The financial year ended 28 February 2026 has been one of both challenge and transition for Britannia Movers International Plc.

The removals industry continues to operate within one of the most difficult trading environments experienced in recent years. High interest rates, subdued activity within the UK housing market and continued economic uncertainty have all contributed to lower levels of consumer and corporate demand. International relocation markets have also remained highly competitive, with pricing pressure and changing customer requirements continuing to influence trading conditions.

Against this backdrop, the Company generated turnover of £7.96 million (2025: £8.38 million) and reported a loss before taxation of £91,180. Whilst these results are disappointing, they mask important progress made during the year. Through disciplined financial management and a continued focus on operational efficiency, the business returned to an operating profit before financing costs, a significantly improved operating cash position and reduced overall net debt. These achievements provide encouraging evidence that the underlying business is resilient despite market conditions.

The year also marked an important period of leadership transition with the appointment of a new Managing Director in September 2025. Since then, considerable time has been invested in undertaking a comprehensive review of every aspect of the business. This has included an assessment of our organisational structure, operational processes, commercial performance, technology, governance and long-term strategic direction.

The review confirms Britannia’s intrinsic strengths. The Company benefits a highly recognised brand in the UK removals industry, with a highly respected network of independent member companies, highly experienced and motivated workforce, long-standing customer relationships and a strong balance sheet.

At the same time, the Board recognises that the removals industry continues to evolve rapidly. Customer expectations are changing; digital marketing continues to transform lead generation and increasing cost pressures require the business to operate more efficiently than ever before. During the coming year the Board will continue the operational improvements to simplify the organisation, improve efficiency, strengthen financial performance and ensure that the Company remains well positioned to support its members over the long term.

The Board is also firmly committed to investing in the future of the Britannia network. Our strategy is centred on enhancing the services we provide to members, strengthening our digital presence, improving operational capability and ensuring that the Britannia brand remains synonymous with quality, professionalism and trust.

None of this would be possible without the continued commitment of our employees, member companies, customers and business partners. On behalf of the Board, we would like to thank them all for their professionalism, loyalty and support throughout another challenging year.

We enter the new financial year with a clear strategy, renewed focus and confidence that will strengthen the business and deliver sustainable long-term value for our members and stakeholders.

The directors present the strategic report for the year ended 28 February 2026.

Britannia Movers International Plc provides a comprehensive range of services to support its network of independent member companies throughout the United Kingdom. These include international shipping and freight forwarding, military and government relocation services, corporate moving services, national marketing and lead generation, procurement, operational support and the management of the Britannia brand.

The Board remains committed to its long-established objective of strengthening the competitiveness of its members by delivering high quality central services, purchasing power and marketing support, enabling member companies to compete effectively within an increasingly challenging marketplace.

Business Review

The year ended 28 February 2026 was characterised by continued economic uncertainty and subdued demand across the UK removals sector. Higher interest rates, reduced levels of housing transactions and ongoing pressure on consumer confidence continued to affect domestic moving activity throughout the year. International moving markets also remained challenging, with subdued consumer demand and increased pricing competition impacting shipment volumes and margins.

Against this challenging backdrop, the Company generated sales of £7.96 million, (£8.38 million last year) representing a slight reduction of approximately 1% of gross profit percentage. Gross profit was £1.89 million / 23%; (2025: £2.04 million / 24%).

Despite market trend, the Company delivered a significantly improved underlying operating performance. Operating results improved from a loss of £50,023 in the previous year to an operating profit of £5,861, reflecting careful cost management and improved operational efficiencies across the business. Whilst the Company recorded a loss before taxation of £91,180 (2025- loss £168,130), this was principally attributable to financing costs associated with the Company's property borrowings rather than deterioration in the underlying trading business.

Cash generation remained resilient throughout the year, with operating activities generating cash of £233,855, more than double the prior year (£96,716), demonstrating the underlying strength of the Company's cash generation despite difficult trading conditions. Net debt also reduced during the year as scheduled loan and finance lease repayments continued.

