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

Core container rental revenue grew vs. 2024, driven by a mix of volume growth and higher average values per lease transaction.

Total capex remained on par with 2024 and was entirely financed from operating cash flow, as was the servicing of all asset financing and bank facilities.

The company maintained high levels of operational efficiency. Personnel costs reduced by 13% compared to 2024, despite some non-recurring items related to reorganisations.

Envirotainer Ltd is a "qualifying entity" under FRS102 for UK reporting purposes.

Group dependency and operating model transition

Following a post year-end restructuring, the company transferred its container fleet to Envirotainer AB and transitioned to a low-risk service provider model (with the details still being worked out based on a new Group Transfer Pricing Model). Under this new model, the company provides administrative and support services to group undertakings and will be remunerated on a cost-plus basis, ensuring recovery of its operating costs with a fixed mark-up.

As a consequence, the company no longer assumes significant market, pricing or capacity risks associated with the container leasing business. Instead, its financial performance will depend on the continued provision of services within the group and the maintenance of intra-group arrangements reflecting its functional profile. While a reduction in service demand could affect activity levels, the cost-plus model mitigates the company’s exposure to volatility in profitability compared to its previous operating model.

Market and demand conditions

The company operates in the pharmaceutical cold chain logistics sector, which continued to be influenced by demand for temperature-sensitive pharmaceuticals. Energy-price volatility, driver shortages, and skilled labor gaps have raised operating costs across the sector and accelerated automation investment. However, under its current service provider model, the company’s exposure to external market fluctuations is limited, as it does not bear significant commercial risk. Changes in market conditions may indirectly affect service volumes within the group, but the company’s remuneration mechanism will reduce the direct financial impact compared to a fully-fledged operating entity.

Geopolitical and supply chain disruption

The logistics sector faces ongoing disruption from geopolitical events affecting major freight corridors. Since late February 2026, US and Israeli strikes on Iran and subsequent retaliation have effectively closed the Strait of Hormuz to commercial shipping, with major ocean carriers suspending transits and Red Sea routing also severely constrained. Jet fuel prices are expected to average $152 per barrel in 2026, approximately 70% higher than in 2025, driven by the Hormuz disruption. Following the company's transition to a service provider model, the company has limited direct exposure to such cost fluctuations compared to its prior operating model, as these risks are primarily borne by other group entities responsible for operational decision-making and asset ownership. Nevertheless, broader disruptions may influence the group’s overall activity levels and thereby indirectly affect the demand for the company’s services.

Liquidity and intercompany arrangements

The company's liquidity position reflects both profits arising on the intra-group fleet disposal and continued intra-group cash flows. Under the cost-plus model, the company benefits from predictable cash flows derived from intra-group arrangements designed to provide full cost coverage. Management assesses liquidity requirements on an ongoing basis, and considers that the current structure, together with the company’s role within the group, supports the company’s ability to meet its obligations as they fall due. The directors are hence satisfied that the company has sufficient resources to meet its obligations for the foreseeable future.

In 2026, the directors expect the business to shift focus to providing group internal support in local marketing, local sales support, local market research and local market analysis.

Approved and authorised by the Board on 15 September 2026 and signed on its behalf by:

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

The principal activity of the company during the year continued to be transportation support activities. Following a post year-end group restructuring, the company now principally provides support services to group undertakings, including marketing, sales support and market analysis activities.

The results for the year are set out on page 9.

Dividends amounting to €10,505,951 were paid during the year as follows:

An interim dividend of €7,046,674 declared on 20 February 2025, equating to €2.75 per Ordinary Share and €2.75 per Preference Share.

A final dividend of €3,459,277 declared on 27 June 2025, equating to €1.35 per Ordinary Share and €1.35 per Preference Share.

