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

Principal Activities

The group’s principal activity is unchanged since last year and is that of providing warehousing and logistical solutions for the retail industry in the UK.

The 2025 financial year represents the first full year of trading following the operational restructuring completed in the prior year. During 2024, the business exited three warehouses and consolidated into newly developed facilities, creating a more efficient and scalable operating model.

Turnover increased to £45.8 million (2024: £39.8 million), reflecting growth from both new and existing customers as the business continued to expand activity across the consolidated warehouse campus. Improved warehouse utilisation and operational efficiencies contributed to an increase in gross profit to £24.4 million (2024: £19.9 million).

The business reported an operating profit of £1.6 million, compared to an operating loss of £3.0 million in the previous year, reflecting the benefits of a more streamlined operation and improved productivity. The loss before taxation was £0.5 million (2024: £4.9 million loss), primarily due to the remaining underutilised warehouse capacity during the year.

The results demonstrate the positive operational impact of the strategic consolidation completed in the prior year. The business now operates from a modern, scalable logistics campus which provides improved operational efficiency, enhanced sustainability credentials and capacity to support future growth.

Looking ahead, the focus is on increasing utilisation of existing capacity, securing new customer contracts and growing activity with existing customers. Continued investment in technology, automation and infrastructure will support efficiency, service delivery and long-term profitability.

A variety of risks and uncertainties may influence the company, some of which are beyond its control. The principal risks facing the company are described below:    

Competition and Market

Competitive pressure within the third-party logistics market along with economic uncertainty within the retail supply chain is an ongoing risk for the company. These factors could result in the loss of sales to other service providers and with retail customers strategically closing their store footprint; this could also negatively impact business volumes. The company manages that risk by shifting its new business sales focus towards e-commerce and online services whilst also consistently achieving key performance indicators and maintaining strong relationships with customers.

Credit Risk

The company’s principal financial assets are cash and trade debtors. To manage credit risk, the company has implemented robust credit policies. These policies include conducting thorough credit checks on potential customers and continuously monitoring existing customers to minimise exposure. Additionally, the company performs credit checks on key suppliers to ensure their reliability and financial stability.

Liquidity Risk

The company closely monitors its cash position, customer receipts, and access to group facilities to ensure it can meet its financial obligations as they fall due. Liquidity is primarily managed through cash inflows from trading activities, supported by participation in a Group wide cash pool facility which provides flexible and efficient access to funding when required.

The finance team produces regular cash flow forecasts covering a rolling 12-month period to estimate expected inflows and outflows. These forecasts enable management to ensure that appropriate levels of funding are maintained to support operational needs and strategic investments. The company’s objective is to maintain a prudent balance between funding continuity and financial flexibility.

Currency Risk

The company has limited exposure to foreign exchange risk as the majority of transactions are denominated in GBP. Any exposure arising from occasional overseas purchases is not considered material.

Rhenus monitors its operations by analysing each individual service type and customer at the gross margin and profit level. Performance is assessed by comparing actual results against budgets and forecasts. Monthly comparisons are made between the current year and the previous year, as well as against the budget. Management focuses on any significant adverse deviations and take corrective action where possible.

In addition to financial metrics, Rhenus uses non-financial performance measures, such as timeliness, accuracy, and handling efficiency, to analyse the success of key client accounts. These measures help ensure comprehensive performance evaluation and customer satisfaction. We track on-time deliveries as our key non-financial KPI. In 2025 we achieved 99.1% (2024: 99.2%) versus an unchanged target of 98.0%.

Results are reviewed during regular monthly meetings with site management teams, where both financial and operational KPIs are discussed in detail. These meetings provide a structured forum to assess performance trends, identify root causes of variances, and agree on specific actions to drive improvement. Progress on these actions is tracked in subsequent meetings to ensure accountability and continuous improvement across the business.

Directors’ statement of compliance with duty to promote the success of the Company.

