Borchard Lines Limited

	Page
Strategic Report	1—2
Directors' Report	3—5
Independent Auditor's Report	6—9
Consolidated Profit and Loss Account	10
Consolidated Statement of Comprehensive Income	11
Consolidated Balance Sheet	12—13
Company Balance Sheet	14—15
Consolidated Statement of Changes in Equity	16
Company Statement of Changes in Equity	17
Consolidated Cash Flow Statement	18
Notes to the Consolidated Cash Flow Statement	19
Notes to the Financial Statements	20—33

The directors present their strategic report for the year ended 31 December 2025.

Review of the Business

The directors are satisfied with the performance of the Group for the year.

The Group has continued to provide door to door transportation services with its noted reliability. Working with long term clients and supplier partners has been the long term strategy of the Group. The Company remains among the top 20 percent of companies assessed in a global sustainability initiative. During the year the Group achieved over 95% on time arrivals.

Principal Risks and Uncertainties

Liquidity risk:

The Group maintains adequate liquidity at all times for its operations. It does not take disproportionate risks.

Operational risk:

The Group operates in an environment with many operational risks. These include mechanical, weather, environmental, terminal and landside. Through its attention to detail and long term insights it mitigates the effects of these by being agile with quick decision making processes. The company is ISO 9000 certified and develops its Sustainability Report on an annual basis.

Key personnel:

The Group works together with many long term colleagues across the region. This is a key strength. In addition, the Group has an obligation to meet Health & Safety requirements, which it does through internal policies and procedures and through using the services of external specialist advisers where necessary.

Financial key performance indicators

The Group looks carefully at its outstanding receivables to ensure cashflow and the avoidance of bad debts occurring. In December 2025 the Group had £1,970,619 of outstanding trade receivables (2024 - £2,555,038).

Other key performance indicators

The Group also looks carefully at its tangible fixed assets. In December 2025 the Group had £19,504,572 of tangible fixed assets (2024 - £18,274,623).

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Borchard Lines Limited

Strategic Report (continued)

For The Year Ended 31 December 2025

Section 172(1) Statement

Directors' statement of compliance with duty to promote the success of the Group

This section of the report describes how the Directors have had regard to matters set out in Section 172 (1) (a} to (f} and forms the Directors' statement required under Section 414CZA of the Companies Act 2006. The Directors are required to act in a way to promote the success of the Group for the benefit of its members as a whole and in doing so consider the following matters:

Long term decision making

The Directors consider that their commitment to long term decision making is set out throughout the rest of this Strategic Report.

Interest of Group employees

The Group has a small number of employees and a flat organisational structure which always allows immediate and direct access for all employees to senior management.

Business relationships with suppliers, customers, and others

The Group has strong links with its long term suppliers as well as its long term clients. The Group has a policy and practice of paying all suppliers within the agreed credit term period.

Impact on the environment

The Directors consider that the Group has an impact on environmental issues even as a smaller transportation company. It is working hard on carbon reduction plans which are detailed in its Sustainability Report. It is the firm belief of the Board that smaller companies offering reliable services can provide the quickest route to the lowest environmental footprint.

Reputation for high standards of business conduct

It is the intention of the Board to behave responsibly and ensure that the business is operated in a responsible manner, within the high standards of business and regulatory conduct expected.

Fair treatment of shareholders

As a Board, our intention is to behave responsibly toward our shareholders, recognising that our obligation is to generate value for them whilst balancing the needs of our stakeholders.

On behalf of the board

R Borchard Director	L Brenden Director
08/09/2026

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Borchard Lines Limited

Company No. 00517224

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

Future Developments

The Directors continue to closely monitor the business risks and management information and have adopted caution in their business decisions. However, the Directors are confident in the future and intend to continue operations as normal.

Results and Dividends

The loss for the year, after taxation, amounted to £2,379,577 (2024 - £11,393,159).

Current asset investments and cash at bank and in hand remained at a constant level.

During the period, no dividends were declared and paid.

Directors

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

R Borchard

D Borchard

E Brenden

L Brenden

Post Balance Sheet Events

There have been no significant events affecting the Group since the year end.

Statement of Engagement with Suppliers, Customers and Others in a Business Relationship with the Group

The Group has strong links with its long term suppliers as well as its long term clients. The Group has a policy and practice of paying all suppliers within the agreed credit term period.