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

The auditor, Moore Kingston Smith LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company’s auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

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

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

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

• select suitable accounting policies and then apply them consistently;

• make judgements and accounting estimates that are reasonable and prudent;

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

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

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

We have audited the financial statements of Envirotainer Ltd (the 'company') for the year ended 31 December 2025 which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

• the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of directors' remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

As explained more fully in the Directors' Responsibilities Statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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

As part of an audit in accordance with ISAs (UK) we exercise professional judgement 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 purposes of expressing an opinion on the effectiveness of the company’s internal control.

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

Auditor's responsibilities for the audit of the financial statements (Continued)

• 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 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 auditor’s 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 auditor’s report. However, future events or conditions may cause the 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.

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.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

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.

The objectives of our audit in respect of fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

Our approach was as follows:

• We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation.

• We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.

• We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.

• We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.

• Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

The notes on pages 12 to 29 form part of these financial statements.

The notes on pages 12 to 29 form part of these financial statements.

Envirotainer Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit B2, Loc8, Ashford Road, Hollingbourne, Maidstone, Kent, England, ME17 1WR.

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

The financial statements are prepared in Euros (€), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest €1.

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

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

• Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

• Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

• Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

• Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of Envirotainer Topco AB. These consolidated financial statements are available from its registered office, Envirotainer Topco AB, Staffans väg 2, 19278, Sollentuna, Sweden.

The company made a profit for the year of €1.90m (2024: €5.22m). As at the balance sheet date, the company had net current assets of €7.80m and net assets of €13.69m.true

Subsequent to the year end, the company completed a significant group restructuring. With effect from 1 January 2026, the container fleet was transferred to Envirotainer AB as part of an intra-group transaction.

Following this restructuring the company has consequently transitioned from a container rental business to a low-risk service provider, performing administrative and support services for group undertakings. These services are remunerated on a cost-plus basis, consistent with the company’s limited functional and risk profile. Pre-transfer forecast assumes a difficult long-term outlook for the old fleet: the existing fleet is expected to become increasingly obsolete, the business would require investment into a new fleet to remain viable, and profitability is forecast to decline materially before recovering only if that new fleet is developed and funded. While the restructuring will reduce the company’s direct participation in the profit potential of the container fleet business, it will also materially reduce the company’s exposure to operational, investment and market risks. In particular, the company is no longer required to fund the replacement of an ageing fleet, leading to the need for a significantly lower working capital and capital expenditure requirements, as it now operates under a more predictable cost-plus service model. Management therefore considers that, over time, the restructuring will improve the sustainability and resilience of the company’s operating profile.

The directors have prepared cash flow forecasts for a period of twelve months from the date of approval of these financial statements. Those forecasts assume that the company will continue to generate revenues under the intra-group service arrangement with Envirotainer AB and that the group will continue to provide support where required. The forecasts indicate that, considering reasonably possible downside scenarios, the company will have sufficient funds to meet its liabilities as they fall due for that period. In reaching this conclusion, the directors have placed reliance on the continued availability of intra-group service revenues and on the broader financial support of the group.

The directors note that the post year-end period has been characterized by significant macroeconomic volatility, including the closure of the Strait of Hormuz to commercial shipping following military action in late February 2026 and a consequent sharp increase in crude oil and jet fuel prices. The company's transition to a service provider model is considered to reduce its direct exposure to freight cost volatility relative to its prior operating model. Nonetheless, the directors continue to monitor the impact of these conditions on the group's operations and on the assumptions underpinning the forecasts. As of today the Group was able to manage any disruption, and price increases quite well and has not seen any major negative effects on the overall business model and profitability.

As a result, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for at least 12 months from the date of approval of these financial statements, and the financial statements have accordingly been prepared on a going concern basis.

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity, and specific criteria have been met for each of the company's activities.

Intangible assets are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets comprise primarily of the cost of the software used for trade. Such assets are defined as having finite useful lives and the costs are amortised on a straight line basis over their estimated useful lives as follows:

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

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

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

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

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

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in,first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct material and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit and loss.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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

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

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

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

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

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including creditors and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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

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

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

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

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

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

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

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

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

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

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

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

Hire purchase and lease arrangements are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees.

