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REGISTERED NUMBER: 02298865 (England and Wales)

| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |

| AUDITED FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31 DECEMBER 2025 |

| FOR |

| SHIPCO TRANSPORT LIMITED |

SHIPCO TRANSPORT LIMITED (REGISTERED NUMBER: 02298865) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Report of the Directors | 5 |

| Report of the Independent Auditors | 7 |

| Statement of Income and Retained Earnings | 11 |

| Balance Sheet | 12 |

| Cash Flow Statement | 13 |

| Notes to the Cash Flow Statement | 14 |

| Notes to the Financial Statements | 15 |

| SHIPCO TRANSPORT LIMITED |

COMPANY INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2025

| DIRECTORS: | K H Jepsen

| P M Andersen

| SECRETARY: | Mrs A L Baker

| REGISTERED OFFICE: | Essex House

| 8 The Shrubberies

| George Lane

| South Woodford

| London

| E18 1BD

| REGISTERED NUMBER: | 02298865 (England and Wales)

| INDEPENDENT AUDITORS: | Caton Fry & Partners Limited (Statutory Auditor)

| Essex House

| 7-8 The Shrubberies

| George Lane

| South Woodford

| London

| E18 1BD

| BANKERS: | National Westminster Bank Plc

| 32 East Street

| Barking

| Essex

| IG11 8AB

SHIPCO TRANSPORT LIMITED (REGISTERED NUMBER: 02298865) |

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

Primary activities

The primary activities of Shipco Transport Ltd are worldwide shipping services.

Development in activities and finances

Operating profits before interests and taxes for the year is £803,990 and the profit for the year amounts to £618,970.

Equity totals £685,230 as at 31 December 2025.

Profit/loss for the year in relation to the expected developments

The financial results are lower than expected. The Board of Directors finds them very satisfactory due to market circumstances.

Outlook

The board of Directors expects a positive result in 2026 but not at the same level as in 2025. The global cargo volumes are down from previous years due to the global trade situation caused by the USA tariffs and global disruptions and freight rates are close to historical low levels, thus impacting financial results throughout the industry.

Key figures

| 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |

Revenue |  | 17,295,13 1 |  | 20,327,067 |  | 15,581,54 6 |  | 31,062,999 |  | 27,707,149 |

Gross Profit |  | 2,932,643 |  | 3,794,370 |  | 3,540,190 |  | 7,932,640 |  | 6,662,629 |

Operating profit |  | 803,990 |  | 1,743,267 |  | 1,797,314 |  | 6,232,921 |  | 5,002,334 |

Net financial |  | 34,790 |  | 43,185 |  | 57,649 |  | 31,691 |  | 21,236 |

Profit/(loss) before tax |  | 838,780 |  | 1,786,452 |  | 1,854,963 |  | 6,264,612 |  | 5,023,570 |

Profit/(loss) for the year |  | 618,970 |  | 1,330,342 |  | 1,411,548 |  | 5,214,914 |  | 3,921,479 |

Balance Sheet total |  | 941,400 |  | 1,623,346 |  | 1,695,063 |  | 5,526,435 |  | 4,212,022 |

Equity |  | 685,230 |  | 1,366,260 |  | 1,435,918 |  | 5,274,270 |  | 4,209,358 |

Average number of employees |  | 39 |  | 40 |  | 36 |  | 34 |  | 32 |

Ratios: |  |

Gross margin (%) |  | 17.0 |  | 18.7 |  | 22.7 |  | 25.5 |  | 24.0 |

Net margin (%) |  | 4.9 |  | 6.5 |  | 9.1 |  | 16.8 |  | 14.2 |

Return on equity (%) |  | 15.1 |  | 23.5 |  | 10.5 |  | 27.5 |  | 40.9 |

Equity ratio (%) |  | 72.8 |  | 84.1 |  | 84.7 |  | 95.5 |  | 99.9 |

Key performance indicators means factors by reference to which the development, performance or position of the company can be measured effectively.

Definitions:

Gross margin (%): Gross profit x 100 / Revenue

Net margin (%): Profit/loss for the year x 100 / Revenue

Return on equity (%): Profit and loss for the year x 100/ Average equity

Equity ratio (%): Equity x 100 / Balance Sheet total

SHIPCO TRANSPORT LIMITED (REGISTERED NUMBER: 02298865) |

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

Customers

Shipco is a well-known global NVOCC and working through the World-Wide Alliance network to support our customers on global trade lanes. The customer base consists of forwarding/logistics companies, who we service for years through own or partner offices. We continue to develop online tools and platforms for ease of business.