Streamlined Energy and Carbon Reporting

Greenhouse gas emissions, energy consumption and energy efficiency action

The Group's greenhouse gas emissions and energy consumption for the year are summarised below.

The methodology used is based on common industry practice, as published by the Department for Business, Energy & Industrial Strategy.

Fuel	Unit	Total Kg Co2e per unit
Diesel	Tonnes	3032.89
(average	Litres	2.56
biofuel	kWh (Net CV)	0.26
blend)	Kwh (Gross CV)	0.24

Annual quantity of UK emissions (including offshore) in tonnes of carbon dioxide equivalent resulting from activities for which the Company is responsible involving combustion of gas or the consumption of fuel for the purpose of transport.

...CONTINUED

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Borchard Lines Limited

Directors' Report (continued)

For The Year Ended 31 December 2025

Streamlined Energy and Carbon Reporting - continued

Scope 1 emissions: The Group's UK transport fleet consumed 166,440 litres (2024 - 195,875 litres) of fuel equating to a carbon dioxide equivalent of 426tCO2e (2024 - 426tCO2e) utilising the recognised methodology (UK Government GHG Conversion Factors). The Group endeavours to reduce this and other emissions through the use of alternate fuels, some of which have been in trial. The intensity ratio utilised by leading companies in this industry is tonnes of carbon emitted per £m turnover. On this basis the ratio is 3.2 (2024 - 4.0).

Annual quantity of emissions in tonnes of carbon dioxide equivalent (including offshore} resulting from the purchase of electricity by the Company for its own use, including for the purposes of transport.

Scope 2 emissions: The Group's electricity use during the year was 82.5mWh (2024 - 73mWh), all of which was from renewable sources.

Statement of Directors' Responsibilities

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of lreland'. 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 the Group and of the profit or loss of the Group for that period.

In preparing these financial statements, the directors are required to:

select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments 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;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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 and Group's auditors are unaware; and
the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

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Borchard Lines Limited

Directors' Report (continued)

For The Year Ended 31 December 2025

Independent Auditors

Under section 487(2) of the Companies Act 2006, Evolve Accounting and Tax Solutions Limited will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

On behalf of the board

R Borchard Director	L Brenden Director
08/09/2026

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Independent Auditor's Report

to the Members of

Borchard Lines Limited

Independent Auditor's Report

Opinion

We have audited the financial statements of Borchard Lines Limited (the "parent company") and its subsidiaries (Group) for the year ended 31 December 2025 which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes of Equity, Company Statement of Changes of Equity, Consolidated Cash Flow Statement 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, 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 Group's and of the parent company's affairs as at 31 December 2025 and of the Group's profit/(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 Group and parent 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 Group and parent 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. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on Other Matters Prescribed by the Companies Act 2006

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

the information given in the Group Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

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Independent Auditor's Report (continued)

to the Members of

Borchard Lines Limited

Matters on Which We Are Required to Report by Exception

In the light of the knowledge and understanding of the Group and parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company 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.

Responsibilities of Directors

As explained more fully in the Directors' Responsibilities Statement set out on page 3—5, 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 Group and parent 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 Group or the parent company or to cease operations, or have no realistic alternative but to do so.

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Independent Auditor's Report (continued)

to the Members of

Borchard Lines Limited

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 Group financial statements.

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

Enquiring of management and those charged with governance around actual and potential litigation and claims;

Reviewing financial disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

Performing audit work over the risks of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

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.

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Group and Parent Company's internal control.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group and Parent Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' Report. However, future events or conditions may cause the Group and Parent Company to cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the Group audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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Independent Auditor's Report (continued)

to the Members of

Borchard Lines Limited

Use Of Our Report

This report is made solely to the Group and Parent 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 Group and Parent Company's members those matters we are required to state to them in an Auditors' 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 Group and Parent Company and the Group and Parent Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Paul O'Rourke FCA (Senior Statutory Auditor)

for and on behalf of Evolve Accounting and Tax Solutions Ltd , Statutory Auditor

08/09/2026

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Borchard Lines Limited

Consolidated Profit and Loss Account

For The Year Ended 31 December 2025

Consolidated Profit and Loss Account

		2025	2024
	Notes	£	£
TURNOVER	3	132,832,526	125,733,190
Cost of sales		(124,081,354 )	(123,027,715 )