Operational Performance

International shipping activities continued to experience challenging market conditions during the year. Global relocation demand remained below historic levels and competitive pricing pressures continued to compress margins across many international trade lanes. Nevertheless, the Company maintained its reputation for service quality whilst continuing to support member firms through competitive buying arrangements and centralised operational expertise.

The Military division again provided an important source of stable revenue and profitability, delivering relocation services throughout the United Kingdom and internationally under long-standing contractual arrangements.

Corporate relocation activity was impacted by weaker UK business investment and reduced employee mobility during the year. Although volumes were below previous levels, the Company continued to invest in relationships with key corporate clients whilst pursuing opportunities to broaden its customer base.

Marketing and digital lead generation remain at the centre of Britannia's long-term strategy. Throughout the year the Company continued to invest in digital marketing, website development and brand awareness to support member companies and strengthen future lead generation. These initiatives remain central to maintaining the Britannia brand as one of the UK's leading names within the removals industry.

Leadership and Strategic Development

Following the retirement of the previous Managing Director, the Company appointed a new Managing Director with effect from 1 September 2025. The Board believes this appointment provides renewed strategic leadership during a period of significant change within both the business and the wider removals industry.

Following the appointment, a comprehensive review of the Company's operations, organisational structure and long-term strategy commenced. This review has focused on improving operational efficiency, strengthening financial performance, enhancing governance and ensuring that the Company's resources remain aligned with the evolving needs of its member network.

Whilst many of the strategic initiatives arising from this review will be implemented during the following financial year, the Board believes they provide a strong platform for improving profitability and ensuring the long-term sustainability of the business.

Financial Position

The Company's balance sheet continues to be supported by substantial freehold property assets and a strong equity base.

During the year the Company's principal mortgage facility was successfully refinanced on a new five-year term. This refinancing strengthens the Company's long-term funding position and provides an appropriate financial platform to support future strategic initiatives and investment.

The Board continues to monitor working capital closely, maintaining prudent cash management and regular review of debtor collections, creditor balances and financing arrangements.

The principal risks facing the Company remain:

• continued weakness in the UK housing market reducing domestic removals activity;

• prolonged economic uncertainty affecting consumer and corporate confidence;

• increased pricing competition within international shipping markets;

• inflationary pressures affecting operating costs;

• recruitment and retention of skilled employees;

• reliance upon key supplier relationships and international logistics networks;

• foreign exchange movements impacting international trading activity;

• cyber security and information technology resilience; and

• maintaining appropriate investment in systems and marketing whilst preserving financial stability.

The Board reviews these risks regularly and continues to develop mitigation strategies designed to minimise their potential impact.

Although trading conditions remain challenging across much of the removals sector, the Board believes the Company is well positioned to respond successfully.

During the forthcoming year management will continue to implement the strategic review initiated on appointment of the new Managing Director. Emphasis will be on improving operational efficiency, strengthening financial performance, investing in technology and digital marketing, and ensuring the Company continues to provide market-leading services for its member companies.

The Board remains confident that Britannia's recognised national brand, experienced management team, strong member network and long-established customer relationships provide firm foundations for future growth.

Despite the uncertain economic conditions, the Directors are confident the adopted strategy will strengthen the Company's long-term resilience and position the business to return to sustainable profitability.

The Board monitors a range of financial, non-financial and operational measures to assess business performance and support strategic decision making. The principal indicators for the year are shown below:

The Directors have had regard to the matters set out in Section 172 of the Companies Act 2006 when exercising their duties during the year.

In making decisions, the Board has considered the long-term success of the Company together with the interests of its members, employees, customers, suppliers, lenders and the wider communities in which the Company operates.

The Board maintains regular dialogue with member companies through area meetings, and ongoing communication. Feedback from members plays an important role in shaping strategic priorities and ensuring that the services provided continue to meet the changing needs of the network.

