Company registration number 04014188 (England and Wales)
EFM MANAGEMENT LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
EFM MANAGEMENT LIMITED
COMPANY INFORMATION
Directors
A Cartwright
B Silas
J Alston
(Appointed 6 February 2026)
Secretary
S Newman
Company number
04014188
Registered office
Ibex House
Baker Street
Weybridge
Surrey
KT13 8AH
Auditor
MGI Midgley Snelling LLP
Ibex House
Baker Street
Weybridge
Surrey
KT13 8AH
EFM MANAGEMENT LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 23
EFM MANAGEMENT LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

The company have pleasure in presenting their strategic report for the year ended 31 December 2025. Management aim to present a balanced and comprehensive review of the development and performance of the business during the year and position at year end. The review is consistent with the size and nature of the business and is written in the context of the risks and uncertainties that the company faces.

EFM Management Limited is the UK operation whose principal activities are those of logistics consultancy, project freight management, planning, forwarding and storage. The business specialises in complex and high value projects. The EFM group in total has seven offices in four geographical regions being Europe, North America, the Middle East, and Australia and operates globally with a network of approved partners.

In November 2025, the Parent company EFM Global Holdings Ltd was acquired and is now part of a significantly larger logistics group ICAT Logistics. This transaction marks a pivotal milestone in the company's development, providing access to expanded resources, infrastructure, and market reach of its new parent organisation. The integration into a broader logistics network is expected to strengthen the company's operational capabilities, enhance economies of scale, and open new avenues for growth across existing and adjacent markets. As the business moves forward under this new ownership structure, it is well positioned to leverage the group's wider expertise and established presence to accelerate its strategic objectives.

Review of the Business

The results of the company for the year are shown in the Statement of Comprehensive Income on page 8.

Revenues in 2025 were £20.7m significantly up from £13.2m in 2024. Margins deteriorated slightly from 22.9% in 2024 to 22.1% in 2025.

The main growth during 2025 was in Project Cargo (Up by 18,000%), General Forwarding (Up by 182%), Film, Media & Broadcasting (Up by 165%) Sport (Up by 113%), Hotels (Up by 88%), Music (up by 11%), Exhibitions (Up by 9%), Automotive (down by 70%), Events (down by 9%), Theatre (down by 50%) due to less opportunities during 2025 within these verticals.

Principal Risks and Uncertainties

The company operates in an environment that has a number of operational and financial risks. The key business risks affecting the company are considered to be competition from other businesses within the industry, employee retention geopolitical, and foreign currency risks.

The Board is supported by appropriate professional advisors and is well placed to keep abreast of the various operational & financial risks that the company may encounter. In particular:

The management team report to Head office on competitor activity on an ongoing basis and operational strategy is adapted accordingly at regular meetings, with action being taken to counter the activities of significant competitors as required.

Retention of key employees remains a priority for the business with emphasis being placed on consultation and communication with employees. Management regularly monitors industry salary information to ensure that key staff are employed on attractive terms and conditions.

The company actively hedges against adverse currency fluctuations by maintaining US Dollar and Euro bank accounts. Management do not presently consider the risk of foreign exchange movements to be significant.

Future Developments and Performance

The company is pushing forward with its growth strategy with a vision to develop sales across its main and new sectors. Within the wider ICAT group, we expect growth for UK operations across multiple verticals. EFM’s prospects for 2026 are very positive although slightly overshadowed by the Middle East conflict.

EFM MANAGEMENT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
Review of key performance indicators

| 202 5 | 20 24
| £m | £m
Turnover | 20.7 | 13.2
Gross profit margin | 2 2% | 2 3%
Profit/​(loss) before tax | 0.6 | (0.3)
Salaries as a percentage of gross profit | 30% | 49%

At the year end, the group had net current assets of £2.6m (2024: £2.5m), including net cash balances of £1.2m (2024: £0.7m). The company’s financial position remains strong with all borrowings paid off leaving total net assets of £2.5m (2024: £2.0m) at the year end.

