The company have pleasure in presenting their strategic report for the year ended 31 December 2025. The Management aim to present a balanced and comprehensive review of the development and performance of the groups and company’s business during the year and its position at the year end. The review is consistent with the size and nature of the business and is written in the context of the risks and uncertainties that the group and company faces.

EFM Global Holdings Ltd is the holding company of a group of companies specialising in logistics consultancy, project freight management, planning, forwarding and storage, with a focus on complex, high-value projects. EFM operates across four regions (Europe, North America, the Middle East and Australia) and serves the rest of the world through a network of approved partners.

In November 2025, EFM Global Holdings Ltd was acquired and is now part of a significantly larger logistics group ICAT Logistics. This transaction marks a pivotal milestone in the company's development, providing access to expanded resources, infrastructure, and market reach of its new parent organisation. The integration into a broader logistics network is expected to strengthen the company's operational capabilities, enhance economies of scale, and open new avenues for growth across existing and adjacent markets. As the business moves forward under this new ownership structure, it is well positioned to leverage the group's wider expertise and established presence to accelerate its strategic objectives.

As part of the group's new structure, EFM USA Inc, EFM Event Logistics Inc and EFM USA PA Inc were disposed of mid-way through December 2025 and transferred into the wider ICAT group's US structure.

The accounts include the results of these three entities for the full 12-month period ended 31 December 2025. The results between each entity's date of disposal and the year-end were concluded to be immaterial, so no adjustment has been made. The balance sheet, however, excludes the assets and liabilities of all three entities.

The results of the group for the year are shown in the Consolidated Profit and Loss Account on page 8.

Revenues in 2025 were £49.2m up from £37.6m in 2024. Margins however decreased from 30% in 2024 to 26% in 2025.

This growth was represented over most regions; UK (up by 57%), Middle East (up by 17%), Australia (up by 15%)

Furthermore, EFM experienced growth over the majority of vertical markets during 2025; Project Cargo (up by 352%) Film, Media & Broadcasting (Up by 153%), Hotels (up by 104%) Sport (up by 77%), General Forwarding (up by 76%) and Music (up by 10%). Events (down by 21%) was lower due lower activitiy.

The group operates in an environment that has a number of operational and financial risks. The key business risks affecting the group are considered to be competition from other businesses within the industry, employee retention geopolitical and foreign currency risks.

The management team, supported by appropriate professional advisors, is well placed to keep abreast of the various operational & financial risks. In particular:

The management team report to Head Office on competitor activity on an ongoing basis and operational strategy is adapted accordingly at regular meetings, with action being taken to counter the activities of significant competitors as required.

Retention of key employees remains a priority of the business with emphasis being placed on consultation and communication with employees. The management team regularly monitor industry salary information to ensure that key staff are employed on attractive terms and conditions.

The group's principal foreign currency exposure arises from trading with overseas companies and in the foreign currency re-​translation of group assets and liabilities denominated in non-​Sterling currencies, which leaves the group exposed to currency exchange fluctuations at the balance sheet date.

The group actively hedges against adverse currency fluctuations by maintaining US Dollar, Australian Dollar, Saudi Riyals, UAE Dirham and Euro bank accounts. The management team do not presently consider the risk of foreign exchange movements to be significant. However, the value of the group's net assets, when measured in its reporting currency of Sterling, will increase or decrease dependent on the exchange rates prevailing between Sterling, US Dollars, Australian Dollars, Saudi Riyals, Dirhams and Euros.

The outlook for the Group is positive, with growth forecast across its main verticals. Following the acquisition by ICAT Logistics, the management team continues to pursue its growth strategy, developing sales across EFM's main sectors and all regions except the Middle East which is overshadowed by the conflict in the region. Expected growth in EFM's core sectors, together with new clients and vertical expansion, will build greater resilience across the wider Group.

Further investments will be made to deepen customer engagement and expand market reach. The Group enters the new year with a drive to succeed and with sustainability at the forefront of its plans.

At the year end, the group had net current assets of £11.0m (2024: £3.0m), including net cash balances of £2.3m (2024: £3.6m). The groups total net assets were £11m (2024: £3.2m) at the year end.

In preparing the financial statements the Directors are required to assess the Group's ability to continue to trade as a going concern for the foreseeable future. In undertaking this assessment, the Directors have given due consideration to the Group's available cash funds and the potential for it to continue to earn significant profits. At the Balance sheet date, the group has net current assets of £11.0m (2024: £3.1m) of which £2.3m (2024: £3.6m) is represented by cash at bank.

