ACCOUNTS - Final Accounts

An analysis of turnover by class of business is as follows:

Registered number: 06717076

GREEN GRP LOGISTICS LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

GREEN GRP LOGISTICS LIMITED

COMPANY INFORMATION

Directors	C Addy
	N A Hoyes
	T J Lister


Registered number	06717076


Registered office	The Green Group
	Warwick Road
	Maltby
	Rotherham
	S66 8EW


Independent auditors	Xeinadin Audit Limited
	Statutory Auditors and Chartered Accountants
	Level 5a, Maple House
	149 Tottenham Court Road
	London
	W1T 7NF

GREEN GRP LOGISTICS LIMITED

CONTENTS

	Page
Strategic report	1
Directors' report	2 - 3
Independent auditors' report	4 - 7
Statement of comprehensive income	8
Statement of financial position	9
Statement of changes in equity	10
Analysis of net debt	11
Notes to the financial statements	12 - 27

GREEN GRP LOGISTICS LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 OCTOBER 2025

Introduction

The company's strategy is to continue developing the business by increasing its customer base and geographical spread, and by driving greater efficiencies in its core operations. This will be achieved through a combination of the knowledge and experties from the existing management team, enhanced business development functions and leveraging the skills and experience of its shareholders.

Business review

The directors are content with the trading results for the year which has seen an increase in turnover of 4.02% compared to the previous year. However, gross profit has decreased by 16.80%, and operating profit has also decreased by 29.45%, compared to the previous year's results.

Principal risks and uncertainties

The company's operational activities expose it to a number of potential financial risks and uncertainties which may affect the performance of the company. These are regularly considered by the directors. The key risks are as follows:

Price risk
The company may be affected by supplier price increases. The directors are of the opinion that adherence to company purchasing policies and procedures mitigates this risk as far as possible.

Credit risk
There is a risk of bad debts in the normal course of trading. The company operates practices in order to minimise this risk. All customers who wish to trade on credit terms are subject to credit verification procedures. Receivable balances are monitored on an ongoing basis and trade insurance policies are maintained where required and available.

Liquidity risk
The company has bank and cash balances of £948 (2024: £1,436). The directors are confident the funding structure is sufficient for trading operations and future company expansion.

Market risk
The company mitigates the risks that arise through the competitive pressures by offering a service that is of high quality through well trained staff as well as competively priced goods. The development of strong client relationships is also actively pursued in order to maintain a strong loyal customer base.

Financial key performance indicators

The company maintains a number of key performance indicators in respect of cash flow, sales growth, gross margin and profitability.

This report was approved by the board on 30 October 2026 and signed on its behalf.

C Addy

Director

Page 1

GREEN GRP LOGISTICS LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 OCTOBER 2025

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

Directors' responsibilities statement

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Company's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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

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

Principal activity

The principal activity of the company is that of the provision of logistics and transport services.

Results and dividends

The profit for the year, after taxation, amounted to £1,378,836 (2024 - £1,284,412).

The directors have recommended a dividend for the year of £17,460 (2024: £17,460).

Directors

The directors who served during the year were:

C Addy

N A Hoyes

T J Lister

Political contributions

There were no political contributions made in the year.

Page 2

GREEN GRP LOGISTICS LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 OCTOBER 2025

Future developments

The company is looking to grow organically by way of its consolidated position within the haulauge and logistics market.

Qualifying third-party indemnity provisions

There were no qualifying third-party indemnity provisions in place.

Disclosure of information to auditors

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

∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

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

Auditors

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

This report was approved by the board on 30 October 2026 and signed on its behalf.

C Addy

Director

Page 3

GREEN GRP LOGISTICS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GREEN GRP LOGISTICS LIMITED

Opinion

We have audited the financial statements of Green GRP Logistics Limited (the 'Company') for the year ended 31 October 2025, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity 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, 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 October 2025 and of its profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Page 4

GREEN GRP LOGISTICS LIMITED

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

Other information

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

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

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

∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.