Other performance indicators

In preparing the financial statements, Management is required to assess the Company's ability to continue to trade as a going concern for the foreseeable future. In undertaking this assessment, Management have given due consideration to the Company's available cash funds and the potential for it to continue to earn significant profits. At the Balance sheet date, the company had net current assets of £2.6m (2024: £2.5m) of which £1.2m (2024: £0.7m) is represented by cash at bank. The financial statements do not include the adjustments that would result if the company were unable to continue as a going concern.

On behalf of the board

A Cartwright
Director
22 July 2026
EFM MANAGEMENT LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2025.

Principal activities

The principal activity of the company continued to be that of project freight management and storage.

Results and dividends

The results for the year are set out on page 8.

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 Llewellyn
(Resigned 6 February 2026)
A Cartwright
B Silas
J Alston
(Appointed 6 February 2026)
Statement of directors' responsibilities

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and 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 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.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

EFM MANAGEMENT LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -
On behalf of the board
A Cartwright
Director
22 July 2026
EFM MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF EFM MANAGEMENT LIMITED
- 5 -
Opinion

We have audited the financial statements of EFM Management Limited (the 'company') for the year ended 31 December 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 31 December 2025 and of its profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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.

EFM MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF EFM MANAGEMENT LIMITED (CONTINUED)
- 6 -
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 or the directors' r eport.

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

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

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

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

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

Responsibilities of directors

As explained more fully in the directors' 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.

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

In planning and designing our audit tests, we identify and assess the risks of material misstatements within the financial statements, whether due to fraud or error. Our assessment of these risks includes consideration of the nature of the industry and sector, the control environment and the business performance along with the results of our enquiries of management, about their own identification and assessment of the risks of irregularities. We are also required to perform specific procedures to respond to the risk of management override.

As a result of this assessment, we considered the opportunities and incentives that may exist within the company for fraud and identified that the greatest area of risk was in relation to management override, the understatement of trade creditors and completeness of income.

We have obtained an understanding of the legal and regulatory frameworks that the company operates in from discussions with the directors and our knowledge of the company and its industry sector. We have focused on the provisions of those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and local tax legislation.

EFM MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF EFM MANAGEMENT LIMITED (CONTINUED)
- 7 -

We performed the following audit procedures after consideration of the above risks which included the following:

- enquiry of management of actual and potential litigation and claims;

- review of post year end payments, supplier statements and purchase invoices;

- testing that sales invoices have been fully and properly included within turnover in the financial statements, and review of sales recorded around the balance sheet date for possible income that has been incorrectly included or excluded from the period;

- reviewing correspondence with HMRC;

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

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; and

- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

The engagement partner has assessed that all engagement team members were made aware of the relevant laws and regulations and potential fraud risks and were reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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. The 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 is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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 company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an 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 members as a body, for our audit work, for this report, or for the opinions we have formed.

Sarah Burge BEng FCA (Senior Statutory Auditor)
For and on behalf of MGI Midgley Snelling LLP, Statutory Auditor
Chartered Accountants
Ibex House
Baker Street
Weybridge
Surrey
KT13 8AH
23 July 2026
EFM MANAGEMENT LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -
2025
2024
Notes
£
£
Turnover
3
20,655,901
13,246,046
Cost of sales
(16,096,484)
(10,218,226)
Gross profit
4,559,417
3,027,820
Administrative expenses
(3,848,290)
(3,206,758)
Operating profit/(loss)
4
711,127
(178,938)
Interest receivable and similar income
8
444
576
Interest payable and similar expenses
9
(68,693)
(76,986)
Profit/(loss) before taxation
642,878
(255,348)
Tax on profit/(loss)
10
(169,251)
42,249
Profit/(loss) for the financial year
473,627
(213,099)