GROSS PROFIT		8,751,172	2,705,475

Distribution costs		-	-
Administrative expenses		(7,571,307 )	(15,765,918 )
Other operating income		1,238,040	3,658,700
Other operating expenses		(6,043,226 )	(3,209,432 )

OPERATING LOSS	5	(3,625,321 )	(12,611,175 )
Foreign exchange losses - current asset investments		(433,674 )	-
Fair value gains/(losses) - current asset investments		1,656,195	(165,577 )
Income from other current asset investments		-	-
Profit on disposal of fixed assets		-	-
Other interest receivable and similar income	10	1,724,049	2,709,396
Interest payable and similar charges	11	(1,141,308 )	(569,711 )

LOSS BEFORE TAXATION		(1,820,059 )	(10,637,067 )
Tax on Loss		(559,518 )	(756,092 )

LOSS AFTER TAXATION BEING LOSS FOR THE FINANCIAL YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT		(2,379,577 )	(11,393,159 )

The notes on pages 19 to 33 form part of these financial statements.

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Borchard Lines Limited

Consolidated Statement of Comprehensive Income

For The Year Ended 31 December 2025

Consolidated Statement of Comprehensive Income

	2025	2024
	£	£
LOSS FOR THE FINANCIAL YEAR	(2,379,577 )	(11,393,159 )
OTHER COMPREHENSIVE INCOME FOR THE YEAR	-	-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT	(2,379,577)	(11,393,159)

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Borchard Lines Limited

Consolidated Balance Sheet

As At 31 December 2025

Consolidated Balance Sheet

Registered number: 00517224

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	12		2,651,775		2,556,471
Tangible Assets	13		19,504,572		18,274,623
Investments	14		37		37

			22,156,384		20,831,131
CURRENT ASSETS
Debtors	15	12,184,443		10,645,238
Investments	16	25,271,337		18,271,027
Cash at bank and in hand		42,542,397		49,537,624

		79,998,177		78,453,889
Creditors: Amounts Falling Due Within One Year	17	(13,127,052 )		(8,874,775 )

NET CURRENT ASSETS (LIABILITIES)			66,871,125		69,579,114

TOTAL ASSETS LESS CURRENT LIABILITIES			89,027,509		90,410,245

Creditors: Amounts Falling Due After More Than One Year	18		(9,870,702 )		(10,971,262 )

PROVISIONS FOR LIABILITIES
Provisions For Charges	21		(4,451,521 )		(2,561,790 )
Deferred Taxation	20		(207,670 )		-

NET ASSETS			74,497,616		76,877,193

CAPITAL AND RESERVES
Called up share capital	22		17,700,000		17,700,000
Other reserves			1,670,685		1,670,685
Profit and Loss Account			55,126,931		57,506,508

SHAREHOLDERS' FUNDS			74,497,616		76,877,193

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Borchard Lines Limited

Consolidated Balance Sheet (continued)

As At 31 December 2025

On behalf of the board

R Borchard Director	L Brenden Director
08/09/2026

The notes on pages 19 to 33 form part of these financial statements.

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Borchard Lines Limited

Company Balance Sheet

As At 31 December 2025

Company Balance Sheet

Registered number: 00517224

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	12		2,651,775		2,556,471
Tangible Assets	13		19,498,243		18,265,243
Investments	14		33,123,396		20,058,880

			55,273,414		40,880,594
CURRENT ASSETS
Debtors	15	15,517,810		14,632,202
Investments	16	17,761,028		18,271,027
Cash at bank and in hand		18,153,663		31,362,988

		51,432,501		64,266,217
Creditors: Amounts Falling Due Within One Year	17	(10,590,966 )		(7,611,663 )

NET CURRENT ASSETS (LIABILITIES)			40,841,535		56,654,554

TOTAL ASSETS LESS CURRENT LIABILITIES			96,114,949		97,535,148

Creditors: Amounts Falling Due After More Than One Year	18		(9,870,702 )		(10,971,262 )

PROVISIONS FOR LIABILITIES
Provisions For Charges	21		(2,073,273 )		(1,429,863 )
Deferred Taxation	20		(140,508 )		-

NET ASSETS			84,030,466		85,134,023

CAPITAL AND RESERVES
Called up share capital	22		17,700,000		17,700,000
Other reserves			1,670,685		1,670,685
Profit and Loss Account			64,659,781		65,763,338

SHAREHOLDERS' FUNDS			84,030,466		85,134,023

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Borchard Lines Limited

Company Balance Sheet (continued)

As At 31 December 2025

In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's loss for the year was £1,103,557 (2024 - £6,615,695).

