Cargo Management & Logistics Holdings Limited

	Page
Strategic Report	1
Directors' Report	2—3
Independent Auditor's Report	4—6
Consolidated Statement of Comprehensive Income	7
Consolidated Statement of Financial Position	8
Company Statement of Financial Position	9
Consolidated Statement of Changes in Equity	10
Consolidated Statement of Cash Flows	11
Notes to the Consolidated Statement of Cash Flows	12
Notes to the Financial Statements	13—22

The directors present their strategic report for the year ended 31 March 2026.

Principal Activity

The group's principal activity continues to be that of the organisation of cargo transport on behalf of customers to and from East, Central and Southern Africa.

Review of the Business

2025/26 business activities contracted by approximately 32% in terms of total turnover versus the previous year. The main reason for the contraction was a sharp decline in Bulk Metal movements in the marketplace. The decline in Bulk Metal movements arose due to reduction in capacity of metal production and restrictions on shipments during the year, which was anticipated. Overheads for the year were maintained at a similar level to the previous year, but because of the turnover decline, net operating profits also declined by approximately 24%.’

Key KPI's	2026	2025
	$	$
Revenue	18.689m	27.333m
Gross profit	2.757m	3.143m
Profit before taxation	1.100m	1.475m

Principal Risks and Uncertainties

The Directors have a strong emphasis on risk management which endeavours to identify and manage all business risks.

Strategic and Commercial Risk.

There are risks of changes to the competitive and/or economic environment. This is mitigated by a robust strategy and planning process, and regular monitoring of the economic and competitive environment.

Financial Risk.

There is a risk of reducing business value or earning capacity as well as risk of inadequate cash flow to meet financial obligations. This risk is mitigated by proactive management of the business plan, regular monitoring of cash flows and close relationships with important stakeholders within the business.

Operational Risk

There is a risk of losses arising from inadequate or failed internal processes, from personnel and/or from external events. These are mitigated by regularly monitoring the business risk register against occurring events and business continuity planning.

On behalf of the board

M McIntyre

Director

14th September 2026

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Cargo Management & Logistics Holdings Limited

Company No. 07238329

Directors' Report For The Year Ended 31 March 2026

Directors' Report

The directors present their report and the financial statements for the year ended 31 March 2026.

Dividends

The value of dividends paid amounted to $772,091 .

The directors recommended a final dividend of $NIL .

Directors

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

L Lynch

M McIntyre

Reporting Currency

The reporting currency for the financial statements for the year ended 31 March 2026 is US dollars. The company has used the following Sterling: US dollar rates in the reporting of its results:

Year end rate used at 31 March 2026 - $1.32

Year end rate used at 31 March 2025 - $1.30

All translation differences arising from the conversion from Sterling to US dollars have been taken to the Profit and Loss

reserve.

Statement of Directors' Responsibilities

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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing the financial statements the directors are required to:

select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards, comprising FRS102, 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 and group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement of Disclosure of Information to Auditors

In the case of each director in office at the date the Directors' Report is approved:

so far as the director is aware, there is no relevant audit information of which the company and group's auditors are unaware; and
they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company and group's auditors are aware of that information.

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Cargo Management & Logistics Holdings Limited

Directors' Report (continued)

For The Year Ended 31 March 2026

Independent Auditors

The auditors, McKenzies ATS Ltd, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.

On behalf of the board

M McIntyre

Director

14th September 2026

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Independent Auditor's Report

to the Members of

Cargo Management & Logistics Holdings Limited

Independent Auditor's Report

Opinion

We have audited the financial statements of Cargo Management & Logistics Holdings Limited (the "parent company") and its subsidiaries (the "group") for the year ended 31 March 2026 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

In our opinion the financial statements:

give a true and fair view of the state of the group's and of the parent company's affairs as at 31 March 2026 and of the group's profit/(loss) for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for Opinion

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

Conclusions Relating to Going Concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group and parent company's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.

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

Other Information

The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on Other Matters Prescribed by the Companies Act 2006

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

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

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Independent Auditor's Report (continued)

to the Members of

Cargo Management & Logistics Holdings Limited

Matters on Which We Are Required to Report by Exception

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

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

adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records or returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

Responsibilities of Directors

As explained more fully in the Directors' Responsibilities Statement set out on page 2—3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditor's Responsibilities for the Audit of the Financial Statements

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

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

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the company's financial statements to material misstatement and how fraud might occur,including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the company by discussions with directors and updating our understanding of the sector in which the company operates. Laws and regulations of direct significance in the context of the company include The Companies Act 2006, and UK Tax legislation.