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

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

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

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

Responsibilities of directors

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

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

Page 5

GREEN GRP LOGISTICS LIMITED

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

Auditors' responsibilities for the audit of the financial statements

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

∙Enquiry of management and those charged with governance around actual and potential litigation and claims;

∙Enquiry of management and those charged with governance to identify any instances of non-compliance with laws and regulations;

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

The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Secondly, the Company is subject to many other laws and regulations where the consequence of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: health and safety including data protection laws, anti-bribery, money laundering, employment law and Fleet Operator Recognition Scheme (FORS), along with general compliance recognising the nature of the Company's activities. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.

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

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.

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

Page 6

GREEN GRP LOGISTICS LIMITED

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

Use of our report

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Paul Laxton FCCA (Senior statutory auditor)

for and on behalf of

Xeinadin Audit Limited

Statutory Auditors and Chartered Accountants

Level 5a, Maple House

149 Tottenham Court Road

London

W1T 7NF

30 October 2026

Page 7

GREEN GRP LOGISTICS LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 OCTOBER 2025

	2025	2024
Note	£	£


Turnover	4	25,694,478	24,702,228
Cost of sales		(22,818,631)	(21,245,379)
Gross profit		2,875,847	3,456,849
Administrative expenses		(1,481,060)	(1,354,827)
Exceptional administrative expenses		88,137	-
Operating profit		1,482,924	2,102,022
Interest payable and similar expenses	8	(437,383)	(468,909)
Profit before tax		1,045,541	1,633,113
Tax on profit	9	333,295	(348,701)
Profit for the financial year		1,378,836	1,284,412

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

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

The notes on pages 12 to 27 form part of these financial statements.

Page 8

GREEN GRP LOGISTICS LIMITED

REGISTERED NUMBER: 06717076

STATEMENT OF FINANCIAL POSITION

AS AT 31 OCTOBER 2025

		2025		2024
Note		£		£

Fixed assets
Tangible assets	12		2,233,151		3,322,371
			2,233,151		3,322,371
Current assets
Stocks	13	173,085		87,935
Debtors: amounts falling due within one year	14	19,147,987		20,016,729
Cash at bank and in hand	15	948		1,436
		19,322,020		20,106,100
Creditors: amounts falling due within one year	16	(10,137,028)		(11,785,599)
Net current assets			9,184,992		8,320,501
Total assets less current liabilities			11,418,143		11,642,872
Creditors: amounts falling due after more than one year	17		(1,472,355)		(2,407,299)
Provisions for liabilities
Deferred tax	20		(558,288)		(825,772)
			(558,288)		(825,772)
Net assets			9,387,500		8,409,801

Capital and reserves
Called up share capital	21	250,100	250,100
Profit and loss account	22	9,137,400	8,159,701
		9,387,500	8,409,801

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 October 2026.

C Addy

Director

The notes on pages 12 to 27 form part of these financial statements.

Page 9

GREEN GRP LOGISTICS LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 OCTOBER 2025

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 November 2023	250,100	6,892,749	7,142,849
Comprehensive income for the year
Profit for the year	-	1,284,412	1,284,412
Total comprehensive income for the year	-	1,284,412	1,284,412
Contributions by and distributions to owners
Dividends: Equity capital	-	(17,460)	(17,460)
Total transactions with owners	-	(17,460)	(17,460)

At 1 November 2024	250,100	8,159,701	8,409,801
Comprehensive income for the year
Profit for the year	-	1,378,836	1,378,836
Total comprehensive income for the year	-	1,378,836	1,378,836
Contributions by and distributions to owners
Dividends: Equity capital and Contributions	-	(401,137)	(401,137)
Total transactions with owners	-	(401,137)	(401,137)
At 31 October 2025	250,100	9,137,400	9,387,500

The notes on pages 12 to 27 form part of these financial statements.

