,905
9
Fixed asset investments
2025
2024
Notes
£
£
Investments in subsidiaries
10
1
1
10
Subsidiaries

Details of the company's subsidiaries at 30 November 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Speedy Freight Limited
Unit 2, The Pavillions, Cranford Drive, Knutsford, Cheshire, United Kingdom, WA16 8ZR
Ordinary
100.00
PURO VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 21 -
11
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
11,491,888
10,727,778
Corporation tax recoverable
40,883
15,486
Amounts owed by group undertakings
7,305,410
4,161,543
Other debtors
194,496
118,445
Prepayments and accrued income
1,619,340
1,365,511
20,652,017
16,388,763
2025
2024
Amounts falling due after more than one year:
£
£
Other debtors
420,353
22,420
Total debtors
21,072,370
16,411,183
12
Creditors: amounts falling due within one year
2025
2024
£
£
Invoice discounting advances
7,024,073
4,845,498
Obligations under finance leases and hire purchase contracts
399,565
804,762
Trade creditors
7,448,711
3,449,169
Taxation and social security
768,718
768,610
Other creditors
59,297
91,063
Accruals and deferred income
3,259,978
3,196,437
18,960,342
13,155,539

Obligations under finance leases and hire purchase contracts are secured upon the assets to which they relate.

Invoice discounting advances are secured upon the assets of the company.

13
Creditors: amounts falling due after more than one year
2025
2024
£
£
Obligations under finance leases and hire purchase contracts
456,792
532,862

Obligations under finance leases and hire purchase contracts are secured upon the assets to which they relate.

PURO VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 22 -
14
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
339,181
504,864
Other short term timing differences
(67,440)
(66,483)
271,741
438,381
2025
Movements in the year:
£
Liability at 1 December 2024
438,381
Credit to profit or loss
(166,640)
Liability at 30 November 2025
271,741
15
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
73,608
95,553

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

16
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
70,945
70,945
709
709

The company has one class of Ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital. The holders of ordinary shares are entitled to receive dividends as declared and are entitled to one vote per share at meetings of the company

PURO VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 23 -
17
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£
£
Within one year
722,980
773,956
Between two and five years
2,532,194
2,598,194
In over five years
967,187
1,572,736
4,222,361
4,944,886
Lessor

The operating leases represent leases to third parties. The leases are negotiated over terms of 5 years and rentals are fixed for 5 years.

2025
2024
£
£
Within one year
606,288
606,288
Between two and five years
361,634
967,922
967,922
1,574,210
18
Related party transactions

The company has taken advantage of the exemption in Financial Reporting Standard 102, section 33, and has not disclosed transactions with fellow group undertakings.

At the balance sheet date, £3,036,213 was due from (2024: £2,096,610) Speedy Freight Holdings Limited, the parent entity. The amount is unsecured and repayable on demand.

At the balance sheet date, £2,924,358 (2024: £1,765,999) was due from Speedy Freight LLC, a fellow group undertaking. The amount is unsecured and repayable on demand.

At the balance sheet date, £525,892 (2024: £298,933) was due from Connected Logistics Solutions Limited, a fellow group undertaking. The amount is unsecured and repayable on demand.

At the balance sheet date, £818,946 (2024: £nil) was due from Speedy Parcels Limited, a fellow group undertaking. The amount is unsecured and repayable on demand.

19
Ultimate controlling party

The immediate parent and ultimate holding company of Puro Ventures Limited is Speedy Freight Holdings Limited and its registered office is Puro House, Unit 2 The Pavilions Cranford Drive, Knutsford Business Park, Knutsford, Cheshire, United Kingdom, WA16 8ZR.

PURO VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 24 -
20
Restructure

In August 2025, the company carried out a restructure whereby a trading division of Puro Ventures Limited was hived into the newly incorporated Speedy Parcels Limited, a wholly owned subsidiary of the ultimate parent company of Speedy Freight Holdings Limited.

Net liabilities attributable to the division, totaling £1.35m, were transferred at book value with no gain or loss on disposal arising from the transfer.

In the period from 1 December 2024 to 31 August 2025, the division contributed £2.03m of turnover and £556k of operating losses to the company's results.

Whilst the division is considered by the directors of Puro Ventures Limited to be a discontinued operation, the trade of Speedy Parcels Limited will continue to contribute to the results of the group headed by Speedy Freight Holdings Limited.

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