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Company registration number: 05574157
NORTHERN EXPRESS ENTERPRISES LIMITED
Filleted financial statements
31 December 2025
Pearlman Rose
Chartered Accountants & Statutory Auditors
Suite 1, First Floor
Jack Dash House
2 Lawn House Close
Docklands
London, E14 9YQ
NORTHERN EXPRESS ENTERPRISES LIMITED
Contents
Directors and other information
Directors responsibilities statement
Statement of financial position
Statement of changes in equity
Notes to the financial statements
NORTHERN EXPRESS ENTERPRISES LIMITED
Directors and other information

| Directors | Mr Felipe Cosmen Menendez-Castañedo
|  | Miss Amalia Rodrigues Cosmen
| Company number | 05574157
| Registered office | Fifth Floor
|  | Building 7, 566 Chiswick High Road
|  | London
|  | England
|  | W4 5YG
| Auditor | Pearlman Rose
|  | Chartered Acccountants & Statutory Auditors
|  | Suite 1, First Floor,
|  | Jack Dash House,
|  | 2 Lawn House Close, Docklands,
|  | London
|  | E14 9YQ
| Accountants | Tax and Advise Ltd
|  | 19 The Circle
|  | Queen Elizabeth Street
|  | London
|  | SE1 2JE

| Bankers | Caixa Bank
|  | Santander

NORTHERN EXPRESS ENTERPRISES LIMITED
Directors responsibilities statement
Year ended 31 December 2025
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and 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 judgments and accounting estimates that are reasonable and prudent; and
- 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.
NORTHERN EXPRESS ENTERPRISES LIMITED
Statement of financial position
31 December 2025

|  |  | 2025 |  |  |  | 2024 |  |
|  | Note | £ |  | £ |  | £ |  | £
Fixed assets |  |  |  |  |  |  |  |  |
Investments |  | 5 | 12,750,142 |  |  |  | 39,615,621 |  |
|  |  | _______ |  |  |  | _______ |  |
|  |  |  |  | 12,750,142 |  |  |  | 39,615,621
Current assets |  |  |  |  |  |  |  |  |
Debtors |  | 6 | 6,963,539 |  |  |  | 6,111,649 |  |
Cash at bank and in hand |  |  | 102,214 |  |  |  | 219,743 |  |
|  |  | _______ |  |  |  | _______ |  |
|  |  | 7,065,753 |  |  |  | 6,331,392 |  |
Creditors: amounts falling due |  |  |  |  |  |  |  |  |
within one year |  | 7 | ( 7,125) |  |  |  | ( 6,600) |  |
|  |  | _______ |  |  |  | _______ |  |
Net current assets |  |  |  |  | 7,058,628 |  |  |  | 6,324,792
|  |  |  |  | _______ |  |  |  | _______
Total assets less current liabilities |  |  |  |  | 19,808,770 |  |  |  | 45,940,413
Creditors: amounts falling due |  |  |  |  |  |  |  |  |
after more than one year |  | 8 |  |  | ( 1,145,709) |  |  |  | ( 1,142,842)
|  |  |  |  | _______ |  |  |  | _______
Net assets |  |  |  |  | 18,663,061 |  |  |  | 44,797,571
|  |  |  |  | _______ |  |  |  | _______
Capital and reserves |  |  |  |  |  |  |  |  |
Called up share capital |  |  |  |  | 6,000,001 |  |  |  | 6,000,001
Share premium account |  |  |  |  | 40,031,896 |  |  |  | 40,031,896
Profit and loss account |  |  |  |  | ( 27,368,836) |  |  |  | ( 1,234,326)
|  |  |  |  | _______ |  |  |  | _______
Shareholders funds |  |  |  |  | 18,663,061 |  |  |  | 44,797,571
|  |  |  |  | _______ |  |  |  | _______

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 11 August 2026 , and are signed on behalf of the board by:
Mr Felipe Cosmen Menendez-Castañedo
Director
Company registration number: 05574157
NORTHERN EXPRESS ENTERPRISES LIMITED
Statement of changes in equity
Year ended 31 December 2025

|  | Called up share capital | Share premium account |  | Profit and loss account | Total |  |  |  |
|  | £ | £ |  | £ | £ |  |  |  |
At 1 January 2024 |  | 6,000,001 | 40,031,896 |  | ( 554,429) | 45,477,468 |  |  |  |
Loss for the year |  |  |  |  | ( 679,897) | ( 679,897) |  |  |  |
|  | _______ | _______ |  | _______ | _______ |  |  |  |
Total comprehensive income for the year |  | - | - |  | ( 679,897) | ( 679,897) |  |  |  |
|  | _______ | _______ |  | _______ | _______ |  |  |  |
At 31 December 2024 and 1 January 2025 |  | 6,000,001 | 40,031,896 |  | ( 1,234,326) | 44,797,571 |  |  |  |
Loss for the year |  |  |  |  | ( 26,134,510) | ( 26,134,510) |  |  |  |
|  | _______ | _______ |  | _______ | _______ |  |  |  |
Total comprehensive income for the year |  | - | - |  | ( 26,134,510) | ( 26,134,510) |  |  |  |
|  | _______ | _______ |  | _______ | _______ |  |  |  |
At 31 December 2025 |  | 6,000,001 | 40,031,896 |  | ( 27,368,836) | 18,663,061 |  |  |  |
|  | _______ | _______ |  | _______ | _______ |  |  |  |