The Directors have reviewed the groups forecasts and cash flow projections. The forecasts show the group continuing to increase its profits and cash reserves.

The financial statements do not include the adjustments that would result if the group were unable to continue as a going concern.

On behalf of the board

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

These financial statements consolidate the accounts of EFM Global Holdings Limited and all of its subsidiary undertakings. The results of subsidiaries acquired or disposed of during the year are included or excluded from the effective date of acquisition or disposal.

The principal activity of the company and group continued to be that of project freight management and storage.

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £128,103 (2024: £Nil) during the year.

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

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.

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 EFM Global Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the group profit and loss account, 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 significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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

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

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

Basis for opinion

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

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

In planning and designing our audit tests, we identify and assess the risks of material misstatements within the financial statements, whether due to fraud or error. Our assessment of these risks includes consideration of the nature of the industry and sector, the control environment and the business performance along with the results of our enquiries of management, about their own identification and assessment of the risks of irregularities. We are also required to perform specific procedures to respond to the risk of management override.

As a result of this assessment, we considered the opportunities and incentives that may exist within the company and group for fraud and identified that the greatest area of risk was in relation to completeness of income, management override, the understatement of trade creditors and recoverability of debtors.

We have obtained an understanding of the legal and regulatory frameworks that the company and group operates in from discussions with the directors and our knowledge of the company and group and its industry sector. We have focused on the provisions of those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and local tax legislation.

We performed the following audit procedures after consideration of the above risks which included the following:

• review of post year end payments, supplier statements and purchase invoices;

• testing that sales invoices have been fully and properly included within turnover in the financial statements, and review of sales recorded around the balance sheet date for possible income that has been incorrectly included or excluded from the period;

• enquiry of management of actual and potential litigation and claims;

• reviewing minutes of meetings of those charged with governance;

• reviewing correspondence with HMRC and the company’s legal advisors;

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

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

• in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

The engagement partner has assessed that all engagement team members were made aware of the relevant laws and regulations and potential fraud risks and were reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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. The 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 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.

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.

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 £6,970,930 (2024: £864,953).

EFM Global Holdings Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Ibex House, Baker Street, Weybridge, Surrey, KT13 8AH.

The group consists of EFM Global Holdings Ltd 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 incorporate those of EFM Global Holdings Ltd and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). If subsidiaries are acquired during the year these are consolidated using the purchase method. Their results are incorporated from the date that control passes.

All financial statements are made up to 31 December 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

The company has taken advantage of the exemption under FRS 102, section 1.12, in not preparing a cashflow statement for the parent company.

In preparing the financial statements the Directors are required to assess the group's ability to continue to trade as a going concern for the foreseeable future. In undertaking this assessment, the Directors have given due consideration to the group's available cash funds. At the Balance sheet date, the group has net current assets of £11.0m (2024: £3m) of which £2.3m (2024: £3.6m) relates to cash at bank.

The Directors have prepared forecasts and cash flow projections and compared these to actual trading and financial performance in 2026. These forecasts indicate that the Group will continue to generate profits and maintain adequate cash reserves. Actual results achieved to date are consistent with the forecasts prepared by management. Based on this assessment, the Directors have concluded that the Company has sufficient resources to continue in operational existence for the foreseeable future and have therefore adopted the going concern basis in preparing the financial statements.

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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 considered by the directors to be between 5-10 years.

Goodwill is tested for impairment annually, and any loss is recognised directly in profit or loss in the statement of comprehensive income.

Negative goodwill is recognised when the cost of acquisition is less than the fair value of net assets acquired. Following initial recognition on the statement of financial position, negative goodwill up to the fair value of the non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered.

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

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

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

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

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

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Work in progress is stated at the lower of cost and estimated selling price less costs to complete.

Cost comprises direct expenditure only.

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 and company's balance sheet when the group or company 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 method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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

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.

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

The expense in relation to options over the parent company’s shares granted to employees of a subsidiary is recognised by the company as a capital contribution, and presented as an increase in the company’s investment in that subsidiary.

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

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.

Management applies judgement in evaluating the recoverability of debtors. This judgement is based on the ageing profile of debtors and historical experience. To the extent that the directors believe debtors not to be recoverable they have been provided for in the financial statements.

The parent company considers whether investments held in subsidiaries are impaired each year. Where indicators of impairment are identified the carrying value of the investment is compared to the underlying net assets of the subsidiary and expected future performance and provisions are recognised where required.

The group considers goodwill to have a finite useful life and therefore applies an amortisation rate evenly over its useful life of between 5 and 10 years.