Section 172 of the Companies Act 2006 requires Directors to consider the interests of stakeholders in their decision-making. This statement outlines how the Directors adhere to the matters set out in Section 172 while fulfilling their roles.

Our responsibilities extend to our shareholders, customers, suppliers, local communities, and the environment. We engage with our stakeholders in various ways, including:

Shareholders: We prioritise transparency and effective communication to ensure shareholders are informed about the company's strategies, performance, and decisions. We seek to uphold their trust and confidence by delivering long-term value and sustainable growth.

Customers: Our commitment to customer satisfaction is paramount. We collaborate closely with our customers, understanding their unique needs and preferences, and endeavouring to provide innovative solutions and exceptional service quality.

Suppliers: We uphold ethical sourcing practices and foster collaborative partnerships with our suppliers. By promoting fairness, sustainability, and adherence to high standards in our supply chain, we aim to create shared value and mutual success.

Local Communities: Through engagement initiatives, we actively contribute to the welfare and growth of the communities where we operate.

Environment: Environmental responsibility is central to our corporate values. We are committed to reducing our carbon footprint, conserving natural resources, and promoting environmental sustainability throughout our operations.

By prioritizing the interests of our stakeholders and engaging with them proactively, we aim to foster trust, create shared value, and drive sustainable growth for the benefit of all.

Energy Efficient Actions

We have a strong commitment to sustainability and where possible we incorporate energy-efficient practices into our operations to enhance sustainability, reduce operational costs, and meet our environmental objectives. The following energy-efficient actions have been taken to help to reduce emissions:

Warehouse and facility efficiency

• All warehouse, office lighting and external lighting systems are energy efficient LED lights, significantly reducing energy consumption.

• Smart lighting controls – Motion sensors and automated lighting systems have been installed to ensure lights are only on when necessary.

• Improved Insulation – Our new warehouses have enhanced insulation and sealing to minimise energy loss and to maintain optimal temperature levels more efficiently.

• Advanced energy management systems have been installed in our new sites to monitor, control and optimise energy use across the facilities.

• Our new sites in Nuneaton have achieved BREEAM certification which validate our efforts in maintaining high environmental performance standards.

• Solar panels have been installed in one of our Nuneaton sites

• Transitioned our entire Material Handling Equipment (MHE) fleet to electric power.

• Promoted the expansion of online meetings to reduce travel-related emissions.

• Converted our pool car fleet to exclusively electric models.

• Established a green committee to oversee and implement sustainability initiatives.

Future initiatives include:

• Conducting regular energy audits to identify inefficiencies and opportunities for energy savings, leading to actionable plans for continuous improvement.

• Installing more solar panels to harness renewable energy and reduce reliance on non-renewable sources.

• Introducing employee engagement and training initiatives focused on sustainability practices to foster an environmental conscious culture.

• Establishing a comprehensive recycling program aimed at minimising waste and promoting responsible waste management practices throughout our operations.

On behalf of the board

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

The company’s principal activity remains unchanged and is the provision of warehousing and logistical solutions for the retail industry in the UK.

The results for the year are set out on page 10.

No dividends were paid in the current year (2024: £nil).

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

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

The group's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' 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 group's performance.

There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.

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

The auditor, Azets Audit Services Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

• select suitable accounting policies 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;

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of its streamlined energy and carbon report and principal risks and uncertainties.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

We have audited the financial statements of Rhenus Warehousing Solutions UK Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report.

Independence

We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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 group and the parent company and their 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

• the parent company financial statements are not in agreement with the accounting records 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 parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent 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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Extent to which 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 and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we 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.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

• Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud; 

• Reviewing minutes of meetings of those charged with governance for any non compliance with laws and regulations;

• Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

• Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection; 

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

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

• Review of testing of revneue recognition policies to assess whether revenue is recognised appropraitely.

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 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.

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 results stated above are dereived from continuing operations.

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £nil (2024: £nil).