Suppliers

Our suppliers are predominantly global shipping lines as well as national transportation companies. We continue to build relationships with these vendors to be able to provide customers with a superior service.

Shareholders

Our shares are owned by our holding company being Shipco Transport Holding A/S, a Danish entity owned by Scan Group.

Group relations

Please refer to notes 14, 15 and 16 in the financial statements for a specification of the group relations.

Strategy:

We want to grow our business by enhancing our customer experience at competitive pricing. This is supported through continuous IT tools/process optimisation and integrations as well as developing our workforce through training, talent management and career development.

PRINCIPAL RISKS AND UNCERTAINTIES

Credit risk

The company's credit risk arises primarily through trade debtors. The amounts presented in the balance sheet are net of bad debt provisions. A bad debt provision is recognised by the entity when there is objective evidence that a debtor has become impaired - for example where the customer enters into bankruptcy proceedings.

Liquidity risk

In order to maintain liquidity and to ensure that the company has sufficient funds available for ongoing operations and to meet its obligations, the company places surplus funds in a high-interest-bearing account. The company also has an agreed overdraft facility in the event that short-term finance is required.

Financial instruments

The company does not have excessive exposure to risks in respect of price, credit, liquidity, and cash flow risk. The company's financial instruments are largely traded in the functional currency, being sterling and the company does not use hedge accounting in respect of its financial instruments.

Interest rate exposures have a limited effect on the company due to the financial soundness of Group. Consequently, no agreement is made on hedging interest exposure.

SHIPCO TRANSPORT LIMITED (REGISTERED NUMBER: 02298865) |

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

EVENTS AFTER THE BALANCE SHEET DATE

No events have occurred or been recorded between the balance sheet date and the date of presentation of these financial statements, which would influence the evaluation of this annual report.

ON BEHALF OF THE BOARD:

P M Andersen - Director

15 May 2026

SHIPCO TRANSPORT LIMITED (REGISTERED NUMBER: 02298865) |

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 the provision of freight services.

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2025 will be £ 1,300,000 .

DIRECTORS

K H Jepsen has held office during the whole of the period from 1 January 2025 to the date of this report.

Other changes in directors holding office are as follows:

M Jaepelt - resigned 1 August 2025

P M Andersen - appointed 1 August 2025

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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

SHIPCO TRANSPORT LIMITED (REGISTERED NUMBER: 02298865) |

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 DECEMBER 2025

AUDITORS

The auditors, Caton Fry & Partners Limited (Statutory Auditor), will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

P M Andersen - Director

15 May 2026

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

SHIPCO TRANSPORT LIMITED

Opinion

We have audited the financial statements of Shipco Transport Limited (the 'company') for the year ended 31 December 2025 which comprise the Statement of Income and Retained Earnings, Balance Sheet, 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 and of its profit 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 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.

Material uncertainty 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

SHIPCO TRANSPORT LIMITED

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.

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 five, 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

SHIPCO TRANSPORT LIMITED

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:

- the nature of the industry and sector, control environment and business performance including the design of the Group's remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets;

- results of our enquiries of management, about their own identification and assessment of the risks of irregularities;

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

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

- the matters discussed among the audit engagement team including 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 relation to revenue. 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 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.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty.

As a result of performing the above, we identified job revenue and associated costs as key audit areas related to the potential risk of fraud. We therefore reviewed and implemented detailed testing of recognition of job revenue and the associated costs arising due to the acceptance of the shipment.

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;

- obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

SHIPCO TRANSPORT LIMITED

- 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 the engagement team members and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.

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.

Edward Caton FCA ATII ASFA (Senior Statutory Auditor)

for and on behalf of Caton Fry & Partners Limited (Statutory Auditor)