NORTHERN EXPRESS ENTERPRISES LIMITED
Notes to the financial statements
Year ended 31 December 2025
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Fifth Floor, Building 7, 566 Chiswick High Road, London, England, W4 5YG.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going Concern
The Going Concern assessment has been carried out for a period of at least 12 months from the date of approval. The company's major creditors have given an undertaking that they will continue to support the company at least until 31 December 2026.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2024: 1 ).
5. Investments

|  | Shares in group undertakings and participating interests | Other investments other than loans | Total |  |  |
|  | £ | £ | £ |  |  |
| Cost |  |  |  |  |  |
| At 1 January 2025 and 31 December 2025 | 25,000,000 | 20,555,669 | 45,555,669 |  |  |
|  | _______ | _______ | _______ |  |  |
| Impairment |  |  |  |  |  |
| At 1 January 2025 | - | 5,940,048 | 5,940,048 |  |  |
| Impairment loss | 16,500,000 | - | 16,500,000 |  |  |
| Other movements | - | 10,365,479 | 10,365,479 |  |  |
|  | _______ | _______ | _______ |  |  |
| At 31 December 2025 | 16,500,000 | 16,305,527 | 32,805,527 |  |  |
|  | _______ | _______ | _______ |  |  |
| Carrying amount |  |  |  |  |  |
| At 31 December 2025 | 8,500,000 | 4,250,142 | 12,750,142 |  |  |
|  | _______ | _______ | _______ |  |  |
| At 31 December 2024 | 25,000,000 | 14,615,621 | 39,615,621 |  |  |
|  | _______ | _______ | _______ |  |  |

6. Debtors

|  |  | 2025 | 2024
|  |  | £ | £
| Amounts owed by group undertakings and undertakings in which the company has a participating interest |  | 6,959,174 | 6,107,284
| Other debtors |  | 4,365 | 4,365
|  |  | _______ | _______
|  |  | 6,963,539 | 6,111,649
|  |  | _______ | _______

7. Creditors: amounts falling due within one year

|  |  | 2025 | 2024
|  |  | £ | £
| Social security and other taxes |  | 325 | -
| Other creditors |  | 6,800 | 6,600
|  |  | _______ | _______
|  |  | 7,125 | 6,600
|  |  | _______ | _______

8. Creditors: amounts falling due after more than one year

|  |  | 2025 | 2024
|  |  | £ | £
| Amounts owed to group undertakings and undertakings in which the company has a participating interest |  | 1,145,709 | 1,142,842
|  |  | _______ | _______

Other creditors represents a loan from Marvel Group limited repayable in 2025. Interest is charged at LIBOR plus 1.75%.
9. Other financial commitments
The company has issued cross company guarantees for the following facilities taken by its fellow subsidiary, European Express Enterprises Limited.A loan facility of £50,000,000 with La Caixa that will mature on the 15th January 2030. The first capital repayment will be due on 16th January 2025. This loan is secured against Mobico Group PLC shares. Interest is charged at three month SONIA plus 0.08%.A loan facility of £25,000,000 with Banca March at SONIA plus 1.75% secured against 22,150,000 ordinary shares in Mobico Group PLC.
10. Summary audit opinion
The auditor's report dated 11 August 2026 was unqualified.
The senior statutory auditor was Muhammad Jilani for and on behalf of Pearlman Rose
11. Related party transactions
During the year the company entered into the following transactions with related parties:

|  | Transaction value |  | Balance owed by/(owed to) |
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| European Express Enterprises Limited | 222,212 | 261,178 | 4,448,385 | 4,242,500
| Evolyn Mobility Limited | 646,004 | 80,887 | 2,510,788 | 1,864,784
|  | _______ | _______ | _______ | _______

European Express Enterprises Limited – entity under common control Loans between the companies have no fixed repayment dates and interest is charged on outstanding balances at LIBOR plus 1.75%. Interest receivable during the period amounted to £222,212 (2024: £261,178). No interest was payable during the period (2024: £Nil). At 31 December 2025, the amount due from European Express Enterprises Limited was £4,448,385 (2024: £4,242,500). Evolyn Mobility Limited – entity under common control The loan balance is subject to interest at SONIA plus 1%. Interest receivable during the period amounted to £646,004 (2024: £80,887). At 31 December 2025, the amount due from Evolyn Mobility Limited was £2,510,788 (2024: £1,864,784).
12. Controlling party
The company is a wholly owned subsidary of COMPAÑ-A DE LOS FERROCARRILES ECONÓMICOS DE ASTURIAS, S.A.U. The ultimate controlling parties are the Cosmen family.The consolidated accounts of the parent company, Cofinex SL (Spain) are available from the Spanish Registro Mercantil Central.