REGISTERED NUMBER: 02981492 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026

FOR

COUNTRYWIDE FREIGHT GROUP LIMITED

Page

Company Information

1

Strategic Report

2

to

5

Report of the Directors

6

to

7

Report of the Independent Auditors

8

to

11

Statement of Comprehensive Income

12

Statement of Financial Position

13

Statement of Changes in Equity

14

Notes to the Financial Statements

15

to

28

DIRECTORS:

R G Clements

N E A Holdcroft

D A Holdcroft

REGISTERED OFFICE:

Kestrel Road

Guinness Road Trafford Park

Manchester

Greater Manchester

M17 1SF

REGISTERED NUMBER:

02981492 (England and Wales)

AUDITORS:

Sumer Auditco Limited

Chartered Accountants & Statutory Auditors

Stone House

Stone Road Business Park

Stoke-on-Trent

ST4 6SR

BANKERS:

Ulster Bank Limited

11-16 Donegal Square East

Belfast

BT1 5UB

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

The principal activity of the business during the year was that of groupage and parcel distribution.

Business review

The Board of Directors is pleased to present the results for the year ended 31 March 2026. The results reflect the resilience and balanced performance of the business throughout the year.

The business delivered a profitable performance despite challenging trading conditions across the market. Key business costs continued to increase at rates above official published UK inflation measures, placing continued pressure on operating margins. Notwithstanding these challenges, the business maintained a strong financial and operational performance, supported by effective leadership and the commitment, flexibility and dedication of its workforce.

Board meetings remain a key component of the Business's strategic decision-making process and governance framework. Meetings are held routinely throughout the financial year, with a particular focus on reviewing operational performance, assessing financial results and undertaking real-time evaluations of the business environment and emerging opportunities and risks.

Future Developments

The business is launching a major fleet renewal initiative for the upcoming financial year, placing environmental sustainability at its core. To significantly reduce its carbon footprint, the company has invested heavily in site-wide charging infrastructure to support a newly implemented electric forklift fleet. Additionally, upcoming commercial vehicle orders will feature highly efficient, low-emission engines to ensure more eco-friendly operations.

Principal risks and uncertainties

Stagnant global economic growth, driven by deep geopolitical instability, remains our primary operational headwind. The structural impact of these events manifests in higher central bank interest rates and compounding overheads across our supply chain. The business is particularly exposed to hyper-inflation in core operating commodities; for instance, diesel, increasing well above standard consumer price indices, placing disproportionate pressure on our logistics and distribution costs.

Liquidity Risk

The Business manages its financial risks by maintaining a robust liquidity position to comfortably satisfy all foreseeable operational demands and strategic investments. Concurrently, the Business ensures that any surplus cash resources are deployed prudently and profitably. This disciplined approach safeguards our balance sheet while optimising returns.

Foreign Currency Risk

The business operates within the UK and Europe and is subject to only limited exposure to fluctuations in foreign currency exchange rates. In light of this low level of exposure, the Business has determined that the use of derivative instruments for managing foreign exchange risk is not required.

Going Concern Disclosure

The Company's forecasts and projections, which take into consideration potential variations in trading performance, indicate that the business will remain profitable and cash generative. The Company also maintains established banking facilities that provide adequate funding to meet its operational and strategic requirements on acceptable terms.

After making appropriate enquiries, the Directors have a reasonable expectation that the Company has sufficient resources to continue in operational existence for the foreseeable future. Accordingly, the going concern basis has been adopted in preparing the annual report and financial statements.

SECTION 172(1) STATEMENT

As required by Section 172 of the Companies Act, a director of a company must act in a way he or she considers, in good faith, would likely promote the success of the company for the benefit of the shareholders. In doing so, the director must have regard, amongst other matters, to the following issues:

- the likely consequences of any decisions in the long term;

- the interests of the company's employees;

- the need to foster the company's business relationships with suppliers/customers and others;

- the impact of the company's operations on the community and environment;

- the company's reputation for high standards of business conduct; and

- the need to act fairly between members of the company

As set out above in the Strategic Report the Board remains focussed on providing for shareholders through the long term success of the Company. The means by which this is achieved is set out further below.