Essex House

7-8 The Shrubberies

George Lane

South Woodford

London

E18 1BD

15 May 2026

SHIPCO TRANSPORT LIMITED (REGISTERED NUMBER: 02298865) |

STATEMENT OF INCOME AND

RETAINED EARNINGS

FOR THE YEAR ENDED 31 DECEMBER 2025

| 2025 |  | 2024

| Notes | £ | £ |

TURNOVER | 3 | 17,295,131 |  | 20,327,067 |  |

Cost of sales | 14,362,488 |  | 16,532,697 |  |

GROSS PROFIT | 2,932,643 |  | 3,794,370 |  |

Administrative expenses | 2,128,653 |  | 2,051,103 |  |

OPERATING PROFIT | 5 | 803,990 |  | 1,743,267 |  |

Interest receivable and similar income | 34,790 |  | 43,185 |  |

PROFIT BEFORE TAXATION | 838,780 |  | 1,786,452 |  |

Tax on profit | 6 | 219,810 |  | 456,110 |  |

PROFIT FOR THE FINANCIAL YEAR | 618,970 |  | 1,330,342 |  |

Retained earnings at beginning of year | 1,366,260 |  | 1,435,918 |  |

Dividends | 7 | (1,300,000 | ) | (1,400,000 | ) |

RETAINED EARNINGS AT END OF YEAR | 685,230 |  | 1,366,260 |  |

SHIPCO TRANSPORT LIMITED (REGISTERED NUMBER: 02298865) |

BALANCE SHEET

31 DECEMBER 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 8 | 41,398 |  | 47,073 |  |

CURRENT ASSETS

Debtors | 9 | 3,124,928 |  | 3,903,379 |  |

Cash at bank | 860,096 |  | 1,366,272 |  |

3,985,024 |  | 5,269,651 |  |

CREDITORS

Amounts falling due within one year | 10 | 3,085,022 |  | 3,693,378 |  |

NET CURRENT ASSETS | 900,002 |  | 1,576,273 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 941,400 |  | 1,623,346 |  |

PROVISIONS FOR LIABILITIES | 11 | 6,268 |  | 7,184 |  |

NET ASSETS | 935,132 |  | 1,616,162 |  |

CAPITAL AND RESERVES

Called up share capital | 12 | 249,902 |  | 249,902 |  |

Retained earnings | 13 | 685,230 |  | 1,366,260 |  |

SHAREHOLDERS' FUNDS | 935,132 |  | 1,616,162 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 15 May 2026 and were signed on its behalf by:

P M Andersen - Director

K H Jepsen - Director

SHIPCO TRANSPORT LIMITED (REGISTERED NUMBER: 02298865) |

CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2025

| 2025 |  | 2024

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 1,166,227 |  | 1,551,624 |  |

Tax paid | (395,549 | ) | (351,155 | ) |

Net cash from operating activities | 770,678 |  | 1,200,469 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (11,644 | ) | (10,609 | ) |

Interest received | 34,790 |  | 43,185 |  |

Net cash from investing activities | 23,146 |  | 32,576 |  |

Cash flows from financing activities

Equity dividends paid | (1,300,000 | ) | (1,400,000 | ) |

Net cash from financing activities | (1,300,000 | ) | (1,400,000 | ) |

Decrease in cash and cash equivalents | (506,176 | ) | (166,955 | ) |

Cash and cash equivalents at beginning of year | 2 | 1,366,272 |  | 1,533,227 |  |

Cash and cash equivalents at end of year | 2 | 860,096 |  | 1,366,272 |  |

SHIPCO TRANSPORT LIMITED (REGISTERED NUMBER: 02298865) |

NOTES TO THE CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2025

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

| 2025 |  | 2024

£ | £ |

| Profit before taxation | 838,780 |  | 1,786,452 |  |

| Depreciation charges | 17,320 |  | 23,522 |  |

| Finance income | (34,790 | ) | (43,185 | ) |

821,310 |  | 1,766,789 |  |

| Decrease/(increase) in trade and other debtors | 778,451 |  | (1,218,250 | ) |

| (Decrease)/increase in trade and other creditors | (433,534 | ) | 1,003,085 |  |

| Cash generated from operations | 1,166,227 |  | 1,551,624 |  |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

| Year ended 31 December 2025

| 31/12/25 |  | 1/1/25

£ | £ |

| Cash and cash equivalents | 860,096 |  | 1,366,272 |  |

| Year ended 31 December 2024

| 31/12/24 |  | 1/1/24

£ | £ |

| Cash and cash equivalents | 1,366,272 |  | 1,533,227 |  |

3. | ANALYSIS OF CHANGES IN NET FUNDS

| At 1/1/25 | Cash flow | At 31/12/25

£ | £ | £ |

| Net cash |

| Cash at bank | 1,366,272 |  | (506,176 | ) | 860,096 |  |

1,366,272 |  | (506,176 | ) | 860,096 |  |

| Total | 1,366,272 |  | (506,176 | ) | 860,096 |  |

SHIPCO TRANSPORT LIMITED (REGISTERED NUMBER: 02298865) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1. | STATUTORY INFORMATION

| Shipco Transport Limited 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.

| The financial statements are prepared in UK Sterling, which is the functional currency of the company.

| Related party exemption

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

| Significant judgements and estimates

| In the application of the company's accounting policies, the Directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

| 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.

| Turnover

| Turnover represents net invoiced sales of services, excluding value added tax.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

| Improvements to property | - | 25% on cost

| Fixtures and fittings | - | 25% on cost

| Computer equipment | - | 25% on cost

SHIPCO TRANSPORT LIMITED (REGISTERED NUMBER: 02298865) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

2. | ACCOUNTING POLICIES - continued

| Financial instruments

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

| Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention 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, loans to fellow group companies 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 payable within one year are not amortised.

| Classification of financial liabilities

| 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.

| Basic financial liabilities

| Basic financial liabilities, including creditors, 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.

