ACCOUNTS - Final Accounts

Operating profit

The operating profit is stated after charging:

Registered number: 05382156

BUFFALOAD LOGISTICS LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 DECEMBER 2025

BUFFALOAD LOGISTICS LIMITED

COMPANY INFORMATION

Directors	J P Boulton
	J A Feltwell
	P Haggerwood (resigned 28 May 2026)
	J M Kerrigan (appointed 11 December 2025)
	F L Smith


Company secretary	J A Feltwell


Registered number	05382156


Registered office	Grove Parc
	Grove Lane
	Ellington
	Huntingdon
	Cambridgeshire
	PE28 0DA


Independent auditors	MHA
	Chartered Accountants & Statutory Auditors
	1 The Forum
	Minerva Business Park
	Lynch Wood
	Peterborough
	PE2 6FT

BUFFALOAD LOGISTICS LIMITED

CONTENTS

	Page
Strategic Report	1 - 5
Directors' Report	6 - 8
Independent Auditors' Report	9 - 12
Statement of Comprehensive Income	13
Balance Sheet	14 - 15
Statement of Changes in Equity	16
Notes to the Financial Statements	17 - 37

BUFFALOAD LOGISTICS LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 30 DECEMBER 2025

Introduction and principal activities

The Directors present their Strategic Report and business review, which includes a balanced and comprehensive review of the development and performance during the year and its position at the year end, including principal risks and uncertainties, and key performance indicators.
The principal activities of Buffaload Logistics Limited ("the Company") during the year was the provision of temperature controlled distribution services within the food supply chain, partnering with retailers, manufacturers, growers and importers.

Business review

The year ended 30 December 2025 was another challenging year for the distribution sector. The sector and business continued to see macro economic cost inflationary pressures and a general decline in market volumes. The national shortage of drivers as reported in the Company’s previous reports continued into 2025.
The business continuously reviewed and adapted to the changes necessary to maintain its strong service level provision to customers, whilst operating a safe and flexible workplace for colleagues and visitors. The business’s ability to deliver strong service levels saw key customer contracts renewed and successfully tender for incremental business commencing in the year despite the continued market challenges.
Continuous investment in colleagues, fleet and facilities has supported the growth of the business in the year. Further investment was made in 2025 to support the commencement of material new contracts in Q1 2026.
Employee engagement and development are key initiatives to maintain a strong and committed workforce, enabling the business to adapt and be flexible to the constant challenges the industry faced.
The business acquired 51% of Drury Holdings Limited during 2025 therefore strengthening overall networks and sustainability goals.

Financial review
Reported revenue increased from £55.6m to £69.2m delivering a gross margin increase of £2.3m from £15.7m to £18.0m. Revenue increase was driven the impact of new business wins.
Operationally the business had a strong year, maintaining high standards of customer service and cost control.
Gross margin performance was in line with managements expectations. Inflationary pressures remained across key direct cost lines throughout the year. The business worked hard to mitigate these impacts through the delivery of operational efficiency initiatives alongside the execution of customer rate increases on low margin activity. The Company’s continued investment in fleet reduced lease costs, strengthening gross margin and increasing depreciation charges year on year.
Operating profit decreased in the year to £3.0m (Period ended 30 December 2024: £3.1m) impacted by long term investments in assets, increasing depreciation year on year and investment in overheads to enable growth in 2026.
Total Net assets increased by £1.4m to £14.6m at 30 December 2025 (period ended 30 December 2024: £13.2m).

Page 1

BUFFALOAD LOGISTICS LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 30 DECEMBER 2025

Principal risks and uncertainties

The Directors have identified the following principal risks and uncertainties affecting the Company:
The haulage industry is highly competitive and leaves little opportunity for organic growth however the close working relationship that we keep with all of our customers and unique asset base means we consider ourselves to be in a strong position for the forthcoming year. The Directors recognise the continuous requirement to control costs, increase efficiency and maintain margins but feel optimistic about the future prospects of the Company and feel it is well placed to continue building key customer relationships to ensure its successful development into the future.
The industry is also exposed to physical and transitional ESG risks. However, the business has already implemented several initiatives to reduce these risks, including the use of sustainable fuels, double-deck trailers, investment in research and development, and the installation of air conditioning in some fleet.
The impact of Brexit and ongoing conflict in Ukraine, has fed into National Sector specific employee shortages impacting the Logistics Industry. The business has developed a wider range of resource providers and has the flexibility to adapt as required to mitigate any risks.