S172(1) (a) "The likely consequences of any decision in the long term"

In fulfilling its statutory duty to promote the success of the Company, the Board ensures that stakeholder interests are deeply integrated into all strategic decisions. The Board provides rigorous oversight of operations, upholding the highest standards of corporate governance, business ethics, and social responsibility. Recognising that long-term value is tied to our wider impact, the Board systematically evaluates how its decisions affect our people, the environment, and the local communities in which we operate.

S172(1) (b) "The interests of the Company's employees"

The Directors recognise that our people are fundamental to the Company's business model and vital to the safe, successful delivery of our strategic objectives. Our long-term success depends on our ability to attract, retain, develop, and motivate a talented workforce. To support this, the Company is committed to operating as a responsible employer by maintaining fair and competitive remuneration frameworks.

S172(1) (c) "The need to foster the Company's business relationships with suppliers, customers and others"

The successful delivery of our strategy relies on establishing and maintaining strong, mutually beneficial relationships with our suppliers, customers, and wider stakeholders. The Company is fully committed to engaging effectively with all stakeholder businesss, recognising that in an interconnected environment, their perspectives, decisions, and actions significantly impact our operational success. Our growth depends on our ability to collaborate constructively and maintain open, transparent channels of communication.

Key stakeholder engagement activities undertaken during the year include:

" Deploying comprehensive health initiatives alongside mental health first-aid programs to support overall employee wellbeing.

" Facilitating regular town halls and cross-departmental forums to share corporate performance updates transparently.

" Investing in structured training and professional development pathways to retain top talent and close skill gaps.

" Engaging in multi-modal forums to track logistics trends and discover strategic product efficiencies together.

" Hosting periodic performance reviews with key partners to ensure operational KPI alignment and contract compliance.

" Providing dedicated account managers to deliver consistent, tailored communications and high-quality service levels.

" Conducting regular market reviews to align our strategic offerings with evolving consumer demands and budgets.

" Investing in localised infrastructure including electric forklift fleets to drastically reduce site carbon footprints.

" Optimising transport logistics routing to lower carbon emissions and reduce heavy traffic in operational neighbourhoods.

" Publishing transparent financial results and annual reports to keep lenders and shareholders comprehensively informed.

S172(1) (d) "The impact of the Company's operations on the community and the environment"

Countrywide is committed to minimising its environmental impact and fully integrates sustainability into its core operations. To advance this strategy and reduce the Company's carbon footprint, we are actively prioritising the adoption of lower-emission vehicles across our fleet. Furthermore, following comprehensive feasibility assessments, we have initiated the phased roll-out of electric forklifts across our operational locations, establishing a clear pathway toward long-term environmental responsibility.

S172(1) (e) "The desirability of the Company maintaining a reputation for high standards of business conduct"

The Board periodically reviews and approves robust governance frameworks to embed ethical business conduct across all levels of the organisation. To maintain a transparent workplace culture, Countrywide enforces comprehensive policies that establish clear behavioural standards for all employees. Under the Board's oversight, the Company maintains equitable employee relations and strict equal opportunity frameworks. Furthermore, Countrywide actively upholds its Modern Slavery Statement, verifying that ethical standards and human rights compliance are rigorously enforced across both internal operations and broader supply chains.

S172(1) (f) "The need to act fairly as between members of the Company"

After evaluating all material factors, the Directors determine the courses of action that best advance the Company's strategic objectives and promote its long-term sustainable success. In making these decisions, the Board systematically balances short-term pressures against the broader impact on our workforce, supply chain partners, and communities. The Directors act in good faith, fairly and responsibly, to discharge their statutory duties to the Company's members while safeguarding the organisation's reputation.

Statement on Energy Consumption

Direct emissions from vehicles represent the principal component of the Company's energy consumption. In pursuit of its sustainability objectives, Countrywide continues to evaluate its operational network to facilitate the use of electric vehicles where practicable. Additionally, the Company is progressing the integration of electric forklifts across its sites. These measures form part of a wider programme to enhance energy efficiency, reduce carbon emissions, and promote environmentally responsible practices throughout the business.

Using the Government's guidance on greenhouse gas reporting and the applicable conversion factors, the Company's direct energy consumption for the financial year amounted to 2,618,512 kgCO2e, representing a reduction from 2,666,973 kgCO2e reported in the prior financial year.

The other principal area of energy consumption relates to electricity used to power operations across the Company's sites. Based on annual usage of 564,374 kWh, electricity-related emissions for the financial year were calculated at 99,890 kgCO2e, using the Government's Greenhouse Gas Reporting: Conversion Factors. This compares with 109,781 kgCO2e reported in the prior financial year.