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

EFM MANAGEMENT LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
11
39,484
60,610
Current assets
Stocks
12
138,325
-
Debtors
13
5,261,548
4,899,160
Cash at bank and in hand
1,210,535
725,329
6,610,408
5,624,489
Creditors: amounts falling due within one year
14
(4,026,738)
(3,104,960)
Net current assets
2,583,670
2,519,529
Total assets less current liabilities
2,623,154
2,580,139
Creditors: amounts falling due after more than one year
15
-
0
(441,802)
Provisions for liabilities
Provisions
18
106,000
92,000
Deferred tax liability
20
-
0
2,810
(106,000)
(94,810)
Net assets
2,517,154
2,043,527
Capital and reserves
Called up share capital
21
54,500
54,500
Profit and loss reserves
2,462,654
1,989,027
Total equity
2,517,154
2,043,527

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 22 July 2026 and are signed on its behalf by:
A Cartwright
Director
Company registration number 04014188 (England and Wales)
EFM MANAGEMENT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 10 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2024
54,500
2,202,126
2,256,626
Year ended 31 December 2024:
Loss and total comprehensive income
-
(213,099)
(213,099)
Balance at 31 December 2024
54,500
1,989,027
2,043,527
Year ended 31 December 2025:
Profit and total comprehensive income
-
473,627
473,627
Balance at 31 December 2025
54,500
2,462,654
2,517,154
EFM MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
1
Accounting policies
Company information

EFM Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is Ibex House, Baker Street, Weybridge, Surrey, KT13 8AH.

The principal place of business is Unit 3, Alpha Way, Thorpe Industrial Park, Egham, Surrey, TW20 8RZ.

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 are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

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 EFM Global Holdings Limited.These consolidated financial statements are available from its registered office, Ibex House, Baker Street, Weybridge, Surrey, KT13 8AH.

1.2
Going concern

The financial statements have been prepared on a going concern basis. The directors, from review of the current reserves and available cash funds, consider it appropriate to prepare the financial statements on a going concern basis.

The directors have considered forecasts for the next 12 months from the date of signing the financial statements, and believe the company will continue being profitable. Therefore the financial statements have been prepared on a going concern basis.

1.3
Turnover

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.

EFM MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 12 -
1.4
Tangible fixed assets

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

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

Leasehold improvements
20% on cost
Plant and machinery etc
20% - 33% on cost
Office and computer equipment
33% on cost

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.

1.5
Stocks

Work in progress is valued at the lower of cost and estimated selling price less costs to complete.

Cost includes direct expenditure only.

1.6
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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.

Financial assets and liabilities are offset, with 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

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.

Basic financial 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 paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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.

EFM MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 13 -
1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current 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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

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
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i s measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.11
Employee benefits

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.

1.12
Retirement benefits

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

EFM MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 14 -
1.13
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 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 lease s asset are consumed.

1.14
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 are included in the profit and loss account for the period.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. 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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Recoverability of debtors

Management applies judgement in evaluating the recoverability of debtors. This judgement is based on the ageing profile of debtors and historical experience. To the extent that the directors believe debtors not to be recoverable they have been provided for in the financial statements.

EFM MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
2
Judgements and key sources of estimation uncertainty
(Continued)
- 15 -
Key sources of estimation uncertainty

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.

Provisions

A provision of £106,000 has been recognised in respect of expected dilapidation costs relating to leased property. The estimation of this provision involves significant judgement, particularly in determining the scope and cost of reinstatement works required at the end of the lease terms, based on current lease conditions and management's assessment of expected obligations. Actual costs incurred may differ from the amounts provided as a result of changes in usage, the condition of the property, or landlord requirements at lease expiry.

