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REGISTERED NUMBER: 02821514 (England and Wales)

BRITON FERRY (SHIPPING SERVICES) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2025

BRITON FERRY (SHIPPING SERVICES) LIMITED (REGISTERED NUMBER: 02821514) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 4 |

| Chartered Accountants' Report | 8 |

| BRITON FERRY (SHIPPING SERVICES) LIMITED |

COMPANY INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2025

| DIRECTOR: | A J Williams

| REGISTERED OFFICE: | Giants Wharf

| Briton Ferry

| Neath

| SA11 2LP

| REGISTERED NUMBER: | 02821514 (England and Wales)

| ACCOUNTANTS: | Bevan Buckland Ltd

| Ground Floor Cardigan House

| Castle Court

| Swansea Enterprise Park

| Swansea

| SA7 9LA

BRITON FERRY (SHIPPING SERVICES) LIMITED (REGISTERED NUMBER: 02821514) |

BALANCE SHEET

31 DECEMBER 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 1,404,133 |  | 1,485,583 |  |

CURRENT ASSETS

Debtors | 5 | 1,384,798 |  | 1,303,390 |  |

Cash at bank | 18,248 |  | 10,570 |  |

1,403,046 |  | 1,313,960 |  |

CREDITORS

Amounts falling due within one year | 6 | 966,701 |  | 885,780 |  |

NET CURRENT ASSETS | 436,345 |  | 428,180 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 1,840,478 |  | 1,913,763 |  |

PROVISIONS FOR LIABILITIES | 73,377 |  | 91,536 |  |

NET ASSETS | 1,767,101 |  | 1,822,227 |  |

CAPITAL AND RESERVES

Called up share capital | 2 |  | 2 |  |

Other reserves | 836,677 |  | 836,677 |  |

Retained earnings | 930,422 |  | 985,548 |  |

1,767,101 |  | 1,822,227 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2025 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

BRITON FERRY (SHIPPING SERVICES) LIMITED (REGISTERED NUMBER: 02821514) |

BALANCE SHEET - continued

31 DECEMBER 2025

The financial statements were approved by the director and authorised for issue on 25 August 2026 and were signed by:

A J Williams - Director

BRITON FERRY (SHIPPING SERVICES) LIMITED (REGISTERED NUMBER: 02821514) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1. | STATUTORY INFORMATION

| Briton Ferry (Shipping Services) 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.

| The presentation currency of the financial statements is the Pound Sterling (£).

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| Going Concern

| After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

| 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.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| Tangible fixed assets

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

| Plant and Machinery | - | 15% on cost

| Fixtures and fittings | - | 15% on cost

| Motor vehicles | - | 25% on cost

| Computer equipment | - | 10 - 20% on cost

| Taxation

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

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

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

| Deferred tax

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

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

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

BRITON FERRY (SHIPPING SERVICES) LIMITED (REGISTERED NUMBER: 02821514) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

2. | ACCOUNTING POLICIES - continued

| Debtors

| Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

| Cash at bank and in hand

| Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

| Creditors and provisions

| Creditors and provisions are recognised where the company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

| Financial instruments

| The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its 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 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 receivable within one year are not amortised.

| Other financial assets

| Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

| Impairment of financial assets

| Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

| Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss

| If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

| Derecognition of financial assets

| Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

BRITON FERRY (SHIPPING SERVICES) LIMITED (REGISTERED NUMBER: 02821514) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

2. | ACCOUNTING POLICIES - continued

| 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. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

| Other financial liabilities

| Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

| Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value though profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

| Derecognition of financial liabilities

| Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 1 (2024 - NIL ) .

