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

The year saw continued significant investment in the development of technology, systems and services across Speedy Freight Holdings. This investment forms a strong foundation for the future growth and scalability of the Group’s activities across UK Freight, Parcels and the USA.

Despite challenging UK market conditions, the Group's freight activities delivered another year of double-digit growth, with revenue increasing by 19.1%. The continued strength of the franchise and managed office network has enabled the Group to expand market share while maintaining high levels of customer service.

During the year, further progress was made in developing the Parcels proposition. This was supported by material growth in the managed office customer base and the successful launch of the first Parcels franchises, with seven franchises operating within the Parcels network at the year end.

In the USA, the groundwork established in 2024 enabled the Group to begin building its franchise network successfully, with twenty-five franchises operating at the year end. This development was complemented by continued growth in the managed office during the year.

The strategic focus for 2026 across both Parcels and the USA will be on ensuring a robust support structure for franchisees as they establish operations and embed the operating standards developed within the UK freight business.

During the year the Group also undertook a strategic review of non-core operations. As a result, the decision was taken to cease operations in Spain in order to focus resources on the continued growth of the core UK freight activities through the franchise and managed office network. For similar reasons, the decision was taken after the year end to cease operations in Connected Logistics Solutions Limited.

The Group continued to invest in its people and organisational capability, building on the appointments of the Chief People Officer and Chief Financial Officer in 2024. A key focus during the year was the enhancement of sales processes through the introduction of new organisational structures and supporting technologies designed to strengthen the sales capability of both owned and franchised offices. This included improvements to CRM capability across the Group.

These initiatives are designed to support the continued development of the franchise networks in Parcels and the USA, as well as strengthening the UK operations.

The Group’s technology roadmap for 2026 has now been 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 continue to embed, the company is unlocking opportunities to increase revenue within existing franchise territories. The strategic deployment of managed offices within the franchise network has enhanced territory performance, improved market penetration and created a scalable platform for the disciplined introduction of new franchisees. During the year the UK freight network increased to 60 franchise offices.

This progress was further recognised through Speedy Freight receiving the British Franchise Association’s Established Franchisor of the Year award, reflecting the strength of the franchise model and the support provided to franchisees.

Investment in people development also continued during the year, including the implementation of a new HRIS platform 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 consistently high levels of service to customers and franchisees, while maintaining mutually beneficial and ethical relationships with suppliers.

The company’s ambition is to become the first choice for same-day and express delivery services across the UK and USA, while establishing its Parcels division as a recognised leader in shipping solutions within the sector.

As a franchise business, the company invests continuously in the development and support of its franchise network. A comprehensive programme of training and development is provided covering areas such as financial management, operational performance and business development. This includes participation in the Qualified Franchise Professional programme delivered by the British Franchise Association, which provides a formal industry qualification recognising knowledge and experience in franchising.

Technical support is also provided across specialist areas including customs compliance and the transportation of hazardous goods.

The company focuses on delivering effective logistics solutions to its customers through the utilisation of its resources, operational expertise and technology, together with those of complementary service providers. This enables the delivery of a comprehensive and flexible supply chain offering.

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

Operating performance across the network 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 the further enhancement of technology platforms to support both operational efficiency and customer service.

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 highly 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, operational reliability and long-term relationship building across the network.

Customer satisfaction is monitored through Trustpilot ratings and Net Promoter Score (NPS), which are used as key performance indicators across the business.

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 through pricing.

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 across the Group.

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 of systems and controls.

The financial key performance indicators for the current and comparative year are set out below.

Adjusted net profit includes the add back of bank factoring charges amounting to £362,647 and the amortisation of goodwill amounting to £1,423,913.

The Directors of Speedy Freight Holdings 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.

In considering the interests of shareholders, the Directors remained focused on the long-term development of the Group 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 and the decision taken after the year end to cease operations in Connected Logistics Solutions Limited, reflected this approach.

The Directors recognise that the Company’s employees are central to the delivery of its strategy. During the year, the Group 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 Group 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 Group 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 Group 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

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

The results for the year are set out on page 11.

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

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

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

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

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.

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

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.

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 group and company, and of the profit or loss of the group 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 group and company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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 auditor of the company 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 auditor of the company is aware of that information.

We have audited the financial statements of Speedy Freight Holdings limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the group's and the parent company's affairs as at 30 November 2025 and of the group's loss 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 group and parent 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 group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

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

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

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

• the parent company 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.

As explained more fully in the directors' responsibilities statement, 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 parent 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 parent company or to cease operations, or have no realistic alternative but to do so.

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.

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 entity 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 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.

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £965,004 (2024 - £965,004 loss).

Speedy Freight Holdings limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Puro House, Unit 2 The Pavilions, Cranford Drive, Knutsford, Cheshire, WA16 8ZR.

The group consists of Speedy Freight Holdings limited and its subsidiaries.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

• Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

• Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

• Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

• Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. Investments in subsidiaries are accounted for at cost less impairment.

The consolidated group financial statements consist of the financial statements of the parent company Speedy Freight Holdings limited together with all entities controlled by the parent company (its subsidiaries).

All financial statements are made up to 30 November 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

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

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

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

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.

Amortisation 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:

Tangible fixed assets are initially measured at cost, 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:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

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

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

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

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

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.

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.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities, including creditors 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.

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax 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 if, and only if, there is 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.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

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

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases 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 leased 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.

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.

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.

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

Their aggregate remuneration comprised:

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

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

* Exempt from audit under s479A

** Exempt from audit under s480

Invoice discounting advances are secured upon the assets of Puro Ventures Limited.

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

The loans and other borrowings are secured by a fixed and floating charge over all the property and undertaking of the group.

At the balance sheet date, borrowings consisted of £5,150,000 series A loan notes and £4,500,000 series B loan notes.

The A loan notes are repayable in biannual instalments of £858,333 from December 2026. Interest is charged at 10% per annum.

The series B loan notes are repayable in annual instalments of £900,000 from June 2027. Interest is charged at 10% per annum.

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

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

The A Ordinary, B1 Ordinary, B2 Ordinary, C Ordinary and E Ordinary shares have rights as defined in the Company’s Articles of Association.

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

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

At the reporting end date the group had contracted with tenants for the following minimum lease payments:

In August 2025, the group carried out a restructure whereby the company acquired 100% of the Ordinary share capital of Speedy Parcels Limited.

As part of this restructure, a trading division of Puro Ventures Limited was hived into the newly acquired Speedy Parcels Limited.

In March 2026, the group made the decision to cease the operations of two subsidiaries, Connected Logistics Solutions Limited and Devon and Cornwall Logistics Limited.