The Company remains committed to maintaining high standards of corporate governance, ethical business conduct and responsible financial management, whilst continuing to invest in the long-term sustainability of the Britannia network for the benefit of all stakeholders.

On behalf of the board

The directors present their annual report and financial statements for the year ended 28 February 2026.

The principal activity of the company is that of shipping agents and removal contractors, and operating as the central marketing organisation for its members. No changes are foreseen in the immediate future.

The results for the year are set out on page 12.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

The company operates a treasury function which is responsible for managing the liquidity, interest and foreign currency risks associated with the company’s activities.

The company’s principal financial instruments include leasing contracts and a long term loan, the main purpose of which is to raise finance for the company’s operations. In addition, the company has various other financial assets and liabilities such as trade debtors and trade creditors arising directly from its operations.

The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.

The company is exposed to fair value interest rate risk on its fixed rate borrowings. The extent of this risk is not considered to be significant.

The company’s principal foreign currency exposures arise from trading with overseas companies.

Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

Xeinadin Audit Limited were appointed auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

The annual quantity of energy consumed for the year to 28 February 2026 was estimated to be 94,758 kWh  (2025: 32,338 kWh) at an average usage per member of staff of 3,644:1.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditors are unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor are aware of that information.

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and 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;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

We have audited the financial statements of Britannia Movers International Plc (the 'company') for the year ended 28 February 2026 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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 28 February 2026 and of its loss 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 Auditor's 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.

Conclusions 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

• the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

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 directors' report.

We have nothing to report in respect of the following matters in relation to which 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.

As explained more fully in the directors' responsibilities statement, 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 is 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.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Based on our understanding of the company, we identified that the principal risks of non-compliance with laws and regulations related to corporate, employment, taxation and financial reporting legislation and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management, considering the internal controls in place and discussion amongst the engagement team. We determined that the principal risks were related to revenue cut-off, appropriate allocation of expenditure to match the revenue generated in the accounting period, recognition of capital expenditure and management override of controls.

In response to the risks identified we designed procedures which included, but were not limited to:

• testing the recognition of sales around the year end

• verifying calculations of provisions for expenditure

• reviewing and testing expenditure to ensure correct treatment

• reviewing minutes of directors' meetings

There are inherent limitations in the audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

Britannia Movers International Plc is a public company limited by shares incorporated in England and Wales. The registered office is 10 Gatton Park Business Centre, Wells Place, Merstham, Redhill, Surrey, RH1 3DR.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 9 of FRS 102 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

All of the subsidiaries are excluded from consolidation by paragraph 9.9A. A subsidiary's inclusion is not material for the purpose of giving a true and fair view. All of the subsidiaries are dormant.

An adjustment has been made to the comparative figures to reduce the 'Administrative expenses' and increase the 'Cost of sales' by £30,684 for exchange rate movements linked to purchases. This has increased the gross profit by the same amount, but there is no net effect on the net profit for the year or on equity.

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land is not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

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, which include trade and other receivables 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.

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.

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.

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.

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, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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 through 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.

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

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit or loss for the year. Taxable profit differs from net profit or loss as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

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.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

The company depreciates tangible assets over their estimated useful lives. The estimation of the useful lives of assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied by management. The residual values of assets are reviewed at the year end by management. The actual lives of these assets can vary depending on a variety of factors, including technological innovation, product life cycles and maintenance programmes.

The average monthly number of persons (including directors) employed by the company during the year was:

Their aggregate remuneration comprised:

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2025 - 1).

The charge for the year can be reconciled to the profit per the profit and loss account as follows:

Included within tangible fixed assets are assets held under finance leases or hire purchase contracts, as follows:

Freehold land and buildings with a carrying amount of £2,753,844 (2025 - £2,823,205) have been pledged to secure borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.

These financial statements are separate company financial statements for Britannia Movers International Plc.