Financial key performance indicators

The Directors believe the Company’s financial key performance indicators are those that demonstrate the financial and operational strength of the Company:

	2025	2024
Sales	£69.2m	£55.6m
Gross Profit %	26%	28%
Profit Before Tax	£1.8m	£2.1m

Turnover increased by 25% from £55.6m in the year to 30 December 2024 to £69.2m in the year to 30 December 2025.
Gross margin has decreased from 28% for the prior year to 26% for the period ended 30 December 2025.
PBT decreased by £0.3m to £1.8m (Period ended 30 December 2024: £2.1m).

Page 2

BUFFALOAD LOGISTICS LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 30 DECEMBER 2025

Future developments
During Q1 2026, Buffaload increased its operational footprint with the commencement of two new (incremental) operations supporting 2 key retail customers:
A new site at Bellshill, Scotland provides the Company the ability to offer local storage, nationwide delivery through its consolidation platform and enhance the operational efficiencies within the group.
A new operation based in Coventry further enables networking ability within the group and further development of its LNG fuelled fleet.
Working in conjunction with BL Propco Limited another wholly owned subsidiary of BL Holdco, during 2026 the group restructured its property ownership, transferring land to BL Propco Limited and increasing the % of properties owned by the group. The restructure will be funded in part by free cash flow generated by group operations and in part by asset backed finance.
The Company is committed to delivering on its sustainability agenda. In August 2025 the Company announced the introduction of Bio LNG fuels to power its LNG truck fleet. The Company will continue to invest in assets (Fleet and infrastructure) to decrease its Carbon Footprint. The inherent environmental benefits in Double Deck (high capacity) trailers and the introduction of Bio products provide a clear market differentiator for the Company.
Profitability of the group is expected to be maintained as continuous improvements, additional revenues and returns on investments are delivered in FY2026.

Page 3

BUFFALOAD LOGISTICS LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 30 DECEMBER 2025

Statement by the Directors in performance of their statutory duties in accordance with s172(1) Companies Act 2006

The Directors confirm that during the period under review, it has acted fairly between members of the Company to promote the long term success of the Company for the benefit of all shareholders, whilst having regard to the matters set out in section 172(1)(a)-(f) of the Companies Act 2006 in the decisions taken during the period ended 30 December 2025, further detail of which is set out below.

Why we engage	How we engage	What matters most to our stakeholders	How we respond
We let suppliers know both our requirements and the standards expected, so that they meet our expectations. Without supplier partnerships we cannot guarantee high quality service to our customers.	Our operational teams work directly with supplier sales contacts, supply timely purchase orders, and provide regular forecasts on requirements. There is constant, ongoing communication with suppliers.	Healthy sustainable supply relationship, credit worthiness, financial stability to meet our commitments and adherence to both anti- bribery and anti-modem slavery laws.	We work closely to provide feedback on delivery performance and quality of product/service. Suppliers are benchmarked and there is a regular tendering process.
It is particularly important to our customers that we achieve and maintain the required standards in order to obtain the necessary accreditations that our customers require.	We retain active membership of all necessary trade bodies. There are regular meetings, audits & inspections, site visits and contact the accrediting bodies.	Maintain relationship with all regulatory bodies and demonstrate food safety and compliance to all trade bodies.	Maintain standards required by all regulatory and industry authority bodies. The senior leadership team sit on steering meetings and actively engage in all initiatives.
We take our responsibilities to the local community seriously. We acknowledge the responsibility we have to protect the environment and to minimise the environmental impact of our activities.	Our businesses have regular meetings with local neighbourhood groups as well as engage in local charity initiatives.	That we are a responsible employer that respects our neighbours, local community and the wider environment.	We have regular meetings with local neighbourhood groups and maintain relationships with local council movers.

Page 4

BUFFALOAD LOGISTICS LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 30 DECEMBER 2025

We wish to continue to be a responsible employer, both in terms of continuing to ensure the health, safety and wellbeing of our people and also ensuring we maintain a responsible approach to the pay and benefits our people receive. We want employees to have pride in what they do and, in the company.	We get to know our team members and give them the opportunity to have a voice, have meetings and an opportunity for feedback.	Employee safety and wellbeing, diversity and inclusion, career and personal development, fair pay, clarity of direction, mutual respect and enjoyment at work.	Communication newsletters and/or noticeboards, information videos for our colleagues, regular appraisals and feedback.
Our purpose is to deliver high quality service to all of our customers, who are at the heart of everything we do.	We work closely with our customers to let them know our services, capabilities, initiatives, and that we can meet their requirements to maintain continuity of services. AIl of our initiatives focus on clear communication.	Our customers want services supplied at the right price, service level and on time delivery, with consistency of supply and technical compliance. It is important that we hold full accreditations to all certified bodies.	We are always there for our customers with an efficient order process, regular contact and communication from the commercial and operations teams. We track all service and operational statistics and follow feedback from our customers.