On behalf of the board

R Borchard Director	L Brenden Director
08/09/2026

The notes on pages 19 to 33 form part of these financial statements.

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Borchard Lines Limited

Consolidated Statement of Changes in Equity

For The Year Ended 31 December 2025

Consolidated Statement of Changes in Equity

	Share Capital	Other reserves	Profit and Loss Account	Total
	£	£	£	£
As at 1 January 2024	17,700,000	1,670,685	68,899,667	88,270,352
Loss for the year and total comprehensive income	-	-	(11,393,159 )	(11,393,159)

Share capital reduction	-	-	-	-
Transfer to/from Other Reserves	-	-	-	-

As at 31 December 2024 and 1 January 2025	17,700,000	1,670,685	57,506,508	76,877,193


Loss for the year and total comprehensive income	-	-	(2,379,577 )	(2,379,577)

Share capital reduction	-	-	-	-
Transfer to/from Other Reserves	-	-	-	-

As at 31 December 2025	17,700,000	1,670,685	55,126,931	74,497,616

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Borchard Lines Limited

Company Statement of Changes in Equity

For The Year Ended 31 December 2025

Company Statement of Changes in Equity

	Share Capital	Other reserves	Profit and Loss Account	Total
	£	£	£	£
As at 1 January 2024	17,700,000	1,670,685	72,379,033	91,749,718
Loss for the year and total comprehensive income	-	-	(6,615,695 )	(6,615,695)

Share capital reduction	-	-	-	-
Transfer to/from Other Reserves	-	-	-	-

As at 31 December 2024 and 1 January 2025	17,700,000	1,670,685	65,763,338	85,134,023


Loss for the year and total comprehensive income	-	-	(1,103,557 )	(1,103,557)

Share capital reduction	-	-	-	-
Transfer to/from Other Reserves	-	-	-	-

As at 31 December 2025	17,700,000	1,670,685	64,659,781	84,030,466

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Borchard Lines Limited

Consolidated Cash Flow Statement

For The Year Ended 31 December 2025

Consolidated Cash Flow Statement

		2025	2024
	Notes	£	£
Cash flows from operating activities
Net cash used in operations	1	(2,379,576 )	(11,393,159 )
Interest refunded		720,908	461,774
Tax paid		-	(574,939 )
Amortisation of intangible assets		900,000	900,000
Depreciation of tangible assets		897,859	812,439
Loss on disposal of tangible assets		167,884	(13,450)
Taxation charge		559,518	756,092
Decrease in debtors		(9,922,817)	8,039,249
Increase/(decrease) in creditors		6,911,934	936,614
Foreign exchange		1,021,323	790,836
Unrealised loss / (gain) on current asset investments		1,868,842	165,577
Dividends received		122,272	(171,689)
interest received		(1,511,402)	(2,537,707)
Increase and decrease in carbon related provision		1,889,731	2,561,790

Net cash generated from operating activities		1,246,476	733,427

Cash flows from investing activities
Purchase of intangible assets		(5,148,799 )	(2,304,113 )
Proceeds from disposal of intangible assets		4,153,495	-
Purchase of tangible assets		(2,693,556 )	(2,317,983 )
Proceeds from disposal of tangible assets		397,862	1,179,784
Purchase of current asset investments		(7,000,310 )	-
Interest received		1,724,049	2,004,537
Dividends received		160,058	171,689
Current asset investment - interest received		652,719	533,170

Net cash used in investing activities		(7,754,482 )	(732,916 )

Cash flows from financing activities
Repayment of finance leases		140,271	(466,966 )
Interest paid		(627,492)	(461,774)

Net cash used in financing activities		(487,221 )	(928,740 )



Decrease in cash and cash equivalents		(6,995,227 )	(928,229 )
Cash and cash equivalents at beginning of year	2	49,537,624	50,465,853