No energy efficiency measures were implemented during the reporting period. The table below sets out the Company's total energy consumption (reported in kWh) and associated greenhouse gas emissions for the sources required under the regulations, together with the applicable intensity

ratio.

01/04/2025 - 31/03/2026

Total Energy Consumption - Used for Emissions Calculation (kWh)

564,374

Gas Combustion Emissions, Scope 1 (tCO2e)

0

Purchased Electricity Emissions, Scope 2 (tCO2e)

100

Vehicle Fuel Combustion Emissions, Scope 1 (tCO2e)

2,619

Vehicle Fuel Combustion Emissions, Scope 3 (tCO2e)

0

Total Gross Reported Emissions (tCO2e)

2,777

Turnover (£m)

33

Intensity Ratio: Turnover (tCO2e / £m)

84

FINANCIAL KEY PERFORMANCE INDICATORS

The group's key performance indicators are turnover and profit before tax set out in the Statement of comprehensive income.

Turnover in the year FY26 £33,372,041

Turnover in the year FY25 £31,706,210

Gross Profit FY26 £12,631,549

Gross Profit FY25 £12,597,858

Profit before tax FY26 £811,231

Profit before tax FY25 £1,364,210

RETURN ON SALES

The return on sales at 31st March 2026 was 3.32% (pre-taxation) versus 5.52% in the year to 31st March 2025.

RETURN ON CAPITAL EMPLOYED

Return on capital employed at 31st March 2026 was 37.95% versus 10.50% in the year to 31st March 2025.

There are a number of methods employed to calculate this particular profitability ratio. The method we have adopted is as follows:

[Pre-tax net profit] / [net asset value] x 100

NON-FINANCIAL

As a measure of employee engagement and morale, employee turnover and sickness KPI measurements are used as a key indicator. At all board meetings the measurements are provided and discussed at length. Particular emphasis on both short and long term absence is discussed. Key learning outcomes are addressed and where possible policies and procedures enacted to limit these. The company seeks to engage positively with employees to ensure the business is supporting their needs.

RESULTS AND DIVIDENDS

The results for the year are set out on page 12 and the profit for the year after tax was £576,694

During the year dividends were paid of £9,400,000.

ON BEHALF OF THE BOARD:

R G Clements - Director

13 October 2026

The directors present their report with the financial statements of the company for the year ended 31 March 2026.

DIVIDENDS

The total distribution of interim dividends for the year ended 31 March 2026 was £9,400,000.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2025 to the date of this report.

R G Clements

N E A Holdcroft

D A Holdcroft

Other changes in directors holding office are as follows:

M Forsyth - resigned 19 November 2025

EMPLOYMENT OF DISABLED PERSONS

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

EMPLOYEE INVOLVEMENT

Details of the number of employees and related costs can be found in note 3 to the financial statements.

The company's policies and practices aim to keep employees informed on matters relevant to them as employees. The company is pro-active in implementing employee friendly schemes such as the provision of childcare vouchers.

Management is committed to ensure a culture of quality, health, safety and welfare of employees while on company premises.

DISCLOSURE OF INFORMATION IN THE STRATEGIC REPORT

The company has chosen in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out in the company's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008.

The likely future developments of the business are included in the strategic report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

-	select suitable accounting policies and then apply them consistently;

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

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Sumer AuditCo Limited, is deemed to have been re-appointed in accordance with section 487 of the Companies House Act 2006.

ON BEHALF OF THE BOARD:

R G Clements - Director

13 October 2026

Opinion

We have audited the financial statements of COUNTRYWIDE FREIGHT GROUP LIMITED (the 'company') for the year ended 31 March 2026 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 March 2026 and of its profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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 the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page seven, 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors 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.

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

- the nature of the industry and sector, control environment and business performance including the design of the Company's remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets;

- results of our enquiries of management about their own identification and assessment of the risks of irregularities;

- any matters we identified having obtained and reviewed the Company's documentation of their policies and procedures relating to:

- Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance;

- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

- the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

Based on this approach, we were able to assess the company risks and ensure the risks were considered throughout all areas of audit testing. The audit team was professionally sceptical throughout the audit and remained alert for inaccurate or misleading information.