Accruals

Accruals are recorded for cost of sales incurred but not yet invoiced. These estimates are subject to uncertainties such as economic conditions and supplier billing practices. Management regularly reviews accruals to ensure reasonableness and adjusts estimates as needed.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Freight and handling
18,843,776
11,617,555
Other trading income
1,476,038
1,118,251
Warehouse and storage
336,087
510,240
20,655,901
13,246,046
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
11,051,154
6,174,050
United States of America
4,057,115
4,956,670
Asia
3,388,210
1,087,504
Australia
521,825
515,451
Europe
1,592,750
512,371
Africa
44,847
-
20,655,901
13,246,046
2025
2024
£
£
Other revenue
Interest income
444
576
EFM MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 16 -
4
Operating profit/(loss)
2025
2024
Operating profit/(loss) for the year is stated after charging:
£
£
Exchange losses
174,786
41,672
Depreciation of owned tangible fixed assets
33,857
22,524
Depreciation of tangible fixed assets held under finance leases
-
14,219
(Profit)/loss on disposal of tangible fixed assets
-
50
Operating lease charges
226,962
187,588
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
15,500
14,000
For other services
All other non-audit services
21,000
23,000
6
Employees

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

2025
2024
Number
Number
Directors
3
3
Administration
20
20
Total
23
23

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
1,141,228
1,264,368
Social security costs
177,375
175,889
Pension costs
43,265
54,727
1,361,868
1,494,984
EFM MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 17 -
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
-
0
180,518
Company pension contributions to defined contribution schemes
-
12,961
-
0
193,479

The number of directors for whom retirement benefits are accruing under defined contribution schemes

amounted to nil (202 4 - 1).

8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
444
576
9
Interest payable and similar expenses
2025
2024
£
£
Interest on bank overdrafts and loans
66,571
74,864
Interest on finance leases and hire purchase contracts
2,122
2,122
68,693
76,986
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
168,830
-
0
Adjustments in respect of prior periods
3,865
(40,272)
Total current tax
172,695
(40,272)
Deferred tax
Origination and reversal of timing differences
(3,444)
(1,977)
Total tax charge/(credit)
169,251
(42,249)
EFM MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
10
Taxation
(Continued)
- 18 -

The actual charge/(credit) for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit/(loss) before taxation
642,878
(255,348)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
160,720
(63,837)
Tax effect of expenses that are not deductible in determining taxable profit
3,324
1,936
Change in unrecognised deferred tax assets
977
-
0
Adjustments in respect of prior years
3,865
3,208
Effect of change in corporation tax rate
-
0
2,417
Group relief
-
0
14,027
Depreciation on assets not qualifying for tax allowances
365
-
0
Taxation charge/(credit) for the year
169,251
(42,249)
11
Tangible fixed assets
Leasehold improvements
Plant and machinery etc
Office and computer equipment
Total
£
£
£
£
Cost
At 1 January 2025
243,729
186,138
97,760
527,627
Additions
-
0
-
0
12,731
12,731
At 31 December 2025
243,729
186,138
110,491
540,358
Depreciation and impairment
At 1 January 2025
240,642
145,129
81,246
467,017
Depreciation charged in the year
1,058
18,389
14,410
33,857
At 31 December 2025
241,700
163,518
95,656
500,874
Carrying amount
At 31 December 2025
2,029
22,620
14,835
39,484
At 31 December 2024
3,087
41,009
16,514
60,610

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2025
2024
£
£
Plant and machinery etc
-
0
35,107
EFM MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 19 -
12
Stocks
2025
2024
£
£
Work in progress
138,325
-
13
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
2,755,973
2,118,497
Corporation tax recoverable
-
0
46,784
Amounts owed by parent company
2,079,167
2,237,060
Amounts owed by group undertakings
25,478
140,688
Other debtors
86,285
78,365
Prepayments and accrued income
291,931
277,766
5,238,834
4,899,160
2025
2024
Amounts falling due after more than one year:
£
£
Other debtors
22,080
-
0
Deferred tax asset (note 20)
634
-
0
22,714
-
0
Total debtors
5,261,548
4,899,160

Amounts owed by group undertakings include amounts that are considered to be interest free, held on behalf of the company and repayable on demand or within normal trading terms, typically less than 3 months.

Amounts owed by parent undertakings include amounts that are considered to be interest free, held on behalf of the company and repayable on demand.