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

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

Foreign currency transactions and balances

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

The company makes an estimate of the value of obsolete and slow moving stock lines based on the ageing of the stock in hand. Provisions are made where the estimated selling price is less than the original cost.

The company makes an estimate of the recoverable value of trade debtors. When assessing impairment of trade debtors the directors consider factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. Provisions are made when there is significant uncertainty over the timing or likelihood of the recovery of debts.

Accrued expenses are recorded for logistics and operational services provided to the entity which are not yet invoiced. Part of the accruals are estimated, and the estimates are generally based on historical data on service volumes and price points.

Management is evaluating the potential need to charge for indirect taxes in a number of foreign jurisdictions and the company’s accounts reflect this possibility.

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

Their aggregate remuneration comprised:

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2024 - 2).

Compensation for loss of office relates to redundancy and termination arrangements accrued in respect of a director following a restructuring of the business subsequent to the year end.

One director received remuneration during the year and was therefore the highest paid director.

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

With effect from 1 January 2026, the Prooftainer container fleet was transferred to Envirotainer AB, a fellow group undertaking, under an intra-group transaction. The transfer resulted in a profit on disposal recognised in the post year-end period. Because of this transaction, the company has ceased container rental operations and transitioned to a low-risk cost-plus service provider arrangement, providing marketing, sales support, and market analysis services to group undertakings. This represents a fundamental change to the company's operating model and financial profile. The operations in relation to the Prooftainer container fleet for 2025 have been disclosed as discontinued operations.

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

Impairment losses recorded in 2024 relate to the impairment of the legacy order processing system due to adoption of the new parent company's corporate software from October 2024.

Obligations under finance lease arrangements were secured on the specific assets financed and a guarantee was provided to the leasing company by the parent company, Envirotainer AG. During the year the company settled the finance lease obligations early.

Legal and General Property Partners held a legal charge in respect of any unpaid rent.

The legal proceedings provision addresses product liability obligations under the terms of the Company's commercial rental agreements.

The dilapidations provision is based on the estimated dilapidations charge for the leased premises. This amount is discounted to reflect its present value.

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

The ordinary shares have full voting rights, dividend rights and capital distribution rights.

The preference shares do not hold any voting rights, and dividend rights are at the option of the directors. They are entitled to par value on capital distribution.

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

The company has taken advantage of the exemption under Section 33 of FRS 102 not to disclose transactions with wholly owned subsidiary undertakings within the group. Outstanding balances with group undertakings are disclosed in the relevant notes to the financial statements.

With effect from 1 January 2026, the Prooftainer container fleet was transferred to Envirotainer AB, a fellow group undertaking, under an intra-group transaction. The transfer resulted in a profit on disposal recognised in the post year-end period. Because of this transaction, the company has ceased container rental operations and transitioned to a low-risk cost-plus service provider arrangement, providing marketing, sales support, and market analysis services to group undertakings. This represents a fundamental change to the company's operating model and financial profile.

After the year end, the company also ceased use of its Maidstone network station site and transferred to a new smaller office. The Maidstone lease, which had been in the company's name, is subject to ongoing exit arrangements (surrender to landlord, assignment of lease, underletting). Current market evidence suggests the unit could attract a rent significantly above our current lease rent. Nevertheless, a dilapidations provision of €240,126 has been recognised in the financial statements in respect of this lease. Exit arrangements are still evaluated post year-end and an estimate of the financial effect cannot yet be made.

Both events are non-adjusting post balance sheet events. They are disclosed because of their significance to users' understanding of the company's future operating model, financial position, and the basis on which the going concern assessment has been made.

The immediate parent is Envirotainer AG, incorporated in Germany.

The largest and smallest group in which the results of the company are consolidated is that headed by Envirotainer Topco AB, incorporated in Sweden. The consolidated accounts of this company are available to the public and may be obtained from:

Envirotainer Topco AB

Staffans väg 2

19278

Sollentuna, Sweden

The ultimate parent and controlling company is Envirotainer Topco Ltd.