Selvic Handling & Warehousing Limited

	Page
Company Information	1
Directors' Report	2—3
Independent Auditor's Report	4—6
Abridged Profit and Loss Account	7
Balance Sheet	8
Statement of Changes in Equity	9
Notes to the Abridged Financial Statements	10—13

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Company No. 02831201

Directors' Report For The Year Ended 31 December 2025

Directors' Report

The directors present their report and the financial statements for the year ended 31 December 2025.

Principal Activity

The company's principal activity continues to be that of warehousing and storage facilities for land transport activities.

Directors

The directors who held office during the year were as follows:

Mr Phillip Woodhouse

Mr Alexey Maximchuk

Statement of Directors' Responsibilities

The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.

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

select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
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.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

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Selvic Handling & Warehousing Limited

Directors' Report (continued)

For The Year Ended 31 December 2025

Statement of Disclosure of Information to Auditors

In the case of each director in office at the date the Directors' Report is approved:

so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Auditors

The auditors, HLAS Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Small Company Rules

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

On behalf of the board

Mr Alexey Maximchuk

Director

14/08/2026

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Independent Auditor's Report

to the Members of

Selvic Handling & Warehousing Limited

Independent Auditor's Report

Opinion

We have audited the financial statements of Selvic Handling & Warehousing Limited for the year ended 31 December 2025 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes of Equity and the related notes, 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 - Section 1A for Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

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/(loss) for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice applicable to smaller entities; 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.

Material Uncertainty related 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.

We draw attention to Note 2.2 in the financial statements, which explains that the Company's ability to continue as a going concern is dependent upon the outcome of the wider group restructure. As stated in Note 2.2, these events or conditions indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' Report 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 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 or 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, or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.

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Independent Auditor's Report (continued)

to the Members of

Selvic Handling & Warehousing Limited

Responsibilities of Directors

As explained more fully in the Directors' Responsibilities Statement set out on page 2—3, 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.

Auditor's 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 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:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud was as follows:

- The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- We identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector in which the company operates;

- We focused on specific laws and regulations which we considered may have a direct impact material effect on the financial statements, or the operations of the company which included the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation;

- We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- Identified laws and regulations were communicated within the audit team and the team remained alert to instances of non-compliance throughout the audit.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to involve the completeness and timing of income recognition and the override of controls by management.

To address the risk of fraud in relation to revenue recognition, we:

- Performed detailed substantive testing to address completeness and accuracy of sales;

- Assessed the appropriateness and application of the accounting policy concerning income recognition; and

- Performed detailed cut-off testing either side of the balance sheet date.

To address the risk of fraud through management bias and override of controls, we:

- Performed analytical procedures to identify any unusual or unexpected relationships;

- Tested journal entries to identify unusual transactions;

- Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias;

- Investigated the rationale behind significant or unusual transactions.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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Independent Auditor's Report (continued)

to the Members of

Selvic Handling & Warehousing Limited

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 that 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.

Laura Drew (Senior Statutory Auditor)

for and on behalf of HLAS Audit Limited , Statutory Auditor

25/08/2026

HLAS Audit Limited

Suite 1 The Riverside Building

Livingstone Road

Hessle

East Yorkshire

HU13 0DZ

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Selvic Handling & Warehousing Limited

Abridged Profit and Loss Account

For The Year Ended 31 December 2025

Abridged Profit and Loss Account

		2025	2024 as restated
	Notes	£	£
GROSS PROFIT		309,092	313,191

Administrative expenses		(142,052 )	(145,106 )

OPERATING PROFIT		167,040	168,085
Other interest receivable and similar income		559	166
Interest payable and similar charges		(39,009 )	(40,245 )

PROFIT BEFORE TAXATION		128,590	128,006
Tax on Profit		(55,332 )	4,439

PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR		73,258	132,445

The notes on pages 10 to 13 form part of these financial statements.