Dilapidations provisions are based on management's estimate of the costs expected to be incurred in meeting lease-related restoration obligations, taking into account industry benchmarks and relevant experience. Bad debt provisions are determined based on management's assessment of the recoverability of trade debtors, having regard to historical collection experience and specific knowledge of individual customer balances. Actual outcomes may differ from these estimates.

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

Their aggregate remuneration comprised:

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

EFM USA Inc and EFM USA PA Inc were disposed of during the year. See note 27 for more details. The gain has been calculated after derecognition of the subsidiary's net assets including attributable goodwill.

The disposal of the US entities formed part of the wider acquisition of EFM Global Holdings Ltd by the ICAT Logistics group and the subsequent integration and restructuring of the North American operations during 2025.

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

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

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

During the year, EFM Management FZ-LLC was dissolved. In addition, EFM USA Inc and EFM Event Logistics were disposed of on 19 December 2025.

Since the year end, EFM Global Logistics Benelux has ceased trading and was closed. The results of the subsidiary included in these financial statements are not material, as there was minimal trading activity during 2025.

Amounts owed to group undertakings comprise trading balances of £382,687 (2024: £Nil), a loan balance of £244,819 (2024: £1,189,600) due to the parent company bearing interest at 3% per annum, a further loan balance of £8,520,286 (2024: £Nil) due to the parent company bearing interest at 4.78% per annum, and £297,450 (2024: £Nil) due to the parent company on which no interest is charged.

All balances are unsecured and repayable on demand.

The amounts owed to group undertakings are in relation to the parent company and are repayable on demand, giving 6 months notice, and have interest accruing at 1% over the Bank of England base rate.

The amounts due by the group of £512,144 are trading balances which are due on demand.

The above was a bank loan held by a subsidiary of the Group, which was fully repaid during the year.

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases were fully repaid in the year.

The dilapidation provision has been included to account for the estimated costs associated with restoring the premises to the condition required in accordance with the lease agreement. The lease has been extended, therefore the costs are due to be incurred in 2027.

The other provisions are estimated gratuity and annual leave costs.

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

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.

As at the end of the year there was a liability of £10,644 (2024: £9,574) due to be paid in respect of contributions.

As of June 2024, the company operates two share option schemes. One being an approved EMI scheme and one being a non-qualifying (NQ) scheme.

During the prior year 5,406 EMI options were granted, all of which were outstanding at 2024. The options will vest once a significant event has taken place. The options have an exercise price of £9.10.

During the prior year 2,703 NQ options were granted, all of which are outstanding at 2024. The options will vest once a significant event has taken place. The options have an exercise price of £9.10.

All the options have a maximum term of 10 years which end in 2034.

The Black-Scholes model is used by the directors to calculate a charge. The model makes assumptions about future performance, and is therefore a best estimate.

During 2025, all these options were exercised in exchange for 8,109 ordinary shares.

During the year, the company issued 8,109 £1 ordinary shares following the exercise of all outstanding share options. The options were exercised at a price of £9.10 per share, resulting in proceeds of £73,792.

On 19 December 2025 the group disposed of its 100% holding in EFM USA Inc. Included in these financial statements are profits of £2,250,732 arising from the company's interests in EFM USA Inc up to the date of its disposal.

A new subsidiary, EFM USA PA Inc, was incorporated during 2025 and was wholly owned by EFM USA Inc. The results below comprise the combined results of EFM USA Inc and EFM USA PA Inc.

The disposal also resulted in the derecognition of goodwill of £656,581 relating to EFM USA Inc. After taking this into account, the overall gain on disposal amounted to £6,981,300.

On 19 December 2025 the group disposed of its 100% holding in EFM Event Logistics Inc. Included in these financial statements are profits of £1,323 arising from the company's interests in EFM Event Logistics Inc up to the date of its disposal.

A claim has been asserted against the Company and certain other entities within the wider group in connection with a past transaction. The claim is being robustly defended and, based on legal advice received, the directors do not consider that an outflow of economic benefits is probable. Accordingly, no provision has been recognised.

The outcome of the matter remains uncertain and, as of today’s date, no claim has been formally issued. The claim has not been quantified and it is not currently practicable to make a reliable estimate of any potential financial effect.

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 remuneration of key management personnel is as follows.

The loan due from the director, amounting to £365,527 at the start of the year (2024: £365,527), was fully settled during the year and no balance remained outstanding at the year end.

The ultimate controlling party changed during the year from M L Llewellyn to Blue Logistics TopCo LLC, which is registered in USA. No one individual has control of this entity.