Audit response to risks identified

As a result of performing the above, we identified management override, and compliance with the road safety act, health and safety regulations, DVSA regulations, Working time regulations and Employment rights as key audit matters related to the potential risk of fraud or irregularities.

Our procedures to respond to risks identified included the following:

- reviewing the outcomes of any external audits;

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

- enquiring of management concerning actual and potential litigation and claims;

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

- obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; 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.

Audit testing was completed on a targeted sample basis based on our assessment of risk and materiality. Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

-

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

-	Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.

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

-

Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Report of the Auditors to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Report of the Auditors. However, future events or conditions may cause the company to cease to continue as a going concern.

-	Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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 a Report of the Auditors 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.

Michelle Coates (Senior Statutory Auditor)

for and on behalf of Sumer Auditco Limited

Chartered Accountants & Statutory Auditors

Stone House

Stone Road Business Park

Stoke-on-Trent

ST4 6SR

13 October 2026

TURNOVER

33,372,041

31,706,210

Cost of sales

(20,740,492

)

(19,108,352

)

GROSS PROFIT

12,631,549

12,597,858

Administrative expenses

(11,525,216

)

(10,847,213

)

OPERATING PROFIT

4

1,106,333

1,750,645

Interest receivable and similar income

6,761

-

1,113,094

1,750,645

Interest payable and similar expenses

6

(301,863

)

(386,435

)

PROFIT BEFORE TAXATION

811,231

1,364,210

Tax on profit

7

(234,537

)

(432,060

)

PROFIT FOR THE FINANCIAL YEAR

576,694

932,150

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

576,694

932,150

FIXED ASSETS

Intangible assets

9

3,171,598

3,252,928

Tangible assets

10

852,366

7,702,662

Investments

11

-

-

4,023,964

10,955,590

CURRENT ASSETS

Debtors

12

8,621,451

15,320,701

Cash in hand

2,003

-

8,623,454

15,320,701

CREDITORS

Amounts falling due within one year

13

(8,586,350

)

(10,941,389

)

NET CURRENT ASSETS

37,104

4,379,312

TOTAL ASSETS LESS CURRENT LIABILITIES

4,061,068

15,334,902

CREDITORS

Amounts falling due after more than one year

14

(1,955,020

)

(1,892,516

)

PROVISIONS FOR LIABILITIES

18

(119,473

)

(445,231

)

NET ASSETS

1,986,575

12,997,155

CAPITAL AND RESERVES

Called up share capital

19

46,380

46,380

Revaluation reserve

20

-

2,187,274

Retained earnings

20

1,940,195

10,763,501

SHAREHOLDERS' FUNDS

1,986,575

12,997,155

The financial statements were approved by the Board of Directors and authorised for issue on 13 October 2026 and were signed on its behalf by:

R G Clements - Director

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 April 2024

46,380

9,139,113

2,610,303

11,795,796

Changes in equity

Reserves transfer

-

692,238

(692,238

)

-

Revaluations in year

-

-

269,209

269,209

Total comprehensive income

-

932,150

-

932,150

Balance at 31 March 2025

46,380

10,763,501

2,187,274

12,997,155

Changes in equity

Reserves transfer

-

-

(2,187,274

)

(2,187,274

)

Dividends

-

(9,400,000

)

-

(9,400,000

)

Total comprehensive income

-

576,694

-

576,694

Balance at 31 March 2026

46,380

1,940,195

-

1,986,575

1.	STATUTORY INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Kestrel Road, Guiness Road, Trafford Park, Manchester, M17 1SF. The principal activity of the company is that of groupage and parcel distribution.

2.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

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

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going Concern

The company's business activities, together with the factors likely to impact upon its future operations are set out in this report. In addition the accounting policies on the pages below set out the company's objectives, policies and processes for managing its financial risk management objectives and its exposure to credit and liquidity risk.

Countrywide Freight Group has the ability to meet ongoing funding requirements from its own internal cash generation, from financial backing and long term customer and supplier relationships, within projected increasing turnover due to significant new customers and increasing volumes with existing customers. The directors believe that the company is well placed to manage its business risks successfully and to capitalise on opportunities within its marketplace.

The company forecasts and projections, taking account of possible changes in trading performance, show that the company as a whole will remain profitable, cash generative and should be able to operate within the level of its current facility. The company has bank facilities currently in place, which ensure that the needs of the business are fully met and delivered on acceptable terms.

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, accordingly they continue to adopt the going concern basis in preparing the annual report and accounts.