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Selvic Handling & Warehousing Limited

Balance Sheet

As At 31 December 2025

Balance Sheet

		2025		2024 as restated
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	5		3,815,282		3,335,070

			3,815,282		3,335,070
CURRENT ASSETS
Debtors	6	223,268		170,903
Cash at bank and in hand		168,120		102,667

		391,388		273,570
Creditors: Amounts Falling Due Within One Year	7	(1,321,169 )		(1,344,659 )

NET CURRENT ASSETS (LIABILITIES)			(929,781 )		(1,071,089 )

TOTAL ASSETS LESS CURRENT LIABILITIES			2,885,501		2,263,981

PROVISIONS FOR LIABILITIES
Deferred Taxation			(57,654 )		(61,187 )

NET ASSETS			2,827,847		2,202,794

CAPITAL AND RESERVES
Called up share capital	8		10,000		10,000
Other reserves			-		39,009
Fair value reserve	9		1,319,029		767,233
Profit and Loss Account			1,498,818		1,386,552

SHAREHOLDERS' FUNDS			2,827,847		2,202,794

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

All of the company's members have consented to the preparation of an Abridged Profit and Loss Account for the year end 31 December 2025 in accordance with section 444(2A) of the Companies Act 2006.

On behalf of the board

Mr Alexey Maximchuk

Director

14/08/2026

The notes on pages 10 to 13 form part of these financial statements.

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Selvic Handling & Warehousing Limited

Statement of Changes in Equity

For The Year Ended 31 December 2025

Statement of Changes in Equity

	Share Capital	Other reserves	Fair value reserve	Profit and Loss Account	Total
	£	£	£	£	£
As at 1 January 2024	10,000	79,254	767,233	1,213,861	2,070,348
Profit for the year and total comprehensive income	-	-	-	132,445	132,445

Transfer to/from Other Reserves	-	-	-	40,246	40,246
Transfer to/from Profit & Loss Account	-	(40,245 )	-	-	(40,245)

As at 31 December 2024 and 1 January 2025 as restated	10,000	39,009	767,233	1,386,552	2,202,794


Profit for the year and total comprehensive income	-	-	-	73,258	73,258

Movements in fair value reserve	-	-	551,796	-	551,796
Transfer to/from Other Reserves	-	-	-	39,008	39,008
Transfer to/from Profit & Loss Account	-	(39,009 )	-	-	(39,009)

As at 31 December 2025	10,000	-	1,319,029	1,498,818	2,827,847

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Selvic Handling & Warehousing Limited

Notes to the Abridged Financial Statements

For The Year Ended 31 December 2025

Notes to the Abridged Financial Statements

1. General Information

Selvic Handling & Warehousing Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02831201 . The registered office is Mariner House Trondheim Way, Stallingborough, Grimsby, North East Lincolnshire, DN41 8FD.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

Monetary amounts in these financial statements are rounded to the nearest whole £1. The financial statements are presented in sterling which is also the functional currency of the company.

2.2. Going Concern Disclosure

The financial statements have been prepared on a going concern basis, which assumes that the Company will continue in operational existence for the foreseeable future. In assessing going concern, the directors have considered the Company’s trading performance, the reduction in sales after the year end, the planned sale of the warehouse and the broader uncertainty arising from the wider group restructure.

The directors have considered the expected proceeds from the warehouse sale, including the extent to which these may be used to reduce amounts owed to the parent company. Whilst this may reduce immediate funding pressure, the directors have also considered the effect that any restructuring, disposal or reorganisation of group entities could have on the Company, including the continued availability of group support and the recoverability and settlement of intercompany balances. Based on the forecasts prepared, the directors consider that the Company should continue to trade for the foreseeable future, however these forecasts are dependent on assumptions that are subject to significant uncertainty.

2.3. Significant judgements and estimations

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on the Directors' best knowledge of the amount, events or actions, actual results

ultimately differ from these estimates. The Directors do not consider there to be any material estimates and judgements.

2.4. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for services rendered, net of returns, discounts and rebates allowed by the company and value added taxes.

The company recognises revenue when the significant risks and rewards of ownership have been transferred to the buyer; the amount of revenue can be measured reliably; it is probable that future economic benefits will flow to the entity and when the specific criteria relating to each of the company's sales channels have been met, as described below.

The company provides services to other organisations, these services are provided as a fixed price contract.

2.5. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold	4% on cost and 2% on cost
Plant & Machinery	25% on reducing balance
Computer Equipment	33% on cost

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Selvic Handling & Warehousing Limited

Notes to the Abridged Financial Statements (continued)

For The Year Ended 31 December 2025

2.6. Investment Properties

All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.