Page 10

GREEN GRP LOGISTICS LIMITED

ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 31 OCTOBER 2025


At 1 November 2024	Cash flows	At 31 October 2025
£	£	£

Cash at bank and in hand	1,436	(488)	948
Bank overdrafts	(283,711)	283,711	-
Bank loans	(151,958)	115,514	(36,444)
Bank loans due within 1 year	(186,197)	57,880	(128,317)
Finance leases	(3,110,936)	1,071,781	(2,039,155)
	(3,731,366)	1,528,398	(2,202,968)

The notes on pages 12 to 27 form part of these financial statements.

Page 11

GREEN GRP LOGISTICS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

1.	General information

The company is a private company limited by shares, registered in England & Wales. The address of the registered office and principal place of business is The Green Group, Warwick Road, Maltby, Rotherham, South Yorkshire, S66 8EW.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

The following principal accounting policies have been applied:

2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

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

∙the requirements of Section 7 Statement of Cash Flows;

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

This information is included in the consolidated financial statements of Lawson Carswell Holdings Limited as at 31st October 2024 and these financial statements may be obtained from Companies House.

2.3

Going concern

Green GRP Logistics Ltd made a profit before tax of £1,045,541 during the year ended 31 October 2025 and at that date had net assets of £9,387,500 and net current assets of £9,184,992.

The current and future financial positions of the company have been reviewed by the Directors to ensure that cash flows and liquidity are sufficiently robust to allow the company to continue to trade during this period. The Directors are confident that there is sufficient headroom to meet the forecast cash requirements during the twelve months from the date of approval of the financial statements having considered any additional requirements that would be contingent on a downturn in activity over the same period.

Page 12

GREEN GRP LOGISTICS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

2.Accounting policies (continued)

2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

2.5

Revenue

Rendering of services

Revenue from a contract to provide haulage and logistic services is recognised in the period in which the services are provided, in accordance with the delivery date of the job. The following criteria must be satisfied:

∙the amount of revenue can be measured reliably;

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

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

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

2.6

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.7

Hire Purchase

Assets held under hire purchase and finance leases 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 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.

Page 13

GREEN GRP LOGISTICS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

2.Accounting policies (continued)

2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.9

Borrowing costs

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

2.10

Pensions

Defined contribution pension plan

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

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

2.11

Current and deferred taxation

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

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

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

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

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

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

Page 14

GREEN GRP LOGISTICS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

2.Accounting policies (continued)

2.12

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

2.13

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

				Plant and machinery	-	25%/15%/10% reducing and straight line method depending on the asset
				Fixtures and fittings	-	15% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.15

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.16

Debtors

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

Page 15

GREEN GRP LOGISTICS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

2.Accounting policies (continued)

2.17

Cash and cash equivalents

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

2.18

Creditors

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

2.19

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.

Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation.

Increases in provisions are generally charged as an expense to profit or loss.

2.20

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

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

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

Page 16

GREEN GRP LOGISTICS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

2.Accounting policies (continued)

2.20

Financial instruments (continued)

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

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

Basic financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

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

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

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

2.21

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 17

GREEN GRP LOGISTICS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

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

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

Depreciation
The annual depreciation charge for tangible assets is sensitive due to the material nature of the value of fixed assets. The depreciation rates are reviewed annually to ensure they are appropriate for the type of asset. Assets are reviewed for impairment on an annual basis.

Logistic and transport services	25,694,478	24,702,228
	25,694,478	24,702,228

All turnover arose within the United Kingdom.

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

20,000

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Page 18

GREEN GRP LOGISTICS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

Wages and salaries	5,578,983	4,877,973
Social security costs	92,729	75,324
Cost of defined contribution scheme	14,776	11,791
	5,686,488	4,965,088

The average monthly number of employees, including directors, during the year was 130 (2024 - 137).