Other key performance indicators

The Directors also review non-financial indicators to reflect the wider view of the business in particular service delivery to key customers including on time delivery. A number of operating KPl's relating to the vehicle operation are monitored within the business to ensure operational efficiency is maximised.

This report was approved by the board and signed on its behalf.

................................................

J A Feltwell

Director

Date: 18 September 2026

Page 5

BUFFALOAD LOGISTICS LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 30 DECEMBER 2025

The Directors present their report and the financial statements for the year ended 30 December 2025.

Directors' responsibilities statement

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

Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with 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 Ireland'. 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 for the Company'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 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £1,302,890 (2024: £1,554,890).

No ordinary dividends were paid. The Directors do not recommend payment of a further dividend.

Directors

The Directors who served during the year were:

J P Boulton

J A Feltwell

P Haggerwood (resigned 28 May 2026)

J M Kerrigan (appointed 11 December 2025)

F L Smith

Future developments

The Company’s existing business and future growth are funded from free cashflow and the continued financial support of its ultimate owner and he has committed to provide sufficient liquidity and capital expenditure where needed. The business continues to commit in investing in its core assets; its people, fleet, facility infrastructure, through excellence and innovation to ensure customers receive the very best service.

Page 6

BUFFALOAD LOGISTICS LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 30 DECEMBER 2025

Engagement with employees

The Company's policy is to consult and discuss with employees at meetings, matters likely to affect employee's interests.
Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the Company's performance.

Disabled employees

The Company's policy is to recruit disabled workers for those vacancies that they are able to fill. All necessary assistance with initial training courses is given. Once employed, a career plan is developed so as to ensure suitable opportunities for development exist for each disabled person. Arrangements are made wherever possible for retraining employees who become disabled, to enable them to perform work identified as appropriate to their aptitude and abilities.

Greenhouse gas emissions, energy consumption and energy efficiency action

The Company is exempt from the requirements to disclose energy and carbon information under the Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018, as the Company is a subsidiary undertaking and is included in the group Energy and Carbon Report of BL Holdco Limited, which is prepared in accordance with those regulations.

Disclosure of information to auditors

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:

∙so far as the Director is aware, there is no relevant audit information of which the Company'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's auditors are aware of that information.

Post balance sheet events

As outlined above, the group undertook a restructure of its property ownership. The Company sold its Ellington Facility to BL Propco Limited. Buffaload Logistics’s entered into a new rental agreement with BL Propco for its new Bellshill facility.
To support the group restructure, the Company undertook to provide cross guarantees for the BL Holdco Limited Group.

Auditors

The auditor, MHA Audit Services LLP ("MHA"), will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 7

BUFFALOAD LOGISTICS LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 30 DECEMBER 2025

This report was approved by the board and signed on its behalf.

................................................

J A Feltwell

Director

Date: 18 September 2026

Page 8

BUFFALOAD LOGISTICS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BUFFALOAD LOGISTICS LIMITED

Opinion

We have audited the financial statements of Buffaload Logistics Limited (the 'Company') for the year ended 30 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 material accounting policies. The financial reporting framework that has been applied in the preparation of the Company's financial statements 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 30 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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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.

Page 9

BUFFALOAD LOGISTICS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BUFFALOAD LOGISTICS LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.

Opinion 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 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.

Matters on which we are required to report by exception

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.

Responsibilities of Directors

As explained more fully in the Directors' Responsibilities Statement set out on page 6, 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.

Page 10

BUFFALOAD LOGISTICS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BUFFALOAD LOGISTICS LIMITED (CONTINUED)

Auditors' 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 Auditors' 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.

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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:

•Enquiry of management and those charged with governance around actual and potential litigation and claims;
• Enquiry of entity staff to identify any instances of non-compliance with laws and regulations;
• Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, and reviewing accounting estimates for bias;
• Reviewing minutes of meetings of those charged with governance;
• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

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

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

Page 11

BUFFALOAD LOGISTICS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BUFFALOAD LOGISTICS LIMITED (CONTINUED)

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 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 Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Richard Monkhouse FCCA (Senior Statutory Auditor)

For and on behalf of MHA, Statutory Auditor

Peterborough, United Kingdom

18 September 2026
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542).

Page 12

BUFFALOAD LOGISTICS LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 30 DECEMBER 2025

	2025	2024
Note	£	£

Turnover	4	69,232,048	55,612,288
Cost of sales		(51,272,945)	(39,929,594)
Gross profit		17,959,103	15,682,694
Administrative expenses		(16,222,319)	(14,268,613)
Other operating income	5	1,256,906	1,658,514
Operating profit	6	2,993,690	3,072,595
Interest receivable and similar income	10	15,514	28,232
Interest payable and similar expenses	11	(1,252,122)	(1,007,571)
Profit before tax		1,757,082	2,093,256
Tax on profit	12	(454,192)	(538,366)
Profit for the financial year		1,302,890	1,554,890

There were no recognised gains and losses for 2025 or 2024 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2025 (2024: £NIL).

