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

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

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

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

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.

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

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.

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

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.

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.

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

- 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

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

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

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

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

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

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.

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

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

-

-

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

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.