REGISTERED NUMBER: 15351285 (England and Wales)

Group Strategic Report, Report of the Director and

Consolidated Financial Statements

for the Year Ended 30 April 2026

for

Pilcher Holdings Ltd

Page

Company Information

1

Group Strategic Report

2

Report of the Director

4

Report of the Independent Auditors

6

Consolidated Income Statement

10

Consolidated Other Comprehensive Income

11

Consolidated Statement of Financial Position

12

Company Statement of Financial Position

13

Consolidated Statement of Changes in Equity

14

Company Statement of Changes in Equity

15

Consolidated Statement of Cash Flows

16

Notes to the Consolidated Statement of Cash Flows

17

Notes to the Consolidated Financial Statements

18

DIRECTOR:

A P Pilcher

REGISTERED OFFICE:

Walton Avenue

Felixstowe

Suffolk

IP11 3BL

REGISTERED NUMBER:

15351285 (England and Wales)

AUDITORS:

Knights Lowe Ltd

Chartered Accountants

& Statutory Auditors

Crane Court

302 London Road

Ipswich

Suffolk

IP2 0AJ

The director(s) present their strategic report of the company for the year ended 30 April 2026.

REVIEW OF BUSINESS

During the year ended 30 April 2026, Infinity Container Logistics Limited has delivered a further increase in turnover, driven by a higher level of jobs won during the year. The company has continued to build on its core container haulage distribution activities, maintaining service levels and operational capacity to meet increased demand from customers.

Despite the higher volume of work undertaken, average job values have remained broadly consistent with the prior year. As a result, the increase in turnover has primarily been achieved through volume rather than pricing improvements. The directors continue to monitor market conditions and pricing pressures closely.

The company has maintained its fleet at a level appropriate to support current operations while carefully considering future investment decisions. Rising asset costs and operating expenses have required a cautious approach to reinvestment; however, fleet investment has occurred, and the company remains well positioned to support future growth as market conditions allow.

PRINCIPAL RISKS AND UNCERTAINTIES

Infinity Container Logistics Limited operating in haulage industry face several principal risks and uncertainties, these include:

Driver Availability

The availability and retention of qualified drivers continues to represent one of the most significant challenges facing the haulage industry. Competition for experienced drivers remains high and continues to place pressure on recruitment and employment costs. The company continues to actively manage this risk through recruitment and retention initiatives to ensure operational capacity is maintained.

Fuel Prices

Fuel remains a significant operational cost and is subject to market volatility. While fluctuations in fuel prices did not have a material impact on turnover or activity levels during the year, the directors continue to monitor fuel costs closely due to their potential effect on future profitability.

Margin Pressure and Asset Costs

The purchase prices of vehicles and trailers have continued to increase during the year. As job values have remained similar to the prior year, these higher capital costs have reduced profit margins and made decisions regarding reinvestment in new assets more challenging. The directors carefully assess capital expenditure to ensure that investment remains sustainable and aligned with long-term operational requirements.

National Minimum Wage Increases

Increases in the National Minimum Wage during the year have had a direct impact on operating costs, particularly within driver and support staff roles. Rising wage costs place additional pressure on margins and require continued focus on cost control to maintain profitability.

Semi-Conductor Shortage

The ongoing semiconductor shortage has had a significant impact on the automotive industry, especially in purchasing new vehicles and trucks. Semiconductors are essential components in modern vehicles, used in everything from infotainment systems to engine control modules. As a result, the shortage has caused a ripple effect in the supply chain, causing automakers to halt production and delay deliveries. Despite this the company has been able to increase the size of its fleet and there have not been too many issues in purchasing new trucks and trailers.

KEY PERFORMANCE INDICATORS

This is Infinity Container Logistics' second year trading as a medium sized company. The director considers the key performance indicators for the business are turnover, gross profit and pre-tax profit.

Turnover amounted to £38.4m (2025: £32.8m)

Gross profit amounted to £7.5m (2025: £6.4m)

Profit / (loss) before tax amounted to £2.4m (2025: £2.3m)

FINANCIAL INSTRUMENTS

The financial instruments used by the company arise wholly and directly from its activities. The financial instruments comprise trade debtors, cash at bank and trade creditors. The company has put in place the following measures to manage financial risks arising from these financial instruments:

1. The company regularly monitors the level of debtors to ensure that they are kept at reasonable levels within a predetermined strict credit limit.

2. The company carefully manages its cash position by regularly monitoring its cash flow.

3. The company regularly monitors the trade balance and credit terms for all suppliers.

4. The company performs ongoing credit evaluation of its customers financial condition and has implemented policies to ensure credit checks on all potential customers carried out.