Audit response to risks identified:

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related

financial statement items including a review of financial statement disclosures. We reviewed the Group's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the Group's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner's review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

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

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

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Independent Auditor's Report (continued)

to the Members of

Cargo Management & Logistics Holdings Limited

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 that 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.

C E McCoy BA FCA (Senior Statutory Auditor)

for and on behalf of McKenzies ATS Ltd , Statutory Auditor

14th September 2026

McKenzies ATS Ltd

2 Station Road West

Oxted

Surrey

RH8 9EP

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Cargo Management & Logistics Holdings Limited

Consolidated Statement of Comprehensive Income

For The Year Ended 31 March 2026

Consolidated Statement of Comprehensive Income

		2026	2025
	Notes	$	$
TURNOVER	3	18,689,506	27,333,238
Cost of sales		(15,932,379 )	(24,189,542 )

GROSS PROFIT		2,757,127	3,143,696

Administrative expenses		(1,871,200 )	(1,923,865 )
Other operating income		64,927	44,541

OPERATING PROFIT	5	950,854	1,264,372
Loss on disposal of fixed assets		-	(1,476 )
Other interest receivable and similar income	10	149,452	213,006

PROFIT BEFORE TAXATION		1,100,306	1,475,902
Tax on Profit	11	(304,998 )	(402,431 )

PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT		795,308	1,073,471
OTHER COMPREHENSIVE INCOME FOR THE YEAR		-	-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT		795,308	1,073,471

The notes on pages 12 to 22 form part of these financial statements.

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Cargo Management & Logistics Holdings Limited

Consolidated Statement of Financial Position

As At 31 March 2026

Consolidated Statement of Financial Position

Registered number: 07238329

		2026		2025
	Notes	$	$	$	$
FIXED ASSETS
Intangible Assets	12		-		117,688
Tangible Assets	13		31,565		39,515

			31,565		157,203
CURRENT ASSETS
Stocks	15	1,370,637		1,427,477
Debtors	16	3,651,864		2,959,336
Cash at bank and in hand		8,659,465		10,092,246

		13,681,966		14,479,059
Creditors: Amounts Falling Due Within One Year	17	(6,077,621 )		(7,021,582 )

NET CURRENT ASSETS (LIABILITIES)			7,604,345		7,457,477

TOTAL ASSETS LESS CURRENT LIABILITIES			7,635,910		7,614,680

PROVISIONS FOR LIABILITIES
Deferred Taxation	18		(7,892 )		(9,879 )

NET ASSETS			7,628,018		7,604,801

CAPITAL AND RESERVES
Called up share capital	19		1,600		1,600
Income Statement			7,626,418		7,603,201

SHAREHOLDERS' FUNDS			7,628,018		7,604,801

On behalf of the board

M McIntyre

Director

14th September 2026

The notes on pages 12 to 22 form part of these financial statements.

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Cargo Management & Logistics Holdings Limited

Company Statement of Financial Position

As At 31 March 2026

Company Statement of Financial Position

Registered number: 07238329

		2026		2025
	Notes	$	$	$	$
FIXED ASSETS
Investments	14		3,833,018		3,833,018

			3,833,018		3,833,018
CURRENT ASSETS
Debtors	16	1,600		1,600

		1,600		1,600
NET CURRENT ASSETS (LIABILITIES)			1,600		1,600

TOTAL ASSETS LESS CURRENT LIABILITIES			3,834,618		3,834,618

NET ASSETS			3,834,618		3,834,618

CAPITAL AND RESERVES
Called up share capital	19		1,600		1,600
Income Statement			3,833,018		3,833,018

SHAREHOLDERS' FUNDS			3,834,618		3,834,618

In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's profit for the year was $ 772,091 (2025: $853,284 profit).

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.

On behalf of the board

M McIntyre

Director

14th September 2026

The notes on pages 12 to 22 form part of these financial statements.

