Company No: 04094255 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	159,141		156,302
		159,141		156,302
Current assets
Stocks		433,023		458,482
Debtors	4	1,670,522		2,315,145
Cash at bank and in hand		734,937		750,348
		2,838,482		3,523,975
Creditors: amounts falling due within one year	5	( 1,896,418)		( 2,729,548)
Net current assets		942,064		794,427
Total assets less current liabilities		1,101,205		950,729
Provision for liabilities		( 14,488)		( 3,559)
Net assets		1,086,717		947,170
Capital and reserves
Called-up share capital	6	1,000		1,000
Profit and loss account		1,085,717		946,170
Total shareholders' funds		1,086,717		947,170

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Grand View Container Trading (UK) Limited (registered number: 04094255) were approved and authorised for issue by the Board of Directors on 06 August 2026. They were signed on its behalf by:

M T Crayden Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Grand View Container Trading (UK) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit C1b Comet Studios, De Havilland Court, Penn Street , Amersham, Buckinghamshire, HP7 0PX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The functional currency of Grand View Container Trading (UK) Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

These financial statements are separate financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise on monetary items.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for the sale of goods and the rendering of services in the normal course of business, and is shown net of discounts and VAT.

Sale of goods
Revenue arises from the sale of shipping containers and is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer.

Leasing income
Revenue arises from the leasing of shipping containers to the end customer and is recognised on a straight-line basis over the lease term.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on enacted or substantively enacted tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery	3 - 10 years straight line
Vehicles	4 - 6 years straight line
Fixtures and fittings	3 - 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term of the relevant lease except where another more systematic basis is more representative of the time patten in which the economic benefits form the leases are consumed.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	3		4

3. Tangible assets

	Plant and machinery		Vehicles		Fixtures and fittings		Total
	£		£		£		£
Cost
At 01 January 2025	87,939		132,739		23,561		244,239
Additions	0		74,650		0		74,650
Disposals	0		( 67,371)		0		( 67,371)
At 31 December 2025	87,939		140,018		23,561		251,518
Accumulated depreciation
At 01 January 2025	33,415		35,049		19,473		87,937
Charge for the financial year	10,932		20,571		1,904		33,407
Disposals	0		( 28,967)		0		( 28,967)
At 31 December 2025	44,347		26,653		21,377		92,377
Net book value
At 31 December 2025	43,592		113,365		2,184		159,141
At 31 December 2024	54,524		97,690		4,088		156,302

4. Debtors

	2025		2024
	£		£
Trade debtors	1,482,671		1,870,464
Other debtors	187,851		444,681
	1,670,522		2,315,145

5. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	74,667		58,102
Amounts owed to Parent undertakings	1,285,414		2,203,143
Amounts owed to directors	0		25,000
Accruals and deferred income	158,467		123,635
Corporation tax	89,261		99,018
Other taxation and social security	148,128		219,859
Dividends payable	140,000		0
Other creditors	481		791
	1,896,418		2,729,548

6. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
10,000 Ordinary shares of £ 0.10 each	1,000		1,000

7. Financial commitments

Commitments

	2025		2024
	£		£
Total future minimum lease payments under non-cancellable operating leases	6,750		6,750

Pensions

The Company operates a defined contributions pension scheme. the assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £14,760 (2024 - £15,323) . Contributions totalling £0 (2024 - £296) were payable to the fund at the balance sheet date and are included in creditors.

8. Related party transactions

During the year the company had the following transactions with group companies

Grand View Container Trading (HK) Limited - Sales of £48,329 (2024 - £58,542) and purchases of £5,522,638 (2024 - £5,818,857)
UES International (HK) Holdings Ltd - Sales of £171,049 (2024 - £121,108) and purchases of £2,989 (2024 - £4,565)

At the reporting date the company held the following balances with group companies:
Grand View Container Trading (HK) Limited was owed £1,285,414 (2024 - £2,083,530)
UES International (HK) Holdings Ltd owed £14,786 (2024 - £22,692)

9. Audit Opinion

The auditor's report on the accounts for the financial year ended 31 December 2025 was unqualified.

The audit report was signed by Keir Singleton on behalf of S&W Audit on 7 August 2026.

10. Ultimate controlling party

The immediate parent company of Grand View Container Trading (UK) Limited is Grand View container Trading (HK) Co. Limited, a Company registered in Hong Kong. The results of Grand View Container Trading (UK) Limited are included in the consolidated financial statements of that company which are available from its registered office, Suite A, 11/F, Huamin Empire Plaza, 728 Yan'an Xi Road, Shanghai.

The ultimate holding entity is Global Transport Income Fund Master Partnership SCSp, a fund managed by JP Morgan Asset Management.