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

| 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.

SHIPCO TRANSPORT LIMITED (REGISTERED NUMBER: 02298865) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

2. | ACCOUNTING POLICIES - continued

| Deferred taxation

| 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.

| Foreign currencies

| Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange prevailing at the accounting date. Transactions in foreign currencies are recorded at the date of the transactions. All exchange differences are taken to the Profit and Loss account.

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

| Hire purchase and leasing commitments

| Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Profit and Loss account so as to produce constant periodic rates of charge on the net obligations outstanding in each period.

| Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

3. | TURNOVER

| The turnover and profit before taxation are attributable to the one principal activity of the company.

| An analysis of turnover by class of business is given below:

| 2025 |  | 2024

£ | £ |

| Sea Freight - Imports | 12,485,184 |  | 14,861,333 |  |

| Sea Freight - Exports | 4,809,947 |  | 5,465,734 |  |

17,295,131 |  | 20,327,067 |  |

SHIPCO TRANSPORT LIMITED (REGISTERED NUMBER: 02298865) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

3. | TURNOVER - continued

| An analysis of turnover by geographical market is given below:

| 2025 |  | 2024

£ | £ |

| United Kingdom | 12,987,245 |  | 14,803,512 |  |

| Europe | 226,629 |  | 217,792 |  |

| Rest of the World | 4,081,257 |  | 5,305,763 |  |

17,295,131 |  | 20,327,067 |  |

4. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 1,843,002 |  | 1,696,258 |  |

| Social security costs | 195,331 |  | 151,123 |  |

| Other pension costs | 40,152 |  | 39,240 |  |

2,078,485 |  | 1,886,621 |  |

| The average number of employees during the year was as follows:

| 2025 |  | 2024

| Selling and distribution | 31 |  | 32 |  |

| Administration | 4 |  | 4 |  |

| Claims | 4 |  | 4 |  |

39 |  | 40 |  |

| 2025 |  | 2024

£ | £ |

| Directors' remuneration | - |  | - |  |

SHIPCO TRANSPORT LIMITED (REGISTERED NUMBER: 02298865) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

5. | OPERATING PROFIT

| The operating profit is stated after charging/(crediting):

| 2025 |  | 2024

£ | £ |

| Depreciation - owned assets | 17,319 |  | 23,522 |  |

| Auditor's remuneration | 17,997 |  | 18,372 |  |

| Auditors' remuneration for non audit work | 1,634 |  | 1,609 |  |

| Foreign exchange differences | (4,757 | ) | 22,807 |  |

| Operating lease rentals - Plant and machinery | 4,004 |  | 3,274 |  |

| - Land and buildings | 30,000 |  | 30,000 |  |

| Interest income receivable from group undertakings recognised with interest receivable and similar income | 21,000 |  | 21,000 |  |

6. | TAXATION

| Analysis of the tax charge

| The tax charge on the profit for the year was as follows:

| 2025 |  | 2024

£ | £ |

| Current tax:

| UK corporation tax | 220,726 |  | 458,169 |  |

| Deferred tax | (916 | ) | (2,059 | ) |

| Tax on profit | 219,810 |  | 456,110 |  |

| UK corporation tax has been charged at 25% (2024 - 25%).

| Reconciliation of total tax charge included in profit and loss

| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

| 2025 |  | 2024

£ | £ |

| Profit before tax | 838,780 |  | 1,786,452 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 209,695 |  | 446,613 |  |

| Effects of:

| Expenses not deductible for tax purposes | 10,114 |  | 8,915 |  |

| Depreciation in excess of capital allowances | 917 |  | 2,641 |  |

| deductible for tax purposes |

| Deferred Tax on origination and reversal of timing differences | (916 | ) | (2,059 | ) |