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Cargo Management & Logistics Holdings Limited

Consolidated Statement of Changes in Equity

For The Year Ended 31 March 2026

Consolidated Statement of Changes in Equity

	Share Capital	Income Statement	Total
	$	$	$
As at 1 April 2024	1,600	7,383,014	7,384,614
Profit for the year and total comprehensive income	-	1,073,471	1,073,471

Dividends paid	-	(853,284)	(853,284)

As at 31 March 2025 and 1 April 2025	1,600	7,603,201	7,604,801


Profit for the year and total comprehensive income	-	795,308	795,308

Dividends paid	-	(772,091)	(772,091)

As at 31 March 2026	1,600	7,626,418	7,628,018

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Cargo Management & Logistics Holdings Limited

Consolidated Statement of Cash Flows

For The Year Ended 31 March 2026

Consolidated Statement of Cash Flows

		2026	2025
	Notes	$	$
Cash flows from operating activities
Net cash (used in)/generated from operations	1	(414,308 )	1,928,482
Tax paid		(395,210 )	(504,338 )

Net cash (used in)/generated from operating activities		(809,518 )	1,424,144

Cash flows from investing activities
Purchase of tangible assets		(624 )	-
Proceeds from disposal of tangible assets		-	2,001
Interest received		149,452	213,006

Net cash generated from investing activities		148,828	215,007

Cash flows from financing activities
Equity dividends paid		(772,091 )	(853,284 )



(Decrease)/increase in cash and cash equivalents		(1,432,781 )	785,867
Cash and cash equivalents at beginning of year	2	10,092,246	9,306,379

Cash and cash equivalents at end of year	2	8,659,465	10,092,246

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Cargo Management & Logistics Holdings Limited

Notes to the Consolidated Statement of Cash Flows

For The Year Ended 31 March 2026

Notes to the Consolidated Statement of Cash Flows

1. Reconciliation of profit for the financial year to cash (used in)/generated from operations

	2026	2025
	$	$
Profit for the financial year	795,308	1,073,471
Adjustments for:
Tax on profit	304,998	402,431
Interest income	(149,452 )	(213,006 )
Amortisation of intangible assets	117,688	117,687
Depreciation of tangible assets	8,574	19,684
Loss on disposal of tangible assets	-	1,476
Movements in working capital:
Decrease/(increase) in stocks	56,840	(401,047 )
(Increase)/decrease in trade and other debtors	(692,528 )	842,052
(Decrease)/increase in trade and other creditors	(855,736 )	85,734

Net cash (used in)/generated from operations	(414,308 )	1,928,482

2. Cash and cash equivalents

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

	2026	2025
	$	$
Cash at bank and in hand	8,659,465	10,092,246

3. Analysis of changes in net funds

	As at 1 April 2025	Cash flows	As at 31 March 2026
	$	$	$
Cash at bank and in hand	10,092,246	(1,432,781)	8,659,465

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Cargo Management & Logistics Holdings Limited

Notes to the Financial Statements

For The Year Ended 31 March 2026

Notes to the Financial Statements

1. General Information

Cargo Management & Logistics Holdings Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07238329 . The registered office is CML House, 8A Station Road West, Oxted, Surrey, RH8 9EP.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Basis Of Consolidation

The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the group’s share of the results of associates made up to 31 March 2026.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity, it accounts for that entity as a subsidiary.

Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group’s accounting policies when preparing the consolidated financial statements.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the group holds a long-term interest and where the group has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. The results of associates are accounted for using the equity method of accounting.

Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively.

Where control of a subsidiary is lost, the gain or loss is recognised in the consolidated income statement. The cumulative amounts of any exchange differences on translation, recognised in equity, are not included in the gain or loss on disposal and are transferred to retained earnings. The gain or loss also includes amounts included in other comprehensive income that are required to be reclassified to profit or loss but excludes those amounts that are not required to be reclassified.

Where control of a subsidiary is achieved in stages, the initial acquisition that gave the group control is accounted for as a business combination. Thereafter where the group increases its controlling interest in the subsidiary the transaction is treated as a transaction between equity holders. Any difference between the fair value of the consideration paid and the carrying amount of the non-controlling interest acquired is recognised directly in equity. No changes are made to the carrying value of assets, liabilities or provisions for contingent liabilities.

2.3. Business Combinations

Business combinations are accounted for by applying the purchase method.

The cost of a business combination is the fair value of the consideration given, liabilities incurred or assumed and of equity instruments issued plus the costs directly attributable to the business combination. Where control is achieved in stages the cost is the consideration at the date of each transaction.

Contingent consideration is initially recognised at estimated amount where the consideration is probable and can be measured reliably. Where (i) the contingent consideration is not considered probable or cannot be reliably measured but subsequently becomes probable and measurable or (ii) contingent consideration previously measured is adjusted, the amounts are recognised as an adjustment to the cost of the business combination.

On acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent liabilities unless the fair value cannot be measured reliably, in which case the value is incorporated in goodwill. Intangible assets are only recognised separately from goodwill where they are separable and arise from contractual or other legal rights. Where the fair value of contingent liabilities cannot be reliably measured they are disclosed on the same basis as other contingent liabilities.