Cash and cash equivalents at end of year	2	42,542,397	49,537,624

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Borchard Lines Limited

Notes to the Consolidated Cash Flow Statement

For The Year Ended 31 December 2025

Notes to the Consolidated Cash Flow Statement

1. Reconciliation of loss for the financial year to cash used in operations

	2025	2024
	£	£
Loss for the financial year	(2,379,577 )	(11,393,159 )
Adjustments for:
Interest income	(212,647 )	-
Depreciation of tangible assets	897,861	812,439
Net fair value losses recognised in profit or loss	212,647	-
Movements in working capital:
Decrease/(increase) in trade and other debtors	7,485,752	(2,185,895 )
(Decrease)/increase in trade and other creditors	(8,383,612 )	1,373,456

Net cash used in operations	(2,379,576 )	(11,393,159 )

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	2025	2024
	£	£
Cash at bank and in hand	42,542,397	49,537,624

3. Analysis of changes in net funds

	As at 1 January 2025	Cash flows	As at 31 December 2025
	£	£	£
Cash at bank and in hand	49,537,624	(6,995,227)	42,542,397
Finance leases	(4,940,423)	(140,271)	(5,080,694)

	44,597,201	(7,135,498)	37,461,703

Page 19

Page 20

Borchard Lines Limited

Notes to the Financial Statements

For The Year Ended 31 December 2025

Notes to the Financial Statements

1. General Information

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

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

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

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and 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 pound.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

2.2. Basis Of Consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries (Group) as if they form a single entity. Intercompany transactions and balances between Group companies are therefore eliminated in full.

The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

2.3. Going Concern Disclosure

The financial statements have been prepared on the going concern basis, which assumes that the Company and the Group will continue to trade 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 reviewed forecasts and budgets and are confident of the Company's and the Group's ability to continue trading as a going concern for the foreseeable future. The Company keeps its voyage projections under constant review to ensure that no further action or changes are required to the business in order for it to continue as a going concern.

Based on the results to date and future projections, the directors are confident that the Company and the Group 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.

Page 20

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Borchard Lines Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.4. 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.

Tangible assets - useful economic life & recoverable value

Tangible assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and estimated disposal values.

2.5. Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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

2.6. Intangible Fixed Assets and Amortisation - Other Intangible

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

At each reporting date the Company and Group 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.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

The estimated useful lives range as follows:

Carbon credits - see note below

Other intangible fixed assets - 3 years

Carbon credits:

As per FRS 102 18.22, intangible assets are typically amortised over their useful life. However, carbon credits are to be consumed at a specific point when they are surrendered to settle the Group's Emissions liabilities under the EU ETS. On this basis it is not deemed necessary to amortise these carbon credits.

Page 21

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Borchard Lines Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.7. 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.

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:

Leasehold	over the lease term
Plant & Machinery	5% Straight line
Motor Vehicles	25% Reducing balance
Fixtures & Fittings	20% Straight line
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.

2.8. Investments

Investments in Subsidiaries

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Consolidated Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed equities and bonds are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

Current Asset Investment

Current asset investments comprise cash and short-term investments, bonds and similar positions, and equities and similar positions that are held for trading purposes.

Investments are initially recognised at transaction price and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in profit or loss in the period in which they arise.

Dividend income is recognised in profit or loss when the Company's right to receive payment is established.

Interest income is recognised in profit or loss using the effective interest method. Fair values are determined using quoted market prices where available.

2.9. Leasing and Hire Purchase Contracts

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term.

Leased assets: the Group as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Page 22

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Borchard Lines Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.10. 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.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

2.11. Financial Instruments

The Group 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.

Loans comprising corporate bonds held as investments are measured at fair value at each reporting date, with changes in fair value recognised in profit or loss in the period in which they arise. Fair values are determined using quoted market prices where available.

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 the 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 the 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.

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.

2.12. Interest Receivable

Interest income is recognised in profit or loss using the effective interest method.

2.13. Interest Payable

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

Page 23

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Borchard Lines Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.14. Foreign Currencies

Functional and presentation currency

The Company's and Group's functional and presentational 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. Nonmonetary 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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

2.15. Taxation

Tax is recognised in profit and loss except that a charge attributable to an item of income and expenditure recognised as other comprehensive income or to an item recognised directly in equity 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 and the Group operate and generate income.

2.16. 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.

2.17. Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

3. Turnover

The analysis of turnover by geographical market is not disclosed for reasons of confidentiality. However, the Group transacts with counterparties in Europe and the Mediterranean.

