IRIS Accounts Production v26.1.10.61 15087903 Board of Directors 1.1.25 31.12.25 31.12.25 Medium entities 0 0 true true false true true false false true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. 0 0 A Ordinary 1.00000 B Ordinary 1.00000 iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh 15087903 2024-12-31 15087903 2025-12-31 15087903 2025-01-01 2025-12-31 15087903 2023-08-21 15087903 2023-08-22 2024-12-31 15087903 2024-12-31 15087903 ns15:EnglandWales 2025-01-01 2025-12-31 15087903 ns14:PoundSterling 2025-01-01 2025-12-31 15087903 ns10:Director1 2025-01-01 2025-12-31 15087903 ns10:PrivateLimitedCompanyLtd 2025-01-01 2025-12-31 15087903 ns10:MediumEntities 2025-01-01 2025-12-31 15087903 ns10:Audited 2025-01-01 2025-12-31 15087903 ns10:Medium-sizedCompaniesRegimeForDirectorsReport 2025-01-01 2025-12-31 15087903 ns10:Medium-sizedCompaniesRegimeForAccounts 2025-01-01 2025-12-31 15087903 ns10:FullAccounts 2025-01-01 2025-12-31 15087903 ns10:OrdinaryShareClass1 2025-01-01 2025-12-31 15087903 ns10:OrdinaryShareClass2 2025-01-01 2025-12-31 15087903 ns10:Director2 2025-01-01 2025-12-31 15087903 ns10:CompanySecretary1 2025-01-01 2025-12-31 15087903 ns10:RegisteredOffice 2025-01-01 2025-12-31 15087903 ns5:ShareCapital 2025-12-31 15087903 ns5:ShareCapital 2024-12-31 15087903 ns5:ShareCapital 2023-08-22 2024-12-31 15087903 ns5:RetainedEarningsAccumulatedLosses 2024-12-31 15087903 ns5:RetainedEarningsAccumulatedLosses 2025-12-31 15087903 ns5:CostValuation 2024-12-31 15087903 ns5:Subsidiary1 2025-01-01 2025-12-31 15087903 1 ns5:Subsidiary1 2025-01-01 2025-12-31 15087903 ns5:Subsidiary1 2025-12-31 15087903 ns5:Subsidiary1 2024-12-31 15087903 ns5:Subsidiary1 2023-08-22 2024-12-31 15087903 ns10:OrdinaryShareClass1 2025-12-31 15087903 ns10:OrdinaryShareClass2 2025-12-31 15087903 ns5:RetainedEarningsAccumulatedLosses 2025-01-01 2025-12-31

REGISTERED NUMBER: 15087903 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 |

| FOR |

| BISHOPSGATE HOLDCO LTD |

| BISHOPSGATE HOLDCO LTD (REGISTERED NUMBER: 15087903) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Report of the Directors | 3 |

| Report of the Independent Auditors | 5 |

| Income Statement | 9 |

| Other Comprehensive Income | 10 |

| Balance Sheet | 11 |

| Statement of Changes in Equity | 12 |

| Cash Flow Statement | 13 |

| Notes to the Cash Flow Statement | 14 |

| Notes to the Financial Statements | 15 |

| BISHOPSGATE HOLDCO LTD |

COMPANY INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2025

| DIRECTORS: | T Bloch

| M Nilsson

| SECRETARY: | Oakwood Corporate Secretary Limited

| REGISTERED OFFICE: | 3rd Floor 1 Ashley Road

| Altrincham

| United Kingdom

| Cheshire

| WA14 2DT

| REGISTERED NUMBER: | 15087903 (England and Wales)

| AUDITORS: | Fawcetts LLP

| Chartered Accountants

| and Statutory Auditors

| Windover House

| St. Ann Street

| Salisbury

| SP1 2DR

| BISHOPSGATE HOLDCO LTD (REGISTERED NUMBER: 15087903) |

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

The directors present their strategic report for the year ended 31 December 2025.

REVIEW OF BUSINESS

The company acts as an intermediate holding company and carries out no activities other than holding the investment in Bishopsgate Newco Ltd.

PRINCIPAL RISKS AND UNCERTAINTIES

As a non-trading holding company, the company is primarily exposed to financial and operational risks relating to:

- The performance and financial stability of its subsidiary undertaking.