2.4. Going Concern Disclosure

The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the group and parent company's ability to continue as a going concern.

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Cargo Management & Logistics Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

2.5. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.6. Intangible Fixed Assets and Amortisation - Goodwill

Goodwill represents the excess of the cost of a business combination over the fair value of the group’s share of the identifiable net assets, liabilities and contingent liabilities acquired.

Goodwill arising on the acquisition of subsidiaries is included in Intangible Assets. Goodwill arising on the acquisition of associates and joint ventures is included in the related equity accounted investment value.

Goodwill is amortised over its expected useful life which is estimated to be 10 years.

Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the income statement. No reversals of impairment are recognised.

2.7. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Leasehold	4% on cost
Fixtures & Fittings	20% on cost

2.8. Leasing and Hire Purchase Contracts

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

2.9. Stocks and Work in Progress

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

Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the income statement. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the income statement.

2.10. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

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Cargo Management & Logistics Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

2.11. Financial Instruments

i) Financial assets

Basic financial assets, including trade and other receivables, and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price.

Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

ii) Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, and loans from fellow Group companies 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 receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

2.12. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into US Dollars at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into US Dollars at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2.13. Taxation

Income 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 profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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.

...CONTINUED

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Cargo Management & Logistics Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

2.13. Taxation - continued

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.14. Pensions

The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme

are charged to profit or loss in the period to which they relate.

2.15. Reporting currency

The reporting currency for the financial statements for the year ended 31 March 2026 is US dollars. The company has used the following Sterling: US dollar rates in the reporting of its results:

Year end rate used at 31 March 2026 - $1.32

Year end rate used at 31 March 2025 - $1.30

All translation differences arising from the conversion from Sterling to US dollars have been taken to the Profit and Loss reserve.

2.16. Contract Cost Accruals

Contract cost accruals are made in respect of uninvoiced costs for services supplied under the income recognition policy. The accruals are reversed on receipt of invoices from suppliers. Accruals made for which no invoice is received are written back to the profit & loss account after a four year year period, unless in the opinion of the Directors there is evidence to the contrary and a claim for costs is still likely under the terms of the service contract.

3. Turnover

Analysis of turnover by geographical market is as follows:

	2026	2025
	$	$
Rest of the world	18,689,506	27,333,238

	18,689,506	27,333,238

4. Other Operating Income

	2026	2025
	$	$
Rental income	34,927	14,541
Other operating income	30,000	30,000

	64,927	44,541

5. Operating Profit

The operating profit is stated after charging:

	2026	2025
	$	$
Bad debts	-	82,741
Depreciation of tangible fixed assets	8,574	19,684
Amortisation of intangible fixed assets	117,688	117,687

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Cargo Management & Logistics Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

6. Auditor's Remuneration

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

	2026	2025
	$	$
Audit Services
Audit of the group and company's financial statements	10,498	12,945


Other Services
Taxation compliance service	1,812	2,355

7. Staff Costs

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

	2026	2025
	$	$
Wages and salaries	925,139	916,263
Social security costs	127,345	94,342
Other pension costs	83,246	95,716

	1,135,730	1,106,321

8. Average Number of Employees

Group

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

	2026	2025
Office and administration	5	5
Operations	6	6

	11	11

Company

Average number of employees, including directors, during the year was: 1 (2025: 1)

9. Directors' remuneration

	2026	2025
	$	$
Emoluments	188,345	177,181
Company contributions to money purchase pension schemes	2,640	25,800

	190,985	202,981

The number of directors to whom retirement benefits were accruing was as follows:

	2026		2025
Money purchase pension schemes	1		1

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Cargo Management & Logistics Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

10. Interest Receivable and Similar Income

	2026	2025
	$	$
Bank interest receivable	142,410	209,828
Interest on short term deposits	7,042	3,178

	149,452	213,006

11. Tax on Profit

The tax charge on the profit for the year was as follows:

	Tax Rate		2026	2025
	2026	2025	$	$
Current tax
UK Corporation Tax	-	25.0%	306,985	404,449
Deferred Tax
Deferred taxation			(1,987 )	(2,018 )


Total tax charge for the period			304,998	402,431

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

	2026	2025
	$	$
Profit before tax	1,100,306	1,475,902

Tax on profit at 25% (UK standard rate)	275,077	368,976
Goodwill/depreciation not allowed for tax	31,565	4,921
Expenses not deductible for tax purposes	499	631
Capital allowances	(156 )	500
Short term timing differences	(1,987 )	(2,018 )
Difference in tax rates	-	29,421