EFM MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 20 -
14
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans
17
-
0
425,000
Obligations under finance leases
16
-
0
13,250
Trade creditors
1,405,171
1,005,549
Amounts owed to group undertakings
539,825
168,558
Corporation tax
177,214
-
0
Other taxation and social security
519,078
338,778
Deferred income
746,693
566,414
Other creditors
84,535
23,506
Accruals
554,222
563,905
4,026,738
3,104,960

Amounts owed to group undertakings include amounts that are considered to be amounts loaned to the company, interest free, unsecured and considered repayable on demand or within normal trading terms, typically less than 3 months.

15
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans and overdrafts
17
-
0
406,250
Obligations under finance leases
16
-
0
35,552
-
0
441,802
16
Finance lease obligations
2025
2024
Future minimum lease payments due under finance leases:
£
£
Within one year
-
0
15,440
In two to five years
-
0
41,427
-
0
56,867
Less: future finance charges
-
0
(8,065)
-
0
48,802

Finance lease payments represent rentals payable by the company 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 was 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

Finance leases were settled during the year.

EFM MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 21 -
17
Loans and overdrafts
2025
2024
£
£
Bank loans
-
0
831,250
Payable within one year
-
0
425,000
Payable after one year
-
0
406,250

These loans were fully settled in the year.

The bank loans held by the company of £Nil (2024: £550,000) and £Nil (2024: £281,250) were secured by a fixed charge over the company's assets, and a floating charge over all property that is not covered by the fixed charge.

The £550,000 loan in the prior year had interest accruing at 2.19% over base rate and the £281,250 loan had interest accruing at 3% over base rate.

18
Provisions for liabilities
2025
2024
£
£
Dilapidation provision
106,000
92,000
Movements on provisions:
Dilapidation provision
£
At 1 January 2025
92,000
Additional provisions in the year
14,000
At 31 December 2025
106,000

The dilapidation provision has been included to account for the estimated costs associated with restoring the premises to the condition required in accordance with the lease agreement. The lease has been extended, therefore the costs are due to be incurred in 2027.

19
Retirement benefit schemes

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. Contributions amounting to £10,644 (2024: £9,574) were outstanding at the year end and included in other creditors.

EFM MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 22 -
20
Deferred taxation

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

Liabilities
Liabilities
Assets
Assets
2025
2024
2025
2024
Balances:
£
£
£
£
Accelerated/(decelerated) capital allowances
-
2,810
634
-
2025
Movements in the year:
£
Liability at 1 January 2025
2,810
Credit to profit or loss
(3,444)
Asset at 31 December 2025
(634)

The deferred tax asset set out above is expected to reverse within 12 months and relates to short term temporary diferences.

21
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
54,500
54,500
54,500
54,500
22
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
270,149
270,149
Between two and five years
48,099
323,932
318,248
594,081
23
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

EFM MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
23
Related party transactions
(Continued)
- 23 -
Sales
Sales
Purchases
Purchases
2025
2024
2025
2024
£
£
£
£
Fellow group undertakings
5,314,612
4,744,235
3,725,082
3,230,873
Management charge expense
2025
2024
£
£
Entities with control, joint control or significant influence over the company
1,433,994
801,868

The following amounts were outstanding at the reporting end date:

2025
2024
Amounts due to related parties
£
£
Fellow group undertakings
539,825
168,558

The following amounts were outstanding at the reporting end date:

2025
2024
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
2,079,167
2,237,060
Fellow group undertakings
25,478
140,688
24
Ultimate controlling party

The immediate controlling party is EFM Global Holdings Limited, a company registered in England and Wales. The directors consider that the ultimate parent undertaking of this company is Blue Logistics TopCo LLC, which is registered in USA.

EFM Global Holdings Limited is also the parent company of the smallest group for which group accounts are prepared. Its registered office is the same as EFM Management Ltd and they prepare consolidated financial statements.

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