Details of the company's subsidiaries at 28 February 2026 are as follows:

Registered office addresses (all UK unless otherwise indicated):

* The Barclays mortgage now has a maturity date of 11 September 2030. Its previous maturity date was 3 June 2025 and therefore the whole amount was shown within current liabilities last year.

The Barclays mortgage is secured by fixed charges over the freehold land and buildings at Wells Place, Merstham, Redhill, Surrey, RH1 3AS.

An initial £1.75M was borrowed with a maturity date of 3 June 2025. This was renewed for a further five year term until 11 September 2030. Interest is charged at 2.43% above base rate.

The Lloyds Bounce Back Loan was an initial £50,000, repayable over 5 years following a 12 month repayment holiday. Interest is charged at 2.5%.

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 6 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

The deferred tax liability set out above is expected to reverse within 4 years and relates to accelerated capital allowances that are expected to mature within the same period.

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

The operating leases represent leases of vehicles and plant and machinery to members. The leases are negotiated over terms of 18 months to 5 years and rentals are fixed for the period of the lease.

At the reporting end date the company had contracted with members for the following minimum lease payments:

The remuneration of key management personnel is as follows.

During the year sales of £106,876 (2025: £122,113) and purchases of £103,817 (2025: £149,578) were invoiced to Beckwiths (Brighton) Ltd, a member company which C Ballard is also a director. A balance of £14,768 (2025: £351 due from) was due to the member at 28 February 2026.

Sales of £115,236 (2025: £104,713) and purchases of £89,889 (2025: £100,813) were invoiced to Bradshaws of Leicester Ltd, a member company which M Andrews is also a director. A balance of £14,273 (2025: £8,596) was due from the member at 28 February 2026.

Sales of £218,708 (2025: £229,117) and purchases of £116,620 (2025: £111,314) were invoiced to John Bradshaw and Son Ltd, a member company which M Andrews is also a director. A balance of £1,520 (2025: £29,223 due from) was due to the member at 28 February 2026.

Sales of £8,571 (2025: £15,985) and purchases of £9,134 (2025: £3,329) were invoiced to Turnbulls (Removals) Ltd, a member company which M Andrews is also a director. A balance of £3,270 (2025: £1,281 due from) was due to the member at 28 February 2026.

Total sales of £124,522 (2025: £106,403) and purchases of £183,188 (2025: £235,245) were invoiced to Lane's Storage and Removals Ltd (also trading as Lanes of Somerset and Lanes of Devon), a member company which E Lane is also a director. A balance of £263 (2025: £40,209) was due to the member at 28 February 2026.

Sales of £18,777 (2025: £12,577) and purchases of £12,879 (2025: £17,695) were invoiced to Bennetts of Malvern Ltd, a member company which A Bennett is also a director. A balance of £568 (2025: £4,810 due to) was due from the member at 28 February 2026.

Sales of £70,217 (2025: £165,128) and purchases of £229,961 (2025: £215,538) were invoiced to Cotmer Storage Ltd, a member company which A Oven is also a director. A balance of £46,329 (2025: £18,749) was due to the member at 28 February 2026.

Sales of £70,543 (2025: £78,840) and purchases of £72,136 (£2025: £93,133) were invoiced to DRS Moving & Storage Ltd, a member company which S Brown is also a director. A balance of £5,275 (2025: £15,497) was due from the member at 28 February 2026.

An adjustment has been made to the comparative figures to reduce the 'Administrative expenses' and increase the 'Cost of sales' by £30,684 for exchange rate movements linked to purchases. This has increased the gross profit by the same amount, but there is no net effect on the net profit for the year or on equity.

On 23 June 2026, the Company entered into an invoice finance agreement with Lloyds Bank to provide a facility of up to £500,000, secured against eligible trade receivables. The facility was established to provide additional working capital flexibility and support the Company’s ongoing operations. As the agreement was entered into after the reporting date, it has been treated as a non-adjusting event and no amounts have been recognised in the financial statements as at 28 February 2026.