Page 24

Page 25

Borchard Lines Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

4. Other Operating Income

	2025	2024
	£	£
Other operating income	1,238,040	3,658,700

	1,238,040	3,658,700

5. Operating Loss

The operating loss is stated after charging:

	2025	2024
	£	£
Depreciation of tangible fixed assets	897,861	812,439
Amortisation of intangible fixed assets	900,000	900,000
Loss/(profit) on disposal of tangible fixed assets	167,884	(13,450 )

6. Auditor's Remuneration

Remuneration received by the group's auditors and their associates during the year was as follows:

	2025	2024
	£	£
Audit Services
Audit of the group and company's financial statements	33,000	44,700


Other Services
Auditing accounts of associates	20,000	31,500
Other non-audit services	12,000	25,700

	32,000	57,200

7. Staff Costs

Staff costs, including directors' remuneration, were as follows:

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Wages and salaries	3,842,390	11,111,673	2,767,849	10,129,595
Social security costs	508,098	1,471,182	370,095	1,356,239
Other pension costs	239,839	220,450	204,367	186,568

	4,590,327	12,803,305	3,342,311	11,672,402

Page 25

Page 26

Borchard Lines Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

8. Average Number of Employees

Average number of employees, including directors, during the year was as follows:

	Group		Company
	2025	2024	2025	2024
Office and administration	45	46	33	33
Sales, marketing and distribution	12	14	-	-

	57	60	33	33

9. Directors' remuneration

	2025	2024
	£	£
Emoluments	636,577	8,080,503
Company contributions to money purchase pension schemes	13,920	13,362

	650,497	8,093,865

During the year retirement benefits were accruing to no directors (2024 - NIL) in respect of defined contribution pension

schemes.

The highest paid director received remuneration of £244,664 (2024 - £3,980,846).

The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £7,470 (2024 - £7,203).

10. Interest Receivable and Similar Income

	2025	2024
	£	£
Bank interest receivable	949,539	1,876,965
Other interest receivable - current asset investments	614,452	660,742
Dividends received - current asset investments	160,058	171,689

	1,724,049	2,709,396

11. Interest Payable and Similar Charges

	2025	2024
	£	£
Interest payable on other loans	-	209
Foreign exchange charges - current asset investments	513,816	107,937
Other finance charges	627,492	461,565

	1,141,308	569,711

Page 26

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Borchard Lines Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

12. Intangible Assets

Group

	ETS Carbon Credits	Development Costs	Total
	£	£	£
Cost
As at 1 January 2025	1,656,471	17,266,667	18,923,138
Additions	5,148,799	-	5,148,799
Disposals	(4,153,495 )	-	(4,153,495 )

As at 31 December 2025	2,651,775	17,266,667	19,918,442

Amortisation
As at 1 January 2025	-	16,366,667	16,366,667
Provided during the period	-	900,000	900,000

As at 31 December 2025	-	17,266,667	17,266,667

Net Book Value
As at 31 December 2025	2,651,775	-	2,651,775

As at 1 January 2025	1,656,471	900,000	2,556,471

The intangible assets comprise of right of use assets with a remaining amortisation period of three years and carbon credits which are expected to be released in September 2026 as explained in note 2.6.

Company

	ETS Carbon Credits	Development Costs	Total
	£	£	£
Cost
As at 1 January 2025	1,656,471	17,266,667	18,923,138
Additions	5,148,799	-	5,148,799
Disposals	(4,153,495 )	-	(4,153,495 )

As at 31 December 2025	2,651,775	17,266,667	19,918,442

Amortisation
As at 1 January 2025	-	16,366,667	16,366,667
Provided during the period	-	900,000	900,000

As at 31 December 2025	-	17,266,667	17,266,667

Net Book Value
As at 31 December 2025	2,651,775	-	2,651,775

As at 1 January 2025	1,656,471	900,000	2,556,471

Page 27

Page 28

Borchard Lines Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

13. Tangible Assets

Group

	Land & Property
	Leasehold	Plant & Machinery	Motor Vehicles	Fixtures & Fittings	Total
	£	£	£	£	£
Cost
As at 1 January 2025	175,321	24,198,814	495,644	177,634	25,047,413
Additions	-	2,506,556	187,000	-	2,693,556
Disposals	-	(950,099 )	(280,607 )	-	(1,230,706 )