7.	Directors' remuneration
		2025	2024
		£	£

Directors' emoluments	11,042	10,000
	11,042	10,000

8.	Interest payable and similar expenses
		2025	2024
		£	£

Bank interest payable	-	135
Finance leases and hire purchase contracts	77,717	107,395
Other interest payable	359,666	361,379
	437,383	468,909

Page 19

GREEN GRP LOGISTICS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

Corporation tax
Current tax on profits for the year	165,268	164,282
Adjustments in respect of previous periods	(231,079)	-
	(65,811)	164,282

Total current tax	(65,811)	164,282

Deferred tax
Origination and reversal of timing differences	(267,484)	184,419
Total deferred tax	(267,484)	184,419


		(333,295)	348,701

Profit on ordinary activities before tax

1,045,541

1,633,113

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	261,385	408,278
Effects of:
Expenses not deductible for tax purposes	5,734	3,599
Group relief claimed	(387,627)	(63,056)
Movement in deferred tax not previously recognised	4,821	-
Adjustments in respect of prior periods	(231,079)	-
Other timing differences leading to an increase (decrease) in taxation	13,471	(120)
Total tax charge for the year	(333,295)	348,701

Factors that may affect future tax charges

Page 20

GREEN GRP LOGISTICS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

9.Taxation (continued)

There were no factors that may affect future tax charges.

10.	Dividends
		2025	2024
		£	£

Dividends paid in the year	17,460	17,460
Distributions to parent	383,677	-
	401,137	17,460

Included within distribution to parent is an intercompany loan written off with Green Group International Ltd.

11.	Exceptional items
		2025	2024
		£	£

	Intercompany write-off and payroll supplier write-off	(88,137)	-
		(88,137)	-

Page 21

GREEN GRP LOGISTICS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

12.	Tangible fixed assets

	Plant and machinery	Fixtures and fittings	Total
	£	£	£
Cost or valuation
At 1 November 2024	6,335,035	259,792	6,594,827
Additions	50,466	835	51,301
Disposals	(1,228,360)	-	(1,228,360)
At 31 October 2025	5,157,141	260,627	5,417,768
Depreciation
At 1 November 2024	3,046,564	225,892	3,272,456
Charge for the year on owned assets	756,590	5,920	762,510
Disposals	(850,349)	-	(850,349)
At 31 October 2025	2,952,805	231,812	3,184,617
Net book value
At 31 October 2025	2,204,336	28,815	2,233,151
At 31 October 2024	3,288,471	33,900	3,322,371

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
	2025	2024
	£	£


Plant and machinery	1,983,328	3,280,589
	1,983,328	3,280,589

Page 22

GREEN GRP LOGISTICS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

13.	Stocks
		2025	2024
		£	£

Raw materials and consumables	173,085	87,935
	173,085	87,935

14.

Debtors

					2025	2024
					£	£


Trade debtors	6,035,306	5,659,487
Amounts owed by group undertakings	10,140,045	10,017,490
Other debtors	1,755,130	3,038,860
Prepayments and accrued income	1,217,506	1,300,892
	19,147,987	20,016,729

Amounts owed by group undertakings are unsecured, interest-free and repayable on demand.

15.	Cash and cash equivalents
		2025	2024
		£	£

Cash at bank and in hand	948	1,436
Less: bank overdrafts	-	(283,711)
	948	(282,275)

Page 23

GREEN GRP LOGISTICS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

16.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Bank overdrafts	-	283,711
Bank loans	128,317	186,197
Trade creditors	2,697,492	3,525,589
Amounts owed to group undertakings	517,854	1,133,247
Corporation tax	320,608	386,419
Other taxation and social security	-	454,735
Obligations under finance lease and hire purchase contracts	603,244	855,595
Other creditors	5,209,750	4,165,070
Accruals and deferred income	659,763	795,036
	10,137,028	11,785,599

Amounts owed to group undertakings are unsecured, interest-free and repayable on demand.

The obligations under finance leases are secured against the asset themselves. Interest is charged at a fixed rate over the term of the lease.

17.	Creditors: Amounts falling due after more than one year
		2025	2024
		£	£

Bank loans	36,444	151,958
Net obligations under finance leases and hire purchase contracts	1,435,911	2,255,341
	1,472,355	2,407,299

The obligations under finance leases are secured against the asset themselves. Interest is charged at a fixed rate over the term of the lease.