FINANCIAL REPORTING STANDARD 102 - REDUCED DISCLOSURE EXEMPTIONS

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of CFG Holdings Limited which can be obtained from Mallusk Way, Mallusk Road, Newtownabbey, Co.Antrim, BT36 4AA. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102:

(a) No cash flow statement has been presented for the company.

(b) Disclosures in respect of financial instruments have not been presented.

(c) No disclosure has been given for the aggregate remuneration of key management personnel.

SIGNIFICANT JUDGEMENTS AND ESTIMATES

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Judgements

The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:

Freehold properties:

The properties have been transferred to the parent company through the intercompany at cost during the year ended 31 March 2026.

Key sources of estimation uncertainty

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as described below.

As described in the accounting policies of the financial statements, depreciation of intangible and tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual lives are reviewed annually and revised as appropriate. Revisions take in to account actual asset lives and residual values as evidenced by disposals during current and prior accounting periods.

FINANCIAL RISK MANAGEMENT POLICY

Financial assets

The company's principal financial assets are bank balances, cash and trade and other receivables. Credit risk is primarily attributable to trade and other receivables, however the amounts presented in the balance sheet are net of allowances for bad and doubtful debts. Credit risk on other receivables is limited because the principal counterparty has a high credit rating. The risk in relation to trade receivables is managed through the ongoing review of the aged profile of the debt, thereby monitoring credit given and optimising the recoverability of the balance on an ongoing basis. The company has no significant concentration of credit risk with the total exposure spread over a large number of debtors.

Financial liabilities

Financial liabilities comprise trade creditors, bank borrowings and finance leases. The company finances its operations by a combination of retained profits and bank borrowings. To reduce the group's exposure to movements in interest rates, it negotiates all interest rates with funders. Continuity of funding is achieved by taking out certain borrowings which are repayable in instalments over periods of at least five years. Short term flexibility in funding is achieved by use of overdraft facilities. The overdraft is managed in order to ensure the exposure is minimised and the interest rate risk is therefore reduced to a minimum. Details of financial liabilities are provided in notes 13 and 14 to the financial statements.

REVENUE RECOGNITION

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.

The invoice is raised once the freight has been delivered to the customer.

GOODWILL

On the acquisition of a business, fair values are attributed to the company's share of net assets. Where the cost of acquisition exceeds the values attributable to such net assets the difference is treated as purchased goodwill. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

Goodwill - 50 years

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

TANGIBLE FIXED ASSETS

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

Not depreciated

Improvements to property

-

2% on cost

Plant and machinery

-

20% on cost and 15% on cost

Motor vehicles

-

33.33% on cost and 10% on cost

All fixed assets are initially recorded at cost.

Depreciation on freehold buildings is not provided as any uncharged depreciation for the year, and any accumulated uncharged depreciation, would be immaterial in aggregate as a result of the group's policy to maintain its properties in good condition, which substantially prolongs their useful economic life and the estimated high residual value of the properties.

Tangible assets which are not depreciated are reviewed for impairment annually by the directors in accordance with Section 17 of FRS 102.

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

INVESTMENTS IN SUBSIDIARIES

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

FINANCIAL INSTRUMENTS

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

TAXATION

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

DEFERRED TAX

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

FOREIGN CURRENCIES

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

IMPAIRMENT OF FIXED ASSETS

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cashgenerating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

EMPLOYEE BENEFITS

The company provides a range of benefits to employees.

Short term benefits, including holiday pay, are recognised as an expenses in the profit and loss account in the period in which they are incurred.

FINANCE LEASES AND HIRE PURCHASE CONTRACTS

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

OPERATING LEASES

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

3.	EMPLOYEES AND DIRECTORS

31.3.26

31.3.25

£

£

Wages and salaries

7,313,929

7,357,477

Social security costs

935,197

714,153

Other pension costs

301,710

297,583

8,550,836

8,369,213

The average number of employees during the year was as follows:

31.3.26

31.3.25

Number of warehouse staff

166

172

Number of selling and administration

74

74

240

246

31.3.26

31.3.25

£

£

Directors' remuneration

128,249

127,025

4.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.3.26

31.3.25

£

£

Depreciation - owned assets

122,521

111,771

(Profit)/loss on disposal of fixed assets

(43

)

16,431

Goodwill amortisation

81,330

81,332

Foreign exchange differences

21,004

(185

)