The notes on pages 17 to 37 form part of these financial statements.

Page 13

BUFFALOAD LOGISTICS LIMITED

REGISTERED NUMBER: 05382156

BALANCE SHEET

AS AT 30 DECEMBER 2025

		2025		2024
Note		£		£

Fixed assets
Tangible fixed assets	13		23,209,402		19,295,462
Fixed asset investments	14		552,765		-
			23,762,167		19,295,462
Current assets
Stocks	15	727,234		605,224
Debtors	16	26,351,639		22,405,622
Cash at bank and in hand	17	2,676,061		1,550,369
		29,754,934		24,561,215
Creditors: amounts falling due within one year	18	(25,459,711)		(19,975,388)
Net current assets			4,295,223		4,585,827
Total assets less current liabilities			28,057,390		23,881,289
Creditors: amounts falling due after more than one year	19		(9,709,491)		(8,336,804)
Provisions for liabilities
Deferred tax	22		(3,716,481)		(2,373,855)
Net assets			14,631,418		13,170,630

Capital and reserves
Called up share capital	23	10,000	10,000
Revaluation reserve	24	2,937,038	2,779,140
Profit and loss account	24	11,684,380	10,381,490
		14,631,418	13,170,630

Page 14

BUFFALOAD LOGISTICS LIMITED

REGISTERED NUMBER: 05382156

BALANCE SHEET (CONTINUED)

AS AT 30 DECEMBER 2025

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

................................................

J A Feltwell

Director

Date: 18 September 2026

The notes on pages 17 to 37 form part of these financial statements.

Page 15

BUFFALOAD LOGISTICS LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 DECEMBER 2025

	Called up share capital	Revaluation reserve	Profit and loss account	Total equity
	£	£	£	£
At 31 December 2023	10,000	384,285	8,826,600	9,220,885
Comprehensive income for the year
Profit for the year	-	-	1,554,890	1,554,890
Property revaluation	-	2,394,855	-	2,394,855

At 30 December 2024	10,000	2,779,140	10,381,490	13,170,630
Comprehensive income for the year
Profit for the year	-	-	1,302,890	1,302,890
Property revaluation	-	157,898	-	157,898
At 30 December 2025	10,000	2,937,038	11,684,380	14,631,418

The notes on pages 17 to 37 form part of these financial statements.

Page 16

BUFFALOAD LOGISTICS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 DECEMBER 2025

1.	General information

Buffaload Logistics Limited ("the Company") is a private company limited by shares, incorporated in England and Wales under the Companies Act.
The registered number and address of the registered office are given in the Company information.
The nature of the Company's operations and its principal activities are set out in the Strategic Report on page 1.
The functional and presentational currency of the Company is pounds sterling (£) and rounded to the nearest whole pound.

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

The following principal accounting policies have been applied:

2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

∙the requirements of Section 7 Statement of Cash Flows;

∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);

∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;

∙the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;

∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of BL Holdco Limited as at 30 December 2025 and these financial statements may be obtained from Companies House.

2.3

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

Page 17

BUFFALOAD LOGISTICS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 DECEMBER 2025

2.Accounting policies (continued)

2.4

Going concern

The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The Directors have considered relevant information, including the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment.
Based on these assessments and having regards to the resources available to the entity, the Directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and accounts.

2.5

Revenue

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

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.6

Operating leases: the Company 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, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.7

Interest income

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

2.8

Finance costs

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.

2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 18

BUFFALOAD LOGISTICS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 DECEMBER 2025

2.Accounting policies (continued)

2.10

Pensions

Defined contribution pension plan

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

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

2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.12

Tangible fixed assets

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.

Page 19

BUFFALOAD LOGISTICS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 DECEMBER 2025

2.Accounting policies (continued)

2.12

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property	-	between 10 and 33 years
Short-term leasehold property	-	over the period of the lease
Plant and machinery	-	between 3 and 10 years
Motor vehicles	-	between 3 and 10 years
Office equipment	-	between 2 and 5 years

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.

2.13

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses less applicable taxation provisions. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.

Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.15

Stocks

Stocks comprise spare parts and fuel held for consumption in the Company's operations and are stated at the lower of cost and net realisable value.

2.16

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 20

BUFFALOAD LOGISTICS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 DECEMBER 2025

2.Accounting policies (continued)

2.17

Cash and cash equivalents

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

2.18

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.19

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.

2.20

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Page 21

BUFFALOAD LOGISTICS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 DECEMBER 2025

2.Accounting policies (continued)

2.20

Financial instruments (continued)

Impairment of financial assets

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 profit or loss.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic financial liabilities

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

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

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Page 22

BUFFALOAD LOGISTICS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 DECEMBER 2025

2.Accounting policies (continued)

2.20

Financial instruments (continued)

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

In applying the Company's accounting policies set out above management is required to make certain estimates and judgements concerning the future. These judgements are regularly reviewed and updated as necessary.
In preparing these financial statements, the Directors have had to make the following judgements:
Determine whether there are any indicators of impairment of the group's tangible fixed assets. Factors take into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.
Other key sources of estimation uncertainity:
Tangible fixed assets and depreciation
Tangible fixed 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. In re-assessing asset lives, all relevant known factors are taken into account but there is inherent uncertainty present in making this assessment (refer to note 13).
Trade debtors and related party debtors provisions
Provisions for impairment are recognised when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of receivable. The amount of the provision is the difference between the net carrying amount and the present value of the future expected cash flows associated with the impaired receivable (refer to note 16).

Turnover

The whole of the turnover is attributable to the principal activity of the Company.
All turnover arose within the United Kingdom.

5.	Other operating income
		2025	2024
		£	£

	Rental income	1,256,906	1,658,514

Page 23

BUFFALOAD LOGISTICS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 DECEMBER 2025

Depreciation of owned tangible fixed assets	2,357,145	1,055,653
Depreciation of tangible fixed assets held under finance leases	1,109,346	1,720,999
(Profit)/loss on disposal of tangible fixed assets	(78,859)	28,423
Operating lease charges	1,554,933	1,292,468

Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements

43,000

40,000

Page 24

BUFFALOAD LOGISTICS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 DECEMBER 2025

Wages and salaries	13,333,879	11,349,898
Social security costs	1,682,209	1,190,724
Cost of defined contribution pension scheme	375,979	266,281
	15,392,067	12,806,903

The total aggregate remuneration payable to the Company's key management personnel, including Directors, during the period amounted to £1,044,785 (2024: £858,327).

The average monthly number of employees, including the Directors, during the year was as follows:

	2025	2024
	No.	No.

Administrative staff	109	97
Operating staff	230	187

	339	284

9.	Directors' remuneration
		2025	2024
		£	£

Directors' emoluments	467,228	476,437
Company contributions to defined contribution pension schemes	55,825	35,379
	523,053	511,816

	During the year retirement benefits were accruing to 4 Directors (2024: 2) in respect of defined contribution pension schemes.
	The highest paid Director received remuneration of £149,366 (2024: £126,213).
	The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid Director amounted to £14,000 (2024: £12,145).

Page 25

BUFFALOAD LOGISTICS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 DECEMBER 2025

10.	Interest receivable and similar income
		2025	2024
		£	£

Interest receivable from group companies	15,514	-
Other interest receivable	-	28,232
	15,514	28,232

11.	Interest payable and similar expenses
		2025	2024
		£	£

Bank interest payable	784,547	704,300
Finance leases and hire purchase contracts	467,575	303,271
	1,252,122	1,007,571

Corporation tax
Adjustments in respect of previous periods	(37,516)	(297,205)
Total current tax	(37,516)	(297,205)

Deferred tax
Origination and reversal of timing differences	491,708	835,571
Total deferred tax	491,708	835,571


	Tax on profit	454,192	538,366

Page 26

BUFFALOAD LOGISTICS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 DECEMBER 2025

12.Taxation (continued)

Profit on ordinary activities before tax

1,757,082

2,093,256

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	439,271	523,314
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	51,466	19,949
Capital allowances for year in excess of depreciation	(831,280)	(1,002,967)
Utilisation of tax losses	-	275,764
Unrelieved tax losses carried forward	360,258	183,940
Profit on disposal of fixed assets	(19,715)	-
Adjustments to tax charge in respect of prior periods	(37,516)	(297,205)
Other timing differences leading to an increase (decrease) in taxation	491,708	835,571
Total tax charge for the year	454,192	538,366

Factors that may affect future tax charges

Deferred taxes at the balance sheet date have been measured using these enacted tax rates and reflected in these financial statements.

Page 27