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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2025
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PANTRAD LTD
COMPANY INFORMATION
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PANTRAD LTD
CONTENTS
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PANTRAD LTD
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
This Strategic Report outlines the objectives and priorities of Pantrad Limited and it's subsidiary entities (together "The FTS Group") for the 2025 financial year.
Following a period of significant transition, including a management buyout this is the first period of Group accounts. The Group now enters 2026 with a stable platform and a clear focus on consolidation, operational excellence, and selective growth. The report reviews current market conditions, summarises business performance, identifies principal risks, and sets out strategic initiatives designed to strengthen the Group’s position as a high-quality, customer-focused provider of warehousing and haulage solutions across the UK.
The UK freight, warehousing, and logistics market continues to experience structural change driven by:
• E-commerce growth and evolving distribution models • Increased cost pressures across fuel, labour, insurance, and finance • Greater customer focus on resilience, visibility, and service quality • Growing regulatory and customer expectations around sustainability While competition remains intense and price pressure persists, the market also presents opportunities for well-run operators capable of delivering reliable service, flexible solutions, and long-term partnerships. Performance Overview The Group’s financial and operational performance during 2025 represented a major improvement on prior years and confirmed the success of recent strategic decisions. The business delivered: • Improved operational controls • Strong customer retention and engagement • Continued performance in excess of budget expectations post year-end The focus for 2026 is to convert this momentum into sustainable, repeatable performance. Strengths • Energised and aligned leadership team following the management buyout • Strong customer relationships built on service and responsiveness • Investment in modern assets, technology, and infrastructure • Ability to offer integrated warehousing and transport solutions • Proven willingness to challenge traditional operating models Weaknesses • Continued exposure to elevated staffing costs • High finance costs relative to historical norms • Margin pressure arising from highly competitive pricing in certain sectors Management actions are in place to mitigate these risks through efficiency improvements, cost discipline, and careful contract selection.
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PANTRAD LTD
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Technology and Innovation
Digitisation remains central to the Group’s strategy. During 2026, FTS will continue to: • Develop and refine route optimisation and telematics systems • Improve real-time shipment visibility and proof-of-delivery capability • Automate administrative and reporting processes where practical • Use data to support pricing discipline, utilisation, and cost control Technology investment will remain focused on measurable operational benefit rather than complexity for its own sake. Sustainability FTS Group continues to align its strategy with the UN Sustainable Development Goals. Key initiatives include: • Ongoing evaluation and trials of electric and low-emission vehicles • A fully electric forklift truck fleet • Site-wide LED lighting and sensor-based energy controls • Waste reduction and recycling programmes During 2026, the Group will focus on embedding sustainability into procurement, fleet planning, and customer engagement in a commercially responsible manner.
Financing and Interest Rates
The Group operates with finance leases and hire purchase contracts. Although interest rates remain elevated, management continues to actively manage funding arrangements, ensuring competitive terms through duediligence and lender negotiation. Competitive Pressure The sector remains highly competitive, with some operators continuing to trade at unsustainable rates. The failure of several competitors during the past year highlights the importance of financial discipline. FTS Group’s strategy prioritises service quality, reliability, and long-term customer relationships over unprofitable volume. Customer Credit Risk Credit risk is an inherent feature of the sector. Robust credit control procedures, regular management review, and close customer engagement remain in place. There have been no material bad debt issues in recent years.
The Group measures and monitors a broad range of KPIs, including:
• Turnover • Gross profit • Net profit • Fleet utilisation • Cost per mile • On-time delivery performance • Health and safety metrics KPIs for 2026 will focus increasingly on quality of margin, cash generation, and operational efficiency rather than top-line growth alone.
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PANTRAD LTD
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Strategic priorities for 2026
Operational Excellence • Further optimisation of routes, assets, and driver utilisation • Continued investment in driver training, safety, and retention • Active fuel procurement and cost-management strategies • Reduction of avoidable overheads through automation and process improvement Service Development • Refinement and expansion of niche and specialist service offerings • Collaboration with customers to design bespoke logistics solutions • Selective onboarding of customers aligned with margin and operational criteria Technology Integration • Enhanced tracking and communication systems • Improved internal reporting and management information • Practical application of data analytics to support decision-making People and Culture • Ongoing investment in staff development and wellbeing • Clear accountability and empowerment within the management structure • Reinforcement of a professional, safety-led, customer-focused culture Financial Discipline • Continued focus on cash flow management • Careful control of capital expenditure • Diversification of revenue streams where commercially justified • Conservative approach to leverage and funding commitments
The FTS Group enters 2026 in a significantly stronger position than in previous years. With a stable leadership team, improving financial performance, and a clearly defined strategy, the Group is well positioned to manage ongoing market challenges while pursuing sustainable growth.