FUTURE DEVELOPMENT

The directors plan to increase profitability in the future by expanding and improving the size of their fleet.

ON BEHALF OF THE BOARD:

A P Pilcher - Director

21 October 2026

The director presents his report with the financial statements of the company and the group for the year ended 30 April 2026.

DIVIDENDS

Interim dividends per share were paid during the year as follows:

Ordinary A £0.10

-

£6210

Ordinary C £0.10

-

£6666.6666

The total distribution of dividends for the year ended 30 April 2026 will be £ 521,499 .

DIRECTOR

A P Pilcher held office during the whole of the period from 1 May 2025 to the date of this report.

POLITICAL DONATIONS AND EXPENDITURE

During the year the company made the following contributions:

2026

2025

£

£

Charitable

-

562

DIRECTOR'S RESPONSIBILITIES STATEMENT

The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Knights Lowe Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

A P Pilcher - Director

21 October 2026

Opinion

We have audited the financial statements of Pilcher Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2026 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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 group's and of the parent company affairs as at 30 April 2026 and of the group's profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

Other information

The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, 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 Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Director 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

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

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

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

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

-	the director was not entitled to take advantage of the small companies' exemption from the requirement to prepare a Group Strategic Report.

Responsibilities of director

As explained more fully in the Director's Responsibilities Statement set out on page four, the director is 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 director determines 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 director is responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or has 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.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the company's operating sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation ;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias;

- investigated the rationale behind significant or unusual transactions; and

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims;

- reviewing correspondence with HMRC and the company's legal advisors;

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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 Report of the Auditors.

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.

James Knights ACA BSc (Senior Statutory Auditor)

for and on behalf of Knights Lowe Ltd

Chartered Accountants

& Statutory Auditors

Crane Court

302 London Road

Ipswich

Suffolk

IP2 0AJ

23 October 2026

TURNOVER

3

38,436,993

32,809,946

Cost of sales

30,893,000

26,422,633

GROSS PROFIT

7,543,993

6,387,313

Administrative expenses

4,950,019

3,869,893

2,593,974

2,517,420

Other operating income

27,242

-

OPERATING PROFIT

5

2,621,216

2,517,420

Interest receivable and similar income

48,026

3,110

2,669,242

2,520,530

Interest payable and similar expenses

6

247,556

218,772

PROFIT BEFORE TAXATION

2,421,686

2,301,758

Tax on profit

7

616,982

617,132

PROFIT FOR THE FINANCIAL YEAR

1,804,704

1,684,626

Profit attributable to:

Owners of the parent

1,804,704

1,684,626

PROFIT FOR THE YEAR

1,804,704

1,684,626

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,804,704

1,684,626

Total comprehensive income attributable to:

Owners of the parent

1,804,704

1,684,626

FIXED ASSETS

Tangible assets

10

7,240,124

5,947,003

Investments

11

-

35,000

Investment property

12

479,490

-

7,719,614

5,982,003

CURRENT ASSETS

Debtors

13

7,490,691

5,515,157

Cash at bank

4,864,361

5,460,692

12,355,052

10,975,849

CREDITORS

Amounts falling due within one year

14

5,017,842

4,698,266

NET CURRENT ASSETS

7,337,210

6,277,583

TOTAL ASSETS LESS CURRENT LIABILITIES

15,056,824

12,259,586

CREDITORS

Amounts falling due after more than one year

15

(3,546,232

)

(2,340,022

)

PROVISIONS FOR LIABILITIES

18

(1,771,718

)

(1,463,895

)

NET ASSETS

9,738,874

8,455,669

CAPITAL AND RESERVES

Called up share capital

19

10

10

Retained earnings

20

9,738,864

8,455,659

SHAREHOLDERS' FUNDS

9,738,874

8,455,669

The financial statements were approved by the director and authorised for issue on 21 October 2026 and were signed by:

A P Pilcher - Director

FIXED ASSETS

Tangible assets

10

-

-

Investments

11

108

-

Investment property

12

-

-

108

-

CURRENT ASSETS

Debtors

13

1,132,260

100,009

Cash at bank

1,521,789

2,755,000

2,654,049

2,855,009

CREDITORS

Amounts falling due within one year

14

187,351

-

NET CURRENT ASSETS

2,466,698

2,855,009

TOTAL ASSETS LESS CURRENT LIABILITIES

2,466,806

2,855,009

CAPITAL AND RESERVES

Called up share capital

19

10

10

Retained earnings

2,466,796

2,854,999

SHAREHOLDERS' FUNDS

2,466,806

2,855,009

Company's profit for the financial year

22,296

3,000,000

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the director and authorised for issue on 19 October 2026 and were signed by:

A P Pilcher - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 May 2024

10

6,969,432

6,969,442

Changes in equity

Profit for the year

-

1,684,626

1,684,626

Total comprehensive income

-

1,684,626

1,684,626

Dividends

-

(198,399

)

(198,399

)

Balance at 30 April 2025

10

8,455,659

8,455,669

Changes in equity

Profit for the year

-

1,804,704

1,804,704

Total comprehensive income

-

1,804,704

1,804,704

Dividends

-

(521,499

)

(521,499

)

Balance at 30 April 2026

10

9,738,864

9,738,874

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Changes in equity

Issue of share capital

10

-

10

Dividends

-

(145,001

)

(145,001

)

Total comprehensive income

-

3,000,000

3,000,000

Balance at 30 April 2025

10

2,854,999

2,855,009

Changes in equity

Dividends

-

(410,501

)

(410,501

)

Total comprehensive income

-

22,296

22,296

Balance at 30 April 2026

10

2,466,794

2,466,804

Cash flows from operating activities

Cash generated from operations

1

2,252,588

4,173,496

Interest paid

(6,632

)

(7,703

)

Interest element of hire purchase payments paid

(240,924

)

(211,069

)

Tax paid

(201,620

)

(396,293

)

Net cash from operating activities

1,803,412

3,558,431

Cash flows from investing activities

Purchase of tangible fixed assets

(3,733,769

)

(3,724,584

)

Purchase of fixed asset investments

-

(35,000

)

Purchase of investment property

(479,490

)

-

Sale of tangible fixed assets

101,000

110,371

Sale of investment property

35,000

-

Interest received

48,026

3,110

Net cash from investing activities

(4,029,233

)

(3,646,103

)

Cash flows from financing activities

New HP agreements in year

4,414,784

2,455,380

Capital repayments in year

(2,493,500

)

(1,951,425

)

Amount introduced by directors

480,193

-

Amount withdrawn by directors

(250,488

)

(182,103

)

Equity dividends paid

(521,499

)

(198,399

)

Net cash from financing activities

1,629,490

123,453

(Decrease)/increase in cash and cash equivalents

(596,331

)

35,781

Cash and cash equivalents at beginning of year

2

5,460,692

5,424,911

Cash and cash equivalents at end of year

2

4,864,361

5,460,692

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2026

2025

£

£

Profit before taxation

2,421,686

2,301,758

Depreciation charges

2,440,648

2,020,640

Profit on disposal of fixed assets

(101,000

)

(40,892

)

Finance costs

247,556

218,772

Finance income

(48,026

)

(3,110

)

4,960,864

4,497,168

Increase in trade and other debtors

(2,156,527

)

(2,025,507

)

(Decrease)/increase in trade and other creditors

(551,749

)

1,701,835

Cash generated from operations

2,252,588

4,173,496

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 30 April 2026

30.4.26

1.5.25

£

£

Cash and cash equivalents

4,864,361

5,460,692

Year ended 30 April 2025

30.4.25

1.5.24

£

£

Cash and cash equivalents

5,460,692

5,424,911

3.	ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

At 1.5.25

Cash flow

At 30.4.26

£

£

£

Net cash

Cash at bank

5,460,692

(596,331

)

4,864,361

5,460,692

(596,331

)

4,864,361

Debt

Finance leases

(3,780,210

)

(1,921,284

)

(5,701,494

)

(3,780,210

)

(1,921,284

)

(5,701,494

)

Total

1,680,482

(2,517,615

)

(837,133

)

1.	STATUTORY INFORMATION

Pilcher Holdings Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

5 years straight line

Plant and machinery

-

6 years straight line and 5 years straight line

Fixtures and fittings

-

5 years straight line

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans with related parties.

Debt instruments that are payable or receivable within one year, such as trade payables or receivables, are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. Debt instruments that are repayable or receivable after one year are initially measured at the present value of the future cash flows and subsequently at amortised cost using the effective interest method.

Financial assets that are measured at cost and amortised cost are assessed at the end of each financial year for evidence of impairment. If objective evidence of impairment is found an impairment loss is recognised in the Income Statement.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits

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

Government grants

Grants are accounted for using the accrual model.

Grants relating to revenue are recognised in the Statement of Income and Retained Earnings in the same period as the related costs for which the grant is intended to compensate. Where there are no related costs the grant is recognised in the period in which it becomes receivable.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

2026

2025

£

£

Haulage of Containers

38,436,993

32,809,946

38,436,993

32,809,946

An analysis of turnover by geographical market is given below:

2026

2025

£

£

United Kingdom

38,436,993

32,809,946

38,436,993

32,809,946