Gracechurch Container Line Limited

	Page
Statement of Financial Position	1
Notes to the Financial Statements	2—7

1. General Information

The Company is a private company limited by shares and is incorporated in England and Wales.

The address for the principal place of business is 5th Floor Bevis Marks House, 24 Bevis Marks, London, United Kingdom, EC3A 7JB.

The principal activity of the Company continued to be that of door to door logistics.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 pound.

The following principal accounting policies have been applied:

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, being a period of at least twelve months from the date of approval of these financial statements, and will be able to meet its debts as they fall due.

The directors have received a letter of support from the parent company, Borchard Lines Limited, confirming it will continue to provide financial support. Consequently whilst the company has net liabilities at the year end, the directors are confident that the company will continue to meet its liabilities as they fall due. As a result the directors have prepared the financial statements on a going concern basis.

2.3. Significant judgements and estimations

The key assumptions about the future, and other key sources of estimation uncertainty at the reporting period end that may have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year are discussed below:

Valuation of trade debtors

The Directors recognise trade debtors net of provisions for any irrecoverable amounts. The recoverable amounts are considered to be those debts recovered post year-end and provisions are recognised for all debts outstanding at the date of the financial statements, that are past their due date.

Accrued income and expenses

The Directors recognise accrued income and expenses on incomplete voyages are estimated based on a time apportionment basis using the length of voyages. The Directors believe this is a reliable method of calculating income and expenses on voyages that straddle the financial year-end date.

Vessel bunker usage

The Directors allocate vessel bunker costs based on estimated fuel consumption for each voyage. Any fuel that has been delivered during the financial year and unallocated to a voyage, is included within prepayments.

2.4. Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue for completed voyages is recognised when the risks and rewards of ownership are transferred. This occurs when the goods have been delivered.

Revenue for voyages that straddle the financial year-end is recognised on a time apportionment basis over the length of the voyage.

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Gracechurch Container Line Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.5. Tangible Fixed Assets and Depreciation

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined, which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Fixtures & Fittings	25% Reducing balance
Computer Equipment	20% Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.6. Leasing and Hire Purchase Contracts

Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight-line basis over the lease term.

2.7. Cash and Cash Equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.8. Financial Instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

(i) Financial assets

Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 the Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors and accruals, 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.

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

...CONTINUED

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Gracechurch Container Line Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.8. Financial Instruments - continued

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

(iii) Offsetting

Financial assets and liabilities are offset and 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.

2.9. Foreign Currencies

Functional and presentation currency

The Company’s functional and presentation currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

2.10. Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

2.11. Provisions and Contingencies

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.

Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.12. Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

2.13. Finance cost

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged at a constant rate on the carrying amount. Issue costs are Initailly recognised as a reduction in the proceeds of the associated capital instrument.

3. Average Number of Employees

The average monthly number of employees, including directors, during the year was 12 (2024: 12)

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Gracechurch Container Line Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

4. Tangible Assets

	Fixtures & Fittings	Computer Equipment	Total
	£	£	£
Cost
As at 1 January 2025	42,737	55,637	98,374

As at 31 December 2025	42,737	55,637	98,374

Depreciation
As at 1 January 2025	33,357	55,637	88,994
Provided during the period	3,051	-	3,051

As at 31 December 2025	36,408	55,637	92,045

Net Book Value
As at 31 December 2025	6,329	-	6,329

As at 1 January 2025	9,380	-	9,380

5. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	1,070,033	1,170,504
Prepayments and accrued income	3,882,696	2,794,612
Other debtors	36,974	1,987

	4,989,703	3,967,103

6. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Other creditors	185,514	-
Accruals and deferred income	2,278,998	1,263,125
Amounts owed to group undertakings	8,344,277	7,961,278

	10,808,789	9,224,403

7. Provisions for Liabilities


	Other Provisions	Total
	£	£
As at 1 January 2025	1,131,927	1,131,927
Additions	3,489,567	3,489,567
Utilised	(2,243,245 )	(2,243,245)

Balance at 31 December 2025	2,378,249	2,378,249

As a freight operator, the Company is subject to an EU Environmental Regulation. The liability arising under the EU Emissions Trading Scheme is settled by the surrender of acquired carbon credits, by no later than 30 September 2026.

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Gracechurch Container Line Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

8. Share Capital

	2025	2024
Allotted, called up and fully paid	£	£
1,466,272 Ordinary Shares of £ 1.00 each	1,466,272	1,466,272
180,000 Ordinary A shares of £ 0.50 each	90,000	90,000

	1,556,272	1,556,272

Preference Shares

	2025	2024
Allotted, called up and fully paid	£	£
1,000,000 Preference Shares of £ 1.00 each	1,000,000	1,000,000

The ordinary shares rank pari passu in all respects on a one for one basis notwithstanding the different amounts paid up on the two classes of ordinary shares.

The redeemable preference shares rank in priority to the other classes of shares in a winding up or repayment of capital, but have no voting rights, and have no right to further participation in the profits or assets of the company. The preference shares are redeemable at the option of the company.

9. Other Commitments

At 31 December 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

	2025	2024
	£	£
Not later than one year	15,260,696	10,891,771
Later than one year and not later than five years	9,132,239	-

	24,392,935	10,891,771

10. Pension Commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund. Contributions totaling £4,921 (2024: £4,079) were payable to the fund at the reporting date and are

included in creditors

11. Related Party Disclosures

Where possible the company has taken advantage of the exemption conferred by FRS 102 section 33.1A from the requirement to disclose transactions with other wholly owned group undertakings.

12. Controlling Parties

The Company is a wholly-owned subsidiary of Borchard Lines Limited, a company registered in England and Wales. Its registered office and principal place of business is 5th Floor, Bevis Marks House, 24 Belis Marks, London, EC3A 7JB.

The ultimate parent company and controlling party is Borlines Limited, a company incorporated in Bermuda.

13. Other financial commitments

The Company has given a security by way of debenture over its assets to Borchard Lines Limited, the parent entity.

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Gracechurch Container Line Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

14. Audit Information

The auditor's report on the accounts of Gracechurch Container Line Limited for the year ended 31 December 2025 was unqualified.

The auditor's report was signed by Paul O'Rourke FCA (Senior Statutory Auditor) for and on behalf of Evolve Accounting and Tax Solutions Ltd , Statutory Auditor.

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		6,329		9,380

			6,329		9,380
CURRENT ASSETS
Debtors	5	4,989,703		3,967,103
Cash at bank and in hand		7,296		8,118

		4,996,999		3,975,221
Creditors: Amounts Falling Due Within One Year	6	(10,808,789 )		(9,224,403 )

NET CURRENT ASSETS (LIABILITIES)			(5,811,790 )		(5,249,182 )

TOTAL ASSETS LESS CURRENT LIABILITIES			(5,805,461 )		(5,239,802 )

PROVISIONS FOR LIABILITIES
Provisions For Charges	7		(2,378,249 )		(1,131,927 )

NET LIABILITIES			(8,183,710 )		(6,371,729 )

CAPITAL AND RESERVES
Called up share capital	8		2,556,272		2,556,272
Income Statement			(10,739,982 )		(8,928,001 )

SHAREHOLDERS' FUNDS			(8,183,710)		(6,371,729)

R Borchard Director	L Brenden Director
08/09/2026