| Total tax charge | 219,810 |  | 456,110 |  |

SHIPCO TRANSPORT LIMITED (REGISTERED NUMBER: 02298865) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

7. | DIVIDENDS

| 2025 |  | 2024

£ | £ |

| Interim | 1,300,000 |  | 1,400,000 |  |

8. | TANGIBLE FIXED ASSETS

| Improvements |  | Fixtures |

| to |  | and |  | Computer |

| property |  | fittings |  | equipment |  | Totals

£ | £ | £ | £ |

| COST

| At 1 January 2025 | 182,543 |  | 40,615 |  | 51,111 |  | 274,269 |  |

| Additions | - |  | - |  | 11,644 |  | 11,644 |  |

| At 31 December 2025 | 182,543 |  | 40,615 |  | 62,755 |  | 285,913 |  |

| DEPRECIATION

| At 1 January 2025 | 159,938 |  | 29,823 |  | 37,435 |  | 227,196 |  |

| Charge for year | 4,916 |  | 4,463 |  | 7,940 |  | 17,319 |  |

| At 31 December 2025 | 164,854 |  | 34,286 |  | 45,375 |  | 244,515 |  |

| NET BOOK VALUE

| At 31 December 2025 | 17,689 |  | 6,329 |  | 17,380 |  | 41,398 |  |

| At 31 December 2024 | 22,605 |  | 10,792 |  | 13,676 |  | 47,073 |  |

9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade debtors | 1,936,428 |  | 2,708,966 |  |

| Amounts owed by group undertakings | 850,237 |  | 915,953 |  |

| VAT | 320,371 |  | 259,306 |  |

| Prepayments | 17,892 |  | 19,154 |  |

3,124,928 |  | 3,903,379 |  |

| An interest-bearing loan of £700,000 by Shipco Transport Limited to an associated company Scan Real Estate Limited was renewed on 28 March 2024 for a further term and remained outstanding at 31 December 2025. The terms of the loan is such that interest is payable at 3% per annum and interest of £21,000 (2024 - £21,000) was received during the year. The loan has been classified as amounts falling due within one year as the loan is repayable on demand.

SHIPCO TRANSPORT LIMITED (REGISTERED NUMBER: 02298865) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade creditors | 2,353,914 |  | 2,599,208 |  |

| Tax | 98,975 |  | 273,798 |  |

| Social security and other taxes | 55,295 |  | 42,215 |  |

| Amounts owed to group undertakings | 502,415 |  | 676,798 |  |

| Accruals | 74,423 |  | 101,359 |  |

3,085,022 |  | 3,693,378 |  |

11. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

£ | £ |

| Deferred tax | 6,268 |  | 7,184 |  |

| Deferred |

| tax |

£ |

| Balance at 1 January 2025 | 7,184 |  |

| Provided during year | (916 | ) |

| Deferred tax asset movement |

| Balance at 31 December 2025 | 6,268 |  |

12. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

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

| value: | £ | £ |

| 249,902 | Ordinary shares | £1 | 249,902 |  | 249,902 |  |

13. | RESERVES

| Retained

| earnings

£ |

| At 1 January 2025 | 1,366,260 |  |

| Profit for the year | 618,970 |  |

| Dividends | (1,300,000 | ) |

| At 31 December 2025 | 685,230 |  |

| Retained earnings account represents cumulative realised profits and losses, net of dividends and other distributions.

SHIPCO TRANSPORT LIMITED (REGISTERED NUMBER: 02298865) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

14. | ULTIMATE PARENT COMPANY

| The immediate parent undertaking of Shipco Transport Limited is Shipco Transport Holding A/S, a company incorporated in Denmark.

| The ultimate parent undertaking of Shipco Transport Limited is A.S.Scan Holding A/S, a company incorporated in Denmark.

| The group financial statements can be found at Scan Group A/S 18-20 Snorreesgade, DK-2300, Copenhagen, Denmark.

15. | RELATED PARTY DISCLOSURES

| The company also trades i.e. imports and exports with non wholly owned group members worldwide. As the transactions and balances with each individual entity are not material to the understanding of financial statements the amounts have been aggregated as follows:

| - Sales to non wholly owned group members: £603,272 (2024 - £293,253);

| - Purchases non wholly owned group members: £1,639,675 (2024 - £2,114,235);

| - Administration costs non wholly owned group members: £1,398,639 (2024 - £926,079);

| - Amounts due from non wholly owned group members: £37,748 (2024 - £82,845); and

| - Amounts due to non wholly owned group members: £283,206 (2024 - £567,259).

16. | ULTIMATE CONTROLLING PARTY

| The immediate parent undertaking of Shipco Transport Limited is Shipco Transport Holding A/S, a company incorporated in Denmark.

| The ultimate parent undertaking of Shipco Transport Limited is A.S.Scan Holding A/S, a company incorporated in Denmark.

| The group financial statements can be found at Scan Group A/S 18-20 Snorreesgade, DK-2300, Copenhagen, Denmark.