As at 31 December 2025	175,321	25,755,271	402,037	177,634	26,510,263

Depreciation
As at 1 January 2025	175,321	6,232,268	227,862	137,339	6,772,790
Provided during the period	-	790,925	89,835	17,101	897,861
Disposals	-	(452,486 )	(212,474 )	-	(664,960 )

As at 31 December 2025	175,321	6,570,707	105,223	154,440	7,005,691

Net Book Value
As at 31 December 2025	-	19,184,564	296,814	23,194	19,504,572

As at 1 January 2025	-	17,966,546	267,782	40,295	18,274,623

Company

	Land & Property
	Leasehold	Plant & Machinery	Motor Vehicles	Fixtures & Fittings	Total
	£	£	£	£	£
Cost
As at 1 January 2025	175,321	24,198,814	495,644	79,260	24,949,039
Additions	-	2,506,556	187,000	-	2,693,556
Disposals	-	(950,099 )	(280,607 )	-	(1,230,706 )

As at 31 December 2025	175,321	25,755,271	402,037	79,260	26,411,889

Depreciation
As at 1 January 2025	175,321	6,232,268	227,862	48,345	6,683,796
Provided during the period	-	790,925	89,835	14,050	894,810
Disposals	-	(452,486 )	(212,474 )	-	(664,960 )

As at 31 December 2025	175,321	6,570,707	105,223	62,395	6,913,646

Net Book Value
As at 31 December 2025	-	19,184,564	296,814	16,865	19,498,243

As at 1 January 2025	-	17,966,546	267,782	30,915	18,265,243

Page 28

Page 29

Borchard Lines Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

14. Investments

Group

	Listed
	£
Cost or Valuation
As at 1 January 2025	37

As at 31 December 2025	37

Provision
As at 1 January 2025	-

As at 31 December 2025	-

Net Book Value
As at 31 December 2025	37

As at 1 January 2025	37

Company

	Subsidiaries	Listed	Total
	£	£	£
Cost or Valuation
As at 1 January 2025	20,058,843	37	20,058,880
Additions	13,064,516	-	13,064,516

As at 31 December 2025	33,123,359	37	33,123,396

Provision
As at 1 January 2025	-	-	-

As at 31 December 2025	-	-	-

Net Book Value
As at 31 December 2025	33,123,359	37	33,123,396

As at 1 January 2025	20,058,843	37	20,058,880

Subsidiaries

The following were subsidiary undertakings of the Company:

Name of undertaking	Registered Office	Class of shares held	Direct holding	Indirect holding
Gracechurch Container Line Limited	5th Floor Bevis Marks House, 24 Bevis Marks,London, EC3A 7JB	Ordinary	100.00%	-
Borchard Container Transport Limited	5th Floor Bevis Marks House, 24 Bevis Marks,London, EC3A 7JB	Ordinary	100.00%	-
Borchard (UK) Limited	5th Floor Bevis Marks House, 24 Bevis Marks,London, EC3A 7JB	Ordinary	100.00%	-

The aggregate capital and reserves and the result for the year of the subsidiaries listed above was as follows:

Page 29

Page 30

Borchard Lines Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

15. Debtors

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Due within one year
Trade debtors	1,970,619	2,555,038	900,586	1,384,534
Prepayments and accrued income	9,957,817	6,158,671	6,075,121	3,364,059
Other debtors	254,394	1,929,975	197,826	1,922,331
VAT	1,613	1,554	-	-
Amounts owed by group undertakings	-	-	8,344,277	7,961,278

	12,184,443	10,645,238	15,517,810	14,632,202

16. Current Asset Investments

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Listed investments	25,271,337	18,271,027	17,761,028	18,271,027

Company

The total income recognised on these investments in the period was £1,668,398 (2024 - £584,577) , representing fair value remeasurement of £1,106,535 (2024 - £165,577), dividends received of £122,272 (2024 - £171,689), and interest income of £439,591 (2024 -£578,466).

Group

The total income recognised on these investments in the period was £2,430,705 (2024 - £584,577), representing fair value remeasurement of £1,656,195 (2024 - £165,577) , dividends received of £160,058 (2024 - £171,689), and interest income of £614,452 (2024 - £578,466).