Total tax charge for the period	304,998	402,431

12. Intangible Assets

Group

	Goodwill
	$
Cost
As at 1 April 2025	1,681,232

As at 31 March 2026	1,681,232

...CONTINUED

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Cargo Management & Logistics Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

Amortisation
As at 1 April 2025	1,563,544
Provided during the period	117,688

As at 31 March 2026	1,681,232

Net Book Value
As at 31 March 2026	-

As at 1 April 2025	117,688

Company

The company had no intangible fixed assets as at 31 March 2026 or 31 March 2025.

13. Tangible Assets

Group

	Land & Property
	Leasehold	Fixtures & Fittings	Total
	$	$	$
Cost
As at 1 April 2025	385,438	239,434	624,872
Additions	-	624	624

As at 31 March 2026	385,438	240,058	625,496

Depreciation
As at 1 April 2025	369,938	215,419	585,357
Provided during the period	611	7,963	8,574

As at 31 March 2026	370,549	223,382	593,931

Net Book Value
As at 31 March 2026	14,889	16,676	31,565

As at 1 April 2025	15,500	24,015	39,515

Company

The company had no tangible fixed assets as at 31 March 2026 or 31 March 2025.

14. Investments

Company

	Subsidiaries
	$
Cost or Valuation
As at 1 April 2025	3,833,018

As at 31 March 2026	3,833,018

Provision
As at 1 April 2025	-

As at 31 March 2026	-

...CONTINUED

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Cargo Management & Logistics Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

Net Book Value
As at 31 March 2026	3,833,018

As at 1 April 2025	3,833,018

Subsidiaries

Details of the group's subsidiaries as at 31 March 2026 are as follows:

Name of undertaking	Registered Office	Class of shares held	Direct holding	Indirect holding
Cargo Management & Logistics Limited	CML House, 8a Station Road West, Oxted, Surrey, RH8 9EP	£1 Ordinary	100.00%	-

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

	Capital and Reserves	Profit/(loss)
	$	$
Cargo Management & Logistics Limited	7,626,419	912,998

15. Stocks

	2026	2025
	$	$
Finished goods	1,370,637	1,427,477

16. Debtors

	Group		Company
	2026	2025	2026	2025
	$	$	$	$
Due within one year
Trade debtors	3,582,945	2,883,788	-	-
Other debtors	68,919	75,548	1,600	1,600

	3,651,864	2,959,336	1,600	1,600

17. Creditors: Amounts Falling Due Within One Year

	Group
	2026	2025
	$	$
Trade creditors	5,402,441	5,948,569
Other creditors	509,041	526,788
Corporation tax	61,842	150,067
Taxation and social security	73,805	81,069
Accruals and deferred income	30,492	315,089

	6,077,621	7,021,582

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Cargo Management & Logistics Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

18. Deferred Taxation

The provision for deferred tax is made up as follows:

	2026	2025
	$	$
Other timing differences	7,892	9,879

19. Share Capital

	2026	2025
Allotted, called up and fully paid	$	$
820 Ordinary A shares of $ 1.60 each	1,312	1,312
180 Ordinary B shares of $ 1.60 each	288	288

	1,600	1,600

20. Other Commitments

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

	2026	2025
	$	$
Not later than one year	33,800	31,980
Later than one year and not later than five years	53,517	114,595

	87,317	146,575

21. Pension Commitments

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund.

During the year the charge to the income statement in respect of defined contribution schemes was $83,246 (2025: $95,716).

At the statement of financial position date contributions of $NIL were due to the fund and are included in creditors.

22. Dividends

	2026	2025
	$	$
On equity shares:
Interim dividend paid	772,091	853,284

23. Related Party Disclosures

The group has taken advantage of exemption, under 33.1A of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose transactions with wholly owned subsidiaries within the group.

Liam Lynch & Co: A company in which L Lynch has an interest

	2026	2025
	$	$
Purchases	216,692	210,160

Cargo Management Logistics (Zambia) Ltd: The directors hold a minority interest in this company.

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Page 22

Cargo Management & Logistics Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

	2026	2025
	$	$
Management charges	30,000	30,000
Amount due to related party	509,041	500,000

The $509,041 loan is interest free and repayable on demand.

24. Controlling Parties

Mr M E McIntyre, a director is considered to be the company's ultimate controlling party by virtue of his majority shareholding.

Page 22