The directors monitor this risk on an ongoing basis.

FUTURE DEVELOPMENTS

The Company is expected to continue in its current role as a non-trading intermediate holding company within the Elanders Group.

ON BEHALF OF THE BOARD:

T Bloch - Director

14 August 2026

| BISHOPSGATE HOLDCO LTD (REGISTERED NUMBER: 15087903) |

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 DECEMBER 2025

The directors present their report with the financial statements of the company for the year ended 31 December 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of a holding company.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2025.

DIRECTORS

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

T Bloch

M Nilsson

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- | select suitable accounting policies and then apply them consistently;

- | make judgements and accounting estimates that are reasonable and prudent;

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

| BISHOPSGATE HOLDCO LTD (REGISTERED NUMBER: 15087903) |

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 DECEMBER 2025

AUDITORS

The auditors, Fawcetts LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

T Bloch - Director

14 August 2026

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

BISHOPSGATE HOLDCO LTD

Opinion

We have audited the financial statements of Bishopsgate Holdco Ltd (the 'company') for the year ended 31 December 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- | give a true and fair view of the state of the company's affairs as at 31 December 2025;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

BISHOPSGATE HOLDCO LTD

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

BISHOPSGATE HOLDCO LTD

Auditors' responsibilities for the audit of the financial statements

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

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

Identifying and assessing potential risks related to irregularities and fraud

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations we consider the following:

- |  | the nature of the industry/sector, control environment and financial performance; |

- |  | results of our enquiries of management about their own identification and assessment of the risk of irregularities; |

- |  | any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to: |

| - |  | identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; |

| - |  | detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and |

| - |  | the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;. |

- |  | the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. |

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following area: revenue and profit recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We have also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had 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 tax legislation.

Audit response to risk identified

As a result of performing the above, we identified revenue and profit recognition, stock valuation, estimation techniques and management override of controls as key matters related to the potential risk of fraud or material misstatement. Our procedures to respond to risks identified included the following:

- |  | reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; |

- |  | enquiring of management concerning actual and potential litigation and claims; |

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

- |  | understanding the entity's revenue recognition policies and how they are applied, including the relevant controls and processes and performing a walk-through to validate our understanding; |

- |  | performing analytical procedures to compare revenue recognised against expectations, past results, and management forecasts, and investigated material divergences by obtaining corroborative evidence; |

- |  | reading minutes of meetings of those charged with governance and reviewing any correspondence with HMRC; |

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

BISHOPSGATE HOLDCO LTD

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.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Simon Ellingham FCA (Senior Statutory Auditor)

for and on behalf of Fawcetts LLP

Chartered Accountants

| and Statutory Auditors

Windover House

St. Ann Street

Salisbury

SP1 2DR

14 August 2026

| BISHOPSGATE HOLDCO LTD (REGISTERED NUMBER: 15087903) |

INCOME STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2025

| Period

| 22.8.23

| Year Ended |  | to

| 31.12.25 |  | 31.12.24

| Notes | £ | £ |

TURNOVER | - |  | - |  |

OPERATING PROFIT and |

PROFIT BEFORE TAXATION | - |  | - |  |

Tax on profit | 4 | - |  | - |  |

PROFIT FOR THE FINANCIAL YEAR | - |  | - |  |

| BISHOPSGATE HOLDCO LTD (REGISTERED NUMBER: 15087903) |

OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2025

| Period

| 22.8.23

| Year Ended |  | to

| 31.12.25 |  | 31.12.24

| Notes | £ | £ |

PROFIT FOR THE YEAR | - |  | - |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | - |  | - |  |

| BISHOPSGATE HOLDCO LTD (REGISTERED NUMBER: 15087903) |

BALANCE SHEET

31 DECEMBER 2025

| 2025 |  | 2024

| Notes | £ | £ |

FIXED ASSETS

Investments | 5 | 45,342,999 |  | 45,342,999 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 45,342,999 |  | 45,342,999 |  |

CAPITAL AND RESERVES

Called up share capital | 6 | 45,342,999 |  | 45,342,999 |  |

SHAREHOLDERS' FUNDS | 45,342,999 |  | 45,342,999 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 14 August 2026 and were signed on its behalf by:

T Bloch - Director

| BISHOPSGATE HOLDCO LTD (REGISTERED NUMBER: 15087903) |

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Changes in equity

Issue of share capital | 45,342,999 |  | - |  | 45,342,999 |  |

Balance at 31 December 2024 | 45,342,999 |  | - |  | 45,342,999 |  |

Changes in equity

Balance at 31 December 2025 | 45,342,999 |  | - |  | 45,342,999 |  |

| BISHOPSGATE HOLDCO LTD (REGISTERED NUMBER: 15087903) |

CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2025

| Period

| 22.8.23

| Year Ended |  | to

| 31.12.25 |  | 31.12.24

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | - |  | - |  |

Cash flows from investing activities

Purchase of fixed asset investments | - |  | (45,342,999 | ) |

Net cash from investing activities | - |  | (45,342,999 | ) |

Cash flows from financing activities

Share issue | - |  | 45,342,999 |  |

Net cash from financing activities | - |  | 45,342,999 |  |

Increase in cash and cash equivalents | - |  | - |  |

Cash and cash equivalents at beginning of year | - |  | - |  |

Cash and cash equivalents at end of year | - |  | - |  |

| BISHOPSGATE HOLDCO LTD (REGISTERED NUMBER: 15087903) |

NOTES TO THE CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2025

1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| Period

| 22.8.23

| Year Ended |  | to

| 31.12.25 |  | 31.12.24

£ | £ |

| Profit before taxation | - |  | - |  |

| Cash generated from operations | - |  | - |  |

| BISHOPSGATE HOLDCO LTD (REGISTERED NUMBER: 15087903) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1. | STATUTORY INFORMATION

| Bishopsgate Holdco Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| Preparation of consolidated financial statements

| The financial statements contain information about Bishopsgate Holdco Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Elanders AB, 1c, Flojelbergsgatan, Molndal, Sweden, 43137.

| Investments in subsidiaries

| Investments in subsidiary undertakings are recognised at cost.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. | EMPLOYEES AND DIRECTORS

| There were no staff costs for the year ended 31 December 2025 nor for the period ended 31 December 2024.

| The average number of employees during the year was NIL (2024 - NIL).

| BISHOPSGATE HOLDCO LTD (REGISTERED NUMBER: 15087903) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

3. | EMPLOYEES AND DIRECTORS - continued

| Period

| 22.8.23

| Year Ended |  | to

| 31.12.25 |  | 31.12.24

£ | £ |

| Directors' remuneration | - |  | - |  |

4. | TAXATION

| Analysis of the tax charge

| No liability to UK corporation tax arose for the year ended 31 December 2025 nor for the period ended 31 December 2024.

5. | FIXED ASSET INVESTMENTS

| Shares in

| group

| undertakings

£ |

| COST

| At 1 January 2025

| and 31 December 2025 | 45,342,999 |  |

| NET BOOK VALUE

| At 31 December 2025 | 45,342,999 |  |

| At 31 December 2024 | 45,342,999 |  |

| The company's investments at the Balance Sheet date in the share capital of companies include the following:

| Bishopsgate Newco Ltd

| Registered office: 3rd Floor, 1 Ashley Road, Altrincham, Cheshire, WA14 2DT, UK

| Nature of business: Specialist logistics

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

2025 | 2024 |

£ | £ |

| Aggregate capital and reserves | 10,708,869 |  | 7,761,402 |  |

| Profit for the year/period | 2,947,467 |  | 6,589,962 |  |

| BISHOPSGATE HOLDCO LTD (REGISTERED NUMBER: 15087903) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

6. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 40,124,365 | A Ordinary | £1 | 40,124,365 |  | 40,124,365 |  |

| 5,218,634 | B Ordinary | £1 | 5,218,634 |  | 5,218,634 |  |

45,342,999 |  | 45,342,999 |  |

7. | RESERVES

| Retained

| earnings

£ |

| Profit for the year | - |

| At 31 December 2025 | - |  |

8. | ULTIMATE CONTROLLING PARTY

| The company is a subsidiary of Elanders Holding UK Limited, a company registered in England and Wales.

| Elanders Holding UK Limited is a wholly owned subsidiary of Elanders AB, a public company registered in Sweden.

| The ultimate controlling party of Elanders AB is Carl Bennet.