The company has granted fixed and floating charges over its assets in favour of HSBC Bank plc and HSBC Invoice Finance (UK) Limited as security for its banking and invoice financing facilities. The company has also granted security over certain contractual rights and receivables, together with a pledge over goods and related documents, in favour of HSBC UK Bank plc.

Page 24

GREEN GRP LOGISTICS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

Amounts falling due within one year
Bank loans	128,317	186,197
	128,317	186,197

Amounts falling due 2-5 years
Bank loans	36,444	151,958
	36,444	151,958

	164,761	338,155

The bank loans are with LDF Finance Limited, Nucleus Cash Flow Finance Limited, Connister Finance and Leasing Limited, Funding Circle Focal Point Lending Limited and Close Brothers Limited. The LDF Finance Limited loan was fully repaid during the year, with the remaining loans due to be fully repaid by June 2027. The Close Brothers Limited loan is secured by a fixed charge and negative pledge.

Within one year	603,244	855,595
Between 1-5 years	1,435,911	2,255,341
	2,039,155	3,110,936

The obligations under finance leases are secured against the asset themselves. Interest is charged at a fixed rate over the term of the lease.

Page 25

GREEN GRP LOGISTICS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

20.	Deferred taxation

		2025
		£

	At beginning of year	(825,772)
	Charged to profit or loss	267,484
	At end of year	(558,288)

The provision for deferred taxation is made up as follows:
	2025	2024
	£	£

	Accelerated capital allowances	(558,288)	(825,772)
		(558,288)	(825,772)

21.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

250,100 (2024 - 250,100) Ordinary shares of £1.00 each	250,100	250,100

22.

Reserves

Profit and loss account

Reserves at the year end consist entirely of retained earnings.

23.	Contingent liabilities

The company's bankers have a debenture over all the company's assets and have a fixed and floating charge over all the assets dated 8th May 2015. An unlimited multilateral guarantee has been provided to its bankers by the following companies: Green Group International Limited, Green GRP Logistics Limited, Green GRP Pallet Network Limited, Green Europe Solutions Limited, Green GRP Int Limited, Green GRP Warehousing Limited, Moto Logix Limited, Pete Osborne Holdings Limited, Green GP Property Limited and Team O Solutions Limited.

Page 26

GREEN GRP LOGISTICS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

24.	Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £14,776 (2024 - £11,791).

Not later than 1 year	864,665	864,665
Later than 1 year and not later than 5 years	1,131,165	1,866,163
Later than 5 years	648,334	778,000
	2,644,164	3,508,828

26.	Related party transactions
	During the year, the company entered into the following transactions with related parties:

		Transaction Value 2025	Amounts owed by/(to) 2025	Transaction Value 2024	Amounts owed by/(to) 2024
		£	£	£	£

Green GRP Warehousing Ltd	806,178	(255,766)	(118,362)	(1,061,944)
Green Europe Solutions Limited	23,862	307,407	21,909	283,545
Green GRP Pallet Network Limited	7,707	91,436	12,571	83,729
Green GP Property Limited	833,785	9,741,202	799,010	8,907,417
Green GRP Int Limited	(377,468)	-	124	377,468
Green Group International Limited	(365,331)	-	3,171	365,331
A2B Trucking UK Limited	(190,785)	(262,088)	128,697	(71,303)
Tool Maniac	26	26	-	-
	737,974	9,622,217	847,120	8,884,243

All the above companies were under the control of the parent company, Lawson Carswell Holdings Limited, bar Green GP Property Limited, which is owned by the ultimate controlling party, P G Osborne.

27.	Controlling party

The ultimate controlling party is P G Osborne by virtue of holding 100% of the ordinary shares in issue in the parent company, Lawson Carswell Holdings Limited.

Page 27

GREEN GRP LOGISTICS LIMITED

Page 28