2.7. Financial Instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments, including trade and other debtors and creditors are initially recognised at transaction value and subsequently measured at their settlement value.

2.8. Taxation

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.9. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 1 (2024: 1)

4. Prior Period Adjustment

During the current financial year, it was identified that a commercial property owned by the company and leased to an independent third party had been incorrectly classified within Freehold Land and Buildings instead of Investment Property. This error has been corrected retrospectively by restating the prior period comparative figures.

The adjustment results in a reclassification of £3,288,747 from Freehold Land and Buildings to Investment Property, in accordance with FRS 102 Section 16.

All other comparative amounts are unaffected.

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Selvic Handling & Warehousing Limited

Notes to the Abridged Financial Statements (continued)

For The Year Ended 31 December 2025

5. Tangible Assets

	Investment Properties	Plant & Machinery	Computer Equipment	Total
	£	£	£	£
Cost or Valuation
As at 1 January 2025	4,261,691	178,005	3,000	4,442,696
Revaluation	88,524	-	-	88,524

As at 31 December 2025	4,350,215	178,005	3,000	4,531,220

Depreciation
As at 1 January 2025	972,944	131,689	2,993	1,107,626
Provided during the period	60,004	11,580	-	71,584
On revaluations	(463,272 )	-	-	(463,272 )

As at 31 December 2025	569,676	143,269	2,993	715,938

Net Book Value
As at 31 December 2025	3,780,539	34,736	7	3,815,282

As at 1 January 2025	3,288,747	46,316	7	3,335,070

The warehouse was revalued as at 31 December 2025 at the market value of £1,350,000. This value is deemed reasonable by the Directors.

Cost or valuation as at 31 December 2025 represented by:

	Land & Property
	Freehold	Investment Properties	Plant & Machinery	Computer Equipment	Total
	£	£	£	£	£
At cost	-	3,494,458	178,005	3,000	3,675,463
At valuation	-	855,757	-	-	855,757

	-	4,350,215	178,005	3,000	4,531,220

6. Debtors

	2025	2024 as restated
	£	£
Due within one year
Trade debtors	190,000	138,196
Prepayments and accrued income	33,268	32,707

	223,268	170,903

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Selvic Handling & Warehousing Limited

Notes to the Abridged Financial Statements (continued)

For The Year Ended 31 December 2025

7. Creditors: Amounts Falling Due Within One Year

	2025	2024 as restated
	£	£
Trade creditors	33,268	32,707
Amounts owed to group undertakings	458,536	550,271
Other creditors	777,633	738,814
Taxation and social security	51,732	22,867

	1,321,169	1,344,659

8. Share Capital

	2025	2024 as restated
	£	£
Allotted, Called up and fully paid	10,000	10,000

9. Reserves

	Other reserves	Fair value reserve	Profit and Loss Account
	£	£	£
As at 1 January 2025	39,009	767,233	1,386,552
Profit for the year and total comprehensive income	-	-	73,258

Movements in fair value reserve	-	551,796	-
Transfer to/from Other Reserves	-	-	39,008
Transfer to/from Profit & Loss Account	(39,009 )	-	-

As at 31 December 2025	-	1,319,029	1,498,818

10. Related Party Transactions

M9 Logistics Limited

During the year, the company made sales of £8,000 (2024: £8,000) to M9 Logistics Limited, a company that owns the entire share capital of Selvic Handling & Warehousing Limited. At 31 December 2025, other creditors included £750,000 (2024: £710,991) due to M9 Logistics Limited in respect of a loan.

Selvic Shipping Services Limited

During the year, the company made sales of £333,333 (2024: £333,333) to Selvic Shipping Services Limited, a fellow subsidiary undertaking. The company made no purchases from Selvic Shipping Services Limited during the year (2024: £nil). Other intercompany transactions totalled £74,932 (2024: £120,984). At 31 December 2025, a gross balance of £600,000 was due from Selvic Shipping Services Limited and a gross balance of £1,058,536 was due to Selvic Shipping Services Limited; the net amount of £458,536 was included within creditors falling due within one year under amounts owed to group undertakings.

11. Controlling Party

The ultimate controlling party is M9 Logistics Limited.

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