Rhenus Warehousing Solutions UK Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Unit 2, Discovery Way, Nuneaton, Warwickshire, United Kingdom, CV10 7PS.

The group consists of Rhenus Warehousing Solutions UK Limited and all of its subsidiaries.

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 sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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

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

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

The Group’s business, together with the factors likely to affect its future development, performance and position, are set out in the Strategic Report. The Strategic Report describes the Group’s financial risk management objectives and its exposure to cash flow and credit risks

In considering current budgets and long-term forecasts, the Directors have concluded that, at the date of approval of the financial statements, there is a reasonable expectation that the Group has adequate resources to continue in operational existence for a period of at least 12 months from that date. The Group generated positive operating cash flows during the year and continues to actively manage its liquidity through cash flow forecasting and participation in the wider Rhenus Group cash pool arrangements. Accordingly, the Directors continue to adopt the going concern basis in preparing the financial statements.

Turnover comprises revenue recognised by the group in respect of storage, handling and freight services supplied during the year, exclusive of value added tax and trade discounts. Turnover is recognised in line with services provided.

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

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:

Estimated future dilapidation costs included within leasehold land and buildings are depreciated over the remaining term of the related lease.

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 recognised in the profit and loss account.

Investments in subsidiary undertakings are initially measured at cost and reviewed annually for impairment. If an impairment loss is identified, this is recognised immediately in the profit and loss account and the value of the investment is reduced accordingly.

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

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

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. Financial assets classified as receivable within one year are not amortised.

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 group after deducting all of its liabilities.

Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

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.

Equity instruments issued by the group 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 group.

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 group’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 if, and only if, there is 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 group has a legal or constructive present obligation as a result of a past event, it is probable that the group 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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

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.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

In the application of the group’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 group recognises dilapidations on the leasehold properties it holds. The directors assess the level of provision required on a property by property basis based on past experience within the property portfolio along with professional advice from qualified surveyors where appropriate. These provisions are reviewed annually to ensure they reflect the current best estimate of the provision required.

The whole of the turnover of the group for the year has been derived from the principal activity, wholly undertaken within the United Kingdom.

Exceptional costs in the the prior year relate to the restructuring of the business and costs associated with the exiting of leases. Release of dilapidation provisions arose where leases were exited.

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

Their aggregate remuneration comprised:

All amounts paid by subsidiary undertakings.

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

Estimated future dilapidation costs have been capitalised and included in leasehold land and buildings. The net book value of which is £5,837,426 (2024: £4,761,004). Disposals recorded in this category of £nil (2024: £3,909,216) relate to previously capitalised dilapidation provisions for leasehold premises exited in the year.

Details of the company's subsidiaries at 31 December 2025 are as follows:

The above subsidiaries share the same registered office as the company as noted on the company information page. The country of incorporation is England and Wales.

Loans are made up of various intercompany loan tranches due to Rhenus SE & Co. KG, which are charged at interest rates of between 3.23% and SONIA plus 2%. The first tranche relating to the above balance matures on 31 March 2032.

HSBC UK Bank plc holds a debenture comprising a fixed charge over all present freehold and leasehold property and a floating charge over all present and future assets of the Group.

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

The capital redemption reserve represents accumulated repurchases of company shares at nominal value.

Retained earnings represents accumulated comprehensive income for the current and prior periods less dividends paid.

At the reporting end date the group 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 in Financial Reporting Standard 102 Section 33 "Related party disclosures" and has not disclosed transactions with group and other related parties in the year which have been conducted on standard commercial terms.

Year end balances with group undertakings have been aggregated and disclosed in notes 14 & 15.

The following material amounts were due from/(to) the following related parties at the reporting end date:

At the current year end, the company's ultimate parent undertaking was Rethmann SE & Co. KG. The results of the company are consolidated into Rethmann SE & Co. KG, a company incorporated in Germany. There is no individual ultimate controlling party.

There have been no signficant events between the reporting date and the date of approval of the financial statements which require disclosure in these financial statements.