By maintaining discipline, investing selectively, and continuing to differentiate through service, technology, and people, FTS Group aims to strengthen its reputation as a dependable, forward-thinking logistics partner.
This report was approved by the board and signed on its behalf.
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PANTRAD LTD
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The director presents his report and the financial statements for the year ended 31 December 2025.
The director is responsible for preparing the Group strategic report, the Director's report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the director is required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments 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 Group will continue in business.
The director is 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 the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the year, after taxation, amounted to £174,537 (2024 - profit £NIL).
Dividends paid in the year totalled £154,000.
The director who served during the year was:
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PANTRAD LTD
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The auditors, Hillier Hopkins LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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PANTRAD LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PANTRAD LTD
We have audited the financial statements of Pantrad Ltd (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2025, which comprise the Consolidated statement of comprehensive income, the Consolidated analysis of net debt, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, 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 auditing the financial statements, we have concluded that the director's 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 or the 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 director with respect to going concern are described in the relevant sections of this report.
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PANTRAD LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PANTRAD LTD (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The director is 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group strategic report and the Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group strategic report and the Director's 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 its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Director's report.
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PANTRAD LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PANTRAD LTD (CONTINUED)
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 Auditors' 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 Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙assess the nature of the industry and sector, control environment and business performance including the remuneration incentives and pressures of key management;
∙assess the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. We consider the results of our enquiries of management about their own identification and assessment of the risks of irregularities;
∙any matters we identified having obtained and reviewed the Group’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;
°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 common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
We also obtained an understanding of the legal and regulatory frameworks that the Group 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. We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and relevant tax legislation.
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PANTRAD LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PANTRAD LTD (CONTINUED)
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 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 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 Auditors' 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 Auditors' 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.
for and on behalf of
Chartered Accountants
Statutory Auditors
Radius House
51 Clarendon Road
Hertfordshire
WD17 1HP
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PANTRAD LTD
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
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PANTRAD LTD
REGISTERED NUMBER: 16024549
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 18 to 34 form part of these financial statements.
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PANTRAD LTD
REGISTERED NUMBER: 16024549
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 18 to 34 form part of these financial statements.
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PANTRAD LTD
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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PANTRAD LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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PANTRAD LTD
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
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PANTRAD LTD
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
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PANTRAD LTD
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2025
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PANTRAD LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Pantrad Limited is a private company limited by shares incorporated in England and Wales. The address of the registered office is Highwayman House, 6 Old Parkbury Lane, Colney Street, St Albans, Hertfordshire, AL2 2DL. The company registered number is 16024549..
The principal activity of Pantrad Ltd is the holding entity for the FTS Group whose principal activity is that of parent company of road freight transport, haulage and transport contractors. The principal place of business is 6 Old Parkbury Lane, St Albans, Hertfordshire, AL2 2DL.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
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PANTRAD LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
The financial statements have been prepared on a going concern basis, which assumes that the Group will continue in operational existence for the foreseeable future, being at least 12 months from the date of approval of these financial statements.
The Group has recorded a loss for the year ended 31 December 2025 of £174,537. At the balance sheet date the Group had net current liabilities of £1,632,021, net liabilities of £328,437 and a cash balance of £42,062. During the year, the Group has experienced cashflow pressures which have impacted its ability to meet liabilities as they fall due. These have primarily arisen from the ongoing servicing of debt within the group related to the MBO. The directors review cashflow forecasts in the short, medium and long term to ensure all future payments can either be made on time or that arrangements have been made with creditors to extend credit terms. In assessing the appropriateness of the going concern basis, the directors have carefully considered these cashflow forecasts and constraints together with the growth the group is experiencing and the wider current economic conditions. There can be no certainty in relation to these matters. However, the directors consider it appropriate to prepare the financial statements on the going concern basis.
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PANTRAD LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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PANTRAD LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Goodwill
Other intangible assets
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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PANTRAD LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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PANTRAD LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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. There are no significant items included in the financial statements where these judgements and estimates are required.
The whole of the turnover is attributable to the primary business activity.
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PANTRAD LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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PANTRAD LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
There were no factors that may affect future tax charges.
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PANTRAD LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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PANTRAD LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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PANTRAD LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
13.Tangible fixed assets (continued)
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PANTRAD LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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PANTRAD LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 30
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PANTRAD LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
I
Page 31
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PANTRAD LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 32
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PANTRAD LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Profit and loss account
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £79,736 (2024 - £Nil).
The amount outstanding at the year end amounted to £16,510 (2024 - £Nil).
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PANTRAD LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The Group's ultimate controlling party is Peter Samuels by virtue of his majority shareholding.
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