4. | TANGIBLE FIXED ASSETS

| Fixtures

| Freehold |  | Plant and |  | and

| property |  | Machinery |  | fittings

£ | £ | £ |

| COST

| At 1 January 2025

| and 31 December 2025 | 1,000,000 |  | 1,399,383 |  | 6,520 |  |

| DEPRECIATION

| At 1 January 2025 | - |  | 1,065,365 |  | 6,520 |  |

| Charge for year | - |  | 74,007 |  | - |  |

| At 31 December 2025 | - |  | 1,139,372 |  | 6,520 |  |

| NET BOOK VALUE

| At 31 December 2025 | 1,000,000 |  | 260,011 |  | - |  |

| At 31 December 2024 | 1,000,000 |  | 334,018 |  | - |  |

BRITON FERRY (SHIPPING SERVICES) LIMITED (REGISTERED NUMBER: 02821514) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

4. | TANGIBLE FIXED ASSETS - continued

| Motor |  | Computer |

| vehicles |  | equipment |  | Totals

£ | £ | £ |

| COST

| At 1 January 2025

| and 31 December 2025 | 51,802 |  | 160,342 |  | 2,618,047 |  |

| DEPRECIATION

| At 1 January 2025 | 43,804 |  | 16,775 |  | 1,132,464 |  |

| Charge for year | 5,050 |  | 2,393 |  | 81,450 |  |

| At 31 December 2025 | 48,854 |  | 19,168 |  | 1,213,914 |  |

| NET BOOK VALUE

| At 31 December 2025 | 2,948 |  | 141,174 |  | 1,404,133 |  |

| At 31 December 2024 | 7,998 |  | 143,567 |  | 1,485,583 |  |

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

2025 | 2024 |

£ | £ |

| Trade debtors | 460,553 |  | 459,803 |  |

| Other debtors | 924,245 |  | 843,587 |  |

1,384,798 |  | 1,303,390 |  |

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

2025 | 2024 |

£ | £ |

| Trade creditors | 20,525 |  | 17,285 |  |

| Amounts owed to group undertakings | - |  | 298,301 |  |

| Taxation and social security | 27,349 |  | 54,043 |  |

| Other creditors | 918,827 |  | 516,151 |  |

966,701 |  | 885,780 |  |

7. | RELATED PARTY DISCLOSURES

| The company leases its port facilities to Briton Ferry Stevedoring Limited on an annual licence. The lease was granted following the agreement to transfer to the company the right to operate the port in consideration for Briton Ferry Stevedoring Limited indemnifying the company in respect of all past, present and future liabilities in respect of the operation of the port facility. The company has charged rent of £202,500 (2024: £232,000) to Briton Ferry Stevedoring Limited under the terms for the lease and for the hire of plant. At the year end, the company was owed £459,803 (2024: £459,803) by Briton Ferry Stevedoring Limited in respect of these charges.

| During the year, the company received £35,082 from Swansea Bulk Handling Limited. The balance owed to Swansea Bulk Handling Limited at the year end was £351,232 (2024: £316,150).

| The balance owed to Redlands Aggregates Limited at the year end was £200,000 (2024: £200,000).

| During the year, the company received £1,727 from Briton Ferry Stevedoring Limited. The balance owed from Briton Ferry Stevedoring Limited at the year end was £870,151 (2024: £788,424).

| During the year, the company paid £701 to Redlands Property Investments Limited. The balance owed to Redlands Property Investments Limited at the year end was £297,595 (2024: £298,301).

CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR

ON THE UNAUDITED FINANCIAL STATEMENTS OF

BRITON FERRY (SHIPPING SERVICES) LIMITED

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Briton Ferry (Shipping Services) Limited for the year ended 31 December 2025 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Briton Ferry (Shipping Services) Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Briton Ferry (Shipping Services) Limited and state those matters that we have agreed to state to the director of Briton Ferry (Shipping Services) Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Briton Ferry (Shipping Services) Limited and its director for our work or for this report.

It is your duty to ensure that Briton Ferry (Shipping Services) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Briton Ferry (Shipping Services) Limited. You consider that Briton Ferry (Shipping Services) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Briton Ferry (Shipping Services) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Bevan Buckland Ltd

Ground Floor Cardigan House

Castle Court

Swansea Enterprise Park

Swansea

SA7 9LA

25 August 2026