17. Creditors: Amounts Falling Due Within One Year

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Net obligations under finance lease and hire purchase contracts	1,917,173	1,895,846	1,917,173	1,895,846
Trade creditors	81,021	8,744	81,021	8,744
Corporation tax	330,477	630,631	237,300	630,631
Other taxes and social security	255,514	200,173	242,325	188,258
Other creditors	931,784	543,778	746,269	543,778
Accruals and deferred income	9,611,083	5,595,603	7,327,544	4,342,791
Amounts owed to group undertakings	-	-	39,334	1,615

	13,127,052	8,874,775	10,590,966	7,611,663

Amounts owed to Group undertakings are unsecured, interest free and are repayable on demand.

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Page 31

Borchard Lines Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

18. Creditors: Amounts Falling Due After More Than One Year

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Net obligations under finance lease and hire purchase contracts	3,163,521	3,044,577	3,163,521	3,044,577
Other creditors	6,707,181	7,926,685	6,707,181	7,926,685

	9,870,702	10,971,262	9,870,702	10,971,262

19. Obligations Under Finance Leases and Hire Purchase

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
The future minimum finance lease payments are as follows:
Not later than one year	1,917,173	1,895,846	1,917,173	1,895,846
Later than one year and not later than five years	3,163,521	3,044,577	3,163,521	3,044,577

	5,080,694	4,940,423	5,080,694	4,940,423

	5,080,694	4,940,423	5,080,694	4,940,423

20. Deferred Taxation

The provision for deferred tax is made up as follows:

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Other timing differences	207,670	-	140,508	-

21. Provisions for Liabilities

Group
		Deferred Tax	Total
	£	£	£
As at 1 January 2025	2,561,790	-	2,561,790
Additions	1,889,731	-	1,889,731
Deferred taxation	-	207,670	207,670

Balance at 31 December 2025	4,451,521	207,670	4,659,191

As a freight operator, the Group 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.

Page 31

Page 32

Borchard Lines Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

Company
	Deferred Tax	Other Provisions	Total
	£	£	£
As at 1 January 2025	-	1,429,863	1,429,863
Additions	140,508	3,453,659	3,594,167
Utilised	-	(2,810,249 )	(2,810,249)

Balance at 31 December 2025	140,508	2,073,273	2,213,781

As a freight operator, the Company is subject to 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.

22. Share Capital

	2025	2024
Allotted, called up and fully paid	£	£
500,000 Ordinary Shares of £ 1.00 each	500,000	500,000

Preference Shares

	2025	2024
Allotted, called up and fully paid	£	£
17,200,000 Preference Shares of £ 1.00 each	17,200,000	17,200,000

23. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as follows:

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Not later than one year	31,296,896	13,427,834	16,036,200	2,536,063
Later than one year and not later than five years	20,098,234	1,176,760	10,965,995	1,176,760
Later than five years	362,700	362,700	68,510	362,700

	51,757,830	14,967,294	27,070,705	4,075,523

24. Pension Commitments

The Group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. Contributions totalling £Nil (2024 - £Nil) were payable to the fund at the reporting date and are included in creditors.

25. Reserves

Other reserves

The other reserves represent the deemed interest attributable to the interest free loan held at amortised cost obtained from a related party.

Profit and loss account

The profit and loss account represents the Group's cumulative profits net of dividends. This reserve is distributable.

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Borchard Lines Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

26. Related Party Disclosures

The Company has taken advantage of the exemption in FRS 102 Section 33, "Related Party Disclosures", not to disclose details of transactions with companies in the Group that are wholly owned subsidiaries or parents.

During the year, the Group charged management fees totalling £160,286 (2024 - £186,141) to a Company under common control.

In 2022, the Company entered into a loan agreement for $17,000,000 with a Company under common control. As at 31 December 2025, $6,000,000 (2024 - $7,000,000) was outstanding. The balance is payable in yearly instalments of $1,000,000. The loan is interest free and is accounted for at amortised cost using an appropriate effective rate of interest.

In November 2024, the Company entered into a loan agreement with a Company under common control. As at 31 December 2025, the outstanding balance was $2,000,000 (2024 - $2,000,000).

The Company transacts with a related party under common control. At 31 December 2025, the amount due to the related party was £1,688,940 (2024 - £541,279). The balance is unsecured, interest-free, and repayable on demand.

27. Controlling Parties

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

28. Other financial commitments

At 31 December 2025, the Company was contractually committed to purchase a specified quantity of carbon credits under fixed-price agreements. The total commitment under these contracts amounts to £2,262,230 (2024 - £6,370,665) with delivery expected to occur in 2026.

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